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The Financial Situation
HE rather puzzling trend of general business conT
ditions, and a new attitude of mind in certain
sections of the business community, which
same as it was in the days when so much that was
discreditable was occurring in the financial dishave trict. Of course these practices have not attained
been gradually developing for a number of weeks nearly their former proportions, and we sincerely
past, have reached a distinctly more advanced stage hope that the exchanges and other organizations
during the past week or two. The retail demand for will continue, as they have during the past few
automobiles has continued to retain its force iWun- years, to do what they can to prevent a further
expected degree. Somewhat the same is to be said growth of this sort of behavior among elements
of a number of other branches of industry. One in the securities markets that never do the marresult is that the current rate of operations in the kets, those who make their living in them, the
steel industry is showing a marked tendency to rise country, or anybody else any lasting good.
at a time of the year when
It is difficult now, as it
it is &usually declining.
always is, to arrive at any
These and other current
dependable judgment conAn Indefensible Bill
factors, particularly, percerning the extent to which
"It was at first proposed that the Federal
Reserve banks should be stripped of every
haps, the encouragement
skillfully disseminated
particle of local self-government and that we
engendered by the pros"opinions" by selfishly disshould establish here in Washington pracpect of having the courts
tically a central bank to be operated by people
posed interests are affectwho are not bankers and who have no techinvalidate a very substaning sincere, if mercurial,
nical knowledge of the banking business.
tial further portion of the
sentiment in financial, and
"That suggestion was so repugnant to the
original purpose and intent of the Federal
New Deal during the next
especially security market,
Reserve banking system that those who profew/ months, have procircles,and,indirectly,that
pounded the suggestion soon found it conduced a buoyancy in the
venient to abandon their indefensible attiof the public at large. It
tude."
securities markets, particuis equally difficult to be
Senator Glass, the redoubtable defender of
larly in the more speculacertain just how large a
the faith, from whose speech in the Senate
on Wednesday on the proposed Banking Act
tive sections of them, that
part the mere fact of rising
of 1936 we have taken the sentences just
has not been in evidence
security prices influences
quoted, did not add, although he might well
have done so, that the plan as originally profor a good while past.
the judgment of the composed contemplated a central bank to be
The usual stock avermunity. Nor are we able
kept under the thumb of a group whose ideas
ages, having successfully
are shot through with the belief that credit
to estimate accurately how
and currency can be safely and successfully
effected a very marked
far the ebullient spirit that
employed as instruments for the removal of
increase during the past
moat of the ills to which the business world
seems to pervade the stock
is heir.
half-year, now stand at figmarket at present has
It is because it seems to us that the proures that have not been
spread
to industry and
posed Banking Act of 1936, both in its original
matched since fairly early
version and in the form in which it was
trade. Yet there can be litadopted by the House, is open to both the
in the depression. Governtle doubt of thefact thatthe
objections raised by Senator Glass, and those
ment bonds have faltered
which we ourselves have just raised, that we
security markets and probbelieve the measure is repugnant not only to
somewhat on occasion durably the country at large
the "original purpose and intent of the
ing the past week, and a
Federal Reserve banking system" but to all
are giving evidence of
sound conceptions of banking.
number of the recent offergreater optimism than they
Even with the highly constructive and helpings of new securities have
have at any time since the
ful changes that have been made in the bill
not been taken avidly at
by Senator Glass himself, the measure seems
of the New Deal
ravages
to us to be genuinely undesirable. We should
the very high prices fixed.
began to make themselves
much prefer to see legislation on most of the
But these latter developsubjects with which the measure undertakes
felt in earnest.
to deal deferred to some future date when
ments have not served to
political conditions will be such as to give
A Time for Fact-Facing
dampen the spirits of the
reasonable ground for believing really sound
permanent legislation can be effected.
optimists, whose number
It is certainly no part of
In its original form it is reminiscent of
appears to be increasing
our duty to offer advice to
nothing so much as the proposals of John
notably. Nor do all these
Law which so successfully laid the basis for
the public about its inthe disastrous Mississippi Bubble. To adopt
movements in the securivestments, or its speculait in this form would of course be to invite
ties markets seem the proddisaster.
tions, either. We should
uct of an expectation of incertainly never knowingly
flationary developments,in
do or say anything to
the sense that investors and others are buying lessen the force of well-founded hope or sound confiequity securities for the purpose of avoiding losses dence in the business community anywhere. Yet it
that they fear might otherwise be inflicted upon seems to us peculiarly important at this time that
them by violent:price movements.
we, all of us, look the facts, all of them, carefully and
realistically in the face, and make doubly certain
Some Controlling Factors
that we do not permit our emotions to sway our
They appear rather to be traceable to other judgments unduly. The danger of some such
factors. We regret that we are obliged to take blunder is the greater by reason of the fact that we
notice of evidence, now too plain to be ignored, have for so long been unavoidably and deeply deof a recrudescence of manipulation of security pressed. Since the pitfalls that now await the unprices in some instances. The technique appears wary are so numerous and so serious, the penalty
to have been modified to conform to new condi- of over-optimism at this time would in the long
tions, but the essence of the matter is about the run be severe indeed, we are afraid.
Financial Chronicle
482
There are two substantial causes of current
optimism. The first and the most important is
what appears to be a plain trend of public sentiment
away from destructive radicalism and costly panaceas. Although apparent at least in nascent form
prior to that time, this change in the public opinion
seems to have rallied around the highly intelligent
and constructive Supreme Court decisions in such
cases as those involving the Railroad Pension, the
National Industrial Recovery Act, and the FrazierLemke law. It has made itself manifest upon several
occasions in Congress, even though the Administration has been able, far more frequently than could
be desired, in one way or another to persuade our
legislators to do its bidding during recent weeks, or
apparently bids fair to be able to do so in the future.
Yet few, if any, doubt that the policies which, taken
all together, constitute the New Deal have lost caste
very materially during the past month or two.
Remarkable Vitality
The second factor is the really remarkable ability
that business has shown to proceed in relatively satisfactory manner despite the cruel burdens that it
has been required to bear. A relatively few weeks
ago it was almost universally expected that by this
time business activity would be at a very low ebb.
Summer dullness was thought likely to be markedly
intensified by adverse national policies. The outlook
for the autumn was a subject about which considerable difference of opinion existed, but few were particularly enthusiastic about the outlook. However,
business activity for several weeks past has shown
a tendency on the whole to resist seasonal influence
and even, as is the case with steel, to move forward.
Earnings reports, which have been making their appearance in substantial numbers for some weeks
past, are showing that costs are being held within
bounds remarkably well considering the burdens
placed upon industry by a number of the programs of
the national Administration. All this bears eloquent
witness to the vitality of American business.
Both of these factors have real substance. We
should not for the world erase one jot or one tittle
from their value. We have long believed that the
American business community possessed a vitality
and a toughness that would enable it to survive the
assaults that were being made upon it. Had we not
had this faith we should have lost hope long ago.
We are still firmly convinced that at worst all the
vicious measures of the Utopian dreamers in Washington can accomplish is to retard and perhaps to
pervert the natural tendencies of recuperation existing in the business community. We believe, moreover, that a beginning has been made in the long,
long march back to sanity in national policies. Once
substantial progress has been effected in the return
journey, and pani passu with that progress, a very
firm foundation will have been laid for sound business recovery.
It is only because we see, and it seems to us that
all thoughtful people must be able to see, that the
road stretching out before us is long and stony, and
that from it lead many by-paths of much external attractiveness to the superficial eye, that we feel at
this time constrained to utter a word of caution. In
the first place the final results of this year's national
legislative activity are at this moment far from clear.
The "reverses" of the Administration have occurred
for the most part in only one house of Congress,leav-
July 27 1935
ing the other largely subject to White House dictation as far as the particular matter in hand is concerned. This means of course that in each instance
the divergent measures must go to conference committees where it is certain that the Administration
with the many weapons at its disposal will exert itself to the utmost to have its way. It would be hazardous indeed to predict the outcome in detail in
any of the several conflicts of this sort now pending.
Certainly he would be rash indeed who supposed
that the constructive elements in Congress would
win a complete victory in any of these instances.
Moreover, as we have repeatedly pointed out in these
columns, the measures even in their least objectionable forms, such for example as the House version
of the public utility holding company legislation and
the Senate edition of the proposed Banking Act of
1935, are highly undesirable and in ordinary circumstances would be easily and 'promptly recognized as
such by the people at large. We venture the opinion
that when this session of Congress, and possibly
another session later in the year, have adjourned, we
shall find that any realistic appraisal will pronounce
the legislation enacted this year to be of distinctly
harmful sort on net balance, when judged by ordinary standards, and not measured by what might
have been had the Administration met with no vigorous opposition.
The business community at that time will be faced
with the necessity of adjusting itself to new and difficult conditions imposed by the legislation just carried to the statute book. It must also of course continue to carry those burdens that have already been
imposed, the removal of which is certainly not immediately in prospect. In certain instances, it is
true, there is a strong likelihood that the Supreme
Court will invalidate very important parts of the
harmful legislation of the past two or three years.
But in this connection two facts must be borne constantly in mind. The first is that the mere invalidation of some of these enactments, however helpful
in the long run, will inevitably bring temporary difficulties of a serious sort in some instances. The
second is that in several instances amendments are
now being pushed through Congress so that, should
the Supreme Court take the position expected of it,
the decisions rendered would apply to the law in its
old form, thus leaving the troublesome problem of
dealing with the law in the version then in effect. The
situation in these respects seems to us to be exceptionally complex and difficult, and its outcome is
virtually impossible to predict at present, particularly as to the effects likely to be produced in the
interim.
Meanwhile the budgetary situation is not improving and shows no indication at present of improvement in the near future. We have been heartened
during the past week to learn of the movement in
the agricultural West that is taking able-bodied men
entirely off the relief rolls as long as there is plenty
of work in the harvest fields. Of course it would
have been absurd to continue a condition, said to
have existed, in which these employalles could obtain as much money from relief agencies as they
could by working in the fields. But, after all, this is
a temporary matter which can be expected presumably to continue only during the harvest season. It
moreover has as yet no counterpart in other sections
of the country. So far as can now be foreseen the
Volume 141
Financial Chronicle
relief problem will be as great next winter as it has
ever been, or practically so. This means that under
existing Washington policies there is little hope of
any important reduction in Federal outlays next
winter, or for that matter much hope of any for the
next fiscal year. We must refrain from further elaboration of the difficulties by which business is still
faced,in part resulting from New Deal activities and
in part an outgrowth of many years of neglect of
important problems such for example as the tariff
and related questions. No one who thinks carefully
about current affairs will doubt for a moment that
there are many of them and that, like the state of
the world currencies, they are of serious import.
But in many respects it seems to us at the moment
that it is not the rough nature of the path before
us that most needs attention, but the enticing bypaths that tempt the unwary to disaster. The most
hazardous of these are to be found in the banking
and credit field. What we have in mind at the moment is not the fact that the banks of the country today hold enormous quantities of Government and
municipal obligations of a long term variety, a situation that sooner or later must inevitably bring
trouble. We are thinking rather of certain effects of
past bank borrowing by the Federal Government,
which are likely to be overlooked by those who are
not familiar with /banking processes in their modern
form. Much is said from time to time about the immense volume of excess bank reserves in the country,
and about the further almost equally as large accretions to these reserves that can certainly be visualized as a distinct possibility in the months and
even years immediately ahead. There can be no
doubt of the highly hazardous nature of the situation
thus created. Nor is there the slightest evidence of
any understanding of the problem in Washington
where a solution must at one time or another be
found.
But what we have in mind at the moment is this:
The Treasury during the past two or three years has
borrowed several billions of dollars from the banks.
The bonds and other obligations representing this indebtedness were paid in the first'place by the banks
by the creation of deposits to the credit of the Government. What has become of all these deposits (in
many respects, the money of modern business) that
have been created in the process of Treasury finance
during the past few years? The answer is simple. As
the Treasury disbursed the funds thus obtained, it
passed these deposits to the general public. They
still remain in the hands of the public at the present
moment. It does not matter whether the original
recipients of the Government payments bought groceries, paid outstanding debts, or placed their income
to their credit in their banks. The deposits still exist
and are at the disposal of some person or other. It
is a commonplace that during the past few years the
individual, whether he had only a few dollars or a
million or two, has been inclined to spend only sparingly. If as a result of anything that has happened
or does happen during the next few months, a
marked change should come in this attitude of the
owners of funds many of which owe their existence
to the activities of the Federal Government, a situation could easily develop that would have all the
earmarks of what is popularly known as inflation
without active use of a dollar of existing excess re-
483
serves. It moreover could assume very large proportions. Let it not be forgotten that the excesses of the
last few years of the 1929 inflation were carried forward without increase in bank credit or enlargement
of bank deposits. The phenomenon popularly known
as inflation always flourishes most when the public
supposes that nothing of the sort is occurring. This
it seems to us is one of the most serious dangers
against which we must guard ourselves during the
next few months, particularly in the securities
markets.
Federal Reserve Bank Statement
TTLE of interest appears in the current condition
statement of the 12 Federal Reserve banks
combined. The seasonal downward tendency of
money in circulation again is in evidence and affords
a satisfactory indication that the normal cycle is in
progress. Although the monetary gold stocks of the
country advanced $8,000,000 in the week covered, the
report shows a small decline of Federal Reserve
holdings of gold certificates. The Treasury is committed to deposit of such certificates as national
bank notes are retired from circulation, and it is
hardly to be doubted that some notes actually
reached the Treasury during the week. This makes
it appear that the Treasury will make such adjustments at its own discretion, much in accordance with
the erratic adjustments for gold imports and domestic receipts that have been common for more than a
year. This apparent decision will make even more
difficult any exact tracing of Treasury transactions
with regard to gold, and it is to be regretted for that
reason. Member bank deposits with the system on
reserve account increased over $20,000,000, but reserve requirements apparently advanced a little as
well, for the official estimate of excess reserve deposits over legal requirements is unchanged at
$2,340,000,000.
Gold certificate holdings of the Federal Reserve
banks were reported at $6,226,004,000 on July 24,
against $6,226,200,000 on July 17, but currency continued to return to the banks and an advance in
other cash caused a modest increase in total reserves
to $6,513,247,000 from $6,499,594,000. Federal Reserve notes in actual circulation fell to $3,242,240,000
from $3,258,418,000. Deposits of member banks on
reserve account moved up to $4,944,603,000 from
$4,924,402,000, and Treasury deposits on general account also increased, but other deposits declined,
possibly because some funds were used by the Exchange Stabilization Fund in support of European
gold currencies. Total deposits aggregated $5,491,765,000 on July 24, against $5,477,332,000 a week
earlier. Total liabilities were not much changed,
since the decline in note circulation offset the increase in deposits, and as total reserves increased,
the ratio moved up to 74.6% from 74.4%. Discounts
by the system dropped slightly to $6,109,000 from
$6,665,000, but industrial advances continued their
slow climb and attained a figure of $28,358,000 on
July 24, against $28,268,000 on July 17. Open market bankers bill holdings were $3,000 lower at $4,676,000, while holdings of United States Government securities fell $12,000 to $2,430,235,000.
L
Corporate Dividend Declarations
IVIDEND declarations of the current week again
were largely of a favorable nature. Chrysler
Corp. declared an extra dividend of 25c. a share and
D
484
Financial Chronicle
July 27 1935
but railroad stocks were easier. Liquidation was
more prominent on Thursday, and stocks sold off
somewhat in that session. Almost all groups of issues were affected and the early gains of the week
were modified by this tendency. Movements yesterday were small and erratic. After an early advance,
small recessions appeared in the majority of stocks,
and closing levels were not much changed from previous figures.
In the listed bond market, movements for the week
were somewhat uncertain. United States Government securities drifted lower at first on rumors that
inflationary measures would 'be tacked on to the
tax and gold clause bills, which the Administration
has listed as "must" legislation. An upward movement followed on Thursday, but it was halted in
turn by announcement of a further competitive sale
of $100,000,000 long term bonds. The net changes in
The New York Stock Market
long-term Treasury bonds were very small, however,
and the price structure was not materially affected.
more
becoming
RADE improvement at length is
Italian bonds fell drastically on the decree permitthese
market
stock
the
in
widespread and
ting the Bank of Italy to disregard the 40% reserve
upswing
vigorous
rather
a
by
reflected
gains were
hereafter. The dollar securities of that
requirements
in
was
evidence
profit-taking
Some
week.
this
early
Thursday and yesterday, but levels held well and country tumbled 4 to 8 points in single sessions, and
the leading stock price indices show improvement for no recovery of any consequence ensued. Other forthe week. Political developments added to the ordi- eign dollar issues were steady. In the domestic cornary liquidation of the last few days, for the prepa- porate list, high grade bonds held well, but specuration of a bill in Washington providing for in- lative issues were irregular. The inflationary rumors
creased income, inheritance and corporation taxes from Washington turned attention to stocks, rather
was anything but cheering. Nor were the hearings than bonds, and the latter suffered in comparison.
on the utility lobby stimulating. But these adverse Commodity prices were somewhat uncertain, but in
factors were of secondary importance, as compared most cases advances were scored for the week, and
to the upward trend of steel operations, railroad car- this tendency aided the upswing in stocks materially.
loadings and electric power consumption, and even In the foreign exchange market much irregularity
a renewal of the uncertainty regarding the Euro- was apparent. Holland guilders fell rapidly to the
pean gold currencies failed to halt the market. The gold export point, when leading parties refused to
irregular upward movement of recent months was permit deflationary legislation to pass, and fall of
continued, again on a small scale, and it is note- the Colijn Cabinet yesterday was the consequence,
worthy that activity also was greater. Increased with the effect on the guilder still somewhat Obscure.
public interest in the stock market clearly is re- Other European gold units also were soft, while
flected in trading on the New York Stock Exchange Italian lire dipped sharply on the new decree regardthat ran consistently over the 1,000,000 share level ing reserves. The sterling group of currencies showed
during the full sessions of the week. The largest vol- firmness. Our security markets, however, are now
ume of trades was recorded Tuesday, when 1,734,150 less sensitive than formerly to the possibility of furshares were turned over. A number of large corpora- ther currency unsettlement.
On the New York Stock Exchange 211 stocks
tions made their earnings reports for the first half
new high levels for the year and 18 stocks
touched
of this year available during the week, and these
new low levels. On the New York Curb
touched
cheerful.
statements also were mostly quite
88 stocks touched new high levels and
Exchange
a
at
was
Saturday
Trading in the brief session last
touched new low levels. Call loans on
stocks
nine
upmostly
were
movements
well-sustained pace, and
Stock Exchange remained unchanged
York
New
the
on
accentuated
Monday,
was
ward. This tendency
4
/
1
as on Friday of last week.
same
the
%,
at
operations
steel-making
improved
of
when a report
On the New York Stock Exchange the sales at
stimulated the steel stocks and occasioned highest
levels of the year in most issues of that group. Motor the half-day session on Saturday last were 429,500
stocks also were in good demand, while many special- shares; on Monday they were 1,369,090 shares; on
ties likewise advanced. Realizing sales were absorbed Tuesday, 1,734,150 shares; on Wednesday, 1,305,490
easily on Tuesday, and new advances were recorded shares; on Thursday, 1,334,400 shares, and on Friin many stocks. Steel issues held their previous day, 986,380 shares. On the New York Curb Exgains, but motor issues reacted a little. Silver issues change the sales last Saturday were 71,550 shares;
advanced sharply, owing to renewed talk of infla- on Monday, 162,640 shares; on Tuesday, 258,570
tionary legislation in Washington, while many spe- shares; on Wednesday, 168,940 shares; on Thursday,
cialties again improved broadly. Railroad stocks 212,650 shares, and on Friday, 201,055 shares.
The stock market this week continued to give a
were in better demand, owing to pressure for early
passage of a measure co-ordinating Federal control good account of itself despite profit-taking and other
of competing modes of transportation. The session factors of a political nature. This was especially
on Wednesday was marked by new gains in numer- true of the market on Tuesday, when heavy selling
ous sections of the list. Steel and motor stocks again met with resistance and prices closed irregularly
were prominent in this movement, while merchandis- higher for the day. On Friday, after a rather dull
ing and farm implement issues also gained. Modest session, prices at the close were firm and in many
strength was displayed by the oil and utility groups, cases higher than on the same day one week ago.
the regular quarterly of like amount payable Sept.
30; in addition to the usual quarterly of 25c., extras
of 25c. were also paid on June 29 last and June 30
1934. Monsanto Chemical Co. declared an extra dividend of 25c. a share in addition to the regular quarterly of like amount on the capital stock, both payable Sept. 15; a similar extra was paid last Dec. 15.
Bethlehem Steel Corp. declared a dividend of $1.75
a share on account of accruals on the 7% cumulative
preferred stock, par $100, payable Oct. 1; a like payment was made on Oct. 1 1934, which was the first
since July 1, 1932, when the regular quarterly of
$1.75 was paid. Virginia Carolina Chemical Corp.
declared a dividend of $8 a share, payable Aug. 12 on
account of accumulations on the 7% prior preferred
stock; this is the first distribution on the shares in
2%.
2 years and leaves accruals at 161/
31/
T
,
Volume 141
Financial Chronicle
485
General Electric closed yesterday at 28/
1
2 against 8.6%, and is the first time that output has exceeded
273
/
8 on Friday of last week; Consolidated Gas of 1,800,000,000 kilowatt hours since the week ended
N. Y. at 27 against 251/
8; Columbia Gas & Elec. at Feb. 1 1930. Car loadings of revenue freight also
71/s against 63
/
4; Public Service of N. J. at 373
/
4 are showing some improvement, the American Railagainst 361/
4; J. I. Case Threshing Machine at 66/
1
2 way Association reporting loadings of 593,366 cars
against 601/;International Harvester at 51 against in the week ended July 20 against 566,488 cars in
49%; Sears, Roebuck & Co. at 5o7
/8 against 49; the preceding week.
Montgomery Ward & Co. at 311/2 against 293
As indicating the course of the commodity mar/
4;
Woolworth at 617
/8 against 62/
1
2, and American Tel. kets, the July option for wheat in Chicago closed
& Tel. at 128 against 127%. Allied Chemical & Dye yesterday at 8978c. against 84c. the close on Friday
4 on Friday of of last week. July corn at Chicago closed yesterday
closed yesterday at 157 against 1591/
last week; E. I. du Pont de Nemours at 107 against at 837
/
8c. as against 83/
1
2c. the Close on Friday of last
105½; National Cash Register A at 17 against 17; week. July oats at Chicago closed yesterday at
International Nickel at 27% against 26/
1
2; National 361/2c. as against 33%c. the close on Friday of
Dairy Products at 16% against 17; Texas Gulf Sul- last week.
phur at 34/
1
2 against 33%; National Biscuit at 301/
The spot price for cotton here in New York closed
4
against 315
/
8; Continental Can at 88/
1
2against 88%; yesterday at 12.15c. as against 12.30c. the close on
Eastman Kodak at 147 against 147; Standard Friday of last week. The spot price for rubber
Brands at 16 against 15/
1
2; Westinghouse Elec. & yesterday was 11.81c. as against 11.94c. the close
Mfg. at 61% against 60/
1
4; Columbian Carbon at 92 on Friday of last week. Domestic copper closed
against 92; Lorillard at 23% against 21'/
78; United yesterday at 8c., the same as on Friday of last week.
States Industrial Alcohol at 41 against 45; Canada
In London the price of bar silver yesterday was
Dry at 10% against 10%;Schenley Distillers at 297
30
3/16 pence per ounce, the same as on Friday of
/8
against 32%, and National Distillers at 26 last week, and spot silver in New York closed yesteragainst 26%.
day at 67%c., unchanged from Friday of last week.
The steel stocks again show a rising tendency for In the matter of the foreign exchanges, cable transthe week. United States Steel closed yesterday at fers on London closed yesterday at $4.96% as
401/2 against 383
/
8 on Friday of last week; Bethlehem against $4.96 the close on Friday of last week, while
/
4 against 31%; Republic Steel at 16% cable transfers on Paris closed yesterday at 6.61/
Steel at 341
1
2c.
against 15, and Youngstown Sheet & Tube at 22% as against 6.63%c. the close on Friday of last week.
against 21. In the motor group, Auburn Auto closed
European Stock Markets
yesterday at 22 against 22% on Friday of last week;
MUCH uncertainty prevailed this week on stock
General Motors at 371/
1
2; Chrysler at •
8 against 36/
exchanges in the foremost European finan56% against 53'/
78, and Hupp Motors at 2 against cial centers. Movements were irregular
at London,
1%. In the rubber group, Goodyear Tire & Rubber
Paris and Berlin, largely because currency difficlosed yesterday at 197
/8 against 18% on Friday of culties once again reappeared, and in some instances
last week; B. F. Goodrich at 81/
4 against 77
/8, and sharp recessions in quotations were reported. The
United States Rubber at 13% against 12/
1
2. The London market remained fairly calm, while the Berrailroad shares touched higher levels as compared
lin Boerse was affected mainly by internal German
with a week ago. Pennsylvania RR. closed yesterdevelopments, but the Paris Bourse was affected
day at 25/
1
2 against 241/
2 on Friday of last week; quite decidedly by the renewal of currency difficulAtchison Topeka & Santa Fe at 543
/
4 against 51; ties. Opposition to the Laval deflation program
• New York Central at 181/
4 against 171/
8; Union was voiced over the last week-end, and the ability of
Pacific at 105 against 106; Southern Pacific at 187
/8 France to maintain the franc without impairment
against 18; Southern Railway at 7/
1
4 against 6/
1
2, was additionally compromised by the threatened deand Northern Pacific at 191/
4 against 19. Among the fection of Holland from the gold bloc. A program
oil stocks, Standard Oil of N. J. closed yesterday at
of Government retrenchment was proposed early this
46% against 45% on Friday of last week; Shell
week in Holland by Premier Hendryk Colijn, but
Union Oil at 10 against 9, and Atlantic Refining at
important party groups objected to the procedure,
23 against 221/
8. In the copper group, Anaconda awl while the matter was under debate
the guilder
Copper closed yesterday at 16 against 151/2 on Friday
fell drastically in exchange markets, necessitating
of last week; Kennecott Copper at 201/
8 against 191%; gold exports in order to maintain the quotation.
American Smelting & Refining at 437
/8 against 42/
1
4, The Netherlands Bank raised its discount rate on
and Phelps Dodge at 183
4.
/
4 against 181/
Wednesday from 3% to 5%, and on Thursday a
Leading trade and industrial indices gave the im- further advance to 6% was announced.
Almost
pression this week of material recovery, and the equally unsettling was an Italian
decree, issued
stock market upswing was due in good part to such Tuesday, permitting the Bank of Italy to
disregard
cheerful tidings. Steel-making for the week ending the requirement for a 40% reserve in gold
against
to-day was estimated by the American Iron and Steel circulation liabilities. This action was generally
Institute at 32.2% of capacity against 39.9% last held to mean the doom of the lira. German
economic
week, 37.7% one month pp, and only 27.7% in the publications admitted this week that the Reich Govcorresponding week of last year. This represents an ernment has incurred a deficit which is vast, if conincrease of 2.3 points, or 5.8%, from the preceding cealed, and on this ground also
currency fears were
week. Production of electrical energy amounted to entertained. With such adverse
factors in evidence,
1,807,037,000 kilowatt hours in the week ended signs of economic improvement in Europe played
no
July 20, according to the Edison Electric Institute. market role, and price trends were irregular everyThis compares with 1,766,010,000 kilowatt hours in where.
the preceding week and 1,663,771,000 kilowatt hours
Uncertainty marked the dealings on the London
in the same period of last year, or an increase of Stock Exchange from the start of trading last Mon-
486
Financial Chronicle
day. There was little activity in the initial session,
and British funds led the gilt-edged market to
slightly lower figures. A few issues in the industrial
section reflected demand, but the majority of stocks
declined slowly but steadily. International securities were lower at the opening and improved a little
during the day. A more cheerful tone prevailed on
Tuesday, notwithstanding very light business. British funds again drifted downward, but most issues
in the industrial department registered advances.
Some of the commodity stocks also improved, while
international securities reflected the favorable overnight reports from New York. Trading on Wednesday was devoted largely to the international issues.
Anglo-American trading favorites resumed their
rise, while Dutch stocks came into demand on the
possibility that the guilder might be devalued.
British funds were unchanged, and industrial stocks
also were quiet, with alterations fractional. Attention on Thursday was centered almost entirely on
the currency possibilities, and very little activity was
reported at London. British funds again were unchanged, but some advances occurred in home railway shares because of good dividend declarations.
Industrial stocks were neglected, as attention again
was directed to international securities, most of
which moved upward readily. Small advances
occurred yesterday in gilt-edged issues and industrial stocks, but home rail shares were easy.
Currency uncertainties were the primary influence on the Bourse, Monday, and the possibilities
of new difficulties caused liquidation of all types
of securities. Rentes fell sharply, while French
bank, utility and industrial stocks also showed large
recessions. Increased opposition to the deflationary
program within France was an important factor,
and the weakness of the Dutch guilder also affected
the French market. Very little business was done
on the Bourse, Tuesday, and the price level was
maintained. The Italian suspension of the 40% gold
cover caused nervousness at first, and rentes declined sharply in the initial dealings. Recovery followed,however, and closing levels showed no changes
of importance. French equities were dull and
almost motionless, while foreign securities turned
irregular. The session on Wednesday was marked
by an early fall in rentes, but these issues regained
part of the decline and closing losses were small.
Bank and industrial stocks moved in a narrow compass, but foreign issues advanced easily on heavier
buying. The trend on Thursday again was uncertain. Rentes drafted a little lower, and most French
equities also weakened. In the international section
declines were noted among Dutch issues, but other
securities advanced. The session yesterday was dull
and small losses appeared in rentes and French
equities, but foreign issues were better.
The Berlin Boerse was very quiet when activities
were resumed for the week, last Monday. Most
securities were lower at first, but a subsequent advance wiped out most of the losses and net changes
were small for the day. Chemical stocks were in
favor and ended with modest advances. More activity was reported on Tudsday, with inflationary sentiment plainly in evidence as a consequence of the
Italian action on the gold cover for the lira. Stocks
were marked generally higher in the Berlin market,
with advances of 2 to 3 points common, but fixedinterest issues declined. Some specialties receded,
however, owing to a belief that dividends would be
July 27 1935
curtailed. The Berlin market was generally firm
on Wednesday, when attention was centered on the
developments in Holland. Equities of all descriptions were in demand, and gains appeared throughout the list. Bonds again were liquidated, however,
since they appear to offer less speculative opportunities in the event of inflationary developments. Fluctuations were small on Thursday, with the trend
uncertain despite renewed concern regarding the
currency position of Italy and Holland. Some of
the speculative favorites advanced a point or two,
but the majority of issues remained close to previous
levels. Trading was very quiet on the Boerse yesterday, but fractional gains were recorded in most
issues.
International Currency Problems
'THE short period of relative quiet in the inter'. ional currency situation came to an abrupt end
this week, with distinct fears entertained regarding
maintenance of the guilder at its ordinary parity
with gold. Unsettling developments appeared also
in numerous other directions, but the possibility of
devaluation by Holland overshadowed other incidents, since any such action would seriously affect
the ability of France and Switzerland to remain on
the gold standard. Premier Hendryk Colijn last
week proposed Government retrenchments amounting to approximately 70,000,000 guilders, so that the
national budget might be brought nearer to a balance. Government bills, introduced at The Hague,
were expected to pass after a brief debate, but strong
opposition quickly developed and the fate of the
Colijn Cabinet soon was involved. Early this week
it was made plain that the deflationary measures
would not receive the support of the Catholic party
or the Socialists. The opposition of these powerful
factions would insure defeat of the Government, and
the matter was not pressed to a vote. Premier
Colijn, as an unyielding advocate of deflation and an
unimpaired currency, decided early yesterday to
tender the resignation of the Cabinet to Queen Wilhelmina. The uncertainty occasioned by these events
caused heavy pressure on the guilder in leading markets, and gold exports on a large scale were found
necessary. The Netherlands Bank raised its discount rate on Wednesday from 3% to 5%, and a
further increase to 6% was effected Thursday.
Although Holland still has plenty of gold to defend
its currency, most observers now are of the opinion
that Dutch devaluation will prove almost inevitable
hereafter, since the leading political parties are not
willing to vote for the alternative deflation program.
The French deflationary program, announced by
Premier Pierre Laval on July 16, has been accepted
in that country without much commotion, but
strenuous objections are held likely to develop as
the measures take effect. A huge demonstration
against the salary reductions decreed for civil servants was held in Paris, late last week, and some
1,500 of the malcontents were arrested. Most of
them were released, subsequently, and the incident
has not been repeated, but it remains indicative. Of
more immediate importance are grave doubts regarding the Italian lira, occasioned by a Government
decree, made known on Tuesday, permitting the
Bank of Italy hereafter to disregard the requirement
for a 40% gold cover against note circulation. This
action was taken, the decree states, in view of the
necessity and urgency of procuring means for mak.
Volume 141
Financial Chronicle
487
ing foreign payments of exceptional character. The to the general pacification of the world," the British
payments referred to obviously are those caused by Government spokesman explained. He made it clear
preparations for war with Ethiopia. There have that recent diplomatic exchanges on the naval probbeen indications recently that Italy sought external lem have been along that line. The agreement with
credits in various ways, but without success, and Germany has made possible this advance toward a
the action now taken can only mean that gold will new curtailment principle, it was held, since other
be shipped abroad in order to obtain necessary war naval Powers could not be expected to arrive at
supplies. Devaluation of the lira clearly may be definite conclusions until they knew what limitainvolved in any such proceeding, if carried out on a tion, if any, would be put on German construction.
large scale. Already various kinds of lire are quoted Some disappointment was felt in Washington over
in the market here, some of them at substantial dis- the British declaration, and it was admitted that
counts from nominal parity. The German situation there is no longer any hope for renewal of the existalso is causing some concern, since internal bud- ing limitation pacts. But the view prevailed that
getary inflation appears to be proceeding apace in Great Britain had no choice in the matter and was
that country. The "Deutscher Volkswirt," which merely accepting the inevitable when the ratio sysreflects closely the views of Dr. Hjalmar Schacht, tem was abandoned. Limitation by other means
admitted in its last issue that a huge floating debt probably will prove quite as difficult as the ratio
has been incurred by the German Government method, it was pointed out, since provision for naval
recently, but without disclosures in the official differentials would have to be made in any naval
statistics.
treaties. The formula likely to gain prominence in
further naval conversations is "equality of security,"
Naval Ratios Discarded
according to views entertained in Washington.
N END was put by the British Government, Tokio reports made it plain that Japanese authoriMonday, to the possibility of further limita- ties felt gratified over the British abandonment of
tion of world navies by the ratio principle, after the ratio principle.
expiration of the Washington and London naval
treaties at the end of 1937. The difficulties in the
Italy and Ethiopia
way of naval limitation by any means whatever made
AR preparations were rushed this week by Italy
the British action almost inevitable, and no surprise
and Ethiopia, and an armed conflict is all
was occasioned when Sir Bolton Eyres-Monsell, the but certain when the rains cease in East Africa
next
First Lord of the Admiralty, declared before the September and military operations become
possible.
House of Commons that naval limitation will be The Italian Government, obviously anxious to avoid
sought hereafter by methods other than application a general airing of the matter by the League
of Naof the ratio principle. Japanese denunciation of the tions Council, moved late on Thursday for a renewal
Washington treaty in December 1934, after a long of arbitration by the special commission appointed
diplomatic dispute over the Tokio demand for an under an Italo-Ethiopian treaty of conciliation and
equal ratio withY Great Britain and the United arbitration. At its last session the Council
entrusted
States, disclosed some of the difficulties inherent in the matter to the commission and agreed
to meet on
ratios. More recently, it is indicated, France and July 25, if a dispute made it necessary and
the four
Italy have voiced objections to the modest ratios members had failed to agree on a fifth
to reconcile
assigned to them in the existing naval accords. Sir the differences. The commission split at
ScheveninBolton announced abandonment of the ratio prin- gen, Holland, when Ethiopian delegates
insisted that
ciple last Monday with "sincere regret," but he Ualual, where a border conflict occurred
last Deadded that the action could not be helped, since some cember, is in Abyssinian territory. Delay
by the
of the other countries concerned considered their League followed, and in
the interim it would appear
ratios injurious to their pride. Some other method that the leading European nations
were seeking some
of curtailment or control will have to be devised, he face-saving device for the
Council. It is now resaid, unless naval limitation is to be given up alto- ported that the Council
meeting will be held July 31,
gether. Notwithstanding these declarations, it may but will be restricted to the naming a fifth
of
neutral
be remarked that the ratio principle is not con: member of the arbitration commission
. Rome reports
sidered by Great Britain as entirely inapplicable, of last Saturday suggested that some such
method
since Germany was accorded a ratio of 35% of the probably will be used in order to min time
for the
British fleet in the recent naval treaty between those Italian Government which anxious
,
is
to get 400,000
countries.
troops to the Abyssinian borders by mid-September.
The British Government's declaration was made The further diplomatic maneuvers
will prove interin the Commons during the first full-dress debate esting, since the League Council
agreed to meet
on naval matters since the treaty with Germany was Aug. 25, if the arbitration commission
fails by that
signed. London now proposes to proceed with naval time to agree on a program for
settlement of the
discussions on • a basis of the building programs of "border dispute." Great Britain and
France, which
all naval Powers during the period up to 1942, with dominate the League, clearly are
anxious to maina general conference foreshadowed at that date. tain for the League what little
prestige that body
Each naval Power is to be asked what size navy it still retains. Paris dispatches
suggest that considwants to have by 1942, and the replies are to be erable pressure was brought to
bear on Ethiopia in
"pooled," Sir Bolton said. "If we can by agree- that connection,for the
Government at Addis Ababa
ment accommodate these various naval programs to is said to have agreed to
limitation of the subjects
provide adequate naval strength for each country, to be discussed at the forthcomin
g meeting.
while making it extremely unlikely that any country
The Italian Government continued, this week, to
can attack with ultimate success, I think we shall ship troops and technical
experts to its East African
have arrived,at something unparalleled for the tax- colonies. Shipping facilities
are proving inadequate,
payers of all countries, and we shall have contributed and purchases of vessels
that can be used as trans-
A
W
488
Financial Chronicle
ports were reported from various parts of the world.
Highly significant is an Italian decree, issued Tuesday, which permits the Bank of Italy to disregard
in the future the requirement for at least 40% coverage in gold of the circulation and other liabilities
of the central bank. The decree was issued "in consideration of the necessity and the urgency of obtaining means to make foreign payments of an exceptional character." It was generally agreed in London and New York that the ruling signifies an intention of paying in gold for Italian purchases of war
materials. London reports have suggested that
credits for Italy were sought there and in Paris,
without success. It is now reported here that Italian
corporations put out feelers for bank credits, since
the Italian Government cannot borrow in the United
States under the Johnson Act, which prohibits loans
to countries in default on their war debts. Italian
expenses for the campaign against Ethiopia are
reported in Rome dispatches at $82,500,000 to date,
and it is suggested that the projected war may well
cost 10 times that much. It is not believed in London and New York that the war could be fought to
an end by Italy without sacrifice of the currency,
and already quotations for various kinds of lire are
reported. Italian bonds slumped sharply on the
New York markets this week.
The Ethiopian Government insisted on all occasions this week that it is anxious to find a peaceful
solution of the dispute with Italy. Emperor Haile
Selassie declared categorically last Saturday, however, that no solution would be considered which
involves an Italian protectorate or mandate affecting the independence or sovereignty of the Abyssinians. "We are confident in the justice of our
cause," he said. "And knowing our Government has
omitted no effort to obtain a peaceful settlement and
intends to continue the same policy until the expected attack, which we shall resist with determination, we have deemed it necessary fully to acquaint
our people with the circumstances leading to the
present grave situation, thus enabling them to face
whatever the future may bring." War drums were
sounded in Ethiopia, and by other equally primitive means of communication, leaders of the semiindependent tribes were summoned to the capital
for councils of defense. The Ethiopian Minister to
London was reported anxious to negotiate a loan,
and he indicated that he would attempt to sound out
J. P. Morgan, who is now in England. But Ethiopia
apparently will be no more successful than was Italy
in the endeavor to obtain foreign financial assistance.
There is now every indication that the British,
French and other interested Governments will let
matters take their course in the Italo-Ethiopian dispute. The British Government, alarmed over the
possible effect of a war on the black peoples of
Africa, acted energetically at first for a peaceful
settlement. Prime Minister Stanley Baldwin again
insisted, Tuesday, that the London Government
hopes to find a peaceful solution. Announcement
was made in the House of Commons, Thursday, by
Sir Samuel Hoare, the Foreign Secretary, that arms
shipments both to Ethiopia and Italy will not be
permitted. The Continental European countrieis
appear quite generally to have taken the same attitude, but Japan is insisting on the right to ship
munitions to Ethiopia, and some antagonism has
developed between Italy and Japan. The reminder
as to the existence of the Bellogg-Briand pact, issued
July 27 1935
last week by Secretary of State Cordell Hull, apparently will prove of no particular importance. The
British Foreign Secretary indicated on Wednesday,
however, that he had expressed his satisfaction to
the United States Government over the utterances.
"We are always ready to co-operate with the United
States in seeking to preserve peace," he said. The
correspondent of the New York "Times" unearthed
in Geneva, last Sunday, a treaty signed in 1891
whereunder Great Britain and Italy agreed to divide
Ethiopia into spheres of influence. But subsequent
dispatches from London state that the old documents
have long since been superseded by later pacts calling for preservation of Ethiopian independence.
Whither Germany?
ILD and furious attacks against their helpless
opponents again were made this week by the
German Nazi authorities, who now have been omnipotent in the Reich for more than two years, and
the incidents continue to arouse wonderment in
other countries as to the real significance of the new
repressive measures. Anti-Semitic disturbances in
Berlin were repeated late last week, and the intentions of the Nazi authorities were made additionally
plain through the appointment of Count Wolf von
Helldorf, a violent anti-Semite, as chief of the Berlin
police. Notice was served last Saturday that the
Nazi creed must be made the faith and religion of
Germany. Warnings were issued that Catholic
priests and Protestant men of the cloth who protested against the new wave of repression would be
prosecuted for "insidious attacks on the State."
These warnings were heeded everywhere but in Freiburg, Baden, but as no newspapers are circulated
there on Saturday evenings and the notices thus
received no attention, no action against the clergy
was taken. Organizations of Catholic veterans of
the World War were suppressed on Tuesday, and
new statements were issued the same day by leading
Nazis that "the Jews must be put in their places."
In other countries these activities are viewed as portentous, to a degree. In London, for instance, it is
assumed that a financial crisis is being hidden from
general notice by such measures, and it may be significant that responsible German financial publications now admit the existence of a huge hidden
deficit in Government operations. The Nazi persecutions once again are arousing resentment elsewhere, and there have been suggestions in Washington for severance of diplomatic relations. William
E. Dodd, United States Ambassador to Berlin and
a diplomat of the highest order, declared in a public
address in Berlin, Wednesday, that excessive propaganda is "one of the errors of our time." He made
the American viewpoint plain by praise of the principles of free commerce, religious freedom and fairness toward minorities.
W
Colombian Congress
TN MORE than one sense, great importance attaches
1 to the session of the newly-elected Colombian
Congress, which started last Saturday on the 159th
anniversary of Colombian independence. During
this session, which is expected to continue about four
months, the Congress probably will be asked to
ratify a reciprocal trade treaty, now under negotiation between the United States and Colombia. The
pact for adjustment of the Leticia dispute with Peru,
which was defeated in the last Colombian Congress,
Volume 141
Financial Chronicle
489
Canadian-Japanese Trade Relations
promptly was re-submitted for ratification last
Saturday, and no difficulty now is anticipated in
URTAXES and retaliatory duties, imposed over
that connection. Negotiations for settlement of the
the last week-end by Canada and Japan on
default on Colombian dollar bonds probably will imports from each other, bid fair to diminish sharply
follow promptly, when both Colombia and Peru have the trade between these countries. The dispute that
ratified the Rio de Janeiro convention on Leticia. terminated in the increased tariff barriers resulted
In his message to the newly-assembled legislators, from Japanese yen devaluation and the increased
President Alfonso Lopez suggested the formulation competition for world trade that followed. The
of a program that is liberal but far short a State Canadian Government long has made it a practice
socialism, with emphasis on a sensible land policy. to impose dumping duties against exports of counWide revisions of the Constitution should be effected, tries with depreciated currency units. This method
the President held, and the Executive relieved of of protection was carried out with such uniformity
excessive responsibilities. Improvements in agri- that even British goods were subjected to the dumpculture must be brought about, he said, and the ing duties for a time when the British pound stercountry brought nearer to self-sufficiency through ling fell considerably under nominal parity. The
a restriction of imports. Depreciation of the peso duties were applied on Japanese merchandise as a
is likely to be one method for adjustment, he held. matter of course, and entries had to be paid for at
No objection is entertained by the Colombian Ad- rates based on the 49c. yen,even though the Japanese
ministration to the investment of foreign capital in unit is far under that level in the exchange markets.
mining enterprises, it was made clear, provided such To this Canadian practice the Japanese Government
foreign developments are not privileged over native made fruitless objection, and Tokio announced late
enterprises. The highway building program, which last week the imposition of a 50% surtax on certain
now is well advanced, is making Colombia an eco- Canadian goods, including lumber, wheat, pulp and
nomic unit for the first time in that country's his- paper products and gluten. The contention in Tokio
tory, the President declared.
was that undue discrimination was exercised by
Canada
in the system of dumping duties. The CanaJapanese Policy
made an effective rejoinder last
authorities
dian
ECENT changes in the Japanese military align3% ad valorem surtax
the
form
of a 331/
Saturday,
in
ments have introduced a hope that a more
Prime Minister
Canada.
goods
entering
on
Japanese
modest policy will be followed hereafter by the Japawhich he deissued
a
statement
in
R.
B.
Bennett
nese Government in the Eastern Asiatic expansionist
was
impossible
to
accede
to Japanese
clared
that
it
program. The vigorous and aggressive tactics of the
Japanese militarists in Manchukuo have kept requests for the abolition of anti-dumping and exAsiatic affairs in turmoil lately, with the Japanese change compensation duties and fixed valuations,
reported at various times on the brink of warfare since such a course would involve discrimination
with China, on the one hand, and Soviet Russia, on against other countries, including Great Britain, and
the other. It is no secret, of course, that the so-called place Japan in a privileged position in the Canadian
"progressive faction" of the Japanese army com- markets. It was indicated in Ottawa reports that
mand sometimes embarrassed the Japanese Foreign further conversations are to be held in an effort to
Office •by unwarranted advances into nominally adjust the trade differences.
Chinese territory. The leaders of that progressive
Discount Rates of Foreign Central Banks
faction now have been relieved of their commands,
HE Bank of The Netherlands on July 24 raised
and it is possible that the Japanese army hereafter
its discount rate from 3% to 5% and on July
will play a much less active political role. These
changes were effected by War Minister Senjuro 26 to 6%. The 3% rate had been in effect since
Hayashi, whose actions were supported by the July 17 1935, at which time it was reduced from
Supreme Military Council in Tokio. Incursions of 332%. Present rates at the leading centers are
Japanese troops into Siberian territory early this shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
month provoked a diplomatic incident and an acrimonious exchange of notes between Moscow and
PrePreRate in
Rate in
otous
Effect
Date
Mous
Country
Country
Effect
Date
Tokio, but an agreement finally was reached for the
Rate
July26 Established
July26 Established
Rate
formation of a frontier commission to regulate dis- Austria__ 334 July 10 1935 4 Hungary — 434 Oct. 17 1932
Batavia _ _ 4
July 1 1935 434 India
334 Feb. 16 1934 4
putes. Relations between China and Russia remain Belgium_
_. 2
May 15 1935 234 Ireland_ _ 3
June 30 1932 334
334 Mar. 25 1935
Bulgaria__ 7
Jan. 3 1934 8
Italy
poor, however, owing to Japanese encroachments in Canada__ 234 Mar. 11 1935 __ Japan
3.65 July 3 1933
Chile
434 June 2 1935 334
24 1935 434 Java
Outer Mongolia. Close relations are maintained by Colombia__ 44 Jan.
Feb. 1 1935 635
Jugoslavia_ 5
July 18 1933 5
Jan. 2 1934 7
CzechosloLithuania
6
vakia____ 334 Jan. 25 1933 434 Morocco.__ 634 May 28 1935 434
Moscow with the People's Republic of Mongolia, and
Danzig_ _ __ 6
Norway.... _
334 May 23 1933 4
May 3 1935 4
Denmark_ _
Poland_ _ _ _
5
Oct. 25 1933 6
234 Nov. 29 1933 3
it has been intimated in Russian circles that the England_
__
2
5
Dec. 13 1934 .534
June 30 1932 234 Portugal
5
Sept.25 1934 534 Rumania _ _
434 Dec. 7 1934 6
Soviet Government is prepared to resist if Japan Estonia__
Feb. 21 1933 5
Finland ___ 4
Dec. 4 1934 434 SouthAtrica 4
France_ _ _ _
Spain
5
July 10 1935 534
334 July 18 1935 4
should attempt to take any Outer Mongolian terri- Germany
Sweden____
234 Dec. 1 1933 3
__ 4
Sept. 30 1932 5
__
7
Oct. 13 1933 734 Switzerland 234 May 2 1935 2
tory. A Japanese demand for permission to install Greece__
Holbi rid _
6
July 26 1935 5
a military mission in Outer Mongolia was rejected
Foreign Money Rates
last Monday, clearly on the advice of the Russian
Government. Japanese intentions as to Northern IN LONDON open market discounts for short bills
China, proper, remain uncertain. The recent Japaon Friday were 9-16@%% as against 9-16@%%
nese expedition to Peiping produced a tension that on Friday of last week, and %% for three-months'
still prevails, and it is now reported that Chinese bills as against 5A% on Friday of last week. Money
authorities are to be given only a short further on call in London on Friday was 3/2%. At Paris the
period in which to become "friendly to Japan," with open market rate remains at 434%, and in Switzerwar as a possible alternative.
land at 3%.
S
R
T
Financial Chronicle
490
July 27 1935
lation record a contraction of 120,402,000 marks,
Bank of England Statement
the item down to 3,546,120,000
THE statement for the week ended July 24 shows bringing the total of
circulation aggregated 3,472,ago
marks.
A
year
a gain of £20,559 in bullion, but as circulation
marks and two years ago 3,261,162,000
expanded £1,242,000, a loss of £1,222,000 in reserves 216,000
marks.
The reserve ratio is now 2.88%, in comresulted. Gold holdings now aggregate £193,259,893
parison
2.2% last year, and 9.6% the previous
with
as compared with £192,154,427 a year ago. Public
exchange and checks, advances and
Bills
of
year.
deposits rose 088,000, while other deposits decreased
register decreases of 195,423,000
liabilities
other
£5,005,143. Of the latter amount, £2,767,321 was
marks and 1,850,000 marks,
7,657,000
marks,
from bankers' accounts, and £2,237,822 from other
we furnish a comparison of the
Below
respectively.
accounts. Little change occurred in the reserve
years:
three
various items for
ratio, which is now 35.85%, in comparison with
REICHSBANK'S COMPARATIVE STATEMENT
35.70 last week; a year ago it was 44.92%. Loans on
Changes
government securities decreased £3,145,000 and those
'July 23 1935 July 23 1934 July 22 1933
for Week
Reichsmarks Reichsmarks Reichsmark:
Reichsmarks
on other securities rose £386,804. The latter consists
Assets—
93,948,000
+18,000
Gold and bullion
74,709,000 228,387,000
22,109,000
No change
of discounts and advances which increased £1,045,472 Of which depos. abroad
23,638,000
27,681,000
8,397,000
+24,000
Reserve in foreign cum
3,168,000
84,040,000
3,376,616,000 3,131,171,000 2,972,648,000
and securities which fell off 058,668. No change Bills of exch.and checks —195,423,000
280,699,000
+58,009,000
Silver and other coin_ _ _
293,542,000 302,612,000
15,007,000
+2.157.000
on other Ger.bks.
15,350,000
13,101,000
was made in the 2% discount rate. Below we show a Notes
40,492,000
—7,657,000
Advances
59,127,000
59,056,000
+334,000 660,937,000 709,180,000 319,830,000
Investments
comparison of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
July 24
1935
July 25
1934
July 26
1933
July 27
1932
July 29
1931
£
£
£
£
£
400,809,000 383,948,994 377,220,352 369,285,637 359,361,869
Circulation
8,870,000 10,939,003 14,136,414 11,242,945 15,219,417
Public deposits
137,421,993 140,881.939 156,169,961 122,747,283 89,484,932
Other deposits
Bankers'acc000ts.. 100,815,039 104,788,388 98,510,742 88,186,076 55,798,330
Other accounts_ _ 36,606,954 36,093,551 57,659,219 34,561,207 33,686,602
88,742,044 83,467,071 90,595,963 68,770.765 52,560,906
Govt.securities
23,213,190 18,277,583 23,663,012 39,047,622 36,300.633
Other securities
Disct. & advances_ 10,322,373 7,531,738 11,243,296 15,280,114 9,696,484
12,890,817 10,745,845 12,419,716 23,767,508 26,604,149
Securities
Reserve notes & coin 52,450,000 68,205,428 74,159,782 44,290,821 33,947,794
193,259,893 192,154,427 191,380,134 138,576,458 133,309,663
Coin and bullion
Porportion of reserve
32.40%
33.05%
43.54%
44.92%
35.85%
to liabilities
434%
llonlr rafa
2%
2%
2%
2%
Other assets
Liabilities—
Notes in circulation__ _
Other daily matur.obl-ig
Other liabilities
Propor. of gold & torn
emir in itnin nlinnla'n
+23,497,000
688,619,000
593,778,000
479,722,000
—120,402,000 3,546,120,000 3,472,216,000 3,261,162,000
+3,211,000 746,014,000 620,229,000 395,843,000
—1,850,000 215,297,000 163,783,000 179,755,000
-1-0.09%
2.88%
2 901
0 fl.f-
'New York Money Market
O VARIATIONS whatever were shown in the
New York money market this week as against
former transactions. Dulness prevailed in all departments and rates were continued at the excessively low levels occasioned by the official easy
money policy. An issue of $50,000,000 United States
Treasury discount bills, due in 273 days, was sold on
Bank of France Statement
Monday at an average discount of 0.057%, computed
HE weekly statement dated July 19 shows a
on
an annual bank discount basis. A week earlier a
decline in gold holdings of 174,835,980 francs.
similar
issue was awarded at an average of 0.052%.
The total of gold which is now 71,176,523,425 francs,
on the New York Stock Exchange held
loans
Call
compares with 79,992,184,654 francs last year and
time loans up to six months' maturity
at
1
/
4%,
and
81,728,872,266 francs the previous year. French
that figure. Bankers' bill and comat
were
also
commercial bills discounted iegister an increase of
rates likewise were carried over and
paper
mercial
265,000,000 francs and creditor current accounts of
unchanged
all week.
were
508,000,000 francs, while advances against securities
New York Money Rates
show a loss of 48,600,000 francs. Notes in circulation
total
record a loss of 492,000,000 francs, bringing the
EALING in detail with call loan rates on the
of notes outstanding down to 81,235,685,845 francs.
Stock Exchange from day to day, 3..4 of 1%
Last year circulation stood at 80,696,467,045 francs remained the ruling quotation all through the week
and the previous year at 82,253,696,540 francs. for both new loans and renewals. The market for
The proportion of gold on hand to sight liabilities time money has shown no change this week, although
is now 74.72%, compared with 79.84% a year ago there was a report of a transaction in a six months'
and 78.50% two years ago. A comparison of the maturity at %%. Rates are /
1 4% on all maturities.
different items for three years appears below:
for
prime
market
commercial
The
paper has been
BANK OF FRANCE'S COMPARATIVE STATEMENT
fairly brisk this week. Paper has been in good
supply and has been quickly taken up. Rates are
Changes
July 19 1935 July 20 1934 July 21 1933
for Week
Y
i% for extra choice names running from four to
Francs
Francs
Francs
Francs
months and 1% for names less known.
—174,835,980 71,176,523,425 79,992,184,654 81,728,872,266
six
Gold holdings
15,177,314 2,572,893,500
9,875,002
No change
Credit halo. abroad_
a French commercial
Bankers' Acceptances
+265,000,000 7,080,308,576 3,716,231,964 2,965,628,090
bills secured
No change 1,202,348,195 1,140,843,139 1,402,909,718
b Bills bought abr'd
—48,000,000 3,227,560,780 3,089,011,159 2,684,202,917
Adv. against securs_
RANSACTIONS in prime bankers' acceptances
—492,000,000 81,235,665,845 80,696,467,045 82,253,696,540
Note circulation
Credit current accts. +508,000,000 14,025,273,660 19,493,034,741 21,853,437,433
has been extremely dull this week. Few bills
Propor'n of gold on
78.50%
74.72%
79.84%
hand to slzht Ilab_
—0.19%
been
available and there has been little demand.
have
a Includes bills purchased in France. b Includes bills discounted abroad.
Quotations of the American Acceptance Council
Bank of Germany Statement
for bills up to and including 90 days at 3-16% bid
HE quarterly statement dated July 23, shows a and %% asked; for four months, Yi% bid and 3-16%
slight increase in gold and bullion of 18,000 asked; for five and six months, %% bid and 5-16%
marks. The Bank's gold now aggregates 93,948,000 asked. The bill buying rate of the New York Remarks, in comparison with 74,709,000 marks last serve Bank is 32% for bills running from 1 to 90 days,
3 % for 91- to 120-day bills, and 1% for 121- to 180year, and 228,387,000 marks the previous year. An 4
increase also appears in reserve in foreign currency day bills. The Federal Reserve banks' holdings of
of 24,000 marks,in silver and other coin of 58,009,00d acceptances decreased from $4,679,000 to $4,676,000.
marks, in notes on other German banks of 2,157,000 Open market rates for acceptances are nominal in so
marks, in investments of 334,000 marks, in other far as the dealers are concerned,.as they continue to
assets of 23,497,000 marks and in other daily matur- fix their own rates. The nominal rates for open
ing obligations of 3,211,000 marks. Notes in circu- market acceptances are as follows:
N
T
D
T
T
Financial Chronicle
Volume 141
SPOT DELIVERY
--180 Days— —150Days— —120 Days—
Asked
Bid
Asked
Bid
Asked
Bid
Prime eligible bills
Ns
•H
%
Its
31
Lis .
—90 Days— —60 Days— —30 Days—
Bid
Asked
Bid
Bid
Asked
Asked
Prime eligible bills
34
%
'16
'is
%
its
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
34% bid
Eligible non-member banks
Ii% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Erna on
July 28
2
115
2
135
2
2
2
2
2
2
2
2
Date
Established
Previous
Rate
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
May 11 1935
May 9 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
May 14 1935
May 10 1935
May 8 1935
Feb. 16 1934
234
2
234
2
234
234
234
234
234
234
234
234
_
Course of Sterling Exchange
TERLING exchange is steady. The outstanding
feature of the exchange market is the unusual
drop in the Holland guilder and the decree of the
Italian Government suspending the legal minimum of
40% gold reserve to notes in circulation. These
events have, if anything, greatly enhanced the confidence of the banking world at large in the intrinsic
strength of the London market. The range for
sterling has been between $4.9514 and .965
% for
bankers'sight bills, compared with a range of between
$4.95% and $4.963A last week. The range for cable
'transfers has been between $4.95% and $4.969,
compared with a range of between $4.953/á and
$4.96 last week.
The following tables give_ the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS
Saturday, July 20
74.75 I Wednesday, July 24
74.97
Monday, July 22
74.82 I Thursday, July 25
75.00
Tuesday, July 23
74.931 I Friday,
July 26
75.06
LONDON OPEN MARKET GOLD PRICE
Saturday, July 20_ __ -141s.
6d.
I Wednesday, July 24...140s.
lid.
Monday, July 22..___140s. 81,6d. I Thursday, July 25_ _140s.
9d.
Tuesday, July 23......-140s. 5d.
July 26_ _140s. 634d.
I Friday,
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, July 20
$35.00 I Wednesday, July 24
$35.00
Monday, July 22
35.00
35.00 I Thursday, July 25
Tuesday, July 23
July 26
35.00
35.00 I Friday,
Essentially the sterling situation is not different
from what it has been for many weeks. As a seasonal
matter sterling is in demand and these favoring influences should continue until the end of August and
perhaps into early September, when import bills for
raw materials begin to outweigh other factors which
might ordinarily be expected to give firmness to the
pound. At present, as for a long time past, the
heavy movement of so-called nervous capital to
London for safety is an important factor in giving the
pound a firm tone. Other influences strengthening
sterling are the steady purchases of gold in the open
market and the American purchases of silver. The
American silver purchases are not at present conducted in spectacular volume, but day-to-day dispatches from London show that the silver market is
constantly prevented from falling through the support of purchases for account of the United States
491
Treasury Department. Where at any time the sterling
quotation is inclined to sag,thip trend may be attributed entirely to operations of the British exchange
control in its endeavor to'steady exchange in terms
of any important unit which at any given time may
be under undue pressure and hence disturbing to the
London market.
Market observers in London are watching the
political crisis in Holland with some anxiety, but
informed circles there do not believe that devaluation
of the guilder is imminent. However, there is an
important body of opinion which feels that Holland
may abandon the gold bloc and ally itself with the
sterling group. It is thought such a course might the
more speedily result in the stabilization of the leading
currencies. However, no move in this direction would
be possible on the part of Great Britain at present as
approaching general elections stand as a barrier even
were the London authorities convinced of the desirability of the resumption of the gpld standard.
The general elections must take place some time
within the next year. It seems doubtful that they
will be held this autumn. A general election around
Christmas season would be bad tactics. Nor can the
elections be postponed too long after the turn of the
year because the British fiscal year ends on March 31,
and succeeding weeks would have to be devoted to
the introduction of the budget, debates upon which
might easily continue into the summar. It is inconceivable that the Government would wish to
encounter the budget and elections at the same time,
so that it seems probable that the elections may be
expected to take place in January or early February
and that no practical steps toward stabilization could
be entertained earlier than April or May 1936.
Money continues in abundance in Lombard Street.
Two-months' bills are 9-16% to N%, three-months'
bills 4
5 %, four-months' bills N% to 11-16% and
six-months' bills 13-16% to 7A%.
All the gold available in London open market this
week was taken for unknown destinations, chiefly for
private hoarders. On Saturday last there was available and so taken £158,000, on Monday £340,000,
on Tuesday £530,000, on Wednesday £273,000, on
Thursday £178,000, and on Friday, £350,000. On
Friday the Bank of England bought £57,000 in gold
bars.
The gold movement at the Port of New York for
the week ended July 24, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,JULY 18-JULY 24,INCLUSIVE
Imports
Exports
I
i2,793,000 from Canada
32,000 from Dutch West Indies
13,000 from Panama
I
6,000 from Guatemala
None
t2,844,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease: $448,000
The above figures are for the week ended on
Wednesday. On Thursday there were no imports or
exports of the metal or change in gold held earmarked
for foreign account. On Friday $1,419,700 of gold
was received of which $1,414,100 came from Canada
and $5,600 from Guatemala. There were no exports
of the metal, but gold held earmarked for foreign
account increased $5,600.
Canadian funds during the week were quoted in
terms of the dollar at a discount ranging between
5-32% and 1-16%.
Referring to day-to-day rates sterling exchange on
Saturday last was firm in a dull half-day session..
492
Financial Chronicle
2; cable transfers
Bankers' sight was $4.963@$4.963/
pound was
the
Monday
On
/.
$4.96%@$4.965
% for bank1 8@$4.963
steady. The range was $4.96/
ers' sight and $4.963@$4.963/ for cable transfers.
On Tuesday exchange was steady. Bankers' sight
8; cable transfers were $4.96@
/
was $4.95%@$4.963
$4.963. On Wednesday sterling was easier. The
range was $4.951
/@$4.95% for bankers' sight and
$4.95%@$4.96 for cable transfers. On Thursday
the pound continued in demand abroad. The range
was $4.953/
2@$4.969' for bankers' sight and 84.95%
cable transfers. On Friday sterling was
for
@$4.963/
8@$4.96M for bankers'
steady, the range was $4.963/
sight and $4.963@$4.963
% for cable transfers. Clos/ for demand
ing quotations on Friday were $4.965
sight
Commercial
and $4.96% for cable transfers.
90.953,
at
bills
2, 60-day
bills finished at $4.963/
days)
(60
payment
for
documents
day bills at .94%,
at $4.95,and seven-day grain bills at $4.95%. Cotton
and grain for payment closed at $4.95.
Continental and Other Foreign Exchange
XCHANGE on the Continental countries is
profoundly affected by the Italian decree relieving the Bank of Italy from its obligation to back
its note circulation by 40% gold, by the renewed
weakness in Holland guilders, and by the officially
inspired revelation that the public debt of Germany
is admitted to be three times the reported amount.
Dispatches from Rome on July 22 announced that
the Italian Government had decided temporarily to
suspend the 40% gold coverage of the note issue which
was fixed on Dec. 21 1927 under the decree stabilizing
the lira at 92.76 to the pound sterling. The decree
does not necessarily point to ultimate devaluation
of the Italian unit. Nevertheless the foreign exchange
market is inclined to believe that the lira may before
long be devalued.
In view of the heavy imports of many kinds which
Italy will be obliged to contract for because of
operations in Ethiopia, it is highly essential that the
lira should not be low-priced. The present decree
means that Italy is paying for much of her imports
of raw materials essential for military campaigning
on a large scale, with actual gold taken from the
Bank of Italy. The outflow of gold from Italy,
which had previously been arrested by various
measures compelling Italian holders of foreign
exchange to hand over their holdings to the Bank of
Italy, again became manifest in the bank's return
of June 20. At this date the gold holdings of the
Bank of Italy were 5,677,000,000 lire, against
5,829,000,000 lire on June 10. This loss of gold was
technically made good by a corresponding increase of
exchange holdings, which rose from 54,000,000 lire to
207,000,000 lire. The same kind of substitution of
gold by foreign exchange was in a smaller degree
visible in two subsequent bank returns. The statements indicated that the Bank of Italy was meeting
demands to cover Italian import requirements by
selling gold and replacing the gold by buying up the
credits abroad of Italian exporters. Obviously there
was a limit to this operation.
The decision of the Italian Government is contrary
to the official policy of maintaining a high nominal
value of the lira which has been pursued during the
last few years, ever since Premier Mussolini made a
speech notable for an oratorical avowal that Italy
"would defend the lira and maintain its value, if
E
July 27 1935
necessary, with blood." As a matter of strict fact,
Italy has been only nominally on the gold basis for
some time, as exports of Italian currency have been
rigidly controlled somewhat on the German plan.
As long ago as last December a series of far-reaching
measures was adopted by the Council of Ministers,
which in effect placed all foreign currencies owned by
Italians under the direct control of the Government.
This establishment of a virtual state monopoly of
exchange was the first important indication that
Italy's financial position was such as to render her
hold on the gold standard precarious. In the past four
years the Italian budget has amounted to approximately $1,200,000,000. The deficit for the year
1935-1936 is estimated at about $170,000,000.
Last week the lira showed a range in the New
York market of between 8.22 and 8.263/2. Italian
cable transfers closed on Friday of last week at 8.26..
Following the publication of the new decree the lira
dropped in the New York market to 8.01 in Tuesday's
trading. Currently the rates for Italian lire are
largely nominal. In view of the complete control
exercised by the Italian Government over exchange,
it is reasonable to believe that the lira can be held
fairly.steady, surely for as long a time as there is gold
to be exchanged for war supplies. The Bank of
Italy's statement as of July 10 showed gold holdings
of 5,524,000,000 lire, a decrease of 153,000,000 lire
since June 20, while note circulation increased to
13,210,000,000 lire from 12,684,000,000 lire, indicating a gold cover of 41.81%, against 44.76%.
The ratio of gold to combined note circulation and
sight liabilities on July 10 was 40.96%, against
42.54% on June 20.
German marks as represented by the quotable
rates for so-called "gold" or "free" marks developed
conspicuous weakness in keeping with the trend of
the major Continental currencies. The par of the
gold mark is 40.33. In June the free mark in New
York had a range of between 40.42 and 40.52. In
Wednesday's trading the gold mark went as low as
40.16. Whatever the quotations of the mark in terms
of other currencies, they represent a scarcity value
imposed by the strict regulations of the Reichsbank,
and the exceedingly limited supply of free marks
performs only the slightest fraction of German
business, the great bulk of such transactions are
conducted through the instrumentality of the various
classes of blocked marks, the values of which represent excessive discounts on the mark. There is
much uneasiness over the mark situation. It would
seem likely that an economic breakdown in Germany
impends. The Germans doubt the stability of the
mark and its internal depreciation is reflected in
rising living costs. An official analysis minimizes
the high living cost, admitting that it gained 23/
points in the year. The wholesale price index is
acknowledged to be up 43/ points. Vegetables are
20% dearer, meat is up 7% to 10%, and clothing is
11% higher than a year ago, but private observation
shows still greater advances. As has been pointed
out on several occasions, the Reich's debt is officially
acknowledged to be around 13,000,000,000 reichsmarks, but the prevailing opinion for some time has
been that certain items of expenditure have been
concealed and that the true indebtedness of the
Reich was nearer 30,000,000,000 reichsmarks. It was
recently admitted semi-officially, that the Reich
debt was three times the disclosed official estimate.
Volume 141
Financial Chronicle
The French franc was visibly affected by the
changed situation in Italy and Holland, although the
range for the French franc in dollar terms shows little
change from last week. The franc went as high as
6.63% on Saturday last, but following the disclosures from Rome and Amsterdam the franc sold
down as low as 6.603 in Wednesday's trading.
Paris and Amsterdam dispatches during the week
showed that Paris received gold from Holland and
other neighboring countries and that the Bank of
France was active in supporting both guilders and
lire. This support was doubtless one reason for the
lower franc quotations in the middle of the week.
In the main the French situation is much improved
and since the French Parliament does not meet until
October and may even not be convened before
January, it is felt that the Laval ministry will be
successful in making its economy decrees effective.
It is felt by competent foreign observers in Paris
that France is headed for an economic revival. The
Government is now concentrating its efforts on
reducing the cost of money. It should be recalled
that the Bank of France reduced its rediscount rate
on July 18 from 4% to 332%. It was confidently
believed that another reduction would soon be made
in the rate, as it had been at 21A% from May 31
1934 until the threat against the bank's gold holdings
• in May compelled successive increases until a 6%
rate was made effective on May 28. It is now
thought, however, that in view of the current developments in Holland and Italy, a further reduction
in the rate from the present 332% level may be
deferred.
The following table shows the relation of the
leading European currencies still on gold to the
United States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.26
19.30
40.20
New Dollar
Parity
6.63
16.95
8.91
32.67
68.06
Range
This Week
6.60;4 to 6.63%
16.89 to 16.98
8.01 to 8.2634
32.57 to 32.82
67.04 to 68.12
The London check rate on Paris closed on Friday
at 75.08 against 74.65 on Friday of last week. In
New York sight bills on the French center finished on
Friday at 6.61, against 6.63A on Friday of last week;
cable transfers at 6.611A,against 6.63%;and commercial sight bills at 6.58/
/
5 8, against 6.605
8. Antwerp
belgas closed at 16.97 for bankers' sight bills and at
16.98 for cable transfers, against 16.903/ and 16.913.
Final quotations for Berlin marks were 40.31 for
bankers' sight bills and 40.32 for cable transfers, in
comparison with 40.41 and 40.42. Italian lire closed
at 8.17 for bankers' sight bills and at 8.18 for cable
transfers, against 8.25 and 8.26. Austrian schillings
closed at 18.96, against 19.01;exchange on Czechoslovakia at 4.15
against 4.173,'; on Bucharest at
1.00, against 1.01; on Poland at 18.92, against 18.99;
and on Finland at 2.20 against 2.193. Greek exchange closed at 0.923' for bankers' sight bills and at
0.92% for cable transfers, against 0.943 and 0.949.
493
of the Cabinet favoring depreciation of the currency,
was forced to hand in his resignation. In Parliament,
it would seem, the Catholic party and the Labor
party, the two strongest bodies of the Right, refused
to concede any further aid in the direction of deflationary measures. As a consequence of the resultant uncertainties the foreign exchange market
became strongly convinced that Holland will be
compelled either to devalue the guilder or to abandon
the gold bloc entirely and ally itself with London as a
member of the sterling group. Because of the drop
of the guilder in all markets, gold moved away from
Amsterdam, particularly to London and Pads, and
there was a wide movement of Dutch funds to
London. It was thought that both the British
Exchange Equalization Fund and the Bank of France
were active in steadying the exchanges throughout
the greater part of the week. The outward flow of
gold from Amsterdam might have been even greater,
but for the fact that many bankers, especially on this
side, hesitated to be lured by the prospect of profit
in such transactions, as the Netherlands Bank
requires 48 hours notice for gold withdrawals. Hence
the greater part of the gold shipped from the Dutch
bank this week went to Paris, where the time element
was not so important.
The outstanding result of the guilder situation
was the increase in the rediscount rate of the Bank of
The Netherlands from 3% to 5%, effective July 24,
and on July 26, again increased its rate, raising
it to 6%. The suddenness of the Dutch developments is best shown by the fact that only on July 17,
the Netherlands Bank reduced its rate from 332% to
3%,owing to what was felt to be great improvement
in the economic outlook. The backing and filling
and great uncertainty with respect to the guilder is
perhaps best reflected in the rapid changes in the
Dutch bank rate since the end of March. After the
devaluation of the belga the Bank of The Netherlands felt compelled to increase its rediscount rate
from 23% to 31A% on April 4, and again a few days
later, on April 9, moved the rate up to 43/2%.
Sentiment improved so much in the early part of
May that the Bank reduced its rate on May 15 to
4%. A sudden resurgence of pressure against the
French franc, however, toward the end of May
compelled the Dutch bank to lift its rate to 5%.
In the last week of June the rate was lowered to
4%,later to 33/2% and on July 17 to 3%, as stated.
Bankers' sight on Amsterdam finished on Friday
at 67.36, against 68.21 on Friday of last week; cable
transfers at 67.37, against 68.22; and commercial
sight bills at 67.34, against 68.19. Swiss francs
closed at 32.65 for checks and at 32.66 for cable
transfers, against 32.78 and 32.79. Copenhagen
checks finished at 22.18 and cable transfers at 22.19,
against 22.13 and 22.14. Checks on Sweden closed
at 25.61 and cable transfers at 25.62, against 25.56
and 25.57; while checks on Norway finished at 24.96
and cable transfers at 24.97, against 24.90 and 24.91.
Spanish pesetas closed at 13.70 for bankers' sight bills
and at 13.71 for cable transfers, against 13.743/ and
13.75M.
XCHANGE on the countries neutral during the
war holds the center of interest owing to the
sharp drop in the guilder which followed the budget
crisis which developed in the early part of the week.
XCHANGE on the South American countries
The Government-proposed economy program was
presents no new features of importance. The
intended to effect a 77,000,000 guilder saving in the Argentine paper peso is
inclined to steadiness and
budget. The Government declared itself as strongly firmness, moving in close
sympathy with sterling.
anti-devaluationist. Only a few weeks ago the The Brazilian milrei is largely nominal, as for some
Minister of Economics,Steenberghe,the only member weeks past exchange control
regulations have been
E
E
494
Financial Chronicle
July 27 1935
a
more rigidly enforced. The general undertone of the different countries of the world. We give below
passed:
just
week
the
for
disto
record
According
milrei is inclined to weakness.
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
patches from Lima, Peru, the budget drawn up by FOREIGNBANES
TO TREASURY UNDER TARIFF ACT OF 1922
the
with
n
co-operatio
JULY 20 1935 TO JULY 26 1935, INCLUSIVE
the Minister of Finance in
Finance Committee of the Consitutent Assembly,
Noon Buying Rate for Cable Transfers fps New York
Value in United States Monts
Monetary
was approved and promulgated on July 21. Revenue Country and
Unit
July 20 July 22 I July 23 July 24 July 25 July 26
and expenditures are balanced at 131,313,490 soles.
$
$
$
$
$
$
EuropeWith the exception of the fiscal year 1930-1931, Austria.
schilling____ .189416* .189450* .189400* .188708* .188950* .188933*
.169607
.169611
.169195
.168876
.168892
169023
belga
Belgium.
the
when owing to the confused political situation
.013275* .013325* .013075* .013075* .013075* .013175*
Bulgaria. lev
krone .041728 .041643 .041559 .041503 .041478 .041478
221500 .221533 .221450 .221181 .221441 .221579
budget reached a peak of 140,987,192 soles, this Czechoslovakia,
Denmark, krone
England. pound stall 4.964250 4.961750 4.960916 4.954416 4.980000 4.983833
.021905 .021870 .021840 .021810 .021850 .021860
year's budget is the highest recorded in the history Finland. markka
.066358 .066241 .066210 .066061 .066100 .066083
France,franc
relchsmark .404014 .402846 .402714 .401581 .402146 .402638
of Peru. It is more than 15,000,000 soles in excess of Germany,
009475 .009435 .009430 .009400 .009400 .008400
Greece, drachma
680935 .676850 .677058 .671830 .674407 .672969
Holland, guilder
that of 1929, the year of greatest prosperity for Hungary.
.297000* .297075* .296575* .296540* .296700 .296300*
pengo
taken
be
.082521 .080325 .081181 .081825 .081896
must
it
.082631
state,
lira
Italy,
dispatches
Lima
Peru, but,
.249341 .249341 .249208 .248933 .249204 .249362
Norway, krone
the
of
nt
.189920 .189720 .189560 .189125 .189140 .1891130
abandonme
zloty
Poland.
the
with
that
on
considerati
into
.045140 .045150 .045096 .045060 .045080 .045125
Portugal. escudo
.010025 .010010 .009995* .009760 .009980 .009980
Rumania.leu
gold standard in 1932, the value of the sol depreciated Spain,
.137489 .137334 .137203 .136861 .136953 .138964
peseta
.255837 .255875 .255736 .255450 .255758 .255883
krona
Sweden,
more than one-third.
.328042 .327492 .327092 .325692 .326246 .326207
Switzerland, franc
.023037 .022987 .022950 .022887 .022900 .022887
dinar
Yugoslavia,
official
Friday,
on
Argentine paper pesos closed
AsiaChina33
against
bills,
sight
quotations, at 33 for bankers'
Chefoo (yuan) dol'r .387500 .387083 .387500 .388541 .387291 .384166
Hankow(yuan)dol'r .387916 .387500 .387916 .388958 .387708 .384583
on Friday of last week; cable transfers at 33%,
Shanghal(yuan)dol. .387083 .386458 .386250 .387083 .386250 .383750
dol'r .387916 .387500 .387916 .388958 .387708 .384583
Tientsin(yuan)
.528593 .528700 .526406 .527031 .526875 .524218
against 333/g. The unofficial or free market close
Hongkong, dollar
.374050 .373850 .374140 .373495 .373890 .374135
rupee
India,
milreis,
Brazilian
.
26.60@26%
291725 .291705 .292015 .291770 .291950 .292150
against
yen
Japan,
26.75,
was
Singapore (S. S.) der .576250 .576250 .576250 .574925 .575625 .576250
Australasiaofficial rates, are 8.20 for bankers' sight bills and 83.. Australia,
3.941250*3.938125•3.935625*3.930000*3.935625*3.937500.
pound
Zealand, pound.3.965000* 3.961885*3.959375* 3.953750*3.958750*3.961250°
for cable transfers, against 8.20 and 83'i. The un- New
AfricaAfrica. pound..4,912250*4.910250*4.909000 4.902500*4.908000°4.911750*
official or free market close was 5%, against 5%. South
North America.998880 .998607 .998750 .998645 .998593 .998619
basis
dollar
new
the
Canada,
on
quoted
Chilean exchange is nominally
.999200 .999200 .999200 .999200 .999200 .999200
Cuba, peso
.277800 .277400 .277550 .277550 .277550 .277550
(silver).
peso
Mexico,
23.86,
at
nominal
is
Peru
at 5.20, against 5.20.
.996375 .996250 .996250 .996000 .996000 .996125
Newfoundland. do
South Americaagainst 23.71.
.330725* .330600* .330600* .330250* .330525* .330675*
Argentina, peso
.083183° .083200° .083183°
.051000* .015000* .051000*
.806850* .806250° .804850°
.520800* .520800* .520800*
•Nominal rates; firm rates not available.
Brazil, mIlrels
Chile, peso
Uruguay. peso
Colombia. peso
.083183*
.051000*
.803325*
.516800*
.083083°
.051000*
.803475*
.523600*
.083050°
.050950°
.803475*
.526300*
XCHANGE on the Far Eastern countries is
relatively steady, due to the continued steadiness in sterling exchange for the most part, as the
Tightening the Government Grip on
Far Eastern units are largely influenced by sterling.
The Shanghai dollar has been fluctuating within
Agriculture
narrower limits owing to the steadier prices of silver.
The protracted debate in Congress over amendThe Japanese control as a matter of fixed policy
of the Agricultural Adjustment Act, joined
ments
keeps the yen in close relationship to sterling, while
appeared to be radical differences of opinwhat
to
the Indian rupee is legally attached to the pound at ion between the House of
Representatives and the
the rate of is. 6d. per rupee.
that ought to be made, has
changes
the
about
Senate
were
Closing quotations for yen checks yesterdaydoubtless had the effect of diverting public atten29.26, against 29.20 on Friday of last week. Hong tion somewhat from a measure whose legislative
Kong closed at 52%@53 1-16, against 53 5-16@ status seemed confused and whose ultimate form
53 11-16; Shanghai at 38%@38Yi, against 393© was difficult to forecast. The sharp reminder from
39 5-16; Manila at 49.85, against 49 8; Singapore at the Supreme Court that agriculture is not inter57.90 against 57.80; Bombay at 37.50, against 37.46; State commerce and that the Federal taxing power
and Calcutta at 37.50, against 37.46.
has constitutional limits, the decisions of various
Federal courts adverse to the processing taxes, and
Gold Bullion in European Banks
the rapid multiplication of suits to prevent collecHE following table indicates the amount of gold tion of taxes or recover those already paid, may well
bullion (converted into pounds sterling at par have led a good many people to the hasty conclusion
of exchange) in the principal European banks as of that while the regulation of production and the payJuly 25 1935, together with comparisons as of the ment of crop benefits would probably go on, the
corresponding dates in the previous four years:
backbone of the agricultural program had been
1931
1932
1933
badly strained. As a matter of fact, nearly every ob1934
1935
Banks of£
£
£
feature and dangerous principle of the
jectional
£
£
138,576,458 133,309,663
England.._ 193,259,893 192,154,427 191,380,134 658,480,194
463,144,519
653,830,978
seems likely to be retained in the
Act
639,937,477
original
569,412,187
a___
France
61,800,800
33,570,300
10,536,750
2,839,850
3,591,95(
Germany b_
90,933,000
90,233,000
90,383,000
that is now pending, the processing
90,542,000
bill
90,775,000
amended
Spain
57,678,000
81,221,000
72,954,000
70,868,000
61,405,000
Italy
44,076.000
84,206,000
61,748,000
71,815,000
to be continued under word57,142,000
apparently
Netherlands
are
taxes
42,061,000
74,244,000
76,729,000
75,221,000
101,475,000
Nat. Beig
29,498,000
89,156,000
61,459,000
61,300,000
45,266,000
ts
Switzerland
which, it is hoped, will cirarrangemen
juggling
13,219,000
11,445.000
11,988,000
15,312,000
19,770,000
Sweden....
9,546,000
7,440,000
7,397,000
7,397,000
7,394,000
al objections of the courts,
Denmark _ _
constitution
any
cumvent
8,130,000
7,911,000
6,569,000
6,577,000
8,602,000
Norway
Federal
of
control is to be given furscheme
the
953,395,982
and
1,256,482,952
1,244,974,862
Total week_ 1,156,093,030 1,233.901,554
Prey. week_ 1.351.975.593 1.231.584.151 1.242.372.741 1,255,269,798 963.189.838
which
threaten
to reach every agriextensions
ther
form
reported in the new
a There are the gold holdings of the Bank of France as are
exclusive of gold held
of
commercial
product
cultural
of statement. b Gold holdings of the Bank of Germany
importance.
abroad, the amount of which the present year is £1,105.450.
The passage by the Senate, on Tuesday, of the
Foreign Exchange Rates
House bill with a long list of changes, and the referof the bill to a conference committee for reconence
522
URSUANT to the requirements of Section
of the differences between the two houses,
ciliation
of the Tariff Act of 1922, the Federal Reserve
for an examination of the main
opportunity
gives
of
the
Secretary
Bank is now certifying daily to the
proposed.
Taking general provisions
are
that
things
in
transfers
the
cable
Treasury the buying rate for
E
T
p
Volume 141
Financial Chronicle
first, the Senate bill proposes to fasten upon the
country Secretary Wallace's so-called "ever normal
granary" theory under which the Secretary of Agriculture is authorized to acquire basic agricultural
products on which Government loans have been
made,and to use the stocks so held to make payments
"in kind" to producers who accept the crop adjustment programs. Rental and benefit payments are
also continued with no essential change in form, as
is the authority of the Secretary to withhold surplus
products from ordinary trade channels and expand
foreign trade outlets. Both the Bankhead Cotton
Control Act and the Kerr-Smith Tobacco Control
Act are continued, the former for two years and the
latter for four, the cotton control quotas, however,
aggregating 10,500,000 bales for 1935-36, not being
made applicable to States having a small production.
An expenditure of $50,000,000, to be drawn from the
appropriation made last April for work relief, is
authorized for the acquisition of some 14,000,000
acres of submarginal land, $40,000,000 is provided
to continue the effort to control tuberculosis and
other diseases in cattle, and the imposition of marketing agreements upon the 40-odd dealers in hog
cholera serum is authorized in order to ensure, according to Senator Burke of Nebraska, adequate
supplies of the serum when needed. Potatoes, the
production of which has increased as the acreage allowed for other crops has been restricted, are made
a basic commodity for purposes of limiting production and taxing any excess beyond the allotted
amount.
A number of changes are made in the treatment
of processing taxes. To get around the constitutional objection to taxes levied by administrative
authority, the taxes hitherto imposed and proclaimed
by the Secretary of Agriculture or the President are
"legalized and ratified and confirmed as fully to all
intents and purposes as if each such tax had been
made effective and the rate thereof fixed specifically
by prior Act of Congress!' Future processing taxes
are to be fixed at "such rate as equals the difference
between the current average farm price for the commodity and the fair exchange value of the commodity," plus not more than 20% of such difference,
but the taxes will not be dropped even if so-called
"parity" prices are reached. Specific taxes, effective
from the date when the bill becomes law to Dec. 31
1937, are provided for wheat, corn, cotton, hogs, tobacco, peanuts, paper, jute, sugar cane and sugar
beets. Certain processors and handlers are made
subject to "orders," instead of the present "licenses,"
issued by the Secretary of Agriculture, the commodities so affected being milk, most fruits and vegetables, tobacco, soy beans and some others, but with
the proviso that the orders shall apply only to such
part of the commodity as enters into, directly affects
or 'burdens inter-State commerce. The orders, however, depend upon the conclusion of marketing agreements embracing at least 50% of the handlers of a
commodity.
Attempts to bar from the courts, in amending the
Act, all suits for the recovery of processing taxes
have thus far, fortunately, been defeated, but the
Senate bill does nothing to make recovery easy. The
processor must show that the tax was not deducted
from the amount paid to the producer and that it has
not been passed on to the consumer. Applications
for refunding are to be filed with the Commissioner
of Internal Revenue,following which there will be a
495
delay of six months before 'bringing a suit unless in
the meantime the application is rejected. Meantime
the books and records of the processor are to be open
to Government examination. It was openly charged
in the debate on Tuesday that the purpose of this
provision was not to enable the Government to verify
the truth of the processor's claims but to provide a
means of harassing persons or corporations who ventured to dispute an act of the Secretary of Agriculture. The charge was not denied, and the objection
that the provision might operate to discourage suits
even when the claims were well founded was not
answered.
Two notable features of the Senate bill, one negative and the other positive, are the elimination of
price fixing and the inclusion of provisions exempting advertising from control by the Secretary of Agriculture and protecting the press from interference
by means of a processing tax. Jerome D. Barnum,
president of the American Newspaper Publishers
Association, called the attention of Secretary Wallace directly "to the fact that the unfriendly attitude
of your department and of some of its officials, particularly the Under-Secretary of Agriculture, Professor Tugwell, towards advertising is well known."
The amendment eventually adopted provided that
"no order shall be issued under this Act prohibiting,
regulating or restricting the advertising of any commodity or product covered hereby, nor shall any
marketing agreement contain any provisions prohibIting, regulating or restricting the advertising of any
commodity or product covered by such marketing
agreement." To this was further added the proviso
that no tax shall 'be levied "upon the processing of
any commodity into newsprint."
There is nothing in these or other provisions of
the bill as the Senate has amended it to indicate any
relaxation of the plan for complete Government control of agriculture. On the contrary, Government
control is both enlarged and strengthened. It begins at the beginning, follows along from process to
process, and persists to the end. Mark Sullivan, in
a recent article in the New York "Herald Tribune,"
has pointed out with much force how the application
of control to one commodity leads naturally and inevitably to control of others. The restriction of cotton acreage induces an increased production of peanuts, with the result that there is an excess production, peanuts become a basic commodity, and a quota
system is applied. With cotton and peanut acreage
restricted, farmers grow more potatoes until there
is a market surplus; then potatoes are added to the
restricted list. From production to marketing, and
at every stage of intervening exchanges or processes,
the bill either estAlishes, continues or makes easily
possible the transformation of every branch of commercial agriculture into an industry subjected to
hard and fast control by the Federal Government.
While some of the constitutional objections to the
original Act appear to have been met in the pending
bill, a good deal of constitutional doubt attaches to
other provisions. In so far as the bill fixes specifically the taxes to be applied to designated commodities, and limits marketing control to such portion of
a product as enters into or directly affects inter.
State commerce, the bill is, perhaps, constitutional.
On the other hand, so much of the bill as deals with
the recovery of processing taxes is not free of doubt.
It is doubtful, for example, whether Congress, by
making retroactive its validation of orders issued by
496
Financial Chronicle
July 27 1935
the Secretary of Agriculture or the President, can and the headwaters of the Blue Nile. In 1902 Great
confer constitutionality upon what was clearly un- Britain obtained from the Emperor of Ethiopia a
constitutional at the time. The obstacles which are further agreement not to allow the construction of
thrown in the way of a recovery of processing taxes any works on Lake Tsana or the Blue Nile that
are not likely, it would seem, to be regarded as valid would lessen the flow of water into the Nile, unless
by the courts if they apply new conditions to previ- the Governments of Great Britain and the Sudan
ous acts or impose conditions which cannot in fact gave their consent. To these agreements France
be met. It has been pointed out, for example, that made some reservations in 1894 and 1895, the nature
the books of processors may not, and in many cases of which is not known. In 1906, with Great Britain
probably will not, have been so kept as to show established in Egypt and the Sudan and no longer
whether or not a tax has been passed on to the con- in need of Italy in East Africa to help, if necessary,
sumer, and that the Act itself provides no test for in keeping France out of the Sudan, with the famous
determining whether such transfer of the tax has in entente cordiale established between Great Britain
fact taken place. It is more than doubtful whether and France, and with Italy the victim of a crushing
the production or marketing agreements which the defeat by the Ethiopians at Adowa, the three EuroSecretary of Agriculture may impose are in any true pean Powers joined in a treaty which, while recogsense voluntary, or whether agricultural production nizing the continued force of the protocols, solemnly
in any form may constitutionally be subjected to any declared that the protocols and other pre-existing
restriction by the Federal Government, with dis- agreements "do not in any way infringe on the sovcriminating penalties for producers who do not com- ereign rights of the Emperor of Ethiopia," and
ply. Most of these doubts inhere in the original Act, bound the three Powers, in case the status quo was
"disturbed," to "make every effort to preserve the
and the amending bill does not remove them.
It will make little practical difference whether, in integrity of Ethiopia."
In 1919, according to the summary of later events
the deliberations of the conference committee, the
views of the Senate or those of the House prevail. as given •by the "Times" correspondent, Italy atThe bill will be bad, whatever its ultimate form, be- tempted unsuccessfully to obtain from Great Britain
cause the Act which it undertakes to amend is bad. an assurance that the partitioning of Ethiopia which
There is no place under our system of government had also been provided for in the 1906 treaty would
for the kind of State socialism which the Agricul- be carried out. In 1923, when the desirability of a
tural Adjustment Act has already fastened upon British mandate for Ethiopia was being discussed
the country, and which the pending bill will only en- in the British press, France joined with Italy in
large and fortify. If there were no other objection bringing Ethiopia into the League of Nations, while
to the scheme, the millions of dollars which have in 1925 French opposition prevented an agreement
already been and will continue to be distributed by which Great Britain was to support Italian
among the agricultural States of the South and claims in Ethiopia in return for Italian aid in obWest, at the expense of the rest of the country, are taining a concession for a dam at Lake Tsana. Finally, in January of the present year, France reenough to condemn it from beginning to end.
nounced to Italy its economic claims in Ethiopia,following which Italy prepared to occupy the country.
More Reasons for American Neutrality
In view of this extraordinary, series of agreements
The past week has brought two incidents whose and acts, one must take with many grains of salt
significance for American foreign policy should not reports of British sympathy for Ethiopia in the prespass unnoticed by the American public. The first is ent imbroglio. If the British Government is now prothe revelation of early secret agreements between posing to stiffen its attitude toward Italy and press
Great Britain and Italy, known hitherto only within for action by the League of Nations, it is obviously
narrow diplomatic limits, which throw a strange because of its belief that, with the aid of France, it
light upon the relations of those two countries to can exercise enough political and economic pressure
the Ethiopian controversy. The second is the an- to check Mussolini's plans, and at the same time renouncement that Great Britain will no longer be store a semblance of prestige to the League by makgoverned by the ratio principle in determining its ing it the nominal instrument of British policy. It
naval strength in relation to that of other naval cannot very well evade the fact, however, that Great
Powers. The first of these incidents shows once more Britain is itself a party to two agreements, one of
the complete disregard of political morality which which would virtually have wiped Ethiopia off the
frequently underlies secret diplomacy, and the web map, while the other looked to a partitioning of the
of .complications which such diplomacy is likely to country in which Italy would receive the share
spin. The second is a sharp reminder to the United which, essentially, it now claims, notwithstanding
States of the futility of international agreements that in neither case was there the slightest legal or
about armaments and peace in the face of the polit- moral ground for either individual or joint encroachical ambitions of European Powers, and of the neces- ment upon Ethiopia's sovereignty. Moreover, it cansity of holding fast to all the rights it possesses un- not count upon the unconditional assistance of
France, for France, still smarting under .the irritader the laws of neutrality.
On Monday the New York "Times" made public, tion of the Anglo-German naval agreement, is not
through a dispatch from its correspondent at Ge- likely to sacrifice the friendship of Italy and permit
neva, substantial parts of two protocols, signed at Great Britain to dominate the situation without subRome in 1891, by which Great Britain agreed to rec- stantial concessions in other directions. Among
ognize as an Italian "sphere of influence" virtually those 'directions, the policy which the Powers are to
the whole of Ethiopia with the exception of two pursue regarding Germany is obviously one.
That Italy does not intend to abandon its terrismall and unimportant strips of territory, one on the
claims under the partitioning agreements to
the
Included
in
the
torial
other
on
west.
and
the
south
boundaries of this Italian sphere were Lake Tsana which it is a party, irrespective of whatever claims
Volume 141
Financial Chronicle
it may waive in other directions, appears evident
from Premier 'Mussolini's offer, on Thursday, to resume participation in the work of the Italo-Ethiopian conciliation commission of the League. It will
be recalled that the commission suspended its sittings indefinitely, early in July, because of the insistence of the Ethiopian counsel in raising the question of boundaries. Mussolini's offer is understood
to be conditioned upon the elimination of boundary issues from the discussions, together with a specific agreement by Ethiopia that the territorial question shall not be brought up. The outlook for peace
under that proposal, save with the complete surrender of Ethiopia, does not seem very bright.
The abandonment by Great Britain of the ratio
principle, formally announced in the House of Commons on Monday, does not, of course, directly affect
the Italo-Ethiopian situation, but it is none the less
instructive for the United States. The ostensible.
causes are the denunciation of the Washington Naval Treaty last December by Japan, and the unwillingness of France and Italy to acquiesce any longer
in the inferior naval position which has been assigned to them. The real reason, however, is the
breakdown of the whole theory of naval limitation
by general international agreement under the impact
of the bilateral agreement recently concluded between Great Britain and Germany. The discussion
of naval ratios which has been going on intermittently since the close of the World War, and which
took form temporarily in the Washington treaty, has
proceeded upon the assumptions that Great Britain
and the United States, in the matter of naval construction and naval strength by categories, could
deny an equal status to France, Italy and Japan irrespective of what those countries might respectively
regard as their proper needs, and that Germany
could be compelled to observe the restrictions imposed by the Treaty of Versailles. With Japan's denunciation of the Washington treaty and Germany's
announcement that the armament provisions of the
Treaty of Versailles would no longer be regarded as
binding, the ratio scheme collapsed. The First Lord
of the Admiralty, in announcing the decision of the
British Government, tried to explain how the dropping of ratio requirements would contribute to some
later international agreement, and spoke hopefully
of the possibility of a naval conference in 1942, by
which time the various Powers might be expected to
have decided what kind and how much of a navy
each of them wanted, but no one who heard him
could have had much doubt that the ratio idea was
dead.
These two episodes, taken together, may well be
pondered by those in this country who have insisted
that the United States, because of its size, wealth
and general importance, has a special "moral" obligation in the maintenance of world peace, and should
stand ready to "do its part" in the adjustment of
international differences. In spite of the widely divergent interests of the European Powers, the maze
of treaties, agreements and understandings, some
secret and others more or less open, with which Europe is overlaid, and the deep-seated rivalries, irritations and enmities which sway both domestic and
foreign politics, American "isolation" is still attacked as if it were a national vice and "internationalism" held out as the only worthy goal. It should
be apparent to those who call for some kind of American intervention (frequently disguised, it should be
497
noted, under the name of co-operation) that the
United States has not even a remote national interest in European quarrels, that interference is certain to make enemies, and that.interposition is not
wanted save by Governments which count upon being able to use American support to aid their own
political designs. As for naval ratios and general armament restriction, we know now that nothing that
has been said or done in those directions is any
longer of consequence, and that, with the other nations of the world looking to their defenses, the
United States does well not to neglect its own.
It is not without concern, however, that one reads
of President Roosevelt's desire to obtain from the
present session of Congress, if it can be done without
prolonged debate, some action regarding American
neutrality. The mere fact that the request comes
toward the end of a long and crowded session, when
every effort is being made to jam through legislation
on which 'Congressional opinion is sharply divided,
augurs ill for careful consideration of the subject if
it is pressed. • Precisely wherein the laws of neutrality need overhauling in order to permit the American
Government to adhere to them at the present time
has not been disclosed, but ever since the Department of State unofficially allowed the question to be
raised in the press, the suspicion has been strong
that the Administration was prepared, with Congressional approval, to waive some of America's neutral
rights.
If any such waiver is contemplated, the suggestion
ought to be rejected without debate. Maintenance of
neutrality is never likely to be easy, but it is no more
difficult for the United States now than it has ever
been, and no rights to which the United States or its
citizens are entitled under international law should
be surrendered or their infringement by other Powers tolerated. Particularly should the Government
avoid discrimination between Italy and Ethiopia in
the matter of arms shipments, if such shipments are
undertaken, or in any other matter in which action
would involve arraying the United States on one side
or the other of the Ethiopian controversy. The time
is not favorable for reconsideration of neutrality,
and the more because no need for reconsideration is
apparent. The best service that the United States
can render in the present situation is to let it be
known that it proposes to remain neutral in fact as
well as in law, and that all its neutral rights will
be upheld.
Tax-Paying and Tax-Spending
Transportation
The Association of American Railroads recently
prepared a study which presented a contrast between
tax-paying transportation by rail and tax-spending
transportation by water, the chief object of the survey being to point out where lies the true interest of
farmers in this regard, and of shippers, taxpayers
and citizens as well.
It was emphasized that some water transportation is genuinely cheap, mainly that on the oceans
and bulk cargo shipments on those inland seas, the
Great Lakes. Other water transportation, of the
sort that usually is meant by waterway partisans
when they hold out the 'bait of "cheap water transportation," can be called cheap only by disregarding
entirely the contribution of the taxpayers in the way
of subsidies and exemptions.
498
Financial Chronicle
July 27 1935
By way of illustrating this "cheap" water trans- interest on the taxpayers' money put out as loans.
portation, reference was made to a report submitted If the Federal Barge Lines had paid taxes at only
to Harold L. Ickes, Public Works Adminis- 670 of the total operating revenues (the railroads
trator, by the Mississippi Valley Committee of the have paid more than 770 per annum in the last five
Public Works Administration. This report shows years) and interest charges at only 470 of the propthat down to the end of 1932 the United States had erty investment, the total deficit for the 10-year
spent approximately $2,000,000,000 on river and har- period would have been about $9,500,000.
Although a great deal has been said by those in
bor improvements, of which 94% was expended after
1882, 7470 •after 1906, and 46% after 1920, and of charge of the Federal Barge Line and by other waterthis amount, about $1,500,000,000 was chargeable way advocates about the alleged benefits of this soto navigation alone, and approximately 40,000,000 called "cheap" service to the farmers of the Middle
to navigation on the Mississippi River and its tribu- West, no substantial evidence has ever been pretaries. In addition, $117,000,000 was expended sented to show that the farmers themselves are receiving any benefit therefrom. On the contrary, it
in 1933.
the opinion of many students of transportation
is'
subsidy
taxpayers'
the
that
discloses
The study
on the lower Mississippi equaled 9 mills per rail- that the so-called "saving" in direct freight costs
mile, while the average ton-mile revenues paid by affects the pockets only of the comparatively few
shippers to the principal railroads competing with shippers and industrial firms which actually use the
the boats on the Mississippi River were as follows: service. Mid-West agricultural produce comprises
but a minor part of the tonnage which moves by the
Year 1933
Illinois:Central System_ _ __9.28 mills per gross ton-mile
barge lines, the great bulk being products or ma9.60 mills per gross ton-mile
Missouri Pacific
terials shipped from or consigned to wholesale, jobIt was contended, however, that, unlike the water- bing and industrial establishments, far removed
carriers operating on the lower Mississippi, these from the farmer.
The farmer in the Southeast who produces surplus
railroads out of their gross earnings (which were
Governfrom
the
subsidies
and feed for the market finds his sales price
grain
about the same as the
to
interest
had
pay
by the cost of grain in the great surplus
competitors)
limited
water
ment to their
on investment in their highways, the maintenance of fields of the Middle West plus the freight charge
such highways, and taxes, the latter alone amount- therefrom; therefore, to just the extent that grain
is moved from a few Illinois River ports at a lower
ing on one line to $965 per mile of road.
According to the report, these two railroads, like charge by means of a governmental subsidy, and
many others, provide transportation service as that charge is reflected in a lower selling price in
needed not only at the larger cities and towns, but the Southeastern markets, the Southern farmers, as
at almost every hamlet along the line, frequently at well as the Northern and Western farmers located
track sidings extending right into the heart of the away from the Illinois River, who have surplus
agricultural districts where little traffic other than crops to sell to the Southeast, must accept a lower
in farm products is available. On the other hand, price for their produce.
These facts clearly reveal that this "cheap water
except in very rare instances, the subsidized water
competitors provide service only at the larger cities transportation" is "cheap" only to the few users, but
such as St. Louis, Cairo, Memphis, Vicksburg, Baton a most costly expense and burden to the taxpaying
Rouge and New Orleans. They do not stop to pick public, including the farmers, who are taxed to proup and set off all freight offered at the smaller vide the subsidies and pay the deficits.
In justification of the statements made by operplaces as the railroads do and, in fact, do absolutely
nothing toward maintaining, building up, or serving ators on subsidized waterways, as well as certain
waterway partisans, that the railroads have been
the rural communities along the river.
Ignoring entirely the transportation charges made the recipients of greater gifts in the form of land
by the water carriers, the question is then asked, grants, the survey points out that the Government
"How can there be such a thing as 'cheap water did not give any land to the railroads. On the contransportation' as contrasted with the railroads' trary, it was claimed that it merely made a trade
charges when the taxpayers' contributions in the with them by which it granted certain lands upon
way of subsidies are equal to the total charge made consideration of the railroads hauling Government
freight, mails and troops at reduced rates.
by the railroads?"
Furthermore, it was shown that lands were
It was pointed out that the total Government investment in the Inland Waterways Corporation up granted by the Federal Government to aid the conto 1933 as shown on its books was $25,528,168; of struction of only 21,500 miles of railroad line, or
this total, $9,461,020 represents the appraised value about 8%70 of the total railroad mileage in the
of the equipment and terminal property taken over United States to-day. Over 90% of the railroad milefrom the old Mississippi-Warrior Service in 1924. age was constructed without United States GovThis equipment represented an investment of $15,- ernment aid.
While these transactions are generally referred to
084,650, so there was an actual loss, in the transfer,
of $5,623,630. This latter amount was simply as land grants, they were not in any sense gifts.
charged off as a loss. Adding it to the $25,000,000 They were trades. The Government and the railplus, makes a total United States Government invest- road each gave and received value. For many years
past the Government has had its materials, troops,
ment of over $31,000,000.
capital
of
and mails carried over land-grant lines at greatly
Notwithstanding freedom from costs
per
rates. On materials and troops, the reduced
$1,240,000
reduced
to
is
equal
(470 on $31,000,000
annum), taxes for construction and maintenance of land-grant rates generally represent 50% of comhighway, postage, &c., the total net income of the mercial rates, and on the mails, 80%.
Furthermore, to the railroads the Government
Corporation for the 10 years ended Dec. 31 1933 was
but $769,201, and even this included the income from supplied cheap land only; the railroads themselves
Volume 141
Financial Chronicle
built, and thereafter maintained, their highways and
pay taxes on them besides. On the inland waterways, however, the Government has not only paid
for all of the improvements, but has also maintained
the locks, ,dams, channels, &c., without cost to the
users thereof, principally a relatively few large
industries.
In discussing the matter of taxation the study
revealed that the total taxes paid by Class I railroads to all taxing authorities in 1929 amounted to
$396,682,634, and in 1933 to $249,623,190, a decrease
of $147,059,444, or 37.1%, this in spite of the fact
that in 1933 the railroads paid out 8.1 cents out of
each gross dollar of revenue, while in 1929 they paid
out only 6.3 cents; in other words, taxes in 1933
required 1.8 cents more out of each dollar than in
1929. In the great agricultural country west of the
Mississippi the increase in 1933 over 1929 was 2.1
cents per dollar of revenue.
It was emphasized that these decreased taxes were
not made up by the water carriers. The 116 water
carriers reporting to the Interstate Commerce Commission, operating on the Great Lakes, the Inland
Waterways, the Atlantic, Gulf and Pacific Coasts
and in intercoastal service via the Panama Canal,
paid on the average in 1933 only 1.56 cents out of
every dollar of gross revenue as contrasted with
the railroads' payment on the average of 8.1 cents
out of every gross railroad dollar. The percentage
of their revenues which water lines paid in taxes
was less than one-fifth the percentage paid by railroads, and even less than the increase in the proportion of railroad taxes between 1929 and 1933. Some
water carriers pay practically no taxes at all,
although operating on heavily subsidized waterways. On the contrary, in the counties bordering
these same streams, the railroads pay out millions
of dollars in taxes every year.
In conclusion it was pointed out that even the
most casual study of the transportation question
will disclose the fact that, taking all costs of transportation into consideration, the railroads of the
country furnish the cheapest carriage of any form
of transportation, excepting only pipe-lines, transportation on the high seas and cargo movements on
the Great Lakes. Where a "cheaper" charge is made
by water carriers it is generally made possible only
because of Government subsidies which the general
public, including the millions of farmers, must in
the end pay either in the shape of increased taxes or
in increased rail transportation costs.
Therefore, if by reason of such unfair and subsidized competition railroad tonnage and revenues
are reduced, it ie claimed, the final effect must be
an increase in the ton-mile cost of handling the remaining freight which must use the railroads.
Farmers in the interior, remote from the waterways
which they are taxed to support, farmers who produce the great perishable crops which must move
rapidly and therefore largely by rail, business men
of all classes who are not in a position to take advantage of the Government's generosity to the favored
few will, as a consequence, find themselves faced
with the necessity of higher rail charges.
"Annalist" Weekly Index of Wholesale Commodity
Prices Higher for Week of July 23
A further sdbstantial rise in hog prices was largely responsible for a rise in the "Annalist" weekly index of wholesale commodity prices to 123.6 on July 23 from 123.0 on
July 16, the "Annalist" announced, adding:
499
Hog prices during the week advanced to the highest level since the week
ended Sept. 16 1930. Wheat also advanced, but prices for steers declined
to the lowest level since the beginning of the year. In the food products
group, pork, hams and lard advanced, while beef prices declined.
THE "ANNALIST" WEEKLY INDEX OF WHOLF,SALE COMMODITY
PRICES
Unadjusted for Seasonal Variation. (1913=100.0)
July 23 1935
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
b All commodities no nld dollar basis_ _
115.8
130.3
*108.1
162.3
109.1
111.5
98.3
82.9
123.6
73.4
July 16 1935
July 24 1934
115.1
129.1
8107.6
162.7
109.1
111.5
98.3
82.9
123.0
72.4
100.6
113.0
113.2
164.0
110.2
113.6
98.9
88.7
114.5
68.0
* Preliminary. a Revised. b Based on exchange quotations for
Switzerland, and Holland; Belgium included prior to March 1935.
France,
Moody's Daily Commodity Index Equals
Year's High Level
Aided by exceptional strength in wheat and scrap steel
prices, Moody's Daily Index of Staple Commodity Prices
has advanced this week to the year's high level. The Index
closed on Friday at 162.1, exactly equal to the level previously
reached on May 23, and compared with 158.9 a week ago.
In addition to the sharp gains in wheat and scrap steel
mentioned above, top hogs, corn and silk also advanced
moderately. On the other hand, spot cotton, hides and rubber declined, while cocoa, silver, copper, lead, wool tops,
coffee and sugar remained unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri., July 19
Sat., July 20
Mon., July 22
Tues., July 23
Wed., July 24
Thurs.,July 25
Fri., July 26
158.9
Not compiled
159.6
159.9
160.6
159.6
162.1
2 Weeks Ago, July 12
Month Ago, June 28
Year Ago,
July 27
Aug.29
1934 High,
Low,
Jan. 2
1935 High, July 26—
May 23
Low, ' Mar.18
158.0
157.9
141.5
156.2
126.0
162.1.
148.4
The Course of the Bond Market
Minor losses have been recorded for many-bonds this week.
Some of the new issues which were marketed at rather full
prices have reacted fractonally to a point or more. U. S.
Government bonds also declined slightly, from a new high
price average established last Saturday. The Treasury
has again offered $100,000,000 of 23%% bonds, maturing
1955-60, to the highest bidders.
Small price fluctuations have been witnessed among highgrade and medium-grade bonds. The Atchison gen. 4s,
1995, closed at 110, down % since a week ago; Union Pacific
L. G. 4s, 1947, closed at 1113
4 compared with 1113,( last
Friday; Cleveland Union Terminal 1st 43%s, 1977, at 92%
5
were down 13j points. Lower grades have been fractionally
higher. Erie 5s, 1975, closed at 633., up 13
4; Missouri
Pacific 5s, 1981, declined X to 25%; Southern Railway dev.
& gen. 4s, 1956, gained 13
4 points, closing at 33k.
The week has been an uneventful one in the utility bond
market for, after moderate declines in all classes on Monday,
considerable stability has been in evidence. High grades
have been very firm except in a few instances such as New
York Edision 5s, 1951, and Buffalo General Electric 5s,
1956, where the possibility of eatly redemption caused weakness. Lower grades fluctuated back and forth in a narrow
range, only certain groups exemplified by Columbia Gas
& Electric 5s, 1952, which closed at 91
up 33, showing
unusual strength, representing a recovery from weakness
which occurred as a result of special developments. New
financing has been less in evidence, only 8,500,000 Associated Telephone Utilities 4s, 1965, and $16,000,000
Public Service Company of Northern Illinois 43%s, 1960,
having been offered for sale.
The industrial market held firm with medium-grade bonds
showing some increase over last week. The railroad equipment issues made a marked advance, Baldwin Locomotive
6s, 1938, ex. war. gaining 103
4; and
4 points to close at 553
General Steel Castings 53%s, 1949, closing at 863%, an
advance of 3% points. All steels have been firm, Republic
Iron & Steel 53%s, 1953, closing unchanged at 1033
%;Murray
Corp. 63%s, 1942, closed at 126, a gain of 3 points; Warner
Bros. 6s, 1939, advanced 53% points to 74, reflecting a good
earnings statement.
Foreign bonds have been mixed. Renewed weakness has
been seen in German Government issues and a sharp reaction
in Italian bonds,followed by partial recovery in the last part
of the week for the latter. Some appreciation has been
recorded in Rotterdam and Royal Dutch issues in speculative
anticipation of a favorable court decision for service payments
in gold. The reamainder of the foreign group has been
fairly stable, with fractional changes only.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND YIELD AVERAGESt
(Based on Individual Closing Prices)
MOODY'S BOND PR10E8t
(Based on Average Yields)
1935
Daily
Averages
July 27 1935
Financial Chronicle
500
120
U.S.
Govt. D01710Ho
Bonds
oo
Corp.*
120 Domestie Corporate*
by Ratings
120 Domestic
Corporate* by Groups
All
1935
120
DomesDaily
tic
Averages
120 Domestic Corporate
by Ratings
ft
80
For
P. U. Indus. signs.
120 Domestic
Corporate by Groups
▪ ;P. ;12660i0k666666666ioE4466 Wiokiokiaio6iog
ep
oomoco..mwo
6armoo.
o
i.:66
ki.akeoki066kioktootoola
00000lo.or000
RR.
Baa
A
Aa
Aaa
P. U. Indus.
Baa
RR.
As
Aaa
6.12
4.41
5.00
5.81
4.54
4.15
3.71
July 26-- 4.55
Judy 26_ 109.05 103.32 119.07 110.42 103.48 84.85 96.08 105.72 108.57
6.28
4.41
5.00
5.80
4.54
4.15
3.71
25._ 4.55
25_ 109.04 103.32 119.07 110.42 103.48 84.97 96.08 105.72 108.57
6.29
4.41
4.99
5.79
4.55
4.15
4.55
108.57
3.72
.
_
24
105.72
24._ 169.06 103.32 118.86 110.42 103.32 85.10 96.23
6.07
4.41
4.99
5.78
4.57
4.15
3.71
23.. 4.55
23__ 109.05 103.32 119.07 110.42 102.98 85.23 96.23 105.72 108.39
5.98
4.41
4.99
5.80
4.56
4.15
108.21
3.71
4.56
_
_
22
105.72
96.23
84.97
103.15
22.; 109.15 103.15 119.07 110.42
5.96
4.39
4.99
5.77
4.56
4.14
4.55
108.39
3.71
20._
20_ 109.20 103.32 119.07 110.61 103.15 85.35 96.23 106.07
5.97
4.40
4.98
5.77
4.56
4.14
3.70
19_ 4.54
19_ 109.19 103.48 119.27 110.61 103.15 85.35 96.39 105.89 108.39
5.93
4.39
4.95
5.74
4.55
4.14
3.69
18._ 4.53
18-- 109.18 103.65 119.48 110.61 103.32 85.74 96.85 106.07 108.57
5.96
4.39
4.96
5.76
4.55
4.14
3.69
17-- 4.54
17_ 109.10 103.48 119.48 110.61 103.32 85.48 96.70 106.07 108.39
5.95
4.97
4.40
5.78
4.54
4.14
3.69
16.. 4.54
16._ 109.07 103.48 119.48 110.61 103.48 85.23 96.54 105.89 108.57
5.89
4.40
4.98
5.80
4.54
4.14
3.70
4.55
108.39
15105.89
96.39
15.. 109.02 103.32 119.27 110.61 103.48 84.97
5.90
4.40
5.00
5.82
4.54
4.15
3.69
13_ 4.55
13.. 109.00 103.32 119.48 110.42 103.48 84.72 96.08 105.89 108.39
5.91
4.39
5.02
5.84
4.54
4.15
3.69
4.56
12_.
108.39
106.07
95.78
84.47
103.48
110.42
12_ 109.00 103.15 119.48
5.95
4.39
4.99
5.81
4.54
4.14
3.68
4.54
11108.57
11_ 109.03 103.48 119.69 110.61 103.48 84.85 96.23 108.07
5.96
4.95
4.39
5.75
4.54
4.15
3.69
10-- 4.53
10_ 109.03 103.65 119.48 110.42 103.48 85.61 96.85 106.07 108.57
5.95
4.39
4.94
5.75
4.54
4.15
9__
3.68
4.53
108.39
106.07
97.00
85.61
109.03 103.65 119.69 110.42 103.48
5.89
4.39
4.96
5.76
4.54
4.15
8._ 4.53
3.68
109.01 103.65 119.69 110.42 103.48 85.48 96.70 106.07 108.39
5.84
4.92
4.40
5.73
4.54
4.15
3.68
6_ 4.53
108.97 103.65 119.89 110.42 103.48 85.87 97.31 105.89 108.39
5.85
4.92
4.40
5.75
4.53
4.15
5__
4.53
3.68
108.39
105.89
97.31
85.61
108.95 103.65 119.69 110.42 103.65
edClos
4__
Stock
Exchan
go
Stock Exchan go Clos ed-5.79
4.41
4.91
5.74
4.53
4.16
3_ _
4.53
3.69
108.21
105.72
97.47
85.74
103.65
110.23
119.48
108.97 103.65
5.82
4.91
4.42
5.75
4.53
4.15
3.69
2_. 4.53
108.21
108.88 103.65 119.48 110.42 103.65 85.61 97.47 105.54 108.21
5.79
4.90
4.43
5.75
4.53
4.16
I__
4.53
3.69
108.93 103.65 119.48 110.23 103.65 85.61 97.62 105.37
WeeklyWeekly5.81
4.91
4.44
5.78
4.54
4.17
3.70
June 28-- 4.55
June 28- 108.99 103.32 119.27 110.05 103.48 85.23 97.47 105.20 107.67
5.80
4.88
5.73
4.47
4.58
4.17
21_ 4.55
3.70
21_ 108.80 103.32 119.27 110.05 102.81 85.87 97.94 104.68 107.67
5.81
4.96
4.49
5.82
4.63
4.19
14..
4.59
3.72
107.31
104.33
96.70
84.72
101.97
14_ 108.81 102.64 118.86 109.68
5.82
5.12
4.51
6.00
4.68
4.19
3.73
7-- 4.65
108.61 101.64 118.66 109.68 101.14 82.50 94.29 103.99 107.31
5.83
5.13
4.63
6.01
4.66
4.20
May 31.- 4.65
3.74
May 31._ 108.22 101.64 118.45 109.49 101.47 82.38 94.14 103.65 107.49
5.88
4.53
5.11
6.00
4.65
4.18
4.64
3.74
24-107.85
103.65
94.43
82.50
24.. 108.66 101.81 118.45 109.86 101.64
5.86
4.52
5.08
5.93
4.66
4.17
3.76
17- 4.63
17-- 108.55 101.97 118.04 110.05 101.47 83.35 94.88 103.82 107.85
5.85
6.04
5.15
4.52
4.66
4.17
3.74
10..4.65
107.85
103.82
93.85
82.02
101.47
110.05
118.45
10.. 108.61 101.64
5.97
.
6.00
5.12
4.51
4.66
4.17
4.64
3.73
3_
103.99
107.67
94.29
82.50
108.89 101.81 118.66 110.05 101.47
5.93
5.97
5.03
4.59
4.69
4.17
3.73
Apr. 26-- 4.64
Apr. 26_ _ 108.61 101.81 118.66 110.05 100.98 82.87 95.63 02.64 107.67
Stock E xchang e Close d
19.Close
e
:charm
E
Stock
19..
6.11
4.68
5.12
6.14
4.77
4.19
3.71
4.70
107.49
12._
101.14
94.29
12_ 108.25 100.81 119.07 109.68 99.68 80.84
6.23
4.68
5.22
6.25
4.79
4.20
3.71
107.31
5-- 4.74
108.54 100.17 119.07 109.49 99.36 79.56 92.82 101.14 107.14
6.46
4.69
6.40
5.36
4.82
4.22
4.79
Mar.29
3.73
....
100.98
90.83
77.88
98.88
109.12
Mar.29.._ 108.07 99.36 118.66
6.33
4.69
5.17
6.26
4.74
4.18
3.70
4.72
107.49
22_
100.98
22._ 107.79 100.49 119.27 109.86 100.17 79.45 93.55
6.16
4.69
5.19
6.29
4.73
4.14
3.71
15- 4.72
15-- 107.94 100.49 119.07 110.61 100.33 79.11 93.26 100.98 108.03
6.12
4.66
5.03
6.09
4.68
4.12
3.69
8- 4.65
8.. 107.85 101.64 119.48 110.98 101.14 81.42 95.63 101.47 108.57
6.03
5.96
4.89
4.65
4.65
4.10
3.69
1- 4.60
108.22 102.47 119.48 111.35 101.64 82.99 97.78 101.64 108.39
6.02
4.77
4.68
5.88
4.62
4.11
3.69
23_
101.14
4.58
108.21
Feb.
99.68
83.97
102.14
111.16
119.48
102.81
Feb* 23_ 108.44
6.04
4.77
4.77
5.91
4.68
4.13
3.71
15_
99.68
4.61
107.85
99.68
83.50
15_ 107.49 102.30 119.07 110.79 101.14
6.01
4.81
4.85
6.00
4.72
4.15
4.65
3.73
8__
107.47 101.64 118.66 110.42 100.49 82.60 99.04 98.41 107.85
6.12
4.81
4.88
6.01
4.73
4.17
107.31
3.76
1-97.94
4.67
99.04
82.38
100.33
110.05
107.10 101.31 118.04
6.16
4.72
4..3
6.85
4.70
4.17
25_
4.62
107.49
Jan.
3.76
100.49
98.73
Jan. 25_ 107.33 102.14 118.04 110.05 100.81 84.36
6.18
4.99
4.77
0.02
4.78
4.21
18.. 4.70
3.79
18._ 106.79 100.81 117.43 109.31 99.52 82.26 99.68 96.23 106.78
6.22
6.01
4.74
0.00
4.78
4.22
3.78
II__
95.93
4.70
106.96
100.17
82.50
99.62
109.12
11- 106.81 100.81 117.63
6.30
6.10
4.75
6.08
4.82
4.23
.
4.
4.73
3.79
4. 105 76 100.33 117.43 108.94 98.88 81.54 100.00 94.58 106.96
5.78
4.39
4.72
5.67
4.53
Low
4.09
3.68
1935
106.07
4.52
108.75
100.49
86.64
103.65
111.54
119.69
103.82
109.20
High 193:5
6.46
6.13
6.37
0.40
4.83
4.26
alga
00.09
1936
80
94.14
4
106.18
3.50
77.88
1.88 06 66 94.20 117.22 IMO 98.73
6.38
4.72
5.10
6.90
4.81
4.24
3.80
1934 4.75
alga 1934 106.81 100.00 117.22 108.76 99.04 83.72 100.49 94.58 106.78 Low
8.65
6.74
5.75
7.58
6.06
High 1934 5.81
5.20
4.43
Low 1934 99.06 84.85 105.37 93.11 81.78 66.38 85.61 742.5 96.54
Yr. AgoYr. 00
7.53
4.94
5.35
6.43
5.02
4.32
90.97 104.68
3.91
July 26'34 4.92
July 2634 06.12 97.31 115.02 107.31 95.78 77.55 97.00
2 Yrs..Ago
2 Yrs.Ago
8.83
5.78
5.27
6.64
5.50
4.77
4.34
85.23
5.32
97.62
2633
July
92.10
July 2633 03.45 91.39 105.95 99.68 88.90 75.29
one "Ideal bond (414% coupon. maturing in .31 years) and do not purport to show either the average
•These prices are coal Med from average yields on the basis of
merely serve to illustrate in a more compreheas ye way the relative levels and the relative movement of
level or the average move nent of actual pr oe quotations. They
For Moody's ndex of bond prices by mon ha back to 1928, see the issue of Feb. 6 1932, page 907.
market.
bond
the
of
picture
truer
the
being
latter
yield averages, the
latest complete list o bonds used in computing these indexes was published in the issue of May 18 1935
**Actual average price of 8 long-term Treasury issues. t The
basis with previous averages of 40 foreign boncts.
page 3291. ft Average of 30 foreign bonds but adjusted to a comparable
Indications of Business Activity
ii
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, July 26 1935.
Business showed further expansion despite abnormally
hot weather in nearly all parts of the country, and the fact
that this is the time of the year when it usually proceeds
at not more than a steady pace. With the exception of the
automotive branch, industry made a very favorable exhibit,
with electric output reaching a five-year peak and steel
output up to 42.2% as compared with 27.2% in the same
week last year. The Ford Motor Co. was in the market
to buy 35,000 tons of sheets, strips and soft steel bars, the
largest single order placed by that company in several years,
and it is reported that the company expects to pay full
market prices. Car loadings increased for the second consecutive week, and crude oil output was running 68,880
barrels over the July quota. Lumber production was 38%
above that of the same week in 1934, with shipments and
orders larger. Department store sales in the Chicago district were 5% larger in June than in May, according to
the Federal Reserve Board of Chicago. Chain store business in June also showed considerable improvement.
Weekly payrolls have recently shown a seasonal decline,
but they are still larger than those of a year ago. Demand
deposits In June gained sharply over those of the previous
month and those of the same month last year. Cotton showed
an advance for the week, but trading was light owing to
uncertainties over Washington developments. Aside from
heavy July liquidation at times and Senator Bankhead's
forecast of a loan on next year's crop of at least 12c., and
possibly 13c., the week's news was devoid of special interest. Weather and crop news is being closely watched, but
had little effect marketwise. Grain prices advanced on reports of black rust damage from the Northwest, while trade
in the pits was not very active. Other commodities fluctuated within narrow limits in light trading. Two thunderstorms, with torrential rains and high winds, created havoc
In Maryland on the 21st inst. The storm did considerable
property damage and killed two persons. BoatD were overturned, autos stalled and planes were forced down. Heavy
unwelcomed rains occurred in Ontario, Canada, on the 23rd
inst. They afforded little relief from the sweltering humidity, and it is feared they did more damage than good
to crops. New Yorkers received very little relief from the
almost daily thunderstorms during the week. Lighening
killed one and injured several persons. The storms curbed
the heat at times, but had a tendency to send the humidity
still higher. On the 22nd inst. the mercury reached 83 and
the humidity rose to 96%,and on the 24th inst. the temperature was 86 and the humidity 92%. An all-day rain on the
25th inst. broke a 20-day period of abnormally hot weather
in New York, but the humidity did not drop very much.
In fact, it was as high as 95 at one time during the day.
Many deaths were attributed to the heat. To-day it was
fair and warm here, with temperatures ranging from 70
to 81 degrees. The forecast was for fair to-night and Saturday. Not much change in temperature. Probably fair Sunday. Overnight at Boston it was 66 to 78 degrees; Baltimore,
76 to 92; Pittsburgh, 68 to 84; Portland, Me., 60 to 80;
Chicago, 72 to 84; Cincinnati, 70 to 80; Cleveland, 72 to 82;
Detroit, 66 to 82; Charleston, 77 to 88; Milwaukee, 70 to 82;
Dallas, 76 to 94; Savannah, 76 to 90; Kansas City, 78 to 98;
Springfield, Mo., 74 to 90; Oklahoma City, 74 to 92- Denver,
68 to 94; Salt Lake City,68 to 96; Seattle, 52 to 64; Montreal,
56 to 78, and Winnipeg, 68 to 90.
Trend of Business in Hotels According to Horwath &
Horwath-No Pronounced Change in Sales During
June
In their review of the trend of business in hotels, Horwath
& Horwath stated that "there was no pronounced change
in the trend of hotel sales during June. General activity
continued well above that of the same month of 1934, but
the percentage of increase in sales was lower than in the
earlier months of this year as was also the occupancy." The
firm continued:
The country-wide occupancy at 58% is the highest for June since 1930,
and is only 8 points below the highest June occupancy on record-that of
66% in 1929.
Fhat It is getting more difficult for hotels in the larger cities to exceed
their business of a year ago, is indicated by the figures for New York.
Chicago, Cleveland, and Philadelphia. The occupancy for the last named
city reflects the extremely low ebb to which hotel sales there have fallen.
Chicago, in spite of the closing of the Century of Progress, was able to
show a substantial increase in restaurant business this June over last.
Washington, D. C., and California enjoyed special business during the
month and had larger gains than usual.
The uefortunate situation with regard to rates shows no improvement,
only three localities of the nine reporting higher rates than a year ago.
Financial Chronicle
Volume 141
The average for the country remains the same as in June 1934, and for the
first time this year even the group "Other Cities" recorded no rise over 1934.
The following shows the decreases in total sales for the last six months
from the corresponding months in 1929:
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All others
Total
Jan.
Pet,.
Mar.
Apr.
May
June
'loge.
%
36.2
41.8
46.5
13.5
46.8
29.2
38.2
33.0
%
35.7
38.4
52.6
13.3
44.7
38.7
41.8
31.8
%
35.9
41.1
58.8
30.7
42.8
31.6
41.2
36.8
%
38.6
32.7
49.4
26.9
37.0
35.7
36.8
31.0
%
31.4
26.6
44.3
16.1
37.2
26.3
38.5
35.0
%
29.6
20.8
51.1
9.9
34.7
29.2
35.3
37.8
%
34.6
33.6
50.1
18.4
40.5
31.8
38.6
34.2
35.4
35.4
37.3
32.8
31.1
28.5
33.4
501
and 13.3% under those for the like week of 1933. Loadings
for the week ended July 6 showed a loss of 9.3% when compared with 1934 and a drop of 13.1% when the comparison
is with the same week of 1933.
The first 17 major railroads to report for the week ended
July 20 1935 loaded a total of 267,368 cars of revenue freight
on their own lines, compared with 256,410 cars in the preceding week and 286,529 ears in the seven days ended July 21
1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-
The following analysis by cities was also made available by
Horwath & Horwath:
TREND OF BUSINESS IN HOTELS JUNE 1935, COMPARED WITH
JUNE 1934
Sala
Percentage of Increase(+)
or Decrease(-)
New York
Chicago
PhiW01911111
Washington
Cleveland
Detroit
California
Texas
All othets
Total
Average to date
Room
Rate
Percentage of
Sante Inc.(+)
Month
or
Last Year Dec.(-)
Occupancy
Total
Rooms
Restaurt
This
Month
+2
-9
+4
+1
-21
61
+10
+2
+9
+2
+15
-3
+25
+23
+13
+17
39
56
59
64
58
61
58
+10
+7
+14
58
54
0
+13
+10
+17
61
56
+1
+17
-1
t16
22
11
+13
+6
+19
+2
+10
+20
+9
so
60
69
39
47
59
58
49
57
53
--9
--6
11-2
--2
July 20 July 13 July 21 July 20 July 13 July 21
1934
1934
1935
1935
1935
1935
Atchison Topeka & Santa Fe RyBaltimore & Ohio RR
Chesapeake & Ohio By
Chicago Milw.St. Paul gr Pac. By
y Chicago & North Western Ry
Gulf Coast Lines
International Great North. RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Linea
NewYork Chicago & St.Louls RY.
Norfolk .1, Western By
Pennsylvania RR
Pere Marquette By
Pittsburgh de Lake Erie RR
Southern Pacific Lines
Wabash By
Total
$5
2
ReceivedfromConnections
Weeks Ended-
20,607
24,832
17,055
17,128
13,603
2.212
2.186
4,318
13,403
35,383
4,407
17,026
55,441
4,874
4,976
24,732
5,405
21,777
22,659
16.827
16.291
13.616
2,187
2,092
4,482
13.073
34,976
4,204
15,104
50,579
4,720
4,839
23,928
5,078
22,301 4,580 4,171 4,972
26,498 12,480 11,020 13,081
19,425 8,560 7,557 9.541
19,798 6,601 5,981 6,339
17,188 8,318 7,331 8,285
2,235 1,327 1,929 1,125
3,039 2,011
1,318 1,958
4,636 2,667 2,364 2,650
14,102 7,252 6,370 7,451
36,758 31,062 28,455 31,714
5,045 7.342 6,491 7.508
17,224 3,932 8,288 3,588
56,470 33,799 31,739 33,675
4,847 3,842 3,381 3,678
4,253 4,915 3.918 4,263
26,690
6,040 7,518 6.161 6,571
267.368 258,410 288.529 146,206 131.472 146,397
Na reported. y Excluding ore. z Includes cars loaded at stat ens and received
from connections by the Boston & Albany, New York Central, Michigan Central,
Big Four and Peoria & Eastern railroads as a unit. The Interchange of traffic as
between these lines, which formerly was included in the report as cars received from
connections, has been eliminated. Reports of past periods are revised to the same
basis in order to provide proper comparisons.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
Freight Cars in Good Repair Show Small
Decrease
Class I railroads on June 30 had 271,627 surplus freight
cars in good repair and immediately available for service,
the Association of American Railroads announced on
July 22. This was a decrease of 1,931 cars compared with
June 14, at which time there were 273,558 surplus freight
cars.
Surplus coal cars on June 30 totaled 50,288, an increase
of 8,420 cars above the previous period, while surplus box
cars totaled 175,173, a decrease of 10,611 cars compared with
June 14.
Reports also showed 29,140 surplus stock cars, a decrease
of 40 compared with June 14, while surplus refrigerator
cars totaled 6,193, an increase of four for the same period.
(Number of Cars)
Surplus
Cars and Locomotives Placed in Service
First Half of 1935
New freight cars installed by the Class I railroads of the
United States in the first six months of 1935 totaled 1,868,
according to reports just received by the Association of
American Railroads and made public on July 26. In the
same period last year, 5,360 new freight cars were placed in
service, and, in the same period two years ago, there were
1,251.
New Freight
Twenty-five new steam locomotives and 81 new electric locomotives
were placed in service in the first six months of this year. The railroads,
In the first six months of 1934,installed one new steam locomotive and eight
new electric locomotives.
New freight cars on order on July 1 totaled 2,428 compared with 17,813
on the same day in 1934 and 1.205 on the same day in 1933.
The railroads on July 1 this year had on order six new steam locomotives
and 22 new electric locomotives. New steam locomotives on order on
July 1, 1934, totaled 40, and on the same date in 1933. there was one.
New electric locomotives on order on July 1 1934, totaled 107. No reports
are available as to the number on order on July 1 1933.
Freight cars and locomotives leased or otherwise acquired are not included in the above figures.
•
276,535 Freight Cars in Need of Repairs on July 1
Class I railroads on July 1 had 276,535 freight cars in
need of repairs, ot 15.0% of the number on line, the Association of American Railroads announced July 27. This
was a decrease of 6,775 cars compared with the number
in need of such repairs on June 1, at which time there were
283,310, or 15.4%.
Freight cars in need of 4eavy repairs on July 1 totaled 213,293, or 11.6%,
a decrease of 5.715 cars compared with the mmiber in need of such repairs
on June 1, while freight cars in need of light repairs totaled 63.242, or 3.4%,
a decrease of 1,060 compared with June 1.
Locomotives in need of classified repairs on July 1 totaled 10,541. or
23.0% of the number on line. This was a decrease of 41 compared with
the number in need of such repairs on June 1, at which time there were
10,582, or 23.0%.
Class I railroads on July 1 had 4,102 serviceable locomotives in storage,
compared with 4,124 on June 1.
Revenue Freight Car Loadings Gain 26,878 Cars
Loadings of revenue freight for the week ended July 20
1935 totaled 593,366 cars. This is a gain of 26,878 cars or
4.7% over the preceding week, a drop of 22,674 cars or
3.7% from the total for the like week of 1934, and a decline
of 63,014 cars or 9.6% from the total loadings for the corresponding week of 1933. For the week ended July 13
loadings were 6.2% under the corresponding week of 1934
Weeks Ended-
Chicago Rock Island & Pacific By
Illinois Central System
St. Louis-San Francisco By
Total
July 20 1935
July 13 1935
July 21 1934
22,535
25,311
12,350
21,742
24,522
11,946
20.987
25.316
12,192
60.196
58.210
58.495
The Association of American Railroads in reviewing the
week ended July 13 reported as follows:
Loading of revenue freight for the week ended July 13, totaled 566.488
cars. This was an increase of 94,067 cars above the preceding week which
included Fourth of July holiday. It was, however, a reduction of 37,704
cars below the corresponding week in 1934 and 87,173 cars below the corresponding week in 1933.
Miscellaneous freight loading for the week ended July 13. totaled 233.387
cars, an increase of 35,532 cars above the preceding week. and 5,574 cars
above the corresponding week in 1934, but a decrease of 8,107 cars below
the corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 152,061 cars.
an increase of 17,060 cars above the preceding week, but 5,792 cars below
the corresponding week in 1934, and 19,178 cars below the same week in
1933.
Coal loading amounted to 74,483 cars, an increase of 25,297 cars above
the preceding week, but a reduction of 20,170 cars below the corresponding
week in 1934, and 37,849 cars below the same week in 1933.
Grain and grain products loading totaled 29,278 cars, an increase of 5,391
cars above the preceding week, but a reduction of 13,811 cars below the
corresponding week in 1934, and 22,253 cars below the same week in 1933.
In the Western districts alone, grain and grain products loading for the
week ended July 13, totaled 19,941 cars, a decrease of 6,281 cars below
the same week in 1934.
Live stock loading amounted to 11,047 cars, an increase of 2,432 cars
above the preceding week, but a reduction of 9,677 cars below the same
week in 1934 and 4.537 cars below the same week in 1933. In the Western
districts alone, loading of live stock for the week ended July 13, totaled
7.826 cars, a decrease of 9,251) cars below the same week in 1934.
Forest products loading totaled 26.624 cars, an increase of 4,584 cars
above the preceding week, and 4,734 cars above the same week in 1934, but
a reduction of 1,967 cars below the same week in 1933.
Ore loading amounted to 33,942 cars, an increase of 3,899 cars above the
preceding week, 1,231 cars above the corresponding week in 1934 and
8,418 cars above the corresponding week in 1933.
Coke loading amounted to 4,666 cars, a decrease of 128 cars below the
preceding week, but an increase of 207 cars above the same week in 1934.
It was, however, a decrease of 1,700 cars below the same week in 1933.
All districts except the Southern, which showed a small increase,reported
decreases, compared with the corresponding week last year, in the number
of cars loaded with revenue freight for the week of July 13. All districts
reported reductions compared with the corresponding week in 1933.
Loading of revenue freight in 1935 compared with the two previous years
follows:
Four weeks in January
Four weeks In February
Five weeks in March
Four weeks in April
Four weeks In May
Five weeks in June
Weeks of July 6
Week of July 13
Total
1935
1934
1933
2,170.471
3.014,609
2.303,103
2.327.120
3,035,153
472.421
566,488
2,183.081
2,314,475
3.087,612
2,340,460
2.446,365
3,084,630
520,741
604,192
1,924,208
1,970,566
2,354.521
2,025,564
2,143,194
2,926,247
543,510
653,661
16.214.966
18.561.556
14 m 1 471
2,325,601
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
July 13 1935. During this period a total of 51 roads showed
increases when compared with the corresponding week last
year. The Great Northern Railroad and the Louisville &
Nashville RR. were the only roads of any importance which
showed an increase in loadings during the week.
Financial Chronicle
502
July 27 1935
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CABS)-WEEK ENDED JULY 13
1935
1933
1935
1934
582
1,250
7,311
1,333
5
948
3,711
6,326
195
2,047
317
11,576
4,490
150
1,247
6,326
2,850
2,228
1,245
34,981
9,027
1,491
4,204
4,948
4,720
199
240
733
560
5,076
3,005
567
924
7,131
1,216
47
959
4,720
9,081
176
2,059
217
12,061
3,658
211
1,449
6,960
2,760
3,076
1,937
35,583
9,371
1,723
4,359
4,227
4,968
286
237
903
631
5,876
3,068
472
879
2,830
1,430
33
1,065
4,689
9,107
179
1,640
341
12,786
3,501
178
1,507
7,624
3,082
4,377
2,304
41,943
11,450
1,495
4,863
6,027
4,629
574
333
1,598
648
6,091
3,927
922
208
7,849
1,405
42
1,780
4,468
3,772
119
973
1,920
10,382
4,728
1,233
625
5,677
1,583
176
48
28,443
9,412
1,480
6.491
3,809
3,381
20
133
971
719
6,161
2,057
903
258
8,340
1,501
67
2,469
5,846
5,086
95
838
1,651
11,270
4,891
1,485
926
6,045
1,515
209
36
32,134
10,434
2,048
7,119
4,854
3,581
25
166
875
942
6,758
2,382
123.321
13Q,441
147,002
110,987
124,749
441
22,659
3,562
166
655
4,779
550
148
24
794
852
50,579
9,840
5,576
15
2,445
447
27,216
• 3,802
229
1,074
5,349
94
209
76
774
1,104
56,188
11,022
5,804
25
3,332
552
31,438
2,745
305
a
5,605
49
308
66
1,033
1,234
63,763
12,175
10,391
58
3,403
530
11,020
1,210
5
11
7.632
30
41
14
1,696
1.074
31,739
10,746
3,184
3,970
476
12,645
1,366
8
22
8,886
94
24
28
2,022
788
33,517
12.833
3,496
1
4,384
103,085
116,745
133,125
72,902
80,590
16,827
15,104
855
3,245
19,499
16,448
777
3,114
22,906
20,188
777
3,425
7,557
3,288
950
845
9,164
3,648
918
686
36,031
39,838
47,296
12,640
14,416
Group B (Concluded)Georgia & Florida
Grid Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah__
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L_
Tennessee Central
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian___
Total
Southern DistrictGroup A6,528
Atlantic Coast Line
841
Clinchfield
601
Charleston & Western Carolina_
148
Durham & Southern
32
Gainesville Midland
1,491
Norfolk Southern
345
Piedmont & Northern
368
Richmond Fred. & Potomac
6,164
Seaboard Air Line
17,114
Southern System
118
Winston-Salem Southbound_
33,750
Total
Group RAlabama Tennessee & Northern
Atlanta Birmingham & Coast__
Atl. & W.P.-W.RR.of Ala_ _
Central of Georgie
Columbus & Greenville
Florida East Coast
Georgia
154
1.476
821
4,167
205
424
747
6,304
1,067
497
82
42
1,536
355
347
6.298
18,003
126
6,728
1,093
582
181
60
1,373
591
411
6,457
20.610
172
4,054
1,114
627
164
59
784
597
3,342
2,552
10,583
499
4,166
1,116
644
235
92
758
626
2,938
2,574
10,152
472
34,657
38,258
24,375
23,773
232
902
643
3,300
175
384
911
212
1,015
691
4,457
224
309
812
87
533
745
2,602
236
340
1,345
132
440
730
2,363
179
355
1,301
Note-Figures for 1934 revised, •Previous figures. a Not available.
Michigan Central RR.
1933
315
1,526
16,168
15,200
161
125
1,756
2.297
282
356
1,121
16,887
15,102
177
97
1,659
2,462
294
445
1,246
17,712
18,680
171
169
1.908
2,727
318
1935
1934
317
651
7,776
3,650
306
248
1,160
2,197
584
45,824
44,702
51,096
24,393
22,389
79,574
79,359
89,354
48,768
46,162
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth M1ssabe & Northern_
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South_
Great Northern
Green Bay & Western
Lake Superior & Ishpeming_
Minneapolis dr St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
*Spokane International
Spokane Portland & Seattle_ _
743
15,816
1,981
16,291
3,848
9,056
1,111
4,776
297
15,919
472
1,620
1,353
5,107
6,984
281
1.428
730
17,849
2,169
17,984
3,237
9,843
1,533
3,534
281
14,622
437
1,570
1,573
5,498
8,589
232
1,298
889
19,080
2,901
19,446
3,881
6,599
953
5,361
369
10,920
510
2,320
2,253
5,827
9,117
280
1,046
1,522
7,331
2,362
5,981
2,561
139
323
2,974
149
2,347
420
86
1,082
1,987
2,331
152
811
2.152
7,744
2,322
6,095
2,930
161
268
3,107
93
2,764
337
77
1,320
1,694
2,229
183
1,164
86,519
90,979
91,752
32,558
34,640
21.777
2,627
234
12,400
1,429
11.465
1,990
808
1,756
199
1,265
1,888
919
191
18,613
167
223
10.386
159
1,379
22,473
2,945
205
15,698
1,265
10,886
2,381
836
1,664
231
1,077
2,032
1,018
97
20,464
323
376
11,369
187
1,761
20,256
3,259
178
16,335
1,520
12,921
2,565
620
1,255
175
1,124
2,040
625
286
16,173
381
445
12,056
169
1,146
4,171
1,745
30
5,404
537
6,357
1,620
1,054
1,672
21
819
918
294
44
3,112
188
957
5,824
7
1,192
4,569
2,117
26
5,590
564
5,704
1,533
899
2,014
19
821
939
600
9
3,895
284
982
6,746
6
2,142
89,875
97,288
93,529
35,966
39,459
195
135
128
2,092
2,187
176
1,506
1,416
83
144
697
79
4,462
13,073
28
117
7,253
1,898
5,315
4,268
2,589
212
30
178
141
144
1,881
2,842
165
1,498
1,285
76
278
557
70
4,802
13,859
48
94
7.849
1,782
5,643
4,383
1,723
227
17
213
149
120
2,128
4,523
130
1,498
1,125
135
332
472
132
4,639
14,668
51
65
7,398
2,624
5,029
4,139
2,016
a
17
3,425
207
• 165
1,316
1,929
876
1,408
831
290
712
132
155
2,364
6,370
11
94
3,300
1,858
2,088
3,362
14,357
104
39
3.287
212
159
1,122
1,746
854
1,376
748
268
762
187
242
2,580
7,126
13
111
3,041.
1,664
2,168
3,654
15,522
92
34
48,083
49,542
51.603
45.399
46,668
Total
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham ei Garfield
Chicago Burlington & Quincy_ _
Chicago & Illinois Midland _
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City..
IllinoisTerminal
North Western Pacific
* Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern..
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas._
Litchfield & Madison
Midland Valley
Missouri & Arkansas
Missouri-Kansas-Texas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pad/lc
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas cir Pacific
Terminal RR. Ass'n of St. Louis
Wichita Falls & Southern
Weatherford M. W.& N. W_
Total
b Includes figures for the Boston & Albany RR., the C. C. C. & St. Louis RR. and the
Chain Store Sales Recover Sharply
Widespread and substantial improvement appeared in
chain store trade in June, according to the current review
by "Chain Store Age," which states that under the stimulus
of special sales and with the aid of more seasonable weather,
business enjoyed a sharp pick-up from the slack of recent
months.
The momentum of this recovery," that publication reports, "carried
sales in some divisions to points close to the best relative levels thus far
reached. Volume of grocery chains touched new high ground. The only
backward spots seem to have been in the apparel division, where some
excellent results were offset by other poor returns.
"For the field as a whole, the net showing in June, based on operations
of 18 leading chains, was the best thus far obtained. The preliminary index
of sales of these companies for the month Jumped to 96.3-a new highfrom 92.0 in May. The previous high was 95.8 in February this year.
The index in June 1934 was 91.5.
"Total average daily sales of these organizations in June were 1.4%
greater than in May. During the corresponding period of 1934, the total
declined 1.6%, while during the 1929-1931 period, the average contraction
in volume was about 3.3%.
The highly favorable business done in June is causing chain store
executives to revise upward their estimates of sales expectancy during the
summer months, as well as budgets for the early fall.
"The Middle West and Pacific Coast sections continue to show the
greatest improvement from a trade standpoint. The heavily populated
centers in the East are maintaining a steady, if slow, rate of improvement,
but the strong prospects of the best crop in years is causing the rural
sections of the West and South to spend much more freely.
"The index of five-and-ten department store sales in June was 101.6,
against 93.1 in May and 98.2 in June 1934. For the grocery group, the
sales index advanced to 89.8 in June-a new high-from 88.8 in May.
In June 1934 the index was 84.2.
1934
Grand total Southern District
Total
Allegheny DistrictAkron Canton & Youngstown-Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek dr Gaulcy
Cambria & Indiana
Central RR.of New Jersey-Cornwall
Cumberland & Pennsylvania_
Ligonier Valley
Long Island
Penn-Reading Seashore Lines..
PennsylvaniaSystem
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
1935
C.;0.;
Total
1934
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
..0.0.00NM•OM.
Eastern DistrictAnn Arbor
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis dr Loulay_
Central Indiana
Central Vermont
Delaware dr Hudson
Delaware Lackawanna & WestDetroit dr Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line-Erie
Grand Trunk Western
Lehigh dr Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central Lines
N. Y. N. II. & Hartford
New York Ontario dr Western
N. Y. Chicago & St. Louis__ -Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North..
Pittsburgh& West Virginia
Rutland
Wabash
Wheeling & Lake Erie
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
"For the drug group the index was 109.5 in June, against 108.9 in May
and 102.4 in June 1934; for the shoe group the index was 108.0, against
100.0 in May and 101.0 in June last year; while in the apparel group the
sales index dropped from 100.3 in May to 99.3 in June."
Decrease of 1% in Retail Prices of Food During Two
Weeks Ended July 2 Reported by United States
Department of Labor
Consumer food prices fell 1.0% during the two weeks
ended July 2, the Bureau of Labor Statistics of the United
States Department of Labor announced July 16. At the
present level of 121.8 (1913=100.0), the current index is
11.1% higher than a year ago, the Bureau stated, adding:
The advance in food prices over the corresponding period of 1934 is due
in large part to increases of 55.0% for fats and oils, 29.9% for meats, and
28.8% for eggs. The increase of 2.8% for cereals and 3.8% for dairy products was much less marked. In contrast, the important group, fruits
and vegetables, shows a decline of 1.6% compared with July 3 1934.
Within the past two weeks meat prices dropped 2.1%. This was a
most striking change in food prices in this period. All items in the meats
group except sliced ham and bacon shared in this downward movement.
Fruits and vegetables declined 2.3%. Cabbage prices, which were
exceptionally high during the spring, receded 11.1% between June 18 and
July 2, and are now at last year's level. Onions are 10.6% lower than
two weeks ago, but remain higher than at any time in 1933 or 1934. Prices
of other fruits and vegetables declined or continued unchanged.
Butter fell 3.2%, cheese 1.2%, and fresh milk 0.8% of 1. Eggs, on the
contrary, advanced 1.6%.
There was no change in any item in the cereals and bakery products
group. Beverages decreased 0.6 of 1%. Fats and oils increased 0.1 of
1%, the result of conflicting price changes within the group. Sugar rose
1.8%•
Volume 141
Financial Chronicle
Of the 48 foods included in the general Index, 25 fell in price, 17 showed
no change, and six increased. The greatest relative decrease was 11.1%
for cabbage.
The downward price movement was common to all nine of the geographical areas into which the 51 reporting cities are grouped. Decreases
ranged from an average of 0.4 of 1% for New England cities to 3.6%
for cities in the Pacific States. A drop of 2.9% in Los Angeles and 4.8%
in San Francisco are largely accounted for by the termination of a 23i%
sales tax on food. Decreases of more than 3.0% in Seattle and in Portland,
Ore., were due chiefly to a drop of one cent a quart in the price of milk.
Newark reported the greatest increase, 0.7 of 1%, the result of a sales
tax of 2% effective July 2.
503
have been so far in 1935. The hides and loather products group stands
4.9% above its low; foods, 4.5%; farm products and fuel and lighting
materials, 2%; textile products, 1.6%. Each of the other groups is less
than 1% above the low for the year.
Group index numbers for the high and low weeks of 1933, 1934 and 1935
are shown in the table below. Present indexes for all groups range from
0.1% for housefurnishing goods to 34.5% for farm products above the lows
for 1934. The increases over the lows of 1933 range from 11.7% for
chemicals and drugs and for metals and metal products to 92% for farm
products.
GROUP INDEX NUMBERS FOR THE HIGH AND LOW WEEKS OF 1933,
1934 AND 1935
INDEX NUMBERS OF RETAIL PRICES OF FOODS. (1913=100.0)
1934
1935
124.1
115.9
115.6
109.6
104.8
144.0
150.7
159.3
106.5
93.3
122.6
96.8
117.0
110.3
151.3
151.7
115.8
84.0
130.3
98.9
115.8
107_1
151.1
123.7
109.7
110.1
107.2
101.3
100.0
107.0
152.0
128.4
105.4
103.5
110.8
98.2
92.2
109.7
146.6
120.0
101.1
73.6
121.7
96.0
75.6
106.4
128.0
103.5
97.7
70.4
155.2
92.2
74.2
105.9
158.6
175.2
133.9
101.7
173.5
131.0
123.0
115.9
Prices used in constructing the we ghted ndex are based upon reports
from all types of retail food dealers in 51 cities and cover quotations on 48
important food items. The index is based on the average of 1913 as 100.0.
The weights given to the various food items used in constructing the index
are based on the expenditures of wage earners and lower-salaried workers.
The following table shows the percentage of price changes for individual
commodities covered by the Bureau for July 2 1935, compared with June 18
and June 4 1935. July 3 1934, July 15 1933, and July 15 1930.
CHANGES IN RETAIL FOOD PRICES, JULY 2 1935, BY COMMODITIES
All foods
0.cqc"
.0
..Vo.ort.l.qt.P":00
,
.0*0.10
+T4-1-1-1-
Sugar.
-I-
Prunes
Raisins
Beans, navy
Beans with pork.ean'd
Cabbage
Corn, canned
Onions
Peas, canned
Potatoes, white._..._
Tomatoes, canned
Beverages
Cocoa
Coffee
Tea
Fats and oils
Lard
Lard compound
Veg. lard substitute__
Oleomargarine
Salad oil
Sugar and sweets
granulated _ ..._
Corn syrup
Molasses
Strawberry preserves.
0
.00
.^.1
Bananas
Oranges
-1.6
t°000000c"202"""
Eggs
Fruits and vegetables___
June 4
1935
(4 Weeks
Ago)
66611171M-1-11761'176-67 --TiTT-77-066
7666"
Butter
Cheese
Milk, fresh
Milk,evaporated
-1.0
466.7-7-7 +16-TTri--T00067.611++667+.7.6-.6TT
++
mit71
1++
17 7
Cereals
Bread. white
Cornflakes
Cornmeal
Flour, wheat
Macaroni
Rice
Rolled oats
Wheat cereal
Meats
Beef-Chuck roast__ _
Plate beef
Rib roast
Round steak
Sirloin steak
Hens
Lamb, leg of
Pork-Bacon, sliced
Ham,sliced
Pork chops
Salmon, red. maned
Dairy products
June 18
1935
(2 Weeks
Ago)
July 3
1934
(1 Year
Ago)
July 15
1933
(2 Years
Ago)
Jul,
/ 15
1930
(5 Years
Ago)
+11.1
+16.2
-15.4
+2.8
+2.5
0.0
+18.2
0.0
0.0
+1.2
+13.2
+2.1
+29.9
+17.7
+15.3
+1.2
+40.5
+22.5
+5.4
+33.9
+30.5
+8.3
+50.7
+57.2
+71.9
+45.5
+41.0
+36.2
+33.3
+22.4
+73.8
+41.4
+93.4
+9.3
+7.4
-2.6
+5.5
+13.5
+7.4
+34.6
--22.8
--13.3
+11.2
+20.2
+7.6
+10.9
+4.5
-33.3
+31.3
+22.9
+39.1
-41.7
+14.3
+4.4
___ _
-5.6
+15.3
+57.9
+90.1
__
+19.3
+45.1
5.0
-5.7
-10.6
-1.9
+6.5
-18.7
-12.6
-11.5
-2.8
-11.0
-10.2
-8.8
-10.6
-10.5
-12.3
-18.6
-23.5
-4.3
-15.6
-3.6
-33.5
-21.6
-30.9
-27.4
-15.7
-19.8
-6.8
--31.0
--29.7
-50.5
-31.5
-16.8
-47.0
-21.6
-27.3
-15.0
+1.7
+9.9
-36.4
-16.1
-26.6
+44.8
+58.7
+35.1
+28.2
+24.5
+19.1
+1.5
+42.1
+18.2
+35.4
-1.4
+3.8
-0.3
+5.5
+5.4
+7.4
+28.8
--I.6
--6.5
-18.5
-2.6
+3.1
+7.0
+3.0
0.0
+15.0
+15.7
+7.2
-4.5
-1.0
+0.3
_
-7.3
+5.7
+55.0
+84.6
+68.8
+18.0
+41.9
-i---5-.0
+5.5
+7.9
+0.7
____
-1:75-.
+5.5.
-16-.5
-4.8
-4.7
+17.8
-8.2
-24.9
-1-3-.a
-4.9
____
United States Department of Labor Reports Decline of
0.1%•in Wholesale Prices During Week of July 20
Wholesale commodity prices declined 0.1% during the
week ending July 20, according to a report issued July 25 by
the Bureau of Labor Statistics of the U. S. Department of
Labor. The Bureau's composite index for the week stood
at 79.1% of the 1926 average, as against 79.2 for week preceding. The index is now 1.5% above the low point of the
year, and 1.5% below the high. The Bureau also reported
as follows!
The changes in the commodity groups were minor. Six of the 10 major
groups were unchanged from the level of the preceding week. Slight
decreases were recorded in the four other groups: Farm products,
textile
products, building materials and misdellaneous commodities.
re The large industrial group of "all commodities other than farm products
and processed foods" declined 0.1% to 77.9. The index is 0.3% below the
peak of the current year and is nearly 1% above the low reached in early
April.
Each of the commodity groups except fuel and lighting materials has been
higher ha some earlier week of 1935. Farm products are down 5.6%
from
the Yeas's high point; miscellaneous commodities, 4.8%; foods, 4%; and
chemicals and drugs, 2.6%. In the five remaining groups, the
decline
has been less than 1%. Miscellaneous commodities are lower than they
1933
Dale and
Low
Dale and
High
Date and
Low
Alicommod ties 5-25 80.3 1 -5 77.9 9-8 77.8 I- 6 71.0 11-18 71.7 3- 4 59.6
Farm products
Foods
Hides & leather
Textileproducts
Fuel & lighting
Metals, &c
Bldg. materials
Chemicals and
drugs
Housefurnish'gs
Miscellaneous _
Allcommodities
other than.kc
4-20 81.8
4-27 85.4
6- 1 89.9
1-26 70.0
7-20 75.3
6-29 86.1
6-15 85.3
1- 5 75.6 9- 8 74.3 1- 6
1- 5 78.5 9- 8 77.2 1- 6
4- 6 85.6 2-10 90.5 8-18
5-11 68.7 2-24 76.7 12- 8
3-16 73.8 11-17 76.1 3-31
3-23 84.9 5-12 88.8 1- 6
4-20 84.3 6-30 87.8 12-22
57.4 7-22 .7
62.7 7-22 66.5
84.2 9- 2 92.9
69.3 9-23 76.4
72.4 11-11 74.7
83.3 11-25 83.5
84.7 12-30 85.4
5- 4 40.2
3- 4 53.4
3-11 67.5
3- 4 50.6
6-10 60.8
4- 8 76.7
2-18 69.6
3- 9 81.6 1- 5 79.1 12-29 78.3 1- 6 73.3 11-25 73.8 4-15 712
2- 9 82.3 6-22 81.7 5-26 83.9 1-27 81.7 11-11 82.2 5- 6 71.7
1-12 71.0 7-20 67.6 12-15 71.2 1- 6 65.9 15-30 65.6 4- 8 57.6
1-12 78.1 4-13 77.2 4-28 79.2 1- 6 77.6 12-30 77.6 4-22 65.5
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of July 21 1934 and
July 22 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS ENDING
JULY 20, JULY 13, JULY 6, JUNE 29 AND JUNE 22 1935 AND JULY 21
1934 AND JULY 22 1933
(1926=100.0)
Per Cent Change-July 2 1935 Compared withCommodities-
Dale and
High
Commodity Groups
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemica's and drugs
Housefurr'silica goods
Miscellaneous commodities
All commodities other plan farm
July
20
1935
July
13
1935
July
6
1935
June
29
1935
June
22
1935
July
21
1934
July
22
1933
79.1
79.2
79.1
78.9
79.3
75.1
69.7
77.2
82.0
89.8
69.8
75.3
85.7
84.9
79.5
81.8
67.6
77.7
82.0
89.8
69.9
75.3
85.7
85.0
79.5
81.8
78.0
81.9
89.8
69.7
74.9
85.7
84.8
79.5
81.8
78.0
82.5
89.3
69.7
74.7
85.9
85.1
80.0
81.7
6.61
71.2
87.0
71.6
74.7
86.4
87.4
75.6
83.0
67.8
68.0
68.4
70.0
0.4.4.40000,W00
.WODOOW.
.401.2
0.4,
Wi4i4;.14.01WOOPV
123.0
150.7
156.0
104.9
94.8
119.8
96.2
117.2
111.8
Date and
Low
7, A
712 A
TT 2
/70
72 A
4
4
121.8
Date and
High
3 VIUSV4SM
AU foods
Cereals
Meats
Dairy products_
Eggs
Fruits and veg._
Beverages
Fats and oils
Sugar and sweets
Commodity
Groups
o O'coi.Woo;
June 18 April 9 Jan. 2 Oct. 9 July 3 July 15 July 15
July 2 1935
1934
1935
1934
1933
1935
1930
1935 2 Wks. 3 Mos. 6 Mos. 9 Mos. 1 Year 2 Years 5 Years
Ago
Ago
Ago
Ago
Ago
Ago
Ago
Farm products declined 0.6% from the previous week's level due to
lower prices for "livestock and poultry" and "other farm products" including cotton, apples, clover hay, hops, dried beans, onions and potatoes.
The subgroup of grains, on the other hand, was up 1%, although lower
prices were reported for barley and rye. Individual farm products advancing in price were cows, hogs, eggs, lemons and oranges. In spite of
the recent recession in farm product prices, the current index, 77.2, is
approximately 17% above a year ago and 23% above two years ago, when
the indexes were 66.1 and 62.7, respectively.
Weakening prices of cattle feed and crude rubber forced the index of
miscellaneous commodities down 0.3% to the lowest point reached this year.
The subgroups of automobile tires and tubes, paper and pulp and other
miscellaneous commodities were unchanged.
In the group of textile products, higher prices for silk and rayon and
"other textile products" were more than offset by lower prices for cotton
goods and knit goods. Clothing and woolen and worsted goods were
unchanged.
Building materials were fractionally lower because of declining prices
for lumber, paint materials and other building materials. Brick and tile
was unchanged at the low for the year, and cement was unchanged at the
high. Prices of structural steel were also unchanged.
The wholesale food group remained at the preceding week's level, 82.0.
This is 15% above a year ago when the index was 71.2, and 23% up from
two years ago when the index was 66.5. During the week ending July 20,
strengthening prices of butter, cheese and milk: cereal products, and meats
were counter-balanced by weakening prices offruits and vegetables. Higher
Prices were reported for butter, cheese, white flour, corn meal, dried
peaches, canned spinach,freehand cured pork, copra, eggs,lard and cocoanut oil. Lower prices were shown for oatmeal, rye flour, canned apricots,
dried apricots, prunes, raisins, canned string beans, lamb, mutton, veal,
cocoa beans, coffee, oleo oil, and cottonseed oil.
Slightly higher prices for shoes in the hides and leather products group
were offset by lower prices for hides, skins and leather. Other leather
products were steady at the low point of the year. The index for the
group as a whole remained at 89.8.
In the fuel and lighting materials group, higher prices for anthracite
coal were offset by lower prices for petroleum products with the result that
the index for the group did not change. The subgroups of bituminous
coal and coke also were unchanged.
A minor decrease in prices of bar silver was not great enough to affect the
index for the group of metals and metal products as a whole. All subgroups maintained the level of the preceding week.
Little or no fluctuation was shown in the commodities which make up
the group of chemicals and drugs. The indexes for this group and all
subgroups were unchanged.
The level for the group of housefurnishing goods remained at 81.8. Average prices of both furniture and furnishings were stationary.
The index of the Bureau of Labor Statistics is composed of 784 price
series weighted according to their relative importance in the country's
markets and based on average prices for the year 1926 as 100.
Weekly Electric Production at Highest Point
in Five Years
The Edison Electric Institute, in its weekly statement,
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended July 20 1935 totaled 1,807,037,000 kwh. Total
output for the latest week indicated a gain of 8.6% over the
corresponding week of 1934, when output totaled 1,663,771,000 kwh., and is the highest level reached since the
Financial Chronicle
504
week ended Feb. 1 1930, when production totaled 1,809,049,000 kwh.
Electric output during the week ended July 13 1935 totaled
1,766,010,000 kwh. This was a gain of 7.2% over the
1,647,680,000 kwh. produced during the week ended July 14
1934. The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Week Ended
Week Ended
July 20 1936 July 13 1935
Major Geographic
Regiods
New England_
Middle Atlantic_
Central Industrial_ __.
West Central
Southern States
Rocky Mountain
Pacific Coast
7.4
4.4
6.6
5.7
9.9
31.3'
x1.2
6.7
4.4
2.3
3.3
6.8
28.4
2.1
8.6
7.2
6.4
5.0
Weekly Data for Precious Years
in Million., of Kttowatt-Hours
P. C.
Ch'ge
1934
1935
1933
'
1,698.178.000 1,632,766.000
1.701.702,000 1,643,433.000
1,700,022.000 1,649,770,000
1,696,051,000 1,654,903,000
1,628.520,000 1,575,828,000
1,724,491,000 1,654,916,000
1,742,506,000 1.665,358,000
1,774,654,000 1.674,566,000
1,772,138,000 1,688,211,000
1,655,420,000 1.555,844,000
1,766.010,000 1,647,680,000
1,807,037,000 1,663,771,000
1 683,542,000
1,657,638.000
1 659,043,000
-1.674.345.000
1932
1931
1930
1929
1,429
1,437
1,436
1,425
1,381
1,435
1,442
1,441
1.457
1,342
1,416
1,434
1,440
1,427
1,415
1.432
1,637
1,654
1,645
1,602
1,594
1,621
1,610
1,635
1,607
1.604
1,645
1,651
1,644
1,643
1,629
1.643
1,698
1.689
1,717
1,723
1,660
1,657
1,707
1,698
1,704
1,594
1,626
1,667
1,686
1.678
1,692
1.877
1.688
1,698
1.704
1,705
1,615
1,690
1,699
1,703
1.723
1,592
1,712
1,727
1,723
1,725
1,730
1.733
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
1935
1934
Jan_ _ 7,762.513 7,131,158
Feb____ 7,048,495 6,608,356
March _ 7,500,566 7,198,232
April___ 7,382,224 6,978.419
May... 7,544,845 7,249,732
7,056,116
June_
7,116,251
July.,..
7,309,575
Aug_
Sept_,.6,832,260
7,384,922
Oct..
7,160,756
Nov7,538,337
Deo_
P. C.
Clige
1933
1932
1931
1930
+8.9
+6.7
+4.2
+5.8
-r 4.1
.....
____
____
____
____
____
____
6,480,897
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
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
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
8,021,749
7,066,788
7,580,335
7,416,191
7.494,807
7,239,697
7,363,730
7,391,196
7,337,106
7,718,787
7,270,112
7,566,601
85,564,124 ____ 80,009.80177,442,112 88,063,969 89,467,099
Total_
approxiNote-The monthly figures shown above are based on reports covering
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Slight Increase Noted in Business Activity During
June by National Industrial Conference Board
Business activity during June registered a slight improvement over the preceding month and remained considerably
above the levels of the corresponding month of 1934, according to the National Industrial Conference Board. In the
field of producution greater-than-seasonal rises were reported
by the construction, petroleum, coal, electric power and
machine tool industries. Distribution, as represented by
miscellaneous freight traffic and retail sales, showed considerable improvement over that reported for May 1935.
The Board, under date of July 22, further announced:
Industrial activity during the first six months of the year was markedly
greater than during the corresponding period of last year. Of the more
important indexes of production and of distribution only two-total car
loadings and steel production-were lower during the first half of 1935
than a year ago. . . .
Both wholesale and retail prices advanced measurably during the first
half of 1935. The advance in wholesale prices was approximately 3.5%.
The National Industrial Conference Board's index of retail prices stood at
75.5% of the 1926 average in December, and by June of this year had
risen to 78.0%, or an increase of 3.4%.
Commodity Price Index of National Fertilizer Association Declined in Week Ended July 20
There was a further slight decline in the general level of
commodity prices at wholesale in the week ended July 20,
according to the index of the National Fertilizer Association.
This index for the week stood at 77.3% of the 1926-1928
average, compared with 77.4 in the preceding week, 77.5
a month ago, and 72.4 a year ago. The highest point
reached this year was 78.4 in the week of May 25, which
was 40.5% above the depression. low point reached in the
week of March 4 1933. Under date of July 22 the Association further announced:
The decline in the group indexes which had the greatest effect on the
component index was in the foods group, which fell from 81.5 to 80.6.
The downward trend in foodstuff prices was not general, however, as
five commodities included in the group declined and five advanced, but
the declines occurred in the more heavily weighted items, including eggs,
milk, bread, and potatoes. Lower quotations for cotton and, burlap resulted in a minor decrease in the textiles group index. The most important advance in the week was in the grains, feeds and livestock group,
due largely to higher prices for corn, oats, wheat, and hogs. Other commodities which declined in price during the week included butter, cottonseed oil. tankage, feedstuffs, cattle, silver, oak flooring, petroleum, kerosene, and rubber.
Prices of 31 commodities included in the index declined in price during
the week while 23 advanced: in the preceding week there were 34 declines
and 26 advances; in the second preceding week there were 20 declines and
20 advances.
Per Cent
Each Group
Rears to the
Total Index
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
r Revised.
DATA FOR RECENT WEEKS
C•PC: "
!
'
C."'I'Rqq..
.I .
.0..
NW.
..
.40W.40Wat.C1100.CAW.10.
111111.,1111611
7.1
8.7
6.3
9.2
8.6
25.0
x1.1
1 .
.9.
R .4
44
;
!
44 ggggg44.
.."
Week of-
Week Ended
June 29 1935
8.3
9.3
6.5
7.3
7.4
31.4
7.3
0W720.
;20.
COONITP.
Q.40.C.C.AWCAO,JA.,0CMOW
0.40.20.00.C.0000WW0
Total United States_
x Decrease.
Week Ended
July 6 1935
July 27 1935
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
Group
Latest
Week
July 20
11,35
80.6
Foods
69.1
Fuel
Grains, feeds and livestock.. 85.3
68.2
Textiles
Miscellaneous commodities.. 69.4
88.3
Automobiles
77.5
Building materials
81.5
Metals
84.7
House-furnishing goods
66.0
Fats and oils
94.6
Chemicals and drugs
63.6
Fertilizer materials
71.4
Mixed fertilizers
10,1.6
Agricultural implements
All grouos.combined
77.3
Pre•
ceding
Week
Month
.4g0
Year
Ago
81.5
69.3
83.3
68.5 .
69.3
88.0
78.1
81.5
84.8
66.3
94.6
63.7r
77.7
101.6
81.6
69.7
83.3
67.5
69.1
88.0
78.1
82.7
84.8
67.4
94.4
64.8
77.7
101.6
71.0
69.8
62.3
71.9
69.3
88.7
80.7
82.2
86.2
51.6
93.2
66.9
76.1
98.8
77.4
77.5
72.4
Improvement Noted in Far West Building Activity
During First Half of 1935
Vast improvement in the building industry throughout all
areas of the Far West during the first six months of 1935 is
noted in the July issue of the "Business Review" of the
Bank of America as the outstanding business development
of the half-year period. The "Review" also states:
In the first half of this year the value of building permits in 49 cities
of the eight Western States reached a total of $52,697,735, a gain of
95% over the first half of last year.
With a total of $8,052,972 in building permits for June, California cities
showed a gain of 133% over the like month last year, and for the first six
months of the year the State's gain was 107.2% over the first half of 1934.
Throughout every month of the year to date the Far West has shown the
outstanding record .in retail sales of the entire United States. Dollar volume
in the Twelfth Federal Reserve District in the first six months of this
year gained 9% over the first six months of 1934, which is the largest
percentage gain of all the Federal Reserve districts.
Lloyd's Shipbuilding Statistics for Quarter Ended
June 30-World Construction of Merchant Vessels
Continued at Slight Increase
A continuance of the recent small but steady increase in
the volume of merchant vessels being constructed throughout the world is shown by returns Just made to Lloyd's
Register of Shipping from all maritime countries except
Russia, for which authentic figures have not been available
for some time past. The returns cover all ships of 100 gross
tons and upward under way during the quarter ended
June 30 last, said an announcement issued July 17 by Lloyd's
Register, which continued:
Although the gain for all countries over the quarter ended March 31 last
is only about 13,000 gross tons, an increase of over 40,000 tons is shown
for Germany alone. For Holland there was a gain of 15,000 tons, and for
Sweden one of 10,000 tons. For the United States there was an advance
of about 6,500 tons, and for Great Britain and Ireland one of 4,500 tons,
with smaller gains for Spain and Norway. Offsetting these increases, there
are losses of 71,000 tons for France, of 13,000 tons for Japan, and smaller
declines for Denmark and Italy.
Of the total of 1,282,531 gross tons now under construction throughout
the world, says Lloyd's Register, 43.7% is being built in Great Britain
and Ireland, 2% in the United States, and 54.3% in all other maritime
countries combined.
The comparison in construction during the past two quarters is shown
by Lloyd's Register in the following table, the figures representing gross
tons of shipping:
Great Britain and Ireland
United States
Other countries
June 30 '35
560,321
25,911
696,299
Mar. 31 '35
555,815
18,473
695,246
World total
1,282,531
The production at this time last year was 1,216,000 gross tons.1.269.534
Returns for the quarter ended June 30 last show that of all the merchant
vessels of 100 gross tons each and upwards being built throughout the
world, a total of 929,038 tons is being constructed under the supervision
of Lloyd's Register, and intended for classification with that Society. Of
this total, 532,348 tons are under way in Great Britain and Ireland, and
396,690 tons in other countries. Ninety-five per cent, of the entire output
of the shipyards of Great Britain and Ireland, and 72% of the total production of the world are therefore being built to Lloyd's class-a gain, in
both instances, over the quarter ending March 31 last.
New work commenced throughout the world during the quarter just
ended was over 60,000 tons more than the aggregate tonnage launched
during the same period. In the previous quarter new orders were 41,000
tons in excess of launchings. For Great Britain and Ireland, in the quarter
ending June 30, however, tonnage launched was about 7,000 tons in excess
of that on which work was begun. For the other countries, taken together,
new work exceeded launchings by about 68,000 tons.
How new work begun and shipping launched compared during the past
two quarters is shown by Lloyd's Register in the following tonnage tables:
Mar. 31
June 30
June 30
mar. 31
1936 I Launchings-1935
New 1Vork1935
1935
Great Britain and
Great Britain and
143,0971 Ireland
103,021
Ireland
106,097
114,919
Other
274,641
Other countries_
countries_
_
172,026
205,827
176.5611
319,158
World total
382,662
278,123
320,746
For steam and motor tankers of 1,000 gross tons each and upwards, world
production in the June quarter showed a gain of about 15,000 tons over
the March quarter. Germany continued to lead all countries in this type
of construction, having about 30,000 tons more of tankers under way than
it, nearest competitor, Holland. The United States, Japan and Sweden are
also building more than in the March quarter. For Denmark, however,
a decrease of over 26,000 tons was reported, and for Great Britain and
Ireland one of about 4,000 tons.
World total
Volume 140
Financial Chronicle
Lloyd's Register shows the tanker construction during the last two
quarters in the following table of gross tonnage:
June 30
June 30
Mar. 31
Mar. 31
1935
1935
1935
1935
Germany
85,000
26,603
76,765 Japan
17,300
Holland
55,740
24.511
45,210 United States
16,800
Sweden
42,900
18,800
45,250
42,700 Denmark
Great Britain and
Other countries_ _ _ _ 41,802
33,220
Ireland
32,680
36,550
328,036
World total
313,795
Of the total of 328,036 gross tons of tankers now under way, 284,825 tons
are motor vessels. Practically the entire construction of the United States
is now devoted to tankers.
Gains in the production of motor vessels as compared with other types
of ships are shown by Lloyd's returns. Small declines in the volume of
motorized tonnage under way were reported for the quarter ending June 30
in Great Britain and Ireland, Italy, and the United States, with a larger
decrease (17,000 tons) for Japan. Germany, however, showed a gain of
27,000 tons; Holland, one of 13,000 tons, and Sweden, of 10,000 tons,
with a small increase for Denmark. No motorship tonnage is now under
way in the United States.
The comparison of motorship production in these countries in the last
two quarters is given by Lloyd's Register in the following table, the figures
representing gross tons:
June 30
June 30
Mar. 31
Mar. 31
1935
1935
1935
1935
Great Britain and
Denmark
63,953
62,960
Ireland
243,996
251,942 Japan
40,320
57,491
Germany
134,880
35,834
107.630 Italy
36,800
Sweden
91,462
81,562
United States None
663
Holland
68.121
54,546
Motorships new represent 58.6% of all merchant vessels of 100 dross tons
each and upwards being built in all countries, as compared with 56.4% in
the March quarter. During the June quarter motorship construction showed
a gain of about 35,000 gross tons, while for all other types of vessels there
was a decline of about 21,000 tons. As a result of these changes there are
now being built 220,000 tons snore of motor vessels than of all other kinds
combined. Comparisons in this connection for the last two quarters is
shown by Lloyd's Register in the following table of gross tonnage:
June 30 '35
Mar. 31 '35
Motor vessels ___________________________________
751,120
716,441
Other types ____________________________________
531,411
553,093
World total ___________________________________ 1,282,531
1,269.534
As against nearly 50% at the beginning of this year, Great Britain and
Ireland are now devoting only 43.5% of their construction program
to
motorized vessels. In January they were building only 8,000 tons less of
motor ships than of all other types, while at the end of June the gap had
widened to 72,000 tons. The other countries, taken as a group, are now
giving over 70% of their building to motor tonnage, as compared with
about 62% at the beginning of this year, and are now turning out nearly
300,000 tons more of motorships than of all other kinds. The comparison
for these two groups of countries is shown by Lloyd's in the following
table of tonnage:
Motor vessels ___________________________________
Other types ____________________________________
Great Britain
& Ireland
243,996
316,325
Other
Countries
507,124
215,086
Total ________________________________________
560,321
722,210
In contrast with the increases in motorship building, declines are
reported
in the production of oil engines for marine use. As against a total
of
752,442 indicated horsepower for such engines being built in all
countries
at the end of March last, Llayd's returns for June 30 show the
present
total I.H.P. to be 698,002. For Great Britain and Ireland the
decline was
only from 218,679 to 216,824; but for Germany the drop was from 101,960
to 86,740, and for Sweden from 90,160 to 72,586. For Denmark there
was a
decrease from 59,785 to 51,000; for Japan, from 87,090 to
81,250; for
Holland, from 46,666 to 44,845, and for the United
States, from 8,127 to
5,917. Italy alone reported a gain, the total rising from 80,700
to 85,000.
For steam turbines there was a sharp decline in the aggregate
of shaft
horsepower for all countries, the world total declining from
653,872 to
422,943. France's total fell from 210,300 to 40,800; Great
Britain and
Ireland's from 306,104 to 275,080, and Germany's from
106,893 to 77,363.
A gain was reported, however, in the indicated horsepower
of steam
reciprocating engines, the total for all countries advancing from
121,191 to
149,468. For Great Britain and Ireland the aggregate rose
from 73,826
to 82,268, and for Germany from 21,770 to 37,850.
In the relative ship production ranking of the various countries,
Great
Britain and Ireland continue to lead, followed by Germany.
France, however, which stood third at the end of the March quarter, has
now fallen to
seventh place, as the result of a drop of about 70,000 tons in
work under
way during the June quarter. Sweden, which was fourth, is now
third,
while Holland, with a gain of 15,000 tons, has advanced from
seventh
place to fourth. Japan remains in fifth position, and Denmark in
sixth,
with Italy still ranking eighth. The United States, which stood in
eleventh,
or last position, at the end of March, is now ninth. Norway retains
tenth
place, and Spain has fallen from ninth to eleventh.
Lloyd's Register shows the relative tonnage and production
during the
past two quarters, as follcnvs:
June 30
Mar. 31
June 30
Mar. 31
1935
1935
1935
1935
Great Britain and
Denmark
65,753
66,640
Ireland
560,321
555,815 France
49,845
120,899
Germany
237,045
194,770 Italy
35.834
36,803
Neden
ki
94,473
83,213 United States
25,911
18,473
Holland
75.446
60,371 Norway
23,561
20,620
Japan
65,970
79,491 Spain
22,727
22,492
Only Great Britain and Ireland are building any vessels of 20,000
gross
tons and upwards. They are now constructing five such.
505
Unemployment showed a decrease of 20,000 in transportation and 21,000
in mining.
Compared with June 1934, unemployment in June 1935, increased 12.7%
In domestic and personal service; 4% in transportation: 2.1% in trade:
1.5% in manufacturing; and 1.9% in miscellaneous Industries. Unemployment in mining decreased 2.4%. The Conference Board's allowance for
the net annual increase of gainful workers available for employment
accounts for 320,000 of the 552,000 increase in unemployment as compared
with June 1934.
The following table prepared by the Conference Board shows the number
of unemployed workers in the various industrial groups in June 1934:
May 1935; and June 1935.
NUMBER OF UNEMPLOYED
Industrial Group
June 1934
From May to June 1935, the increases in unemployment, by industrial
groups, were: Manufacturing and mechanical industries. 64,000; domestic
and personal service, 32,000; trade. 11.000: miscellaneous industries, 2,000.
June 1935
in Pennsylvania and
Delaware
The number of wage earners in Pennsylvania manufacturing industries showed a decline of nearly 1% and the
amount of wage payments almost 3% from the middle of
May to the middle of June, according to indexes compiled
by the Federal Reserve Bank of Philadelphia on the basis
of 2,264 reports from manufacturing establishments employing approximately 432,000 wage earners whose total earnings
averaged $8,317,000 a week. The volume of work done
during the payroll period nearest to the middle of June,
as measured by the number of hours actually worked by all
wage earners, decreased in about the same proportion as
did payrolls. Under date of July 17 the Philadelphia Reserve Bank also announced:
Employment
and
Payrolls
The extent of these recessions is about usual at this time. The June
level of factory employment was a trifle higher than the low and 2% lower
than the high point reached this year. A somewhat similar Comparison
Is found in the figures on payrolls and working time.
Average weekly earnings in June amounted to about $19.25 as compared with $19.72 in May and $19.71 in June 1934. Hourly earnings
showed a slight drop from the previous month but were virtually unchanged
from a year ago. The number of hours actually worked by a wage earner
averaged 33.2 a week as against 33.9 a month ago and 34.4 a year before.
The index of Pennsylvania factory employment, representing 68 Important industries in June was 75% of the 1923-25 average, or about 1%
lower than a year ago. The payroll index was about 60, or 3% below that
In June 1934. Since March last year the range of fluctuations has narrowed down greatly. For example, the proportion that the low level
has been to the high level during the past 16 months approximates 95%
in employment and 82% in payrolls. These ratios were much higher than
In the previous comparable period.
Manufacturing industries in Delaware, which in June employed over
10,000 wage earners drawing a payroll of nearly 8200,000 a week, reported
an increase of 5% in employment and 6% in payrolls and hours actually
worked, as compared with May. The employment index was 90% of the
1923-25 average, or 5% lower than a year ago. The payroll index was
over 66, showing a drop of 3% from June 1934.
FACTORY EMPLOYMENT AND PAYROLLS IN DELAWARE-INDEXES
OF EMPLOYMENT AND PAYROLLS IN ALL MANUFACTURING
INDUSTRIES
(Base Period: 1923-25=100)
Prepared by Dept. of Research & Statistics of Federal Reserve Bank of Philadelphia
Employment
Payrolls
1935
1935
Indexes
Compared
Indexes
Compared
with 1934
with1934
1933 1934 1935 Per Cent 1933 1934 1935 Per Cent
January
February
March
April
May
June
July
August
September
October
November
December
71.8
72.8
69.9
68.1
71.5
77.5
85.2
91.2
95.0
92.1
91.2
89.8
86.2
90.4
92.7.
93.0
92.4
94.7
93.5
89.6
91.2
91.6
86.2
84.6
84.4
83.2
82.6
84.3
85.9
90.3
-2.1
-8.0
-10.9
-9.4
-7.0
-4.6
47.5
49.2
45.0
43.1
49.0
54.5
63.1
62.1
64.8
64.8
62.7
63.7
60.8
65.5
66.2
66.7
65.9
68.5
68.3
84.7
65.1
67.7
61.6
61.2
61.7
82.8
61.5
62.5
62.7
66.4
+1.5
-4.1
-6.3
-4.9
-3.1
Average
81.3 90.5
55.8 65.2
FACTORY EMPLOYMENT. PAYROLLS AND WORKING TIME IN DELAWARE-PERCENTAGE COM PA RISON WITH PREVIOUS MONTH
BY INDUSTRY
Prepared by Dept. of Research & Statistics of Federal Reserve Bank of Philadelphia
Increase During June in Number of Unemployed
Workers Reported by National Industrial Conference Board
The total number of unemployed workers in June 1935,
was 9,804,000, according to the regular monthly estimate of
the National Industrial Conference Board made public
to-day (July 27). This is an increase of 95,000, or 1%,
from the preceding month, and an increase of 552,000, or
6% over June 1934. The Conference Board also states:
c May 1935
Mining
444,000
454,000
433,000
Manufacturing and mechanical
3,465,000
3,454,000
3,518,000
Transportation
1,246,000
1,316,000
1,296,000
Trade
1,015,000
1,026,000
1,037,000
Domestic and personal service
857,000
934,000
966,000
Industry not specified
474,000
481,000
483,000
Other Industries a
296,000
296,000
296,000
All industries b
7,797,000
7,961,000
8,029,000
Allow, for new workers since 1930 census 1,455,000
1,748,000
1,775,000
0.952.000
Total unemployed
9,709.000
9,804,000
a Tee group includes agriculture, forestry and fishing, public service, and professional service. The numbers given are the unemployed workers in 1930, satisfactory data being unavailable from which later changes in unemployment can be
computed.
b Industrial classification Includes 3,188,000 listed as unemployed In census of
April 1530.
c Revised.
--slio•••••••
No.
of
Plante
Per Cent Change June 1935
Compared teith May 1935
Employment
Payroll.,
EmplaYeahoUrs•
All manufacturing industries
74
+5.1
+5.9
+6.5
Metal products
Transportation equipment
Textile products_
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and °Hering
•Based on reports from 68 plants.
12
7
4
17
4
5
6
+4.3
+12.7
+0.1
+40.0
--5.1
+3.2
-0.8
+0.0
0.0
+8.4
+12.2
-4.7
+47.9
-3.9
-i- 3.6
+1.8
+1.9
-5.1
+12.4
+15.9
-5.2
+59.9
-2.4
+1.3
+0.5
+0.0
-5.9
11
8
506
Lumber Manufacturing Recovers from Holiday Lows
During the week ended July 13 new business booked at
lumber mills was 20% above that of the preceding week,
though slightly lower than in June weeks; production was
35% above the previous week and heaviest since the first
week of May; shipments were 25% above the holiday week
and heaviest in all but one of the last eight weeks. During
the week shipments were 5% below output; new business
was 12% below. But total production was 38% above that
of corresponding week of 1934; shipments were 64% and
new business 68% heavier than during the 1934 week. These
comparisons are based upon reports to the National Lumber
Manufacturers Association from regional associations covering the operations of 622 leading hardwood and softwood
mills. During the week ended July 13 these produced 179,359,000 feet; shipped, 170,998,000 feet; booked orders of
157,652,000 feet. Revised figures for the preceding week
were: Mills, 635; production, 133,472,000 feet; shipments,
137,348,000 feet; orders, 131,667,000 feet.
West Coast and Northern hardwoods were the only ones that reported
orders above production during the week ended July 13. Total softwood
orders were 12% below production; hardwood orders, 10% below hardwood output. Softwood shipments were 5% below production. All regions
but Northern pine reported orders, and all reported shipments above those
of corresponding week of 1934; softwood orders showed gain of 67%; hardwood orders, gain of 70% over last year.
Identical softwood mills reported unfilled orders on July 13 as the
equivalent of 33 days' average production and stocks of 135 days' production, compared with 27 days' and 164 days' a year ago.
Forest products carloadings totaled 26,624 cars during the week ended
July 13 1935. This was 4,584 cars above those loaded during the preceding holiday week; 4,734 cars above corresponding week of 1934, and 1,967
cars below similar week of 1933.
Lumber orders reported for the week ended July 13 1935 by 527 softwood mills totaled 148,208,000 feet, or 12% below the production of the
same mills. Shipments as reported for the same week were 160,221,000
feet, or 5% below production. Production was 168,856,000 feet.
Reports from 117 hardwood mills give new business as 9,444,000 feet,
or 10% below production. Shipments as reported for the same week were
10,777,000 feet, or 3% above production. Production was 10,503,000 feet.
Unfilled Orders and Stocks
Reports from 716 mills on July 13 1935 give unfilled orders of 839,531,000
feet and gross stocks of 3,852,274,000 feet. The 513 identical mills report
unfilled orders as 747,970,000 feet on July 13 1935, or the equivalent of
33 days' average production, compared with 631,083,000 feet, or the equivalent of 27 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 520 Identical softwood mills was 166,159,000
feet, and a year ago it was 120,904,000 feet; shipments were, respectively,
158,690,000 feet and 98,318,000 feet; and orders received 147,204,000 feet
and 87,915,000 feet. In the case of hardwoods, 112 identical mills reported
production last week and a year ago 9,984,000 feet and 6,643,000 feet;
shipments, 10,340,000 feet and 4,812,000 feet, and orders, 8,809,000 feet
and 5,197,000 feet.
Summary of Canadian Crop Situation by Dominion
Bureau of Statistics-Variation in Western Crop
Prospects Increased
The Dominion Bureau of Statistics, Ottawa, Canada,
issued on July 23 the ninth of a series of 15 weekly telegraphic reports covering crop conditions in the three
Prairie Provinces. Forty correspondents distributed over
the agricultural area supply the information on which the
reports are based, the Bureau stated. The following summary of the latest report was issued by the Bureau:
Another week of high temperatures, scattered rains and some destructive
hail storms served to increase the variation in Western crop prospects. The
hot weather reduced the promise of crops in those areas of limited moisture
In south-central Saskatchewan, southern Alberta and along the boundaries
of these two provinces. Some relief came to southern Alberta, but it was
too late to be very helpful, and the accompanying hail offset most of the
benefit. Growth continues satisfactory over most of Saskatchewan and
Alberta, where hot weather is needed to hasten maturity. In Manitoba
conditions for growth also remain very favorable, but the serious infection
of stem rust covering most of the common wheats reduces prospects considerably. The weather of the past week favored the development of this
scourge, and its extension westward and northward continues. Grasshoppers
are causing limited damage in Saskatchewan only. Haying has been
hindered by the showery weather, but the hay crop is much more promising
than in 1934. Some particularly fine crops of sweet clover have been cut
in Manitoba. Pastures are also much better than in the previous year and
are holding up well.
•Automobile Production Declines Slightly in June
June factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or vehicles), consisted of 361,320 vehicles, of which 296,609 were
passenger cars, and 64,711 were trucks, as compared with
364,727 vehicles in May, 306,477 vehicles in June 1934 and
249,727 vehicles in June 1933. These statistics were released to-day by Director William L. Austin, Bureau of the
Census, Department of Commerce.
The table below is based on data received from 112 manufacturers in the United States, 29 making passenger cars and
83 making trucks (10 of the 29 passenger car manufacturers
also making trucks). Of the 119 manufacturers reporting
prior to June 1934, seven have gone out of business. Figures
for passenger cars include taxicabs and those for trucks
include ambulances, funeral cars, fire apparatus, street
sweepers and buses. Canadian figures are supplied by the
Dominion Bureau of Statistics.
July 27 1955
Financial Chronicle
NUMBER OF VEHICLES (INCLUDING CHASSIS)
Canada
United States
Year and Month
Total
1935January
February
March
April
May
June
Total (6 mos.)
1934January
February
March
April
May
June
Total (6 mos.)
July
August
September
October
November
December
Total (year)
1933January
February
March
April.
May
June
Total (6 mos.)
July
August
September
October
November
December
Total (year)
•Revised.
292,817
335,700
429,834
477.746
364.727
361.320
Passenger
Cars
229,233
275.623
361,816
401.625
307,522
296,609
Truths
63,584
60.076
68,018
76,118
57,205
64,711
Total
10,807
18,114
21.975
24,121
20.765
15,745
2,262,144 1,872,431 389.713 111.327
NunnSec Cars Trucks
8,269
13,885
18,179
20,686
17.093
12,276
2,338
4,229
3,796
3,435
3,672
3,469
90.388 20,939
1.958
1,470
1,908
2.912
3,657
3,095
42,912
43,482
59.160
84.620
56.691
45,197
6.904
8,571
14,180
18,363
20,161
13,905
4.946
7,101
12,272
15,451
16,504
10,810
1,714,263 1,402,201 312.062
82,084
87,084 15,000
41,839
51,311
44,967
47,988
34,462
42,563
11,114
9,904
5.579
3,780
1,697
2,694
155,666
230,256
338.434
352,975
330.455
306,477
264.933
234,811
170,007
131,991
83,482
153,624
112.754
188,774
279,274
288,355
273,764
261,280
223,094
183,500
125,040
84,003
49,020
111,061
2,753,111 2,177,919 575.192 116,852
8,407
7.325
4,211
2,125
1,052
2,443
2,707
2,579
1,368
1,655
645
251
92,647 24,205
128,825
105,447
115,272
178,432
214,411
249,727
109,833
90.128
97.489
149.755
180.651
207.597
18,992
15.319
17,803
26,677
33,780
42,130
3,358
3,298
6,632
8,255
9,396
7,323
2,921
3,025
5,927
6.957
8.024
8,005
437
273
705
1,298
1,372
1,318
990,114
335,433 154.881
38,282
32,859
5,403
229.357
232,855
191.800
134.683
60,683
80.585
191,265
191.414
157,376
104,870
42.385
50,789
38,092
41,441
34,424
29,813
18,318
29,776
6,540
6,079
5.808
3.682
2,291
*3,190
5,322 1,218
4,919 1,180
4,358 1,450
959
2,723
788
1,503
2,171 .1,019
1,920,057 1,573.512 348.545 .85.852
53,855 *11.997
Crop Report of Bank of Montreal-Outlook Less Favorable Than Week Ago
'"While crops generally in the Prairie Provinces of Canada
are making rapid growth," states the Bank of Montreal in
its weekly crop report issued July 25, "the outlook is less
favorable than it was a week ago owing to the possibility
of extensive damage from rust in Manitoba and some sections of Saskatchewan. Rains would be welcome over large
areas of Saskatchewan and southern Alberta, but otherwise
moisture conditions are satisfactory," the bank stated, continuing:
In Quebec, crops as a whole present a good appearance and the outlook
is considered satisfactory. In Ontario, the warm weather of the past
week has been beneficial and crops generally have been making good progress. In the Maritime Provinces, all crops are doing well.
In British Columbia, the prevailing hot weather has helped the crops
and in most districts moisture conditions are satisfactory.
Petroleum and Its Products-Tr -State Move to Cut
Crude Output Indicated-Texas Leads Slashing
July Output 80,573 Barrels-Changes in Industrial
Code Before API August 1-Pipeline Rate Cuts
Opposed-Sunburst Crude Price Cut Ten CentsWeek's Crude Output Rises
rrhe Texas Railroad Commission on July 20 slashed the
allowable for the balance of the month by 80,573 barrels to
a daily average of 1,001,427 barrels. Lack of market demand was cited as the main reason for the reduction,effective
July 22.
The cut in Texas, which was equal to approximately 8%
of the total, was reported as a forerunner of similar cuts in
Oklahoma and Kansas. Governor Marland has announced
that he will recommend the Oklahoma Corporation Commission cut that State's allowable for August 7.5% under
the July figure.
Kansas control authorities will sponsor a similar reduction
in the August allowable there, it was reported. Should such
a cut be ordered, August production in Kansas would be far
below the total suggested by the Department of the Interior.
The Department suggested a cut of about 4% for Texas and
only slightly above 1% for Oklahoma.
The fact that the cuts were far in excess of the suggested
totals was laid to the continued weakness in the Midcontinent retail gasoline price structure. Although the
tank-car market is firm to strong, the continued price-cutting
in the retail field has aroused some apprehension for the
future.
"Throughout the State in many parts of Texas there are
unconnected wells which cannot get connections with pipe
lines because of the lack of market demand, therefore the
commission is ordering this reduction so that each well may
share in the market," the Texas Railroad Commission
announced in making public the new allowable.
The new allowable in Texas is 22,973 barrels under the
1,024,400-barrel daily demand estimated by the Bureau of
Mines. The daily allowable for the East Texas area was
set at 433,000 barrels, compared with the previous total of
approximately 470,000 barrels.
Oklahoma operators attending a market-demand hearing
before the State Corporation Commission on Thursday
Volume 141
Financial Chronicle
recommended that the State's allowable for August be cut
734% from the July allowables for all prorated pools. Inasmuch as the proprated pools account for approximately
350,000 barrels of the State's daily production, such a cut
would ldwer the total by about 25,000 barrels. Under the
proposed allowable. August output would be pared to
around 492,000 barrels, against 517,400 barrels in July.
An oil conservation law becomes effective July 28in Louisiana, the fourth largest oil-producing State in the Southwest.
Production will be allocated tinder the measure on the basis
of "reasonable market demand." The new law is based
mainly along the lines of the existing production control
Jaws in Oklahoma and Texas.
A tentative agreement to curb the present over-production
of crude oil in California was under consideration by the committee of seven appointed by independent producers last
month. The proposed agreement, which would be made
between producers and the Pacific Petroleum Association,
to be organized, provides that the association will purchase
any crude oil tendered at the average of posted prices of its
members, provided total output of crude for California does
not exceed the monthly allowable and production of property
from which the crude is produced does not exceed the allowable set up by an umpire.
It also was provided that the association would be obliged
to purchase crude only when furnished with a satisfactory
title to the crude, and when the crude was tendered on a
quarterly basis to be delivered as currently produced. Producers signing the contract agree not to furnish crude from
their wells to any one dealing in crude produced in excess of
the allowable.
The special oil committee of the House is working on the
final draft of its report recommending to Congress what
legislation it thinks necessary for the oil industry, reports
from Washington indicated. It was unofficially disclosed
that the report probably will recommend ratification of an
inter-State compact between producing States to control
production, establishment of a Federal fact-finding agency
to estimate market needs and to recommend production in
keeping to each State, limitation of imports and authority
to control refinery production and development of new discovered pools.
Directors of the American Petroleum Institute will meet
in New York City on Aug.1 to consider suggested changes in
the petroleum marketing code, Axtell J. Byles, President,
has announced. The Executive Committee of the Institute
will meet on the day before the directors meet.
A committee, headed by C. E. Arnott, Vice-President of
the Socony-Vacuum Oil Co.i has been engaged for several
weeks in revising a marketing agreement to be submitted
to the American Petroleum Institute and then to the Federal
Trade Commission. The agreement, it is expected, will
retain the best features of the defunct oil code and the
Federal Trade Commission code set up in 1931.
Ending of the petroleum code by the decision of the
United States Supreme Court holding the NRA unconstitutional automatically restored the code promulgated under the
sponsorship of the FTC in 1931 governing marketing practices, it is maintained in oil quarters. The committee has
met with representatives of the FTC in connection with the.
revision of the 1931 code.
Another question scheduled to be raised at the meeting of
American Petroleum Institute directors, it was indicated in
dispatches from Fort Worth, is that of excessive withdrawals
of crude from storage and excessive imports. These have
developed since the ending of the oil code, which prohibted
both.
The point will be brought up for consideration by C. F.
Roeser, Fort Worth producer, who is a director of the
Institute. Mr. Roeser said that the current report of the
Bureau of Mines shows that crude oil stocks were reduced
200,000 barrels a day last week, 150,000 barrels a day the
preceding week and 250,000 barrels a day the week before
that.
Official figures released Friday by the Bureau of Mines
disclosed that withdrawals of crude oil from storage for processing in the period since the end of the oil code have shown
sharp advances. Withdrawals in the period June 1 to July 20
totaled 7,867,000 barrels, or a daily average of 160,000
barrels:compared with a total of 510,000 or a daily average of
approximately 10,000 barrels in the like 1934 period.
John E. Shatford, representing the Louisiana-Arkansas
Refiners' Association opposed the reduced rates on interState transportation of crude oil by pipelines at a brief hearing held by the Interstate Commerce Commission in Washington Tuesday.
Mr. Shatford's opposition to the lower rates was based
upon the contention that they would permit distant refiners
to compete with him and other independent refiners for
the Southwestern market. He had previously filed a formal
protest against the cut when they went into effect but it
had been dismissed.
The hearing was part of an ICC investigation to determine
if the rate reduction now being applied is legal. Answers
by pipe lines to a recent questionnaire sent out by the
ICC were entered formally as evidence at the hearing.
The Commission gave all parties 45 days to file briefs. Its
findings then will be subject to oral argument before a final
ruling is made.
507
Representatives of the Shell Pipe Line Corp., the Pan
American Pipe Line Co., the Stanolind Pipe Line Co.,
the Texas Pipe Line Co., the Texas Pipe Line Co. of Oklahoma and the Texas Empire Pipe Line Co. appeared at
the hearing but offered no testimony.
A reduction of 10 cents a barrel in prices of crude oil at
Sunburst, Mont., was posted July 20 by the Ohio Oil Co.
Under the new schedule crude is posted at $1.20 a barrel.
The field is not a major producer and the cut is of little
importance, oil men held.
Substantial increases in crude output in Texas and Kansas
were the main factors in lifting daily average crude oil
production in the week ended July 20 by 23,700 barrels to
2,738,800 barrels, reports to the American Petroleum Institute disclosed. The total compared with the 2.660,000.
barrel total recommended by the Bureau of Mines and
actual production of 2,592,800 barrels in the like 1934 week.
Texas output rose 11,750 barrels to 1,066,850. Kansas
showed a gain of 3,300 barrels at 149,850, but despite this
was still far under the recommended figure of 155,600
barrels. Oklahoma production, although up only 850 barrels
on the week, at 522,250 barrels, was far above the suggested allowable of 517,400 barrels. California production
was up 100 barrels to 564,300 barrels.
Crude oil price changes follow:
July 20—The Ohio Oil Co. cut Sunburst. Mont., crude 10 cents a barrel
to $1.20.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
31.6o
Lima (Ohio Oil Co.)
1.15
Corning, ra
1.37
Illinois
1.13
Western Kentucky
Mid-Cont., Okla., 40 and above__.1.08
Hutchinson. Tex..40 and over
.81
Spindletop. Tex., 40 and over
1.03
Winkler, Tex
.75
Smackover. Ark., 24 and over
50.70
Eldorado, Ark., 40
1.00
Rusk, Tex., 40 and over
1.00
Dana Creek
.80
Midland District, Mich
1.00
1.20
Sunburst, Mont
Santa Fe springs, Calif., 40 az over_ 1.34
Huntington, Calif., 26
1.12
Petrolia. Canada
2.17
REFINED PRODUCTS—NEW YORK GAS PRICE LIFTED—AD:
VANCE EXTENDED INTO NEW ENGLAND MARKETS—
MID-WEST MARKET FIRMS AS DEMAND RISES—METER
FUEL STOCKS DECLINE
A 1-cent a gallon advance in retail prices of gasoline in
the metropolitan New York area posted by Socony-Vacuum
Oil Co. Wednesday was extended the following day to subnormal points in the New England marketing area. All
major marketers met the advances.
The advance, which included all areas except Staten
Island, lifted Manhattan and Bronx service station prices
to 14.3 cents a gallon, and Brooklyn, 13.8 cents, all prices
exclusive of taxes. Long Island quotations were the same as
Manhattan with Westchester slightly higher.
Service station levels in Boston and Providence were lifted
1 cent a gallon in the advance Thursday, the "pump" level
at the former city moving up to 16.5 cents a gallon, taxes
included. The advance also affedted Maine, where a Statewide boost of 3'
2-cent a gallon in retail levels was posted.
Socony-Vacuum also posted an.increase of 3/
2-cent a gallon
in the tank car market price of gasoline at Portland, Me.
Other major distributors promptly met this lift. The advances restored prices in many of the sub-normal points in
New England to 'regular" levels.
Outside of the Socony-Vacuum advance, the local refined
market showed little change worthy of note. Prices of the
lesser refined products are holding and routine trading is
the order of the day. The fuel oil market continues to suffer
from seasonal easiness although no open price cutting has
developed yet.
The Mid-West market continues to present a spotty
picture. While continued favorable weather has lifted
consumption to the point where expanded demand has eliminated the temporary weakness shown in the tank car
market early in the month, the retail markets are in a bad
position.
This weakness has been intensified in the past few weeks
despite expansion in retail demand for gasoline of unprecedented totals, with many leading Chicago oil execuives
firmly believing that July consumption of motor fuel will
establish a new all-time record high.
The continued price-cutting, secret rebates and premium
awards by independents and in many instances by major
company dealer stations has aroused some fear that retail
prices will be forced into lower levels by the pressure on the
markets caused by such actions.
Despite the uneasiness caused by this situation, mid-West
oil men believe that if price reductions are necessary, it will
be possible to confine them to certain segregated areas when
conditions are the worst. The fact that all concerned are
bending every effort to correct the unsettled conditions also
cited as a favorable factor.
Despite a sharp increase in refinery opetations, stocks of
gasoline held at refineries and bulk ten:Opals dropped 907,000
barrels during the week ended July 20, totalling 48,747,000
barrels at the close of the week, the American Petroleum
Institute reported. Refinery stocks were off 510,000
barrels, and bulk terminals showed a drop of 397,000 barrels.
Reporting refineries operated at 76.3% of capacity, a gain
of 2.2 points over the total recorded in the previous week.
A gain of 75,000 barrels was shown in daily average runs of
crude oil to stills which lifted the total to 2,738,000 barrels.
Gas Oil, F.O.B. Refinery or Terminal
I Tulsa
I Chicago,
N. Y.(Bayonne),
27 plus____$.04 -.0435 I
$.02,4-.02,4
32-36 G0_2.0235-.0235 I
Gasoline, Service Station, Tax Included
Minneapolis
$ 185
Cincinnati
$.193
New Orleans
175
Cleveland
188
Philadelphia
.20
Denver
168
167
Pittsburgh
Detroit
168
2 176
.18-.195
.17
.18
165
.205 San Francisco
Jacksonville
166
169
St. Louis
.17
Houston
17
145
176 Los Angeles
Chicago
U. S. Gasoline,(Above 65 Octane), Tank Car Lots, F.O.B. Refinery
5.0534-.0534
Chicago
Standard Oil N. J....$'0634 New York
Colonlal-Beacon__$ 0634 New Orleans .0535-.0534
Socony-Vacuum_.._ .0654
.0634 Los Ang.,ex .0435-.0435
Texas
Tide Water 011Co__ .0634
0634 Gulf ports__ .0535
Gulf
Richfield 011 (Calif.) .0636
.0535-.0534
0635 Tulsa
Republic 011
Warner-Quinlan Co_ .0635
Shell East'n Pet._ 0634
s Not including 2% city sales tax.
United States Plans Suit to Recover California Oil
Properties
"A court battle through which the Federal Government
hopes to recover oil land holdings of the Standard Oil Co. of
California and the Genral Petroleum Co. involving sums
loomed
'
estimated at between $25,000,000 and $50,000,000,
here to-day," according to an Associated Press dispatch from
Los Angeles printed in the July 20 issue of the New York
"World-Telegram."
The dispatch continued:
Mapping out details of the case were United States Attorney Peirson M.
Hall and Associate Justice John W. Preston of the State Supreme Court.
The latter expects to resign his present post to act as special Government
Counsel in the case.
Not only will the Government seek recovery of two sections of land in
the Naval Reserve in Elk Hills field, Kern County, but will seek an accounting from Standard Oil for oil and gas extracted from that company's
disputed section, which the Government estimates will run upwards of
$25,000,000.
Justice Preston said the suits will be filed on the grounds that the land
was granted by the Federal Government to the State in 1853 and then
passed into private ownership, but because of conditions in the grant the
title to the land never passed.
"Pocket Veto" by Governor Merriam Kills Bill on
Coast Oil Field
"A legislative act which, its foes said, would have given
the Standard Oil Co. of California a monopoly on the great
Huntington Beach oil field and thus sown seeds of a potential
scandal 'greater than Teapot Dome,' is dead today by a
pocket veto of Governor Merriam," an Associated Press
dispatch from Sacramento printed in the New York "WorldTelegram" of July 22.
The dispatch continued:
The measure would have authorized private exploitation of the rich
State-owned oil-bearing tidelands of southern California by slantwise
drillings of wells from nearby privately owned land under a royalty agreement.
The Governor declined to approve the bill on the ground that terms
snore advantageous to the State might be obtained later.
The bill did not provide for competitive bidding in leasing deals and set
only 162-3% as the royalty to accrue to the State.
Delayed Reports Cited by California Land Chief
"State approval of contracts with the Standard Oil Co.for
tapping of the State-owned oil pool at Huntington Beach
will be granted before legislative investigations are completed if the special committees delay their reports 'too long,'
Carl Sturzenacker, chief of the division of State lands, said
to-day," according to an Associated Press dispatch from
Sacramento printed in the July 26 issue of the New York
"World-Telegram."
Continuing, the dispatch said:
Negotiations with the Standard Oil Co. for easements covering six wells
which dip into the $500,000,000 State tideland oil pool were halted at the
request of Senator Culbert Olson, Los Angeles, chairman of a special oil
committee.
Mr. Sturznacker indicated he was anxious to clear up the situation, but
refused to state what he considered would be an adequate time for the oil
committee to complete its inquiry.
The division chief said proposed settlements with the Standard 011 were
based on the sliding scale of royalties which have been approved with independent producers. The sliding scale nets the State an average royalty
of around 12%.
State income from independent wells last month was 12.5%. or $80,000.
The oil bill vetoed by Governor Frank F. Merriam provided & Minimum
royalty of 162-3%.
The proposed agreement with the Standard Oil Co. also would cover
oil taken from the State in the past as well as future production on a royaltY
Imports of petroleum at principal United States ports (crude and refined
oils), for the week ended July 20 totaled 713,000 barrels, a daily average
of 101.857 barrels, compared with a daily average of 205.000 barrels for
the week ended July 13 and 135,286 barrels daily for the four weeks ended
July 20.
Receipts of California oil at Atlantic and Gulf Coast ports (crude and
refined) for the week ended July 20 totaled 409,000 barrels, a daily average
of 58.429 barrels. There were no receipts for the week ended July 13.
Reports received from refining companies owning 89.5% of the 3.806,000
barrel estimated daily potential refining capacity of the United States,
indicate that 2.598,000 barrels of crude oil daily were run to the stills
operated by those companies and that they had in storage at refineries at
the end of the week 28,841,000 barrels of finished gasoline, 6,160,000
barrels of unfinished gasoline and 103,810.000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and in pipe lines amounted to 19,906,000 barrels.
Cracked gasoline production by companies owning 92.5% of the potential
charging capacity of all cracking units averaged 551,000 barrels daily during
the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Dos.of
Ansel Production
Average
Interior
4 Weeks
Calcula'ns Week End. Week End. Ended
July 13
July 20
July 20
(July)
1935
1935
1935
517,400
155,600
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not includMg Conroe)
Week
Ended
July 21
1934
522,250
149,850
521,400
146,550
514,100
147.300
533.700
135,550
65,700
59,000
25,650
156,150
50,100
463,150
42,300
57,100
•
147,700
57,250
59,100
25,650
156,550
50,050
460,600
42,400
58,200
61,550
58,500
27,150
147,700
50,700
465,950
47,500
56,750
145.300
ol, .
Fuel Oil, F.O.B. Refinery or Terminal
Phila., bunker C____21.15
D
51.15-1.251
California 27 plus
51.10
Bunker C
1.00
Diesel 28-30 D. 1.65 New Orleans C.
N. Y.(Bayonne)
..
Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery
!North Texas_$.0334-.0334 New Orleans-2.04 -.0434
0334-.04
20.05 I Los Angeles_ .0434-.05 I Tulsa
(Bayonne)
New York
Daily Average Crude Oil Output Continues Rise
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
July 20 1935 was.2,738,800 barrels. This was a gain of
23,700 barrels from the output of the previous week. The
current week's figure was also above the 2,660,000 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 July. Daily average production
for the four weeks ended July 20 1935 is estimated at
2,705,300 barrels. The daily average output for the week
ended July 21 1934 totaled 2,592,800 barrels. Further
details as reported by the Institute follow:
tt, 8t1:82,1188
;—.14-001.—.0,
.
4
88 888.8888
July 24-Socony-Vacuum 011 Co. advanced retail prices of gasoline 1 cent
gallon in the metropolitan New York area with the exception of Staten
Island, effective July 25.
July 25-Socony-Vacuum 011 Co. advanced retail prices of gasoline 1 cent
a gallon at Boston and Providence, 35 cent throughout the State of Maine.
Tank-car prices were lifted 35 cent a gallon at Portland, Me.
basis. The proposed settlement of $475,000 for back royalties has been
attacked by Senator Olson as "entirely inadequate."
••1
•
Reports from the Gulf Coast disclosed a slight easing off
in the cargo price of Grade C bunker fuel oil there, the current range being quoted at 75-80 cents a barrel, against 78-80
cents recently.
Representative price changes follow:
z New York
z Brooklyn
Newark
Camden
Boston
Buffalo
July 27 1935
Financial Chronicle
508
122,800
1,064,400 1,066,850 1.055,100 1,064,050 1.038,600
Total Texas
North Louisiana
Coastal Louisiana
22.350
121,050
22,600
119,400
22,550
118,950
24,850
70,200
Total Louisiana
143,400
142.000
141,500
95,050
30,400
106,400
46,000
30,650
105,800
41.450
30,700
105,900
43,300
31,800
101,950
29,500
38,400
12.500
4,350
39,450
11,250
4.200
39,000
11,350
4,200
36,650
8,850
3,000
55,350
54.900
54,550
48,600
54,000
564,300
53,050
564,200
Arkansas
Eastern (not 1nel. Mich.)
Michigan
Wyoming
Montana
Colorado
Total Rocky Mtn.States
:stew Mexico
48,750
53,250
California
529,400
550,650
one,
rn,..
....
on,..
"nr
n
mnent United States_ 2 680 000 2.738.800 271t inn
Note-The figures indicated above do not include any tut mate 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 JULY 20 1936
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refining
Capacity of Plants
District
East Coast__
Appalachian.
Ind., Ill., Ky
Okla., Kan.,
MissouriInland Texas
Texas Gulf__
La. Gulf____
No, La.-Ark,
Rocky Mtn_
California__
PotenMI
Rate
Crude Runs
to Mills
Stocks a Stocks
Stocks
of
of
of
b Stocks
Fin(inof
Gas
Daily P. C. faked finished Other
Reper inc,
and
Aver- Oyer- Gym- Gaso- Motor
Fuel
ated
Total P. C. age
line
line
Oil
Fuel
-
612
154
442
612 100.0
146 94.8
424 95.9
453
330
617
169
80
97
852
384
160
595
183
72
60
789
84.8
48.5
96.4
96.4
90.0
61.9
92.6
483 78.9 15,525
112 76.7 2,129
385 90.8 9,097
272 70.8
93 58.1
578 97.1
110 67.5
44 61.1
47 78.3
474 60.1
-
5,121
1,169
4,643
1,152
285
814
8,812
780
306
777
265 12,097
860
140
55 5,908
607
235
2,021
240
40
95
1,059
585 4,735
1 435 1,814
270 10,567
'
1983
130
404
60
800
2,930 133,542
Totals week:
July 20 1935 3,805 3,405 89.5 2,598 76.3 d48,747 8,160 5,870 103.810
A R9k Ina 415
July 13 1935 3.806 3.405 89.5 2,523 74.1 c49.654 &IAA
s Amount of unfinished gasoline contained in naphtha distillates. b Estimated,
includes unblended natural gasoline at refineries and plants: also blended motor
fuel at plants. c Includes 29.351,000 barrels at refineries and 20,303,000 barrels at
bulk terminals,in transit and pipe lines. d Includes 28,841,000 barrels at refineries
and 19,906.000 barrels at bulk terminals, in transit and pipe lines.
Natural Gas Revenues Up Sharply in May
Revenues of natural gas utilities aggregated $27,207,000
in 'May, an increase of 13.2% from the figure of $24,031,600
reported for May 1934. This was the result of a marked
increase In consumption by domestic users, according to the
American Gas Association. Sales of natural gas for cooking, heating, refrigeration and other domestic purposes
totaled 24,302,800,000 cubic feet in May, an increase of 18.2%
over the figure reported for the same month in 1934. The
Association further reported:
Volume 141
Financial Chronicle
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
RATIO OF PRODUCTION TO CAPACITY
June
The month
The 12 months ended _ _ _
June
1935
1935
April
1935
March
1935
39.8%
27.1%
39.6%
27.7%
36.1%
27.7%
27.9%
27.9%
18.9%
28.0%
PRODUCTION. SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN JUNE 1934 AND 1935 (IN THOUSANDS
OF BARRELS)
June
Production
District
1934
Eastern Pa., N. J., and Md
New York and Maine
Ohio, western Pa., and W.Va...
Michigan
Wis., Ill., Ind. and Ky
Va.,Tenn., Ala., Ga.,Fla.,& La.
Eastern Mo.,Ia., Minn.& B. Dak
W.Mo., Neb., Kan.,Okla.& Ark.
Texas
Colo., Mont.. Utah, Wyo.& IdaCalifornia
Oregon and Washington
Total
July 13
1935 c
July 6
1935 d
July 14
1934
1935
1934 e
1929
Bitum. coal: a
Tot.for per'd 4,613,000 2,565.000 5,813,000 196,328,000 191,681,000 275.003,000
Daily aver__ 769,000 513,000 969,000 1,201,000 1,171,000 1,673,000
Pa. anthra.: b
Tot.for peed 635,000 711,000 798,000 29,991,000 33,960,000 37,313,000
Daily aver__ 105.800 142,200 132,700
184,600
209,000
229,600
Beehive coke: c
Tot.for per'd
10,200
13.200
483.900
7,700
614,800 3,638,900
Daily aver_
• 1,700
2,915
1,540
2,200
3,704
21.921
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised. e Adjusted to make comparable the number of working
days in the three years.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES (IN
THOUSANDS OF NET TONS)
(The current weekly estimates are based on railroad car loadings and river shipments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
Week Ended-
5.012
657
5,573
678
4
NWOOM.
,0
4,831
1,115
.
..
M
M
WN
.-•
.t.
.-,Cm
* -"WCZ....1a00 .4.47:
WWW.40!.200...WW-......AW0.-....-. OMM
Northern.c
11
..0.00NtOW
Utah
Virginia_ a
Washington
W.Va.--Southern.b_
01),
Texas
MG4
6,534
1,484
KARS38 and Missouri
Kentucky-Eastern_a
Western
Maryland
Michigan
Montana
New Mexico
North dr South Dakota
Ohio
Pennsylvania bituminous
Tennessee
004MONWOCUAMV=VM,
....,
-.0MC.C.
4
2,565
711
Iowa
•
298
62
25
41
322
67
5
2
20
18
11
107
525
45
V
Total bituminous
Pennsylvania anthracite_
Illinois
Indiana
d
184
25
34
d
442
197
35
59
526
117
18
1
22
21
10
290
1,546
75
18
19
172
21
1.285
411
43
2
OM=
WCW
Wyoming
Other Western States
13
99
16
625
56
67
•
2
171
22
52
I
620
209
41
100
590
110
26
4
41
23
20
301
1,865
74
13
33
196
18
1,500
403
99
*
1
92
10
27
V
Alaska
Alabama
Arkansas and Oklahoma..
Colorado
Georgia and North Caro_
03.01
July 6 June 29 June 22 July 7 July 8 July 6
1935p 1935 p 1935 p 1934r 1933r 1929
•
Stale
July
Avge.
1923
d
389
74
165
d
1,268
451
87
134
735
202
42
17
41
52
14
854
3,680
113
23
87
239
37
1,519
866
115
4
7,550 11;208
772 1.950
Grand total
327* 7098 5.946 5,689 6.251 8,322 13,158
a Coal taken from under Kentucky mountains through openings in Virginia is
credited to Virginia in the current reports for 1935, and the figures are therefore
not directly comparable with former years. b Includes operations on the N.& W
C. dz 0., Virginian, K.& M., B. C. dr G., and on B. dr G. in Kanawha, Mason and
Clay counties. c Rest of State, including Panhandle District and Grant. Mineral
and Tucker counties. d Included with other Western States. r Revised. p Preliminary. •Less than 1,000 tons
Production of Portland Cement During June Declined
0.9%-Shipments Off 10.7%
The Portland cement industry in June 1935 produced
8,730,000 barrels, shipped 7,624,000 barrels from the mills,
and had in stock at the end of the month 23,098,000 barrels,
according to figures released by the United States Bureau
of Mines in its monthly cement report. Production of
Portland cement in June 1935 showed a decrease of 0.9%
1935
iaa••15 at End
June
Shipments
1934
of Month
1935
1934
1935
4,337
1,596
2,945
1,631
2,623
1,494
2,911
1,406
595
405
1,177
480
4,142
1.821
2,878
2,038
3,035
1,715
2,878
1,803
651
564
1,323
450
1,900
749
972
579
1,172
446
868
876
377
182
800
92
1,681
587
955
551
1,092
953
007
725
275
262
583
139
1,763
691
875
601
1,096
587
907
619
339
187
754
122
1,469
581
807
495
878
793
840
523
313
174
569
179
8,813
8,730
8,541
7,624 21,600 23,096
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1934 AND 1935 (IN THOUSANDS OF
BARRELS)
Month
Production
1934
Calendar Year to Date
Veek Ended
May
1934
January
February
March
April
May
June
July
August
September
October
November
December
3,779
4,168
5,257
6,544
8,554
8,813
8,144
7,842
7,680
6,675
5,779
4,447
. 1935
3,202
3,053
4,299
8,136
8,222
3,730
____
---------____
Shipments
1934
1935
3,778
2,952
4,618
6,492
8,784
8,541
7,898
8,249
7,388
8,439
5,674
3,104
2,848
2.952
4,878
8,198
7,428
7,624
__-_
ehrsv at End of
Month
1934
co.4..4WNICAQ00..204.
Soft Coal Production Gains Almost 50%-Anthracite
Declines
The weekly coal report of the United States Bureau of
Mines states that production of soft coal during the week
ended July 13 is estimated at 4,613,000 net tons. The
average daily rate of output was approximately 50% higher
than in the holiday week preceding. Production during the
week in 1934 corresponding with that of July 13 amounted
to 5,813,000 tons.
Anthracite production in Pennsylvania during the week
ended July 13 is estimated at 635,000 net tons. This is
an actual decrease of 76,000 tons from the preceding week,
and indicates a decline in the daily rate of 36,400 tons, or
25.6%. Production during the second week in July 1934
amounted to 796,000 tons.
During the calendar year to July 13 1935 a total of 196,328,000 tons of bituminous coal and 29,991,000 net tons
of Pennsylvania anthracite were produced. This compares
with 191,681,000 tons of soft coal and 33,960.000 tons of
hard coal produced in the same period of 1934. The Bureau's
statement follows:
509
and shipments a decrease of 10.7%, as compared with
June 1934. Portland cement stocks at mills were 6.9%
higher than a year ago. The total production for the first
half of 1935 amounts to 33,642,000 barrels, compared with
37,115,000 barrels in the same period of 1934, and the total
shipments for the first half of 1935 amounts to 31,926,000
barrels, compared with 35,165,000 barrels in the same period
of 1934.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 164 plants at the close of
June 1935 and of 163 plants at the close of June 1934.
•
1 ww..mmwwwwww
.-
The largest increases occurred in the mid-continent area and on the
Pacific Coast. In Kansas and Oklahoma domestic sales of natural gas
averaged 30% higher in May, while in Texas the gain amounted to 25%.
Domestic sales of natural gas in California were also up 30% for the month.
This was doubtless the result in large part of the sub-normal temperatures
which prevailed in these sections during the month, resulting in substantially
increased usage of gas for incidental space-heating purposes. Other sections
of the country where the temperatures were more normal did not fare so
well, the domestic use of natural gas in New York State continuing to run
below the previous year, while in Pennsylvania the gain was moderate.
Revenues of companies distributing manufactured gas showed no appreciable gain during the month, the result of a continued decline in the use of
manufactured gas by domestic customers. Manufactured gas sales for cooking, water-heating, refrigeration, Zre., amounted to 19,923,000,000 cubic
feet in May, a decline of 1.7% from the figure reported for May 1934. The
decline was most pronounced in the New England States, which showed a
loss of 4% in revenues from domestic uses. In Pennsylvania and New
York the decline was more moderate, ranging frail 2 to 3%. Similar
declines were experienced in Illinois, Indiana and Michigan.
1935
21,847
21,899
21,289
21,219
221.991
23,098
Total
77,882
__
75,917
a Revised.
Note-The statist cs here given are compiled from reports for June received by
the Bureau of Mines from all manufacturing plants except two.
Production and Consumption of Tin in First Five
Months of 1935 Above Same Period Year Ago, International Tin Research & Development Council
Reports
The July "Bulletin" of the International Tin Research &
Development Council issued by The Hague Statistical Office
shows that the world production of tin in the first five months
of 1935 totaled 45,089 tons, an increase of 3,032 tons over the
production for the corresponding period of 1934. In an
announcement issued July 25 by the New York office of the
Council it was also stated:
The apparent world consumption of tin shows a 15% increase this year,
the figures for January to May being 56.243 tons in 1935 against 48,931
tons in 1934. During the year ended May 1935 many countries showed
considerable increases in consumption including Russia with an increase
of 15.1%. Canada 29.2%, Holland 25.0%, Japan 15.1%, India 15.5%.
and Sweden 17.2%. The consumption of the principal countries is shown
In the following table:
United States
United Kingdom
Germany
Prance
U. S S R
Other Countries
Apparent world consumption
Approximate world consumption in manufacture
Approximate depletion of consumers stocks
Year
ended
May
1935
Year
ended
May
1934
Percentage
increase
or
decrease
50,960
21,215
9,922
8,753
5,902
28,241
124,993
132,500
7.500
58,117
20,212
11,007
9,590
5,126
25,589
129,641
138,900
9.250
--12.3
+ 5.0
- 9.9
-- 8.7
-I-15.1
4-11.0
- 3.6
-- 4.6
The Stock Position
The visible stocks of tin at the end of June 1935 are reported at 15.301
tons, a decrease of 2,886 tons from the previous month. In comparison
with the annual averages for the past 12 years these stocks are at their
lowest level since 1926 but in relation to consumption they do not appear
excessively low being 12% of the present annual rate of consumption.
Invisible stocks in the United States have been reduced during 1933 and
1934 to approximately the same levels as were maintained from 1926 until
1928.
Consuming Industries
Continuous improvement is shown in the statistics of automobile outputs. In May 1935 the world output was 479,000 vehicles against 433.000
vehicles in May 1934, and in the year ended May 1935 it was 4,339,000
vehicles against 3,470,000 in the previous year, an increase of
25%•
The tinplate industry has also shown improvement, the world production in May 1935 being 318,000 tons against 292,000 tons in May 1934.
Financial Chronicle
510
The following figures are given for the exports of tinplate from the principal
producing countries during 1934:
387,772 tons
United Kingdom
184,299 tons
United States
132,402 tons
Germany
62,746 tons
France
30,022 tons
Italy
With the exception of Italy all the above countries show a decrease in
exports of tinplate this year.
Tin Consumption in Recent Months
The world's apparent consumption of tin in May 1935 was 12,222 tons
compared with 11,402 tons in the previous month and with 10,501 tons
in May 1934. The apparent consumption in the United States in may
1935 was 6,129 tons against 4,389 tons in May 1934; in the United Kingdom
1,406 tons against 1,582 tons: and in other countries 4,687 tons against
4.530 tons.
•
Business in Non-Ferrous Metals-Prime
Advances
Western Zinc
"Metal and Mineral Markets" in its issue of July 25 said
that demand for the major non-ferrous metals during the
last week was fair, with the price structure showing distinct
signs of becoming firmer. The feature in the market was an
active call for Prime Western zinc from galvanizers, resulting
in a moderate advance in the price. Copper gave a good
account of itself, in the light of recent heavy buying, and
virtually all producers agreed that the undertone was quite
firm. Foreign lead producers have approved a plan aimed at
regulating output to meet the demand and thereby strengthen
the market outside of the United States. Tin traders passed
through a wild week, so far as price changes in London were
concerned, with dissatisfaction over the control scheme increasing. Selling of silver abroad was more orderly, and the
open-market price remained unchanged throughout the week.
The publication further said:
Fair
Week's
Steady Call for Copper
In view of the heavy transactions in copper lathe preceding week,sales of
more than 4,000 tons in the domestic market in the seven days ended
July 24 were regarded as good in trade circles. Though wire mills report
moderate business in their products, other consumers, particularly the
brass industry, are doing better than expected for the mid-summer period.
Production is being held in check in all quarters, and the statistical position
ofcopper is said to be steadily improving, giving real stability to the market.
Business reported in the last week was at the unchanged price of 8c.,
Valley. The undertone was firm. Domestic sales reported to the Copper
Association from July 1 to July 22, incl., amounted to 66,843 tons.
The foreign market showed little net change for he week. The announcement made in London in the week previous, to the effect that the international agreement remains in full force, served to revive buying interest
and steady quotations. Japan continues a good purchaser of copper. Our
export quotation for July 24 was 7.525c., f.o.b. refinery, which compares
with 6.525c. a week previous.
Lead Price Firm
The volume oflead sales during the past week was fair, the total involved
being more than 3.600 tons. Consumption of lead for this time of year continues good, with indications that consumers are not yet covered against
their August requirements. A sudden spurt in buying, in the opinion of
some producers, might easily lead to an increase in price. The quotation
held at 4.15c. New York, the contract settling basis of the American
Smelting & Refining Co., and 4c. St. Louis. St. Joseph Lead again sold its
own brands in the East at a premium, but met the market on sales in the
West.
The statistics for June showed an increase in stocks of refined lead of
6,020 tons, but this had no influence on the market, as it was generally
recognized that business had suffered a setback in that month because of
the ending of NRA. The outlook is for average shipments of lead to consumers in the current month.
A conference of lead producers 'other than those of the United States)
In London reached an agreement not to increase production without due
notice to one another.
Zinc at 4.40c. Asked
Buyers of zinc absorbed more than 9,500 tons of the metal in the last
week, the activity Indicating confidence in the price structure as well as
improved trade in galvanized products. A report from Joplin stated that
the zinc concentrate quotation for the current week would advance $2 per
ton, which made sellers of zinc talk of even higher prices for the metal.
Until July 24 sales of Prime Western zinc were closed on the basis of 4.30c.
per pound, St. Louis. On July 24 business, however, sales were reported
at prices ranging from 4.30c. to 4.40c., with the top figure prevailing in
most quarters soon after the noon hour.
Tin Trade Excited
The sharp fluctuations in London prices caused wide confusion in the tin
market. On July 22, Standard tin in London, spot, advanced £9 per ton
on the first call, only to fall £8 10s. on the second call. The shortage in
spot tin has become so acute in London that operators here are about convinced that the control body is not set up to cope with the situation. At
first it appeared as if the "squeeze" in tin was aimed at the speculators, but
now consumers are fearful lest they be made to suffer too. To make the
matter even worse, the control group has ordered 1,200 tons of Straits
"Buffer Pool" tin now in New York to be shipped to London on the "American Banker," scheduled to sail July 26. Deliveries of tin In the United
States for July may exceed 5,000 tons, which, with tin actually being reexported, will make for a very tight situation here. Straits tin in New
York averaged a little higher in price than in the preceding week. Sales were
In moderate volume.
Chinese tin, 99%, was quoted nominally as follows: July 18, 51.45c.;
July 19, 51.525c.; July 20, 51.525c.; July 22, 51.75c.; July 23. 51.45c.;
July 24, 51.50c.
Steel Production Increases Three Points to 433.% of
Capacity
The "Iron Age" in its issue of July 25 stated that rising
three points above last week's rate to 433/2% of capacity,
steel ingot production has recovered all of the ground lost
since the middle of May. The increase is the third consecutive advance since Independence Day week and promises
to be followed by further gains. The "Age" further stated:
July 27 1935
A revival of buying by automobile makers, heavier orders from the
railroads, larger takings of tin plate, sustained farmer buying of implements and tractors, increased specifications from jobbing interests and a
rising demand from miscellaneous sources are among the factors which are
giving the Iron and steel market a degree of buoyancy that is remindful
of pre-depression times. Though purchasing is still predominantly at
close range, there is increasing interest in forward requirements, with
some buyers placing orders that would be ordinarily deferred until late
summer or early fall.
The unexpected staying power of retail demand for automobiles has
not only deferred the completion of old model runs but has expedited the
purchase of materials for new models. Assemblies this month will total
close to 275,000 units, and even August, which a few weeks ago was expected to be an exceedingly slim month, Is likely to make a good showing.
Chevrolet, still trying to keep abreast of demand, is scheduling 100,000
units for next month and will probably continue to produce 1935 cars
through most of September. Chrysler will build current models until late
in August.
The period of transition from present to new models is expected to be
unusually short. Ford's Rouge plant will shut down from the night of
July 26 to the morning of Aug. 12, when work on 1936 cars will be begun.
Several automobile manufacturers have placed round tonnages of sheets
for August delivery for use in new model production. Ford has closed for
35,000 tons of sheets and still has some 75,000 tons of steel to purchase.
No departures from current base prices have thus far been disclosed in connection with automotive purchases of steel, though certain deviations
from standard extras are reported. However, the matter of extras on flatrolled products was a subject of controversy among various mills even in
the code period.
On the whole, mill adherence to existing prices is extraordinarily rigid.
Among distributors price irregularities are more frequent. A concession
of $1.50 a ton from the ruling price on new billet reinforcing bars was
quoted by a distributor on an inquiry for the Ohio FERA. There were
two other bids below the established price, the smallest concession being
only 10c a ton.
Scrap continues to show growing strength. Heavy melting grade has
risen 25c a ton at Detroit and at Cleveland, and dealers in all districts are
holding their accumulations in anticipation of heavier demand and still higher prices in the fall.
Shipments and sales of pig iron have gained sharply. Deliveries by a
leading Lake furnace interest are running 50% ahead of last month.
Tin plate output has been lifted from 85 to 88% of capacity, but it is
considered questionable whether this rate can hold beyond the end of
July, when a seasonal drop Is considered inevitable.
Structural steel awards of 11,100 tons compare with 17,000 in the prevlous week. New projects total 9,200 tons. Probably the largest public
works inquiry for reinforcing bars in history will come up for bids at Los
Angeles Aug. 19, when the Metropolitan Water District of California will
receive tenders on 72.470 tons for delivery before July 1 1936, and on alternates of 104,640 tons for shipment prior to Jan. 1 1939.
The Missouri Pacific has bought 10,000 tons of rails and the Nickel Plate
has closed for 4,000 tons. Close to 25,000 tons of heavy rolled products
has been placed for the Chesapeake & Ohio freight cars, and part of the
10,000 tons required for the 500 subway cars recently ordered by the Board
of Transportation, New York, has been purchased.
Raw steel output has increased in most producing centers, rising five
Points to 40% at Pittsburgh, one point to 28% in the Philadelphia district,
five points to 46% In the Valleys, two points to 37% at Cleveland, five
Points to 38% at Buffalo and 10 points to 75% in the Wheeling area.
Operations are unchanged at 49% at Chicago, 95% at Detroit and 30%
in the South.
The "Iron Age" composite prices are unaltered, finished steel at 2.124c
a lb., pig iron at $17.84 a gross ton and steel scrap at $10.83 a gross ton.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based on steel bars, beams, tank plates.
July 23 1935, 2.124c. a Lb.
2.124c. wire, rails, black pipe, sheets and hot
One week ago
2.1240. rolled strips. These products make
One month ago
2.124o. 85% of the United States output.
One year ago
Low
High
2.124e. Jan. 8
2.1240. Jan. 8
1935
2.1990. Apr. 24
2.0080. Jan. 2
1934
2.0150. Oct. 3
1.8670. Apr. 18
1933
1.926c, Feb. 2
1.977c. Oct. 4
1932
2.0370. Jan. 13
1.945o. Dec. 29
1931
2.2730. Jan. 7
2.0180. Dec. 9
1930
2.3170. Apr. 2
2.273c, Oct. 29
1929
2.2860. Dec. 11
2.217o. July 17
1928
2.4020. Jan. 4
1927
2.2120. Nov. 1
P14 Iron
Based on average of basic iron at Valley
July 23 1935, $17.84 a Gross Ton
$17.84 furnace and foundry irons at Chicago,
One week ago
17.84 Philadelphia, Buffalo, Valley and
One month ago
17.90 Birmingham,
One year ago
High
Low
$17.90 Jan. 8
1935
817.83 May 14
17.90 May 1
16.90 Jan, 27
1934
16.90 Dec. 5
1933
13.56 Jan. 3
14.81 Jan. 5
1932
13.56 Dec. 6
15.90 Jan. 6
14.79 Dec. 15
1931
18.21 Jan. 7
15.90 Dec. 16
1930
18.71 May 14
1929
18.21 Dee. 17
18.69 Nov. 27
1928
17.04 July 24
19.71 Jan. 4
1927
17.54 Nov, 1
Steel Scrap
(Based on No. 1 heavy melting steel
July 23 1935, 610.83 a Gross Ton
810.831 quotations at Pittsburgh, Philadelphia
One week ago
10.711 and Chicago.
One month ago
10.421
One year ago
High
Low
$12.33 Jan. 8
1935
810.33 Apr. 23
13.00 Mar. 13
1934
9.50 Sept.25
12.25 Aug. 8
1933
6.75 Jan. 3
8.50 Jan. 12
1932
6.43 July 5
11.33 Jan. 6
1931
8.50 Dec. 29
15.00 Feb. 18
1930
11.25 Dec. 9
17.58 Jan, 29
1929
14.08 Dec. 3
16.50
Dec. 31
1928
13.08 July 2
15.25 Jan. 11
1927
13.08 Nov.22
The American Iron and Steel Institute on July 22 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 42.2%
of the capacity for the current week, compared with 39.9%
last week, 37.7% one month ago, and 27.7% one year ago.
This represents an increase of 2.3 points, or 5.8%,from the
estimate for the week of July 15. Weekly indicated rates
of steel operations since July 16 1934 follow:
Volume 141
19341934July 16
28.8% Oct. 29
July 23
27.7% Nov. 5
July 30
26.1% Nov. 12
Aug. 6
25.8% Nov. 19
Aug. 13
22.3% Nov. 26
Aug. 20
21.3% Dec. 3
Aug.27Dee.10
Sept. 4_,_18.44
0 Dec. 17
Sept. 10
20.9% Dec. 24
Sept.17
22.37: Dec. 31
Sept.24
24.2%
1935Oct. 1
23.2% Jan. 7
Oct. 8
23.6% Jan. 14
Oct. 15
22.8% Jan. 21
Oct. 22
23.9% Jan. 28
Financial Chronicle
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
39.2%
43.4%
47.5%
49.5%
52.5%
1935Feb. 4
Feb. 11
Feb. 18
Feb. 25
mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
52.8%
50.8%
49.1%
47.9%
48.2%
47.1%
46.8%
46.1%
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%
1935May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
42.8%
42.3%
39.5%
39.0%
38.3%
37.7%
32.8%
35.3%
39.9%
42.2%
"Steel" of C eveland, in its summary of the iron and steel
markets, on July 22 stated:
With the steel market featured by an Inquiry from the
Ford Motor Co.
for 90,000 to 140,000 tons, and one of the sharpest rises in scrap prices
this year, steel works operations last week advanced 5 points to
43%,
for a net gain of 12 points since the first week in July.
This means that steel works are operating at a higher rate than
the
average for June, which was 40.3%, and approaching that for May, 44%.
Steel makers see no indications of the customary
mid-summer slump.
A considerable portion of raw steel output to-day is for known
finished
steel requirements over the next several weeks.
Finished steel production also moved up. After some pause, following
the holiday week,full finished sheet output rose 11 points to 45%;common
black, 26 to 55; galvanized, 38 to 60. Strip steel mills were up
several
points to 31 and 34% for hot and cold-rolled, respectively.
Tin plate
advanced 15 to 80%.
Automobile assemblies for the week were practically unchanged
at
83,250. The Ford inquiry is the largest in the market for
automobile
material in several years, and is for completing 200,000
present models.
In an evident effort to develop competition makers are asked to bid
on
f.o.b. mill basis, also Pittsburgh base.
It was in this week a year ago that the majority of finished steel
prices,
after strong advances, settled back to the levels at which they
have remained ever since. Scrap at that time was near the same level as
to-day,
but heading downward. Whatever weakness has appeared in the
market
since the code was abolished has been limited to fabricated steel work.
Reinforcing bar fabricators have relinquished attempts at unification,
bidding practices now being left to various districts.
Buying is well diversified, as stocks are low. Actual requirements in
some consumer industries are holding up, in others tending to
improve.
Consumption offarm fencing, along with implement demand,is the
heaviest
in several years. Machine tool builders are figuring to an increasing
extent
in iron and steel shipments.
511
Shape awards for the week declined moderately to 16,500 tons, including
5.000 tons for the Tennessee Valley project, placed by lot, as all prices
were the same. For relocating 11 railroad bridges in the Muskingum,
Ohio, conservancy district 2.000 tons were awarded. Bids will
taken
within 30 days on 20,000 tons of steel, mainly plates, for a Navybe
drydock
at Honolulu. Continental Oil Co., Ponca City, Okla., is considering a
500-mile line from Wichita, Kan., to Denver, requiring 20,000 tons of
six-inch pipe.
Railroad purchases were heavier. A considerable portion of the 50.000
tons of steel for 5,125 Chesapeake & Ohio freight cars recently awarded
was allocated. Chicago Milwaukee St. Paul & Pacific purchased several
thousand tons of rails, with subsequent orders to bring the total to 11,000
tons; Illinois Central, 7,600 tons; Nickel Plate, 3,000 tons. Union Pacific
awarded 4.200 tons of tie plates.
Only a moderate amount of scrap buying was sufficient to lift prices
50 cents to 75 cents simultaneously in leading centers. Domestic fluorspar
prices are up 50 cents a ton. Pig iron shipments in the Ohio-IndianaMichigan district have increased.
Pittsburgh steel works operations last week advanced 4 Points to 38%;
Chicago, 63 to 49; Wheeling, 11 to 73; Buffalo 11 to 37; Birmingham,
1% to 31 Ji eastern Pennsylvania. 234 to 29: Yuongstown, 3 to 46. Cleveland was down 3 to 41; New England, 5 to 36; and Detroit unchanged at 94.
"Steel's" iron and steel price composite is up 2 cents to $32.42,influenced
by scrap; the finished steel composite remains $54; while the scrap index
has advanced 29 cents to $10.63, highest since March.
Steel ingot production for the entire country in the week
ended July 22 is placed at 42% of capacity, according to the
"Wall Street Journal" of July 24. This compares with 37%
in the previous week and 333% two weeks ago. The
"Journal" further added:
United States Steel is estimated at 38%, against 34% in the week before
and 32% two weeks ago. Leading independents are credited with 45%,
compared with 39% in the preceding week and 35% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1027
42
28
56
+5
___
___
31%
57%
9534
71
RR.%
+ %
+%
+ 34
+1%
4-1.4
U. S. Steel
38
+4
2714 - 35
+2
49
Not available
33
+2
+1
64
100
75
714
+1
+2
+24
IndependenSs
45
28
61
+6
-2
29% -1%
52
92
+1
68
+1
+1
65
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended July 24, as reported by
the Federal Reserve banks, was $2,467,000,000, a decrease
of $11,000,000 compared with the preceding week and an
increase of $6,000,000 compared wtih the corresponding week
in 1934. After noting these facts, the Federal Reserve Board
proceeds as follows:
On July 24, total Reserve
bank credit amounted to $2,460,000,000. a
decrease of $12.000,000 for the week. This decrease corresponds with
decreases of $34,000,000 in money
in circulation and 837,000.000 in nonmember deposits and other Federal Reserve accounts and
increases of
$8,000,000 in monetary gold stock and 82.000.000 in Treasury and
National
bank currency, offset in part
by increases of $48,000,000 in Treasury cash
and deposits with Federal Reserve banks and 821.000.000 in member
bank
reserve balances. Member bank reserve balances on July
24 were estimated to be approximately 32,340,000.000 in excess of legal
requirements.
Relatively small changes were reported in holdings of discounted
and
purchased bills and in industrial advances. An increase
of $22,000,000
in holdings of United States Treasury notes was offset
by a decrease of
$22,000,000 in Treasury bills.
Beginning with the week ended Oct. 31 1934, the Secretary of the Treasury made payments to three Federal Reserve banks in accordance with the provisions of Treasury
regulation issued pursuant to sub-section (3) of Section 13-B
of the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)," to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended July 24, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 544 and 545.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
July 24 1935, were as follows:
Increase (-I-) or Decrease (-)
Since
July 25 1934
Juin 24 1935 July 17 1935
Bills discounted
6.000,000 -1,000,000
Bills bought
5,000,000
u. S. Government securities
2 430.030,000
Industrial advances (not including
22,000,000 commitments-July 24) 28.000,000
Other Reserve bank credit
-9,000,000 -11,000,000
Total Reserve bank credit
Monetary gold stock
-15,000,000
-2,000,000
+28.000.000
-6.000,000
2 460,000.000 -12,000,000
+4,000.000
9.135,000,000
+8,000,000 +1.224,000,000
+2,000.000 +139,000,000
Treasury and National bank currency2,503,000,000
Money in circulation
5,496,000,000 -34.000,000
Member bank reserve balances
4,945,000,000 +21,000,000
Treasury cash and deposits with Federal Reserve banks
3 134,000.000 +48,000,000
Non-member deposits and other Federal Reserve accounts
523,000,000 -37,000,000
+205,000,000
+925.000.000
+162,000,000
+75,000,000
and
Chicago-Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance of
full statements of the member banks, which latter will not
be available until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned for
"account of out-of-town banks," as well as the amount
loaned "for account of others." On Oct. 24 1934 the statement was revised to show separately loans to brokers and
dealers in New York and outside New York, loans on securities to others, acceptances and commercial paper, loans
on real estate, and obligations full guaranteed both as to
principal and interest by the United States Government.
This new style, however, now shows only the loans to brokers
and dealers for their own account in New York and outside
of New York, it no longer being possible to get the amount
loaned to brokers and dealers "for account of out-of-town
banks" or "for the account of others," these last two items
now being included in the loans on securities to others. The
total of these brokers' loans made by the reporting member
banks in New York City "for own account," including the
amount loaned outside of New York City, stood at V80,000,000 on July 24 1935, a decrease of $20,000,000.
Returns of Member Banks in New York City
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
July 24 1935
July 17 1935
July 25 1934
Loans and investments-total
7,785,000,000 7.805,000.000 7,227,000,000
Loans on securities-total
1 628,000,000 1,650,000,000 1,690,000,000
To brokers and dealers:
In New York
Outside New York
To others
Accepts, and commercial paper bought
Loans on real estate
Other loans
822,000,000
58,000,000
748,000,000
841,000,000
59,000,000
7.50,000,000
783,000,000
55,000,000
852,000,000
141,000 000 134,000,000)
123,000,000 123,000,000}1,494,000,000
1,202.000,000 1.219,000,000)
U.S. Government direct obligations__ _3,330.000,000 3.327,000,000
2,918,000,000
Obligations fully guaranteed by United
States Government
336,000,000 323,000,000t1.125,000,000
Other securities
1 025,000,000 1,025,000,0001
Reserve with Federal Reserve Bank
_1,853,000,000 1,756,000,000 1,366,000,000
Cash in vault
42,000,000
42,000,000
38,000,000
Net demand deposits
7,668,000,000 7,591,000.000 6,209,000,000
Time deposits
571.000,000 584,000.000 678,000,000
Government deposits
244,000,000 245,000,000 704,000.000
Due from banks
96,000,000
96,000,000
82.000,000
Due to banks
1 893,000;000 1,913,000,000 1,645,000.000
Borrowings from Federal Reserve Bank_
Financial Chronicle
512
Chicago
July 24 1935
July 25 1934
July 17 1935
8
1,690,000,000 1,687,000,000 1,448,000,000
Loans on Investments—total
Loans on securities—total
193,000,000
194, 0,000
270,000,000
To brokers and dealers:
In New York
Outside New York
To others
1,000,000
27,000,000
165,000,000
1,000,000
28,000,000
165,000,000
19,000,000
36,000,000
215,000,000
20,000,000
15,000,000
244,000,000
18,000,0001
15,000.000 294,000,000
251.000,0001
Accepts, and commercial paper bought
Loans on real estate
Other loans
U. S. Government direct obligations_ _
879,000,000
Obligations fully guaranteed by United
82,000,000
I States Government
Other securities
257,000,000
868,060,000
Reserve with Federal Reserve Bank _._. 553,000,000
36,000,000
Cash In vault
566,000,000
36,000,000
583,000,000
81,000,0001 301,000,000
260,000,000
523,000,000
36,000,000
1,684,000,000 1,698,000,000 1,419,000,000
414,000,000 414,000,000 353,000,000
44,000,000
29,000,000
29,000,000
Net demand deposits
Time deposits
Government deposits
205,000,000
511,000,000
Due from banks
Due to banks
213,000,000
515,000,000
165,000,000
422,000,000
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thrusday,
simultaneously with the figures for the Reserve banks
themselves, and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business July 17:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on July 17 shows increases for the week
of $273,000,000 In holdings of United States Government securities, $75,000,000 in other loans and investments, $174,000,000 in Government
deposits and $38,000,000 in net demand deposits, and decreases of $145,000,000 In reserve balances with Federal Reserve banks and $16,000,000.
in time deposits.
Loans on securities to brokers and dealers in New York increased $21,000,000 at reporting member banks in the New York district and at all
reporting member banks; loans to brokers and dealers outside New York
declined $4,000,000, and loans on securities to others declined $2,000,000.
Holdings of acceptances and commercial paper bought in open market
declined $6,000,000 in the New York district and $4,000,000 at all reporting member banks; real estate loans declined $8,000,000, and "Other loans"
increased $26,000.000 in the New York district. $12,000,000 in the Boston
district and $48,000,000 at all reporting member banks.
Holdings of United States Government direct obligations increased in
all but one of the districts, the net increase at all reporting member banks
being $273,000,000. Holdings of obligations fully guranteed by the United
States Government increased $7.000,000 in the Dallas district and $18,000.000 at all reporting member banks. Holdings of other securities Increased $6,000,000.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,291,000,000 and net
demand, time and Government deposits of $1.510,000,000 on July 17.
compared with $1,280,000,000 and $1,480,000,000, respectively, on July 10.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included In the statement, together with changes for the week and the year ended July 17 1935, follows,
July 17 1935
Loans and investments—total_ _ _ 18,762,000,000
Increase (+) or Decrease (—)
Since
July 10 1935
July 18 1934
+348,000,000 +1,005,000.000
Loans and securities—total
3,034,000,000
+15,000,000
488,000,000
To brokers and dealers:
In New York
Outside New York
To others
881,000,000
164,000,000
1,989,000,000
+21,000,000
—4,000,000
—2,000,000
—81.000.000
—11,000,000
—396,000,000
297,000,000
950,000,000
3,224,000,000
—4,000,001
—8,000,000
+48.000,000
Accepts, and coin'l paper bought
Loans on real estate
Other loans
U. S. Govt. direct obligations_ _ 7,492.000.000
Obligations fully guaranteed by the
869,000,000
United States Government
2,896,000,000
Other securities
+273,000,000
Reserve with Fed. Res. banks__ _ _ 3,697,000,000
292,000,000
Cash in vault
—145,000,000
—14.000.000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
15,618,000,000
4,380,000,000
511,000,000
+32,000,000
+805,000,000
+18,000,0001 +858,000.000
+6,000.000J
+716,000,000
+57,000,000
+38,000,000 +2,921,000,000
—16,000,000 —130,000,000
+174,000,000 —842,000,000
1.860,000.000
4,444,000,000
—13,000,000
—87,000,000
+175.000,000
+561,000.000
3,000,000
+2.000.000
—2,000,000
World Lead Producers Reach Output Accord at London
Conference
The International Conference of lead producers, meeting
in London, ended its sessions on July 23 after having reached
an agreement not to increase lead production in countries
outside the United States without giving due notice to each
other. The London meeting followed preliminary discussions which were held in New York in June. Havas
advices from London on July 23 added the following regarding the conference:
It was stated that stocks on hand had showed substantial reductions.
July 27 1935
The conference meetings, begun in New York in June and continued
here during last week, were attended by representatives of the following
companies: Australian Producers of Lead,Consolidated Mining & Smelting
Co. of Canada, Burma Corp., American Metal Co., American Smelting
& Refining Co., and San Francisco Mines of Mexico.
The announcement issued after to-day's meeting indicated to the metal
trades that the international lead producing interests were well satisfied
with current statistical position for the commodity and that quota arrangements covering production will probably not be considered this year.
Foreign Copper Producers Ratify March Agreement
to Curtail Output
The principal copper-producing countries outside the
United States ended a conference at London on July 16,
after endorsing an agreement for restriction of output which
was reached last March when provision was made for holding a future meeting to consider the situation. It was also
officially stated that at the meeting on July 16 "various
matters concerning trade practices in the copper industry
outside the United States were discussed and a unanimous
conclusion was reached on every point."
Comparative Figures of Condition of Canadian Banks
In the following we compare with condition of the Canadian
banks for May 31 1935 with the figures for April 30 1935
and May 31 1934.
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA
Assets
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Total
May 31 1935 Apr. 30 1935 May 31 1934
8
6,146,020
9.176,257
$
6,647,485
9,186,912
$
39,619,417
9,543,512
15,322,277
15,834,397
49,162,931
1 197.890,923
197,890,923
207,183,453 1130,663,305
10,921
207,183,453
130,674,227
5,970,740
Notes of other banks
7,186,892
20,636,673
United States & other foreign currencies20,521,972
96,953,561 112,965,818
Cheques on other banks
Loans to other banks in Canada.secured,
including bills rediscounted
Deposits made with and balance due
3,487,846
from other banks in Canada
4,218,984
Due from banks and banking correspond22,482,923
ents in the United Kingdom
24,762,542
correspondDue from banks and banking
ents elsewhere than in Canada and the
93.801,730
United Kingdom
71,587,824
Dominion Government and Provincial
835,409.530 825,696,847
Government securities
Canadian municipal securities and British, foreign and colonial public securi129,523,672 135,685,693
ties other than Canadian
39,579,983
Railway and other bonds, debs. & stocks
39.026,220
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures
a
sufbonds and other securities of
81,981,322
ficient marketable value to cover
81,333,292
71,213,244
Elsewhere than in Canada
76,999,129
Other current loans 6: insets in Canada_ 824.125,882 823,135,281
147.811,034 144,330,881
Elsewhere
Loans to the Government of Canada_
26,872,840
Loans to Provincial Governments
29,648,152
Loans to cities, towns, municipalities
120,428,163 127,837,97C
and school districts
Non-current loans, estimated loss pro14.462,973
vided for
14.482,461
8,640,970
Real estate other than bank premises
7,994,682
5,523.362
Mortgages on real estate sold by bank
5,520,901
Bank premises at not more than cost,
76,707,574
less amounts Of any) written off
77.402,175
Liabilities of customers under letters of
52,963,808
credit as per contra
52,463,614
Deposits with the Minister of Finance
6,727,010
for the security of note circulation_ _
6,727,010
reserves
Deposit in the central gold
_
13.123,737
Shares of and loans to controlled cos
13,274,823
Other assets not included under the fore3,158,760
going heads
2,779,900
8,616,427
20,494,943
117,552,006
Total assets
4,134,705
16,715,699
66,864,596
646,060,592
140,996,554
43,006,515
103,409,514
121,722,901
874,716,290
138,372,088
31,183.157
131,120,284
13,857,028
7.676,361
6,066,382
78,264,386
50,975,045
6,516,039
16.631,732
13,410,527
2,007,718
2,914,800,855 2,928,601,061 2,840,208,748
—
Liabilities
122,447,222 121,419,937 127,348,127
Notes In circulation
Balance due to Dominion Govt. after de23,726,986
ducting adv. for credits, pay-lists, &c..
31,899,315
15,136,688
Advances under the Finance Act
38,444,000
32.452,983
Balance due to Provincial Governments_
32,132,068
37,059,966
Deposits by the public, payable on demand in Canada
561,208.233 581,864,422 532,528,434
Deposits by the public, payable after
1,446,488,415 1,451.711,330 1,367,515,700
notice or on a fixed day in Canada
Deposits elsewhere than in Canada
339,861.668 328.411,169 323,089,925
Loans from other banks in Canada,
secured, including bills rediscounted_.
Deposits made by and balances due to
other banks in Canada
11,609,998
15,304,639
13,615,062
Due to banks and banking correspond8,044.805
ents in the United Kingdom
5,261,791
6,615,320
Elsewhere than in Canada and the
24,279,787
United Kingdom..
24,591,081
24,805,397
886,159
Bills payable
813,594
726,140
52,963,808
Letters or credit outstanding
50.975,045
52,463,614
2,404.781
Liabilities not incl. under foregoing heads
2,401.393
2,387,502
2,946.422
Dividends declared and unpaid
2,446,759
1,846,854
132,750.000 132,750,000 132.500,000
Rest or reserve fund
145.500,000 145,500,000 144,500,000
Capital paid up
2,907,571.319 2.916 313 445v 521 751 021
Note—Owing to the omission of the cents in the off dal reports, the footings In
give..
totals
agree
with
the
the above do not exactly
Total liabilities
Fifth International Congress of Building Societies to
Be Held in Salzburg and Vienna, Austria, Sept. 1
to 5—Delegation of 50 to Represent United States
Approximately 50 representatives of the savings, building
and loan business of the United States will compose this
country's delegation to the Fifth International Congress of
Building Societies in Salzburg and Vienna, Austria, Sept. 1-5,
it was announced on July 25. The delegation will be headed
Volume 141
Financial Chronicle
by H. F. Cellarius, of Cincinnati, Secretary-Treasurer of the
United States Building and Loan League. An announcement
issued by the League stated:
Discussions at the international gathering which is the first of its type
to be held on the continent will compare methods of conducting the thrift
and home financing business against the various political and economic
backgrounds of European countries, monarchist England, Nazi Germany,
republican Austria and France, and the Balkan variations of these forms
of State. Government subsidies to housing and the efforts and results of
Individual enterprise in the field will come to the fore in the more general
discussions.
Along with the Congress, a meeting of sponsors of the professional educational systems of the home mortgage business of England and America will
be held, bringing together representatives of the American Savings, Building
and Loan Institute and the Building Societies Institute of the British. A
member of the American delegation will address this divisional meeting on
the purposes and activities of this country's building and loan educational
and research body.
Lloyd George's New Deal Program Rejected by British
Government—Says It Is Unsound Financially
The British Government on July 21 formally announced
its rejection of the "New Deal" recovery program submitted
by David Lloyd George, former Prime Minister. After
studying the plan for four months, the Cabinet declared that
it was vague, lacking in originality, and impractical, and
said that the Government's policies would produce better
results. Mr. Lloyd George thereupon announced on July 22
that he was organizizng local "councils of action" to enforce
his proposals in the next election. He said that "the most
notable feature" of the Government's statement of rejection
was its "boastful complacency," and said that the elections
would challenge the Government's assertion that it had
produced benefits more comprehensive and beneficial than
those he proposed.
The Government's statement was summarized as follows
in United Press advices from London, July 21:
Reciting the Government's accomplishments, the statement, a possible
platform for the coming Parliamentary elections, points to measures to
survey colonial resources and reorganize industry.
Flays "Prosperity Loan"
The feature of Mr. Lloyd George's plan—a £250,000,000 ($1,125,000,000)
"prosperity loan" to finance accelerated public works for two years—was
condemned as involving "serious financial dislocation and being deflationary
In effect."
In every field Mr. Lloyd George explored the Government insisted it
already has produced results better than his program could achieve.
It alleged the war-time Prime Minister's schemes would entail far-reaching changes in the British social and economic system.
The Government described progress toward recovery in Great Britain as
falling in three phases:
1. Up to the summer of 1932 the nation's finances were restored and
trade was revived by a system of cheap money.
2. A series of conversions headed by the war loan conversion of July 1932.
3. Consolidation and extension of gains thus won.
Doubted Employment Plan
Denying self-complacency, the Government doubted Mr. Lloyd George's
estimates of the number of re-employables. His contention that by raising
the school age by one year 300,000 would be removed from unemployment
rolls was disputed. The Government argued Mr. Lloyd George's plan for
settling 500,000 urban workers on the land would artificially increase the
price of foodstuffs and injure Great Britain's friendly relations with her
dominions and other countries from which she imports food.
It asserted the increase in home agricultural produce Mr. Lloyd George
envisaged would "invite disaster."
Dealing with his public works program the Government said in 15 years
it has spent nearly ,e200,000,000 ($1,000,000,000) on such enterprises.
Mr. Lloyd George offered, the Government said, "simply a scheme for
ignoring the Government's headway."
The Welsh statesman's scheme for a five-man super-Cabinet was rejected
"because it would tend to divorce policy from administration."
Great Britain to Abandon Principle of Naval Ratios
in Disarmament Discussions—"Wounded Pride"
of Some Nations Prompted Decision
The British Government has definitely decided to abandon
the principle of naval ratios in discussing armament restrictions, Sir Bolton M. Eyres-Monsell, First Lord of the Admiralty, revealed in a speech before the House of Commons
on July 23. Sir Bolton strongly defended the Washington
naval treaty of 1022, which first set up the ratio principle,
and said that Great Britain would use every means possible to perpetuate the benefits from that pact. He added,
however, that in the course of negotiations it had been discovered that it was necessary "to give up any idea of ratios
for the future, because some countries feel that it is very
wounding to their national pride to accept a naval strength
permanently inferior to that of some other power."
Sir Bolton's further remarks were described as follows
in a London dispatch of July 22 to the New York "Herald
Tribune":
Sir Bolton went on to explain that the British Government now was
working on a plan of asking each Power in turn what size navy it intended
to have in 1942.
Anglo-German Treaty Under Fire
"Having pooled these replies," he said, "if we can, by agreement, accommovarious
these
naval strengths in such a way as to provide adequate
date
defenses for each country—making it as a corollary exceedingly unlikely
for any country to attack any other with any chance of success—I think
we shall have achieved something of enormous and unparalleled advantage
to the taxpayers of all countries."
Before the First Lord delivered has speech, the Government's naval policy
and, particularly, the recent conclusion of the Anglo-German naval treaty
had come under fire from several members of Parliament.
513
George II. Hall, Laborite, who opened the debate, criticized severely the
manner in which the Government had entered into bilateral negotiations
with Germany immediately following its condemnation of German rearmament and the decision of the Stress conference to stick to multilateral action.
He also was indignant because the Government, on its own admission,
had revealed to Germany and other interested Powers its tentative naval
program after 1936, but had denied the same information to the Commons.
He asked whether the Government was afraid to let the British public
know the extent and cost of its plans and whether it had revived its claim
to 70 cruisers.
Conservatives Join Critics
The Labor spokesman's misgivings about the Anglo-German treaty were
echoed by such diverse members as the Liberal, David Lloyd George, and
the die-hard Conservatives, Winston Churchill and Colonel John Gretton.
Mr. Lloyd George particularly disapproved of the submarine clauses of the
treaty, and repeated his previous accusation that the Government had
refused to take up the German offer to support total abolition of submarines—an allegation which Sir Bolton subsequently strenuously denied.
In reply to these attacks, the First Lord pointed out that confidential
conversations had been going on with the chief naval Powers preparatory,
it was hoped, to a full-dress conference later in the year. If the substance
of these private talks should be disclosed it would be fatal, he said, to a
later agreement. Stressing the difficulties in the way of such an agreement, he said the conferees were confronted with something like a jig-saw
puzzle in which the pieces were continually altering in size, shape
and color.
"Until recently," he continued, "it has been almost impossible to get any
two pieces together. We felt that if we could only get two important
pieces together it would be a start toward getting the whole thing together.
For this reason, the Admiralty welcomed the proposal of Germany to fix
her navy forever at a point in relation to our own which we could view
without undue anxiety."
United States and Japan to Accept British Abandonment of Naval Ratios—Approval Expressed in
Tokyo—Washington Seeks New "Equality of Security Formula
The newly announced British policy of abandoning the
principal of naval ratios in future armament discussions was
accepted with approval in Japan and with satisfaction in
Washington, according to press advices on July 23. An-
nouncement of the British policy by Sir Bolton M. EyresMonsell, First Lord of the Admiralty, is noted elsewhere in
this issue of the "Chronicle". A dispatch to the New York
"Herald Tribune" July 23 from Tokyo said that officials of
both the Japanese Admiralty and the Foreign Office regarded it as evidence that the British were beginning to
recognize the justice of Japanese claims, and considered that
it offered some hope for the success of the naval conference
proposed for next year.
Another dispatch from Washington to the "Herald Tribune" July 23 said that the United States will follow Great
Britain in permitting the old form of the ratio system to
lapse, but will welcome limitation on another basis, according to authoritative announcements. This dispatch continued, in part:
The Administration through its State and Navy Departments is pursuing this four-point policy:
Accepting as a fact the impossibility of winning Japan to an extension
of the Washington and London naval treaties on the old basis.
Leaving to London the initiative both in working out a new restriction
formula which might be mutually acceptable, and in calling further naval
discussions or formal conference. The British proposal of agreed-upon
unilateral declarations of navy building prograrrs would be an acceptable
vehicle for efforts at an international understanding.
Advancing as an objective the principal of "equality of security" as a
foundation for a formula, but snaking clear that this does not mean the
tonnage parity which Japan, now on the short end of a 10-10-6.6 ratio.
has demanded. Any very substantial increase of Japan's relative tonnage,
strength through any formula would be resisted.
Opposing any general increases above present treaty-allotted tonnages
and maintaining as an initial unilateral plan an American building program which, even in the first five years after the expiration of the Washington and London pacts Dec. 31, 1936. would not carry the Navy beyond
present treaty allowances. This, of course, would be subject to change,
depending upon the intentions of Britain and Japan.
Washington Not Surprised
Particular pains were taken in official quarters to remove any idea that
the Administration was astonished or dismayed by the remarks of Sir
Bolton M. Eyres Monsell,first Lord of the Admiralty, who told the House
of Commons yesterday that Britain was abandoning the ratio system.
He proposed as a substitute the idea of National declarations of building
programs which, by pre-arranged international understanding, would provide restriction.
Travelers Bank in Paris Declared in Bankruptcy—
Neidecker Brothers Detained in United States at
Request of French Police—Charges Denied
Police authorities in New York and other American cities
co-operated this week with requests from France for an investigation into the departure from France for this country
of Bertrand Coles Neidecker, Manager of the Travelers
Bank in Paris, which closed its doors on July 17. On July
23 the New York police took Mr. Neidecker into custody
and questioned him about the affairs of the bank at the request of the French police who said that he was a "fugitive"
from France. Mr. Neidecker denied that there was any
criminal action in connection with the closing of the bank
and said that he had come to the United States to await an
official examination of the affairs of the institution.
Mr.Neidecker's two brothers, Aubrey and George William
Neidecker, were arrested when they left a ship at Norfolk.
Va., on July 24, and were held temporarily on charges of
breach of confidence in connection with the closing of the
Paris bank. They denied that they were fleeing France,
and said that the charges against them were without foundation.
514
Financial Chronicle
The Paris Tribunal of Commerce on July 24 entered a
routine decree declaring that the bank was bankrupt.
The New York Stock Exchange on July 23 issued the
following announcement:
In order to correct a misapprehension which has apparently prevailed,
the Committee on Public Relations of the New York Stock Exchange
stated to-day that the Travelers Bank of Paris is not and has never been a
member of the Exchange or a branch office of any member firm.
The New York "Times" of July 24 described Mr. B. C.
Neidecker's examination by the police in part as follows:
He answered questions with apparent assurance. He said the reported
loss of $6,000,000 in his Paris bank had been exaggerated—it would probably be less than $250,000. He explained that his affairs had become
entangled in the past seven months while he was recovering in a hospital
from injuries received in an explosion on his yacht in the Mediterranean.
Acting on the advice of his lawyers in Paris, he said, he had come to
America to await a French official examination of the situation and to learn
what he would have to deal with. He said he hoped it would be possible
for him to return and straighten everything out. There might be civil
suits for losses, he said, but he was sure there could be no charge of criminal
misconduct.
The French Government on July 24 asked the Department of State to detain the Neidecker brothers pending their
extradition to France. The formal request was made in a
note from the French Embassy to Secretary of State Hull.
On the same day (July 24) Justice Edward R. Koch in the
New York Supreme Court signed an order, returnable July
31, tying up the Neidecker assets in this city. The New
York `Herald Tribune" described this order as follows on
July 25:
.soe;=,a
The court order will tie up about $120,000 deposited In Isew York banks,
the Attorney General disclosed. In the offices of his attorneys, the Coudert Brothers, 2 Rector Street, yesterday afternoon. B. C. Neidecker said
his Paris bank never had had more than 400,000 francs (about $26,600) on
deposit at any time during the last twelve months nor had it more than
forty or fifty clients. He said it was a family bank, operated for families
and friends.
French Foreign Trade for First Half Year Shows
Sharp Decline—Adverse Trade Balance Lower,
However
French foreign trade during the first half of 1935 showed
a sharp decline from the corresponding period last year,
according to official statistics published on July 17. Exports for the period amounted to 8,813,981,000 francs and
imports totaled 12,591,766,000 francs, but the deficit of
3,777,785,000 francs was only about half the adverse balance
In 1933, which was the worst trade year from the point of
balancing accounts. United Press Paris advices of July 17
gave further figures on the French trade situation as
follows:
June trade figures showed an adverse balance of 440,994,000 francs
($29,237,903). Imports for the month were 1,676,572,000 francs ($111,156,724), and exports 1,235,578,000 francs ($81,918,821). June exports
were the lowest in history, being 45,000,0000 francs under the previous
low made in March 1935.
In 1933 the trade deficit approximated 10,000,000,000 francs ($663,000,000). On present figures the 1935 deficit is expected to reach 5,000,000,000 francs.
It was expected that the 1935 deficit would hit hard the French gold
reserves because the adverse balance comes at a time when the Laval Government is conducting a sharp deflation drive with a view of balancing
the budget.
Advocates of devaluation of the franc were expected to capitalize on the
giant deficit as new arguments in their campaign to get France off gold.
The Government, however, asserts that its deflation policy will win in the
race against trade decline by cheapening costs of production, restoring confidence in the franc, and thus hastening general stabilization of currencies,
which in turn would lead to removal of trade barriers.
German Export and Import Clearing Co. Formed in
New York to Facilitate German-American and
Other Trade
The formation of the German Export and Import Co.,
with offices at 665 Fifth Avenue in New York City, for the
purpose of simplifying export and import trade with Germany, was announced on July 25. The concern is affiliated
with the German Travel Funds Co. at the same address.
The new company, organization papers for which were filed
with the State on July 24, and which was prompted by the
increasing demand of American raw material exporters to
receive dollars in payment of their merchandise, made public
on July 25 the following statement of its purposes:
Unlike many other countries trading with Germany, the nature of this
country's trade relationship has made an official clearing agreement not
feasible.
Germany is in need of raw materials of which this country is one of the
largest suppliers, such as cotton, oil, etc. It is not in a position to pay for
these imports in American money or any other currency freely convertible,
and accounts have recently been created called the Auslander-Sonderkonten
fur Inlandszahlungen, Foreigners' Special Accounts for Inland Payments,
commonly known as "Aski."
The marks paid into these accounts, briefly called "Aski Marks," represent the proceeds of American raw material exports and may be used by the
American importers of certain German products to pay the invoices of
their German suppliers after a permit has been obtained from the competent German authorities.
The American importer can now, through the German Export and Import Clearing Co., cover his mark requirements by arranging for the purchase of Ask! Marks at the rate of about 30 cents per mark, at present,
compared to the free rate of about 40.30 cents per mark.
The advantages of this scheme are as follows: American exporters sell
their merchandise and retain their German markets; Germany obtains
much needed raw materials without further depleting its small foreign ex-
July 27 1935
change holdings; American importers of German goods purchase the marks
at about 25% less than the quotation for free marks.
Without any central official clearing agency the various importers and
exporters of German goods have had difficulty in contacting each other. In
order to bring these groups together the German Export and Import Clearing Co. has been formed to advise and assist those interested in securing
the necessary permits.
It is felt in banking circles as well as in the cotton trade that this company will fill a much-needed want in helping to solve this most difficult
problem of trade with Germany under present foreign exchange restrictions.
Unless ways and means are found to retain the German market for Amer-ican cotton, it is the opinion of banking people that the South will suffer
greatly from the loss of this important foreign market.
German Funding Debt Reputedly at Unexpectedly
High Level—Magazine Article Says Indebtedness
Rose 1,100,000,000 Marks in Three Months
Germany's floating debt has increased 1,100,000,000 marks
between March 31 and June 30 of this year, according to an
article in the weekly "Deutscher Volkswirt" on July 22,
which revealed the existence of a huge public debt not
included in official statistics, and urged that a drastic
economy program be instituted to restore the financial
equilibrium of Germany. The article was said to have
been inspired by Dr. Hjalmar Schacht, President of the
Relchsbank. United Press advices from Berlin on July 22
gave further extracts from the article as follows:
The article said the Reich's debt had increased 1,100,000,000 marks
($443,300,000) between March 31 and June 30. It declared that while
official statistics show total indebtedness of the Reich at 12,400,000,000
marks ($4,997,200,000), of which 2,700,000,000 ($1,088,100,000) constitutes
the short-term domestic debt, the actual short-term indebtedness amounts
to 8,000,000,000 marks ($3,224,000,000), bringing total debts to about
18,000,000,000 marks ($7,254,000,000).
This was the first public admission in Germany of the "unofficial" floating debt, although this matter has been discussed abroad for some time.
Bank of Italy Allocates 500,000,000 Lire from Gold
Reserve to Meet Foreign Obligations
The Bank of Italy was offficially authorized on July 23 to
allocate 500,000,000 lire from its gold reserve for use in
meeting foreign obligations. This announcement followed a
decree releasing the Bank from the obligation to maintain a
40% gold backing for its notes, as recorded elsewhere in
this issue of the "Chronicle." Officials denied that the new
gold decree means currency devaluation and said that Italy
intends to retain the gold standard, United Press advices
from Rome July 23 added the following comment:
Nothing in to-day's banking operations indicated anything abnormal had
happened. The stock market wasfirm and the decree did not cause unusual
activity.
Allocation of 500,000,000 lire was designed to meet payments abroad
which have been accumulating for sometime. It was not expected to greatly
affect the financial situation or the stability of the lire owing to the small
um involved compared with currency in circulation.
Italian Decree Suspends 40% Gold Coverage for Notes
—Heavy Military Expenditures Deemed Responsible
for Order
The Italian Government announced on July 22 that it had
decided temporarily to suspend the requirement of 40% gold
coverage of the note issue of Dec. 21 1927, under the decree
which stabilized the lira at 92.76 to the pound sterling. A
decree in the official gazette said that in view of the necessity and urgency of procuring means of making foreign payments of exceptional character the observance of the first
paragraph of Article IV of the royal decree of Dec. 21 1927,
providing for gold coverage, is temporarily suspended. This
announcement coincided with Italy's large expenditures in
connection with its campaign against Ethiopia. Italy's gold
coverage has declined sharply in recent weeks.
A cable to the New York "Times" from Rome on July 22
commented on the new decree as follows:
Commenting on the above decree, a financial expert pointed out this
evening that the "outflow of gold, which previously has been arrested by
various measures obliging Italian holders of foreign exchange to hand over
their holdings to the Bank of Italy, again became manifest in the bank's
return of June 20. At this date gold holdings of the Bank of Italy were
5,677,000,000 lire against 5,829,000,000 lire on June 10."
Lost Technically Made Good
"This loss of gold was technically made good by a corresponding increase
of foreign exchange holdings, which rose from 54,000,000 to 207,000,000
lire," he said. "The same kind of substitution of gold by foreign exchange
was in a lesser degree visible in two subsequent bank returns.
"Obviously the Bank of Italy has been meeting demands to cover Italian
Import requirements by selling gold and has replaced the gold by buying
up the credits abroad of Italian exporters, thereby maintaining the total
of cover. Further possibilities on these lines are, however, limited, and
the Government therefore decided to ease the situation of the bank by
lowering the proportion of gold cover to its total liabilities." •
The decision of the Government is entirely contrary to the official policy
of maintaining the high nominal value of the lira which has been pursued
during the last few years ever since Premier Mussolini's famous speech
when he said Italy would defend the lira and maintain its value, if necessary, with blood.
Situation Held Serious
It is considered here that the new decree, combined with recent war-like
utterances given by Premier Mussolini in French newspapers, implies that
the situation is extremely serious and that Italy is determined to go to the
end whatever the cost may be to the country. For some time Italy has
been only nominally on gold, in as much as exports of Italian currency
have been strictly controlled on the German model.
In the past four years the Italian budget has amounted to some $1,200,000,000 at current rate. It is estimated the deficit for the year 1935-1936
Volume 141
Financial Chronicle
Is about $170,000,000, but the cost of military preparations in connection
with the Ethiopian dispute is expected to swell this considerably.
Italy Expresses Willingness to Arbitrate Differences
with Ethiopia—Telegram to League Blames Ethiopia for Previous Breakdown of Negotiations—
President Roosevelt Asks Legislation Providing
U. S. Neutrality in Event of War—Great Britain
Backs United States in Support of Kellogg Pact
Hopes of avoiding armed conflict between Italy and
Ethiopia were brighter late this week, after Italy on July 25
telegraphed to the League of Nations, expressing willingness to seek a settlement of her dispute with Ethiopia by
arbitration. The telegram to the League blamed Ethiopia
for the collapse of previous arbitration efforts, which were
summarized in the "Chronicle" of July 20, page 352. The
Italian message said that previous arbitration was interrupted "because of the fact that the Ethiopian Government
advanced at Scheveningen its claims for discussion before
the corrunission of subjects excluded by the arbitration agreement."
Yesterday (July 26) the League Secretariat telegraphed
members of the Council that the session to consider the
Ethiopian dispute would open either July 31 or Aug. 1.
The Council will be convoked on the basis of the resolution
of May 25, as Italy had wished, instead of on the basis of
Ethiopia's appeal for an immediate meeting. In this connection United Press advices of July 26 from Geneva said:
The May 25 resolution dealt solely with the submission of frontier
incidents to arbitration. It provided the Council would convene if the
four arbitrators were unable to agree by July 25. Consequently, convocation on this basis may facilitate Italy's plan to restrict the Council's work
and prolong arbitral procedure,instead ofintervening directly in the dispute.
That would give Italy another month to complete her military preparations before the Council intervened again. If the Council were convoked
on the basis ofthe Ethiopian appeal,it might prove difficult to keep Ethiopia
from asking for complete League intervention.
President Roosevelt recognized the danger of war when
on July 24 he added to the Congressional program legislation which would affirm the neutrality status of the United
States in the event of conflict between other nations, although he said that he would not urge the enactment of
the legislation at this session of Congress if prospective debate threatened to prolong the session unduly. A Washington dispatch of July 24 to the New York "Times" added in
that connection:
The President signified his endorsement of such legislation at a press
conference in response to a question whether he desired such a step at this
time. Further questioning failed, however, to elicit a definite picture
as to the views held by the President on such legislation.
When asked whether he preferred to have it mandatory in nature or of
a character that would grant him discretionary powers in the event of
emergencies caused by wars between other countries, he replied that the
subject was so long and involved that it would hardly bear discussion at
the conference.
He added, with a smile, that some of the factors should be discretionary
and that some need not be
discretionary.
Leaders Seek Instructions
Senate leaders made it plain soon afterward that they would not prolong the session for neutrality legislation unless specifically ordered to do
so by the President, himself. On the other hand, they expressed hope of
acting on legislation of this character before the end of the session. but In
doing so, they put up to the Administration the whole matter as to what
they would consider.
Senator Key Pittman. Chairman of the Senate Foreign Relations Committee, said no step would be taken until the State Department had indicated how far it wanted to go at this session toward revising our neutrality
policies.
Sir Samuel Hoare, British Foreign Secretary, told the
House of Commons on July 24 that he had expressed to Robert W. Bingham, the American Ambassador, "the satisfaction of His Majesty's Government with the recent utterances" of Secretary of State Hull "concerning obligations
devolving on all signatories of the Kellogg pact" outlawing
war. Associated Press advices from London July 24 added
the following:
Queried as to Great Britain's attitude toward the dispute between Italy
and Ethiopia, the Foreign Secretary replied: "His Majesty's Government
will always be ready to co-operate with the United States Government
In seeking to preserve peace."
Information that Premier Benito Mussolini intends to send 500,000
troops into East Africa for possible use against Ethiopia was said to-night
by an authoritative British source to be in the hands of several foreign
governments. In giving out this information, the source concerned said
Italy intended to move into her East African colonies within the next six
weeks sufficient additional troops to make up the total mentioned before
the rainy season ends.
Will Demand League Act
The British Government meanwhile appeared to be making every effort
to avert hostilities. It was understood Britain would attempt to force the
Council meeting of the League of Nations at Geneva next week to take a
definite stand against the brewing war. British statesmen were represented
as determined the League should not "legalize" a war through half measures
or no action at all.
The Ethiopian Government was said to be endeavoring to arrange credits
In London with which to pay for war material, although it was asserted
there has been no move here to obtain an official loan. Well informed
sources said thus far the Ethipians had achieved no success whatever,
trading concerns refusing credit and demanding cash and banking interests
refusing both credit and cash.
It was announced the Cabinet would make no decision on arms exports
until shortly before Captain Anthony Eden, Minister for League of Nations Affairs, goes to Geneva next week.
The National Council of Labor, composed of the Labor party, the Laborites in the House and the Trades Union Congress, suggested to-day that
the League send neutral observers to the Ethiopian border.
515
Italian Commercial Counselor Attributes Recent Declines in Italian Bonds to "Speculative Manipula-
tions"
Recent declines in Italian bonds listed on the New York
Stock Exchange can "only be justified by speculative manipulations," Dr. Romolo Angelone, Commercial Counselor of
the Italian Embassy at Washington, said in a statement
made public July 25 shortly after his return to this country
from a brief visit to Italy. "A disinterested examination of
the economic and financial situation of Italy," he said,
"confirms how utterly unjustified are present levels." His
statement continued in part:
Italy has a perfectly clean slate in her credit standing and has always
kept up most meticulously her foreign obligations.
The measures adopted yesterday in suspending the reserve requirements
were intended to clear up immediately the short term debts situation.
In this connection it is to be observed that the total amount of Italy's
short term credit is larger than the short term debts, the difficulty being
caused by the slow collection of the credits.
The basic characteristic of Italy's debt situation is the fact that virtually
all of the nation's obligations are of an internal character, so that her
foreign debt is in an unusually strong technical and factual condition.
Cuban Imports of United States Goods Show Sharp
Gains Since Adoption of Reciprocal Trade Agreement—Machinery Sales Impressive
The reciprocal trade agreement between the United States
and Cuba that became effective last September has produced
marked benefits in commerce between the two countries,
according to a report by the American Chamber of Commerce in Cuba, which was made public by the State Department at Washington on July 19. The report, Which covered
the months the pact has been effective, was based on a comparison, during equal periods, of business conditions in Cuba
and the increase or decrease in importations of goods from
the United States. Members of the Chamber almost without
exception attributed the general improvement in business
to the agreement. The report was summarized as follows
In a Washington dispatch of July 19 to the New York
"Times":
Machinery and general machinery supply dealers reported that in the
nine months beginning with September 1934, as compared with the preceding
nine months before the trade agreement became effective, purchases of
supplies from the United States increased from 14.17% up to 100%.
Purchases of electrical machinery, supplies and household appliances from
the United States were from 45 to 85% higher, while those of agricultural
machinery and implements from the United States rose 558%.
Steel product purchases from the United States rose 47%.
The sale of American automobiles in Cuba increased 94%. Purchases in
the United States of rubber products, such as tires and tubes, increased
between 26 and 40%.
Purchases of foodstuffs from the United States, including lard, canned
foods, salt pickled pork, fats, flour and rice, increased variously from
120 to 300%. Purchases of cement from the United States increased 400%.
Department stores reported that their imports from the United States
of general merchandise showed a 50% increase. Photographic supplies
bought in the United States rose 53%, pharmaceutical supplies 10 to 30%,
shoe machinery supplies 86%, and petroleum products 37.38%; materials
and supplies for repairs and construction, 348%.
Filipino-American Trade Conference to Be Held in
Manila in September—Commissioners Will Survey
Problems Arising Out of Independence
The Department of State announced on July 21 that a
conference on Filipino-American trade relations will be held
in Manila in September. The meeting will consider problems of importance in American internal and in international
affairs. Francis B. Sayre, Assistant Secretary of State, said
that Ben B. Doreman and Frank A. Waring, economic analysts of the Tariff Commission, will sail for Manila early in
August, and that they will be joined' there by J. Bartlett
Richards, Trade Commissioner in the islands. The Commission will immediately begin a joint study with a similar
Filipino group of basic trade relationships. It may require
six months to complete the survey. An Associated Press
Washington dispatch of July 21 discussed the problems confronting the conference as follows:
The treatment to be accorded Filipino products entering this country
after the Commonwealth Government is inaugurated this fall—and after
independence 10 years hence—has already been made difficult. Farm
interests openly backed independence so that island imports competing with
domestic farm products—now admitted without any tariff—would be forced
to pay duties equivalent to those paid by other foreign products.
Also, Japanese competition, especially in cotton goods, has made such
inroads into American sales that the Philippine Legislature has considered
raising a tariff wall against Japanese textiles.
Since Japan is the greatest purchaser of American raw cotton, some
experts believed any tariff restrictions might have a detrimental effect on
Japanese cotton purchases here and create a reaction.
American sugar interests are also interested in the treatment to be
accorded Filipino sugar. The Philippines now have a quota of all American
sugar imports and sell practically their entire production here.
The Philippines in 1934 imported goods valued at $83,000,000, of which
$54,000,000, or 66%, were imported from the United States. Exports from
the Philippines totaled $110,000,000, of which $92,000,000, or 84%, were
sold in the United States.
During 1934 Japan sold in the Philippines goods valued at $20,700,000,
of which approximately one-half was cotton goods, as against sales of
$11,300,000 in 1933.
The Philippines formerly purchased between 60 and 70% of their
textiles from the United States, but Japan's drive for new markets has cut
Into American sales until now Japan is chief supplier of the island's cotton
goods.
516
Financial Chronicle
Haiti Resumes Control of Official Bank—President
Vincent Takes Over Institution from National City
Bank of New York
President Stenio Vincent of Haiti on July 9 officially took
over from Walter T. Voorhies the Banque Nationale d'Haiti,
Which had been owned by the National City Bank of New
York since 1922, and thus began the first banking venture
for the Haitian Government in approximately 50 years. A
dispatch from Port au Prince to the New York "Times"
of July 9 described the ceremony as follows:
The Haitian Government yesterday made $1,000,000 payment for the
banking property. Simultaneously, the National City Bank declared in
New York a liquidating dividend of more than $1,000,000, representing
surplus and undivided profits. The bank's capital was reduced from
$2,000,000 to $1,000,000.
The transfer to-day was attended by ceremonies lasting more than an
hour, with speeches by Mr. Voorhies, the Foreign and Finance Minister and
Sidney de la Rue, American financial adviser to the Haitian Government.
Purchase and transfer of the bank is one of President Vincent's steps in
his program to free the Republic from American domination.
Argentina Establishes Censorship on Outgoing News—
Decree Provides that Newspapers and Press
Agencies Must Post Bonds to Insure Compliance
with New Regulations
The Argentine Ministry of Interior on July 19 published
a decree signed by President Justo placing all newspaper
correspondents and press agencies under virtual censorship
and providing for the posting of heavy cash bonds and the
strict control of all outgoing news by the Post Office Department. The new regulations were based, it is stated, on
alleged false dispatches discrediting Argentina abroad. The
decree provided for the registration of all news agencies
and newspaper correspondents, with minimum bonds of
5,000 pesos and maximum of 50,000 pesos as a guarantee of
compliance with the regulations.
The decree was widely protested, both by foreign press
associations and newspapers, and by leading Argentine
newspapers as well. Some American papers threatened to
withdraw their correspondents from Argentina.
United Press advices of July 19 from Buenos Aires gave
additional details of the order as follows:
All dispatches in any form must be authorized by the signature of the
local director of a news agency or his registered assistant. Copies of all
dispatches received or sent must be filed in a special register authorized
by the Post Office. Directors of news agencies will be held personally
responsible for judicial consequences from damage resulting from any dispatches, besides being subject to the corresponding penal regulations.
The Post Office will supervise fulfilment of the decree and will adopt
methods for control of the agencies and correspondents, which may be
closed down temporarily or definitely by the Ministry of Interior, at the
request of the Post Office.
Any employee of a news agency or any correspondent violating the decree
or sending false news tending to perturb public order or opinion, or
discredit the country, may be eliminated from the authorized list.
In case an agency is closed by the Ministry of Interior or a correspondent
has been taken off the authorized list, new inscription may not be sought
until one year after the closure or elimination is effective.
City of Montevideo (Uruguay) to Convert Two Issues
of Bonds
The City of Montevideo, Republic of Uruguay, has decided
to call for conversion into Bonos de Deuda Interne de Conversion, 1935, of Uruguayan gold pesos, both its municipal
external debt of 1922 and its bonds of the City of Montevideo, Emprestito Rambla Sur, series A, of 1926, according
to announcement being made this week by the ConsulateGeneral of Uruguay.
July 27 1935
trading floor the bankers inspected the Governing Committee
Room, the Quotation Department, the Stock Clearing Corporation and other parts of the Exchange Building.
The group were the guests of the Exchange at a luncheon
in the Exchange Luncheon Club, at which Charles R. Gay,
President of the Exchange, presided.
Governors of New York Stock Exchange Vote for New
Personnel Committee—Would Have Jurisdiction
Over All Employees
At a meeting held July 24 the Governing Committee of
the New York Stock Exchange adopted an amendment to
the Constitution of the Exchange providing for the creation
of a new standing committee to be known as the Committee
on Management and Personnel, which will have jurisdiction
over all employees of the Exchange. The amendment will
be submitted to the members in accordance with Article
XXV of the Constitution, and, if not disapproved, will
become effective on Aug. 7, the Exchange said.
The duties and powers of the new committee are defined
in the amendment, as follows:
renth—A Committee on Management and Personnel, to consist of not
less than six such members and persons, of whom the Treasurer shall be
one. Such Committee shall appoint, dismiss and determine the number.
duty and pay of all persons employed by the Exchange, except officers of
the Exchange and appointees of the Governing Committee. It shall also
have jurisdiction over such group insurance, disability benefit or retirement
Pension plans as mayfrom time to time be in force with respect to employees
of the Exchange.
The following is also from an announcement issued by the
Exchange:
The Committee on Management and Personnel will centralize in one
committee the authority over Exchange employees which has heretofore
been delegated by the Governing Committee to various standing committees, as to employees coming within their respective jurisdictions, and
to the Special Committee on Wages, which it is expected will dissolve after
the creation of the new committee. A survey is being conducted for the
new committee of possible economies through consolidation of departments,
elimination of dupllcate records, and better coordination of departmental
work. At the present time there are 1,385 employees of the Exchange who
will be under the jurisdiction of the new committee. It is expected that
the affiliated companies of the Exchange will also transfer jurisdiction over
their 850 employees to the committee.
Several Changes Announced in Personnel of New York
Stock Exchange Subsidiary
The 39 Broad Street Corporation, a subsidiary of the
New York Stock Exchange, reported July 24 to the Governing Committee of the Exchange, that at a regular meeting of
the Board of Directors of said Corporation, held on July 15,
the following actions affecting the officers and directors were
taken:
The resignation of A. Varick Stout, Jr., as a member of the Board of
Directors, as a member of the Executive Committee, and as Treasurer of
the Company, was accepted.
Benjamin H. Brinton was elected a Director and a member of the Executive Committee to serve until the next annual election.
The resignation of George P. Smith as Assistant Treasurer was accepted.
George P. Smith and Edward E. Bartlett, Jr., were elected Treasurer
and Assistant Treasurer, respectively.
Committee Asks Holders of Bethlehem College of
Havana 53% Bonds to Deposit Bonds with Registrar
The committee representing holders of the Association of
the Religious Community of the Company of Jesus of Bethlehem College of Havana first mortgage 53-% bonds due Feb.
1 1934, yesterday (July 26) issued an announcement reguesting bondholders to deposit their bonds with the RegWork of Correspondence Committee of Association of istrar of the committee. The announcement said that
Stock Exchange Firms Assumed by Public Relations political and economic conditions in Cuba during the past
year have been such that the committee did not consider it
Committee of New York Stock Exchange
The New York Stock Exchange announced July 17 that its advisable to press its negotiations with officials of the College,
Committee on Public Relations has accepted an offer made but added that since there has recently,been some improverecently by the Association of Stock Exchange Firms that ment in general conditions affecting the loan, negotiations
the Committee take over the work of the Correspondence seeking a satisfactory adjustment of the terms of the issue
Committee of the Association. L. E. Seaber, who has served • will begin in the near future.
as Secretary to the Correspondence Committee, will join
the staff of the Exchange, the announcement said, adding: Filing of Registration Statements Under Securities Act
The Correspondence Committee was formed in September of 1934 to estabUnder date of July 22 the Securities and Exchange Comlish a direct, personal means of contact with the out-of-town member firms
mission announced the filing of five additional registration
of the Exchange. Representatives to a National Advisory Council, consiststatements (Nos. 1545-1548, inclusive, and 171) under the
ing of partners and branch office managers of Stock Exchange firms, were
Securities Act of 1933. The total involved is $40,060,062,
appointed in 140 of the larger cities throughout the country. The National
of which $39,544,062 represents new issues, the ComAdvisory Council has sponsored meetings of brokerage interests in these
mission said, stating:
cities, receiving many suggestions, which have been referred to committees
of the Exchange.
The Correspondence Committee, in conjunction with the Committee on
Public Relations of the Exchange, has also sponsored group meetings at
the Exchange of out-of-town representatives of firms. Further meetings
of such groups are contemplated.
Delegation of Bankers from Hudson County, N. J.,
Visit New York Stock Exchange
The New York Stock Exchange entertained, on July 22, a
delegation of Hudson County, N. J., bankers who visited the
Exchange at the invitation of the Committee on Public Relations as part of its educational program. The group, which
was headed by James F. Kennedy, manager of Goodbody &
Co.'s Jersey City office, spent the day in observing from
the visitors' gallery and on the floor the handling of transactions on the Exchange. After spending an hour on the
Included in this total is $14,024.062 of no par $5 cumulative preferred
stock of the M. A. Hanna Co. (Docket 2-1545. Form A-2, included in
release No. 437)•
Also included in this total is $20,000,000 of first mortgage sinking fund
bonds, series A, 3Y.%. due Sept. 1 1955, to be dated Sept. 1 1935, and
$5,000,000 of convertible sinking fund 4% debentures, due Sept. 1 1950.
to be dated Sept. 1 1935 of the Cudahy Packing Co. (Docket 2-1548.
Form A-2, included in release No. 438).
The filings of the registration statements of these two
companies were referred to in our issue of July 20, page 354.
The securities involved in the five statements, as announced
by the Securities Exchange Commission July 22, are grouped
as follows:
No. of
Tope of Issue—
Issues
4 Commercial and industrial
1 Certificates of deposit
Total
$39,544,062
516,000
Volume 141
Financial Chronicle
The following are the securities for which registration is
pending:
Columbia Mines Corp. (2-1546, Form A-1) of Spokane, Wash., seeking
to issue 300.000 shares of $1 par value non-assessable common stock, to be
offered at not more than $1.40 a share. Jay P. Graves, of Spokane, is
President of the company. W. A. Kissel Co. of New York, has an option
to purchase the stock. Filed July 12 1935.
Protective Committee for Hotel Lafayette Co. (Atlantic City, N. J.) first
mtge. 6% sinking fund gold bonds, due April 15 1941 (2-1547, Form D-1)
of Philadelphia, Pa., seeking to issue certificates of deposit for $516.000
of the above named bonds. Stephen G. Duncan is Chairman of the
committee. Filed July 12 1935.
Peckham Hill Cold Mines, Inc. (2-171, Form A-1, Refiling) of Reno.
Nev.. seeking to issue 1,000,000 shares of 10 cents par value common
stock, to be offered at 10c. a share. W. A. Kannenberg, of Reno, is
President of the company. Refiled July 13 1935.
In making available the above list the SEC said:
In no case does the act offiling with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last previous list of registration statements was given
in our issue of July 20, page 354.
Over-the-Counter Brokers and Dealers Given Addition—
Time, to Oct. 1, to Register with SEC
The Securities and Exchange Commission announced,
July 24, that it had extended until Oct. 1 1935 the date on
and after which registration with the Commission will be
required of brokers and dealers who transact business on
the over-the-counter markets. The Commission stated:
As a result of this action no broker or dealer transacting business on
the over-the-counter markets is required to have a registration in effect
with this Commission until Oct. 1 1935, and no registration statement of
a broker or dealer will become effective before that date. Consequently,
registration statements filed by brokers and dealers, in the absence of
action by the Commission, will become effective on Oct. 1 1935, or 30 days
after filing with the Commission, whichever is the later date. The Commission also postponed from July 31 1936 to Sept. 80 1930 the date upon
which, in the absence of an order of the Commission to the contrary, registration will terminate.
The postponement of the date on and after which brokers and dealers
transacting business on over-the-counter markets must be registered will
give the Commission additional time in which to scrutinize the past records
of proprietors, partners, officers, directors, branch office managers and
persons in control of applicants for registration in order to ascertain whether
cause exists for the denial of registration.
Inquiries concerning the rules and requests for forms for registration
which are being received by the Commission indicate that brokers and
dealers in remote sections of the country and in the several territories and
insular possessions of the United States have not had sufficient time in
which to familiarize themselves with the provisions of the rules and to
obtain and file the forms for registration.
Since no unregistered broker or dealer may use the mails or any instrumentality of inter-State commerce under the amended rules after Oct. 1 1935,
and since 30 days must elapse after the filing of the registration statement
before registration becomes effective, the Commission emphasized the necessity for the filing by brokers and dealers of accurate registration statements
before Sept. 1 1935. Through July 22 1935, 4,477 brokers and dealers
had filed registration statements with the Commission.
SEC Amends Instructions to Form A-2 in Two Instances
—Changes Affect Subsidiaries of Registrants
Announcement was made on July 19 by the Securities and
Exchange Commission of the adoption of an amendment to
the instruction book for Form A-2 providing that insignificant subsidiaries need not be named in the list of subsidiaries
of the registrant. There is to be stated, however, the number
of such subsidiaries, the total investment therein, and the
gross sales or operating revenues thereof.
The instruction book to Form A-2 was also amended by
the SEC on July 10 with respect to Item 4(a). This amendment provides that under certain conditions an enumeration
need not be made of subsidiaries which constitute retail outlets for the registrant. In order for the amendment to apply,
the registrant must not be engaged primarily in merchandizing at retail, and the business done through such subsidiaries and the amount of investment therein must be
relatively small.
Method Altered by SEC in Determining Ownership of
More Than 10% of an Equity Security
The Securities and Exchange Commission announced
July 9 that in an amendment to its Rule NA2, effective
Aug. 1 1935, it had changed the method of determining
Whether, for the purposes of the Securities Exchange Act,
a person • is the owner of 10% or more of a listed equity
security. The Commission said:
Previously, under Rule NA2, the percentage of ownership was figured on
the amount of the security issued and registered under the Act, regardless
of whether any part is held by or for the account of the issuer.
Now, under the amended rule, the percentage of ownership is to be
figured on the amount of the security which has been issued, regardless of
whether any part is not listed or registered or is held by or for the account
of the inner.
An exception is made in the case of voting trust certificates and certificates of deposit, in which case the ownership percentage is to be figured on
the entire amount of certificates issuable, whether or not all of the securities
have been deposited.
SEC Amends Rule to Avoid Duplication of Information
Previously Filed in Registering a Security
Rule JB4 under the Securities Exchange Act of 1934 has
been amended by the Securities and Exchange Commission
517
in order further to avoid duplication of information previously.filed in the case of registration of securities on national
securities exchanges, it was announced July 9. The announcement, issued by the SEC, continued:
Issuers who file additional registration statements may now Incorporate
by reference any item, financial statement, or schedule contained in a
previous registration statement which has become effective. Heretofore,
only exhibits could be incorporated by reference.
The rule, except as to exhibits, applies only to information contained in
applications filed in connection with the registration of securities on
national securities exchanges. It does not apply to information contained
in applications for temporary or provisional registration.
SEC Lowers Cost of Photostatic Copies of Public
Information Filed in Connection with Registration
Statements
A reduction in the rates at which photostatic work will be
done for the general public was announced on July 23 by the
Securities and Exchange Commission. The new rates are
10 cents per page for all pages up to and including 100 and
7cents per page for all pages over 100. The charge originally
was 15 cents a page for the first 100 pages and 10 cents for
each additional page. The announcement of the Commission
also said:
Copies of any or all public information filed in connection with or as part
of any registration statement will be furnished to the public upon request
and upon the payment of the charge therefor. Estimates as to prices for
photostatic copies of any or all such information and the time required for
their reproduction will be furnished to any person upon request.
Paymentshould be made to the Commission at the time of ordering copies
and shall be by cash, United States postal money order, or certified bank
check payable to the Securities and Exchange Commission.
When orders are received and insufficient or no payment accompanies
them, the information will be photostated and the party making the order
will be billed for the same.
An order means any number of photostatic copies of specified registration
statements, portions of registration statements, or any number of pages of
other public information, which may be ordered at one time.
Court Reserves Decision on SEC Application for Order
Requiring J. Edward Jones to Produce Records—
His Counsel Expresses Doubts of Law's Constitutionality
Federal Judge Francis G. Caffey of New York on July 23
reserved decision after hearing arguments on a motion by
the Securities and Exchange Commission for an order requiring J. Edward Jones, dealer in oil royalties, to appear
and produce books.and records before the SEC in Washington in response to a subpoena. J. J. Burns, SEC counsel,
told the court that Mr. Jones had not appeared in answer
to the subpoena, but that his attorney, Hyman Fishbach,
had sought to withdraw a registration statement filed in
Mr. Jones's behalf. Proceedings before the court were
described as follows in the New York "Times" of July 24:
Mr. Fishbach, it was explained, said that his client had not heeded the
subpoena because he believed the Commission lacked jurisdiction to compel
him to appear. Harry 0. Glasser, carrying Mr. Jones's arguments further,
told Judge Caffey that the Securities and Exchange Act was unconstitutional
In that it purported to give legislative powers to the Commission which
Congress had no authority to bestow.
Mr. Burns said that the registration certificate had been filed last
May 4, and that under the rules 20 days later it would have been possible
for Mr. Jones to offer securities which he listed for sale. The Commission,
Mr. Burns said, believed that there had been false and incomplete statements made as to material facts and therefore wanted Mr. Jones to present
his books for checking purposes.
"If, whenever anyone desires, he may withdraw such a document, it will
be possible," Mr. Burns said, "for dealers to play fast and loose with
the Act."
Judge Caffey asked counsel to file briefs in three days. The Court also
reserved decision on a show-cause order obtained Monday by Mr. Jones in
which he challenged statements embodied in the Commission's trial papers.
Decrease of $31,469,314 Reported in Volume of Bankers'
Acceptances During June—Total June 29, $343,285,933 as Compared with $374,755,247 May 31
For the month of June the volume of bankers' acceptances
declined $31,469,314, according to the report of the American Acceptance Council in its survey as of June 29, issued
July 25 by Robert H. Bean, Executive Secretary. The
total volume of bills now amounts to $343,285,933, a reduction from the total outstanding at the mid-year in 1934 of •
$190,907,315. The Council's survey continued:
In normal times a reduction of $31,000,000 at this time of the year would
be considered the natural result of the retirement of seasonal credits, but
the steady and very heavy decline in acceptance volume during the past
several months must be charged to other than normal causes. Another
two months will show whether the usual late summer and autumn demand
for crop financing is to be reflected as customary in the acceptance volume.
Present indications lead to the belief that the banks will defer increasing
their acceptance line until their over supply of reserves is employed. Any
sharp upturn in business demands for bank credit such as is predicted in
some quarters for not later than early in the fall, would cause accepting banks
to again place certain credits in the acceptance department.
As in previous months almost all the reduction in the total volume of
bills has been reported by New York City banks and bankers. Out of a
reduction of $168,000.000 the grand total. $141,000,000 was reported by the
large banks in New York.
In the current report, acceptances for the purpose of financing
imports,
which have been increasing steadily since Jan. 31, went off $4,642,750.
Acceptances for the purpose of financing exports declined $5.870,520
and bills based on goods stored in or shipped between foreign countries were
less $1,696,374, than at the end of May.
Financial Chronicle
518
Warehouse acceptance credits again led in the volume of decline, bringing
the total of such credits down to $47,652,598, a reduction of $20,509,417.
which amount is compared with $131,515,087 on June 30 1934.
ki Acceptances created for the purpose of financing domestic shipments.
increased in volume $1.313,331, and dollar exchange acceptances remained
practically unchanged.
Accepting banks held 5154,298,245 of their own bills and $162,840,173
of other banks, bills, a total of $317,138,418. These holdings left $26.000,000 for the outside market, as against $19,000,000 at the end of the
previous month.
r
Mr. Bean also made available the following statistics:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS
Federal Reserve District
June 29 1935
May 31 1935
June 30 1934
$28,895,325
259,125,322
12,949,023
1,805,218
194,478
1,789,092
16,792,785
366,074
323,997
$29,134,778
287,065,608
12,533,834
2,314,883
466,641
2,134,535
18,060,893
406,246
466,928
1,349,753
19,6d4,866
2,214,592
19,956,309
$34,378,319
424,341,904
14,469,181
1,542,176
415,091
4,730,757
27,756,897
1.565,533
1,678,279
650,000
349,583
22,315,528
$343,285,933
$31,469,314
$374,755,247
$534,193,248
I
2
3
4
5
6
7
8
9
10
11
12
Grand total
Decrease for month
Tiwornsuaw Mr vaskr
5100.907.315
CLASSIFIED ACCORDING TO NATURE OF CREDIT
June 29 1935
May 31 1935
June 30 1934
$101,961,774
93,761.670
9,147,270
47,652,598
1,581,360
$106,604,524
99,632,190
7,833,939
68,162,015
1,644,944
$96,984,248
145,132,207
9,030,997
131,515,087
3,503,072
89.181,261
90.877.635
148,027,637
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
CURRENT MARKET RATES ON PRIME BANKERS' ACCEPTANCES
JULY 24 1935
Days—
30
60
90
Dealers'
Dealers'
Buying Rate Selling Rate
3-16
3-16
3-16
Iii
Si
4
Days—
120
150
180
Dealers'
Dealers'
Buying Rate Selling Rate
h
%
14
3-16
5-16
5-16
Mutual Savings Banks Report Rise in Deposits, Assets
and Depositors for First Half of 1935
Mutual savings bank deposits approached their all-time
record last June 30 when they came within $160,000,000 of
the peak figure of Jan. 1 1932, the National Association of
Mutual Savings Banks announced July 25. Combined
assets also were close to the record of that date and depositors reached the greatest total in 119 years of mutual
savings banking. According to executives the half-year
report was one of the most satisfactory filed by the Association, the announcement said. Member banks earned and
paid their usual dividends in the six months period and the
progress of the savings movement was said to have made an
important contribution to National stability. From the
Association's announcement we also take the following:
Mutual institutions, operating in 18 States but principally confined to
the Atlantic seaboard from Maine to Maryland,on June 30 were the trustees
of deposits amounting to $9,870,051,120. Of this sum more than half was
held by the savings banks in the State of New York, representing $5,193,506,181 of the whole. That was an increase of $45,711,527 in the first six
months of the year, an accelerated rate of growth over the last half year of
1934. In general this tendency was maintained throughout the country.
Massachusetts took second place in bulk of deposits with $2,077,783,809,
a gain of $26,094,328 in the first half of 1935. Connecticut was third,
having 5675,165.181 in deposits, the increase for the six months having
been 519,486,892.
Assets followed much the same curve as deposits. On June 30 the
aggregate for New York savings banks was 35,982,354,902, a rise in the halfyear of 531,587,839. The Massachusetts figures stood at $2,299,352,721
and $33,406,794. Connecticut total assets reached $750,995,736 and the
increase amounted to $8,631,197. Mutual savings banks asset for the 18
States were 511,159.129,679, or $47,000,000 under the high level of 1932.
In the matter of depositors, which savings bank officials hold to be the
real test of these bank' usefulness, the June 30 figures went ahead of any
previous record, when accounts reached 13,896,605. an upward movement
of 59,630 In the six month period. Of that number New York banks gained
50,876, the figures in other States being about on balance.
The surplus account of mutual institutions again showed an increase, but
this time a slight one, amounting to $3,706,257 in the first-half year. That
• addition raised the total for the country to 51,196,334,481. likewise a new
record figure. The ratio of surplus to deposits was little changed, standing
at 12.1 per dollar of deposits, or slightly more than 12 cents additional protection for each dollar on deposit in mutual institutions, approximtaiey 25%
of American bank deposits.
The average account for the country was on the upward grade as well,
Increasing from 5765.19 six months ago to $710,25. In this case Rhode
Island took the lead with a figure per account of $842.85. New York
followed with $797.63, Indiana, $718.37.
Restricted investment opportunities were reflected in the slight decline
of the mutual dividend rate, which decreased from 3.06% to 2.84 for the
country. Delaware paid the highest average rate, 3.50%; Massachusetts
was second with 3,08% and New Hampshire third with 3.07%.
Bankruptcy Held by Court as Insufficient Excuse to
Escape Liability as Stockholder of Closed Bank
Bankruptcy is no excuse relieving a stockholder in a closed
bank of the obligation of paying assessments on the bank's
stock, according to a ruling July 19 by Federal Judge John
Boyd Avis of Camden, N. J., who ordered William E.
July 27 1935
Brown Jr. to pay a 1,000 assessment on his stock in the
Union National Bank of Atlantic City. The court granted
a motion of Laurence A. Slaughter, bank receiver, m denying Mr. Brown's contention that adjudication and discharge
in bankruptcy relieved him of liability. Associated Press
advices from Camden July 19 added:
Mr. Brown had argued that the listed he stock as an asset and the
liability to assessment as a debt, and the liability not having been excepted
In the discharge, he was discharged from the indebtedness. He further
contended that the liability for assessment was a provable debt at the time
he was adjudged bankrupt.
American Bankers Association Promotes Eight Activities to Educate Public on Banking—R. S. Hecht
Describes Publicity Program
The American Bankers Association is seeking to promote
better public understanding of banking through eight different lines of activity, R. G. Hecht, President of the Association, said in a statement made public on July 21. Mr.
Hecht said that the policy is designed to "strengthen the
real basis for good opinion in regard to the banks." He
emphasized that it is "positive" in that it attempts to educate the public but does not seek to answer directly every
criticism of banking methods that may be uttered anywhere
In the United States. Mr. Hecht's statement was prepared
in reply to resolutions adopted at a meeting of the Association members from New York State, urging the Association
to undertake a nation-wide public educational program in
regard to the business of banking and its place in the economic life of our country.
Mr. Hecht said that the Association has tried to convince
the public that bankers have profited by the lessons of the
past, and will approach all questions of banking policy from
the viewpoint of public welfare. "On the other hand," he
added, "we have fearlessly stated our views on what we
consider sound, fundamental principles even when we had
to differ publicly with men in high places, although we
have tried to carry on these discussions in a calm and dispassionate manner and have succeeded in maintaining pleasont and, as the results prove, effective working relationships
even with those with whom we have serious disagreements
as to what constitute sound economic and financial policies."
Mr. Hecht enumerated the following activities of the Association in connection with the promotion of a public understanding of banking:
1. The Public Education Commission, which prepares plain language talks
about banking for use of bankers and others before schools, civic clubs
and over the radio.
2. The Constructive Customer Relations provam, which has been installed
in many banks to help qualify bank employees to promote a better informed
and more sympathetic attitude among their customers regarding banking.
3. The Publicity Department, which is supplying 6,250 city and country
daily turd weekly newspapers with articles regarding banking and allied
subjects in plate and matrix form, and which also facilitates the transmission to the general press of news and information regarding the activities
of the Association.
4. The Advertising Department, which supplies members of the Association with a series of informative newspaper advertisements setting forth in
brief, popular language the methods and policies under which banks operate,
their effective practices for protecting depositors' funds, the services they
render and the various ways in which they co-operate with business in their
own communities in fostering sound recovery and progress.
5. The Executive Officers and the Committee on Banking Studies, who
are active, particularly at Washington, in consulting with Administration
and Congressional leaders in formulating proposals for banking reform based
on broad lines of public welfare.
6. The Agricultural Commission, which is promoting among bankers in
the farm districts the practice of aiding their farm customers in instilling
on their farms better financial and operating methods.
7. The American Institute of Banking, having primarily to do with the
technical education of the younger banker, but which is now directing these
efforts toward also playing a part in improving public relations for banking
as a whole, particularly through stressing the public responsibilities and
the ethical aspects of practical banking.
8. The publication of "Banking," which is the official organ of the
Association, circulating among bankers, bank directors, business executives,
economists, law firms, Government departments, libraries, colleges, public
schools and other publications, presenting articles regarding banking and
banking viewpoints.
Mr. Hecht added, in part:
Our program for the development of satisfactory public relations for
banking does not consist merely of newspaper publicity. It is calculated
to produce a continuous and cumulative effect by varied efforts which are
aimed to work day in and day out in the desired direction.
To have favorable things said about the banking business in the newspapers and over the radio is, the Association recognizes, very helpful toward
creating a sound public opinion regarding banking. But the Association
believes that the most important thing ultimately is to foster throughout
the banking profession the doing sincerely of those things that reflect
favorably the sound, helpful practices of the business of banking, and that
then the true news of its constructive activities will constitute the best
answers to attacks and misrepresentations aimed at banks and bankers.
New York Savings Bank Association Studying Pension
Plan for Officers and Employees of Member Institutions
The Savings Bank Association of the State of New York
has appointed a committee to study retirement pensions for
officers and employees of its member banks, it was revealed
in the weekly "Bulletin" of the Association of July 19. A
similar study has been conducted for several months by the
New York State Bankers Association. The Savings Bank
Financial Chronicle
Stock of Money in the Country
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal
Reserve banks and agents. Tbe figures OW time are for
June 30 1935 and show that the money in circulation at
that date (including, of course, what is held in bank vaults
of member banks of the Federal Reserve System) was
$5,568,099,785, as against $5,539,536,286 on May 31 1935
and $5,373,469,752 on June 30 1934, and comparing with
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:
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They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000. $500,000, and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. rho price offered must be expressed
on the bads of 100, with not more than three decimal places, e. g.. 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust comapny.
Immediately after the closing hour for recipt of tenders on July 29 1935,
all tenders received at the Federal Reserve banks or brances thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders,and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills alloted must be made at the
Federal Reserve banks in cash or other immediately available funds on
July 311935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. (Attention is invited to
Preasury Decision 4550). ruling that Treasury bills are not exempt from
the gift tax). No loss from the sale or other disposition of the Treasury
bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of its
possessions.
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98,1324.80I
New-Offering of 273-Day Treasury Bills in Amount of
$50,000,000 or Thereabouts-To be Dated July
31 1933
The Secretary of the Treasury Henry Morgenthau, Jr.,
announced on July 25 a new offering of $50,000,000 or thereabouts of 273-day Treasury bills, tenders to which will be
received at the Federal Reserve banks, or the branches thereof, up to 2 p.m., Eastern Standard Time, Monday, July 29.
Bids will not be received at the Treasury Department,
Washington. The bills, which will be sold on a discount
basis to the highest bidders, will be dated July 31 1935 and
will mature on April 29 1936. On the maturity date the
face amount of the bills will be payable without interest. An
issue of Treasury bills in amount of $75,106,000 will mature
on July 31.
In his announcement of July 25 Secretary Morgenthau
said:
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The studies of the Association include several different requisites. First,
it is essential that we keep abreast of the progress of present legislation
so that members may at all times be appraised of the precise effect of
such legislation upon them. At the present time there seem to be three
.possibilities. Federal legislation may not be enacted at all. Current
opinion is that this possibility is unlikely. But, in case there should be no
Federal legislation, the Association expects to be in a position to suggest
individual or group pension ideas for the consideration of members and
their voluntary adoption. The legislation may pass in the House form,
namely, outlawing private pension plans. In this case the Association
expects to be able not only to interpret the implications of such a compulsory plan but perhaps to suggest privately-operated supplementary plans
to give adequate coverage to our officers and employees. It is possible
that the legislation may pass in the Senate form, to exempt certain types
of privately-operated pension plans. In this case the Association hopes to be
in a position to present to members the option between public and private
plans and to make definite recommendations or their consideration.
One further field must come within the scope of the Association's investigation, and that is the present savings bank law. The present law is
permissive. Banks may retire employees or may establish pension plans
for their employees, and it is optional with the employees whether they
Individually wish to participate in a pension plan or not. Should the
compulsory Federal plan go into effect, without exemptions, it seems reasonable to suppose that this will supersede the State savings bank law and
require employers and employees to participate in the Federal compulsory
system. Should the Federal law pass with exemptions for private funds, as
indicated in the Senate amendment, private plans of permissive or optional
character would not be of a type to be exempted from the Federal compulsory idea. Federal legislation with Senate amendment would force the
issue of changes in the State law as the discretionary feature of the New
York law would appear to be superseded by the compulsory Federal law.
Should no Federal legislation be enacted, there remains the open question
as to whether the best interests of officers, employees and depositors would
be served by still seeking some change in the State statutes.
ct. 4i"g49
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98L6601394'4 10Z81ZraT'T 19
Association said that a majority of the State banks "would
welcome an adequate arrangement by which years of faithful service might bring their own reward in the form of
pension retirement under an adequate income for comfortable living." We quote below, in part, from the "Bulletin":
519
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▪ Does not include gold other than that held by the Treasury.
b These amounts are not included In the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 Is included
under gold,standard sliver dollars. and silver bullion, respectively.
c This total includes 322.879,855 deposited for the redemption of Federal Reserve
notes ($1,321,295 In process of redemption).
d Includes $1,800,000,000 Exchange Stabilization Fund.
e Includes $12.206,074 lawful money deposited for the redemption of National
bank notes (829,567,983 In process of redemption, Inc.uding notes chargeable to
the retirement fund). $1,350 lawful money deposited for the retirement of additional
circulation (Act May 30 1908), and $55,320,548 lawful money deposited as a reserve
for Postal savings deposits.
f The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the Treasury
to arrive at the total amount of money In the United States.
g Includes money held by the Cuban agency of the Federal Reserve Bank
Atlanta
h The money In circulation Includes any paper currency held outside the continental limits of the United States.
Note-Cold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption for uses authorized by law; silver certificates are secured dollar
for dollar by standard silver dollars held in the Treasury for their redemption (or by
silver bullion); United States notes and Treasury notes of 1890 are secured by a
gold reserve of 3156.039,431 held in the Treasury. Treasury notes or 1890 are also
secured dollar for dollar by standard silver dollars held in the Treasury; these notes
are being canceled and retired on receipt. Federal Reserve notes are obligations
of the United States and a first lien on all the assets of the issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold certificates or of gold certificates and such discounted
or purchased paper as is eligible under the terms of the Federal Reserve Act, or.
until March 3 1937. of direct obligations of the United States if so authorized by a
majority vote of the Federal Reserve Board. Federal Reserve banks must maintain
a reserve in gold certificates of at least 40%, including the redemption fund which
must be deposited with the United States Treasurer. against Federal Reserve notes
In ectual circulation, Federal Reserve bank notes are secured by direct obligations
of the United States or commercial paper, except where lawful money has been
deposited with the Treasurer of the United States for their retirement. National
bank notes are secured by United States bonds except where lawful money has been
deposited with the Treasurer of the United States for their retirement. A 5% fund
Is maintained In lawful money with the Treasurer of the united States for the
redemption of National bank notes.
520
Financial Chronicle
$160,295,000 Tendered to Offering of $50,000,000 of
273-Day Treasury Bills Dated July 24-$50,015,000
Accepted at Average Rate of 0.057%
A total of $160,295,000 in tenders was received to the
offering of $50,000,000 or thereabouts of 273-day Treasury
bills dated July 24 1935, of which $50,015,000 was accepted,
Henry Morgenthau, Jr., Secretary of the Treasury, announced July 22. Reference to the offering was made in
our issue of July 20, page 359. The tenders to the offering
were received at the Federal Reserve banks, and the branches
thereof up to 2 p.m., Eastern Standard Time, July 22.
From Secretary Morgenthau's announcement of July 22 we
also take the following: di
The accepted bids range in price from 99.963. equivalent to a rate of
about 0.049% per annum, to 99.953 equivalent to a rate of about 0.062%
on a bank discount basis. Only part of the amount bid for at the latter
price was accepted. The average price of Treasury bills to be issued is
99.957 and the average rate is about 0.057%•
Treasury to Offer $100,000,000 of 27A% Treasury Bonds
to Highest Bidders Next Week The Treasury will offer on July 25 another issue of $100,/s% Treasury bonds of 1955-60, Henry Morgen000,000 of 27
thau, Jr. Secretary of the Treasury, said July 25. The
bonds, which will be sold to the highest bidders, are of the
same series as those offered a week ago; this previous offering
was referred to in our issue of July 20, page 357.
Treasury Submits Bill to Congress for Issuance of
Half-Cent and One-Mill Coins
A bill providing for the issuance of half-cent and one-mill
coins was submitted to Congress on July 25 by the Treasury
Department. The coins, as proposed by the bill, would be
legal tender only for small arqounts. In reporting the new
bill, Washington advices,July 25,to the New York "Times,"
said:
A rough copy of a bill authorizing coinage of half-cent and one-mill
pieces and defining their use was sent to the Senate and House Coinage
Committees. Sections restricting the use of the new coins were left in an
indefinite form.
A limitation making the half-cent pieces legal tender in amounts up to
10 cents only is being studied at the Treasury. The one-mill piece would
be legal tender only up to 3 cents under this tentative proposal, which
may be changed by the Coinage Committees.
An announcement issued July 22 by the Treasury Department with regard to the proposed issuance of the smaller
denomination coins follows:
The Treasury Department has been studying the problem with reference
to small coins which has been raised by the recent enactment of sales taxes
in a number of States. Where such taxes are on a straight percentage basis,
as many of them are, there is the problem of providing some means to enable
Purchasers to pay the exact amount of the tax on small purchases or for
making change in such cases.
A number of States are considering the coinage of pieces to meet this
need and it is the belief of the Treasury Department that, if this thing is
to be done, the Federal Government should do it. Representatives of the
Department have been discussing with the appropriate committees of the
Congress the possibility of legislation authorizing the coinage of 5-mill and
1-mill coins.
Internal Revenue Collections Last Fiscal Year Highest
Since 1920-21-Taxes Amounted to $3,299,435,572,
Gain of $627,196,378 Over Previous 12 Months
Internal revenue collections in the fiscal year ended
June 30 1935 were the highest in 14 years, it was revealed in
the Treasury report of July 19. Taxes during the period
amounted to $3,299,435,572, or the highest recorded since the
1920-1921 fiscal year When, as the result of the continuation
of war-time Income taxes, collections exceeded $4,500,000,000.
Tax collections in 1934-1935 were $627,196,378, or 23% above
those for the preceding fiscal year. Internal revenue receipts in the 1933-1934 year amounted to $2,672,239,194. The
recent gains were attributed principally to increased income
taxes, liquor revenues and processing taxes, while gift tax
collections increased 700%, apparently as the result of heavy
property transfers to avoid the higher rates which became
effective Jan. 1. Gift taxes totaled $71,671,276 as against
$9,163,076 in 1933-1934.
Additional details of the Treasury report follow, as contained in a dispatch to the New York "Times" from Washington, July 19:
As compared with 1920-1921, the 1934-1935 tax collections are distinguished by a long series of excise taxes, especially processing taxes.
Fourteen years ago the income tax supplied about 70% of all internal
revenue; in 1933 it yielded only 33%.
Income tax collections, bolstered up by the increased rates which became
effective in January, were the largest single source of revenue in 1934-1936.
They yielded $1,099,230,382 as compared with $817,025,339 the year before,
a gain of $282,205,043, due partly to higher rates.
More than 60% of the income tax increase was due to improved collections under the corporation income tax. Income taxes paid by corporations
in 1934-1935 aggregated $572,117,876, a gain of $174,602,024 over the
year before. Individual income tax payments amounted to $527,112,506, an
increase of $107,603,018.
Processing taxes showed a gain of $154,799,472 during the fiscal year,
and of this increase about 70% was attributable to a jump of more than
$107,000,000'in the tax on processing of hogs. Processing tax collections
in the 1934-1935 fiscal year aggregated $526,222,358 as compared with
$371,422,886 the year before.
July
27 1935
Liquor Levy Aided Increase
Liquor taxes in the 1934-1935 year totaled $411,021,772, as compared to
$258,911,332, a gain of $152,110,440. Beer and other fermented malt
liquors continued to be the largest source of liquor revenue, yielding
$211,215,057, a gain of $47,944,448 for the year. Distilled liquor production yielded $150,525,646, an increase of $88,635,783.
Important revenue sources which showed declines for last year were the
tax on gasoline, which dropped from $202,575,034 to $161,532,292 ; the
stock transfer tax, which dropped from $38,065,999 to $15,747,362, and
the cotton processing tax, which dropped from $144,767,232 to $95,926,301.
Tobacco taxes, one of the most important revenue items, showed a small
gain, advancing from $425,168,897 in 1933-1934 to $459,178,626 in 1934- •
1935. The cigarette tax alone increased by almost $36,000,000, but this
was partially offset by a decrease in taxes from smoking and chewing
tobacco and oversize ciragettes.
The general internal revenue statement also reflected the loss of more
than $58,000,000 from the repeal of taxes on boats, candy, dividends and
soft drinks, and the decline of $15,738,000 in collections from the tax on
bank checks which expired during the 1934-1935 year.
Gold Receipts by Mints and Assay Offices-Imports
During Week of July 19 Totaled $3,888,350
The Treasury Department announced July 22 that a total
of $6,695,721.05 of gold was received by the mints and
assay offices during the week of July 19. Of this amount,
it was shown,$3,888,349.81 represented imports,$671,684.92
secondary, and $2,135,686.32 new domestic. The following tabulation shows the amount of the gold received during
the week of July 19 by the various mints and assay offices:
Imports
$8,872.60
3,553,500.00
271,237.18
54,243.00
497.03
Philadelphia
New York
San Francisco
Denver
New Orleans
*Seattle
Secondary New Domestic
$222,863.49
264,800.00
9717
0;:g
77,395.21 1,097,878.95
39,215.00
630,238.00
40,196.88
309,691.72
27,214.34
Total for week ended July 19 1935_ _.$3,888,349.81 $671,684.92 $2,135,686.32
*Note-Seattle figures are for week ending July 12. Figures for week ending
July 19 not received in time to include in above.
$540,700 of Hoarded Gold Received During Week of
July 17-$32,290 Coin and $508,410 Certificates
Figures issued by the Treasury Department on July 22
indicate that gold coin and certificates amounting to $540,700.04 was received during the week of July 17 by the Federal
Reserve banks and the Treasurer's office. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury, and up
to July 17, amount to $127,467,251.11. The figures show
that of the amount received during the week ended July 17,
$32,290.04 was gold coin and $508,410 gold certificates.
The total receipts are shown as follows:
Received by Federal Reserve Banks:
Week Ended July 17
Received previously
Total to July 17 1935
Received by Treasurer's Office:
Week ended July 17
Received previously
Gold Coin Gold Certificates
$503,710.00
$31.890.04
30,572,375.07 93,909,270.00
$30,604,265.11 $94,412,980.00
$400.00
263,906.00
$4,700.00
2,181,000.00
Total to July 17
2264,306.00 $2,185,700.00
Note-Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Receipts of Newly Mined Silver by Mints and Assay
Offices from Treasury Purchases-Totaled 608,620.85 Fine Ounces During Week of July 19
According to figures issued July 22 by the Treasury Department, 608,620.85 fine ounces of silver were received
by the various United States mints during the week of July 19
from purchases made by the Treasury in accordance with
the President's proclamation of Dec. 211933. The proclamation, which was referred to in our issue of Dec. 23 1933,
page 4441, authorized the Department to absorb at least
24,421,000 fine ounces of newly mined silver annually.
Since the proclamation was issued the receipts by the mints
have totaled 40,532,527.79 fine ounces, it was indicated by
the figures issued July 22. Of the amount purchased during
the week of July 19, 286,827.09 fine ounces were received
at the Philadelphia Mint, 309,909.76 fine ounces at the San
Francisco Mint, and 11,884 fine ounces at the Mint at
Denver. The total receipts by the mints since the issuance
of the proclamation follow (we omit the fractional part of
the ounce):
1W
934eek Ended- th474„:57 juilWy934-873Ended- O
1935Jan. 5
:307:91 Jan.
"
.kiEnded547 July 20
Jan. 12
115.217 Jan. 25
477 July 27
Jan. 19
292.719 Feb. 1
94.021 Aug. 3
Jan. 26
118,307 Feb. 8
Feb. 2
117.554 Aug. 10
254.458 Feb. 15
375,995 Aug. 17
Feb. 9
649,757 Feb. 21
232.630 Aug. 24
Feb. 16
376,504 Mar. 1
322,627 Aug. 31
Feb. 23
11,574 Mar. 8
271.800 Sept. 7
Mar. 2
264,307 Mar.15
126,604 Sept. 14
Mar. 9
353.004 Mar.22
832.808 Sept.21
Mar. 16
103.041 Mar.29
369.844 Sept.28
Mar.23
1,054.287 Apr. 5
354.711 Oct. 5
620.638 Apr. 12
Mar.30
Apr. 6
569.274 Oct. 12
609.475 Apr. 19
Apr. 13
712.206 Apr. 26
Apr. 20
268.900 May 3
436,043 Nov. 2
Apr. 27
826,342 May 10
May 4
647.224 Nov. 9
359.428 May 17
1.025,955 May 24
May 11
600,631 Nov. 16
503,309 Nov. 23
May 18May443.531
June37
1....
May 25
885,056 Nov.30
,31/537,1n June 14
295,511 Dec. 7
June 1
6 729 June 21
48
.
June 8
200,897 Dec. 14
15
206.790 Dec. 21
797.206 June 28
Jun'
Jun'--22
380.532 Dec. 28
484,278 July 5
22
64.047 Jan. 4
June 29
467,385 July 12
'.218.247 Jan. 11
504.363 July 19
July 8
MN Oct. N.._.
732.210
°unces
973.305
321.760
1.167,706
1.126.572
403,179
1,184.819
844,528
1.555.985
554,454
695.556
836.198
1.438.681
502,258
67.704
173.900
686.930
86.907
20
47
3...9
48
52
4
1,246532:62481
407,100
796.750
621,682
608,621
Financial Chronicle
Volume 141
Silver Transferred to United States Under Nationalization Order-6,956 Fine Ounces During Week of
July 19
During the week of July 19 a total of 5,956 fine ounces
of silver was transferred to tne United States under the
Executive Order of Aug. 9 1934, nationalizing the metal.
A statement issued by the Treasury Department on July 22
showed tnat receipts since the order was issued and up to
July 19 totaled 112,930,445 fine ounces. The order of
Aug. 9 was given in our issue of Aug. 11 1934, page 858.
The statement of the Treasury of July 22 shows that the
silver was received at the various mints and assay offices
during the week of July 19 as follows:
Fine Ounces
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
4-,289
316
558
353
440
Total for week ended July 19 1935
5,956
Following are the weekly receipts since the order of Aug.9
was issued:
Week Esded- Fine On.
1934Aug. 17
33,465,091
Aug. 24
26,088,019
Aug. 31
12.301,731
Sept. 7
4,144.157
Sept. 14
3.984,363
Sept. 21
8,435,920
Sept.28
2.550,303
Oct. 5
2,474,809
Oct. 12
2,883,948
Oct. 19
1,044,127
Oct. 26
746.469
Nov. 2
7,157.273
Nov. 9
8.665,239
Nov.18
336.191
Nov.23
261.870
Nov.80
86,662
Dec. 7
292,358
Week Ended- Fine 054
1934
Dec. 14
444.308
Dec. 21
692,795
Dec. 28
63,105
1935Jan, 4
309,117
Jan. 11
535.734
Jan. 18
75.797
Jan. 25
62.077
Feb. 1
134,096
Feb. 8
33,806
Feb. 15
45,803
Feb. 22
152.331
Mu. 1
38.135
Mar. 8
57.085
Mar. 15
19,994
Mar.22
54,822
Mar.29
7,615
Week Ended- Fine On
1935Apr. 5
5,163
Apr. 12
6,755
Apr. 19
68,771
Apr. 26
50.259
May 3
7,941
May 10
5,311
May 17
11.480
May 24
100.197
May 31
5,252
June 7-- ...
9.988
June 14
9,517
June 21
26,002
Jun. 28-- -.--16,360
2,814
July 5
July 12
9,697
July 19
5,956
President Roosevelt Says Silver Purchase Act Will be
Carried Out "In Public Interest"-Answers Letter
from 46 Senator! Who Seek "Enthusiastic Execution of Program
President Roosevelt intends to carry out the Silver Puychase Law "in the manner most advantageous to the public
interest," he said in a letter addressed to Senator Thomas,
and made public yesterday (July 26). The President's communication was in reply to a letter signed by 46 Senators,
asking him to press the Silver Purchase Law "enthusiastically" until the price of silver reached $1.29 an ounce, or the
Treasury reached the goal of $3,000,000,000 in monetary
metal.. Associated Press Washington advices of July 26
quoted from Mr. Roosevelt's reply as follows:
In his reply letter to the Senators, made public to-day, Mr. Roosevelt
said he was complying with the "broad objectives" of the Silver Purchase
act-those of attaining "a wider monetary use of silver."
"Such particulars as the amount and price of day-to-day purchases
of
silver and the issuance of silver certificates in excess of the cost of
the
silver," he said, must be left as provided in the law to the judgment
of the
Secretary of the freasury.
Members of the Senate silver bloc said on July 24 that they
were convinced that the President would make no promise
for $1.29-an-ounce silver.
President Roosevelt Signs Bill to
Officers, Completing Session's
Increase Naval Line
Naval Legislation
President Roosevelt on July 22 signed a bill providing for
the increase of naval line officer strength to meet the essential demands of the treaty navy now under construction.
This represented the last of three major naval measures
enacted at this session of Congress. The others provided
for
additional pilots for the navy's fighting planes and authorized the strengthening of key naval bases, particularly in
the Pacific. Associated Press Washington advices of July 22
gave the principal features of the new naval law as follows:
The bill signed to-day fixed the authorized line officer strength
at 6,531,
an increase of 1,032 over the present 5,499. Including 1,908
aviators, the
total number of officers which the navy estimates will be
needed ashore
and afloat for a navy of full treaty power is 7,941. The treaty
navy is
scheduled for completion in 1942 and the present officer
increase is
intended to take care of ships finished in the earlier part of
the program.
President Roosevelt Acts to End Virgin Islands
Dispute
-Governor Pearson Transferred to Office in
Washington-L. W. Cramer, Lt. Governor, Named
Successor-Judge Wilson Also Shifted
Intervention by President Roosevelt on July 23 halted, at
least temporarily, a political dispute in the Virgin Islands,
when Governor Paul M. Pearson was transferred to
specially-created post of Assistant Director of Housing a
in
Charge of Public Welfare. Lawrence W. Cramer, Lieutenant Governor of St. Croix, was promoted to the Governorship of the Islands, and President Roosevelt sent his nomination to the Senate. It was also announced at the White
House that District Judge T. Webber Wilson, who had
opposed Governor Pearson in some of his major policies,
would be transferred to the Federal Board of Parole in Washington.
On July 24 an investigation of the conduct of the
Islands, which had been carried on by the Senate, wasVirgin
postponed indefinitely. Senator Tydings of Maryland said that
521
confirmation of Mr. Cramer would probably be postponed
until the investigating committee finished its inquiry in the
event that it decided to continue it.
United Press advices from Washington July 23 summarized the situation which led to the shifts on that date
as follows:
Pearson, a Hoover appointee, and Wilson. a Mississippi Democrat, have
been the central figures in the dispute over charges of maladministration
and injustice in the tiny West Indian islands which this country bought from
Denmark during the World War.
The President wrote to Pearson and Wilson saying that Senate investigation had developed no facts that reflected on their "honesty, or integrity
or devotion to duty."
Cramer has been Lieutenant Governor of Saint Croix, one of the islands.
His appointment was recommended by Secretary Harold L. Ickes.
Throughout the controversy, Ickes had defended Pearson and sought
removal of Wilson. •
Chairman Millard Tydings of the Senate Investigating Committee and
others were equally insistent in their demands for ousting of Pearson and
their defense of the judge.
Pearson Gets New Post
Later Ickes formally appointed Pearson assistant director of the PWA
housing division.
The President wrote Pearson that this post "will give you a chance to
assist in the social rehabilitation of those under-privileged fellow citizens
who, on account of economic conditions, have been forced to live in slum
areas."
Wilson wrote the President this morning suggesting that if he were transferred "it might enable you to deal more easily with the situation."
President Roosevelt Signs Bill Prohibiting Shipment
of Convict-Made Goods in Inter-State Commerce
President Roosevelt on July 24 signed the SumnersAshurst bill, prohibiting the shipment of prison-made products into States that have already forbidden their sale in
competition with goods manufactured by free labor. Congressional approval of the measure was noted in the
"Chronicle" of July 20, page 365. The New York "Journal
of Commerce" on July 26 summarized the provisions of the
new law as follows:
The new law provides for a fine of $1,000 and the forfeiture of the condemned goods. The law is operative in all of the States, Territories.
Puerto Rico, Virgin Islands, and District of Columbia. Every package
carrying prison made goods must be marked on the outside to include the
name of the shipper, the address of the consignee, the nature of the contents
and the name and location of the penal or reformatory institution where
produced.
President Roosevelt Orders Study of Work Relief
Outlook for Next Fiscal Year-Survey Will Be
First Step in Planning Federal Budget
President Roosevelt on July 18 ordered a study of relief
demands in prospect during the fiscal year beginning July 1
1936, as the first step in drafting the Federal budget for that
year. After a White House conference, officials expressed
the opinion that the budget of expenditure for the next
fiscal year will show a decrease in relief costs. They indicated that a sharp drop in the cost of caring for the unemployed would be necessary if the budget were ultimately to
be balanced. Secretary of Labor Perkins, who attended the
conference, predicted that unemployment would be greatly
reduced before the beginning of the new financial year,
while Harry L. Hopkins said at a press conference that the
work relief program has already provided 388,000 jobs in
the Civilian Conservation Corps and 15,000 on rivers and
harbors projects. He forecast that 900,000 formerly unemployed would be at work Aug. 15.
Further details of the conference follow, as given in Associated Press Washington advices of July 18:
Besides Miss Perkins, President Roosevelt's conference comprised Secretary Morgenthau, Mr. Hopkins and Frank Walker, head of the relief
applications division.
Mr. Roosevelt has directed that the $4,000,000,000 works fund be spent
in the current fiscal year. Only one hint has been given of what fund
might be asked for relief next year. Chairman Buchanan of the House
Appropriations Committee recently mentioned $3,000,000,000 in a conversation, but declined to explain his remark.
The White House indicated that, pending the study ordered by the
President, no estimates on future unemployment needs would be made.
Developments in coining months were expected to prove a major factor.
Mr. Hopkins said he expected to end the Federal Relief Administration
and all Federal contributions on Nov. 1, while the 8,500,000-job goal of the
work program would be reached around Nov. 15.
He said unemployables, who must be returned to the care of States and
communities, still numbered one-fifth of the relief population, currently
estimated at 20,000,000.
Senate Approves $100,000 Appropriation to Enable FTC
to Continue Cotton Textile Inquiry
The Senate on July 24 approved an appropriation of $100,000 to enable the Federal Trade Commission to complete its
investigation of the cotton textile industry, which was originally undertaken at the request of President Roosevelt. A
dispatch from Washington on July 24 to the New York
"Journal of Commerce," after reporting the Senate approval
of the appropriation, added in part:
The commission has been called upon to make three reports covering
six
months each, two for this year and one for the first half of 1936. The
object
of the commission's inquiry is to find out what the situation was with
regard
to the labor costs in the textile industries under National Recovery Administration and the importance of the maintenance of the wages
and hours,
to establish the relationships of the labor cost in the industries to the
total
cost of production and distribution, and to determine what investments
and
rates of return the textile mills were making.
522
Financial Chronicle
Show Processing Tax
The investigation was also supposed to cover the amount of expenditure
which the mills were obliged to make on account of the processing tax; and
the reports of the commission, so far, have shown in detail exactly the
amount of the processing tax, in all periods which have been covered by
the commission.
The President's special Cabinet committee investigating the cotton textile situation, it was explained, desires the commission to make a number
of tabulations, for the purpose of their analysis, which will involve breaking
down the statistics obtained by it according to the kinds of cotton textile
goods which are manufactured.
Senate Passes AAA Amendments—Measure Sent to
Conference—Senate Defeats Attempts to Curtail
President's Reciprocal Tariff Powers
The Senate on July 23 by a vote of 64 to 15 approved the
Administration measure designed to protect the Agricultural
Adjustment Act against legal attacks and to extend the crop
Adjustment program. Only 9 Democrats and 6 Republicans
opposed the AAA amendments. The bill, which had previously been approved in a somewhat different form in the
House, was sent to conference, where it was indicated that
House conferees might fight for some provisions which the
Senate eliminated, particularly the House provision which
would permit the use of 30% of the Nation's customs receipts to finance the sale of exportable surpluses abroad.
Representative Jones, Chairman of the House Agricultural
Committee, said on July 25 that the Senate provision permitting suits for recovery of past processing tax collections
must either be eliminated or modified "so as to avoid the
abuses which it invites." He added that the Senate amendment is "too broad" and that "the processor has simply
been the agent for the collection of these taxes, which have
been written into the general price structure of the country."
Before the final Senate vote, three attempts to modify or
end President Roosevelt's reciprocal tariff powers were defeated,two by roll-calls of 51 to 24 and 53 to 23,and the third
by a voice vote. One of the amendments accepted in the
Senate was sponsored by Senator Gore, and would require
Senatorial confirmation on officers of all Government establishments at stated salaries. Another amendment,
proposed by Senator Bankhead, would permit the Internal
Revenue Commissioner to examine the books of all litigants
in suits to recover previously paid processing taxes.
Other amendments, and some of the principal features of
the bill, were summarized as follows in a Washington dispatch of July 23 to the New York "Times":
Although amendments presented by the American Newspaper Publishers
Association were accepted yesterday. Senator Lonergan. their sponsor,
changed the position of the newsprint amendment in the bill and slightly
altered the language to read:
Nothing contained in this title shall be construed to authorize any tax
upon the processing of any commodity which processing results in the
production of newsprint.
Greatly changed from the bill passed by the House, the AAA measure
now goes to conference but it is said to be generally acceptable to the House
except for the Senate's refusal to bar the courts to lawsuits for the processing
levies except where processing taxes had been passed on to the consumer.
However, Chairman Jones of the House Agriculture Committee indicated to-day that he would not oppose the Senate restrictions on barring
processing tax suits and that he believed there was little sentiment among
other members of the committee to do so.
Norris Attacks Tariff Moves
Conspicuous in the day's proceedings were the attempts to break down
the reciprocal tariff arrangement.. Following his defeat of yesterday.
Senator McCarron had pending a modification of his original proposal
for Senate approval of the international pacts.
Senators Vandenberg and Barbour spoke for this amendment, but
Senator Norris answered with a protest against "trying to write a Tariff
Bill" into the farm amendments.
"If we continue in this kind of parliamentary procedure it is going to
bring a rule of closure which I would hate to see adopted," the Nebraskan
said. "If the Senate is going ahead with this kind of business we will be
here five years, without an adjournment. Why not tack on the Bonus Bill,
The Senate becomes ridiculous in the eyes of
why not re-define murder
the people."
Voicing a like protect against tinkering with the tariff in a Farm Bill,
Senator Walsh moved to table the McCarran amendment, and the Senate
responded to his plea.
Vandenberg Plan is Rejected
As the McCarron amendment had been a substitute for an outright repeal of the reciprocal tariff pressed by Senator Vandenberg,the Vandenberg
proposal was then in order. But on motion of Senator Robinson, the
Vandenberg plan was rejected in a viva voce vote.
Senator Carey immediately offered an amendment to stop application
of any foreign trade agreement to any basic commodity covered by the AAA
Law. Mr. Robinson moved to table this amendment, and the Senate
agreed by a vote of 53 to 23.
Through the AAA amendments, the Secretary of Agriculture can issue
orders to food processors or handlers, but the orders must apply only to
handling of the commodity which is in inter-State commerce or directly
Commodities subject to the
affects or burdens inter-State commerce.
secretary's orders are milk,fruits (not including fruits for canning or apolives, and not includexcept
ples), tobacco, vegetables (not for canning,
ing beans), soybeans and naval stores.
Acreage Agreements Authorized
The Secretary can make agreements with producers to cut acreage or
production, and to furnish benefit payments in exchange. Orders must
bar unfair trade practices or provide for appointment of an administrative
agency. The orders become effective with a marketing agreement when
signed by not less than 50% of the handlers of a commodity. Violation
of an order involves fines between $50 and $500.
Processing taxes are to be fixed at "such rate as equals the difference
between the current average farm price for the commodity and the fair
exchange value of the commodity, plus such percentage of such difference,
not to exceed 20%."
July 27 1935
Specific tax rates for wheat, cotton, field corn, hogs, peanuts, tobacco.
paper, and jute, sugar cane and sugar beets in effect at the time the bills
become law, and from then to Dec. 31 1937, are automatically enacted.
The processing tax may be reduced, if the average farm price during
one year, which shall include the first ten months of a marketing year, is
between 90 and 120% of the fair exchange value. If the farm price is
more than 120%, the tax shall be reduced 10% of the fair exchange value.
Imports May Be Restricted
The burden of proof that he has not passed the processing tax on to the
consumer is placed upon a claimant seeking a tax refund.
The Senate authorized the President to restrict imports to not less than
50% of the previous average annual quantity, in order to protect the domestic production.
• Senate amendments would extend the Bankhead Cotton Control Act
through 1937-1938 and fix 10,500,000 bales as the national allotment for
1935-1936. extend the Kerr-Smith Tobacco Act to Apri130 1939, and enact
the Warren Potato Bill, making potatoes a basic commodity and limiting
Production by taxing quantities in excess of the allotted amount.
Taxes of about $700,000,000 in effect the time the bill becomes law and
all benefit payments already made would be validated under a Senate
amendment.
An amendment authorizing use of $50,000,000 of work relief funds for
purchase and retirement of sub-marginal farm lands was adopted.
Attempts to give the Secretary power to fix prices were eliminated.
The most recent reference to the AAA bill was contained
in the "Chronicle" of July 20, pages 362 and 363.
Senate Passes Deficiency Bill, Appropriating $300,000,000 for Governmental Activities
The second Deficiency Appropriation Bill, carrying more
than $300,000,000 for governmental activities not covered
by earlier legislation, was passed by the Senate on July 24
without a record vote. The Senate wrote into the mill about
$7,000,000 more than the amount voted by the House, including an appropriation of 82,550,000 for an air-conditioning system for the Senate and House office buildings. Other
insertions in the bill were noted as follows in a Washington
dispatch of July 24 to the New York "Times":
Just before passing the bill, the Senate deleted a House provision for
the expenditure of $11,150,000 for a new building for the General Accounting Office. Rejection of this item followed defeat of a proposal by the
Senate Appropriations Committee to provide a building for the accounting
office on Capitol Hill near the new Supreme Court Building. Having failed
In this attempt, the handler of the bill proposed to strike out the item
entirely and won.
Senators hope that by their action in inserting the provision for payment
of Civil War claims a precedent might be set in this matter. Claims by
New York City, Baltimore and the State of California have been pending
for more than seventy years. They have never reached the appropriation
stage before, due to opposition in the House.
When the Deficiency Bill was opened for amendments yesterday, Senator Tydings immediately offered an amendment appropriating $171,000
for payment of Baltimore's claim. When his proposal was accepted today, California's claim for $6,468,145 was pressed.
New York Senators withheld their claim of $764,143, fearing that the
item would be thrown out in conference and thus suffer a prejudice against
It in any future presentation.
Senate Committee Continues Utility Lobbying Inquiry
—Conferees on Holding Company Bill Deadlocked
—FCC Orders Wire Companies to Report on Messages to President and Congress—Edison Electric
Institute Spent $181,749 to Oppose Administration's Power Program
Continued hearings of the Senate committee investigating
lobbying inquiries in connection with action on the Utilities
Holding Company Bill this week delayed further action of
Senate and House conferees on the "death-sentence" provision of the measure. Previous committee hearings were
described in the "Chronicle" of July 20, pages 363 and 364.
Conferees who ma on July 24 engaged in a dispute over the
insistence of two committee members that Administration
power experts attend their secret meetings. Proceedings of
the conference were summarized in part as follows in a
Washington dispatch of July 24 to the New York "Times":
The conference dispute began when Senator Wheeler and Representative
Rayburn, Chairmen of the committees in charge of the legislation and
authors of the original bill, insisted that Dozier A. Devane of the legal staff
of the Federal Power Commission and Benjamin V. Cohen, a legal adviser
of the PWA, be permitted to sit with the conferences.
The suggestion was promptly objected to by Representatives Huddleston,
Democrat of Alabama: Holmes, Republican of Massachusetts, and Cooper,
Republican of Ohio. Mr. Huddleston, his face red with resentment, declared that it was "just a case of trying to lobby the conference:" that
Messrs. Devane and Cohen were outsiders and had no right in law or reason
to be present in the conference room.
Their place, he declared, was the anteroom where members could go to
consult them if their advice was needed.
"Waiting Game" is Seen Generally
For days there has been general talk in both branches of Congress that
the "death clause" forces were playing a waiting game to give the Black
Committee time to delve deeper into power company files, the operations
of company agents and the large expenditures to influence Congress against
the Utility Bill.
This was the situation when the conferees met this morning. Present
and ready to take part were Messrs. Devane and Cohen, who played a
large part in writing the original bill. Senators Wheeler and Barkley, as
well as Representative Rayburn, had suggested that they be present during
the discussions.
It has always been considered permissible for employees of Congress who
aided in the drafting of legislation to be present, but, said Representative
Huddleston, Messrs. Cohen and Devane were not employees of Congress.
The Edison Electric Institute on July 23 announced
through its President, Thomas N. McCarter, that it had
spent $181,749 to oppose the power and utility program of
Volume 141
Financial Chronicle
the Federal Government. Mr. McCarter said also that the
Institute plans to contribute to the cost of appealing the
recent decision upholding the constitutionality of the Tennessee Valley Authority. That decision was given
our
issue of July 20, pages 371 and 372. Mr. McCarter'sin
statement read, in part:
In connection with the Wheeler-Rayburn Bill, the Board of Trustees in
February adopted a resolution recommending that each company
should
present its own case on the Wheeler-Rayburn Bill, and that the Edison
Electric Institute should answer inquiries and furnish facts
to member
companies relating to the matter as might be desirable. The matter
of
generally conducting the opposition to the bill was left
to the Committee
of Public Utility Executives, of which Mr. Philip
H. Gadsden is Chairman.
In order to aid this committee in its work. the Institute
later paid the law
firms of Simpson, Thacher & Bartlett and Sullivan
& Cromwell the sum
of $75,000 each for their legal work rendered to
the Committee of Public
Utility Executives in connection with the proposed legislation
. In addition
thereto. the Institute has spent $19,757.47
for official copies of transcript
and government documents, printing, mimeographing and postage.
All
such expenditures have been audited
by Price, Waterhouse & Co.,and the
audit delivered to investigators of
the Senate Investigating Committee,
together with correspondence, letters, records
and material relating to the
Bill.
The Associated Gas & Electric Co.
is not a member of the Edison Electric
Institute. The policy which certain representatives
of that company are
alleged to have pursued does not meet
with the approval of the Institute.
It has been the aim and policy of
the Institute that the whole opposition
to these governmental activities
and to this legislation which collectively
threatened the very life of the industry should be carried on in an open
and
above-board manner.
The Federal Communications Committee on July 23
joined the lobbying inquiry by directing eight communication companies to supply specific information by Aug. 15
as to the extent of propaganda, whether unauthorized signatures were signed to telegrams to the President or Congress
members, and the total of any records that were destroyed.
The proceedings before the Senate investigating committee
were summarized as follows in a dispatch from
Washington
July 24 to the New York "Times":
While the conferees were wrangling,
the Senate investigating committee
began inquiry into another of
the power holding groups and called as witness John W. Carpenter,
President of the I'exas Power and Light Co., a
subsidiary of the American
Power and Light Co., described by the committee as a subsidiary of the
Electric Bond and Share Co.
Mr. Carpenter was not certain
that this was true, although his conferences in Washington when the
power interests were fighting the utility
holding company legislation
were mainly with S. R. Inch and Samuel
Murphy of New York, President
and General Counsel of the Electric Bond
and Share Company.
Mr. Carpenter, whose company expended
about $33,000 in its campaign
against the measure and charged
it to "operating expenses," insisted that
he was not lobbying. It was
a fight for the life of his business, he held.
Questioned on Mysterious Box
A mysterious "box wrapped
in a newspaper" crept into the questioning.
First mentioned by Chairman
Black, the committee time and again asked
Mr. Carpenter to tell what was
in this box. Did it contain a present for
a member of Congress?
Mr. Carpenter replied that
he might have given somebody, he did not
remember whom, a box of
cigars, but he could not recall presenting any
"box wrapped in a newspaper" to any one, in or
out of Congress.
The committee insisted
that he refresh his memory as to whether he gave
anybody anything on June
30, the day before the House voted the "death
clause" out of the bill.
Mr. Carpenter is President
of the Texas Public Utilities Corp., of the
New Mexico Electric Service
Co., Vice-president of the Texas Electric
Service Co.,President of the Dallas
Railway & Terminal Co., and a director
of the St. Louis & Southwestern
Railroad and the Mercantile National Bank
of Dallas. He also is Chairman of
the Board of the Gulf States Life Insurance Co.
"I believe these are all,"
he explained. "At any rate I do not recall
any others."
The hearings of the committee on July 25 and 26
devoted mainly to an investigation of the alleged gift were
of a
box of cigars to Representative Patton of Texas by a relative
of one of the officials of the Texas Power & Light Co. Several
of the committee members appeared to doubt that the box had
actually contained cigars, and Congressman Patton was
questioned at length on this subject. We quote in part from
Associated Press Waslngton advices yesterday (July 26)
regarding the tenor of this testimony:
Members of the Senate Lobby Committee expressed surprise at testimony
by Representative Patton(Dem.,Tex.,)that he had bought $3,000 worth
of
bonds during a period this spring when
his salary was only $3.100.
This followed testimony by a surprise witness that he
had seen Patton
carry a small box awayfrom the hotel room of John W.Carpenter, President
of the Texas Power and Light Company, the day before Patton voted
against the provision in the utility bill for compulsory abolition
of unnecessary holding companies.
The witness, E. V. Cellars. an NRA employee, expressed doubt
that
the package was cigars and quoted Patton's nephew, who was with them,
as
saying later:
"Hell, that wasn't cigars."
There had been previous testimony that he took a box of cigars from
Carpenter's room.
"I have never been so shaken and chagrined in all my life," Patton
testified when recalled to the stand. "My bank account is open and
the
canceled checks are'there.
"I've told you the straight honest-to-God truth about the situation."
A couple of days later, Sellers said, Patton showed him a bond he said
he had just bought.
Senator Gibson (Rep. Vt.) expressed "puzzlement" over Patton's purchase of the bonds.
Other members showed their surprise at the turn in the testimony by
their close questioning of the Congressman about his living expenses and
salary.
There were indications that his nephew, Noris Shook, who was quoted as
disbelieving that the gift from Carpenter was a box of cigars, was being
subpenaed, but Chairman Black would not comment.
523
Senate Passes Omnibus Banking Bill Which Goes
to
Conference with House Committee--Defeats Proposed Amendment Designed to Establish Central
Bank—Senator Glass Leads Debate on Measure
The Senate late yesterday (July 26) passed and sent to
conference the Omnibus Banking Bill, extending Government control over the Nation's banking system. Before
the final vote was taken, the Senate overwhelmingly
defeated an amendment designed to establish a central bank.
This plan was sponsored by the Rev. Charles E. Coughli
n,
and was offered as an amendment by Senator Nye. It was
voted down by 59 to 10.
Senate debate on the Administration' Omnibus
Bill began on July 24, when Senator Glass denouncBanking
ed proposfals for creating a central Government bank. The
most
recent reference to the bill was contained in the "Chroni
of July 20, page 363. Senator Glass, who is in charge cle"
of the
bill in the Senate, opened its consideration with an address
on July 24 and continued hie exposition on the followin
g day.
The suggestion to establish a central bank in Washington,
he
declared, "was so repugnant to the original purposes
and
intent of the Federal Reserve System that those who propounded the suggestion soon found it convenient to abandon
their indefensible attitude."
Senator Glass on July 24 mentioned some of the changes
in the bill which have been unanimously approved by the
Senate Banking Committee. The bill as so approved is
radically different from that passed by the House in the form
desired by Marriner S. Eccles, Governor of the Federal
Reserve Board,
Senator Glass' address on July 24 was described as follows
in a dispatch of that date from Washington to the New
York
"Herald Tribune":
Senator Glass to-day paid his respects in no uncertain
terms to the
promoters of central banking in part as follows:
"It was first proposed that the Federal Reserve banks
should be stripped
of every particle of local self-government and that we should
establish here
in Washington practically a central bank to be operated by
people who are
not bankers and who have no technical knowledge of
the banking business.
That suggestion was so repugnant to the original purpose
and intent of the
Federal Reserve banking system that those who propounde
d the suggestion
soon found it convenient to abandon their indefensible attitude.
"If anything was deliberately and decisively determine
d in 1913 it was
that this country did not want a central bank. It did
not want a central
bank even in the skillful guise of the so-called Aldrich
bill. It did not want
a central bank at all."
Earlier Platform Cited
The platform upon which Woodrow 'Wilson was elected
President of the
United States textually and unmistakably declared against
the Aldrich
plan or any other plan for a central bank. The platform
upon which
Theodore Roosevelt ran in 1912 likewise denounced the
Aldrich plan of
centralization. The Republican party in its national
platform of that year
did not dare indorse the central bank of any description and omitted
any
reference to the Aldrich plan.
"Instead of a central banking system Congress decided
to create a regional reserve banking system upon the theory that the respective
regions
established would know better how to manage their own credit
and respond
to the requirements of their own people than any central
bank established
either in New York or at Washington. Therefore we establishe
d a regional
reserve system with a large measure of local authority and a
Federal Reserve
Board charged not with conducting a central bank system
but merely with
supervisory power to see that these original Reserve banks complied
with
the law.
"When the suggestion practically of a central bank here
in Washington
was abandoned because ofits obvious repugnance to everything
we had done,
then it was proposed that the central board here should
be given extraordinary authority to control these regional banks.
Assails Central Control
"To say that the regional banks supplying all the funds
of the Federal
Reserve system should be completely controlled by a central
board set up
originally merely as a supervisory power of control is
to me the most unreasonable thing that could be suggested."
In discussing the open market committee, which he
said was the next
subject of controversy in the shaping of the bill in committee
, Senator Glass
emphasized the point that it was not established to purchase
the bonds of
the Federal government. As evidence of that, he called
attention to the
fact that in 1913 there were not more than $100,000,0
00 government bonds
actually available for purchase.
"It never was intended that the open market committee
should speculate
in government bonds," he declared. He added that
the open market
committee could not go into the market and speculate
and if it did it would
be like "babes in the woods."
The Senator told how, in order to harmonize differences
, concessions had
to be made and under the bill, as reported, the open market
committee was
finally made up of the seven members of the Board
of Governors of the
Federal Reserve system and five representatives of
the Federal Reserve
banks. He made it plain that he believed the Federal
Reserve banks
should have the majority on the committee, but had
yielded in the interest
of adjusting differences and bringing out a bill.
Senator Glass defended the Federal Reserve banks in
timers leading up
to the panic of 1929.
"It has been said that the Federal Reserve banks failed
in a great exigency," he said."to put a stop to wild speculation. As
a matter of fact, it
was the Federal Reserve Board that failed."
Senator Glass, who was again the principal speaker
the
bill on July 25, told the Senate that he was "amusedon
" that
Mr. Eccles wanted to prevent inflation "because of.all
the
inflationists in this country, he has exceeded the group."
Senator Glass's further remarks on July 25 were described
as follows in Associated Press advices of that date from
Washington:
Resuming his speech on the compromise bank reform bill,
the veteran
Virginian tore into Mr. Eccles without
mentioning him by name.
"It is suggested." he said, "that the chief advocate of title
two (giving
the reserve board majority control over the nation's credit
resources) is in
a nervous state of anxiety lest we should have inflation in this
country. He
wants to prevent inflation and deflation.
524
Financial Chronicle
"Well, we already have more deflation than may be remedied in the next
ten or twenty years to come. As for inflation, I'm amused that the sponsor
of this bill wants to prevent inflation because of all the inflationists be has
exceeded the group."
Mr. Glass has contended title two was unnecessary, but he made concessions to Mr. Eccles and the latter to him, in order to get a unanimous
agreement in committee on the bill.
Mr. Glass said to-day that "repeated references to the bill as an administration bill have no justification whatever."
"It isn't an administration bill," he added. "The President never read
a word of it, unless it was very recently. The Secretary of the Treasury
is on record as saying he has not read it. Every member,except one (Eccles)
of the Federal Reserve Board testified he had not seen the bill until after
it was sent up here."
Senate and House Conferees Continue Discussion of
Social Security Bill—President Roosevelt Expresses
Opposition to Clark Amendment, Permitting Private Pension Systems
Senate and House conferees late this week continued in a
deadlock in their discussion of the Administration's Social
Security Bill, with the principal point at issue the Clark
amendment, which would exempt from the proposed Nationwide old-age pension system those companies which have
private pension plans offering equal benefits. Discussions
of the conferees were noted in these columns of July 20,
page 363. It was reported from Washington on July 24
that President Roosevelt would oppose the Clark amendment, which was adopted before the measure was approved •
by the Senate. President Roosevelt expressed his views
at his press conference on July 24, and these were described
as follows in Associated Press Washington advices of that
date:
The President said he believed all corporations should be put in the
same class and feared the human temptation under the Senate amendment
would be for private companies to lead their old people into the government
system and retain the young workers in their private plans.
At the same time, the President said he had not yet found a rail pension
bill that would comply with the Supreme Court's decision invalidating the
Railroad Retirement Act of last year. The Chief Executive added that
he would like to find a bill that would meet the situation, but that all proposals so far ran counter to the court ruling.
Administration leaders on Capitol Hill believed the President's statement on the Social Security Bill would bring rejection of the amendment
excluding private companies. They held also that it virtually wiped out
any prospect for a compromise on the issue.
House conferees, even before the House vote, refused even to consider
the amendment or to negotiate a compromise. They were more determined
in view of the ratification they received when the bill went back for a
ballot.
New Senate Vote Possible
In view of their stand, the only possible outcome of the new negotiations
seemed to be a House victory or a deadlock which would throw the amendment back into the Senate for a new vote. Offered originally by Senator
Bennett C. Clark, Democrat, of Missouri, it was adopted 51 to 35. Eight
to
Senators would have to change their positions to permit the Senate
recede.
House Committee Reports Measure to Regulate Buses
and Trucks—Bill Already Passed by Senate Urged
for Speedy Adoption
The House Inter-State and •Foreign Committee on July
24 favorably reported the Senate bill for the regulation of
inter-State bus and truck operations under the Inter-State
that
Commerce Commission. The Committee recommendedtimes
the bill, which has been passed by the Senate several list
of
and which is reportedly included in the White House
"must" legislation, be adopted speedily. The measure
would create inter-State boards of two or more States for
of
the adjudication of complaints according to the number
obStates involved. It would require common carriers to
would
tain certificates of public convenience and necessity,
as is imimpose the same regulation of bus and truck rates
and
posed on the railroads, would regulate security issuesfrom
would prescribe maximum hours of labor. A dispatch
Washington July 24 to the New York "Times" discussed
the measure as follows:
of experts and
Recalling the voluminous data compiled from testimony
semi-public bodies.
painstaking investigations by Federal commissions and
measure:
the
the Inter-State Commerce Committee, said in reporting
is the need for
"The more information obtained, the more apparent
develop a
motor carrier regulation in the public interest, to preserve and
healthy, adequate, co-ordinated system of transportation.
Opposes Conflict With States
regulation of all
"We can have such a system only by Government
there will be the
agencies of publlc transporation. in such a manner that
the inter-State regulation
least conflict between the State regulations and
of motor carriers."
recently passed by
The bill reported by the committee differs from that
certificates all common
the Senate in that the latter would make eligible for
would extend this privilege
carriers operating during 1934. The House Bill
to all such carriers operating on June 1 1935.
provides against
specifically
Another difference is that the House bill
already pre-empted by
Invasion by the Federal agency of regulatory fields
encroachment was only imthe States. This safeguard against Federal
plied in the Senate bin.
the Senate in exThe House measure also departs from that passed by
"exclusively in the haulempting from its regulatory phases trucks engaged
products; also newspapers."
ing of livestock and unprocessed agricultural
House Committee members
There had been some question in the minds of
exemption of the
whether such trucks would fall under the casual hauler
Senate bill.
of labor in the highway
While providing for Federal regulation of hours
passengers and property, the
carriers industry in the interest of safety to
C. C. to prescribe such
I.
of the
House bill places it within the discretion
to this end.
maximum hours as it considered most conducive
A previous reference to the bill
April 20, page 2628.
July 27 1935
appears in our issue
of
House Passes Bill Creating New Liquor Control Agency
—Measure Would Place Office Under Treasury,
Contrary to Administration Wishes
The House of Representatives on July 24 passed a bill
designed to establish permanent Federal control of the liquor
business. The measure, adopted by a vote of 229 to 100,
was then sent to the Senate for its consideration.
The Committee report on the bill was referred to in the
"Chronicle" of July 20, page 365. The measure would
create within the Treasury a new agency known as the
Federal Alcohol Administration, with many of the powers
of the Federal Alcohol Control Administration that was outlawed when the Supreme Court declared National Recovery
Administration codes invalid. Contrary to the Administration wishes, the House bill would place the new agency under the Treasury instead of making it an independent office. Passage of the bill in the House was described as follows in Associated Press Washington advices of July 24:
Early Senate consideration of the measure was forecast by Democratic
leaders. Administration spokesmen were expected to wage a determined
fight in that chamber to make the new FAA independent and to write into
law the old FACA requirement that liquor be sold retail in bottles only.
Henry Morgenthau, Jr., Secretary of the Treasury, has said an army of
enforcement agents would be required to combat bootlegging if keg sales
of distilled liquors were permitted.
House debate centered on this question. A Ways and Means Committee
compromise permitting only bona fide hotels and clubs to buy liquors in
wooden containers and resell to their patrons was supported by the House.
86 to 81.
The cooperage interests, led by Representative Claude A. Puller, Democrat, of Arkansas, wanted to have general cask or barrel sale. Representative Gerald J. Boileau, Progressive, of Wisconsin, led the non-partisan
floor fight against the hotel-club compromise as discriminatory against
inns and restaurants. But proponents of the exemptions contended they
were to head off bootlegging and to avoid pre-prohibition saloons.
Mid-Western members fought also to insert a prohibition against manufacture in the United States of alcohol from imported molasses. Reprosentative Isaac Bacharach, Republican, of New Jersey, moved to send the
bill back to committee for inclusion of that amendment, and to put all employees of the new agency under civil service. The motion lost on a record
vote, 209 to 122.
The bill as passed by the House requires every one in the industry, except retailers and brewers, to have Federal permits; outlaws interlocking
directorates and tie-ups between manufacturers and retailers and bans various unfair practices. A provision to levy a $10 occupational tax on permittees was eliminated.
and Means Committee Majority Agrees on New
Tax Bill Designed to Yield $200,000,000—White
House Pressure Results in Accord—Committee
Refuses to Eliminate Provision Exempting Corporate Contributions to Charity, Despite President Roosevelt's Criticism of Section
The House Ways and Means Committee late this week was
reported to have agreed upon the main features of a new
Administration tax measure, desigz.led to yield about $200,000,000, or far below original estimates. The Committee
was said on July 25 to have yielded to pressure from the
White House as regards the principal sections of the bill,
but it did not strike from the bill the exemption of corporate
gifts for charitable purposes, which had been attacked by
President Roosevelt at his press conference on July 24.
Representative Doughton, Chairman of the Ways and Means
Committee, on July 25 outlined the. provisions of the new
bill as follows, according to a Washington dispatch of that
date to the New York "Sun":
Ways
Mr. Doughton made it clear that the decision arrived at after "long
hours of heated wrangling" was only tentative.
"We are likely to change the provisions at any time," he said, adding that
he and the other House leaders planned to discuss the bill with the President before Monday, when the full committee will meet to take formal
action.
Under the tentative agreement the bill contains these main provisions:
Increases on personal income taxes starting at $150,000 and graduating
up to 75% on $10,000,000 incomes. This is estimated to raise about
$20.300,000.
Taxes on inheritances with an exemption or $50,000 for relatives and
$10,000 for non-relatives, to raise $100,000,000.
Increases on gift taxes, which would be three-fourths of the inheritances
rates, to yield about $20,000,000.
The excess profits taxes, starting at 8% of net earnings and graduating
upward, with a yield of about $15,000.000.
L. A small graduated corporation tax, to raise $30,000,000.
1 Mr. Doughton announced that the Democrats had tentatively agreed to
,
leave out of the bill the proposed increased capital stock tax as well as the
proposed tax on intercorporation dividends.
Fight Was Hard
The vote in the committee, he made known, was close, but he did not
give the actual result. It was made plain that the White House and the
administration forces in the House were hard pressed to force even this
tentative agreement.
The hardest fight so far was over the principle of the graduated corporation tax. While the principle is retained by imposing the slight graduation,
Mr. Doughton said, the spread would be only 1%. The present flat rate is
13 z.h'%. Large corporations under the compromise reached would be taxed
14 Ri% on net incomes and small companies only 1231%.
The excess profits tax would allow a corporation to make from 8 to 10%
on invested capital and start levying taxes on a graduated scale on profits
beyond that point.
The increased taxes on personal incomes reach mainly into the higher
brackets, really soaking the rich. The big increase would be on net incomes
of about the million dollar mark, but in lesser degree would affect incomes
Volume 141
Financial Chronicle
down to $150,000. The surtax range would be from 54 to 75% on incomes
above 10 millions.
The tax on inheritances would start at 4% and range to 75% on inheritances above 10 millions.
The full membership of the House Ways and Means Committee is expected to begin consideration of the tentative
bill on Monday, July 29. It was said yesterday (July 26)
that the estimated annual yield from the measure as drafted
would be between $150,000,000 and $200,000,000.
President Roosevelt at his press conference on July 24
said that he opposed corporation gifts to charity not only
because they constituted an insidious system of purchasing
good will, but also because they deprived investors of a part
of their income and of their right to choose their own
charities. The President's remarks were reported as follows
in a Washington dispatch of July 24 to the New York
"Herald Tribune":
Mr. Roosevelt, evidently aware of the efforts of charity organizations to
press the George-McCormack amendment to the tax bill, was prompt to
take up the subject at his press conference. By direct implication he
charged corporations, and utility companies in particular, with commercial
operations in charity to further their own profit-making ends by wholesale
purchases of good will.
As far back as 1929 or 1930, the President recalled, he had vetoed as
Governor a billin the New York State Legislature which would have
allowed
utility companies to deduct their contributions to charities in figuring their
taxable income. The theory behind the claim for exemption, he said, was
that the corporation gifts served a humanitarian purpose. There was the
example, he continued, of small towns where the corporation contributes
to
the maintenance of a Y. M.C. A. or some kind of recreational center which
would otherwise have to be erected for its own employees.
But that was an extreme case, the President went on. On the other
side
of the picture, he said, was the fact that in a great many instances the
corporate gifts to charities were to obtain good will.
The best illustration of this was in a Southern State where the executive
of a power company which blanketed the State expressed horror, Mr.
Roosevelt said,at his suggestion that companies ought not to give to charity.
The executive said, so Mr. Roosevelt explained, that local agents of the
company all over the State had standing orders to step up whenever
a
church social or hospital drive was started and offer to have his electric
company make the first contribution.
The executive frankly admitted this was done to buy good will. the
President added. No company should have the right to buy good will,
Mr. Roosevelt went on, whether it be a utility or some other corporation.
Seeks to Protect Investors
In the second place, the President said, there were a very large number
of people in this country who live in part or in whole from dividends
or
coupons on their investments in corporations. Most people would
agree,
Mr. Roosevelt went on, that these investors ought to have the
right to
choose the purpose to which they would make charity gifts instead
of
letting the officers of corporations make the gifts out of their
money.
This particular proposed amendment to the tax bill, the President
said,
would allow a corporation to give up to 5% of its net income to
charity.
Thus, if any individual or family had $5,000 a year from investments
, the
company in which they invested could give away $250 of their
income.
The President remarked that if he were the investor he
would rather get
the $5,000 and give away the $250 himself.
At present corporations may not deduct gifts to charity
when making
income tax returns. However, the heads of charities fear that
the increase
In the income taxes, plus additional taxes arising out of the social
security
program, will help to dry up a large part of their revenues
unless the
corporations get encouragement by tax exemptions.
The Treasury estimates on which the Domocratie members
of the House Ways and Means Committee based their discussions of surtaxes on large incomes were as follows:
TABLE 19 SURTAX ON INDIVIDUAL INCOMES EXCEEDIN
G 5150,000
—ESTIMATED INCREASE IN REVENUE. $20,400,000
Surtax Bracket—
Surtax
%
5150,000- 5200,000
200,000- 250,000
250,000- 300,000
300,000- 350,000
350,000- 400,000
400,000- 500,000
500,000 750,000
750,000-1.000,000
1,000,000-2,000,000
2,000,000-3.000,000
3,000.000-4.000,000.
4,000,000-5,000,000
5,000,000-7,500,000
7,500,000-10,000,000
Over 10,000.000
a Computed on upper limit of
Combined
Normal
and Surtax
%
84
56
88
60
62
64
66
68
69
70
71
72
73
74
75
brackets.
58
60
62
64
66
68
70
72
73
74
75
76
77
78
79
Total
Tax (a)
589,000
119,000
150,000
182,000
215,000
283,000
458,000
638,000
1,368,000
2, 08, 00
2,858,000
3,618,000
5,543,000
7,493,000
Percentage
of Tax to
Total Taxable
Income (a)
44.50
47.60
50.00
52.00
53.75
56.60
61.07
63.80
68.40
70.27
71.45
72.36
73.91
74.93
____
Amendment to Gold Clause Bill Sought
by Senator
Barbour—Would
Require Future Government
Bond Issues to Bear Note Barring Suits
for Principal or Interest
An amendment to the so-called gold clause bill, now being
considered by the Senate Banking and Currency Committe
e,
to provide that in the future all Government obligations shall
their
on
face contain a provision barring suits to recover
principal or interest, was introduced on July 22 by Senator
Barbour. Committee hearings on the bill, which
already been approved by the House, were reported has
in the
"Chronicle" of July 20, page 364. Senator Barbour
posed that in the future each Government bond bear prothe
following:
The Government of the United States shall not be subject
to suit for
non-recovery of either the principal or interest in respect to this obligation.
Mr. Barbour, who opposes the bill, said that he offered
the amendment with a view to making the Government "be
frank with its citizens." His remarks were noted as follows
525
in a Washington dispatch of July 22 to the New York
"Journal of Commerce:"
Senator Barbour, who opposed the abrogation of the gold clause
in
United States Government bonds as constituting repudiation of the
Government's own contract with its citizens, is opposing enactment
of the
Pending joint resolution because the measure is much more
far-reaching
than appears on the surface.' The resolution professes to simply
make
impossible suits on the part of individuals seeking to recover the difference in value of the old gold content of the bonds heretofore payable in
gold. However, if passed in its present form, Senator Barbour pointed
out, it would permit the Government, if it chose to do so, to suspend the
payment of the principal of any bond when due, or any interest payments
when due, at the same time denying the bondholder his right to sue the
Government.
"This sort of legislation is un-American and unfair, but if we are to
be subjected to this kind of law, certainly it should not be retroactive, on
the one hand, and, on the other, any bonds issued in the future should
state on their face under what terms they are actually sold," Senator
Barbour said.
290 Foreign Bilateral Trade Pacts Listed as Harmful
to United States Commerce—George N. Peek Sends
Survey to Members of Congress
George N. Peek,former foreign trade adviser to President
Roosevelt and now head of the Export-Import Bank, on
July 23 made public a list of 290 exclusive bilateral trade
agreements of foreign nations, of which the benefits do not
accrue to the United States. The survey was dated June 30
was entitled "Foreign Restrictions and Agreements Affecting American Commerce." Copies were sent to members
of Congress. Mr. Peek's action in preparing the report was
interpreted in some quarters as a further argument against
reciprocal trade agreement policy sponsored by Secretary
of State Hull, and providing that tariff reductions granted
by the United States in any treaty shall apply to all other
countries that do not discriminate against the United States.
Washington advices of July 23 to the New York "Herald
Tribune" summarized the findings of the Peek analysis as
follows:
The Peek list shows that, except for eleven minor nations, every
one of
these countries is discriminating against the United States. The
eleven
nations are China, Dominican Republic, Egypt, Guatemala, Honduras,
Haiti. Morocco, Muscat, El Salvador. Saudi Arabia and Siam.
The other 20 countries with unconditional commitments to the United
States entered into more than two-thirds of the 290 bilateral agreements
listed, the statement explained.
The compilation then, in alphabetical order lists the unilateral measures.
bilateral agreements and other exclusive practices to which the various
countries are parties. First on the list is Argentina. with which the United
States has a conditional most-favored-nation agreement. That country
is listed with having entered into nine bilateral pacts dealing with exchange
quotas, tariffs and clearing.
Belgium, with which this country has consummated a reciprocal trade
agreement and thus has an unconditional commitment, is listed as
having
made 20 bilateral agreements, dealing with exchange, surtax,
quota,
tariffs, clearing and compensation.
Likewise it is pointed out that Brazil, another country with
which
a reciprocal pact has been negotiated, although it has not yet been
ratified,
has nine bilateral agreements with other nations giving them special
treatment in the matter of exchange and quotas. Since 1931, the statement
reported, imports into Brazil have been subject to stringent exchange
control.
Simple Findings Cited
These are samples of the findings presented in the compilation. The
British Empire tariff preference subjects American goods to the British
Dominions to a duty 15 to 20% higher than on Empire products. Austria
controls quotas, making special agreements with countries that purchase
there. Canada has extended the rates of its intermediate tariff
schedule
to nearly all non-British countries except the United States, the
report
pointed out, and uses "arbitrary valuations and anti-dumping duties"
to curtail imports in particular from the United States.
In Denmark. it is contended "an exchange control board controls the
issue of exchange certificates to the disadvantage of American imports."
France has made bilateral agreements governing its trade with
other
nations, and "does not extend all of its conventional tariff reductions
to
the United States," while Gremany has 25 import control boards
which
regulate exports and imports by quotas, import licenses, barter
transactions and exchange control.
Associated Gas & Electric System Declares It
Will
Continue to Fight Utility Holding Company
Bill—
Denies Wrongdoing in Lobbying Activities
The Associated Gas & Electric System, in a statement
issued on July 22, announced that it is sending to 300,000
holders of the System's securities a letter urging them not
to permit publicity given to hearings before the Senate
lobby
investigating committee to "divert their attention from
the
main issue in the situation, which is the Wheeler-Rayburn
utility bills pending before Congress." No such investigation, the announcement continued, "can confuse the fact
that the question of serious concern to the American people
Is whether Congress Shall enact legislatio
n which will
destroy public utility holding companies and their securities
in the hands of investors, and subject operating units to
strangulating regulation by political bureaucracy."
The company reiterated previous statements that it intends to continue to fight the holding company legislatio
n,
and declared that it will not be deterred by any mistake by
one of its employees made through "over-zealousness
or
Indignation."
Hearings by the Senate committee investigating lobbying
activities are referred to elsewhere in this issue
the
"Chronicle." The statement by the Associated Systemofsaid,
In part:
In addition to its 300,000 security holders, the Associated
Gas & Electric
System has 1,450,000 customers who also are vitally
affected by We legia.
526
Financial Chronicle
lotion. No amount of publicity given to ridiculous intimations that this
company has in any instance countenanced the use of bogus telegrams will
change our determination to fight the destructive provisions of this bill
and any other attempt to destroy the property of our security holders who
have contributed their savings to the progress of the electrical industry.
All of our companies keep proper permanent records of all business and
financial transactions, which are open to any authorized investigator whose
business it is to examine them. As to protests against the bill, whether
by telegram or by mail, the Associated Gas & Electric System has repeatedly
instructed its employees that all such messages must be authentic in every
respect. Such authentic protests were easily secured from both investors
end customers when once the nature of the bill was known to them. Our
opposition will continue to be as vigorous as we can possibly make it, and
we shall, as we have in the past, take every care than our organization is
above criticism.
Associated Gas & Electric Co. has conducted its campaign in defense of
the property of its security holders on its own initiative, in the best judgment of its officers and directors. We are associated with no committee
and have had no part in any committee's plans or activities.
It is not accurate to say that in our opposition to the Wheeler-Raybuurn
bill we have resorted to lobbying practices in the customary sense of this
expression. We have maintained no under-cover agents in Washington to
exhort, coerce or intimidate members of Congress. We have, however,
besought all of our people who are personally acquainted with Senators and
Representatives to use every effort to interview those members of Congress
and explain to them the injurious provisions of the Wheeler-Rayburn bills.
We shall continue by this means to call to the attention of Congressmen the
harm which lies in this legislation.
RFC to Buy $236,000,000 Municipal and Railroad Bonds
from PWA—Will Take All on 4% Yield Basis, Except Those of New York City, Which Will Be
Accepted at 33'%
The Reconstruction Finance Corporation will purchase
$236,000,000 municipal and railroad bonds held by the Public
Works Administration, according to an agreement between
Jesse Jones, RFC Chairman, and Harold L. Ickes, PWA
Administrator, it was announced in Washington July 23.
This agreement enables the continuation of lending from the
original PWA fund of $3,300,000,000. The RFC is authorized to hold $250,000,000 of PWA bonds, and now has on
hand $15,000,000 out of $90,000,000 such bonds previously
purchased.
The Advisory Committee on Allotments on July 23 recommended to President Roosevelt allotments to New York City
totaling $101,462,893 for PWA projects designed to put
140,000 persons on jobs under the work relief program.
On the same day Mr. Jones said that the RFC would take
over New York bonds at 33% interest. Mr. Jones' announcement was interpreted to mean that New York City
would pay an interest rate of 334% on PWA loans rather
than the prevailing PWA rate of 4%.
The RFC announcement on July 23 was noted as follows
in a dispatch of that date from Washington to the "Wall
Street Journal":
The bonds which the RFC agreed to purchase to-day will be taken on a
4% yield basis, except for $21,000,000 of New York City bonds, which will
be accepted on a 33.i% yield basis. The list includes 1108,000.000 of railroad obligations and $128.000,000 of municipal bonds. Among the railroad
securities are $31,900,000 of Pennsylvania serial notes, $19,000,000 of
Pennsylvania equipment trust certificates, 812,000,000 of Southern Pacific
collateral notes, $10,600,000 of Illinois Central equipment trust certificates.
North$10,600,000 of Erie equipment trust certificates, $5,800,000 of Great
cerern collateral notes and $4,500,000 of Lackawanna equipment trust
certificates,
trust
equipment
Maine
&
Boston
tificates, $2,300,000 of
$2,300,000 of Lehigh Valley equipment trust certificates, $4,800,000.
Baltimore
of Nickel Plate equipment trust certificates and $1.900,000 of
bear 4%
& Ohio equipment trust certificates. The railroad securities
includes
$41,000,000
list
municipal
The
years.
Interest and run for 10 or 15
of Chicago sanitary district obligations.
Report of Operations of RFC Feb. 2 1932 to June 30
1935—Loans of $9,817,436,294 Authorized During
Period-36,319,264,994 Expended for Activities of
Corporation
Authorizations and commitments of the Reconstruction
Finance Corporation in the recovery program to June 30, including disbursements of $730,256,685 to other governmental
agencies and $1,299,984,757 for relief, have been $9,817,436,294, it was indicated in a report issued July 8 by Jesse H.
Jones, Chairman. Of this sum, 72,952,622 has been canceled and $949,384,154 remains available to the borrowers
and to banks in the purchase of preferred stock and capital
notes, the report said. The relief disbursements include
$299,984,999 advanced directly to States by the Corporation,
$499,999,758 to the States upon certification of the Federal
Emergency Relief Administrator, and $500,000,000 to the
Federal Emergency Relief Administrator under provisions of
the Emergency Appropriation Act-1935. Of the total
disbursements, $5,319,254,994 was expended for activities
of the Corporation other than advances to governmental
agencies and for relief, and of this sum $2,853,280,297, or
approximately 54%, has been repaid. The following is also
from the report:
Loans authorized to 7,439 banks and trust companies aggregate $2,367.126,737. Of this amount $349,338,900 was withdrawn or canceled and
$138,314,747 remains available to the borrowers and 51,879,473,090 was
disbursed. Of this latter amount $1,398,649,762, or 74% has been repaid.
Authorizations were made for the purchase of preferred stock, capital
aggregating
notes and debentures of 6,872 banks and trust companies,
$1,211,699,350 and 1,081 loans were authorized in the amount of $28,for preferred
151,755 to be secured by preferred stock, a total authorization
companies of
stock, capital notes and debentures in 7,138 banks and trust
and
withdrawn
$1,239,851,105. $104,121,694 of this was canceled or
July 27 1935
$128,834,377 remains available to the banks when conditions of authorize,.
tions have been met.
Loans have been authorized for distribution to depositors of 2,630 closed
banks aggregating $1,119,372,939. $168,530,333 of this amount was canceled or withdrawn and $128,285.789 remains available to the borrowers.
$822,556,816 was disbursed and $502,451,361 has been repaid.
Loans have been authorized to refinance 513 drainage, levee and irrigation
districts aggregating $102,195,218, of which 52.809,865 was withdrawn
or canceled, and $71.760,553 remains available to the borrowers. $27,624,800 has been disbursed.
161 loans aggregating $16,247,275 have been authorized through mortgage loan companies to assist business and industry in co-operation with the
National Recovery Administration program. $10.584,947 of this amount
was withdrawn or canceled and $168,043 remains available to the borrowers.
$5,494,285 was disbursed and $496,777 has been repaid.
Under the provisions of Section 5(d), which was added to the Reconstruction Finance Corporation Act June 19 1934, the Corporation has authorized 1,046 loans to industry aggregating $62.288,829. $10.344,254 of
this amount was withdrawn or canceled and $31,695,792 remains available
to the borrowers. In addition the Corporation has authorized, or has
agreed to, purchases of participations aggregating $8,299,868 of 181 businesses. $1,143,985 of which was withdrawn or canceled and $4,871,034
remains available.
The Corporation has purchased from the Federal Emergency Administration of Public Works 305 issues ofsecurities having par value $89.684.050.
Of this amount securities having par value of $54,685,600 were sold at
public sale to the highest bidders at a premium of $1,094,484: securities
having par value of $18,831,450 were subsequently collected at par and
securities having par value of $16,167,000, are still held. In addition, two
issues of securities having par value of $1,345,000 are to be purchased at
par by the Corporation to be held and collected or sold at a later date. The
Corporation has paid the PWA the par value of the securities purchased
plus all the premiums received, together with accrued interest to the date
of purchase.
Disbursements and repayments to June 30 for all purposes
were listed by the report as follows:
Disbursements
Repayments
Loans under Section 5:
Banks and trust companies(mnd. receivers)— $1,879,018,868.31 $1,398,615,058.84
486,831,172.11
72,486,708.89
Railroads (including receivers)
387,236,000.00
27,257,148.0
Federal Land banks
155,170,737.68
300,721,356.08
Mortgage loan companies
173,243,640.72
Regional Agricultural Credit corporations..- 173,243,640.72
105.713.879.74
Building Jr loan associations (Incl. receivers). 115,522,010.67
70,288,261.35
89,519,494.76
Insurance companies
15,659,372.29
12,564,480.06
Joint Stock Land banks
12,937,732.81
11,622,859.66
Livestock Credit Corporations
9,250,000.00
9,250,000.00
Federal Intermediate Credit banks
State funds for insurance of deposits of public
10,764,631.18
8,618,276.8/
moneys
5,562,890.94
4,689,390.94
Agricultural Credit corporations
600,095.79
264,065.63
Credit unions
78,500.00
Fishing industry
Precessors or distributors for payment of pro14,718.06
14,150.38
cessing tax
$3,486,960,483.72 $2,349,798,658.82
Total loans under Section 5
Loans to Secretary of Agriculture to purchase
3,300,000.00
3,300,000.00
cotton
Loans for refinancing drainage, levee and irri27,624,799.67
29,044.09
gation districts
Loans to public school authorities for payment
22,300,000.00
22,300,000.00
of teachers' salaries
Loans to aid in financing self-liquidating construction projects (including disbursements
of $8,762,943.40 and repayments of $477,731.03 on loans for repair and reconstruction
of property damaged by earthquake, fire and
157,811,204.60
11,114,802.97
tornado)
Loans to aid in financing the sale of agricul20.224,586.66
5,692,993.04
tural surpluses in foreign markets
22,533,632.06
Loans to industrial and commercial businesses
772,319.01
280,000.00
Loans to mining businesses (Section 14)
454,221.58
34,703.04
Loans on assets of closed banks (Section 5-e)—
marorderly
and
LOaTIS to finance the carrying
keting of agricultural commodities and
livestock:
Commodity Credit Corporation for:
294,245,905.04
150,358,385.01
Loans on cotton
124,939,668.96
124,919,765.80
Loans on corn
5,195,002.17
921,413.20
Loans on turpentine
15,486,917.35
7,601,832.36
Others
Total loans, exclusive of loans secured by
$4,181,356,421.81 82,676,843,917.34
preferred stock
Purchase of preferred stock, capital notes and
debentures of banks and trust companies (including $22,636,260 disbursed and $2,353,544.98 repaid on loans secured by pref.stock)$1,006,895,034.23
10,000,000.00
Purchase of stock of the RFC Mortgage Co._ _
Loans secured by preferred stock of insurance
companies (including $100,000 disbursed for
stock)
30,225,000.00
the purchase of preferred
81,047,120,034.23
Total
Federal Emergency Administration of Public
90,778,538.09
Works security transactions
Total
$101,632,845.7/
192,000.00
$101,824,845.77
74,611,534.03
$5,319,254,994.13 82,853,280,297.14
Allocations to Governmental agencies under
provisions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp. $200,000,000.00
81,645,700.00
Capital stock of Federal Home Loan banks
Farm Loan Commissioner for loans to:
145,000,000.00
Farmers
2,600,000.00
Joint Stock Land banks
Federal Farm Mortgage Corporation for loans
55,000,000.00
to farmers
Federal Housing Administrator:
10,000,000.00
To create mutual mortgage insurance fund
24,000,000.00
For other purposes
Secretary of Agriculture for crop loans to
115,000,000.00
farmers (net)
Governor of the Farm Credit Administration
for
capital
provide
to
fund
for revolving
40,500,000.00
Production Credit corporations
Regional Agricultural Credit corporations for:
44,500,000.00
Purchase of capital stock
3.108,524.82
Expenses—Prior to May 27 1933
8,899,460.34
Since May 26 1933
--Total allocations to governmental agencies 8730,253,685.16
For relief:
$299,984,999.00
To States directly by Corporation
To States on certification of the Federal Re499,999,757.62
lief Administrator
Under Emergency Appropriation Act-1935. 500,000.000.00
82,295,991.00
Toral for relief
$1,299.984,756.62
Grand total
$7,349,493,435.91 X2,855,576,288.14
$2,295,991.00
Volume 141
Financial Chronicle
The loans authorized and;authorizations canceled or withdrawn for each railroad, together with the amount disbursed
to and repaid by each are shown in the following table (as of
June 30 1935) contained the report:
Authorizations
Canceled or
Disbursed
Authorized TVithdraun
$
127,000
127,000
Repaid
Aberdeen & Rockfish RR. Co
14,000
Alabama Tennessee & Northern
RR. Corp
275,000
275,000
Alton RR. Co
2,500,000
2,500,000
605.367
Ann Arbor RR. Co. (receivers)..,..
634,757
634.757
34,757
Ashley Drew & Northern Ry.Co_
400,000
400,000
Baltimore & Ohio RR.Co.(note)._ 77,125,000
14,600 76,950.100 12,144,900
Birmingham & Southeastern RR.Co
41,300
41,300
Boston dz Maine RR
7,569,437
7,569,437
Buffalo Union-Carolina RR
53,960
63,960
Carlton & Coast RR. Co
535,800
13,200
9,077
549,000
Central of Georgia Ry. Co
230,028
3,124,319
3,124,319
Central RR.Co. of New Jersey_ _ _ _
464.298
464,298
35,702
500,000
Chicago & Eastern Illinois RR.Co_ 5,916,500
155,632
5,916,500
Chicago & North Western RR. Co_ 46,589,133
1,000 46,588,133 3,538,000
Chicago Great Western RR. Co_ _ _ 1,289,000
1,289,000
838
Chic. Milw.St.P.& Pac .RR.Co
538
500,000 11,500,000
12,000,000
Chicago North Shore & Milwaukee
RR. Co
1.150,000
1,150,000
Chic. Rock Island & Pac. Ry,Co
13,718,700
13,718,700
Cincinnati Union Terminal Co
10,398,925 2,098,925 8,300,000 8,300,000
Colorado & Southern Ry. Co
28,794,200
28,978,900
Columbus & Greenville Ry. Co....
60,000
60,000
Copper Range RR. Co
53,500
53,500
Denver & Rio Grande W.RR.Co
500,000
219,000 8,081.000
8.300,000
Denver & Salt Lake West. RR.Co_ 3,182,150
3,182,150
71.300
Erie RR. Co
16,582,000
4,690
16,582,000
Eureka-Nevada Ry. Co
3,000
3,000
Florida East Coast Ry. (receivers).
627,075
90,000
717,075
Fort Smith dr West. Ry.(receiver).
227.434
227,434
Fredericksburg & Northern Ry.Co_
15,000
15,000
Gainesville Midland Ry.(receivers)
10,539
10,539
Galveston Houston & Henderson
RR. Co
1,061.000
1,061,000
Georgia & Fla. RR.Co.(receivers).
354,721
354,721
Great Northern Ry.Co_ _ _ _
6,000,000 6,000,000
6,000,000
Green County RR. Co
3,915
13,915
13,915
Gulf Mobile & North. RR. Co__._
520,000
520,000
520,000
Illinois Central RR. Co
80,000
22,667 17,840,333
17,863,000
Lehigh Valley RR. Co
9,500,000 1.000,000 8,500,000
Litchfield & Madison Ry. Co
800,000
800,000
800,000
Maine Central RR. Co
100,270
2,550,000
2,550,000
Maryland az Pennsylvania RR.Co_
100,000
100,000
Meridian & 131gbee River Ry. Co.
(trustee)
700,000
744,252
1,729,252
Minn. St. P. & SS. Marie Ry. Co
6,843,082
547,325
6,843,082
Mississippi Export RR. Co
100,000
100.000
Missouri-Kansas-Texas RR. Co... 2,300,000
2,300,000
Missouri Pacific) RR. Co
23,134,800
23,134,800
Missouri Southern RR. Co
99,200
99,200
Mobile az Ohio RR. Co
785,000
785,000
785,000
Mobile dir Ohio RR.Co (receivers)._ 1,070,599
1,070,599
193.000
Murfreesboro-Nashville By. Co_ _ _
25,000
25,000
New York Central RR. Co
27,449,000
27,499,000
N.Y. Chicago & St. Louis RR, Co_ 18,200,000
18,200,000 2,688,413
N. Y. N. II. & Hartford RR. Co
7,699,779
221
7,700,000
Pennsylvania RR. Co
600,000 28,900,000 28,900,000
29,500,000
Pere Marquette Ry. Co
3,000.000
3,000,000
Pioneer & Fayette RR. Co.
10.000
10,000
Pittsburgh & West Va. RR. Co... 4,475,207
4,475,207
Puget Sound & Cascade Ry. Co...
300,000
300.000
St. Louis-San Francisco Ry. Co... 7,995,175
7,945,175 2,805,175
Salt Lake & Uath RR.Co.(receiver)
200,000
200,000
Sand springs Ry. Co
162,600
162,600
Southern Pacific Company
23,200,000 1,200,000 22,000.000
Southern Railway Co
14,751,000
246,000
14,751,000
Sumpter Valley Ry. CO
100,000
23,580
100,000
Tennessee Central Ry. Co
147.700
147.700
Texas Okia. & Eastern RR. Co__ _ _
108,740
108.740
Texas & Pacific Ry. Co
700,000
500,000
700,000
Texas South-Eastern RR. Co
30,000
5,000
30,000
Tuckerton RR. Co
81
39,000
.6,000
45,0(0
St. Louis-Southwestern Ry. Co... 18.790,000
117,750 18,672,250
790,000
Wabash Ry. Co.
15,731,583
15,731,583
(receivers)
Western Pacific RR.
4,366,000 1.403,000
Co
4,366.000
Wichita Fails az Southern RR.Co
400,000
400,000
Wrightsville & Tennille RR
22,525
22,525
22.525
Totals
494,375,728 6,914,556 486,831,172 72,486,709
Note-Loans to the Baltimore & Ohio RR. Co. outstanding amounting to $64,667,200, are evidenced by collateral notes of the railroad in the total face amount of
$64,802,100. Part of the outstanding loans was refunded by acceptance of the
railroad's five-year 4 .4,.4 secured
note due Aug. 11939,In the amount of $13,490,000,
at a discount of 1% equivalent to $134,900.
In addition to the above loans authorized, the corporation has approved in principle loans in the amount of $57,300,000 upon the performance of specified conditions.
Warns of Destruction of Savings of Utility Investors
Because of "Isolated Incidents" Revealed by
Senate Inquiry-P. H. Gadsden Says This Is Real
Issue Before Congress
The real issue before Congress is whether the savings of
millions of investors in utility securities are to be destroyed
because a few minor utility officials may have resorted to
scandalous and even dishonest methods in opposing the
Public Utilities bill," Philip H. Dadsden, Chairman of the
Committee of Public Utility Executives, said in a statement
made public on July 22. Mr. Gadsden was commenting on
the Senate investigation of lobbying activities, which is
referred to elsewhere in this issue of the "Chronicle." A
previous statement concerning some of the revelations at
this inquiry was noted in our issue of July 20, page 364.
Mr. Gadsden declared that his Committee would continue
to oppose the bill, and he said that it is unjust to penalize
the small utility investor and cripple the industry because
of "isolated incidents" such as those brought to light at the
Senate hearings. His statement is given below:
Millions of men and women who have invested their savings in utility
securities are asking the question if these savings are to be destroyed
bemuse a few minor utility officials may have resorted to scandalous and
even dishonest methods in opposing the Public Utilities bill. Is the small
utility Investor to be penalized and the industry to be crippled because of
Isolated incidents of this kind?
That is the real issue before the American Congress. The House Committee's investigation into Government lobbying has disclosed certain activities on the part of the Government officials that will be condemned by the
American people. No one would for that reason issue a general condemnation of the Government.
The headlines of Senator Black's investigation have nothing to do with
the merits of the proposed public utility legislation. The disclosures before
that committee must not be utilized to create an atmosphere of passion
527
and prejudice in which the sponsors of Government ownership can force the
passage of any bill, however destructive of the public interest.
The Senate bill, decreeing a "death sentence" for the holding company
and life imprisonment for the local operating companies within the walls
of a Federal bureaucracy, is now in the hands of the House and Senate
Conference Committee. The House of Representatives has decisively defeated
that bill. Popular sentiment is opposed to it. The Committee of Public
Utility Executives will continue its fight against it by every proper means
in its power.
Says Administration's Social Security Bill Seeks to
Preserve Best in Present Order and Mitigate Worst
Evils-Dr. R. F. Steadman Defends Roosevelt
Policies
The pending social security legislation now before Congress preserves the best in the present order and mitigates
the worst evils, Dr. Robert F. Steadman of the School of
Citizenship and Public Affairs said in an address on July 17.
In analyzing the legislative trend under President Roosevelt,
Dr. Steadman declared that "we cannot remain a parochial
people under a nation-wide system of economics" so far as
Federal and States responsibility are concerned. He said
that the most dangerous "radical" is the person who "resists
reform of our social system while there is yet time and so
puts in jeopardy of complete destruction those virtues of
our society which we have built at great cost and will cherish
forever." A dispatch from Syracuse, N. Y., to the New York
"Times" quoted the following extracts from the speech:
In summarizing his views of the Roosevelt social security program in its
relation to popularly conceived "stereotype" economic assumptions, many
of which he broke down under critical analysis, Dr. Steadman brought out
12 "points."
Many in "Dire Poverty"
These he listed as follows:
1. What is known as "the normal American home" with an American
standard of living did not exist for at least 50% of our children even in
1929. Accurate percentages would be much higher.
2. Increasing urbanization, higher specialization and the rising tempo
of mechanization have left the aged in a new critical situation.
3. Even among our middle-aged groups there are millions incapacitated
for one reason or another, placing a terrific strain upon our "ideal" family
system in our urban environment.
4. Even in 1929 the American standard of living-"the minimum of
comfort level"-was impossible for the average family unless (a) there
were no children or (b) there were two or more gainfully employed persons
in the family. Actually more than one-fourth of our families, containing
perhaps 40% of the children, were living in dire poverty in that
gilded era.
5. In our urban world the well-being of each of us is affected by the
general level of income of the masses, for they form the source of buying
power essential to cheap mass production. The masses are important as
consumers as well as producers.
Mass Buying a Factor
6. Available data indicate that a rising tide of consumption ordinarily
precedes the beginning of a new tide of capital expansion, and, atlhough
the two movements are closely related, the emphasis in seeking a balanced
level had better be placed on mass purchasing power than on the profitable
employment of capital.
7. The National Administration has now definitely endorsed the mass
consumption view, through the Agricultural Adjustment Act and farm
credit plane for agriculture, through efforts to raise wages and improve
conditions of labor, through emphasis upon low interest rates and a redistribution of wealth through taxation, and through inauguration of a national
scheme of so-called social security. Having adopted this course, it is not
conceivable the present Administration will turn back. The future lies
in the development of public opinion and the decisions of the Supreme
Court.
8. The social security program is a permanent plan, in contrast to other
temporary or emergency measures, and is the very essence of this Administration's apparent social program.
9. Private insurance against illness, old age, industrial accidents and
unemployment is absolutely impossible for the masses because of their low
incomes tinder even the most favorable economic conditions we have yet
witnessed.
10. In the United States, public social security plans have been in the
past solely a matter for State action, with the result that their development
has been much slower than abroad and that their effects have been highly
Inequitable as between industries in the various States.
11. The new Federal plan embodied in the Senate bill now in conference
committee seeks to strengthen and extend States systems of mothers' pensions, old age pensions and unemployment insurance, and to set up a farreaching scheme of annuities through the Federal taxing power. Incidentally,
It represents a new landmark in Federal-State relations.
12. If the plan goes into effect, it will, by 1950, raise perhaps $2,000,000,000 yearly for the benefit of wage earning masses. Despite obstacles,
such as a possible immediate curtailment of purchasing power and a reduction in profits to industry and trade while the fund is being built up, it
should in the long run immeasurably improve the lot of the underprivileged and through an eventual extension of the mass buying power tend
to stabilize and strengthen our shaky economic order.
New York State Unemployment Insurance Law Effect
ive-Employer Contributions Will Not Start Unti
1936-Benefits Begin in 1938
The new unemployment insurance law in New York State
officially became effective on July 1. Its operation is expected to be watched carefully as a possible guide to the
development of unemployment insurance systems in other
States under the provisions of the Federal Social Security
bill now pending in Congress. Actual contributions to the
New York unemployment insurance fund will not begin by
employers until 1936, while benefits to employees will not
be available until March 1938. Contributions by employers
are expected to approximate $150,000,000 annually. Elmer
F. Andrews, New York Industrial Commissioner, on July 1
528
Financial Chronicle
announced the appointment of Glenn A. Bowers as Director
of the Division of Unemployment Insurance in the State
Department of Labor, which will administer the law.
The measure is expected to cover between 2,500,000 and
3,000,000 workers in the State, while about 300,000 will
contribute. Other details of the law are given below, as
contained in the New York "Times" of July 2:
Machinery will be developed immediately for the administration of the
law and the collection of levies from employers as prescribed under the
statute. The tax payments will begin March 1 1936. They will not be
retroactive to 1935 payrolls.
Mr. Bowers said that while it had not yet been determined whether the
central office of the unemployment insurance division would be in New
York City or Albany, branch offices would be set up in all parts of the
State. For the present he will have an office in the State Labor Department's headquarters in this city, from which the work of organizing the
new division and setting up the necessary machinery will be conducted.
Mr. Bowers Sees Real Challenge
"The task of organizing and administering the New York Unemployment
Insurance law is a real challenge," Mr. Bowers said. "We are on the
threshold of nation-wide adoption of similar programs. In this far-reaching
movement our goal will be to make New York a model for other States
In efficiency and economy of operations. The responsibility will rest
heavily upon the personnel of the newly-created Unemployment Insurance
Division, but the fullest success of this law can be achieved only through
the whole-hearted co-operation of employers and workers throughout the
State.
"Many of the problems to be encountered are new. Mistakes will be
made, but we shall try to keep them few in number and to make corrections
frankly and promptly. In the creation of the administrative organization,
and particularly in the matter of rules and regulations, the help and
counsel of employers and workers directly and through their organizations
are earnestly solicited. We are particularly fortunate in having the representative Advisory Council to assist in this work.
"Meanwhile, no employer need be concerned about retroactive assessments to his 1935 payroll. The Unemployment Insurance assessment
applies only to the payroll beginning Jan. 1 1936, and subsequent periods."
An advisory council consisting of representatives of labor and industry
will assist Mr. Bowers, who also will establish close co-operation with
business and trade associations as well as trade unions.
Beginning with 1936, employers will pay a tax of 1% on payrolls, to
be raised to 2% in 1937 and 3% thereafter. Under the 3% contributions
the fund is expected to yield $150,000,000 annually and unemployment
benefits, which will be paid for 17 weeks, will range from $5 to $15 a week.
Mayor LaGuardia of New York Refuses German Masseur
License, Claiming Germany Has Broken Terms of
Commercial Pact of 1925—Formal Protest to State
Department Expected
Mayor LaGuardia of New York City on July 23 sustained
the refusal of the city's Commissioner of Licenses to grant a
massage operator's license to a German alien on the ground
that .American citizens had been unfairly discriminated
against in Germany. The Mayor said, specifically that
"American citizens of Jewish faith have been discriminated
against in Germany." He referred to the commercial treaty
between the United States and Germany ratified on Oct. 14
1925, giving equal rights to citizens of Germany to engage
in professional, scientific, religious and philanthropic work of
any kind on an equal basis with citizens of the Uruted States.
The Mayor said that Germany had broken the spirit of this
treaty, so far as Americans in the Reich are concerned, and
that hence it was unnecessary to observe the pact any longer
in this country.
His action brought immediate protests from large groups
of Germans in New York City, and it was indicated that a
protest might be lodged with the State Department in
Washington. Nevertheless, Mayor LaGuardia refused to
recede from the stand he had taken and yesterday (July 26)
he cited four cases where the State Department had protested to Germany charging discrimination against American
holders of German bonds. These, Mr. LaGuardia said, supported his ruling in the case.
The State Department on July 25 informed Paul Windels,
Corporation Counsel of New York City, that no violations
by Germany of the 1925 commercial treaty are before that
Department.
Meanwhile Senator King announced on July 24 that he
would soon introduce a resolution to investigate German
persecution of Jews and Catholics to ascertain if the United
States is warranted in severing diplomatic relations with
Germany.
Mayor La Guardia of New York Defends Federal Administration—Debates with Dr. D. S. Freeman on
Division of State and Federal Responsibility
A defense of the recovery policies of the present Federal
Administration was given on July 19 by Mayor LaGuardia
of New York, speaking at a luncheon of the Virginia Press
Association. Mr. LaGuardia engaged in informal debate
with Dr. Douglas Southall Freeman, editor of the Richmond
"News-Leader," on "the meaning of true political liberalism,"
and suggested "honest criticism without whining and faultfinding" of President Roosevelt's actions. Dr. Freeman had
contended that Virginia wished to follow American traditions, combining a plan of "political liberalism and fiscal
conservatism." He declared that Virginia believed in a
strict division of State and Federal responsibility, with the
Federal Government assuming only those powers specifically
granted to it by the Constitution. He said that the best
service Congress could render the nation would be "to go
home on its own authority without waiting for orders from
the White House."
July 27 1935
The New York "Herald Tribune" of July 20 gave the following excerpts from Mayor LaGuardia's speech:
Praising Dr. Freeman's "liberalism," the Mayor said he was in hearty
agreement with him, but sometimes found it difficult to say so.
"It is hard to talk political liberalism to a man who has bodily hunger
and need staring him in the face. You must enjoy plenty of security to
hold to that position of yours."
The problems in New York and in Virginia, he said, were both at root
economic problems and therefore the same. But problems of such magnitude weie no longer local considerations, as in the days of pure States'
rights, but in the province of the Federal Government.
Praises Federal Relief Aid
"We have the same considerations of unemployment and the fact that
thousands of people are starving," Mayor LaGuardia said. "To keep the
responsibility apart is a nice idea, but the cities and the States and the
communities can no longer keep on paying for the debts. Now what is the
Federal Government to do? Is it to sit quietly back and say: 'That is purely
a local problem'? It has happened in my time in the House of Representatives that time has been lost by such arguments, but now I admire the
vision and courage of a Federal Government that reaches out and gives
succor to localities in time of dire need."
As far as Dr. Freeman's views on constitutional change were concerned,
Mayor LaGuardia was in agreement, but added: "Don't spoil your political
liberalism, Doctor, with a lot of ifs and buts to preserve the status quo."
Describing the historical background of the Constitution, Mayor LaGuardia
agreed with Dr. Freeman in calling it "a great instrument of Government."
He pointed out that originally rivers and post roads, the only ways of transportation when the document was framed, were under the jurisdiction of the
Federal Government. It is conceivable, he said, that if the constitutional
convention had foreseen railroads, aviation and such means of communication as the radio and the telephone, it would have included them as well
In the province of the Federal Government.
Mutual Fire Insurance Associations Insure More Than
Half of Farm Property Covered by Fire Insurance
According to V. N. Valgren of FCA
Of all farm property in the United States covered by fire
insurance, about 55% is protected by mutual fire insurance
associations owned and controlled by farmers, according to
Victor N. Valgren, in charge of insurance investigations of
the Co-operative Division, Farm Credit Administration, in
discussing this form of co-operative activity at a recent
meeting of representatives of the Banks for Co-operatives.
During the past 20 years the business of these companies
has more than doubled—from $5,250,000,000 in 1915 to
over $11,000,000,000 in 1935.
Dr. Valgren said that there are at present about 1,900
farmer-owned mutual fire insurance companies in the
United States. Fully half of them have been in continuous
operation for over 50 years. Some of them date back much
further, the first co-operative effort of this kind among
farmers in this country dating back more than 100 years.
Continuing, Dr. Valgren said:
Considered as a group, these farmers' mutual fire insurance companies
hold an increasingly important place in the field of agricultural insurance
In this country. They are most strongly developed in the Middle Atlantic
and North Central States. A very large percentage of the farmers in all
the Northern States now have access to a farmers' mutual for insuring his
property, and a considerable number are in a position to choose between
two or more of these organizations.
In the Southern States the development of this insurance movement is
far less marked and In a few of these States no companies of this kind are
found. To some extent, at least, this lack of development of rural fire
fnsurance facilities may be attributed to lack of suitable laws under which
iarmers' mutuals may be organized.
The coat of this type of insurance varies widely. The companies in the
North Central States operate at the lowest cost for any section of the
country. Here the average cost is about 23 cents for each $100 ofinsurance.
In New England and the South the cost of operation is substantially higher
with costs ranging as high as 60 or 70 cents a hundred. The South has
very few of these companies. In fact many farmers in this section of the
country are not insured at all. In some areas only about 40% of the white
farmers carry insurance on their property.
In Illinois a relatively large farm mutual which now has over $30,000,000
ofinsurance in force has operated at the low cost of about 12 cents a hundred
for some 60 years. Many others among these mutuals have essentially
similar records. A large number of these companies have maintained an
average cost of less than 20 cents a hundred for many years.
Unemployment Insurance Laws Proposed in 32 States
During First Half of 1935, but Passed in Only
Five—Child Labor Amendment Ratified by Four
States in Last Six Months
The National Industrial Conference Board on July 8
made public an analysis of significant developments in the
field of social and industrial legislation enacted during the
first half of 1935 in the 45 States which have held special
or regular sessions since the beginning of the year. The
survey revealed that although 32 States proposed unemployment insurance laws, they were enacted in only five States
—New York, California, Utah, Washington and New Hampshire. The New York law became effective on July 1. Employers will begin paying their contributions on March 1
1936 on payrolls beginning with Jan. 1 1936. The laws of
the other four States will become effective only in the event
of Federal legislation. Only four States ratified the socalled Child Labor amendment to the Constitution during
the first half of this year, bringing the total of ratifications
to 24 States.
A press release issued by the Conference Board, July 8,
discussed the status of State unemployment insurance legislation as follows:
A system of individual company reserves similar to that of Wisconsin
Is proposed under the Utah law. The laws of the other three States provide
Volume 141
Financial Chronicle
for the establishment of pooled-fund systems. Contributions from employees as well as employers are compulsory under the laws of California,
Washington and New Hampshire and may be authorized under the law of
Utah. In the case of New York the burden is placed entirely on employers.
The proposed constitutional amendment which would give the Congress
the power "to limit, regulate and prohibit the labor of persons under 18
years of age" was ratified by four States, making a total of 24 ratifications.
The States ratifying this year were Indiana, Idaho, Wyoming and Utah.
The same proposed amendment was rejected by 18 States in 1935 sessions.
In two of these States, New York and Rhode Island, no action had previously been taken. In six States the amendment had been previously
approved by one House. The remaining ten States had all taken unfavorable action at earlier legislative sessions.
Old age pension laws were revised in four States and new legislation was
adopted in five States: Arkansas, Connecticut, Missouri, Rhode Island and
Vermont. Special sessions will be called in several States in the event
that Congress enacts the proposed economic security bill.
A workmen's compensation law was enacted in Florida, and amendatory
legislation liberalizing existing laws was adopted in several other States.
The New York law was extended to cover all forms of occupational disease.
Legislation regulating the issuing of injunctions in labor disputes is
reported to have been enacted in New York, Maryland and North Dakota.
These laws correspond to the Norris-La Guardia Act enacted by Congress
in 1932, and are intended to restrict the power of the courts to issue
injunctions in labor cases by requiring hearings and by specifying that a
restraining order may be granted only if certain specified conditions exist.
Four States, North Dakota, South Dakota, Utah and Washington, agreed
to accept the provisions of the Wagner-Peyser Act providing for co-operation between the Federal Government and the States in the maintenance
of an employment service.
American Bar Association Opposses "Corrupting" Text
of Constitution—Convention Critical of Some New
Deal Policies—State Regulation of Utilities Defended
A resolution pledging vigorous opposition to alterations in
the essential lines of the American Constitution by the "process of corruption of its text" was adopted July 19 by the
American Bar Association, at the closing session of its
annual convention in Los Angeles, which began on July 16.
William Lloyd Ransom of New York City was elected President of the Association over James M. Beck,former SolicitorGeneral of the United States, who in a keynote address
demanded a halt in centralization of government. Many
of the speakers before the convention attacked major policies of the New Deal, but the Association failed to go on
record as opposed to the Administration's entire recovery
program.
Leon 0. Whitsell, President of the California Railroad
Commission, told the convention on July 15 that State regulation of public utilities has proved successful, and he criticized the "growing political philosophy which is being broadcast from high places that State regulation is a failure."
Proceedings on July 15 were described as follows in a dispatch of that date from Los Angeles to the New York
"Journal of Commerce":
Mr. Whitsell attacked the "growing political philosophy which is being
broadcast from high places that State regulation is a failure," stating that
"under the administration policies of the California Commission the
people
have continued to enjoy adequate service at reasonable rates, and industries
have grown up and experienced an unprecedented measure of prosperity."
He stated that rural electrification "has kept pace with the
progress of
the State, and the farm load has shown a gradually ascending curve.
The
domestic use of electricity has continued to increase and electric power
has
become the first essential of the home."
Mr. Whitsell said the utilities have likewise grown and prospered
under
regulation.
Regulation Reviewed
John Dickinson, former Assistant Secretary of Commerce and now
Assistant Attorney-General, without undertaking to discover any existing
trend
one way or the other, gave a "snapshot" review on the basis of the
recent
decisions and the statutory provisions of the present state of the law
with
respect to judicial review of administrative fact determinations in the
Important fields of administrative regulation. He referred not to snore
fact
determinations going to the issue of constitutionality, he said, but
to fact
determinations in general. He examined the provisions for review
contained in a number of the more significant regulatory statutes of the Federal Government enacted during the decade preceding March 4 1933,
and
elso the State statutes enacted or amended during the same period.
"It would be interesting to follow the course of the decisions,"
Mr.
Dickinson said, "applying these various types of statutory provisions.
Of
course, under our law it is the decisions purporting to apply the
statute
rather than the statute itself which ultimately govern. For that
reason, in
our analysis and studies we often tend to ignore the statute altogether.
Yet
the statute must, inevitably to some extent, and does in fact to a considerable extent, influence and guide the decisions."
The speeches of Mr. Beck and others on July 19 were
noted as follows in Associated Press advices of that date
from Los Angeles:
Mr. Beck, an authority on constitutional law, in his report on American
citizenship, had urged cessation of "centralized government" and replacement of present-day trends with sturdy independence of the States. "Under
stress of economic depression," he reported, "there is a temptation to overlook the bounds in which the Federal Government may exercise power.
The courts, however, may with confidence be relied upon to refuse judicial
sanction to legislation which under the pretense of regulating inter-State
commerce invades the field reserved to the States."
Louis G. Caldwell of Washington, former counsel for the Federal Radio
Commission, in a report directed sharp criticism at "despotism, bureaucracy
and administrative usurpation of legislative and judicial power." He declared
a "brake must be put on this contagious fever for placing business under a
license system, such as was attempted in the National Recovery Administration and the Agricultural Adjustment Administration, and such as is
now being attempted in bills before Congress.
C. Rush Butler of Chicago, Chairman of the Committee on Commerce,
said "business needs an authoritative definition of the proper limits of cooperative action under anti-trust laws, which it was the purpose of the NRA
529
to provide." Only Congress and the Legislatures can give such definition,
be said.
The committee reported the experience under the NRA had been valuable
and stated legislation along the fundamental principles of that Act, but
"clearly limited to subjects within the inter-State commerce jurisdiction
of the Federal Government" and supplemented by regulation on intra-State
business by State statutes, was "highly desirable."
Proposed Amendment to Municipal Section of Federal
Bankruptcy Act Attacked as Unfair to Creditors—
D. T. Richardson Says Wilcox Amendment Is of
Doubtful Constitutionality
A proposed amendment to the municipal section of the
Federal Bankruptcy Act is of utmost importance to investors
in municipal bonds, D. T. Richardson, Chairman of the
Municipal Securities Committee of the Investment Bankers
Association of America, said in a statement made public on
July 21. Mr. Richardson pointed out that in 1934 Congress
inserted provisions in the Bankruptcy Act designed to aid
financially embarrassed municipalities and their bondholders. Now, he said, several amendments to these provisions
have been proposed, of which the most "objectionable" is
one introduced in the House by Representative Wilcox.
This amendment would provide that whenever an agency of
the Federal Government authorizes a loan to any municipality or political division of a State for the purpose of
compromising and refinancing outstanding indebtedness, a
plan of readjustment of such indebtedness may be confirmed
by a court without the consent of any creditor.
In his statement, Mr. Richardson said, in part:
It is apparent that if such an amendment were enacted into law the
creditors of a municipality in financial difficulties would be deprived of
all rights which normally exist and which they now have, and would give a
debtor municipality a distinctly unfair advantage over investors who, in
good faith, purchased its bonds.
Under the proposed amendment bondholders would, in effect, be obliged
to take for their bonds whatever an agency of the Federal Government
might, at the moment, arbitrarily consider them to be worth, and the
Government would be a directly interested party because the new bonds
It would accept from a political subdivision would, from its standpoint,
be better secured if the debt were scaled down to the lowest possible figure.
Furthermore, the Government has no competition in making such loans,
and the result may be a drastically reduced loan at the unwarranted expense
of investors.
Under the Act as it stands to-day a bankruptcy court can compel a small
objecting minority of creditors to accept the settlement agreed upon by a
substantial majority, the court constituting a forum where debtors and
creditors, represented by counsel, may meet to adjust their differences.
This is fair and proper. On the other hand, the proposed amendment would
constitute an arbitrary abrogation of the rights of bondholders and other
creditors and should not be permitted by Congress.
It would appear that the constitutionality of this proposed amendment ill
extremely doubtful, and Its enactment may endanger the existing bankruptcy machinery pertaining to municipalities and other political subdivisions.
Economists Debate Monetary Policies—C.. F. Warren,
0. M. W. Sprague and Lionel D. Edie Differ on
•
Currency Problems in Speeches at Ithaca, N. Y.
Sharp differences of opinion as to the course that the country should pursue in its monetary policies were expressed
on July 19 before the American Institute of Co-operation at
Ithaca, N. Y. Farm leaders were almost unanimous in supporting the "commodity dollar" as described by Dr. George
F. Warren of Cornell University, a former monetary adviser
of President Roosevelt, while business representatives who
attended the sessions were reported as believing that the
United States should return to a fixed gold basis. Among
the speakers, in addition to Dr. Warren, were Professor
0. M. W. Sprague, former adviser to the Bank of England
and the United States Treasury, and Dr. Lionel D. Edie of
New York. Dr. Edie criticized Great Britain for failing to
take steps to assure international currency stabilization,
while Professor Sprague denied that monetary revaluation
will end the problems of the depression.
These discussions were summarized as follows in the New
York "Times" on July 21:
Professor 0. M. W. Sprague of Harvard, former economic adviser to the
Bank of England and former executive assistant to the Secretary of the
United States Treasury, continued his plea that we end "tinkering with
the
dollar." He spoke vehemently of the danger he saw in further monetary
changes at this time. It would tend to add to the confusion already
existing in this country and in foreign exchange, he believes, and to
undermine
the confidence of long-term investors in the durable goods industries,
where
the greatest re-employment is expected.
Something more than monetary revaluation is necessary to move
this
country further out of the depression, in the opinion of Professor
Sprague,
although Dr. Warren said that any country using a given
weight of gold
as a measure of value would be subject to violent price
fluctuations.
Demand for Credit the Need
Professor Sprague said that while there was a relationship
between the
supply of gold and the prices of commodities, he admitted it touuched
only
one segment of the economic area. Revaluation serves
to lighten the load
of fixed charges, gives the Government a paper profit
and puts banks in
a liquid position for lending when a demand comes for
credit, he said, but
he held that it did not restore a demand for credit
of the type that created
jobs for the unemployed.
The price level obtaining at the beginning of
the current depression could
not have been maintained even had two or three
billions in gold been discovered at that time, Professor Sprague said in a private
discussion with a
group of other economists attending the conference.
The loss of equilibrium
engendered by the Napoleonic wars, and aggrevated by
the World War, made
a readjustment inevitable. The rigidity of
certain segments of our economic
structure and the flexibility of other segments
served only to heighten the
maladjustments growing out of these wars, he
asserted.
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Financial Chronicle
Dr. Edie Puts Onus on Great Britain
The assertion by Dr. Lionel D. Edie, economist of New York, that Great
Britain must answer to the rest of the world should a currency war develop
from a multiplication of many surging events brought out mixed opinions
among the leaders of many lines of thought. British ideas change rapidly,
almost over-night, according to Dr. Edie, who said that despite the fact
that officials in London expressed themselves publicly against stabilization, now the time might soon come when they would be forced into such
action, willingly or not.
American Liberty League Says President Roosevelt Has
Created Huge Bureaucracy, Despite Campaign
Pledges of Economy—Cites $300,000,000 Increase
in Payroll of Civil Employees
The charge that President Roosevelt had violated his 1932
campaign pledges by creating a hugh bureaucracy was made
on July 21 by the American Liberty League in a pamphlet
which showed increases of Federal employees in the executive branch amountiing to 148,625 since the President
assumed office, together with the creation of 30 new agencies and a $300,000,000 expansion of the civil payroll. The
League declared that "if the public is to have confidence in
the pledges of the Administration in the next campaign, it
is time that a start should be made on redemption of those
given in 1932." Further quotations from the pamphlet are
given below:
Civil officers and employees in the executive branch of the Federal Government increased by 148,625 between March 1 1933 and May 31 1935.
Further increases under the work relief program will offset the reduction
of employees of the National Recovery Act forced by the courts.
The annual payroll of civil employees is nearly $300,000,000 greater than
at the end of the last Administration.
Employees of the 10 Cabinet departments have increased by more than
50,000 since March 1933.
Emergency and permanent agencies created since March 1933 have 106,659
employees.
The present total of Government employees is far in excess of any in
the peace-time history of the Government and is rapidly approaching the
war-time record.
The mushroom growth of the Federal bureaucracy during the past two
years represents a violation of campaign pledges, an unjustifiable burden
on the taxpayers and a menace to the liberties, rights and welfare of
individual citizens and business enterprises. New jobs have been distributed
as rewards for political service rather than on the basis of need of
efficiency. The bureaucracy has meddled unnecessarily and with injurious
consequences in affairs which under the Constitution do not concern the
Federal Government.
Thousands of workers have been engaged in tasks which the. Supreme
Court already has branded as unconstitutional, while other thousands continue in activities of doubtful validity. Money has been spent lavishly to
build up new Government agencies which have been unable to justify their
existence. Profligate methods have prevailed. Fundamental theories upon
which the new bureaucracy is based are unsound and were adopted in the
face of the advice of the most eminent authorities.
AAA
1934 Corn Loans Almost Liquidated—Device
Called Aid to Orderly Marketing
The Agricultural Adjustment Administration announced
on July 22 that farmers who borrowed under the Government's 1934 corn loan program have liquidated all their
Indebtedness but about $200,000. Commodity Credit Corporation officials pointed out that this was the second of the
Government's loans on farm-stored corn, the first being
inaugurated in the fall of 1933 to enable producers to market their crop in more orderly fashion and obtain advantage
of price increases. Of 15,689 loans under the 1934 program
about 300, approximating $192,304, were outstanding on
July 17. These loans became due and payable on July 1,
but officials said that a short period is required for liquidation, and predicted that complete liquidation would be
effected within a few days. The announcement continued:
Says
The total amount of money advanced farmers under the 1934 program
approximately $11,038,390, on 20,067,818 bushels of corn at the loan
value rate of 55c. per bushel. These loans were made to farmers in 10
States—Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri,
Nebraska, Ohio and South Dakota.
The volume of loans during the past season was not as large as under
the original program because corn prices had risen considerably above the
loan value, anti because corn supplies on farms were very limited. Loans
made on 1933 farm-stored corn amounted to approximately $120,500,000,
and the volume of corn put into storage totaled about 270,000,000 bushels.
The loan rate in 1933 was 45c. per bushel. One hundred per cent, collection
was reported on the 197,000 loans involved in this program.
It has been announced that a corn loan will be made available this fall
to farmers participating in the 1935 corn-hog program. Agricultural Aljustment officials state, however, that it is yet too early to determine supplies
which might be on hand this fall, and consequently it is impossible to
establish the loan value rate at this time.
The corn loan program is recognized by the AAA as a valuable device for
carrying reserve supplies from one year to another, provided that it is
coupled with sound production control.
was
by Farmers in May from Sales of Farm
Products $69,000,000 Above May 1934
An increase of $69,000,000 in farmers' cash receipts from
sales of principal farm products in May this year as compared with May 1934, is reported by the Bureau of Agricultural Economics, United States Department of Agriculture. Gain in receipts from livestock more than offset
reductions in receipts from crops, the Bureau stated July 13,
adding:
Cash Receipts
The total for May 1935, was 8493,000,000. against $424,000,000 in May
1934. Receipts from livestock were 28% higher than in May 1934, and
receipts from crops 8% less than in May 1934. In all regions of the country
receipt from livestock were the largest for this month since 1930.
July 27 1935
Prices of cattle and hogs continued to advance in May this year, and
there were heavy shipments of cattle from North Atlantic, East North
Central and Southern States. Smaller marketings of hogs, especially
In the West North Central area, were offset by higher prices.
Increased income from dairy products, chickens and eggs, due largely
to higher prices compared with last year, was received in all regions. Lower
wool prices than a year ago depressed receipts in many Mountain States.
Income from grains was considerably larger this May than last, with
prices about 50% higher than a year ago, and marketings of about equal
volume. The increase was especially notable in the East North Central
States. Farmers in Maine and the early potato-producing States received
less income from potatoes this May on account of low prices.
Income from cotton was less than in May a year ago as marketings continued to decrease. Reduced income from strawberries adversely affected
receipts in several of the Southern States.
Government rental and benefit payments to farmers in May this year
were more than twice those of a year ago.
$97,000,000 Loans to Farmers by Production Credit
Associations During First Half of 1935 as Compared
with $52,700,000 During Similar Period 1934
According to an announcement yesterday (July 19) from
the Farm Credit Administration, production credit associations loaned farmers over $97,000,000 in the half-year
ended June 30 1935, compared to $52,700,000 in that part
of the corresponding period of 1934 in which the newly
organized associations were in operation. The announcement said:
The co-operative associations served almost twice as many farmers during
the crop financing season this year as during the corresponding period last
year, making loans to 155,800 up to June 30 this year, compared to 88,300
on the same date last year.
Loans outstanding on June 30 1935, totaled $109,900,000 compared
to $61,000,000 at the end of December 1934, and $49,800,000 at June 30
1934.
Crop-production financing has now passed its crest in all except the
Pacific States, and in most districts a normal decline may be expected
until the fall livestock financing season begins.
Loans by districts for the half-year ended June 30 1935, were as follows:
Springfield District, including New England States, New York, and
New Jersey, $7,360,000.
Baltimore District, Pennsylvania, Delaware, Maryland, Virginia and
West Virginia, $3,640,000.
Columbia District, the Carolinas, Georgia and Florida, $11,940,000.
Louisville District, Ohio, Indiana, Kentucky and Tennessee. $4,490,000.
New Orleans District, Mississippi, Alabama and Louisiana, $9,300,000.
St. Louis District, Illinois, Arkansas and Missouri, $7,150,000.
St. Paul District, Michigan, Wisconsin, Minnesota and North Dakota,
$6,330,000.
Omaha District, Nebraska, Iowa, South Dakota and Wyoming, $4,230,000.
Wichita District, Kansas, Oklahoma, Colorado and New Mexico, $8.700,000.
Houston District, Texas, $4,860,000.
Berkeley District, California, Nevada, "Utah and Arizona, $13.870,000.
Spokane District, Wahington, Oregon, Montana and Idaho, $15.140,000.
$535,547,698 in Rental and Benefits Paid FtArmers
During Period from July 1 1934 to June 1 1935
During the July 1 1934 to June 1 1935 period of the 1935
fiscal year the Agricultural Adjustment Administration expended in rental and benefit payments, removal and conservation of surplus agricultural commodities, drought relief,
administrative expenses, and other operations, a total of
$767,195,306 from funds available amounting to $918,045,135, leaving a balance available of $150,849,829, according
to the monthly Comptroller's report issued July 22. The
report, said an announcement issued by the AAA, which has
been revised and will henceforth report expenditures on a
basis of current fiscal year, instead of from date of organization as previously reported, lists expenditures for the period
as follows:
Rental and benefit payments to farmers co-operating in
adjustment programs
$535,547,698
Removal & conservation of surplus agricultural commodities
10,043,550
Drought relief, food conservation and disease eradication
145,595,764
Trust fund operations
11,746,526
Administrative expenses
34,401,654
Disbursement expenses
737,005
Tax refunds
29,123,107
From the announcement of the AAA we also take the
following:
The funds shown available by the new form of report include a balance
of $281.565,270 carried over from the 1934 fiscal year, ended June 30 1934,
from appropriations and trust fund receipts, and in addition to these
funds receipts from appropriations and trust funds during the year amounting to $111,900,020, making a total of $393,465,290 available from funds
not derived from processing taxes. At the beginning of the fiscal year
a balance of $71,572,151 in processing taxes was carried, to which collections since reported up to April 30 1935 have added $453,007.693, bringing
the total of funds available from processing taxes to $524.579,844. It
was pointed out that processing tax collections shown in the report lagged
a month behind expenditures reported chargeable against process taxes.
Rental and benefits cumulative for the period of the report were divided
as follows among commodities:
$102,503,017 Corn-hogs
Cotton
$296,435,801
97,503,986 Sugar
Wheat
15,320,123
23,784,768
Tobacco
Removal and conservation of surplus operations included:
$1,408,886 Sugar
Hogs
8365.536
1,087,744 Peanuts
Wheat
674,008
6,507,373
Dairy products
Drought relief, food conservation and disease eradication operations
are listed as $120,583,408 spent for cattle. including $9,586,637 for indemnities paid in the disease eradication program; 17,702,288 for drought
sheep and goat purchases: and $17,310,068 for the purchase of seeds and
their distribution in the drought area.
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Financial Chronicle
Trust fund operations included $11,695,781 distributed to producers
who pooled their excess cotton tax-exemption certificates for sale to producers with excess cotton; and $50,744 from a rice trust fund set up under
the southern rice marketing agreement.
During May farmers co-operating in adjustment programs received a
total of $36,790.148 in rental and benefit payments, of which $16,043,225
was paid cotton producers, $2,877,272 to wheat growers, $3,073,323 to
obacco produce rs, $10,362,121 to corn-hog producers, and $4,434,205 to
ugar-cane and s ugar-beet growers.
AAA to Increase 1935 Wheat Payments to 33 Cents a
Bushel, Compared with 29 Cents Last Year—
Return to Co-operating Farmers Expected to Approximate $115,000,000
Chester C. Davis, Administrator of the Agricultural Adjustment Administration, announced on July 8 that the
AAA will grant farmers co-operating in the 1935 wheat adjustment program benefit payments of at least 33 cents a
bushel, as compared with 29 cents provided by the 1934
contracts. The minimum adjustment returns established
July 9 by Secretary of Agriculture Wallace are expected to
yield co-operating wheat producers more than $115,000,000
this year, or about $14,000,000 more than in 1934. The
AAA added, however, that no change will be made for the
present in the processing tax of 30 cents a bushel, as the
funds for the increased payments will come from the reserves
accumulated from the tax on wheat produced by farmers who
are not operating under allotment contracts.
Further details of the AAA announcement follow, as
given in a Washington dispatch of_July 8 to the New York
"Times":
The 1935 payments will be made in two instalments, the first of 20 cents
being payable when the compliance contracts are approved here and final
payments of at least 13 cents when local administrative costs have been
determined.
The second payment might be increased above 13 cents if the difference
between the average farm price and the wheat parity price is more than
33 cents.
Increased benefit payments for 1935 will have no connection with the
new wheat contracts that are being prepared for 1936-39. inclusive. The
allotment to each producer is 54% of his average production in the base
period of the curtailment
Program.
Money expected to be granted to the various States, as compiled by the
AAA, are as follows (in thousands of dollars):
State
Amount
State
Amount
Arizona
14
25 New Jersey
Arkansas
587
3 New Mexico
California
53
New York
1.457
Colorado
62
2,552 North Carolina
Delaware
17,053
127 North Dakota
Georgia
1,999
Ohio
10
Idaho
7,938
4,023 Oklahoma
Illinois
3,082
3,074 Oregon
Indiana
Pennsylvania
298
2,276
Iowa
5,995
574 South Dakota
Kansas
Tennessee
_156
28,154
Kentucky
6,250
308 Texas
Maryland
782
946 Utah
Michigan
649
Virginia
1,004
Minnesota
6,644
2,224 Washington
Missouri
91
1,931 West Virginia
Montana
48
7,494 Wisconsin
Nebraska
525
7,154 Wyoming
Nevada
37
Total
115,600
AAA to Decide Early Course of Action Regarding 350
Suits on Processing Taxes—More Courts Grant Injunctions Against Collection—Supreme Court of
State of Washington Rules AAA Unconstitutional
Government officials will rdeet soon to determine a course
of action with regard to more than 350 suits against the collection of the processing taxes which are now pending,Chester
C. Davis, Administrator of the Agricultural Adjustment Administration, announced on July 24. He said that representative of the Justice Department, the AAA and the Internal Revenue Bureau would plan the Government's procedure. He also predicted that passage of the pending
amendments to the AAA would cause the dismissal of many
of the suits already brought. Mr. Davis added that he
hoped to see the constitutionality of the AAA passed upon
by the Supreme Court as soon as possible.
The "Chronicle" of July 20 (pages 372 and 373) described
various recent court decisions regarding the processing taxes.
A number of additional decisions of that character were recorded this week. Federal Judge William H. Kirkpatrick
of Philadelphia on July 24 postponed further action on his
decision nullifying the taxes until Congress acts upon the
AAA amendments. Twelve cigar manufacturers in Jacksonville, Fla., on July 24 obtained temporary injunctions
against collection of the taxes on leaf tobacco. Federal
Judge J. Lyles Glenn of Columbia, S. C. on July 22 signed
temporary restraining orders against collection of the taxes
from five cotton mills.
The Supreme Court of the State of Washington on July
23 declared the AAA unconstitutional. United Press advices of July 23 from Olympia, Wash., described this decision as follows:
By a 6 to 3 decision the high tribunal held the law, passed by the 1935
Legislature, "illegal delegation of constitutional powers." The appeal
11.LS carried from Yakima
County Superior Court, in which Director of
Agriculture Walter J. Robinson sought to collect fees and assessments
from the Matson Fruit Co., engaged in purchase and intra-State shipment
of apples.
The majority opinion, written by Justice Holcombe, cited the Schechter
case, in which the United States Supreme Court declared the National
Recovery Act unconstitutional, and the decision invalidating the State
AAA law.
531
A dissenting opinion, written by Justice Tolman and signed by Justice
Blake and Beals,denied that the Act constituted improper use of legislativ
powers.
Government Loan of 13 Cents on Cotton Foreseen by
Senator Bankhead—Says Cotton Price Now "at
Lowest Point"
The price of cotton is probably "at its lowest point" and
cotton buyers are misinformed when they withdraw from the
markets because they believe there is a prospect for cheaper
cotton, Senator Bankhead said in a prepared statement made
public on July 24. Senator Bankhead said that "understandings heretofore reached provide for continuance of a
12-cent cotton loan on this year's crop. It is hoped that it
will by 13 cents." He added that announcement of the loan
had been withheld pending Congressional continuance of the
Bankhead Cotton Control Act. Further extracts from the
statement are given below, as contained in Washington
advices of July 24 to the "Wall Street Journal":
The Bankhead Act is being continued in the Agricultural Adjustment
Administration amendments, he explained, and as soon as the bill reaches
the l'resident, the Administration will be in a position to carry out the
program in line with understandings heretofore reached.
"As practically all of the carryover in this country is now in the Government's control and will not move at a price of less than 13 cents a pound."
Senator Bankhead said, "it is certain that all of the present crop and probably more, will be required for consumption before another crop is
harvested. It is believed that with a 13-cent loan, very little of this year's
crop will go under the loan.
"The AAA amendments authorized the Secretary to make payments in
kind for reducing production. In other words, cotton now controlled by
the Government may be offered to the farmers under the Smith option plan.
Leaders of the cotton program have agreed to press for next year's plan a
smaller allotment than was made this year and to supplement that allotment by offering at an attractive price to the farmers about 3,000,000 bales
of cotton under the option plan. If 10,500,000 bales are allotted next year
and the farmers take options on 3,000,000 bales that would result in a crop
next year of 7,500,000 bales. Under such a program we swould more
quickly dispose of the burdensome surplus and would also protect the
Government on the price of all cotton now held under the loan."
Senator Bankhead declared that no one has questioned in the courts the
authority of RFC to make cotton loans.
Secretary of Agriculture Wallace Defends Processing
Tax—Denies Crop Curtailment Hurts Nation's
Consumers
The processing tax is much fairer to the consumer than
any high tariff ever enacted during a Republican Administration, and much less a burden than taxes during the World
War,Secretary of Agriculture Wallace declared in an address
July 22, before 3,000 farmers, agricultural experts and business men at 'Walla Walla, Wash. Mr. Wallace said that
the processing tax is in effect a tariff designed to benefit
agriculture, and added:
If the processing tax is eliminated, if this year's crop produces an exportable surplus of 250,000.000 bushels (of wheat), and if the sacred SmootHawley tariff is continued, wheat will be down to 21 cents a bushel in this
Pacific Northwest.
Speaking before the National Federation of Business and
Professional Women's Clubs at Seattle, Wash., on July 18,
Mr. Wallace denied that the Agricultural Adjustment Administration had used Governmental powers to curtail food
supplies for the Nation's own consumers. He explained
that the AAA crop curtailment program affected only the
supplies which would have been produced for consumption
in Europe and which could not have been sold. Further
extracts from his speech are given below, as contained in a
dispatch to the New York "Times" from Seattle July 18:
In his address, Mr. Wallace declared that there "is a bitter humor in the
howl of indignation against the processing tax in certain quarters."
"The processing taxes have been in effect two years." he said. "American industry has been collecting its tariff protection from consumers ever
since the first tariff was passed on July 4 1789. How many billions of
dollars that has meant to industry is beyond computation.
"It may help city consumers to grasp what I mean if they will realize
that somewhere out in the nation's wheat field there is a third of an acre
of wheat, as the basis of average yields, which is being raised for each city
dweller. There is approximately three-quarters of an acre of corn which
goes to each average consumer in the form of pork and beef, and down in
the cotton field there is a patch of perhaps one-seventh of an acre which
produces the cotton fiber used by each individual in the country.
"The adjustment program has not touched and will not touch that third
of an acre out in the wheat field, that three-quarters of an acre in the Corn
Belt, nor that seventh of an acre of cotton down South. These are raised
for American consumers just as they always have been."
Land Bank Commissioner Starts Program of Extending
Loans to Purchase Farm Land Loans Are Authorized by Farm Credit Act of 1935
Approval of the first applications for Land Bank Commissioner's loans to purchase farms was reported in Washington, D. C., on July 25 by Governor W. I. Myers of the Farm
Credit Administration. The Commissioner's 75% loans to
purchase farm land were authorized by the Farm Credit
Act of 1935, and Governor Myers said reports from the
Federal Land bank districts indicate that prospective farm
pprchasers are showing a keen interest in the liberal terms
of the new plan. The text of the Farm Credit Act of 1935
was given in our issue of June 22, page 4165. Governor
Myers on July 25 stated:
Many new farm purchases will be made, some of them by applicants
who could not have become farm owners without the Commissioner's loans
now available to finance the purchase of farms In amounts up to 75% of
532
Financial Chronicle
the appraised normal value of the property, not exceeding $7,500 to one
farmer.
One of the objectives in broadening the purposes of the
Land Bank Commissioner's loans was to make it possible
for worthy tenants to purchase farms, and the FCA is paying particular attention to the sympathetic extension of
credit for this purpose so far as it can be done on a sound
basis, Governor Myers said, adding:
In considering applications for these farm purchase loans particular attention will be given to the tenant's experience in farming in the locality,
his supply of available family labor, his thrift and his record in meeting
his obligations and the ownership of necessary equipment. Commissioner's
loans thus will offer a new opportunity to farmers, especially young farmers,
to finance the purchase of farms on sound and reasonable terms.
It should be clearly understood that the Commissioner will lend on the
basis of the normal value at which the farm is appraised, not the sale price.
The sale price is up to the seller and the man who buys the farm. Other
conditions being favorable, the Commissioner may lend as much as 75% of
the appraised normal value of the property; the purchaser must put up
the difference between that amount and the selling price of the farm.
Governor Myers said that the Land Bank Commissioner
loans authorized two years ago to meet the emergency and
refinance the farm debts had resulted in first and second
mortgage loans to more than 400,000 farmers. He continued:
The tremendous assistance rendered to farmers by means of the Commissioner loans has helped agriculture out of the depression, and now the
broadening of the purposes of these loans to include the purchase of farms
should help to solve the farm ownership problem on sound financing
principles.
Farmer applicants or tenants need no special instructions
In applying for such loans, the Governor said, since the
loans will be handled by the Federal Land banks through
local national farm loan associations, and made in much the
same way as the Commissioner loans for refinancing farm
debts during the past two years.
Twenty-two Suits Have Been Brought to Enjoin
Municipalities Using PWA Funds to Construct
Power Projects—PWA Says Language in Many
Bills Is Identical, Indicating They Are Inspired
by "Some Central Source."
A "concerted attack" by utility companies to prevent the
construction of municipal power projects with loans and
grants from the Public Works Administration has resulted
In the filing of 22 court actions, Administrator Harold L.
Ickes announced on July 20. Referring to a review of the
litigation by Henry T. Hunt, PWA General Counsel, Mr.
Ickes said that in virtually every case the language of the
bills is similar so far as constitutional questions are concerned, while in some instances it is identical, indicating
that the bills "are drafted on forms or instructions emanating from some central source." Mr. Hunt's report to Mr.
Ickes was summarized, in part, as follows by the PWA on
July 20:
Of the 22 bills filed attacking the constitutionality of Title II of the
Recovery Act, 18 were in Federal courts and four in State courts. On
motion of the Government, nine bills have been dismissed; in three cases
motions to dismiss have been denied; nine motions to dismiss are pending,
and in one case (Middlesboro, Ky.) the Kentucky Court of Appeals allowed
an injunction on the ground that the bond ordinance was subject to
•
referendum.
The Hunt report states that the total number of PWA loans and grants
31. Thus it appears that all
is
facilities
municipal
competitive
finance
to
such loans and grants have been attacked by the utility companies except
nine.
Mr. Hunt reported that the utility companies have attacked PWA allotments for power developments on the grounds that (1) Article 1, Section 8
of the Constitution does not confer power on Congress to appropriate
national funds to finance such local and competitive facilities; and (2) the
power to select projects for financing invested in the President by Sections 202, 203 la an unuconstitutional delegation of legislative power. Unlawful departures by the Administrator from the provisions of the Act
are also charged.
Mr. Hunt pointed out that after the decision of the Supreme Court on
Jan. 7 1935 which declared that Section 9 of Title I of the Recovery Act
was unconstitutional, the utility companies felt encouragement and filed
numerous bills attacking PWA loans and grants on the ground of unconstitutional delegation of power to the President. The decision in the
Schechter (NRA) case produced a further acceleration of these bills, Mr.
Hunt reported.
Business Advisory Council Names Group to Co-operate
with NRA in Analyzing Operation of Codified
Industries Before Codes Were Abolished
The Business Advisory Council of the Department of
Commerce on July 23 announced that it had appointed a
committee to co-operate with the National Recovery Administration Division of Review in analyzing the operation
of codified industries and the effect of the abolition of the
code structure as the result of the Supreme Court decision
in the Schechter case. Henry P. Kendall, Chairman of
the Council, urged in a letter on July 23 that trade associations and former Code Authorities co-operate with the
studies, and added that the conclusions would be given to
the industries affected before being made public. A dispatch from Washington on July 23 to the New York "Herald Tribune" continued:
The advisory group will be headed by Henry I. Harriman. former President of the United States Chamber of Commerce, and composed of Rovert
Field, lawyer and writer, of New York City; James W. Hook, President of
Geometric Tool Co., New Haven, Conn.; Morris E. Leeds, President of
Leeds & Northrup, Philadelphia; George H. Mead, President of Mead
July 27 1935
Corp.. New York City, and Walter White, formerly resident director and
member of the Industrial Advisory Board of NRA.
Denies Predetermined Policy
In explanation of the work to be undertaken by the advisory council's
special committee, Henry P. Kendall. Chairman of the Council, has
addressed a letter to a large number of trade groups and associations, ask,
ing their co-operation. In the circular Mr. Kendall said:
1.-Vrirbotn=rs assurance thataisociations and groups which furnisfi
an opportunity
given
statistics to the division of teview will, on request, be
to examine and comment on any conclusions reached on the basis of such
assurance
gives
itself
in
This
public.
made
being
statistics, prior to their
that the review will not be conducted in a spirit of harrassing members of
Industry, or of seeking special data to support a predetermined policy.
As long as the review is conducted in this spirit, the Council urges industry
to adopt a co-operative attitude toward reasonable requests by NRA for
facts and stabatics in connection with the various industry studies. value
The results obtained by the NRA review division will be of great
to our committee in connection with its own studies and recommendations
concerning possible future legislation dealing with the relationship of
Government to business.
Walter White, formerly a resident director and member of the Industrial Advisory Board, has consented to serve on the NRA staff in connection with securing industry co-operation. He will be in frequent consultation with our committee, of which he is a member.
Governor Nice Charges New Deal with Taxing People
in Order to Perpetuate Political Regime
The Federal Administration is "totally insane" and is
taxing the people in order to perpetuate a political regime,
Governor Harry W. Nice of Maryland declared at San
Francisco on July 22, shortly after he had had a conference
with former President Herbert Hoover. Addressing the
Union League Club, the Governor pleaded for "a return to
national sanity." There is need, he said, for courageous
action in halting extravagance, enforcing economies and
reducing taxes so that industries may survive. He charged
that it was "criminal" to burden with taxes the people of
to-day "for the avowed perpetuation of a political regime."
Associated Press advices from San Francisco, July 22,
quoted additional extracts from his speech as follows:
The depression was world-wide, he added, but "under Republican administration and with constructive policies conforming to prescribed constitutional practices, recovery was on the way in June 1932, only to be set back
by the election."
"All of the rest of the world has moved toward recovery," he proceeded.
"America alone has lagged behind. It was this uncertainty of the public
mind that enabled professional and political quacks to intrigue, with their
cure-alls, the imagination of a depressed people.
"The day of diminishing returns from taxation, regardless of the form
of tax, is at hand. Already countless cities and a number of States have
seen their credit diminished, if not destroyed. The credit of the Federal
Government is vast, but it Is not inexhaustible.
"We must realize, before it is too late, the danger of ever-increasing
Federal taxation, which is drying up the sources of State maintenance.
"There must be a return to national sanity; the Government must function
under and within the law; the Constitution must not be evaded, weakened
or destroyed."
NRA Wages and Hours Being Maintained, According
to Committee of United States Chamber of Commerce
Large sections of industry throughout the country are
maintaining the wage rates and maximum hours incorporated in the former National Recovery Administration codes,
and are supporting fair competitive practices, according to
the news letter of the Trade Association Department of the
Chamber of Commerce of the United States, on July 18. The
letter said that trade associations have been continuing to
develop definite practices since the Supreme Court outlawed
the NRA codes, and it recounted actions by some associations as indicative of their interest in continued co-operation.
Wholesale Tobacco Distributors Submit New Code to
Replace NRA Pact—Contains Labor Provisions
and Lists Unfair Trade Practices
The wholesale tobacco distributors industry on July 19
submitted the first voluntary code under the new co-operative
arrangement between the National Recovery Administration and the Federal Trade Commission, after a committee
representing the industry had conferred with officers of the
Trade Practice Conference Division of the FTC. If the
Commission approves the proposed trade practice rules, it
will promulgate the first voluntary code of fair competition
under the new method. The conference in Washington was
held at the request of the National Association of Tobacco
Distributors, which is said to represent 96% of the industry
in the United States. The industry has an investment of
about $150,000,000 and an annual sales volume of about
$1,000,000,000.
The conference adopted two groups of rules, of which the
second consists of voluntary labor provisions, including
minimum wages, maximum hours and the elimination of
child labor. These provisions, which affect 60,000 employees, are the same as those contained in the Wholesale Tobacco
Code approved by the NRA on June 9 1934.
The trade practice provisions were summarized as follows
in a Washington dispatch of July 19 to the New York
"Times":
Among the Group One rules, violation of which would be illegal, is a
provision against sale of nationally advertised and well known brands of
cigarettes and tobacco products as "loss leaders" to promote the sale of
other less known merchandise.
The selling of products of the industry below cost, with the intent of
injuring a competitor "and where the intent may be to lessen competition
or tend to create a monopoly or unreasonably restrain trade" is declared
to be an unfair trade practice.
Volume
141
Financial Chronicle
Price discrimination as between buyers of cigars, cigarettes or other
tobacco products, whether in the form of discounts, services or otherwise,
Is declared an unfair trade practice.
Other unfair trade practices are the following:
The sale or offering for sale of any nationally advertised product or
trade-marked item of the wholesale tobacco trade, the prices of which are
known to the purchasing public ar reduced prices, "under a misrepresentation of his ability to sell said goods at said reduced prices."
Imitation of the trade-mark, trade names, slogans or other marks of
Identification of competitors, having the tendency and capacity to mislead or deceive purchasers or prospective purchasers.
Special Benefits Barred
The secret payment of allowances or rebates, refunds commissions,
credits, unearned discounts, or excess allowances, whether In the form of
money or otherwise, or secretly extending to certain purchasers special
services or privileges not extended to all purchasers under like terms and
conditions, with the intent and with the effect of injuring a competitor
and where the effect may be to substantially lessen competition or tend to
create a monopoly or to unreasonably restrain trade."
Publishing and circulating false and misleading price lists having the
tendency and capacity to mislead purchasers or prospective purchasers.
The indiscriminate selling of merchandise at wholesale over the same
counter commonly used for selling at retail.
The trade practices for the wholesale tobacco industry would be enforced by the FTC through issuance of cease and desist orders. In the
last dozen years the commission has approved some 150 industrial fairtrade Practice conference rules.
Under the new regime the voluntary codes will be administered in the
same way as the previously adopted trade-pracitce rules in other industries.
Mid-Western States Throw Thousands Off Relief
Rolls—Told to Take Jobs as Farm Hands—Federal
Government Takes Over Farm Relief Program in
New York State
Thousands of men who have been receiving public relief
payments in Mid-Western States were dropped from the
relief rolls this week and informed that they must seek
jobs, particularly in the harvest fields, where farmers have
been complaining of a shortage of laborers. Governor Tom
Berry of South Dakota and Relief Administrator M. A.
Kennedy on July 22 closed all relief offices in the State to
force 25,000 men on relief rolls to accept harvest jobs.
Farmers had complained that grain was rotting in the fields
because of a lack of farm hands. Similar action was taken
in Michigan, while plans for lowering relief rolls were
made in other States. Associated Press advices from
Pierre, S. D., July 22, noted the promulgation of the order
in that State as follows:
Joining six other Mid-Western States that have taken similar though less
sweeping measures to insure adequate help during the all-important harvest,
Philip L. Ketchum, Deputy Welfare Commissioner, sent the order to all
county relief directors in South Dakota.
Approximately 20,000 farmers who have been transferred from relief
rolls to the Rural Resettlement Administration and are receiving subsistence
or rehabilitation loans will not be affected by to-day's order.
The so-called "revolt" of relief clients was believed by officials to have
been stemmed in six other States.
Illinois Halts Rural Relief
Illinois halted work relief in rural areas. In Kansas relief clients were
warned they would be dropped from the rolls if they refused temporary
employment. Plans were under way to cut off Federal allotments in
approximately 26 Nebraska counties and reduce them by 50% in 15 others.
Able-bodied residents in nearly a score of Iowa counties were denied the
dole and told to join the threshers. Redwood County, Minn., shut down
works undertakings. All but specialized projects were halted in North
Dakota.
Relief recipients generally advanced two reasons for not joining in the
harvest—the pay was less than the 40c. an hour scale on Federal projects,
and fear they could not return to relief after the threshing.
We also quote from Associated Press advices of July 23
from Lansing, Mich.:
The State Emergency Relief Administration issued an order to-day to halt
all work relief projects in the State within a month, and eliminate the
names of 46,000 men from the work relief and direct relief rolls.
The drastic move to cut down the relief costs in Michigan followed the
announcement of Dr. William A. Haber, State Relief Director, that the
$9,000,000 appropriated by the State for relief work would be inadequate
after Nov. 1, and that the counties would have to assume the burden.
"Farmers have been complaining that persons on relief are turning down
farm jobs," said Dr. Haber. "The large crops throughout the agricultural
sections and the good season in the recreational counties prompted the
State Relief Commission to take this drastic step.
"The Commission recognizes there must be an inevitable reduction In
funds for direct relief. I have discussed the matter fully with the Governor and he approved the program."
The only projects exempted from the order are those providing food and
clothing for indigents and recreational improvement work.
Local governments sponsoring relief projects with State funds were told
to apply for 4 transfer to the Federal Works Progress Administration.
Lawrence Westbrook, Assistant Federal Relief Administrator, said on July 22 that any person on relief who refuses
a job will be cut off immediately. He added that State
Administrations had been instructed to "purge" their relief
rolls as soon as possible.
The Rural Resettlement Administration, under the direction of Rexford G. Tugwell, Under-Secretary of Agriculture,
has taken over completely the rural rehabilitation program
in New York State, it was revealed on July 23, according
to the New York "Herald Tribune" of the following day,
which added, in part:
The Rural Rehabilitation Corporation, a State organization established
last spring by the New York State Legislature, which was to have handled
loans to needy farm families on relief to make them once more self-supporting, is to use up the $150,000 remaining of Its Federal funds on relief in
the flood-stricken arose up-State, and after that its future is uncertain.
The change in policy from local administration to Federal, according to
Willard E. Georgia, now State Director of the Resettlement Administration,
with offices in the State Temporary Emergency Relief Administration head-
533
quarters, 79 Madison Avenue, was made necessary by a ruling of J. R.
McCarl, United States Comptroller-General.
Payment to State Body Held Illegal
Mr. McCarl, it was said, informed the Resettlement Administration, which
was setting up the State corporations to manage the financing of farm
families, that payment of Federal funds to these corporations was illegal
and if the Resettlement Administration wished to get the $91,000,000 earmarked for its use from the $4,000,000,000 relief budget it would have to
manage the task itself.
General Strike of 60,000 in Terre Haute, Ind., Is Ended
After Promises of Federal Mediation—City Under
Martial Law
A general strike which had lasted for 48 hours, paralyzing
business and industry in Terre Haute, Ind., and leading to
the proclamation of martial law, was called off on July 23,
after Max Schaeffer, Vice-President of the Central Labor
Union, announced that a truce had been reached between
employees and officials of the Columbian Enameling and
Stamping Co. The general strike was called on July 22 in
sympathy with 600 employees of the company who had
been on strike since March, when they demanded union
recognition and the closed shop. The employers were willing to recognize the union but refused to accede to the
closed shop demand.
Early in July, labor organizers in Terre Haute charged
that strike-breakers had been brought into the plant, and
this resulted in the calling of a general sympathetic walkout,
in which it was estimated 60,000 persons participated.
After the general strike forced cessation of virtually all business and industry in Vigo County, in which Terre Haute is
situated, city and county officials requested the declaration
of martial law, and Governor McNutt of Indiana on July 22
ordered 2,000 Indiana National Guardsmen into the city.
Some violence was reported after the arrival of the troops,
but this was not serious.
Ending of the general strike was noted as follows in a
dispatch to the New York "Herald Tribune" July 23 from
Terre Haute:
The general labor "holiday," declared yesterday by 48 Terre Haute
unions in sympathy with the striking employees of the Columbian Enameling and Stamping Co. here, was terminated at the request of the Columba
strikers, whose spokesman said, "We believe Federal mediators are competent to handle the situation in Terre Haute."
Two Department of Labor conciliators had been sent here immediately
after the general strike call had brought 2,000 National Guardsmen to the
city under a proclamation of martial law by Governor Paul V. McNutt.
Troops End Hunger Menace
Conciliators and troops delivered effective blows to-day, the former at
the obstacles to a peaceful settlement and the latter at the paralysis which
had closed nearly every store in the city, interrupted all forms of transportation and menaced the city's food supply and power service.
At times the National Guardsmen resorted to tear gas bombs to drive
pickets to cover, the last time during a radio announcement of the general
strike settlement by T. N. Taylor, representative of the American Federation of Labor. The dispersal of the pickets on each occasion took place at
the enameling company's plant, where the union men had assembled to jeer
private guards hired by the company during its worker's four-month strike
Fifty Arrested by Soldiers
Through extensive patrols and the arrest of more than 50 persons, the
Guardsmen effectively relaxed the grip of the general strike on the city's
business. Most of the persons arrested, for acts or words of resistance to
military control, were haled before a military court, and were released
after having been lectured.
It was understood that the Federal concillators, Charles L. Richardson
and Harry E. Scheck, would continue their efforts to settle the Columbian
strike, which started over a demand of the enamelers' union for recognition in collective bargaining. The importation of private guards, or strike
breakers, numbering 60, is a bone of contention in present negotiations.
The company's refusal to discharge them led to the issuance of the general
"holiday" call, and a company official said to-night, previous to the termination of the general strike, that there would be no compromise on that
point.
New York Shipbuilding Corp. Reopens Yard After
10-Week Strike—Pickets Flank Gates as Majority
Continues Walkout—Secretary of Labor Perkins
Criticized by Mayor of Camden, N. J.—Yard Again
Closes After Two Days
The New York Shipbuilding Corp. on July 23 reopened
ts yard in an effort to resume operations, despite the continuance of a strike which started more than 10 weeks ago.
The reopening was not attended by serious disorders, although 3,000 strikers picketed the gates of the company's
plant. Carl M. Kaltwasser, Executive Vice-President of
the company, said on July 23 that 552 former employees
returned to work, including 202 sub-foremen, timekeepers
and other salaried men. John Green, Executive Secretary
of the Camden, N. J., local of the Marine and Shipbuilding
Workers of America, said that only 320 men entered the
yard and that 273 were salaried men. The normal operating staff of the plant is about 4,600.
Reopening of the plant followed a proposal by Mayor
Von Nieda of Camden on July 19 urging the company and
the union to "scrap all contracts and agreements and reopen immediately.'
A dispatch to the New York "Herald Tribune" from
Camden July 23 described the reopening of the yard in part
as follows:
Mayor Frederick Von Nieda of Camden, who has been attempting to
settle the 11 weeks old strike at the plant of the New York Shipbuilding
Co., to-day bitterly assailed Secretary of Labor Frances Perkins as a
"two-
timer" and
declared that she "could have stepped in here several weeks
ago if she had wanted to," but that "whenever I tried to see her, she was
too busy to talk to me." He addressed a large number of pickets near
the plant and was cheered by a number of the men.
When Mayor Von Nieda arrived at the plant this afternoon to study
the situation the picketing strikers cheered him.
"The trouble with the Labor Department in Washington," he said, "is
that they have shoemakers to make hats. The present strike situation is
entirely needless and the Secretary of Labor is to blame for conditions now.
"Miss Perkins is supposed to know her job. Her place was here at the
beginning of the strike. Miss Perkins is a 'two-timer' and could have
stepped in here several weeks ago if she had wanted to. Whenever I tried
to see her she was too busy to talk to me. Now she wants all the say."
John F. Metten, President of the shipbuilding company, in a statement
issued this afternoon said that the firm would not submit bids in the new
naval program because he did not think the Navy Department would
consider the bids because of the strike. He also said that no other new
business was expected, either, because of the labor difficulties.
Construction Tied Up
The company now holds contracts for more than $50,000,000 in naval
and
for
two
oil
tankers for a private concern. Work on the
construction,
Government and private tonnage was halted when the men struck, demanding a new contract which called for recognition of the union, increased
wages and other conditions. The shipbuilding firm rejected the proposal.
The shipyard again halted operations on July 25, when
it appeared that too few men had returned to work to enable
it to continue on an efficient basis. Strikers regarded this
cessation of work as a victory for them. On July 26 a naval
official told a subcommittee of the House Labor Committee
that the strike had delayed $50,000,000 of warship construction, but added that the navy has not considered terminating
its contract with the company.
further manufacture within the plants. These figures are not typical
of what the various units in the industry experienced, since nearly all of
them had less production in June than in May or else remained closed.
Only three plants reported an increase in output.
It is significant, however, that for three consecutive months the output
of gray iron castings has exceeded that of the corresponding period of
1934 by an increasing percentage. In June the total tonnage of gray iron
castings produced was 13.5% more than in the same month of last year.
All of this increase was in the production of castings for jobbing work.
As a result of the increasing rate of production compared with that of
1934, the total output of the first six months of this year exceeded by a
slight margin the output of the first half of last year. This is the first
time that the cumulative production of 1935 has overtopped that of 1934.
Deliveries of iron castings were co% less in June than in the previous
month and only 1% more than in the same month of last year. The fact
that shipments have continued to fall behind production accounts for
at least a part of the 8.4% increase in the volume of unfilled orders during
June.
Stocks of pig iron and scrap on hand declined during the month while
those of coke increased. Compared with the inventories of a year ago.
all raw materials show some decline.
Malleable Iron Foundries
The tonnage of malleable iron castings in four foundries was nearly
10% more in June than in May. In spite of this recovery from the decline
of last month, the output in June was 7.5% less than in the same month
of last year and lower than in any other month of this year except May.
No. of
Firms
ReportMg
8
8
•
Employment in Ohio Declined 1.8% from May to June,
According to Ohio State University
Following the May decline, said the Bureau of Business
Research of the Ohio State University, "Ohio employment
In June recorded the usual early-summer slump. The MayJune decline amounted to 1.8% as compared with an average
decline of 1.0%," the Bureau stated. It continued:
At 90.1% of the 1926 average, the current June index was 1.4% below
June 1934. During the first half of 1935 employment averaged 2.5%
above the first half of last year. The June decline can be attributed to the
decline of 2.3% in manufacturing employment; non-manufacturing and
construction employment increased 1.2% and 11.0%, respectively. The
manufacturing and construction industries registered declines from June 1934,
while the non-manufacturing group reported an increase of 2.5%. Both manufacturing and non-manufacturing employment for the first half of 1935
showed increases from the corresponding period of 1934.
The May-June decline in manufacturing employment was general throughout the 11 major groups of industries. Only three-food products, lumber
products, and miscellaneous industries-reported gains. As compared with
June 1934, employment in seven of the major industries increased, while
four-chemicals, lumber products, rubber products, and vehicles groupsdeclined. During the first half of 1935 all of the manufacturing groups
showed improvement from the first half of last year except the rubber
products industry.
May-June increases in industrial employment were reported in three of
the eight cities, the increases amounting to 1.3% in Canton, 0.5% in
Columbus, and 0.1% in Cincinnati. Declines /ranged from 0.3% in Akron
to 10.1% in Dayton, and amounted to 2.4% in Cleveland, 4.6% in Youngstown, and 6.2% in Toledo. Gains from June 1934 were reported in
Cincinnati and Toledo, while Akron, Cleveland, Columbus, Dayton, Youngstown and Canton reported declines. With the exception of Dayton, employment in all of the eight chief cities during the first half of 1935 increased
from the same period of 1934.
Report on Foundry Operations in Philadelphia Federal
Reserve District During Jpne by University of
Pennsylvania
The output of iron and steel castings increased during
June, according to reports received by the Industrial Research Department of the University of Pennsylvania from
foundries operating in the Third Federal Reserve District.
Even an increase as large as the one of 12% which occurred
in the tonnage of steel castings must be discounted by the
fact that most of the plants did not share in the increased
volume, the Research Department stated. It continued:
On the whole, the gray iron foundries appear to have gained more in
1935 than have the malleable and steel plants. During the second quarter
of this year the output of gray iron castings has exceeded by an increasing
amount the output of the same period of last year. In contrast, the
malleable iron foundries have tended to fall below their 1934 record, while
the steel plants have dropped more than a quarter from their peak of
last June.
IRON FOUNDRIES
No. of
Fir's
Reportleg
30
30
29
4
29
18
26
25
25
July 27 1935
Financial Chronicle
534
Capacity
kroduction_
Gray iron
Jobbing
For further manufactureMalleable iron
Shipments
Unfilled orders
Raw stockFig iron
Scrap
Coke
June 1935
Per Cent
Change
from
May 1935
Per Cent
Change
from
June 1934
Short Tons
11,872
2,758
2,417
2,136
281
341
2,597
844
0.0
+1.4
+0.3
+0.8
-3.3
+9.8
-4.9
+8.4
0.0
+10.4
+13.5
+17.8
-11.2
-7.5
+1.0
+0.8
1,813
1,241
536
-12.8
-21.9
411.9
-54.7
-20.9
-6.3
Gray Iron Foundries
The production of gray iron castings in 29 foundries during June was
practically the same as in the previous month. An increase of less than
1% in the production of castings for jobbing work was practically offset
by a decline of slightly more than 3% in the output of castings used for
8
7
6
6
6
Per Cent
Chang.
from
May 1935
Per Cent
Change
from
June 1934
Short Tons
8,630
2,289
1,881
408
1,935
4,226
0.0
+12.0
+4.4
+68.5
+2.8
+50.6
0.0
-28.5
-37.2
+97.3
-36.5
+27.4
386
8,102
300
-2.5
+0.5
+12.4
+18.6
+19.2
+185.2
June 1935
Capacity
rroduction
Jobbing
For further manufacture_
Shipments
Unfilled orders
Raw stockHg iron
Scrap
Coke
The output of steel castings in eight foundries during June was 12%
more than in the previous month. The significance of this increase, which
raised the total production to the highest point since last March, is reduced
by the fact that only a small proportion of the firms reported an increase
In production and by the fact that even with the added output the total
for June was 28.5% less than for the same month of last year. A substantial part of the increase was in castings used in further manufacture
within the plant. The tonnage of this type of work was 68.5% more
than in the previous month and nearly double that of June 1934.
Shipments of steel castings were nearly 3% larger in June than in May,
but were 36.5% less than those of a year ago. The fact that the tonnage
of unfilled orders increased for the third consecutive month outweighs in
importance the more than 50% increase during June.
The stocks of pig iron were reduced slightly during the month, while
those of scrap remained practically constant, and those of coke increased.
All raw materials showed substantial increases over the inventories reported a year ago.
Building Operations in United States During June
According to United States Department of LaborValue of Construction 10% Above May
"In marked contrast with the usual seasonal trend, the
value of building construction in June shows an increase
of more than 10% over May," Secretary of Labor Frances
Perkins announced, stating:
Indicated expenditures for new residential buildings and non-residential
buildings showed pronounced gains. The estimated cost of additions,
alterations and repairs to existing buildings, however, was somewhat
less than in the previous month. Comparing the two months there was
a decrease of 11% in the number of buildings for which permits were issued.
The gain over May in the value of total building operations is especially
significant in view of the fact that in each of the four preceding years
a decrease of 20% or more has been reported at this season.
In noting the foregoing, an announcement issued by the
Department of Labor also said:
Compared with June of last year the estimated cost of all buildings for
which permits were issued shows an increase of almost 90%. Indicated
expenditures for residential buildings were more than three times as great
as in June 1934. Increases in the value of residential buildings in each
of the nine geographic divisions amounted to over 100%. The value
of new non-residential buildings increased 75%, and the value of additions.
alterations and repairs shows an increase of more than 22%. These
comparisons are based on building permit reports received by the Bureau
of Labor Statistics of the United States Department of Labor from 784
identical cities having a population of 10.000 or over.
The per cent of change from June 1934 to June 1935 is shown in the
following table:
Estimated
Number
Type of BuildingCost
New residential
+157.3
+228.9
+18.7
New non-residential
+74.8
Additions, alterations, repairs
+18.2
+21.3
Total
+26.5
+87.4
Permits were issued for new buildings to provide 7,231 new familydwelling units, an increase of 204.7% as compared with June 1934.
The per cent of change from May to June 1935 for the different types
of construction is shown below:
Estimated
Number
Type of Building-Cost
-2.2
New residential
+13.3
-16.7
New non-residential
+22.8
Additions, alterations, repairs
-10.8
-7.7
Total
-10.9
The permit valuations as shown above include, in addition to ±
private
03
construction, all buildings for which contracts are awarded by Federal
and State governments in the cities included in the report. For May
the value of such buildings was $4,304,374; for June, $16,020,824.a. .41
Permits were issued during June for the following important building
projects: For a college dormitory in Northampton, Mass., to cost $330.000:
for public buildings in Oakland, Calif., to cost over $2,300,000; for a
hospital in New Orleans, La., to cost $1,500,000: for apartment houses in
Volume 141
Financial Chronicle
Brooklyn to cost over $1,200,000; for apartment houses in the Borough
of Manhattan to cost more than $1,100,000, and for a school building in
Olean, N. Y., to cost $750.000. A contract was awarded by the Procurement Division of the United States Treasury Department for an annex
to the Congressional Library to cost over $6,000,000.
The Public Works Administration awarded a contract for a low-cost
housing project in Cleveland, Ohio. to cost over $2,400,000.
ESTIMATED COST OF NEW BUILDINGS AND OF ADDITIONS, ALTERAATIONS, AND REPAIRS, TOGETHER WITH THE NUMBER OF
FAMILIES PROVIDED FOR IN NEW DWELLINGS,IN 784 IDENTICAL
CITIES IN NINE REGIONS OF THE UNITED STATES, AS SHOWN BY
PERMITS ISSUED IN MAY AND JUNE 1935
New Residential Buildings
Geographic Division
Cities
Estimated
Cost
June
New England
112
Middle Atlantic
175
East North Central_ 189
West North Central_ 72
South Atlantic
79
East South Central
32
West South Central_ 48
Mountain
21
Pacific
56
Total
784
Percentage change
Geographic Division
Cities
June
May
$1,942,865
8,507,871
3,951,788
1,872,133
3,563,712
320,343
1,445,031
417,265
3,524,965
378
2,154
1,480
517
1,007
23
523
151
757
400
2,458
774
530
971
130
589
126
99c
$28,949,365 $25,595,773
+13.3
7,260
+4.1
6,971
$2,686,935
8,465,435
6,717,511
1,904,965
3,533,494
774,039
1,440,851
565,390
2,860,741
New Non-Residential
Buildings,
Estimated
Cost
June
New England
112
Middle Atlantic
175
East North Central
189
West North Central, 72
South Atlantic
79
East South Central__ 32
West South Central- 48
Mountain
21
Pacific
56
Total
784
Percentage change__
May
Families Provided for in
New Dwellings
$1,839,674
8,374,194
2,822,752
797,632
7,907,112
506,713
2,433,239
208,219
4,134,664
May
$1,863,477
6,352,817
4,261,218
1,456,124
2,826,550
700,404
2,896,255
592,193
2,675,652
Total Building
Construction (Including
Alterations and Repairs),
Estimated Cost
June
$6,626,025
22,997,018
13,087,836
3,834,402
13,524,281
1,692,840
4,834,150
1,211,642
9,148,641
May
$5,633,631
21,528,218
11,911,726
4,628,847
9,101,755
1,751,918
5,135,451
1,348,012
8,695,925
$29,022,199 $23,624,690 $76,956,835 $69,735,483
+10.4
+22.8
Three Young Democrats in Kansas Join Republicans
After Assailing New Deal Spending Policy
Three leaders of the Kansas organization of Young Democrats announced on July 19 that they had withdrawn from
the Democratic party to join the Republicans, and in a
prepared statement they assailed New Deal expenditures
and the elleged failure of the Democratic leadership to recognize youth. The three men are Collins C. Caldwell, former
President; Clarence E. Williford, Secretary and former
Vice-President, and Jack Charvat, publicity director. Their
statement said that they believed that the Democratic party
under "its present puerile leadership" has shown an attitude
indicating that there is no place in the party for young men
and women believing in good government. They charged
that the Administration had created a debt which the youth
of the country must eventually pay. The statement added:
We take this
535
vention which will be held at the Ambassador Hotel, Atlantic
City, N. J., Sept. 9-11, according to the program recently
released by I. I. Sperling, President of the Association. Mr.
Sperling is Assistant Vice-President of the Cleveland Trust
Co., Cleveland, Ohio.
This will be the third successive convention of the Association devoted to the public relations theme, it is stated. The
discussion of this theme will not be left to members of the
Association and other advertising executives of banks and
investment houses. The program will assemble a group of
outstanding figures in the banking and publicity worlds,
including the following:
Charles R. Gay, President of the New York Stock Exchange.
Edward L. Bernays, specialist in the field of molding of public opinion.
Robert V. Fleming, incoming President of the American Bankers Association.
J. F. T. O'Connor, Comptroller of the Currency.
Frank F. Brooks, new President of the Pennsylvania Bankers Association.
Hungary Remits 50% of August 1 Interest on State
Loan of Kingdom of Hungary of 1924
Speyer & Co., as American fiscal agents, have been informed by the Trustees of the State Loan of the Kingdom of
Hungary 1924 that the Hungarian Government has provided
foreign currencies to meet 50% of the interest due Aug. 1
1935. For the balance, Pengo Treasury Bills of the Government have been deposited to the credit of the trustees with
the National Bank of Hungary. An announcement issued
by the Fiscal agents on July 25 continued:
As directed by the trustees, Speyer & Co. are prepared to pay to the
holders of the Aug. 1 1935 coupons of the dollar bonds,on or after that date.
$18.75 per $37.50 coupon, $9.375 Per $18.75 coupon and $1.875 per $3.75
coupon. Such coupons will be stamped "Paid 5070"and returned to the
bondholders to be re-attached to their bonds, in order that their claim for
the balance may be preserved.
Rulings by New York Stock Exchange on
Two Bond Issues of France
The following announcement was issued on July 25 by
the New York Stock Exchange through its Secretary,
Ashbel Green:
NEW YORK STOCK EXCHANGE
Committee on Securities
July 25 1935
The Committee on Securities rules that every bond delivered on and after
Monday, July 29 1935, In settlement of transactions in Government of the
French Republic 25-year sinking fund 7% gold bonds, due 1949, and 20-year
external gold loan 7%% bonds,due 1941.shall be accompanied by an ownership certificate,signed by the person who on July 17 1935, was the owner of
such bond,certifying that such person on that date was not a French citizen
or a corporation incorporated under the laws of France. Such certificate
must be in form to be provided by the Committee on Securities, and must
be guaranteed by a member or member firm.
The Committee on Securities further rules that the delivering member in
the case of all transactions settled after July 17 1935. but prior to July 29
'1935, shall make every possible endeavor to obtain such certificate from the
actual owners on July 17 1935.
action only after serious consideration and careful study.
ASHBEL GREEN, Secretary
Existing circumstances both within the national and
State Democratic
party set-ups have convinced us that
there is only one place for us to turn,
and that is to the Republican party, where, under the admirable
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
administration of Alfred Si. Landon (Governor), that party has maintained
a sound
The New York Stock Exchange announced July 25, the
governmental course in times of national stress and has
achieved a record
proposal of the transfer of the membership of Walker P.
which stands unique in the nation for its soundness and in
which we have
Hall to Frank S. Bennett for $108,000.
confidence for the future.
Edgar F. Puryear Appointed Director of Employment
of PWA
Appointment of Edgar F. Puryear as Director of Employment for the Public Works Administration and non-Civil
Service Emergency Work in the Department of the Interior
was announced July 22 by Harold L. Ickes, Secretary of the
Interior and Administrator of Public Works. Mr. Puryear's
appointment was made, it is stated, because of the necessity
of relieving E. K. Burlew, who remains in charge of personnel administration relating to employees in the service,
of the pressure of work he has been carrying on for a long
period.
Completion of the building of the PWA and the recent
successful decentralization of the Public Works staff
by
sending trained personnel from Washington headquarter
s
to form a functioning unit in each State permitted the appointment of Mr. Puryear by Secretary-Administrator Ickes
in order dated July 22, reading as follows:
Because of the necessity of relieving E. K. Burlew, my administrative
assistant, of some of the pressure
of work which he has been carrying for
two years, and my need for his services along administrative and
organization lines, I have appointed Edgar F. Puryear as Director
of Employment
for the PWA. Mr. Puryear will handle, under my direction, all applications
for employment and appointments on non-civil service emergency
rolls
under my jurisdiction. Mr. Burlew will continue to handle,
under my
direction, personnel administration relating to employees
in the service as
well as budget matters, organization problems and special
administrative
assignments.
HAROLD L. ICKES,
Secretary of the Interior and Administrator of Public Works.
Financial Advertisers Association Convention to Be
Held in Atlantic City, N. J., Sept. 9 to 11
How to sell the public on banks will be the chief topic
.of discussion at the Financial Advertisers Association Con-
Arrangements were made July 26 for the sale of a New
York Curb Exchange membership at $27,500, unchanged
from the last previous sale.
The appointment of Arthur
-P. Ringler as assistant branch
manager has been announced by the Chemical Bank &
Trust Co., New York.
Walter P. Silleck, Vice-President and trustee of the
Harlem Savings Bank, New York, died July 21 at his summer
home in Stockbridge, Mass. Mr. Silleck, who was 81 years
old, served as a trustee at the Harlem institution for the past
27 years and for 5 years prior to his death, held the office of
Vice-President.
The Harlem Savings Bank,
-New York, has announced the
election of Glover Beardsley to the board of trustees. Mr.
Beardsley is Vice-President of the Otis Elevator Co.
Orrin R. Judd has been e- lected Cashier of the Kings
County Savings Bank, Brooklyn, N. Y., to succeed Godfrey
Bauer, who has retired after more than 50 years of service,
at his own request, the bank announced July 22.
It is learned from Titusville, Pa., advIces appearing
in
"Money and Commerce" of July 20 that the Townville State
Bank of Townville, Pa., recently filed amendments to its
charter at Harrisburg, including an increase in the capital
stock from $25,000 to $50,000. The new stock, it is understood, will be preferred stock and will be sold to
the
Reconstruction Finance Corporation.
E. R. Schurr, for 10 years an examiner with
the Ohio
State Banking Department and for the past few
years
Secretary of the Citizens Loan & Savings Co. of
London,
Ohio, has been elected a Vice-President of the London
Ex-
536
change Bank, succeeding the late L. H. Williams, We learn
from London advices, appearing in "Money & Commerce" of
July 20.
Muncie, Ind. advices on July 18 to the Indianapolis
"News" reported that the Farmers State Bank of Oakville,
Ind., which failed three years ago, on that day was paying
its last dividend, making a total of 100%.
It is learned from Wakarusa, Ind., advices to the Chicago
"Tribune" on July 17 that the First National Bank of
Wakarusa on July 20 was to pay a final dividend of 11 2-3%
to its depositors, which would bring the total of dividends
paid up to 100%. We quote the dispatch in part:
In addition the bank will pay depositors 7.9% interest from Oct. 3, 1933,
the date of receivership. ...
One thousand depositors are involved. At the time of closing in March,
1933, the bank's deposits were $200.000. Capitalization was $25,000, and
in the process of liquidation Receiver Hayes levied a 100% assessment on
stockholders, returns from which and collection of other assets making the
complete payoff possible.
In its issue of July 18, the Chicago "Tribune" had the
following to say in part regarding the affairs of the defunct
Washington Park National Bank of Chicago:
Payment of another 5% refund to depositors, distribution of which was
announced yesterday (July 17) by Receiver W. J. Schecter, is shown in
the June 30 statement of condition of the Washington Park National bank.
With the current repayment of $337,144 the bank will have paid back
$4,022,442, or 60% of deposit liability at time of closing on June 8, 1931.
Current estimates of the remaining assets totaling $3,678,086 book value
indicate repayment of another 10 to 20% before liquidation is complete.
The estimate is subject to revision, and indicated additional returns cannot be available until the receiver is able to dispose of assets held by the
bank.
Cash on hand amounted to $150,361 on June 30 and remaining assets were
be
appraised to yield $562,934. Unproved liabilities of $66,960 remain to on
settled. The estimated value of remaining assets is only $7,903 less than
three
the
during
Mar. 30, although $46,617 was collected from assets
months. This would indicate collections are running ahead of estimates.
The Washington Park bank was the second largest bank in the Country to
fall during troubles of the last four years and was the largest national institution to close. Its record is one of the best cf the 170 in receivership.
An increase of $500,000 in the capital of the Citizens'
Commercial Savings Bank of Flint, Mich., has been approved
following the sale of this amount of preferred stock, we
learn from the "Michigan Investor" of July 20, which,
continuing, said:
The disposition of this entire issue of preferred stock brings the capital
and surplus to $1,550,000.
This substantial addition resulted from the requirement of a capital
structure in a ratio to deposits of about one to 10. Citizens' Commercial
deposits now total $14,000,000, a gain of nearly $10,000,000 since the
institution opened for full operation following the bank holiday.
From the "Michigan Investor" of July 20 it is learned
that a reorganization plan submitted for the State Savings
Bank of Lincoln Park, Mich., by John Golds, conservator,
was ratified at a meeting of the stockholders and preparations to obtain $25,000 from the Reconstruction Finance
Corporation immediately begun. We quote the paper:
Mr. Golds told the stockholders that if they agreed to the proposed reduchave the
tion of capital stock from $50,000 to $25,000 he believed he wouldAug.
1.
RFC money on hand and terminate the present conservatorship by
In recognition of his efforts to make the bank a going concern again,
Mr. Golds was elected President; Fred Pilon, Vice-President, and Ignatius J.
Salliotte, Chairman of the Board. Albert Bruder, Cashier before the conservatorship and assistant to Mr. Golds afterward, was named Cashier.
It was announced at the organization meeting that the State Banking
Department is ready to issue a license when the capital stock is reduced
and the RFC money obtained. There were 500 shares of stock outstanding,
each valued at $100.
Release of more than $400,000 to depositor of the closed
First National Bank of Birmingham, Mich., representing a
20% dividend, was to start on July 22, we learn from the
"Michigan Investor" of July 20, which further stated:
More than 6.000 individual depositors will share in the pay-off. This
will be the second distribution by the bank since it was closed by the holiday.
The first dividend of 25% was paid two years ago.
An order authorizing the release of approximately
$52,000 to depositors of the First State Bank of Milford,
Mich., has been signed by Judge Glenn C. Gillespie of the
Circuit Court, we learn from the "Michigan Investor" of
July. 20, which also gave further details as follows: dividend
The payoff includes all accounts in full under $5 and a 20%
to other depositors. It is the first dividend to be declared under the
receivership. Three fund releases were made under a conservatorship
in 1932.
Dr. Haynes becomes the fifth President of the State Savings Bank, which
was organized in 1893. Since coming to Ann Arbor, in 1924, as director
of University Hospital, Dr. Haynes has taken an active interest in community and civic affairs.
The new Executive Vice-President, Mr. Gross, joined the State Savings
Bank staff in 1907 and was made Cashier in 1927.
No other changes were made in the officers of the bank. The other
officers are: Vice-Presidents, George Mann and Rice A. Beal, and Assistant
Cashiers, D. P. McAuliffe and F. M. Crandall.
Advices from Dubuque, Iowa,on July 17,appearing in the
Des Moines "Register", stated that the Dubuque Bank &
Trust Co. would open on that date in the "renovated banking rooms of the Federal building." Officers of the new
institution, which is chartered by the State Banking Department, were named in the dispatch as follows:
J. M. Burch,Jr., President; R. R. Blair, Executive Vice-President:
Carl W.Ziepprecht, Trust Officer, and George Jansen, Cashier.
Announcement was made on July 17 by Gurney P. Hood,
State Commissioner of Banks for North Carolina, that
checks in full payment of the liabilities of the Independent
Trust Co. of Charlotte, N. C., had been released to the
depositors and other creditors. The Raleigh "News and
Observer" of July 18, from which the above information is
obtained, also supplied the following details:
The amount paid out aggregated $650,380.29 and represented the second
50% dividend paid since the Banking Department took charge of the
institution in May 1933. The first dividend was paid on June 26 1934.
When the Independence Trust was placed in the hands of the liquidating
agent, assets of book value amounted to $4,954,004.63 and the liabilities
to $3,097,551.34.
In addition to the bank's own assets, it had trust department assets
amounting to $2,715,768.77, as of May 20 1933. These assets also were
taken over and disposed of.
In indicating that the First National Bank of Washington,
N. C., was to pay a dividend to its depositors on July 19, a
dispatch from that place on July 17, appearing in the Raleigh
"News and Observer," had the following to say
Harry G. Kramer, receiver for the First National Bank, announced to-day
that a 20% dividend would be paid Friday (July 19) to all depositors who
had proven their claims.
The total amount to be distributed is approximately $80,000. This is in
addition to the first dividend which totaled $77,500 and the payment of
all secured and preferred claims totaling over $89,000.
The first dividend was paid Oct. 12 1932, about one year after the local
institution failed.
On July 13 the First National Bank of Bainbridge, Ga.,
capitalized at $125,000, and the Bainbridge State Bank,
Bainbridge, with capital of $100,000, were consolidated under
the title of the First State National Bank of Bainbridge.
The new organization is capitalized at $100,000 and has a
surplus fund of $20,000.
Effective at noon, July 11, the First National Bank of
Loma Linda, Calif., went into voluntary liquidation. The
institution was absorbed by the American National Bank of
San Bernardino, Calif.
COURSE OF BANK CLEARINGS
Bank clearings this week will again show an increase as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day Saturday,
July 27) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
17.3% above those for the corresponding week last year.
Our preliminary total stands at $5,427,817,805, against $4,627,083,281 for the same week m1934. At this center there
is a gain for the week ended Friday of 26.1%. Our comparative summary for the week follows:
Clearings—Returns Si, Telegraph
Week Ending July 27
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Twelve cities, five days
Other cities, five days
Total an cities, five days
All cities, one day
Several changes in the personnel of the State Savings
Bank of Ann Arbor, Mich., were announced on July 20.
Dr. Harley A. Haynes, a director of the institution, has been
elected President to succeed John C. Walz, whose death
occurred recently; Herman F. Gross, Cashier of the bank,
has been given the additional office of Executive Vice-President; Albert K. Schmidt, who has been connected with the
bank for 25 years, has been made an Assistant Cashier, and
Russell Nielson, associated with the trust department for
the past three years, has been promoted to Trust Officer.
In noting the changes, the "Michigan Investor" of July 20
added, in part:
July 27 1935
Financial Chronicle
Total all cities for week
Fer
Cent.
1935
1934
82,813,270,517
192,616,272
235,000,900
156,495,000
74,614,868
82,230,364,169
173,397,593
238,000,000
143,000,000
65,616,233
+26.1
+11.1
98,436,000
82,917,147
65,543,162
52,524,243
43.925,900
23.888,000
82,053,000
74,401,911
60,723,403
48,880,432
40,297,272
19.873,000
+20.0
+11.4
+7.0
+7.5
+9.0
+20.2
$3,896,731,109
626,450,395
$3,234,707,013
466,448,110
+20.5
+34.3
$4,523,181,504
904,636,301
83,701,155,123
925,928,158
+22.2
—2.3
85.427.817.805
SA so, MA not
Li,.:
57,500,000
58,100,000
—1.3
+9.4
+13.7
—1.0
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, m the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended July 20.
For that week there is an mcrease of 23.6%, the aggregate
Financial Chronicle
Volume 141
of clearings for the whole country being $6,224,712,523,
against $5,037,678,673 in the same week in 1934. Outside
of this city there is an increase of 13.5%, the bank clearings
at this center having recorded a gain of 30.0%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals register
an increase of 29.8 1, in the Boston Reserve District of
5.5% and in the Philadelphia Reserve District of 9.9%. The
Cleveland Reserve District has managed to enlarge its totals
by 10.5%, the Richmond Reserve District by 17.0% and the
Atlanta Reserve District by 14.8%. In the Chicago Reserve
District there is an imptovement of 13.7%, in the St. Louis
Reserve District of 13.5% and in the Minneapolis Reserve
District of 25.6%. The Kansas City Reserve District
enjoys a gain of 6.9%, the Dallas Reserve District of 13.3%
and the San Francisco Reserve District of 28.5%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended July 20 1935
Federal Reserve Dist.
let Boston_ _ _ _12 cities
2nd New York_12 "
3rd Philadelphia 9 "
4th Cleveland-. 5 "
568 FUehmond - 6 "
6th Atlanta....10 "
7th Chicago .....19 "
8th St. Louis... 4 "
9th Minneapolis 7 "
10611 KansasCity 10 "
11th Dallas
5 "
12th San Fran.-12 "
1934
$
$
283,429,847
268,655,859
4,091,107,167 3,152,844,376
312,106,610
342,937,827
212,765,898
235,112,239
98.328,750
114,947,681
101,730,116
116,795,620
383,804,872
340,026,051
110,700,631
125,655,202
102,296,812
81,470,637
132.164,729
141,291,599
52,362,278
46,234,291
180,550,725
231,971,379
Total
111 cities
Outside N. Y. City
6,224,712,523
2,237,410,933
Canada
1935
32 cities
*on Igg 117
1933
$
289,105,771
4,135,723,524
275,142,500
197,045,873
82,059,398
92.214,575
369,399,418
101,157,991
104,661,355
116,569,288
39,121,410
169,805,330
X
219,077,937
2,374,492,913
261,548,715
193,727,554
92.506,784
74,061,459
281,621,460
80,169,237
72,394,177
101,851.909
31,012,763
161,822,576
5,037,678,673 +23.6
1,971,201,762 +13.5
5,972,006,415
1,931,899,157
3,944,287,483
1,658.808,432
-4.3
431.562 747
260.306.937
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended July 20
Clearings at1935
First Federal
Mo.-Bangor
Portland
1,8888.-Boston - Fall River__ _ _
Lowell
New Bedford._
Springfield___.
Worcester
Donn.-Hartford_
New Haven._ _
8.1.-Providence
N.EL-Manches'r
1934
Inc. or
DCC.
$
$
%
Reserve Dist rict-Boston551,082
438,898 +25.6
1,600,483
1,666,259 -3.9
249,380,768 239,161.187 +4.3
588,889
562,279 +4.7
397,843
256,852 +54.9
696,924
716,070 +2.7
2,978,483
2,583,437 +15.3
1,157,377
1,221,991 -5.3
12,379,928
10,507,391 +17.8
3,643,076
3.363,450 +8.3
9,621.600
7,737,800 +24.3
433,394
440,245 -1.6
Total(12 cities)
283,429,847 268,655,859
Second Feder at Reserve D !strict-New
N. Y.-Albany__
8,885,164
7,051,441
Binghamton
1,041,780
854,955
Buffalo
29,200,000
27,386.460
Elmira
486,393
418.054
Jamestown....
525,209
634,507
New York.-_ 3,987,301,590
3,066.476.911
Rochester
6,147,762
5,193,796
Syracuse
3,858,662
3,240,734
...lonn.-Stamford
3,335,842
3,207,485
N. J.-Montclair
339.862
274,077
Newark
17,267,073
15,350,304
Northern N. J.
32,607,932
22,864,950
1933
$
460,267
1,970.228
256,505,878
655,798
256,008
693,154
2,945.353
1,352,280
11,939,929
3,875,567
8,049,500
401,811
1932
$
405,088
1,470.147
193,395.408
636,460
292,986
562,390
2,776.000
2,127,000
6,641,469
3,531,661
6,891,500
347,828
+5.5 289,105,771 219,077,937
York+26.0
9,213,007
4,849,927
886,583
+21.9
722,864
+6.6
27,008,046
23,483,662
472,209
+16.3
610,984
+20.8
550.928
486,681
+30.0 4,040,107.258 2,285,479,051
+18.4
5,803,512
5,224,248
+19.1
3,161.174
2,911,671
+4.0
2,759,120
2,698,215
+24.0
384,144
614,939
+12.5
16.467,484
22,881,012
+42.6
28,910,059
24,529,659
Total(12 cities) 4,091,107,167 3,152,844,378 +29.8 4,135,723,524 2,374.492,913
Third Federal Reserve Die trict-Phila delphi ara.-Altoona
341,862
352,662 +4.6
368,987
Bethlehem- - - _
b
2449,082
b
b
Chester
237.802 +11.4
286.997
265,030
Lancaster
910.291 +12.0
1,019,116
1,032,050
Philadelphia__ _ 330,000,000 302,000,000 +9.3 264,000.000
Reading
1,685,051
1,047,039
1,064,369 +58.3
Scranton
2,076,209
2,493,201
2,096.398 +18.9
"V), ilkes-isarre_.
1,00,,2,0
1,110,040 -J.:,
1,534,437
York
1,405,906
1,594,232
1,250.443 +27.5
N. J.-Trenton
3,418,000
4,511,000
3,084,000 +48.3
Total(9 cities).
342,937,827
312,106,610
+9.4,
Fourth Feder al Reserve D istrIct-Cley elandDixio-Akron.__ _
c
c
c
Canton
c
c
c
Cincinnati- _ _
51,538,277
44.765,484 +15.1
Cleveland
74,363,203
64,993,539 +14.4
Columbus
10,544,400
10,242,500 +2.9
Mansfield
1,333,667
1,208,249 +10.4
Youngstown
b
b
b
Pa.-Pittsburgh.
97,332,692
91,555,126 +6.3
275,142,500
306,897
a1,815,108
410,041
_981,061
250,000,000
1.671,659
2,115.670
1,817,451
1,152,936
3,293,000
261,548,715
c
c
44,814,798
57,341,827
7.837,000
1,224,608
b
85,827,640
c
c
43,837,250
70,672,680
7,126,400
1,010,712
b
71,080,512
212,785,898 +10.5
197,045,873
193,727,554
Fifth Federal Reserve Dist rict-Richm ondW.Va.-HuntIon
139,546 +24.7
174,067
Va.-Norfolk _ _ _
2,259,000
1,959,000 +15.3
Richmond _...
30,493.705
27,541,466 +10.7
8.C.-Charleston
874,472
707,276 +23.6
Md.-Baltimore _
61,414,030
54,037,036 +13.7
D.C.-Washing'n
19,732,407
13,844,426 +42.5
90,677
2,337,000
25,317,499
695,375
42,513,120
11,105,709
394.836
2,521.000
21,402,519
552.628
50,534,482
17,091,319
98,228,750 +17.0
82,059,380
92,506,784
Sixth Federal Reserve Dist rict-Atiant &Tenn.-Knoxville
2,816,115
2.583,117 +9.0
Nashville
12,389,991 +32.3
16,388,537
Ga.-Atlanta--_
40,400,000
35,000,000 +15.4
Augusta
*81.10,0ou
755,270 +0.6
Macon
741,763
688,830 +7.7
Fla.-Jack'nville.
14,209,000
11,047,000 +28.6
Ala.-Birm'ham _
15,939,519
16,127,946 -1.2
Mobile
1,101,398
1,093,582 -0.7
Miss.-Jackson
b
b
b
Vicksburg
89,871 +30.6
117,387
1La.-New Orleans
24,281,901
21,914,504 +10.8
4,095,461
10.553,080
30.700,000
1,026,705
526,033
9,912,000
9,871,989
1,063,472
b
92,485
24,373,350
2,246,375
7,933.496
25.300.000
600,611
368.808
6.659,133
7,274,143
854,957
b
74.296
22,949,580
92,214,575
74,061,459
Total(5 cities) _
Total(6 cities).
Total(10 cities)
235,112,239
114,947,681
116,795,620
101.730,116 +14.8
1935
1934
Inc. or
Dec.
Seventh Feder al Reserve D istrict-Chic agoMich.-Adrian _
68,611
6 2,034 +10.6
Ann Arbor_
385,959
319,105 +21.0
Detrolt
68,661.621 +19.6
79,719,489
Grand Rapids_
1,658.080 +22.8
2,035,785
Lansing
1,009,995 +6.7
1,077,177
Ind.-Ft. Wayne
717,272
649.058 +10.5
Indianapolis...
13,670.000 -3.0
13,262,000
South Bend...
918,970
1,117.672 -17.8
Terre Haute_ _
3,312,603 +29.1
4,277,185
Wis.-Milwaukee
16,087,721
15,142,205 +6.2
Iowa. Ced. Raps_
909,55
545,086 +66.9
Des Moines__ _
6,995,160
5,787,458 +20.9
Sioux City....
2,772,42
2,556,562 +8.4
Waterloo
I11.-Bloomington
268,18
548,479 -51.1
Chicago
252,114,155 222,788,117 +13.2
Decatur
539,750
608,606 -11.3
Peoria
2,802,63
2,196,209 +27.6
Rockford
589,535 +36.9
807,35
Springfield_ _
1,045,59
1,023,628 +2.1
1933
1932
16,143
328,734
49,900,436
1.166,657
665,063
491,151
11,154,000
636,134
2,759,704
14,385,676
230,140
5.268,055
2,413,976
87,278
346.003
63,339,405
2,263,223
2,232,902
843,759
10,687.000
900.462
2,930,167
14,211,516
706,952
4,953.934
1,964,532
327,885
274,973,909
494,981
2,439,467
596,290
1.151,237
839.273
171,030.454
384,187
2,069.735
366,390
1,464,288
340,226,051 +13.7
369,399,418
281,621,460
EloMoth Federa I Reserve Dis trict-St.Lo uisInd.-Evansville_
Mo.-St.Louis
74,400,000 +11.2
82,700,000
Ky.-Louisville _
27,359,251
22,308,536 +22.6
Tenn.-Memphis
13.614,095 +11.5
15.176,951
Ill.-Jacksonville
Quincy
378,000 +10.8
419,000
88,300.000
20,273,172
12,270,819
55,900,000
15,871,132
7,985,021
386.804,872
1932
%
+5.5
+29.8
+9.9
+10.5
+17.0
+14.8
+13.7
+13.5
+25.6
+6.9
+13.3
+28.5
111 964046
Week Ended July 20
Clearings at
Total(19 cities)
Dar.or
Dec.
537
314,000
413,084
110.700,631 +13.5
101,157,991
80,189,237
Ninth Federal Reserve Dis trict-Minn eapolis
Minn.-Duluth_
3,276,556
2,520,973 +30.0
Minneapolis
67,472,971
53,015,646 +27.3
St. Paul
25,567,779
20,743,710 +23.3
N.Dak.-Fargo.
1,740,485
1,553.039 +12.1
S. D.-Aberdeen
629,009
626,829 +0.3
Mont.-Billings _
475,855
368,435 +29.2
Helena
3,134.157
2,642,005 +18.6
3,980,123
79,220,013
16,669,321
1,559,331
474,226
324,059
2,434,282
2.215,050
51,461,100
14,554,348
1,528,109
619,700
250,388
1,765,482
81,470,637 +25.6
104,661,355
72,394,177
Tenth Federal Reserve Die trIct-Kansa• CityNeb.-Fremont
94,130
118,842 -20.8
Hastings
115,455
62,384 +85.1
Lincoln
2,270,935
+4.3
2,176,471
Omaha
30,148,430
27,839,716 +8.3
Kan.-Topeka.__
2,278,857
3,180,368 -28.3
Wichita
4,121,763
2,487,526 +65.7
Mo.-Kan. City.
98,315,218
92,026,240 +6.8
St. Joseph_ --2,880,802
3,291,024 -12.5
Colo.-Col. Spgs.
568.701
506,242 +12.3
Pueblo
497,308
475,916 +4.5
69,074
2,131,301
24,858,553
1,713,566
4,183,060
79,069.842
3,874,328
481,881
417,683
117,006
112,546
1,384,107
21.776,472
1,675,990
5,086,951
67,956,992
2,858,828
510,538
582,879
+6.9
116,569,288
101.851,909
Eleventh Fede ral Reserve- District-Da IlasTea -Austin
1,030.918
817,111 +26.2
Dallas
40,248,791
35,383,827 +13.7
Fort Worth _ _ _
6,268,805
5,761,952 +8.8
Galveston
2,727,000
1,926,000 +41.6
La.-Shreveport.
2,086,764
2,345,401 -11.0
686,258
28,475,235
5,798.833
1,883,000
2,278,084
474.573
21,683,738
5,498,717
1,324,000
2,031,735 •
39,121,410
31,012,763
Franc( goo-.
+28.2
22,425,954
+10.0
4,975,000
+32.1
307,607
17,234,076
+17.2
9,434,771
+18.0
3.263,671
+38.8
2.625,340
+25.7
3,897,359
-13.7
+37.3 101,270,188
+11.5
1,335,084
+16.1
911,677
1,242,601
+33.0
22.359,565
5.061,000
340.818
17,531,693
9,060,795
2,804,725
2,535,526
5,907,647
91,730.944
1,579,586
825,230
1,251.796
Total(4 cities).
Total(7cities).
Total(10 cities)
Total(5 cities).
125,655,202
102,296,812
141,291,599
52,362,278
132,164,729
46,234,291 +13.3
Twelfth Feder at Reserve D (strict-San
Wash -Seattle..
29,854,370
23,282.407
Spokane
8,712,000
7,917,000
Yakima
603,640
456.783
Ore -Portland..
25,744,138
21,970,229
Utah-S. L. City
12.833,246
10,877,714
Callf.-L. Beach.
3.550,850
2,558,089
Pasadena
2.749,329
2,187,315
Sacramento _ _ _
6,911,870
8,011.980
San Francisco. 136.049,000
99,119,352
San Jose
2,199,916
1,973,151
Santa Barbara_
1,094,090
942,020
Stockton
1,669,030
1,254.685
Total a2cities) 231,971,379 180,550,725 +28.5 168,923.328 160,989,326
Grand total (111
8224,712,523 5,037,678,673 +23.6 5,971,124,413 3,943,454,234
cities)
Outside New York 2,237,410,933 1,971,201,762 +13.5 1,931,017,155 1,657,975,183
Week Ended July 18
Clearings at
1935
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat _ _
Peterborough_ _
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities)
1934
Inc. or
Dec.
1933
1932
01
101,967.964
86,879,290
39,893,054
14,354,114
14,202,7441
4,796,950
2,129.923
3,641,732
5,245.887
1,720,039
1,472,759
2,621,370
3,582,050
3,566,448
298,676
423,945
1,410,923
444.175
818,798
614,524
415,743
265.905
629.893
597,353
878,280
2,186.328
348,744
846.136
486,871
371,019
480,887
763.237
298,355,737
99,821,755 4-°2.i
87,719,999 -1.0
65,700,160 -39.3
15,053,910 -4.6
4,327,970 +228.2
4,360,301 +10.0
2,297,494 -7.3
3,480,990 +4.6
5,391,010 -2.7
1,742,509 -1.3
1,403,910 +4.9
2,217,480 +18.2
3,306,168 +8.3
3,147,115 +13.3
326,170 -8.4
352.666 +20.2
1,229,028 +14.8
449,923 -1.3
791,469 +3.5
625,248 -1.7
434,518
281,547 -5.6
670,875 -6.1
565.021
+5.7
993,600 -11.6
2,017,972 +8.3
288,776 +21.6
719,009 +17.7
520,405 -8.4
394,032 -5.8
416,870 +15.4
719,146
+6.1
311,765,046
-4.3
152,436,575
121,018,024
93,076.200
16.346,598
4.088,014
4,263.889
2,069,385
4,909,920
6,720,823
1,663,129
1,870,991
3,235,540
3,487,336
3,845,847
316.800
360.882
1,239,940
510,296
844,970
590,869
440.061
185,156
686,440
615,224
1,122,243
2,772,207
261,633
616.958
644,534
519,427
423.524
579,314
89,524,305
85.178.352
33,161,587
12,498,229
3,916,999
3.838.449
2.326.984
3.022.806
4,186.735
1,776.828
1,486,887
2.395.691
3,268,398
2,318,846
340,718
308,699
1,213,993
520,457
788.035
694,404
437,186
154,168
588,522
378,459
749,962
2,469,104
266,728
621,676
559,301
381,750
458,251
474.628
431,562,747
260,306,937
a Not included n totals. b No clearings available. c Clearing house not
Junotinning at present. •Estimated. * Estimated.
538
Financial Chronicle
July 27 1935
DAiLY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
THE CURB EXCHANGE
Bonds (Par Value)
Blocks
Curb market trading displayed moderate improvement
(Number
West Prided
Foreign
Portion
of
the
July
26
while
1935
his week. Prices were generally higher, and
Total
Domestic Government Corporate
Shares)
gains were not especially noteworthy except in one or two
$1,691,000
$16,000
$51,000
$1,624,000
71,550
Saturday
25,000 3,154,000
27,000
special cases, the advances were fairly steady. Miscel- Monday
162,640 3,102,000
48,000
39,000 3,618,000
258,570 3,531,000
4,143,000
laneous specialties have attracted the most buying, though Tuesday
51,000
37,000
4,055,000
168,940
Wednesday
35,000 3,752,000
38,000
3,679,000
212,650
mining
and
Thursday
shares
oil
for
demand
modest
a
been
has
there
68,000 3.786,000
63,000
201,055 3,655,000
Friday
and metal issues. There has been considerable irregularity
$234,000 $20,144,000
$264,000
1,075,405 819,646,000
Total
apparent from time to time and this, at times, acted as a
largely
advance
the
held
.
and
I 10 July 26
J0/1.
swing
26
July
upward
Week Ended
check on the
Bales at
New York Curb
to minor fractions. The volume of sales has generally been
1934
1935
1934
1935
Mebane@
small.
42,160,816
1,784,662
29,046,083
1,075,405
Stocks-No,of shares_
Bonds
Trading on the New York Curb Exchange was extremely
1635,537,000
8894,637.000
$19,646,000 $19,490,000
Domestic
23,043,000
635,000
9,805,000
264,000
quiet during the abbreviated session on Saturday, and while Foreign government
18,776,000
327,000
7.272,000
234,000
Foreign corporate
modest
showed
that
favorites
trading
the
of
few
a
there were
5677,356,000
$20,452.000
3711,714,000
im$20,144,000
Some
Total
irregular.
gains, the market, as a whole, was
provement was apparent in such stocks as Fajardo Sugar,
THE ENGLISH GOLD AND SILVER MARKETS
Sherwin-Williams, Hiram Walker, Sunshine Mining and
We reprint the following from the weekly circular of
Technicolor, but the gains, in most cases, were fractional.
General Tire & Rubber, Standard Power & Light pref. and Samuel Montagu & Co. of London, written under date of
July 10 1935:
United Gas closed on the side of the decline.
GOLD
Irregularity was again in evidence during the moderate
The Bank of England gold reserve against notes amounted to £192,trading on Monday. The day's turnover totaled approxi- 716,841 on the 3rd instant as compared with £192,716,341 on the previous
mately 163,000 shares, but most of the buying centered Wednesday.
About £1,875,000 bar gold has been dealt with at the Fixing during the
around a comparatively small number of active stocks. week, the principal buyers again being Switzerland and Holland.
recent heavy American purchases of silver have no doubt influenced
The best gains were recorded by Dow Chemical, which theThe
dollars-sterling rate, and in consequence the prices of gold and silver
moved up 2 points to 100, McWilliams Dredge, which gained can be said to have moved almost in sympathy one with the other. Tem25% points to 393/2; National Power & Light pref., which porarily at any rate the dollar has seemed to wear a faintly bimetallic
advanced 3 points to 71; Pennsylvania Salt, which surged complexion. during the week:
Quotations
Per Fine
Equivalent Value
upward 53 points to 973/2, and Hiram Walker, which
Ounce
of Z Sterling
31.
to
points
1%
improved
140s. 11d.
12s. 0.89d.
July 4
140s,
lid.
Tuesday,
12s. 0.69d.
on
s
apparent
July
were
line
Higher prices all along the
141s.
12s. 0.60d.
July 6
which
140s. 96.
12s. 0.86d.
July 8
practically the only exception being Hiram Walker,
140s. 7d.
12s. 1.03d.
July 9
140s. 11d.
12s. 0.69d.
yielded about 33/i points to 273,following the reports con- July 10
1408.
10.17d,
0.76d.
12s.
and
Average
shares
Oil
plant.
cerning the fire in the company's
The following were the United Kingdom imports and exports of gold
mining and metal issues were fairly active and numerous registered from mid-day on the 1st instant to mid-day on the 8th instant:
gains were shown in these groups. Miscellaneous specialties
Exports
Imports
£127,497 Netherlands
£1,916,232
West Africa
and industrials were also active at higher prices. The best British
1,770,718 France
1,003.020
South
Africa
British
of
Smelting
&
Switzerland
Mining
d
21,000
291,148
Consolidate
by
Malaya
British
recorded
were
gains
14,300
269,458 Germany
Australia
Co.
Midvale
to
points
1673/2;
8,055
5,876 Palestine
Canada, which advanced 33/2
Germany
Other
countries
41,304
2,544
pref.,
Netherlands
Oats
which moved forward 23( points to 39; Quaker
95,380
France
39,860
which forged ahead 23/i points to 147; Safety Car Heating & Switzerland
275,072
British India..
4,591
Lighting, which improved 3 points to 71; A. 0. Smith which Tanganyika Territory__ - 29,626
Hongkong
10,440
gained 23% points to 60, and Sunshine Mining, which went Venezuela
8,336
Other countries
up 1% points to 23.
£3,235,299
£2,699,158
Mixed price trends featured the trading on Wednesday.
The SS. "Chitral" which sailed from Bombay on the 6th instant is
The changes were small, however, though there was, on the reported
value of about £247,000 consigned to London'
the
to
gold
carry
to
whole, a slight improvement over the previous close. Parker
SILVER
Rust Proof advanced 2 points following the announcement
The movements in prices during the past week hardly reflect the exceedt
improvemen
some
was
been so important a feature. That they
has
there
which
and
liquidation
dividend
ingly large
of a 10% stock
not do so is due to heavy absorption by America. which has translated
apparent in Swift International, Lake Shore Mines, Hiram do
business what must otherwise have been an extremely large fall into a gradual and
Walker and Pittsburgh Plate Glass. The volume of
orderly decline.
session.
preceding
Nervousness had been induced in the market by a somewhat protracted
was down from the
during
period of dulness, and sagging prices. Little was needed to induce general
levels
higher
The trend of prices was toward slightly
an almost unprecedented scale. On Saturday and the two subturned down- selling onworking
days. sellers Were persistent whilst buyers, other than the
sequent
the early trading on Thursday, but gradually
the
on
off
fractionally
closed
American Government, were conspicuous by their absence. In these cirward as the day progressed and
firm, cumstances prices declined to 30%cl. quoted yesterday for both deliveries,
day. There were a few active issues that were fairly
level some revival of confidence was shown and Indian bear
77; but at that
at
23/i
points
of
gain
a
holding
Pittsburgh Plate Glass
covering orders and fresh buying orders received that afternoon, found
Central
Jersey
58;
to
little silver on offer so that the market closed buyers well over the rate.
Holly Sugar moving forward 2 points
This movement has gone further to-day when prices at 3134d. for cash and
and
68
to
points
3
advancing
pref.
6%
Power & Light
31 5-16d. for two months' delivery show a rise of ?id. and 1 1-16d, for the
gain.
point
23,
a
with
100
at
Pennsylvania Salt closing
respective deliveries.
most of
The temporary re-establishment of even prices for both deliveries was of
There were also a number of smaller advances, but
course to be attributed to the fact that, whilst the selling orders were for
was
approxiturnover
The
fractions.
these were in minor
delivery dates, the demand, by America, was only for cash delivery.
the pre- varied
To-day's rise seems at the moment to have been overdone, and some
mately 213,000 shares as compared with 169,000 on
reaction is, therefore, not unlikely. The market is, however, the healthier
for the heavy liquidation and should react well to a general renewal of
ceding day.
confidence.
Curb stocks continued to move upward on Friday but
The following were the United Kingdom imports and exports of silver
transac- registered from mid-day on the 1st instant to mid-day on the 8th instant:
there was nothing especially noteworthy in the day's
Exports
Imports
£48.740 New Zealand
tions, although the advance was fairly steady. Specialties British India
£48,088
Netherlands
28,299
the
utilities
of
some
24.788
and
Belgium
attracted considerable attention
71,435 France
6,820
Union
Soviet
last
of
Friday
with
Iraq
compared
11,191
As
10,698
gains.
Germany
modest
recorded
9.252 United States of America__ 496,987
France
at
last
night
closing
Mills
Allied
Other
24,498
countries
1,983
week, prices were higher,
Netherlands
4,746
a week ago; Aluminum Co. of Argentine Republic
175
% against 173/i On FridayAmerican
6.112
Other countries
at
&
Electric
Gas
303
613%;
America at 62 against
at 113' against
£204,273
£589,364
against 293/2; American Light & Traction
d Gas of
Quotations during the week:
11%; Atlas Corp. at 115% against 10; Consolidate
IN NEW YORK
at 163%
IN LONDON
Baltimore at 83 against 823/2; Creole Petroleum
(Per Ounce .999 fine)
Bar Silver per Oz. Std.
%;
2 Mos.
Cash
4; Distillers Seagrams Ltd. at 21 against 205
against 153
July 3
Corp.
31 3-16d.
31d.
ly 4
Electric Bond & Share at 93% against 83%; Fisk Rubber
July 4
3l3-18d.
Holiday
d
31d.
5•
at 273% against 26%; July
July g
69%c.
30 11-16d. 30 13-16d.
at 6% against 65%; Ford of Canada AHollinger
6
d
July
6
9-16d.
Consolidate
30
69c.
7-166.
30
183%;
July
8
against
Glen A6ilden Coal at 193%
July 8
g.
68%c.
30d.
%
July 9
3
(New) at 56%
July 9
31 5-16d.
68%c.
31%d.
Gold Mines at 133/s against 13; Humble Oil 495%; National
July 10
30.885d.
against
at
-30.750d.
505%
Average__
Mines
at 565%; Lake Shore
recorded during the period from
Corp. at
The highest rate of exchange on New York
% against 13%; Newmont Mining
and the lowest 4.93%.
BeRas Hess at 13
3rd to the 10th instant was 4.98%
3 Niagara Hudson Power at 6% against theStocks
in Shanghai on the 6th instant consisted of about 279,000.000
50% against 49%;
10, and dollars and 44,600.000 ounces in bar silver as compared with 278,000,000
%; Pioneer Gold Mines of B. C. at 10% against
dollars and 44,600.000 ounces in bar silver on the 29th ultimo.
% against 1035%.
Sherwin Williams at 1043
Volume 141
Financial Chronicle
ENGLISH FINANCIAL MARKET-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.;
July 20
July 22
July 23
Silver. per oz-- 30 3-16d. 30 3-16d. 30 3-16d.
Gold, p.tine oz. 141s.%d. 1463.83d. 140s.5d.
Consols, 2%% Holiday
85%
85%
British 355%W.L
Holiday
10634
10634
British 4%1960-90
Holiday
11934
1193.4
Wed.,
July 24
30 3-16d.
140.9.6d.
85%
Thurs.,
Frt.,
July 25
July 26
30 3-16d. 30 3-16d.
1405.9d. 140s.6lid.
8534
8534
106%
106%
10651
11934
11934
11934
The price of silver per oz. (in centi3) in the United States
on the same days has been:
Bar N. Y.(foreign)
U. S. Treasury
U. S. Treasury
(newly mined)
6734
50.01
6734
50.01
6734
50.01
67%
50.01
67%
50.01
67%
50.01
77.57
77.57
77.57
77.57
77.57
77.57
Federal "Recovery and Relief" Expenditures Above
$10,000,000,000 Since 1933-Appropriations for This
Purpose Have Exceeded $18,000,000,000.
Federal expenditures for "recovery and relief" since
July 1 1933, together with expenditures prior to that date
on account of the Reconstruction Finance Corporation and
the capital stock of Federal Land banks, have exceeded $10,000,000,000, the Treasury reported on July 19. The Treasury's daily statement of that date revealed that expenditures
of about $254,000,000 for "recovery and relief" in the current fiscal year had lifted the total above $10,000,000,000.
Although original appropriations and allocations for such
purposes have exceeded $18,000,000,000 since they began,
more than $8,000,000,000 of this sum is listed as "unexpended." Associated Press Washington advices of July 19
discussed furt.her features of the Treasury statement as
follows:
Of the unexpended total nearly $2,000,000,000 was reported by the RFC.
The Treasury statement explained emergency expenditures before the 1934
fiscal year were made from general disbursing accounts and therefore could
not be segregated.
When the current fiscal year began July 1, the designation "recovery
and relief" was substituted for "emergency" expenditures in the Treasury's
statement.
The Federal Emergency Relief Administration, the Federal Surplus Relief
Corporation and the RFO have accounted for more than half the total listed
expenditures.
Outlays under the Agricultural Adjustment Administration were more
than $1,000,000,000, but processing taxes were said to have met all but
$160,000,000 of this.
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CONSOLIDATION
Amount
July 13-First National Bank of Bainbridge, Ga
$125,000
Bainbridge State Bank, Bainbridge, Ga
Consolidated to-day under the provisions of the Act of Nov. 7 100,000
1918, as amended Feb. 25 1927, and June 16 1933, under the
charter of First National Bank of Bainbridge, Charter No.
6004, and under the corporate title of "First State National
Bank of Bainbridge," with common capital stock of $100,000
and surplus of $20,000.
VOLUNTARY LIQUIDATION
July 13-The Claxton National Bank, Claxton, Ga
Common stock, $20,000; preferred stock. $30.000.
Effective July 1 1636. Liquidating committee: E. Bullock,
W.J. Hinson and A.N.Offiff, all of Claxton, Ga. Succeeded
by the Claxton State Bank, Claxton, Ga.
July 17-The first National Bank of Loma Linda, Calif
Effective 12 o'clock noon, June 11 1935. Liquidating agents:
Reed W. Thomas and F. E. Corson, care of the liquidating
bank. Absorbed by the American National Bank of San
Bernardino, Calif., Charter No. 10931.
•
50.000
50.000
BRANCH AUTHORIZED
July 15-The United States National Bank of Portland, Ore.
Location of branch: N. E. corner of Nevada and Oregon Streets in the
City of Ontario, Malheur County, Ore. Certificate No. 1177A.
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Abbott Dairies, Inc.(quar.)
7% 1st & 2d preferred (quar.)
AffWated Products (monthly)
Agnew Surpass Shoe Stores (s.-a.)
-Extra
Agua Caliente
Alexander & Baldwin (quar.)
Extra
Allied Stores Corp.,5% pref. (Initial)(guar.).-American Bank Note. pref.(quar.)
American Home Products (monthly)
American Investment Co. of Ill., A (guar.).American Metals, preferred
Armstrong Cork (quar.)
Artloom Corp., preferred
Atlantic Bancshares, Ltd
Berland Shoe Stores. 7% pre
Bankers & Shippers Insurance (quar.)
Extra
Bethlehem Steel, preferred
Block Bros. Tobacco Co.(quar.)
Quarterly
6% preferred (quar.)
6% preferred ,quar.)
Per
Share
When Holders
Payable of Record
25c Sept. 1 Aug. 15
$18
4, Sept. 1 Aug. 15
Sept. 1 Aug. 15
20c Sept. 2 Aug. 15
20c Sept. 2 Aug. 15
25c July 31 July 25
$134 Sept.14 Sept. 3
$1 Sept.14 Sept. 3
$134 Oct. 1 Sept.20
75c Oct. 1 Sept.11
20c Sept. 3 Aug. 14
50c Aug. 1 July 20
h$2 Sept. 3 Aug. 21
12.3ic Sept. 2 Aug. 15
h$1% Sept. 1 Aug. 15
1340 Aug. 1 July 15
Aug. 1 July 20
h$1
7
Aug. 8 Aug. 5
25c Aug. 8 Aug. 5
$1% Oct. 1 Sept. 6
3734c Aug. 15 Aug. 11
3734c Nov. 15 Nov. 11
Sept.30 Sept.25
$1
$134 Dec. 31 Dec. 25
Name of Company
539
Per
When Holders
Share Payable of Record
Bourne Mills (quarterly)
50c Aug. 1 July 22
Brewer (C.)& Co., Ltd.(monthly)
$1 July 25 July 20
Extra
$1 July 25 July 20
Monthly
$1 Aug. 25 Aug. 20
Monthly
$1 Sept.25 Sept.20
Bristol-Myers Co., corn. (quar.)
50c Sept. 3 Aug. 9
Extra
10c Sept. 3 Aug. 9
Brooklyn Edison (quar.)
$2 Aug. 31 Aug. 9
Buckeye Pipe Line Co
75c Sept.14 Aug. 23
Burroughs Adding Machine Co
150 Spot. 5 Aug. 3
Byron Jackson (quar.)
1234c Aug. 15 Aug. 5
California Water Service, pref. (quer.)
Aug. 15 July 31
$1
Campbell, Wyant & Cannon
20c Aug. 31 Aug. 10
Canadian Hydro-Electric, pref. (quar.)
$1% Sept. 2 Aug. 1
Carolina Insurance (semi-ann.)
50c Aug. 1 July 18
Extra
10c Aug. 1 July 18
Central Mass. Light & Power,pref.(quar.)
$135 Aug. 15 July 31
Champion Coated Paper (guar.)
$1 Aug. 15 Aug. 10
Charts Corp (quar.)
3734c Aug. 1 July 27
Chase (A. W.) Co.. extra
SOc Aug. 10 July 31
Preferred (quar.)
50c Aug. 10 July 31
Chicago Mail Order (quarterly)
25c Sept. 3 Aug. 10
Extra
1234c Sept. 3 Aug. 10
Chicago Yellow Cab (quarterly)
Sept. 3 Aug. 20
Chryslet Corp.(quar.)
25c Sept.30 Sept. 3
Extra
250 Sept.30 Sept. 3
Coast Brewer's. Ltd. (quar.)
23c Aug. 1 July 10
Colgate-Palmolive-Peet (quar.)
12;ic Sept. 2 Aug. 6
Preferred (quarterly)
$134 Oct. 1 Sept. 5
Columbia Broadcasting System (guar.)
40c Sept.30 Sept. 16
Columbia Pictures Corp., preference (quar.)_ _ _
75c Sept. 2 Aug. 15
Columbia-Troy Corp
July 19
Columbian National Life Insurance Co.(Mass.)
$2 Aug. 3 July 19
Columbus By.,Power & Light,634% pref.(qu.) $1% Aug. 1 July 15
Connecticut Lt. & Power Co.,634% pf. (quar.) $154 Sept. 1 Aug. 15
534% preferred (guar.)
$1% Sept. 1 Aug. 15
Connecticut Power (quarterly)
6234c Sept. 3 Aug. 15
Connecticut By.& Light Co., pref. (quar.)_-- $134 Aug. 15 July 31
ConsumereGlass,7% pref.(quar.)
$134 Sept. 15 Aug. 31
Continental American Life Insurance (quar.)
30Ic July 24 July 16
Crown Zellerbach, preferred class A & B
75c Sept. 1 Aug. 13
Cumberland City Power & Lt.,6% pref.(quar.) $1% Aug. 1 July 20
De Met's, Inc., $2.20 preferred
h55c Aug. 1 July 25
Derby Gas & Electric. $7 pref. (quar.)
$1% Aug. 1 July 25
$634 preferred (quar.)
$1% Aug. 1 July 25
Diamond Ice & Coal,7% preferred (guar.)
$1% Aug. 1 July 25
Diamond Match (irregular)
50c Sept. 3 Aug. 15
Irregular
25c Dec. 2 Nov. 15
Preferred (semi-annual)
75c Sept. 3 Aug. 15
Diem & Wing Paper Co.,7% preferred (quar.)
Aug. 15 July 31
Duquesne Brewing (guar.)
12;6c Aug. 1 July 22
Eastern Shore Public Serv. Co.,$634 pref. (qu.) $1% Sept. 1
Aug. 10
$6 preferred (quarterly)
Sept. 1 Aug. 10
Eastern Utilities Associated (quar.)
25c Aug. 15 Aug. 9
Eddy Paper (initial)
30c Aug. 31 Aug. 20
Electric Storage Battery Co., corn. (quar.)_.._..
500 Oct. 1 Sept. 1
Preferred (guar.)
50c Oct. 1 Sept. 9
Emerson's Bromo-Seltzer, class A & B (quar.)-40c Aug. 1 July 24
8% preferred (guar.)
50c Oct. 1 Sept. 1
Erie & Kalamazoo RR
$2% Aug. 1 July 26
Fall River Gas Works
50c Aug. 1 July 29
Fitz Simons & Connell(quarterly)
Dredge (quar.)
12 Mc Sept. 1 Aug. 21
Extra
1254c Sept. 1 Aug. 21
Ft. Worth Stockyards Co.(quar.)
3734c Aug. 1 July 22
Extra
Aug. 1 July 22
Freeport Texas (quarterly)
25c Sept. 2 Aug. 15
Preferred (quarterly)
$1% Nov. 1 Oct. 15
Fulton Industrial Security Corp.,$334 pref.(qu) 8734c Aug. 1 July 15
Gardner-Denver, preferred (quar.)
Aug. 1 July 20
Gas Securities Co.. common (1no.)
%ofl% Aug. 1 July 15
Preferred (monthly)
50c Aug. 1 July 15
Grand Union. preferred
h3734c Sept. 1 Aug. 9
Great Eastern Fire Insurance(N.Y.)
Oct. 1
--Great Western Sugar (quarterly)
60c Oct. 2 Sept. 14
Preferred (quarterly)
$1 ,•4f Oct. 2 Sept. 14
Greene Cananea Copper (quar.)
50c Sept.16 Sept. 6
Greenfield Tap & Die.$6 preferred
750
Grie
Carpet & Worsted Spinning Mills634% preferred (quarterly)
$1% Aug. 1 July 20
Gur (Chas.) Ltd., preferred (quar.)
$154 Aug. 15 Aug. 1
Hance (P. H.) Knitting Mills, pref. (quar.)_ _ _ $1% July 1 June 20
Harmonia Fire Insurance (s.-a.)
50c Aug. 1 July 23
Extra
10c Aug. 1 July 23
Harrisburg Bridge (semi-ann.)
70c July 15 July 8
Hawaiian Corn mercial & Sugar ,quar.)
750 Aug. 15 Aug. 3
Extra
500 Aug. 15 Aug. 3
Hollinger Consolidated Gold Mines
Aug. 12 July 26
1
Hooven & Allison Co.,7% pref.(quar.)
$1
4 Sept. 1 Aug. 15
Horder's, Inc.. common
15c Aug. 1 July 20
Imperial Tobacco of Gt. Britain & IrelandInterim
711
Indianapolis Water Co.,5% cumul. pref. kquar.)
Oct. 1 Sept. 12a
Ingersoll-Rand
500 Sept. 3 Aug. 5
Inter-City Baking, Ltd.(resumed)
$1 Aug. 1 July 23
Jefferson Standard Life Insurance(N.O.)
$5 Aug. 1 July 22
Jones (J. E.) Royalty TrustParticipating trust certificates series A
$2.79 July 25 June 29
Participating trust certificates series B
$2.59 July 25 June 29
Participating trust certificates series 0
$5.76 July 25 June 29
Kentucky Utilities Co 7% jr. preferred
87 3.lc Aug. 20 Aug. 1
La Salle & Koch Co..7% pref.(quar.)
Aug. 15 Aug. 14
Lawson Realty Co.,7% pref.(quar.)
$131 Aug. I July 27
Life Savers Corp
40c Sept. 3 Aug. 1
Liggett & Myers Tobacco (quar.)
$1 Sept. 2 Aug. 15
Class B (quarterly)
$1 Sept. 2 Aug. 15
Lincoln National Life Insurance (s.-a.)
60c Aug. 8 Aug. 2
Lindsay Light & Chemical (quar.)
10c Aug. 12 Aug. 3
Loose-Wiles Biscuit. 1st pref.(quar.)
$134 Oct. 1 Sept.18
Lunkenheimer Co. (quar.)
1234c Aug. 15 Aug. 4
Lynch Corp. (quarterly)
Aug. 15 Aug. 5
Mallory Hat Co.. 7% pref. (quar.)
$1;( Aug. 1 July 20
Managed Investment (quar.)
50c Aug. 10 Aug. 1
Manhattan Shirt (quar.)
15c Sept. 3 Aug. 8
Manufacturers Casualty Insurance (quar.)
40c Aug. 15 Aug. 1
Marine Bancorporation, fully panic.(quar.)-15c Aug. 1 July 19
Initial Stock (quarterly)
15c Aug. 1 July 19
Matson Navigation (quar.)
$1.15 Aug. 15 Aug. 10
Maui Agricultural Co
15c Oct. 1 Sept.20
Extra
30c Oct. 1 Sept.20
Mayfair Investment (Los Angeles)(quar.)
750 Aug. 1 July 20
May Hosiery Mills. $4 pref.(guar.)
Si Sept. 1 Aug. 15
McWilliams Dredging (quarterly)
50c Sept. 1 Aug. 15
Special
25e Sept. 1 Aug. 15
Merchants Fire Assurance Corp.(s.-a.)
50c Aug. 1 July 22
Extra
250 Aug. 1 July 22
7% preferred (semi-ann.)
Aug. 1 July 22
Merchants Refrigerator of N.Y.,$7 pref
$3 1 Aug. 1 July 26
Metropolitan Storage Warehouse (quar.)
50c Aug. 1 July 13
Michigan Bakeries. $7 preferred
Aug. 1 July 20
Midland Grocery Co. (semi-ann.)
Aug. 1 July 20
Monsanto Chemical (quarterly)
25c Sept.15 Aug. 25
Extra
25c Sept. 15 Aug. 25
Montana Power,$6 preferred (quar.)
$134 Aug. 1 July 23
Morris Plan Co. of R. I.(guar.)
Si Aug. 1 Ally 19
Muskegon Motor, special class A
h25c Aug. 10 Aug. 5
Mutual Telep. Co., Hawaii (roo•)
Sc Aug. 20 Aug. 10
National Lead (quarterly)
$131 Sept.30 Sept. 13
Class A preferred (guar.)
Sept.14 Aug. 30
Class B preferted (guar.)
$1
Nov. 1 Oct. 18
National Linen Service Corp..$7 pref. (s.-a.)_
$33.4 Sept. 1 Aug. 20
New Haven Clock, preferred
h$15 Aug. 1 July 27
Financial Chronicle
340
Name of Company
New Brunswick Fire Insurance (s.-a.)
Extra
New York Fire Insurance (guar.)
North Pennsylvania RR.(guar.)
Oahu By. & Land Co. (monthly)
Onomea Sugar Co.(monthly)
Ontario Steel Products Ltd.,7% pref
Pacific Fire Insurance of N. Y.(guar.)
Extra
Parker Rust-Proof (guar.)
Parker(S.C.)8% preferred (guar.)
Peoples Telep. Corp.(Butler,Pa.)(guar.)
Philadelphia Germantown & Norristown
Philadelphia Suburban Water Co. pref.(guar.).
0 preferred (s.-a.)
Portlana RR.Co.,59
Public Serv. Corp.of Texas,7% pref.(guar.)_ _ Quaker City Fire & Marine Insurance
Quincy Market Cold Storage & Warehouse pref..
Randall Co., preferred A (guar.)
Rand Mines, Ltd.(bearer)
Reynolds Metals Co.common
534% cum. preferred (guar.)
Rich's Inc. (quarterly)
Rochester Gas & Electric, 7% pref. B (quar.)__
6% preferred C & D (quarterly)
Rosedale Gold Mines, Ltd
Second Twin Bell Syndicate (monthly)
Securities Corp. General, $7 pref
$6 preferred
Security Insurance tN. H., Conn.)(guar.)
Sioux City Gas & Electric, pref.(guar.)
Scranton Lace (resumed)
77 preferred
Smith (A.0.) preferred (guar.)
South Carolina Power Co.. $6 pref. (guar.)Southington Hardware (guar.)
Southeastern Massachusetts Power & Electric._
Stamford Water (guar.)
Sun Oil Co., common
Preferred
Susquehanna Utilities, 6% pref. (quar.)
Sutherland Paper (bi-monthly)
Extra
Swift & Co.(guar.)
Tampa Electric (guar.)
Preferred Ae(uar.)
Tampa Gas, 8% preferred (crud.)
7 preferred (quarterly)
Taylor & Fenn (guar.)
Tex-O-Kan Flour (quart.)
Quarterly
Quarterly
Thompson (John R.) (quarterly)
United Biscuit of America (guar.)
Preferred (quarterly)
United Engineering & Foundry
Preferred (guar-)
United States Playing Card (guar.)
Extra
Van Camps, Inc., $7 preferred (guar.)
Vick Financial Corp.(semi-ann.)
Va.-Carolina Chemical Corp.. 7% pre
Va. Coal & Iron-(guar.)
Washington Water Power $6 pref.(guar.)
Weill (Raphael) & Co.. 8% pref. (semi-ann.)
Westchester Fire Insurance (guar.)
Extra
Wey:nouth Light & Power
White (S. S.) Dental Mfg. Co
Whiting Corp.6347 pref.(guar.)
Westvaco Chlorine Products (guar.)
York Rya., pref. (guar.)
Per
Share
When Holders
Payable of Record
Aug. 1 July 20
Aug. 1 July 20
July 31 July 23
Aug. 25 Aug. 20
Aug. 20 Aug. 20
Aug. 20 Aug. 10
Aug. 1 July 31
75c Aug. 5 Aug. 3
25c Aug. 5 Aug. 3
o75c Aug. 20 Aug. 10
10e Aug. 1 July 25
July 15 June 29
Sept. 5 Aug. 20
11
Aug. 31 Aug. I2a
Si
Aug. 1 July 13
$2
July 1
31
July 31 July 20
2
h75e Aug. 1 July 18
50c Aug. 1 July 25
3s. 9d. July 31
25c Sept. 1 Aug. 15a
51% Oct. 1 Sept. 16a
60c Aug. 1 July 20
Si M Sept. 1 Aug. 14
$134 Sept. 1 Aug. 14
Aug. 1 July 27
Aug. 15 July 30
142
% Aug. 1 July 25
1ri
Aug. 1 July 25
141
Aug. 1 July 19
3
$11i Aug. 10 July 31
July 1 June 21
$29.75 June 29 June 21
$134 Aug. 15 Aug. 1
$134 Oct. 1 Sept.15
25c Aug. 1 Aug. 1
50c July 31 July 18
$2 Aug. 15 Aug. 5
25c Sept.16 Aug. 26
$1% Sept. 3 Aug. 10
Sept. 2 Aug. 20
10c Aug. 31 Aug. 20
Sc Aug. 31 Aug. 20
12%c Oct. 1 Sept. 1
56c Aug. 15 July 31
$1% Aug. 15 July 31
52 Sept. 1 Aug. 20
51k. Sept. 1 Aug. 20
Aug 1 July 17
15c Oct. 1 Sept. 14
15c Jan 2'36 Dec. 14
15c Apr2'36 Mr14 '36
12%c Aug. 15 Aug. 5
40c Sept. 1 Aug 6
Nov. 1 Oct. 15
25c Aug. 9 July 30
$1% Aug. 9 July 30
25c Oct. 1 Sept. 20
25c Oct. 1 Sept.20
Si 34 July 1
Aug. 15 Aug 1
73
Aug. 12 July 31
25c Sept. 3 Aug. 15
$134 Sept.14 Aug. 23
$4 Sept. 2 Aug. 1
25c Aug. 1 July 20
10c Aug. 1 July 20
62c July 31 July 18
1
Aug 1 July 18
Si 34 Aug. 1 July 25
1 c Sept. 2 Aug. 15
6234c July 31 July 20
50c
15c
15c
$1
lbc
20c
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
When Holders
Per
Share Payable. ofRecord.
Name of Company.
$131 Aug. 1 July 15
Abraham & Straus. Inc.,7% preferred (guar.)
15c Aug 1 July 16
Adams (J. D.) Mfg.(guar.)
500 Aug 1 July 20
Adams-Mills (guar.)
Aug. 1 Jury 20
5134
(quar.)
preferred
1st
77
Sc Aug. 1 July 15
Militated Products tmonthly)
2 Aug. 15
Sept.
*400
Agnew-Surpass Shoe Stores. corn preferred_
Aug. 15 JulY 13
Co.,
Alabama Great Southern RR.
Aug.
1 JUlY 15
5131
(guar.)
pref.
Alabama Power Co..$5
15c Aug. 1 July 10
Alaska Juneau Gold Mining (quarterly)
150 Aug. 1 July 10
Extra
$2 Aug. 10 July 31
Alaska Packers Assoc
$2 Aug. 10 July 31
Special
Sept. 1 Aug. 20
50c
(guar.)
corn
Allen Industries.
75c
Sept. 1 Aug. 20
Preferred (guar.)
8734c Aug. 10 July 31
Allentown-Bethlehem Gas, preferred (quar.)_
$134 Aug. 1 July 11
(quar.)
Allied Chemical & Dye Corp.common
/135c Mg. 1 July 26
Allied International Investing.$3 preferred
Aug. 1 July 22
$1.6234
(guar.)
preferred
Allied Kid.
25c July 31 July 20
Allied mills (resumed)
10c Oct. 1 Sept. 20
Aluminum Goods Mfg. Co.(guar.)
50c Sept.30 Sept.15
Aluminum MOO. (:111ar.)
50c Dec. 31 Dec. 15
Quarterly
Sept.30 Sept.15
$1
7% preferred (quarterly
$1
Dec. 31 Dec. 15
7% preferred quarterly)
5 c July 31 July 15
Amerada Corp.(quarterly)
$1 Aug. 15 July 26a
(guar.)
common
Co.,
Can
American
$131 Oct. 1 Sept.19
7% preferred (quarterly)
Aug 1 July 11
(lc)
American Cities Power & Light Corp
$1 Aug. 1 July 11
County
Allegheny
of
Co.
American Coal
Aug. 1 July 25
25c
(qu.)Y.
American Credit Indemnity Co.of N.
5134 Aug. 1 July 25
American Envelope,7% pref. A & B (quar.)
Nov. 1 Oct. 25
5134
(quarterly)
7% preferred A & B
10c Aug. 10 July 31
American Factors, Ltd.(monthly)
1 scut. is
Oct.
25c
Corp.
(guar.)
Hardware
American
25c Jan I '36 Dec. 14
Quarterly
200 Aug. 1 July 15a
American Home Products Corp.(monthly).—
25c Sept. 2 Aug. 21
American Hosiery Co.(quarterly)
300 Aug. 1 July 150
American Light & Traction Co.,comm.(guar.).
% Aug. 1 July 15n
Preferred (quarterly)
Oc Aug. 1 July 20
American Machine & Foundry Co
500 Aug. 1 July 20
American Paper Goods (quarterly)
Nov. 1
50c
Quarterly
$134 Sept.15
7% preferred (guar.)
5134 Dec. 15
7% preferred (guar.)
6230 Aug. 15 July 31
American Re-Insurance (guar.)
50c Aug. 1 July 18
American Reserve Insurance
500 Aug. 1 July 15
American Shipbuilding(Quarterly)
h$6 Sept. 2 Aug. 9
pre
2d
6%
American Smelting & Refining
El% Sept. 2 Aug. 9
7% lot preferred (guar.)
$334 July 31 July 15
%quar.)
Y
Bank
(N.
.)
Nat.
City
Amsterdam
Aug. I July 29
Androscoggin Electric Co..6% preferred (quar.) $134
3% July 30 June 29
Anglo-Amer. So. Africa. Ltd..6% pref.(Interim) to1212%
Aug. 7 June 27
(final):
reg.
ord.
rec.
dep.
Am.
Oil.
Anglo-Persian
$134 Aug. 1 July 20
Archer-Daniels-Midland Co.. pref. (guar.)
35c
3355:
Asbestos Mfg CO.,$1.40 cony.pref.(quar.)
Nov
(guar.)
$1.40 convertible preferred(guar.)
35c Feb.1 '36
$1.40 convertible preferred
h$3 Sept. 3 Aug. 9
preferred
1st
Goods,
Dry
Associated
I
Aug. 15 Aug. 2
Associated Investment
(guar.)
3734c Aug. 1 July 15
Associated Telephone, Ltd.. pref.
13t
Name of Company
July 27 1935
Per
Share
When Holders
Payable of Record
Aug.S . 3
1 July 31
2$4 Sept.
Atchison Topeka & Santa Fe
June 28
$
Preferred 15.-a.)
$434 Sept. 2 Aug. 20
Atlanta & Charlotte Air Line Ry.(s.-a.)
$1% Aug. 1 July 11
Atlantic City Electric, $6 pref. (guar.)
5134 Aug. I July 19
Atlas Powder Co., preferred (quarterly)
SOc Aug. 1 July 15
Austin Nichols $5 prior A (guar.)
c25e Aug. 1 July 20
(extra)
Corp.
Machine
Voting
Automatic
100 Aug. 15 Aug. 1
Baltimore American Ins. Co.(s.-a.)
$1.6234 Sept. 3 Aug. 15
Bamberger (L.) & Co.,634% pref.(guar.)
200
Aug. 1 July 10
(guar.)
Bangor Hydro-Electric
$134 Aug. 1 July 15
Beatty Bros., Ltd., let pref. tquar.)
July 15
Belding-Corticelli (quarterly)
1 Aug. 31
.14
.
Uri Se
at
Aug
Belding-Corticelli. preferred (guar.)
51.6234 Aug. 1 July 20
Binghamton Gas Works 634% Pref. (enar.)
Aug. 15 Aug. 1
Blauners Inc. (guar.)
75e Aug. 15 Aug. 1
Preferred (guar.)
3734c July 30 July 15
Beneficial Industrial Loan Corp.(quar.)
8734c July 30 July 15
Preferred series A (guar.)
30c Aug. 15 July 25
Rest & Co (guar.)
10e Aug. 1 July 15
Birtman Electric (quarterly)
100 Aug. I July 15
Extra
5131 Aug. 1 July 15
Preferred (quarterly)
$1
Aug. 1 July 19
Bloomingdale-Bros., pref. (guar.)
m75c Sept. 1 Aug. 5
Blue Ridge Corp., preferred (quar.)
51 July 31 July 15
Bon Ami, class A (guar.)
$1 Oct. 30 Oct. 15
Class A (guar.)
50c Oct. 1 Sept. 18
Class B (quar.)
51% Aug. 15 July 31
Boss Mfg. Co., common
54 Oct. 1 Sept.20
Boston Insurance (quar.)
$2.125 Oct. 1 Sept. 20
Boston & Providence RR.(guar.)
52.125 Jan.2 '36 Dec. 20
Quarterly
6834c Aug. 15 Aug. 1
Bourjois, Inc.,5234 preferred (guar.)
July 20
Bridgeport Machine 77 preferred
July 16
Briggs Manufacturing Co., common (quar.)
h35% .J1ju
h3i1
yy 3
uluily
1
338
British Celanese, Ltd., 1st pref.
4 Aug. 3
1 July 17
British Columbia Telep..6% pref.(guar.)
31.75 Aug. 1 July 19
Broadway Dept. Store, pref. (qua:.)
$134 Oct. 15 Oct. 1
Brooklyn-Manhattan Transit pref (guar.)
5134 1-15-36 Jan. 2
Preferred (qua:.)
$134 4-15-36 Apr. 1
Preferred (guar.)
$1.25 Sept. 1 Aug. 20
Brooklyn Telep.& Messenger (qua:.)
$134 Oct. 1 Sept. 3
Brooklyn Union Gas (quarterly)
1%
Aug. 1 July 20
Brown Shoe Co.. pref. guar.)
Aug. 1
Buffalo Ankerite Gold Mines, Ltd. (guar.)
July 15
Buffalo, Niagara dr Eastern Power.35 pref. (qu.) $
c A
54
18
ugg15
Aug.
1 July 15
Bullock Fund, Ltd.(guar.)
$1% Aug. 1 July 10
Bullock's, Inc., preferred (guar.)
400 Oct. 1 Sept. 14
Calamba Sugar Estates, corn. (guar.)
$1% Aug. 1 July 15
Calgary Power, Ltd., pref.(guar.)
3734c Sept.16 Aug. 31
California Packing Corp. (guar.)
20c Sept.
15
Camps Corp common (guar.)
r3734c Sept. 11 Aug.
Aug. 15
Canada & Dominion Sugar,Ltd.(guar.)
r3734c Dec. 1 Nov. 15
Quarterly
gr17.5c JA
Auu
y 315
ulg
1 June 28
Canada Southern By.(s.-a.)
15c
July 19
Canadian Bronze Co.common (guar.)
Si 31 J
ly.31
Auug
1 July 19
Preferred (guar.)
Oc
July 31
Canadian Converters. Ltd.(guar.)
Si
July 19
Canadian Dredge & Dock. pref. (guar.)
June 29
Canadian Industries, A & B (guar.)
June 29
A & B (extra)
10c Aug.
Aug
July 18
Canadian Investment Corp.(guar.)
334c Aug. 1 July 15
Canadian Investment Fund, ordinary shares
July 15
Special
hr 1
1Lic Aug.
Aug.A ug 2
1 June 15
Canadian Public Sersice. 634% part. pref
July 22
Capital Management (guar.)
$15i Oct. 1 Sept.20
Carnation Co.,7% preferred (quarterly)
513 Jan1'36
7% preferred (quarterly)
51% Aprl'36
$7% preferred tquarterly)
h$1
Sept. 12
Case (J. 1.) 77 preferred
50c O
ug. 10
Aet.
1 July 22
Castle (A. M.) & Co. (guar.)
250
Aug. 15
Caterpillar Tractor (guar.)
250
Extra
Aug. 15
750 Aug.A
ug. 33
Au
Cedar Rapids Mfg. & Power (guar.)
1 July Si
15
Central Arizona Light & Power. $7 prof. (guar.) Si M Aug. 1 July 20
$1 M Aug. 1 July 20
$6 preferred (guar.)
250 Aug. 15 Aug. 5
Central Cold Storage
200
Central Hudson Gas & Electric Corp:(guar.).June 29
200
Voting trust certificates (quarterly)
June 29
Aug.Aupgt. 1 Aug. 15
Central Mississippi Valley Elec. Prop. pref. tem.) $134 Se
37340
Central Power & zAght.., 6% preferred
1 July 15
15
43Sic Aug.sAeupgt.. 1
7% preferred
I July 15
100 Aug. 15 Aug. 6
Centrifugal Pipe Corp.(qua:.)
10c Nov.
Quarterly
Nov. 6
$1%
Century Ribbon Mills, pref.(guar.)
Aug. 20
40c
Century Shares Trust (se ni-ann.)
July 10
51 Aug. 15
Corrode Pasco Copper Corp
1 July 15
150
Chain Belt Co. (guar.)
Aug. 1
h$1 Aug.
Chain Store Investment, preferred
July 15
Chartered Investors. 55 pref.(guar.)
$134 Sept 2
1 Aug. 1
700 Augu
Chase National Bank (semi-annual)
AAug
g.
.. 1
11 July 13
50c
5% preferred (semi-annual)
July 13
25c Aug. 1 July 20
Cherry-Burrell (guar.)
$1 34
Preferred (quarterly)
July 20
75c Sept. 3 Aug. 20
Chestnut Hill RR. Co.(guar.)
Cincinnati Inter-Terminal RR. Co.—
$2
Guaranteed 1st pref. (semi-ann.)
July 20
56
Cincinnati Northern RR. kseml-ann.).
July 21
Cincinnati Union Terminal. preferred (guar.)... Si
Aug 3111 Sept.20
Oct.
Si
Preferred (guar.)
Dec. 20
50c
City of New York Insurance ($10 par)
July 12
;cuugt '31
City Water of Chattanooga,6% pref.(quar.)_ _ _ $1% Sept.:0ta
1116 July 20
Cleveland Cincinnati Chicago & St. Louis RR.—
55 July 31 July 20
Semi-annual
51% July 31 July 20
5% preferred (guar.)
Si
Cleveland Electric Illuminating. pref (quar.)_
Aug. 15
(guar.)._
8734c
Cleveland & Pittsburgh By.7% guar.
Aug. 10
8734o Dec. 1 Nov. 9
7% guaranteed (quar.)
(guar.)
guaranteed
Special
Sept. I Aug. 10
60c
Special guaranteed (guar.)
Nov. 9
Sc
Climax Molybdenum Co. (guar.)
Sept. 15
Quarterly
Dec. 15
-c 8e
2r
DDug
A
Cluett. Peabody & Co.. Inc..corn.(guar.)
eceePt.... 338
1 July 20
3134c Sept.30 Sept. 7
Colt's Patent Fire Arms (guar.)
Columbia Gas & Electric Corp.51
Aug. 15 July 20
67 preferred. series A (quarterly)
$1
Aug. 15 July 20
5 preferred. series No. 25 (guar.)
4
5% preference stock (quarterly)
15
1.4 Aug.
AA eugg 122
5 July 20
Columbia Pictures Corp.. common (s.-a.)
June 12
(semi-ann.)
certificates
trust
Common. voting
June 12
Commonwealth Edison Co.(guar.)
July 15
Sel. A ug..
4
Commonwealth Investors (Calif.) (quar.)
ug
July 13
Commonwealth Utilities Corp.5134 Sept. 3 Aug. 15
634% preferred C (quarterly)
3C
87M
1 se
Aupgt.. 3
Concord Gas, 77 preferred (reduced)
5 July 31
10
Confederation We Assoc.,"Toronto" (quar.)_.
Sept. 25
Quarterly
Dec. 25
prof.
-a.)
(s.
RR.,
River
Connecticut & Passumpic
July 1
45 Aug. 3
3
/
1'2
51.53
Connecticut Rwy.& Lighting, pref. )quar.)
1 July 31
15
Connecticut River Power,6% pref. (guar.)._ _ $134 Sept. 2 Aug. 15
Consolidated Chemical Industries pref. (guar.). 37340 Aug. 1 July 15
x1 54% Sept.21 Aug. 15
51
Consolidated Cigar. 75 Preferred (guar.)
Aug.
July 15
63.4% prior preferred (gnat terly)
10c
$3
3i o
utg
Ac
. June 28
.
Consolidated Gas Co. of N. Y.. pref. (guar.).
Sept.14
Consolidated Gas & Electric Lt.of Balt
31% Oct. 1 Sept.14
5% preferred (quarterly)
Aug. 1
Consolidated Oil, preferred (guar.)
s Aug. 15
n
i
1 July 31
Consolidated Rendering Co..8% prof.(quar.)-60c Aug. 15 July 25
Continental Can Co.(guar.)
600 Aug. 15 July 250
Continental Can Co.,Inc. wow.guar.)
25c July 31 July 2
Continental Oil (Delaware)
1234e Aug. 31 Aug. 15
Cooperweld Stool (guar.)
12340 Nov.30 Nov. 16
Quarterly
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
Consumers Power Co$5 preferred (quarterly)
$134 Oct. 1 Sept.14
6% preferred (quarterly)
5154 Oct. 1 Sept. 14
6.6% preferred (quarterly)
$1.65 Oct. 1 Sept. 14
7% preferred (quarterly)
$134 Oct. 1 Sept.14
6% preferred (monthly)
5oc Aug. 1 Jidy 15
6% preferred monthly
50c Sept. 3 Aug. 15
6% preferred monthly
50c Oct. 1 Sept.15
6.6c preferred (month
55c Aug. 1 July 15
6.6% preferred (monthly
55c Sept. 3 Aug. 15
6.6°? preferred (monthly
55c Oct. 1 Sept.15
Coon (W. B.) Co.,7% preferred
853.50 Aug. 1 July 13
Corn Exchange Bank Trust Co
75c Aug. 1 July 23
Courtaulds, Ltd.. ordinary registered
is23401 Aug. 14 July 11
Amer. dep. receipts, ord.registered (interim)- to234% Aug. 21 July 18
Crandall-McKenzie & Henderson
1234c Aug. 1 July 16
Cresson Consolidated Gold (guar.)
30 Aug. 15 July 31
Extra
2c Aug. 15 July 31
Crowell Publishing Co.. 7% pref. (5.-11.)
$334 Aug. 1 July 24
Crum & Forster 8% pref (guar.)
$2 Sept.30 Sept.20
Cuneo Press, Inc., common
30c Aug. 1 July 20
634% preferred
5134 Sept.14 Aug. 31
Curtis Manufacturing Co.(resumed)
g5c Aug. 1 JuJy 15
Curtiss-Wright Export Corp. pref. D (guar.) -- - $134 Oct. 1 Sept.14
Preferred E (quarterly)
5134 Oct. .1 Sept.14
Dallas Power & Lt.67
$1.50 Aug. 1 July 17
0 pref. (guar.)
7% preferred (quar.)
$1.75 Aug. 1 July 17
Davenport Water Co.,6% Pref.
$134 Aug. 1 July 20
(guar.)
Dayton Power & Light Co.,67
50c Aug. 1 July 20
0 pref.(me.)
Delaware & Bound Brook RR.(guar.)
52 Aug. 19 Aug. 13
Dennison Mfg. Co.. debenture stock
852 Aug. I July 20
Denver Union Stockyards, preferred (quar.)
$134 Sept. 1 Aug. 20
Detroit Hillsdale & Southwestern RR. (11.-a.)-$2 Jan.6 '36 Dec. 20
Dexter Co.(quar.)
20c Sept. 2 Aug. 25
Distillers Co.. Am. dep. rec. ord. reg
rut 1214% Aug. 8 JulY 9
Dividend Shares, Inc
t2e Aug. 1 July 15
Domestic Finance Corp.. pref. (quar.)
50c Aug. 1 July 20
Dominion Bridge, Ltd. (quar.)
30c Aug. 15 July 31
Dominion coal Co.. new pref. (initial)
75e Aug. 10 July 31
Dominguez Oil Fields (monthly)
15c Aug. 1 July 24
Dow Chemical (guar.)
60c Aug. 15 Aug. 1
Preferred tquu.)
$134 Aug. 15 Aug. 1
Duplan Silk Corp (semi-ann.)
SOc Aug. 15 Aug. 2
Eastern Bond & Share, B (quarterly)
15c Aug. 1 June 28
Class B (extra)
5c Aug. 1 July 28
Eastern Gas & Fuel Assoc.,434% pref.(quar.)_ - 51.125 Oct. 1 Sept.14
(I% preferred (quarterly)
$134 Oct. 1 Sept. 14
Eastern Theatres, Ltd., preferred
$334 July 31 June 29
-a.)
Eaton Manufacturing Co.common(5.
25c Aug. 15 Aug. 1
(guar.)
Extra
1234c Aug. 15 Aug. 1
Edison Electric Illuminating Co. of Boston_ $2 Aug. 1 July 10
Electric Bond & Share Co.,$6 pref.(quar.)
$134 Aug. 1 July 5
$5 preferred (quarterly)
$134 Aug. 1 July 5
Electric Power Assoc. (diva, omitted)
Electric Products (Pa.)
10e July 27 July 23
Electric Shareholdings.$6 pref.(resumed)
$1.50 Sept. 3 Aug. 5
Elgin National Watch
150 Sept.16 Aug. 31
Elizabeth & Trenton RR..(semi-ann.)$1 Oct. 1 Sept.20
57
0 preferred (semi-annual)
Sig Oct. 1 Sept.20
Empire & Bay State
21 Sept. 1 Aug. 22
Telep..4% gtd.(guar.)---4% guaranteed (guar.)
l
Nov.
ey 11
$1 Dec. 1 j
21
Employers Group Assoc
1235c July 31
Eppens. Smith & Co.. semi-annual
$2 Aug. 1 July 27
Erie & Pittsburgh RR. Co.7% god.
87c Sept. 10 Aug. 31
7% guaranteed (Guar.)
873c Dec. 10 Nov.30
Guaranteed betterment (quar.)
Oc Sept. 1 Aug. 31
Guaranteed betterment (quar.)
800 Dec. 1 Nov.30
Eureka Pipe Line Co
51 Aug. 1 July 15
Faber. Coe & Gregg. pref. (quar.)
5134 Aug. 1 July 20
Fair (The). preferred
85134' Aug. 10 July 27
Preferred (guar.)
5134 Aug. 10 July 27
Farmers & Traders Life Ins.(quar.)
5234 Oct. 1 Sept.11
Federal Knitting Mills (quarterly)
6234c Aug. 1 July 15
Fibreboard Products, pref. (guar.)
51% Aug. 1 July 16
Fidelity Fund. Inc. (guar.)
300 Aug. 1 July 22
First State Pawners Society (Chicago, Ill.) (qu.) $134 Sept.30 Sept.20
Florida Power. 7% preferred (guar.)
8734c Sept. 1 Aug. 15
7% preferred A (quar,)
$1
Sept. 1 Aug. 15
Plorshelm Shoe Co..class A(
25c Oct. 1 Sept.16
(Plan)
Class B (quarterly)
1234c Oct. 1 Sept.15
Food Machinery Corp. of N.1? 634% pref(mo),.
50e Aug. 15 Aug. 10
% preferred (monthly)
50c Sept.15 Sept.10
Fort Wayne & Jackson RR.,534% pref.(s.-11.)
$234 Sept. 2 Aug. 20
Fourth National Investors
50c Aug. 1 July 22
Franklin Fire Insurance (guar.)
25c Aug. 1 July 20
Extra
Sc Aug. 1 July 20
Franklin Simon & Co., preferred
$134 Sept. 3 Aug. 17
Freeport Texas,670 preferred (quarterly)
5134 Aug. 1 July 15
Froedtert Grain & Malt,cony. pref.(guar.)
c30c Aug. 1 July 15
Fuller Brush,class A (guar.)
10c Aug. 1 July 25
Gardner-Denver Co., preferred
$134 Aug. 1 July 20
(clUe:-)
General Baking Co., common
15c Aug. 1 July 20
General Cigar (guar.)
51 Aug. 1 JulY 16
Preferred (quar.)
$134 Sept. 2 Aug. 23
Preferred (quar.)
$134 Dec. 2 Nov. 22
Preferred (guar.)
$13 Mar. 2 Feb. 20
Preferred (guar.)
$134 Junel'36 May 22
General Electric of Great Britain
zto10% July 27 June 26
General Foods (quarterly)
45c Aug. 15 July 26
General Hosiery, 7% pref. (guar.)
5134 Aug. 1 July 20
General Mills. Inc., common
75c Aug. 1 July 15
(quar.)
General Motors Corp., 26 prderred
$134 Aug. I July 8
General Stockyards Corp
25e Aug. 1 July .15
Cony. preferred (guar.)
$131 Aug. 1 July 15
Georgia Home Insurance
50c Aug. I July 16
Gillette Safety Razor, $5 cony. pref. (quar.)
$134 Aug. I July 1
Goebel Brewing (guar.) increased
5c Sept.30 Sept. 9
Extra
Sc Sept.30 Sept.30
Geld Dust (quarterly)
30c Aug. 1 July 10
Golden Cycle (quarterly)
400
Extra
Gottfried Baking Co.,Inc preferred (quar.). 1%
1.6
4 Oct. 1 Sept.20
Grace(W. It.) & Co.. pref.6% Pref.(
$3 Dec. 30 Dec. 27
11,10-Preferred A (quarterly)
32 Dec. 30 Dec. 27
Preferred B (semi-annual)
$4 Dec. 30 Dec. 27
Grand Rapids Metalkraft Corp
Sc July 31 July 10
Great Lakes Dredge & Dock (guar.)
250 Aug. 15 Aug. 3
Great Lakes Engineering Works (quar.)
100 Aug. 1 July 24
Extra
Sc Aug. 1 July 24
Great Western Electro Chemical (Initial)
80c Aug. 15 Aug. 5
Green (H. L.) Co.(guar.)
750 Aug. 1 July 15
Preferred (quarterly)
$134 Aug. 1 July 15
Greenfield Gas Light, 6% preferred (quarterly)
750 Aug. 1 July 15
Group Securities. Inc.
Agricultural shares (initial)
2-5c July 31 July 13
Automobile shares
9-100 July 31 July 15
Building shares
2-5c July 31 July 15
Chemical shares
1 1-5c July 31 July 15
DistiLlery St Brew shares (initial)
3-5c July 31 July 15
Food shares
2c July 31 July 15
Industrial Machinery shares
lc July 31 July 15
Investing Co.shares (initial)
3-5c July 31 July 15
Merchandising shares
1 2-5c July 31 July 15
Mining shares
1 1-5c July 31 July 15
Petroleum shares
3-5c July 31 July 15
Railroad shares
9-100 July 31 July 15
RR. Equip:nent shares
4-100 July 31 July 15
Tobacco shares
29-100 July 31 July 15
Utility shares
I 7-100 July 31 July 15
Hale Bros. Stores (quar.)
15c Sept. 3 Aug. 15
Hardesty,(R.) Mfg.Co..7% pref.(guar.)
UK Sept. 1 Aug. 15
7% preferred (quarterly)
$134 Dee. 1 Nov. 5
Name of Company
541
Per
Share
When Holders
Payable of Record
Halle Bros., pref.(quar.)
$144 July 31 July 24
Harttord & Connecticut Western RR.(B.-a.).-$1 Aug. 31 Aug. 20
Hartford Electric Light (quarterly)
6834c Aug. 1 July 15
Hartford Times, Inc.. $3 preferred(quar.)
75c Aug. 15 Aug. 1
Hartman Tobacco
h$1. Aug. 1 July 15
Hat Corp. of Amer.,631% cumul. pref
141 Aug. 1 July 15
634% cumulative preferred (quar.)
$1% Aug. 1 July 15
.Havana Electric St Utilities, 6% pref
8750 Aug. 15 Aug. 1
Hawaiian Agricultural(monthly)
20e July 27 July 20
Hawaii Conseil. By.,7% pref. A (War.)
20e Sept.15 Sept. 5
7% preferred A (quarterly)
20e Dec. 15 Dec. 5
Heels.Mining (quarterly)
10c Aug. 15 July 15
Heileman Brewing (resumed)
15c Aug. 15 Aug. 1
Hercules Powder, preferred (guar.)
$1% Aug. 15 Aug. 2
Hershey Chocolate (quarterly)
75c Aug. 15 July 25
Cony. preferred (quarterly)
41 Aug. 15 July 25
Hibbard, Spencer. Bartlett & Co.(m.)
10e Aug. 30 Aug. 23
Monthly
100 Sept.27 Sept.20
Hobart Mfg.,class A (quar.)
37%c Sept. 1 Aug. 19
Hollander (A.) & Sons.(guar.)
1234c Aug. 15 July 31
Holly Sugar, 7% own, Preferred
817 Aug. 1 July 15
Home Insurance (guar.)
25e Aug. 1 July 12
Extra
5c Aug. 1 July 12
Homestead Fire Insurance (semi-annual)
50c Aug. I July 20
Hormel (George A.)(guar.)
250 Aug. 15 July 27
Preferred (guar.)
$1.50 Aug. 15 July 27
Horne (Joseph) Co. preferred (guar.)
$1.50 Aug. 1 July 24
Horn & Hardart of N.Y.(guar.)
400 Aug. 1 July 12
Preferred (quarterly)
$134 Sept. 3 Aug. 14
Houston
,7% pref.(guar.)u6 eferre
Lighdtir
q
r,
$134 Aug. 1 July 15
arte
$ preferred u&
Po
rw
ly)
e
$154 Aug. 1 July 15
Hudson Bay Mining & Smelting (initial)
roOc Aug. 31 Aug. 9
Humberstone Shoe (guar.)
50c Aug. 1 July 8
Hunts, Ltd.. class A & B (deferred)
Hussemann-Ligonier (quar.)
el% Aug. 1 July 17
Preferred (quarterly)
734c Aug. 1 July 17
Hydro-Electric Security Corp5% preferred B (send-ann.)
250 Aug. 1 July 15
Idaho Power,7% preferred (quar.)
$1.75 Aug. 1 July 15
$6 preferred (quar.,.
$1.50 Aug. 1 July 15
Illinois Northern Utilities, jr. pref. (quar.)_
Aug. 1 July 15
$1
6% preferred (quar.)
$134 Aug. 1 July 15
Imperial Life Insurance (guar.)
Oct. I Sept.80
Quarterly
Feb.2'36 Dec. 31
Insuranshares Certificates, Inc
Sept.20 Sept.12
International Business Machines Corp.(guar.). $1
Oct. 10 Sept. 21
International Cigar Machinery Co
Aug. 1 July 20
4
International Harvester, pref. (guar.)
$1% Sept. 3 Aug. 5
International Nickel Co. of CanadaPreferred (quarterly)
Aug. 1 July 2
International Printing Ink (quar.)
Aug. 1 July 15
Preferred (quarterly)
$134 Aug. 1 July 15
International Utilities Corp.$7 prior pref.(qu.)- 8754c Aug. 1 July 200
5334 prior preferred (quar.)
43 c Aug. 1 July 200
Interstate Dept. Store,7% preferred
hil 34 Aug. 1 July 19
7% preferred (quar.)
Aug. 1 July 19
51
Interstate Hosiery Mills (quar)
Aug. 15 Aug. 1
Quarterly
500 Nov.15 Nov. 1
Intertype Corp.' first preferred
$2 Oct. 1 Sept. 18
Iron Fireman Mfg.(guar.)
250 Sept. 2 Aug. 10
Quarterly
25e Dec. 2 Nov. 9
Jackson & Curtis Securities Corp.,$6 pref
851 Aug. 1 July 15
Jantzen Knitting Mills (guar.)
10c Aug. I July 15
77
°. preferred (quar.)
$1% Sept. 1 Aug. 25
Kalamazoo Stove (quarterly)
250 Aug. 1 July 20
Kalamazoo Vegetable Parchment (guar.)
15c Sept.30 Sept.20
Quarterly
15c Dec. 30 Dec. 30
Kansas City St. Louis & Chicago RR.
6% preferred guaranteed (guar.)
$134 Aug. 1 July 17
Kaufmann Dept. Stores, Inc
20c July 27 July 10
Kekaha Sugar. Ltd. (menthly)
200 Aug. 1 July 24
Kelvinator of Canada 7% pref.(guar.)
Aug. 15 Aug. 5
$1
Kendall Co.. preferred class A (quar.)
Sept. 3 Aug. 10a
$1.
Keokuk Electric Co.. 6% preferred quar.)_
$114 Aug. 15 Aug. 10
Keystone Steel & Wire
$3 Aug. 1 July 20
King Royalty Co.(quar.)
250 Aug. 1 July 15
Kings County Trust (guar.)
$20 Aug. 1 July 25
Klein (D. E.) & Co common (guar.)
250 Oct. 1 Sept.20
7% preferred (quar.)
$1.75 Oct. 1 Sept.20
Kokomo Water Works Co.,6% pref. (guar.).- _ $134 Aug. 1 July 20
Koloa Sugar. Ltd.(monthly)
50c July 31 July 24
Kress (S. H.) & Co. (guar.)
250 Aug. 1 July 20
Preferred (guar.)
150 Aug. 1 July 20
Kroehler Mfg. Co.,7% pref. (quar.)
ili Sept.30
7% preferred (quarterly)
Dec. 31
$1
Class A preferred (quar.)
Sept.30
$1
Class A preferred ((uer.)
Dec. 31
Si
Kroger Grocery & Baking,7% pref.(quar.)...
Aug. 1 July 19
21
Landers. Frary & Clark tquar.)
3754c Sept.30 Sept.20
Quarterly
37340 Dec. 31 Dec. 20
Landis Machine.7% Preferred (quarterly)
Sept.15 Sept. 5
$
7% preferred fouerterly)Dec. 15 Dec. 5
$1
Lane Bryant Inc.7% preferred (guar.)
Aug. 1 July 15
Lansing Co.(quar.)
Aug. 10 Aug. 10
Larus & Bros. Co. B
June 30
5211
June 30
8% preferred '(quar.)
Lawbeck Corp.. preferred (guar.)
$1.50 Aug. 1 July 20
Lazarus(F. & R.) Co.. pref. (guar.)
$134 Aug. 1 July 29
Lee Rubber & Tire Corp
250 Aug. 1 July 150
Leonard Custom Tailors
100 Aug. 1 July 15
Lerner Stores prof (quarterly)
$1% Aug. 1 July 22
Libby-Owens-Ford Glass (quar.)
30c Sept.16 Aug. 30
Lihue Plantation, Ltd.(guar.)
$I Aug. 1 July 24
Lincoln Telep. Securities. class A (guar.)
250 Aug. 10 July 1
Lincoln Telephone & Teleg (guar.) 6% pref A..
$134 Aug. 10 July 31
LinkBelt
200 Sept. 1 Aug. 15
Preferred (quar.)
$1 34 Oct. 1 Sept.14
Liquid Carbonic Corp (quarterly)
25e Aug. 1 July 17
Loblaw Groceterias, class A and B (quar.)
r25c Sept. 3 Aug. 14
Lock Joint Pipe. preferred (quar.)
$2 Oct. 1 Oct. 1
Preferred (quar.)
$2 Jan.1 '36 Tan. 1
Loew's Boston Theatres (guar.)
150 Aug. 1 July 26
Loew's Inc.. $634 preferred (quar.)
$1% Aug. 15 July 26
Lone Star Gas
15c Aug. 15 July 20
634% preferred (quar.)
$1.63 Aug. 1 July 20
Loose-Wiles Biscuit Co.,common
50c Aug. 1 July 18
1st preferred (quar.)
$1%* Oct. 1 Sept. IS
Lord & Taylor Co 1st pref. (quar.)
$1.50 Sept. 3 Aug. 16
2nd preferred (quarterly)
$2 Aug. I July 17
Los Angeles Gas & Electric. 6% pref. (quar.)-- $134 Aug. 15 July 31
Louisiana & Missouri River R11.7% guaranteed preferred (s.-a.)
$334 Aug. 1 July 17
Louisiana Power & Light. $6 pref.(quar.)
$1.50 Aug. 1 July 15
Louisville Henderson & St. Louis By.(..-a.)_ -.
$4 Aug. 15 Aug. 1
Preferred (semi-ann.)...
$234 Aug. 15 Aug. 1
Louisville & Nashville H.R. Co
Aug. 24 July 31
Lunkenheimer Co..634% preferred (quarterly). $134 Oct. 1 Sept.20
634% preferred
$114 Jan.!'36 Dec. 21
Luzerne Co. Gas &
(quarterly)Elec.. $7 lst pref.(quar.)_ $1.75 Aug. 15 July 31
$6 1st preferred (guar.)
$1.50 Aug. 15 July 31
MacMillan. 56 preferred
$134 Aug. 8
Macy (R. H.)(quar.)
50c Sept. 3 Aug. 9
Magnin (I.) & Co.6% pref (guar.)
$1% Aug. 15 Aug. 5
8% preferred (quarterly)
21
Nov. 15 Nov. 5
Mahoning Coal RR.(guar.)
$654 Aug. 1 July 15
Masonite Corp., 7% preferred
85334 Aug. 1 July 25
7% preferred (semi-annually)
$3.50 Sept. 1 Aug. 25
Massawippi Valley RR. (semi-ann.)
23 Aug. 1 July 1
May Dept. Stores (guar.)
400 Sept. 3 Aug. 15
Maytag Co.. 1st preferred (quar.)
$134 Aug. 1 Jnly 15
53 preferred
84154 Aug. 1 July 16
McGraw Electric Co., com.(Increased)
50c Aug. 1 jul
8.
Financial Chronicle
542
Name of Company
Per
Share
When Holders
Payable of Record
43 Mc Sept. 1 Aug. 31
McOlatchy Newspapers.7% lg.(qtr.)
43%c Dec. 1 Nov.30
7% preferred (quarterly)
50c Sept. 2 Aug. 1
McIntyre Porcupine Mines (guar.)
3794c Aug. 15 July 31
Meadville Telephone Co. (guar.)
62
94c Aug. 1 July 12
Melville Shoe
$194 Aug. 1 July 12
1st preferred (guar.)
734o Aug. 1 July 12
2nd preferred (guar.)
Metropolitan Industries Co.
250 Aug. 1 July 18
6% preferred allotment certificates (quar.)-$25 July 31 July 20
Michigan Central RR.(semi-ann.)
87 c Aug. 1 July 15
Michigan Public Service Co..7% preferred
Aug. 1 July 15
6% preferred
Milw. Elec. Ry.& Lt. Co.69' pref.(quar.)---- $1% July 31 July 20
$1 VI Aug. 1 July 15
Mine Hill & Schuylkill Haven RR.en (8.-a.)..750 Aug. 15 Aug. 3
Minneapolis-Honeywell Regulator Co
250 Aug. 15 Aug. 3
Extra
Aug. 1 July 15
h50c
Mississippi Power & Light, $6 pref
250 Aug. 1 July 20
Modinel‘ffg
1 July 15
Aug.
(guar.)
$1
Mohawk Hudson Power Corp. preferred
$1% Aug. 15 Aug. 1
Monmouth Consol. Water.7% pref.(guar.).
1
Aug.
150
(guar.)
Corp.
Pictures
Monogram
15c Nov. I
Quarterly
150 Feb.1'36
Quarterly
July 31 June 29
(quar.)...
r38c
consol.
Power
Montreal Light. Heat &
62 Aug. 15 July 31
Montreal Light. Heat & Power (quar.)
75c Aug. 15 Aug. 1
Moody's Investors Service, pref. (guar.)
$194 Oct. 1 Oct. I
Moore Dry Goods(guar.)
Jan.1 '36 Jan. 1
Quarterly
Oct. 1 Sept.20
81
prof.
(qu.)_
Inc.,
Stores.
7%
Morris 5& 10c to $1
Sept. 1 Aug. 27
Morris Plan Insurance Society.(guar.)
$1 Dec. 1 Nov. 26
Quarterly
El% Aug. 1 July 24
Mortgage Corp. of Nova Scotia (guar.)
50c Aug. 10 Aug. 1
Motor Products(quarterly)
$1 34 Sept. 2 Aug. 15
Muskogee Co.,6% cum. pref. (guar.)
Sept 28 Sept. 19
$1%
(qu.)
pref.
Mutual Chemical Co. of Amer..0%
Dec. 28 Dec. 19
$1
6% preferred (quarterly)
Aug 1 July 15
250
common
Co.
Motors
Nash
25c Aug. 1 July 15
National Auto Fibres A (initial)
12%c Aug 1 July 15
A. extra
Aug. I July 19
National Bearing Metals Corp.7% pref.(qu.)-- $1% Oct.
15 Sept. 13
40c
National Biscuit Co.(guar.)
$1% Aug. 31 Aug. 15
Preferred (guar.)
Aug
1 July 19
$2
National Carbon 8% Preferred (guar.)
50c Aug 1 July 13
National City Bank (semi-ann.)
50c Aug. 1 July 13
Preferred (semi-ann.)
35c Aug 1 July 13
Preferred(RFC stocks) (semi-ann.)
50c Aug. 1 July 15a
National Distillers Products Corp. (quar.)
Aug. 1 July 19
61%
(quarterly)_..
preferred
B
class
Lead,
National
10c Aug. 15 Aug. 1
National Liberty Insurance Co.of Amer.(s.-a.).
Sc Aug. 15 Aug. 1
Extra
20c Sept. 3 Aug. 5
National Power & Light Co., common (quar.)_ _
El% Aug. 1 July 5
$6 preferred (quarterIvN
17 c Oct. 10 Oct. 1
National Short Term Securities, pref.(guar.)_
July 31 July 22
National Steel (quarterly)
12%c July 31 July 22
Extra
1394c Aug. 1 July 15
National Tea Co. 5949' pref. (guar.)
87 c Aug. 1
National Tel. & Tel.$3% 1st pref.(guar.)
87 c Aug. 1
$334 2nd preferred (guar.)
t c Aug. 1 July 15
B
class
Securities,
Nation-Wide
% Aug. I July 15
Neisner Bros., 7% cony pref (guar.)
c$1 Aug 1 June 29
Nevada-California Electric preferred
Aug. 1 July 16
$1
pref.
(qu.)
A
%
Estate.
Newberry(J. J. Real
Aug. 1 July 16
$1
6% preferred B (guar.)
Sept. 1 Aug. 16
$1
Newberry (J. J.) Sr Co.,7% pref.(quar.)
1 July 15
Aug
4
(Me.)
Co.
New England Grain Products
New England Water, Light 14 Power1 July 15
Aug.
$1%
(quar.)
preferred
6%
50c Aug. 10 July 19
New Jersey Zinc (quar.)
50c Aug. 15 Aug. 2
Newmont Mining Corp
50c Aug. I July 26
New Process Co.(guar.)
$1% Aug. 1 July 26
Preferred (quar.)
25c July 27 July 16
New York & Honduras Rosario Mining Co
50c July 27 July 16
Extra
$1 Aug. 15 Aug. 10
New York Hanseatic (guar.)
50c Aug 1 July 20
New York Merchandise (guar.)
50c Aug. 15 July 31
1900 Corp. class A (guar.)
50c Nov. 15 Oct. 31
"A" (guar.)
$2 Sept.19 Aug. 31
Norfolk & Western By.(guar.)
$1 Aug. 19 July 31
Adjustable preferred (guar.)
North American Edison Co. preferred (quar.).... $1% Sept. 3 Aug. 15
Aug. 1 July 20
25c
Consol
North American Oil
$3% Aug. 1 July 20
North Carolina RR. Co.,7% gtd. (13.-a.)
29 July 20
July
$1%
-a.)
(s.
N.Y.
of
Co.
Insurance
Northern
50c July 29 July 20
Extra
1 July 10
Northern New York Utilities,7% 1st pref.(qu.) $15' Aug. 31
July 8
July
Northern RR. of N. H.(guar.)
Sept. 1 Aug. 20
Northern RR.Co.of N.J.4% gtd.(guar.)
$1 Dec. 1 Nov.21
4% guaranteed (guar.)
20c Aug. l5 Aug.
Oahu Sugar (monthly)
2c Aug 1 July 22
Oceanic Oil
Aug. 1 July 15
1-3c
58
pref.
(monthly)7%
Co..
Service
Public
Ohio
Aug. 1 July 15
50c
69' preferred (monthly
412-3c Aug 1 JulY 15
57. preferred (monthly
Aug. 5 July 31
A
class
1..td.,
Co.,
Invest.
Old Canada
Aug. 5 July 31
5
Preferred
Aug. 1 July 1
Old Colony Insurance (guar.)
Nov. I Oct. 21
$2
Quarterly
10c Aug. 1 July 25
Orange & Rockland Elec. Co. (guar.)
Aug. 1 July 27
$2
pref
1st
8%
Corp.,
Falls
Oswego
$2.25 Aug. 20 Aug.
Oswego & Syracuse RR.(semi-annual)
50c Aug. 1 July 22
Outlet Co., common (quarterly)
$1% Aug. 1 July 22
1st Preferred (quarterly)
$1% Aug. I July 22
2d preferred (quarterly)
$1 Aug. 15 July 30
Owens-Minois Glass Co.(guar.)
10c Aug. 5 July 31
Plantation
(monthly)
Paauhan Sugar
Pacific Finance Corp. of California20c Aug. 1 July 15
Preferred A quar.
16%c Aug. 1 July 15
Preferred C guar.
17%c Aug. 1 July 16
Preferred D guar.
34%c Aug. 15 July 31
Pacific Gas & E ectrIc. 534% pref.(guar.)
3794c Aug. 15 July 31
6% preferred (quarterly)
600 Aug. 15 July 20
Pacific Lighting.(quar.)
Aug. 1 July 18
741.75
pref.
Pacific Power & Light 7%
h$1.50 Aug. 1 July 18
$6 preferred
h20c Aug. I July 15
Pacific Public Service, 1st preferred
$1% Aug. 1 July 20
Package Machinery.7%,1st pref.(guar.)
25c Aug. 1 July 20
Pan American Airways
Aug. 1 July 22
$1.25
(semi-annual)
RR.
Passaic & Delaware
h$1% Aug. 1 June 14
Penna-Glass Sand,$7 pref.(guar.)
55c Aug. 1 July 20
Pennsylvania Power Co., $6.60 pref. (mo.)
55c Sept. 2 Aug. 20
$6.60 preferred (monthly)
$134 Sept. 2 Aug. 20
$6 preferred (guar.)
$3 Aug. 1 July 25
Pemigawasset Valley RR.(s.-a.)
$1.75 Aug. 15 Aug. 5
Peninsular Telephone Co.,7% pref. (guar.)
75c Aug. 15 Aug. 5
Penmans, Ltd. (quarterly)
$1% Aug. 1 July 22
Preferred (quarterly)
Sc Aug. I July 15
Penn Traffic Co. (semi-annual)
$3.50 Aug. 10 July 19
Peoria & Bureau Valley RR.(s.-a.)
Sept. 1 Aug. 15
20c
Pepper (Dr.)(quarterly)
20c Dec. 1 Nov. 15
Quarterly
Oct. 1 Sept. 25
Si
Petersburg RR.(semi-annual)
$1% Apr.1'36 Mar. 25
Semi-annual
h25c July 28 June 14
Petroleum & Trading, A
$1% Aug. 31 Aug. 10
Philadelphia Co.,5% preferred (s.-a.)
$1% Aug. 1 July 10
Philadelphia Electric Co. $5:vet (guar.)
Philadelphia Electric Power 8% cum. pref.(qu ) 50c Oct. 1 Sept. 10
50c Aug. I July 15
-a.)
(s.
Philadelphia Insulated Wire
$2% Oct. 10 Sept.30
Philadelphia & Trenton RR.(guar.)
Aug. 1 July 20
$1%
(guar.)
preferred
-Jones,
Philip
25c Aug. 30 Aug. 2
Phillips Petroleum
500 Oct. 10 Sept.30
Phoenix Finance Corp..8% pref.(guar.)
50c Jan.1036 Dec. 31
g% preferred (quarterly)
6A
Name of Company
July
Per
Share
27 1935
When Holders
Payable of Record
h$2 Aug. 15 July 31
Phoenix Securities, preferred
eh 3,6 sh Aug. 15 July 31
Preferred
20c Aug. 1 July 20
Pioneer Mill. Ltd.(mo.)
Sc Aug. 1 July 15
Pitney Bowes Postage Meter (guar.)
75c Oct. 1 Sept. 14
Pittsburgh Bessemer & Lake Erie is af.
Oct. 1 Sept. 10
$1
Pittsburgh Ft. Wayne & Chicago By. (guar.)._
Feb.1'36 Dec. 10
$1
Quarterly
Oct. 8 Sept. 10
7% preferred (guar.)
Jan 7 '36 Dec. 10
79' preferred (guar.)
Aug. 1 June 28
$1
Pittsburgh & Lake Erie RR.(s.-a.)
e$1 Aug. 15 July 20
Pittsburgh Plate Glass (special)
RR.
Ashtabula
&
Pittsburgh Youngstown
$1% Sept. 1 Aug. 20
7% preferred (guar.)
$IM Dec. 1 Nov. 20
7% preferred (guar.)
$1
Sept.15 Sept. 1
Pollock Paper & Box Co., pref.(guar.)
$1
Dec. 15 Dec. 1
Preferred (quarterly)
Aug. 1
$1
Potomac Edison. 7% preferred (guar.)
$1
Aug. 1
6% preferred (guar.)
Sept. 1 Aug. 15
Potomac Electric Power Co.,6% pref. (quar.)_ _ $1
1 Aug. 15
Sept.
$1,
(guar.)
preferred
%
75c Aug. 1 July 20
Princeton Water Co.(N. J.) (guar.)
'3734c Aug. 15 July 250
Procter & Gamble (corn. (quar.)
Public Service Co. of Qolorado,7% pref. (mo.)_ 58 1-3c Aug. 1 July 15
50c Aug. 1 July 15
67. preferred (monthly)
41 2-3c Aug. I July 15
3% preferred (monthly)
600 Sept.30 Sept. 3
Public Service Corp. of N..1., corn.(quar.)
$134 Sept.30 Sept. 3
$5 preferred (guar.)
July 31 July 1
6% preferred (monthly)
50c Aug. 31 Aug. 1
6% preferred (monthly
60c Sept.30 Sept. 3
6% preferred monthly)
$1% Sept.30 Sept. 3
7% preferred guar.
62 Sept.30 Sept. 3
87. preferred (guar.
$1% Aug. 1 July 15
Public Service of Nor.t11. 7% Prof• (guar.)
$1% Aug. 1 July 15
0 preferred (guar.)
67
$1
Aug. 5 July 31
Public Utilities (quarterly)
7
Aug. 15 July 24
Pullman, Inc. (quarterly)
20c Aug. 15 July 31
Pyrene Mfg. Co.. con. (special)
$1% Aug. 31 Aug. 1
Quaker Oats pref (quar.)
3c Aug. 1 July 15
Quarterly Income Shares, Inc
r25c Aug. 15 July 25
Quebec Power Co. (guar.)
50c Aug. 8 July 11
Reading Co. (quarterly) •
50c Sept.12 Aug. 22
1st preferred (quarterly)
50c Oct. 10 Sept.19
2nd preferred (quarterly)
15c Aug. 1 July 20
Reliance Mfg.,"Illinois" (quarterly)
15c Aug. 1 July 15
Republic Investors Fund,6% Preferred A (guar.)
17.3750 July 31
Republic Trust Shares
$1 Aug. 1 July 15
Rhode Island Pub.Serv. Co.cl. A (guar.)
50c Aug. 1 July 15
Preferred (quarterly)
Rice-Stix Dry Goods, 1st & 2d pref (quar.)- $1% Oct. 1 Sept. 15
10c Aug. 11 July 11
Richmond Insurance Co.of N.Y.(guar.)
Sc Aug. 1 July 11
Extra
h20c Aug. 1 July 20
Riverside Chemical Co.$1.25 part. class A
$1.50 Aug. 1
$6 1st preferred (guar.)
Sept. 2 Aug. 15
Rolland Paper, Ltd., preferred (guar.)
$1
Aug. 1 July 15
Roos Bros., preierred (guar.)
Sc Aug. 1 July 20
Rose 5-10-25c. Stores Mum%)
$1% Aug. 1 July 20
7% preferred kquar.)
$1.701 Aug. I July 18
Royal Dutch Co., New York Shares
'ill% Aug. 1 July 19
Russel Motor Car,7% preferred
25c Aug. 1 July 16
Ryerson (Jos. T.)& Sons
50c Aug. 1 July 11
St. Croix Paper Co.(quarterly)
50c Aug. 1 July 20
St. Lawrence Flour Mills (quar.)
Aug. I July 20
Preferred (guar.)
St. Louis Rocky Mountain & Pacific RR.Co.
$1% Oct. 21 Oct. 50
Preferred (quarterly)
20c Aug. I July 15
Salt Creek Producers Assoc. (guar.)
7c Aug. 1 July 15
San Antonio Gold Mining
50c Aug. 15 Aug. 2
San Carlos Milling Co.,Ltd.(extra)
200 Aug. 15 Aug. 2
Monthly
75c Sept.30 Sept.15
Ran Francisco Remedial Loan Assn.(guar.).$1.60 Aug. I July 15
Savannah Sugar Refining, common (guar.).
$1.75 Aug. 1 July 15
Preferred (guar.)
100 Aug. 1 June 29
Schuyler Trust Shares
Aug. 1 July 18
Scott Paper Co.7% series A cum.pref.(quar.)._ $1
$1
Aug. 1 July 18
6% series B cum.pref.(guar.)
3
Aug. 15 Aug. 6
Scotten Dillon
hil Aug. 1 July 22
Second National investors, $5 pref
624c Aug. 1 July 15
Seeman Bros., Inc., common (guar.)
50c Aug. 1 July 25
Selby Shoe Co. (guar.)
$1% Oct. 1 Sept. 20
Servel. Inc.. 7% preferred (guar.)
$1 34 Aug. 1 July 15
Shamokin Valley & Pottsville RR (s.-a.)
87%c Aug. I July 18
Sharp & Dohme .cum. pref. class A (guar.)
r13c Aug. 15 July 24
Shawinigan Water & Power (guar.)
$1.50 Sept. 1 Aug. 20
Shenango Valley Water, 6% pref. (quar.)
$1.50 Aug. 1 July 22
Sierra Pacific Electric, preferred (Var.)
h50c Aug. I July 27
Signode Steel Strapping, preferred
rh$1 Aug. I July 23
Simpson s. Ltd..6J% Preferred
$1% Aug. 10 July 31
Sioux City Gas & Elec.,7% pref.(guar.
Qum.) 37 c Aug. 15 Aug. 14
Sioux City Stockyards co.$lm Part
373c Nov. 15 Nov.14
$134 participating preferred (guar.
1234c Aug. 1 July 20
Smith Agricultural Chemical (guar.)
5194 Aug. I July 20
6% preferred (guar.)
Aug. 1 Aug. 1
Smith (S. Morgan) Co. (quarterly)
Quarterly
Nov. 1 Nov. 1
Solvay American Investment,534% pref.(qu.)_ $1
Aug. 15 July 15
Southern California Edison Co.. Ltd371c Aug. 15 July 20
Common (quarterly)
Southern Canada Power Co.common (quar.)_ _ _
Aug. 15 July 31
50c Aug. 1 July 25
Sparta Foundry (special)
$1% Aug. 1 July 15
Spiegel, May,Stern Co. preferred
250 Aug. 1 July 15
Squibb (E. R.)& Sons (guar.)
$1.50 Aug. I July 15
$6 1st preferred (quar.)
60c Aug. I July 3
Standard Cap & Seal Corp. (guar.)
4c Aug. 1 July 20
Standard Corporations,Inc.(guar.)
37
Stanley Works,6% preferred (quar.)
Aug. 15 Aug. 3
r4394c Aug. 1 July 6
Steel Co. of Canada (guar-)
r4334c Aug. 1 July 6
Preferred (guar.)
Aug. 15 July 31
Stein (A.)& Co
Strawbridge & Clothier Co..6% pr. pref. A (qu.) $1% Sept. 2 Aug. 6
81% Aug. 1 July 15
Suburban Electric Security Co.1st pref.(qu.)
25c Sept.15 Sept. 5
Sylvania Industrial Corp.(quar.)
$3 Aug. 1 July 22
Syracuse Binghamton & N.Y RR.(guar.)
$1% Aug. 1 July 10
Tacony-Palmyra Bridge. 731% preferred
15e Aug.
Telautograph Corp. (reduced)
July 15
26e Aug. 1 July 20
Telep. Investment Corp.(monthly)
Tennessee Electric Power,5% pref. (guar.)..._ $1.25 Oct. 1 Sept.14
$1.50 Oct. I Sept.14
67 preferred guar.)
$1.75 Oct. 1 Sept.14
77 preferred guar.)
$1.80 Oct. 1 Sept.14
7.2% prefhrr (guar.)
.50c Aug. 1 July 15
67 preferred monthly
607 preferred monthly
50c Sept. 2 Aug. 15
50c Oct. 1 Sept.14
67 preferred(monthly
60c Aug. I July 15
7.2 preferred (month y)
60c Sept. 2 Aug. 15
7.27 preferred (monthly)
60c Oct. 1 Sept.14
7.2% preferred (monthly)
50c Sept.16 Sept. 3
Texas Gulf Sulphur (guar.)
$1% Aug. I July 13
Texas Power & Light,7% pref.(guar.)
$1
Aug. 1 July 13
$6 preferred (guar.)
9
Aug. 15 July 31
Thatcher Mfg. Co.cony. pref.(guar.)
450 Aug. 1 July 22
Third National Investors
(guar.)
$131 Aug. 15
Tide Water Oil. 5% preferred
$134 Sept. 1 Aug. 10
Tide Water Power. $6 pref. (quar.)
2c Aug. 21 July 25
Toburn Gold Mines (guar.)
58 1-3c Aug. I July 15
Toledo Edison Co.7% preferred (monthly)
50c Aug. 1 July 15
6% preferred (monthly)
41 2-3c Aug. 1 July 15
5% preterred (monthly)
$5 Aug. 1 July 25
Troy & Bennington RR. semi-ann.)
150 July 31 July 13
Transamerica Corp.,(semi-ann.)
Trustee Standard Investment SharesSc Aug. 1 June 30
Series C(semi-annual)
4.50 Aug. 1 June 30
Series D (semi-annual)
750 Aug. 1 July 19
Tung-Sol Lamp,$3 pref.(guar.)
11
Financial Chronicle
Volume 141
543
Per
When Holders
Name of Company
Share Payable of Record
Twin Bell Oil Syndicate (monthly)
$2 Aug. 5 July 30
Union Copper Land & Mining Co
10c Sept. 1 Aug. 1
Union Oil of Calif. (quar.)
25c Aug. 10 July 20
United Biscuit Co. of Amer. pref. (qua?.)
$134 Aug. 1 July 15
United Dyewood, preferred (quar.)
$1.75 Oct. 1 Sept. 13
United Gas Improvement (quar.)
25c Sept.30 Aug. 30
Preferred (quar.)
$13i Sept.30 Aug. 30
United Insurance Trust Shares(F neg.)
4c Aug. 1 June 29
United Light & Ry. Co. (Del.)
79' preferred (monthly)
Aug. 1 July 15
58
1-30
6.36% preferred (monthly)
53c Aug. 1 July 15
6% preferred (monthly
50c Aug. 1 July 15
7% preferred
ed (monthly
58 1-30 Sept. 3 Aug. 15
6.36% preferred
(mont y)
53c Sept. 3 Aug. 15
69' preferred (monthly)
50c Sept. 3 Aug. 15
7% preferred (monthly)
58 1-3c Oct. 1 Sept. 16
6.6% preferred (monthly)
53 Oct. 1 Sept. 15
6% preferred (monthly)
50c Oct. 1 Sept. 16
United New Jersey RR.& Canal(guar.)
$2ti Oct. 10 Sept. 20
United States Fire Insurance (guar.)
30c Aug. 1 July 19
Extra
10c Aug. 1 July 19
United States & Foreign, 1st pref.(guar.)
SI 34 Aug. 1 July 18
United States Petroleum (seed-annually)
lc Dec. 15 Dec. 5
United States Pipe & Fdy Co.. C13/71111011 (guar.). 12 c Oct. 20
Sept.30
Common (guar.)
1234c Jan 2036 Dec. 31
lit preferred (quar.)
Oct. 20 Sept.30
3
lit preferred (guar.)
300 Jan 2036 Dec. 31
United Verde Extension (special)
$1 Aug. 1 July 3
Universal Leaf Tobacco Co.,Inc.(quar.)
Aug.. 1 July 17
50c
Extra
Aug. 1 July 17
Upper Michigan Power & Lt.Co.,6% pf.(qu.)- $1$2 Aug. 10 July 31
6% preferred (quarterly)
Nov. 10 Oct. 31
11
1
6% preferred (quarterly)
Feb 1016 Jan. 31
Utica Clinton & Binghamton By.—
Debenture stock (semi-ann.)
$234 Dec. 26 Dec. 16
Utica Gas & Electric, 7% Pref.
$1.75 Aug. 15 Aug. 1
(guar.)
$6 preferred
$1.50 Aug. 1 July 15
Vick Chemical Co.(quar.)
50c Sept. 3 Aug. 16
Extra
Sept. 3 Aug. 16
Virginian Railway, met (quar.)
Aug. 1 July 13
%roman Detinning, preferred
Oct. 19 Oct. 10
(guar.)
Walgreen Co
Aug. 1 July 15
Walker Mfg.Co.,$3 cony.preferred
Aug. 1 July 20
Walton (Charles) & Co.,8% preferred (quar.)
Aug. 1 July 15
Warren Foundry & Pipe Corp
Aug. 1 July 15
Warren RR. (semi-annual)
$IM Oct. 1 50ct. 5
Washington Gas
Light Co.(guar.)
90e Aug. 1 July 15
Washington (D. C.) Light &
Traction Co. (qu.)
$2 Aug. 1 July 22
Washington sty. & Electric Co.(quar.)
$3 Sept. 1 Aug. 15
59' preferred (quar,
Sept. 1 Aug. 15
$IM
5%
59' preferred (quar.
$13.4 Dec. 1 Nov. 15
5% preferred (s -a.)
Dec. 1 Nov. 15
$2
Western Cartridge,6%
$1.t8 Aug. 20 Jtly 31
(guar.)
Westinghouse Air Brake preferred
Co. (quar.)
1234c July 31 June 29
West Jersey & Seashore RR.
$135 Jan.I '36 Dec. 14
(s.-a.)
Columbia Troy Corp. stock.
o Parker Rust-Proof is paying a 10% stock div. and its reg. guar. div.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
is Payable In U. S. funds. o A unit. ta Less depositary expenses.
z Less tax. y A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 0 1935
C.earine House
Members
Saralee and
Undivided
•Capital
Profits
Bank of NY & Trust Co.
Bank of Manhattan Co.
National City Bank__
Chemical Bk & Trust Co
Guaranty Trust Co
Manufacturers Trust Cc
Cent Hanover 13k & Tr Co
Corn Exch Bank 'Fr CoFirst National Bank__
Irving Trust Co
Continental Elk & Tr Co_
Chase National Bank
Fifth Avenue Beak
Bankers Trust Co
Title Guar & Trust Co
Marine Midland i'FrCo..
New York Trust Co_
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co
$
$
6
6 000 000
20000000
' '
127
'
500
'
000
20,000:00
0
90.000,000
32 935 000
21'
000'000
15000'000
'
10:000:00
0
50 000 000
' '
4000000
150:270:000
500,000
25,000,000
10 000 000
' '
5000
000
12:500
'
000
7,000,000
'
8250000
Time
Deposits.
Average
Net Demand
Deposits,
Average
127,314,000
10,564,300
380,919,000
25,431,700
41,898,100 a1,130,736,000
386,556,000
48,725,100
177,067,100 61,211,049.000
328,542,000
10,297,500
61,523,900
664,715,000
16,538,000
202,026,000
90,301.700
438,227,000
464.674,000
57,918,100
3,689,000
35,275,000
70,850,900 c1,549,101,000
3,438,900
45,819,000
63,316,100 d731,815,000
7,957,000
15,142,000
7,780,700
64,349,000
21,361,500
264,741,000
7,682,400
57,753,000
5,272,500
58,787,000
6
5,828.000
30,849,000
146,476.000
18,923,000
43.980,000
95,545,000
20,613,000
20,374,000
5,638,000
1,473,000
2,418,000
53,231,000
10,466,000
297.000
3,330,000
19,341,000
1,674,000
38.279,000
Totals
at a nEE non 751 A94 son 5 157 540 ono i51873. non
• As per official reports: National, June 29 1935; State, June 29
1935: trust
companies, June 29 1935.
Includes deposits in foreign branches: a 203,143,000; b $71,956,000:
c 566,890.000; d $26,182,000,
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended July 19:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JULY 19 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURE
Loans
Other Cash Res. Dep., Dep. Other
Disc. and
Including N. Y and Banks and
Investments Bank Notes Elsewhere Trust Cos.
Manhattan—
$
Grace National
22.404,000
Trade Bank of N.Y. 4,135,731
Brooklyn—
People's National__ _
a sit non
S
83.700
190,623
$
3,256,900
953,456
an non
1 553 000
Gross
Deposits
$
$
2,002.500 24,175,500
104,185 4,309,331
412 000
5 424 ono
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investmenu
Manhattan—
Empire
Federation
Fiduciary
Fulton
Res. Dep.. Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.
Gross
Deposits
$
$
*7,535,500 8,760,100
779,622
155,278
374,356
*713.313
*3,377,700 1,562,900
976,600
*6,595,000
21,841,357 18,160.846
s
$
2,611,400 54,365,900
1,520.344 8,080,562
62,697 9,778,788
1,006,200 19,022,600
33,444,200
77.521.818
80,857.000
000
GOO 32
... .
2.708,
n.r;0.40
aacrac...
'
100,
125,000 106,955,00c
an A41
$
47,403.400
7,351,052
10,811,759
17,986,500
Lawyers County-- 28,236,000
United States
66,054,255
Brooklyn—
Brooklyn
Cash
•Includes amount with Federal Reserve as follows: Empire, 86,460,600; Fiduciary, 8463,264; Fulton, 83,174,400; Lawyers County, $5,218,700.
Per
Share
Name of Company
Westland Oil Royalty Co., class A (mo.)
Class A (monthly)
Westmoreland, Inc. (guar.)
Weston (George),preferred (guar.)
West Penn Electric. 7% pref. (quar.)
6% preferred (quarterly)
West l'enn Power, 7% pref. (quar.)
6% Preferred (quar.)
West Virginia Pulp & Paper. pref.(qua?.)
White Knob Copper & Dev., Ltd., 7% pref
Will & Baumer Candle Co.,inc.,corn
Wilson & Co
$6 preferred (quar.)
Winsted Hosiery (guar.)
Quarterly
Woolworth (F. W.) qua?.
Worcester Salt Co.(quar.
6% Preferred (quar.)
Wrigley (Win.) Jr. Co.(mthly.)
Monthly
Monthly
Wisconsin Telep., pref.(quar.)
Yale & Towne-Mfg. Co
Zions Cooperative Mercantile Ins Bruer I
ioc
bc
300
$1.75
$1,f
$134
$1
$1
$1.50
Mc
10c
12
$1
$1
6
$134
$135
25c
25c
25c
$134
15c
50c
When Holders
Payable of Record
Aug. 15 July 31
Sept. 15 Aug. 31
Oct. 1 Sept. 14
Aug. 1 July 20
Aug. 15 July 19
Aug. 15 July 19
Aug. 1 July 5
Aug. 1 July 5
Aug. 15 Aug. 1
Aug. 6 July 26
Aug. 15 Aug. 1
Sept. 1 Aug. 15
Aug. 1 July 15
Aug. 1
Nov. 1
Sept. 3 Aug. 9
Aug. 15 Aug. 5
Aug. 15 Aug. 5
Aug. 1 July 20
Sept. 2 Aug. 20
Oct. 1 Sept.20
July 31 June 20
Oct. 1 Sept. 10
'let 15
•Includes a bonus of 20c. t Quarterly dividend, but amount varies.
a Transfer books not closed for this dividend.
c The following corrections have been made:
d Fyr-Fyter class A, pays one share class A stock for each four shares
held in payment of all accumulate dividends.
13 Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated dividends. jPayable in preferred stock.
k Amer. Cities Pow. & Lt. Corp. div. of 1-32d of one share of class B
stock was declared upon each sh. of cony. class A stock, optional div. series.
Class A stockholders have the option of receiving 75c. in cash in lieu of the
div. in class B stock, providing written notice is received by the corporation
on or before July 22.
1 Associated Investment, pays four additional shares for each share held.
m Blue Ridge Corp. (opt. 63 cony. pref., ser. 1929) 1-32d of one sh. of corn
stock, or at the option of holder, 75 cents cash. Holders desiring cash must notify
the corporation on or before Aug. 15.
n One-tenth of a sh. of Amer. Mach. & Metals, Inc. for each sh. of
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 24 1935,
in comparison with the previous week and the corresponding
date last year:
July 24 1935 July 17 1935 July 25 1934
Assets—
Gold certificates on hand and due from
$
S •
$
U. S. Treasury-1
2,488,351,000 2,385,065,000 1,643,694.000
Redemption fund—F. R. notes
833,000
1,098,000
833,000
Other cash'
74,175,000
56,702,000
71,262.000
Total reserves
Redemption fund—P. R. bank notes_
Bills discounted:
Secured by U. S. Govt. obligations
direct & (or) fully guaranteed
Other bills discounted
Total Ms discounted
Bills bought in open market
Industrial advances
2,563,359,000 2,457.160.000 1,701,494,000
2,054,000
1,544,000
2,223,000
2,122,000
2,329,000
2,080,000
9,816,000
3,767,000
4,451,000
11,896,000
1,790,000
6,862,000
1,793,000
6,901,000
2,007,000
99.498,000
479.377,000
165,445,000
99,496,000
473,259,000
171,563,000
165,732,000
393,159,000
216,844,000
744,318,000
744,318,000
777,755,00
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities_
Other securities
Foreign loans on gold
Total bills and securities
35.000
756,737,000
757,463,000
791,693,000
Gold held abroad
Due from foreign banks
F. It. notes of other banks
Uncollected items
Bank premises
All other assets
Total assets
266,000
3,930,000
111,774,000
11,937,000
33,600,000
262,000
7,286.000
133,869,000
11,937,000
32,722,000
1,192,000
4,827,000 .
98.976,000
11,455,000
36,453,000
3,481,603,000 3,400,699,000 2,648,144,000
Liabilities—
F. R. notes in actual circulation
697,103,000 702,451,000 638,109,000
F. R. bank notes in actual circulation net
33,357,000
Deposits—Member bank reserve aca't_. 2,151,104,000 2,066,860,000 1,603,956,000
U. S. Treasurer—General account__ 186,531,000 132.811,000
17,228,000
Foreign bank
8,852,000
8,250,000
2,723,000
Other deposits
192,694,000 231,602,000 127,539,000
Total deposit/
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
2,539,181,000 2,439,523,000 1,751,446,000
116,303,000 129,958,000
97,136,000
59,459,000
59.432,000
60,228,000
49,964,000 •49.964,000
43,217,000
6,578,000
6,578,000
7,500.000
7.500,000
4,737,000
5,515,000
5,295,000
17,914,000
Total liabilities
3,481,603,000 3,400,699,000 2,648,144.000
Ratio of total reservee to deposit and
F. FL. note liabilities combined
79.2%
78.2%
71.2%
Contingent liability on bills purchased
for foreign correspondents
199,000
Commitments to make Industrial advances
8,076,000
8,050,000
•"Other cash" does not Include Federal Reserve notes or•bank's own Federal
These are certificates given by the U. B. Treasury for the gold taken
over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued
100
cents to 59.06 cents, these certificates being worth less to the extent offrom
the difference: the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Reserve bank notes.
July 27 1935
Financial Chronicle
544
Weekly Return of the Federal Reserve Board
condition of the
The following is issued by the Federal Reserve Board on Thursday afternoon, July 25, showing the
System as a
the
for
results
the
presents
table
first
The
Wednesday.
on
twelve Reserve banks at the close of business
last year.
week
corresponding
the
whole in comparison with the figures for the seven preceding weeks and with those of
note
Reserve
Federal
The
banks.
twelve
the
of
each
for
separately
liabilities
and
The second table shows the resources
Agents
Reserve
the
between
notes
Reserve
statement (third table following) gives details regarding transactions in Federal
in our departnd the Federal Reserve banks. The Reserve Board's comment upon the returns for the latest week appears
ment of "Current Events and Discussions."
AT THE CLOSE OF BUSINESS JULY 24 1935
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE HANKS
June 12 1935 June 5 1935 July 25 1934
July 24 1935 July 17 1935 July 10 1935 July 3 1935 June 26 1935 June 19 1935
3
s
s
S
S
s
s
s
$
ASSETS
6.126,491,000 6,119.438,000 6,019,475,000 5,909,299,000 4,873,172,000
24,620,000
Gold Ms.on hand & due from U.S.Treal.a 6,225,004,000 6,226,200,000 6,228,231,000 6,226,221,000
21,859,000
22,248,000
21,857,000
22,583,000
22,881,000
22,529,000
21,546,000
21,746,000
Redemption fund (F. R. notes)
233,432,000 222,982,000 233,327,000
265,497,000 251,848,000 241,301,000 216,175,000 239,614,000 234,018,000
Other cash •
6,274,766,000
6,154,529,000 5,133,119,000
8,375,363,000
6,388,688,000
6,513,247.000 8,499,594,000 6.490,061,000 6,465,277,000
Total reserves
2,304,000
Redemption fund-F. R. bank notes
Bills discounted:
obligations
Govt.
4,364,000
Secured by U. S.
4,434,000
4,690,000
3.681,000
3,591,000
5,384,000
3,939,000
3,608,000
3,083,000
16,934,000
direct and(or) fully guaranteed
3,300,000
3,393,000
3,200,000
2,987,000 . 3,546,000
2,902,000
3,057,000
3,026,000
Other bills discounted
21,298,000
7,734,000
8.083,000
6,881,000
7,137,000
8,371,000
6,841,000
8,665,000
6,109,000
Total bills discounted
5,271,000
4,706,000
4,700,000
4,723,000
4,690,000
4,687,000
4,687,000
4,679,000
4,676,000
Bills bought In open market
27.282,000
27,022,000
27,386.000
27.518,000
27,904,000
28,175,000
28,268,000
28,358,000
Industrial advances
310,904,000 316,852,000 468,094,000
292,214,000 292,222,000 292,416,000 292,743,000 316,865.000 316,891,000 1,512,430,000 1,552,980,000
U.S. Government securities-Bonds
1,252,308,000
1,564,987,000 1,543,136,000 1,528,108,000 1.533,137,000 1,510,483,000 1,515,436,000 600,879,000 500,374,000 711,650,000
Treasury notes
597,914.000
602,879,000
604,879,000
609.889,000
594.889,000
573,034,000
Certificates and bills
-2,430,227.000 2,430,241,000 2.430,263.000 2.430,206,000 2,432,052,000
Total U. S. Government securities 2,430,235,000 2,430,247,000 2,430,413.000 2.430,759,000
471,000
Other securities
Foreign loans on gold
2.469,985,000 2,470,011,000 2,459,092,000
2,469,378,000 2,469,859,000 2.470,116,000 2,471,721,000 2,469,572,000 2,469.231,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other assets
Total assets
LIABILITIES
fr. R. notes in actual circulation
F. R. bank notes In actual circulation_
646,000
18,977,000
459,960,000
49,904,000
46,230,000
843,000
22,075,000
543,628.000
49,904,000
45.325,000
637,000
21,863,000
472,720,000
49,849,000
44.709,000
636,000
17,940,000
527,436,000
49,839,000
44,652,000
711,000
16,853,000
468,964,000
49,826,000
42,531.000
894,000
18,020,000
523.801,000
49.814,000
49,592,000
678,000
17,312,000
563.31.5,000
49,822,000
42,098.000
700,000
15,888,000
499,881,000
49.711,000
47,620,000
3,128,000
18,700,000
399,143,000
52,728,000
52,754,000
9.386,472.000 9.238,340,000 8,120,968,000
9,558,342,000 9,631,028,000 9,549.955,000 9,577,501,000 ,437.145.000 .517.819,000
3,242,249,000 3,258,418,000 3,267.401,000 3,299,860,000 3397,898,000 3,188,278,000
3.178,446,000 3,182,049,000 3,060,241,000
33,743,000
Rath; of total reserves to deposits and
F. It. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make 1ndu_strial advances
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
18-30 days bills discounted
81-60 days bills discounted
61-00 days bills discounted
Over 90 days bills discounted
Total bills liscounted
1-15 days bl Is bought In open market.18-30 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
Total bills bough In open market
1-15 days Industrial advances
18-30 days Industrial advances
31-80 days Industrial advances
1-90 days Industrial advances
Over 90 days Industrial advances
21,896,000
20,850,000
20,844,000
20.579.000
S
S
4,796,000
4,071,000
98,000
55,000
594,000
1,301,000
971,000
479,000
206,000
203,000
6,665,000
6,109,000
S
5,055,000
92,000
604,000
860,000
224,000
S
6,401,000
255,000
033,000
871,000
206,000
S
5,070.000
412,000
110,000
1,294,000
251,000
'm
.
.
,.,
,
o
P
'co
.b...,,,
,
8
"
m.om
.
.
G
.
..omo
b
bt
.
obbb8
oocco
o
o
°coo.
4,899.723,000 5,029,492.000 4,995,666,000 5,049.181.000 4,914,241,000 4,020,030,000
Deposits-Member banks' reserve account 4,944,603,000 4,924,402,000 5.051,797,000
47,801,000
65,780,000
95,442,000
80,301,000 128,035,000
282,077,000 250,889,000 101,588,000 181,686,000
U. S Treasurer-General account-7,885,000
20,741,000
21,996,000
27,564,000
24,930,000
24,101,000
25,700,000
24.656,000
25,258,000
Foreign banks
286,484,000 281,499,000 273,778,000 193.407.000 174,468,000 211,851,000
277,526,000
277,405,000
239,827,000
Other deposits
5.329,109.000 5,206,147.090 4,287,567,000
5,491,765,000 5,477.332,000 5.455,841,000 5,393,593.000 5,415,393,000 5,423.043.000
Total deposits
521,872,000 496,046,000 405,799,000
551.087,000
469,872,000 542,264,000 470,026,000 531,850,000 467.642.000
Deferred availability Items
146,622,000
147,285,000
146,030,000 146,608,000 146,613,000 146,570,000 146,584,000 146,594,000 144.893,000 146,623,000 138,383,000
Capital paid in
144,893,000
144,893,000
144,893,000
144,893,000
144,893,000
144,893,000
144,893,000
Surplus (Section 7)
20.482,000
20.065,000
20,482,000
20,871.000
20.482.000
20,870,000
21,288,000
21,287,000
Surplus (Section 13-B)
30.776.000
22,540,000
30,778,000
30,781,000
30.780,000
30,778.000
30,777.000
30,780,000
30,780,000
Reserve for contingencies
14,272,000
25,410,000
12,664,000
11.731,000
13,530,000
13.475,000
9.088,000
9.445,000
10,875,000
All other liabilities
9.336,472,000 9,238,340,000 8,120,968,000
9.549,955,000
.437.145,00
0
9
9,577.501,000
9,631,028,000
9,558,342,000
Total liabilities
74.6%
22,197,000
74.4%
.4%
.
74
74.4%
74.2%
73.8%
73.4%
69.9%
1,196,000
20,008,000
$
6,419.000
192,000
303,000
592,000
228.000
19,688,000
6,841,000
8,371,000
7.137,000
6,881,000
7.734,000
$
S
14,499,000
6,675,000
639,000
197,000
5,102,000
317,000
905,500
644,000
153,000
250,000
-21,298,000
8,083,000
2,502,000
632,000
507,000
975,000
2,356,000
633,000
638,000 '
1.052,000
667,000
373,000
891.000
2.7,50,000
906,000
495,000
000.000
2,320,000
870,000
607,000
714,000
2,499,000
1,777,000
857,000
762,000
1,327,000
1.998,000
838,000
671,000
1,199,000
1,121,000
1,648.000
1,197,000
734.000
4,676,000
4,679,000
4,687,000
4,687,000
4.690.000
4,723,000
4.706,000
5,271,000
4,700,000
1,178,000
184,000
489,000
1,782,000
24.785,000
1,288,000
104,000
492,000
1.609,000
24.775,000
1,250,000
125,000
369,000
728,000
25,703,000
1,207,000
200,000
227,000
791,000
25,479,000
1,203,000
183,000
305,000
525,000
25,302,000
1,387,000
141,000
266,000
557.000
25,035,000
1,317,000
163,000
299,000
460,000
25,043,000
654,000
473,000
1,511,000
2,633,000
1,258,000
224.000
320,000
349,000
24,873,000
27,282.000
27.388,000
27,022,00027,518,000
28,175,000 P27,904.000
28,268,000
28,358,000
44,280,000
115,305.000 137,442,000
63.810,000
66.180.000
46.050,000
255.000
51.
44,853,000
43,023,000
1-15 days U. S. Government securities
66,160,000
45,550.000
38,232,000
63,810,000
51.055,000
44.853.000
43,023,000
50,419,000
40.014.000
16-30 days U. S. Government securities
92,369,000
94,817,000 170,300.000 186,005,000
83,637,000
82,679,000
0
0
.034,0
8
8
57,190.000
52,033.000
securities
Government
U.
S.
31-60 days
72.484.000
57,190.000
97,000
110,4'
82,879,000
000
.
033
.
52
50
000
.
963
52,393,000
.
109,072,000 105.834,000
61-90 days U. S. Government securities
2.197,138,000 2,204,784.000 2,177,342,000 2.169,074,000 2.005,948,000 1.960.290,000 426,272,000
Over 90 days U.S. Government securities. 2.185,493,000 2,171.951,000
650,000
2,430,235,000 2,430,247,000 2.430.413,000 2,430,759.000 2.430,227,000 2,430.241.000 2.430.263,000 2,430,206,000 --711-,Total U.S. Government securities
436,000
1-15 days municipal warrants
18-30 days municipal warrants
35,000
81-80 days municipal warrants
61-90 days municipal warrants
Oviar 90 days municipal warrants
-471,000
Total municipal warrants
----Federal Reserve Notes3,566,978,000 3,537,646.000 3,478,268,000 3,405,678,000 3,459,394,000 3,451,338,000 3,376,082,000
Issued to F. R. Bank by F. R. Agent---- 3,540,798,000 3.548,339.000
280,948,000 269.289,000 315,341,000
293,558,000 289,921,000 299,577,000 237.786,000 280,370,000 277,400,000
Reid by Federal Reserve Bank
---3.178,446,000
3,188.278,000
3,182,049,000 3,060,241,000
3.242,240,000 3,258,418,000 3,267,401,000 3,299,360,000 3,197.898.000
In actual circulation
Total Industrial advances
Collateral Held by Agent as Security for
Notes 'pitted to Bank3,420,339,000 3.414,839,000 3.392,839,000 3,277.639,000 3,284,139.000 3,299,639,000 3.288.479,000 3,118,656,000
Gold ctfs. unhand & due from U.S. Treas. 3,398,839,000
6,212.000
11,026,000
5,371,000
6,524,000
5.613,000
6,880,000
5,349,000
5,174,000
4,627,000
By eligible paper
175,000,000 188,000,000 185.000,000 233,000,000 225.100.000 225,000,000 225,500,000 293,000,000
201,000,000
securities
U. S. Government
-3.514,610.000 3,521,851,000 3,520,503,000 3,422,682,000
3.604.466.000 3,600,513,000 3,608,183,000 3.564,7i9,000.3,510,257.000
Total collateral
a Revised figures.
•"Other caste' does not include Federal Reserve notes.
r rom 100 cents to 59.06 cents
the gold taken over from toe Reserve hanks amen the dollar was devalued
a These are certificates given by the U. S. Treasury for
extent of the differeacd, the dif erence itself naving been appropriated as wont by the Treasury under the
on Jan. 31 1934, these certificates being worth is to the
1934.
of
Act
Reserve
provisions of the Gold
545
Financial Chronicle
Volume 141
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STA1 EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 24 1935
'too Csyhers (00) Omitted
Wier& Reserve Bank of-
Boston
Total
New York
Cleveland Richmond Atlanta
Phila.
Chkago
Si. Lout.: .1finneap Kan. City
Dallas
San Frac
s
S
s
s
s
RESOURCES
$
$
s
$
s
$
$
$
Gold certificates on hand and due
fro m U. S. Treasury
6,226,004,0 432,918,0 2,433,351,0 275,499,0 437,011,0 185,273,0 128,830,0 1,321,318,0 192,272,0 148,606,0 183,274,0 95,619,0 336,133,0
Reda mPtion fund-F.R. notes
299,0 3.700,0
681,0
516,0
833,0 1,964,0 1,678,0 1.810,0 3,473,0
1,907,0 1,149,0
21,746,0 3,736,0
01001:cash.*
74,175,0 31,390.0 10,367,0 10,140,0 10,685,0
33,049,0 12,596,0 13,748,0 12,842,0 9,058,0 15,543,0
265,497,0 31,904,0
Total reserves
6,513,247,0 468,558,0 2,563,359,0 308,853.0 449,956,0 197,223,0 142,988,0 1.356,274,0 206,017,0 162,870,0 196,797,0 104,976,0 355,376,0
Bills discounted
Se I. by CI. S. Govt. obligations
!Rut to (or) fully guaranteed
119,0
105,0
18.0
3,0
1,544,0
4,0
422,0
10,0
00,0
689,0
79,0
3,083,0
Ot Set bills discounted
45,0
318,0
65,0
60,0
2,223,0
59,0
41,0
90,0
15.0
80,0
30,0
3,026,0
Total bills discounted
748,0
3,767,0
512,0
120,0
120,0
00,0
15,0
4,0
63,0
83,0
437,0
150,0
Bills bought In open market_ .._ 345,0
4,676,0
Ind Arial advance.s
28,358,0 2,261,0
U. S Government securities:
Bonds
292,214,0 17,419,0
Tr easury notes
1,564,987,0 102,401,0
Certiticates and bills
573,034,0 37,857,0
1,790,0
6,862,0
475,0
3,679,0
445,0
1,641,0
174,0
4,555,0
169.0
1,068,0
557,0
1,943,0
80,0
456,0
64,0
2,081,0
127,0
1,157,0
122,0
1,847,0
328,0
808.0
6,109,0
Total U. S. Govt. securities. 2,430,235,0 157,677,0
Tatal bills and securities
Due from foreign banks_ ___
Fed. Res. notes of other banks
Une ,Ilected items
Ban ; premises
All other resources
_
Yetal resources
99,496,0 20,160,0 23.227,0 12,434.0 10.054,0
479,377,0 115,063,0 142,220,0 76.135,0 61,452,0
165,445,0 41,897,0 52,578,0 28,146,0 22,719,0
33,808,0 11.473,0 14,278,0 11,548.0 17,082,0 21.235,0
229,695,0 70,754,0 44,927,0 69,575,0 43,362,0 130,026,0
92,186,0 25,973,0 16,411,0 25,721,0 16,031,0 48,070,0
744,318,0 177,120,0 218,025,0 116,715,0 94,225,0
355,680,0 108,200,0 75,616,0 106,844,0 76,475,0 199,331.0
2,469,378,0 161.031,0
756,737,0 181,786,0 220,231,0 121,564,0 95,552,0
358,204,0 108,740,0 77,824,0 108,211,0 78.881,0 200,617,0
48,0
646,0
379,0
18,977,0
459,960,0 47.170,0
49.904,0 3,168,0
556,0
46,230,0
65,0
266,0
23,0
23,0
60,0
485,0 1,606,0 2,037,0
3,930,0
972,0
111,774,0 38,076,0 43,309,0 38,318,0 13,423,0
11,937,0 4,642,0 6,632,0 3,028,0 2,328,0
33,600,0 4,433,0 1,614,0 1,231,0 1,651,0
44,0
17,0
17,0
3,0
3,0
77,0
388.0 2,803.0
931,0 1,801,0
2,482,0 1,163,0
66,377,0 19,396,0 12,669,0 27,815.0 16,858.0 24,775,0
4,958.0 2,628,0 1,580,0 3,449,0 1,685,0 3,869,0
465,0
867,0
337,0
528,0
239,0
709,0
9,558,342,0 680,910,0 3,481,603,0 538,340,0 723,408,0 363,424,0 256.937,0 1.789,081,0 338,186,0 256,405,0 338,427,0 203,672,0 587,949,0
LIABILITIES
F. R.notes lo actual circulation_ 3,242,240,0 285,567,0
697,103,0 235,734,0 318,223,0 147,012,0 126,190,0
Dep rolls:
ember bank rese,ve account_ 4,044,603,0 300.375,0 2,151,104,0 226,345,0 318,270,0 153,809,0 98,659,0
U. S. Treasurer-Ge0. acct
282,077,0 15,922,0 186.531,0 1,593,0 7,868,0 6,568,0 2,586,0
reign bank
8832.0 2,570,0 2,467.0
961,0
25,258,0 1,859,0
935,0
Other deposits
239,827,0 4,191,0 192,694,0 1,836,0 1,635,0 2,036,0 1,489,0
Total deposits
Defe rred availability items
Cap!tal paid In
Surelus (Section 7).
fivirplus (Section 13-b)
Roserye for contingencies
All othem liabilities
Tctal liabilities
I
793,278,0 139,902.0 98,698,0 121,696.0 54,121,0 224,716.0
830,064,0
47,696.0
3,012,0
3,274,0
I
195 0 124,240,0 174:104.0 116.778,0 292,860,0
1,999.0 2,691,0 1,948.0 1,660,0 4,995,0
618.01
675,0 1,817,0
623,0
779,0
7,507,0 7,8)9,0 1,733,0 1,222,0 14,350,0
5,491,765,0 322,357,0 2.539,181,0 232,314,0 330,260,0 163,374,0 103,660,0
881,046,0 167,480,0 135,453,0 179,283,0120,335,0 314,022,0
116,303,0 36,289,0 43,113,0 37,911,0 13,531,0
59,459,0 15,126,0 13.110,0 5,026,0 4,452,0
49,964,0 13,470,0 14,371,0 5,186,0 5,540,0
6,578,0 2,098,0 1,007,0 3,335,0
754,0
7,500,0 2,996,0 3,000,0 1,416,0 2,602,0
313,0
5,515,0
324.0
164,0
218,0
68,834,0 20,391,0 13,320,0 27,137,0 18.924,0 25,831,0
12,798,0 3,960,0 3,134,0 4,035,0 4.017,0 10,759,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
695,0
775,0
939,0
547,0 1.003,0
1,391,0
827,0 1,363,0 2,041,0
891,0 1,171,0
5,325,0
240,0
196,0
206,0 1,061,0
360,0
2,059,0
469,872,0 48,298,0
146,630,0 10,754,0
144,893,0 9,902,0
21,287,0 2,165,0
30,780,0 1,648,0
219,0
10,875,0
,558,342,0 680,910,0 3,481,603,0 538,340,0 723,408,0 363,424,0 256,937,0 1,789,081,0 338,186,0 256,405,0 338,427,0 203,672,0 587.949,0
Rathr) of total res to dep. & F. R.
noto liabilities combined
Con ingent liability on bills purch ased for torn
corresnondeets
Corn mittrnents to MilkP
industrial
ad vances
74.6
77.1
79.2
66.0
69.4
63.5
62.2
80.9
67.0
69.6
65.4
60.2
66.0
22.197,0
2,945,0
8,076,0
727,0
1,849,0
1,838,0
665,0
514,0
1,901,0
150,0
243,0
448,0
2,841,0
•"Other Cash" does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers ((J0) Omitted
Federal Reserve Agent co-
Phila.
New York
Boston
Total
Cleveland Richmond
Atlanta
Chicago
Si. Louis Minneap. Kan. City
Dallas
SanFran.
Federal Reserve notes:
$
$
Issued to F.R.lik.by F.R.Agt_ ,540,798,0 307,613,0
Held by Fed", Re.serve Bank___ 298,558,0 22.046,0
6
S
$
S
$
304,887,0 250,978,0 334,474,0 158,593,0 143,327,0
107.784,0 15,244,0 16,251,0 11,531,0 17,137,0
S
$
$
S
$
S
830.384,0 147,336,0 104,191,0 131,269,0 59,274.0 263,472,0
37,106,0 7,434,0 5,493,0 9,573,0 5,153,0 43,756,0
In actual circulation
3,242,240,0 285,567,0
Collateral held by Agent as serutty for notes issued to bks:
Gold certificates On hand and
due from U. S. Treasury_.- 3,398,839,0 316,617,0
Eligible paper.
748,0
4,627,0
U. S. Government securities
201,000,0
697,103,0 235,734,0 318,223,0 147,012,0 126,190,0
793,278,0 139,902,0 98,698,0 121,696,0 54,121,0 224,716,0
818,706,0 216,000,0 316,715,0 133,000,0 92,635.0
2,293,0
512,0
120,0
120,0
90,0
35,000,0 20,000,0 27,000,0 55,000.0
•
847,546.0 136,632,0 105,500,0 127,000,0 57,175,0 231,263,0
145,0
4,0
435,0
82,0
63,0
15,0
12,000,0
6,000,0 2,000,0 44,000,0
820,999,0 251,512,0 336.835,0 160,120,0 147,775,0
847,561,0 148,636,0 105,563,0 133,082,0 59,610,0 275,408.
TOW collateral__
3,604,466,0 317.365,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves.
The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES. BY 1318 nuurs. ON JULY 17 1935
(In Millions of Dollars)
Federal Reserve DistrictLoans and Investments-total
Total
18,762
Boston New York Phila. Cleveland Richniond Atlanta Chicago Si. Louts Minuet). Kan. City
-1,177
8,667
1,097
1,230
353
335
2,093
347
592
542
56
32
47
42
75
3
39
I
30
197
5
51
1
31
1
3
43
1
41
14
161
7
16
75
3
12
113
28
30
321
8
37
95
6
6
103
20
13
110
2
24
107
10
311
327
628
27
188
123
26
57
05
19
51
1,085
92
309
215
40
91
139
17
44
237
45
120
149
44
41
61E
107
332
160
13
169
20
60
11
39
6
619
46
109
9
73
4
102
11
70
8
172
11
8,080
968
264
84
28
34
784
487
25
245
139
6
213
134
15
1,981
563
39
428
169
14
284
120
3
543
156
11
332
123
19
801
950
5(
174
1,981
148
259
123
199
102
111
94
102
315
631
100
188
99
106
244
298
143
135
214
211
189
1,833
179
162
381
164
1,989
7
28
154
859
61
913
13
12
154
51
157
43
Acceptances and comml napes bough
oans on real estate
Other loons
297
950
3,224
37
88
286
140
239
1,355
25
70
181
2
72
151
U.S. Government direct obligations_
Oblige. fully guar. by U. 8. Govt..- Other securities
7,492
869
2,896
382
17
178
3,531
360
1,209
292
75
275
Reserve with Federal Reserve hanks_ _
Cash in vault
3,697
292
277
93
1,846
54
15818
4,380
511
1,081
310
31
1,860
4,444
104
219
Borrowince from F. R. banks
1,920
228
3,034
To brokers and dealers:
In Now York
Outside New York
To otners
Due from banks
Due to banks
San Nan.
409
42
Loans on securities-total
Net demand deposits
Time deposits
Government deposits
Dallas
3
49
Financial Chronicle
546
b
&Mina°cfr-
United States Treasury Bills-Friday, July 26
Rates quoted are for discount at purchase.
Sittanriat
arrintirle
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos'
12 Mos.
Including Postage$9.00
$15.00
United States, U. S. Possessions and Territories
9.75
16.50
In Dominion of Canada
10.75
South and Central America. Spain, Mexico and Cuba- 18.50
Great Britain, Continental Europe (except Spain). Asia.
11.50
20.00
Australia and Africa
The following publications are also issued:
MONTHLY PUBLICATIONS
COMPENDIUMS-BANK AND QUOTATION RECORD
PUBLIC Umaxy-(semi-annually)
MONTHLY EARNINGS RECORD
RAILWAY & INDUSTRIAL-(fOW a year)
STATE AND MUNICIPAL-(80M1.0.1111.)
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
CHICAGO Orywn-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON On/ice-Edwards & Smith, 1 Drapers' Gardens, London. E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Quotations after decimal point represent one or more 32ncls
ol a point.
Daily Record of U. S. Bond Prices July 20 July 22 July 23 July 24 July 25 July 26
High 101.17 101.16 101.16 101.16 101.17 101.13
Fourth Liberty Loan
101.15 101.14 101.13
634% bonds of 1933-38_ Low_ 101.17 101.15 101.15
Close 101.17 101.16 101.16 101.15 101.15 101,13
(Fourth 434s)
5
46
9
10
20
8
Total sales in $1,000 units_
117.1 117.3
112.5 117.4
{High
Treasury
117.1
117
117
117.4
Low_
1947-52
4365
117.1 117.3
117.5 117.1
Close
31
3
4
s
Total sales in $1,000 mils_
High 112.7 112.7 112.2 112.2 112.1
Low_ 112.7 112.3 112.2 112.2 112.1
is, 1944-54
Close 112.7 112.7 112.2 112.2 112.1
4
9
25
8
10
Total sales its $1,000 unit,___
106.24 106.26 106.24 106 23 106.21
(High
106.23 106.20 106.21 106.21 106.21
Low_
£34s--£34s 8£34s-834., 1943-45
108.23 106.26 106.24 108.21 106.21
Close
275
56
7
8
1
Total sales in $1,000 units__
110.26
--(High 110.23 110.25
110.20
Low_ 110.23 110.20
834s, 1946-56
110.20
Close 110.23 110.20
1
2
1
Total sales in $1,000 units__
107.29 107.24 107.25 107.26
111igh
107.26 107.23 107.25 107.26
Low_
534., 1943-47
107.29 107.24 107.25 107.26
Close
1
6
2
1
_ _
Total sales in $1,000
(High 104.9 104.7 104.3 104.4 104.4 134.2units104
Low_ 104.7 104.5 103.31 104.2 104
3s. 1951-55
104.2
Close 104.7 104.5 104.23 104.3 104
4
7
77
108
15
4
__
units
.
$1,000
in
sales
Total
High 104.1 104.2 103.36 103.28 103.28 103.29
103.30 103.26 103.27 103.26 103.26
Low_ 104
5., 1946-48
Close 104.1 103.30 103.26 103.28 103.28 103.29
31
113
21
271
719
15
Total sales in $1,000 units__
108.19
108.20
{High
108.19
108.18
Low_
II Ms, 1940-43
108.19
108.20
Close
5
2
Total sales in $1,000 units_ __
108.23 108.25 108.24 108.25 108.23
(High
108.23 108.22 108.24 108.23 108.22
Low_
334., 1941-43
108.23 108.25 108.24 108.23 108.22
Close
5
12
1
7
1
Total sales in $1,000 unite.-Ilig11 105.7 105.6 105.2 105.4 105.2 105.1
105.1
105.1
105.2
105.5
105
105.7
Low_
330. 1946-49
Close 105.7 105.5 105.2 105.2 105.1 105.1
1
40
13
7
7
1
Total salts in $1,000 units__
High 105.9 105.6 105.3 105.3 105.2
Low_ 105.8 105.4 105.1 105.3 105
534g. 1949-52
Close 105.9 105.4 105.2 105.3 105
35
77
4
253
2
Total sales in $1,000 units_ __
108.23 108.26
108.26
{High
108.23
108.23
108.25
Low_
330, 1941
108.22 108.22
108.28
Close
515
1
3
Total sales in $1,000 units...,..
106.14 108.11 106:11
106.15
108.17
106.19
{Hih
Low. 106.19 108.15 106.12 106.12 108.12 108.11
8340. 1944-48
Close 106.19 108.17 106.15 106.14 108.13 106.11
2
519
103
47
2
1
Total sales in $1,000 units_
High 101.27 101.27 101.24 101.22 101.23 101.22
101.11
101.11
101.19
101.20
101.24
101.26
1Low.
2145, 1955-80
Close 101.27 101.25 101.21 101.22 101.21 101.21
701
37
75
315
113
6
Total sales in $1,000 units_ _
1
04.2 103.29 102.19 103.30
Federal Farm Mortgage {High
103.29 102.11 103.30
104
Low_
8345, 1944-64
104.2 103.29 102.19 103.30
Close
____
10
3
2
/
Total sales in $1,000 units_ __
102.17 102.15
High 102.20 102.17 102.17
Federal Farm Mortgage
102.16
102.14
102.15
102.16
102.20
Low_
88, 1944-49
102.16 102.15
Close 102.20 102.16 102.17
2
11
113
55
2
Total sales in $1,000 units__
High 102.22 102.20 102.19 102.21 102.21 102.20
Federal Farm Mortgage
Low_ 102.22 102.20 102.17 102.17 102.18 102.18
35, 1942-47
Close 102.22 102.20 102.18 102.21 102.18 102.20
4
12
7
127
11
1
Total sales in $1,000 units__
101.18 101.18 101.18 101.18 101.18
Federal Farm Mortgage {High
101.16
101.16
101.17
101.16
101.18
Low
Ms, 1942-47
101.18 101.18 101.18 101.18 101.18
Close
11
2
3
26
10
Total salesin $1,000 unUs_.
102.16 102.14 102.12 102.11 102.11 102.11
Some Owners' Loan
1
(High
Zs, series A. 1944-52____ Low_ 102.14 102.11 102.8 102.10 102.10 102.9
Close 102.16 102.11 102.10 102.11 102.11 102.11
21
77
60
12
46
11
Total tams en 4/,000 units_
1H141
Some 0.ers'
m
Loan
_) 101.5 101.3 101.2 101.2 101.2 101.2
100.31
100.31
101
100.31
101.1
101.3
234s, series B, 1939-49_ Low_
Close 101.5 101.1 101.1 101.2 101.2 101.1
242
65
114
245
136
8
Total sales in 31.000 units___
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 4th 065, 1933-38
5 Treasury 4I/0-3)6's, 1943-45
1 Treasury 3s, 1946-48
1 Treasury 334s, 1940-43
6 Treasury 3345, 1944-46
July 27 1935
101 13 to 101.14
106.18 to 106.18
103.29 to 103.29
108.18 to 108.18
106.9 to 108.11
Asked
Bid-
Asked
Bid
July 31 1935
Aug. 7 1935
Aug. 14 1935
Aug. 21 1935
Aug.28 1935
Sept. 4 1935
Sept. 11 1935
Sept. 18 1935
Sept. 25 1935
Oct. 2 1935
Oct. 9 1935
Oct. 16 1935
Oct. 23 1935
Oct. 30 1935
Nov. 6 1935
Nov. 13 1935
Nov.20 1935
Nov. 27 1935
Deo. 4 1935
Dec. 11 10/1
Deo. 18 1935
Dec. 24 1935
Dee. 31 1935
Jan. 8 1936
Jan. 15 1938
Jan. 22 1938
Jan. 29 1936
Feb. 5 1936
Feb. 11 1936
Feb. 19 1938
Feb. 26 1938
Mar. 4 1936
Mar. 111930
Mar. 18 1938
Mar.25 1936
Apr. 1 1938
Apr. 8 1936
Apr. 15 1936
Apr. 22 1936
0 15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20.Z.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.207
0.207:
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, July 26
Figures after decimal point represent one or more 32ds of
a point.
Maturity
In:.
Rate
Bid
Asked
MUMMY
Int.
Rate
Bid
Atha
June 15 MB__
Dec. 15 1939___
June 15 1940._
Sept.15 1938_
Aug. 1 1935_
Mar, 15 1940._
June 15 1939-Sept.15 193K_
Dee 15 1935
136%
134%
lli%
146%
134%
IM%
234%
246%
214%
101
100.21
100.26
101.21
100
101.16
103.21
105.6
101.13
101.2
100.23
100.28
101.23
____
101.18
103.23
105.8
101.15
Feb. 1 1938Dee. 15 1936-__
Apr. 15 1930_
June 15 1938Feb. 15 1937_
Apr. 15 1937_
Mar,15 1938Aug. 1 1936._
Sera. 15 1937___
246%
246%
234%
216%
3%
3%
37
33.1%
3)17-
105.11
103.24
102.8
106.5
104.14
104.27
106.10
103.11
Inn et
105.13
103.28
102.10
106.7
104.16
104.29
106.12
103.11
mu it
The Week on the New York Stock Market-For review
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY
Week Ended
July 26 1935
State,
Railroad
Stocks,
Number or and Miscell. Municipal dt
Bonds
ForeignBonds
Shares
Total
Bond
Sates
$2,606,000
6,051,000
8,487,000
6,999,000
6,534,000
6,034,000
$ 975,000
1,224,000
1,598,000
1,272,000
1,274,000
1,374,000
$ 72,000
1,470,000
1,533,000
472,000
2,464,000
368,000
17 110 OM 838 711.000
87.717.000
CR sin nnn exn or, nnn
429,500
1,369,090
1,734,150
1,305,490
1,334,400
986,380
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
TntAl
United
States
Bonds
Week Ended July 26
Sales at
New York Stock
Exchange
1934
1935
Stocks-No. of shares_
Bon,ds
Government
State and foreign_ _
Railroad & Industrial _
83,653,000
8,745,000
11,618,000
8,743,000
10,272,000
7,776,000
Jan. Ito July 26
1935
1934
10,991,246
v148,201,992
232,575,218
$6,379,000 $19,322,000
7,717,000
9,286,000
36,711,000 49,788,000
$ 441,758,00
224,415,000
1,209,805,000
3390,074,200
394,166,000
1,514,853,000
7,159,010
Total
550,807,000 $78,396,000 $1,875,978,000 52,299,093,200
*Correction: Volume o trading for Friday.
July 19th should have been 1,149,320 shares, instead of 1,149,220.
This difference of 100 shares has been included In the Grand Total.
CURRENT
NOTICES
-Ryan & McManus, members New York Curb Exchange, 39 Broadway, New York, have issued a circular on London Terrace Apartments
first general 6s, 1940.
-Pondrom & Co. of Dallas announce that Sam Pondrom has withdrawn
from their firm and that the business will be continued as in the past by
J. A. Pondrom,
-Gertler & Co., Inc., have prepared an analysis of the school districts
of Nassau County,N.Y.,including a discussion of the financial and polltical
factors involved and of the investment status of school district bonds.
-L. F. Rothschild & Co. have opened an office in the Grand Union
Hotel, Saratoga Springs, under the management fo Joseph W.Sidenberg.
-John B. Carroll & Co. announce that Stanley McCullough has become
associated with them in their sales department.
-Cassatt & Co.,Inc.,announce the opening of an office at 1 Federal St.,
Boston, in charge of Gerard Collier.
FOOTNOTES FOR NEW YORK STOCK PAGES
•Bld and slaked prices. no sales on this day.
t Companies reported In receivership.
a Deferred dellvery.
a New stock.
r Cash sale.
Ex-dividend.
y Ex-rights.
n Adjusted for 25% stock dividend paid Oct. 1 1934,
"Listed July 12 1934; par value 108. replaced El par, share for share
I4 Par value 550 lire listed June 27 1934; replaced 500 lire par value:
n Listed Aug. 24 1933; replaced no par stock share for share.
14 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged tor
1 old no par share.
37 Adjusted for 88 2-3% stock dividend payable Nov. 30 1934.
"Adjusted for 100% stock dividend paid April 30 1934.
I. Adjusted for 100% stock dividend paid Dec. 31 1934.
w Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934; replaced no par stock share for share.
45 Adjusted for 25% stock dividend paid June 1 1934.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables), are as follows.
II Pittsburgh Stock
12 Cincinnati Stock
New York Stock
II Cleveland Stock
"Richmond Stock
I New York Curb
St. Louis Stock
"Colorado Springs Stock
New York Produce
"Salt Lake City Stock
New York Real Estate 15 Denver Stock
is San Francisco Stock
"Detroit Stock
• Baltimore Stock
Stock
Los Angeles
San Francisco Curb
•Boston Stock
12 San Francisco mains
"Los Angeles Curb
Buffalo Stock
es minneapolls-St. Paul
"Seattle Stock
• California Stock
n Spokane Stock
0, New Orlean 'Stock
Chicago Stock
10 Chicago Board of Trade •I Philadelphia Stock
WsehIngton(P.C.)steely
II Chicago Curb
Volume 141
547
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
•
NOTICE-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions
of the day.
sales In computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 20
Monday
July 22
I
Tuesday
July 23
Wednesday
July 24
Thursday 1
July 25
Friday
July 26
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Smce Jan. 1
Os Basis of 100-share Lots
Lowest
S Per share 5 per share I 5 per share $ per share 5 per sharels per share Share,
:
Par 3 per share
36
3612 374 3714*3512 38
3813 3hz 39
39
39
130 Abraham & Straus
39
32 Apr 3
No par
*113 11312 11314 11314 11314 11314 *112 1131. *112 11312 *112 1131
Preferred
20
100 110 Jan 10
2
.614 62
6112 6178 6114 6134 6114 6114 6012 61
61
61
1,700 Acme Steel Co
June 25
25
51
678 718
678 718
718 718
7
12,200 Adams Express
714
7
7
74 714
No par
414 Mar 15
*89
91
*89
91
*89
89
89
91
89 - 89
*8912 91
Preferred
30
100 8434 Jan 2
3138 3138 3038 3113 3118 3112 *31
3112 31
3114 3114 3114
1,100 Adams Millis
No par 2S June 6
*104 11
1058 1034 11
1118 1078 1118 104 11
114 7,500 Address Multigr Corp
11
8 Jan 12
10
1134 1134 12
124 1212 1234 1214 1212 1112 12
1138 1178 7,500 Advance RumelY
412 Mar 18
No par
758 758
74 738
734 734
734 734
734 734
8
8
2,200
Affiliated
Products
Inc
No
63
4 Jan 15
par
-14812 149
14812 14918 148 14914 *14712 14812 148 14834 148 14814
1,800 Air Reduction Inc
No par 10438 Mar 18
*78
118
*78
118 *1
118
*78 118
1
'
1
178
1
100 Air Way Else Appliance No par
34 Apr 3
1538 1614 154 1534 1512 16
1534 1614 154 16
1512 1534 26,000 Alaska Juneau Gold Mtn
10 1518July 25
*112 134
112 112
112 112 *112 134
300 A P W Paper Co
112 112 *112 134
112June 24
No par
1
118
1
1
1
118
1
1
118
118
1
118 3,100 :Allegheny Corp
No
34 Mar 30
par
*37s Cs
334 418 *378 414
4
*334 414 *338 4
4
300
Fret A with $30 warr
238 Mar 21
100
*312 414
*312 414 *312 4
414 *312 414 *312 414
*312
Fret A with $40 wart
2 Mar 27
100
41
1
*3,2
4 *3 2 414 0312 4
*312 414 *312 414 *312 414
Prof A without warr
134 Mar 28
100
*812 104 *914 10
10
10
1018 *9
10
*9
*9
1018
100
2% prior cony pref __No par
638 Apr 2
27
27
27
2712 2712 2738 2712 2734 2712 2914 2812 2914 9,300 Allegheny Steel Co
No par 21 Jan 12
*15714 15834 15812 1584 15912 16014 15834 15834 15814 15814 157 157
2,100 Allied Chemical & Dye-No par 125 Mar 18
*12514 127 *12514 127 *12514 127
127 127 *12534 127
127 127
400 Preferred
100 123 Apr 20
434 47s
44 5
434 5
478 .3
434 5
478 518
13,700 Allied Stores Corp
318 Mar 13
No par
*5714 5934 .5714 6014 5814 581 1 *58
6012
60
60
5934 60
900
5% pref
100 x49 June 17
24
2538 2534 2718 2638 2714 263* 27
2638 38,400 Allis-Chalmers Mfg
26
2634 26
12 Mar 13
No par
1818 1814 1778 1778 18
1778 1778
18
1818 *18
1818 18
1,000 Alpha Portland Cement No par
14 Mar 13
278 278
3
314
314 314
318 314
314 314
314 338 3,100 Amalgam Leather Co
218 Mar 14
1
*2818 29
*2712 29
2812 2812 *28
*27
29
29
*26
29
100
7% preferred
50 26 June 25
6112 6138 6112 63
6258 64
6334 6334 64
63
6478 63
3,800 Amerada corp
No par 4818 Jan 11
4018 4618 4612 4612 46
4614 4614 46
464 47
46
46
1,600 Amer Agile Chem (Del) No par 4112June 1
2712 28
28
2834 2838 29
2812 2858 2734 2812 2738 28
8,000 American Bank Note
10 1312 Jan 12
65
65
*63
6412 6412 6514 65
64
6514 6514 6514
65
200
Preferred
50 43 Jan 11
3512 3512 3512 3512 36
36
3512 3512 3534 36
36
36
1,800 Am Brake Shoe & Fdy___No par 21 Mar 29
127 127
127 128
126 126 *126 12612
12814 12814 128 128
170
Preferred
100 119 Jan 8
14012 14112 142 145
14212 144 x14214 14212 140 14238 141 14114 7,700 American Can
25 110 Jan 15
*158 15912 *158 15978 *159 15978 15912 15912 15978 15918 *15812 160
300
Preferred
100 15134 Jan 4
20
2012 2034 2138 21
2134 2114 2178 21
2178 2012 21
6,900 American Car & Fdy
No
10 Mar 13
par
*51
5214 5214 4258 5212 5314 5114 5214 *50
5112 5214
52
1,700
Preferred
100 2512 Mar 13
1158 1158 1134 1134
1134 1278 1312 1438 14
1414 134 14
4,700 American Chain
No par
8 Jan 30
*70
7634 *68
71
71
71
*76
79
76
7812
77
76
500
7% preferred
100 38 Jan 11
92
924 93
93
93
93
93
93
93
93
9178 92
800 American Chicle
No par 86 Feb 8
*30
35
*30
35
*30
*3414 35
*3414 35
35
*3414 35
Am Coal of NJ (Allegheny Co)25 30 Mar 28
34 358 *34 334
338 34
34 314 *34 3,2 *314 334
500 Amer Colortype Co
238 Mar 14
10
*2514 2538 254 2534 2414 26
244 2434 2412 254 2412 2438 6,700 Am Comml Alcohol corv
20 2212 Mar 18
1314 1312 1234 13
134 1418 1334 1418 1334 14
1358 1334 8,100 American Crystal Sugar
10
612 Feb 5
*115 12318 118 120
117 118
118 118
118 11814
118 118
170
7% 2nd prat
100 5758 Jan 2
*70
85
7512 78
75
75 *___ _ 75 *____ 75
____ - 70
6% 1st pref
100 75 July 23
78
78
78
418
*78 1
118
118
118
1
118
-118 6,000 Amer Encaustic Tiling-No par
34Nlay 24
*412 534 *112 534
534 534 *572 614
512 512
6
6
300
Amer
var
European
8ea's____No
234 Apr 2
*125 150
150 150 *150 500 *160 500 *160 500 *160 500
10
Express
Amer
Co
100
150
July 22
3'
34 378
358 4
338
438
4
4
438 434 14,500 Amer & Porn Power
438
No par 2
Ntar 13
2514 2512 2534 2714 27
28
32
273
8
30
287
323
4
333
4
16,000
par
Preferred
No
14
Mar 15
*712 833
734 734
812 1014 1014 1078 9,700
84 818
814 84
2nd preferred
No par
378 NIar 14
*1814 2012 20
2014 21
211. 2138 2134 2178 25
2512 2612
$6 preferred
12 Mar 30
No par
*10
1078 *1018 104 *1014 10, *1014 104 *1014 1078 *1014 104 8.600
Amer Hawaiian S S Co
10
8 Apr 18
*412 478
412 412 .412 434 *412 434
434 434
434 434
400 Amer Hide & Leather_ __No pa
214 Star 13
*23
24
*2314 24
2312 2312 2312 2312 23
2312 2234 2234
500
Preferred
17
Mar 13
100
34
34
3378 34
34
3414 3418 3438 3412 35
35
3538 3,700 Amer Home Products
1 x 2912 Apr 12
*278 3
278 278
234 3
238 234
212 212
212 234 4,000 American Ice
238
par
July
No
24
*2338 24
23
24
2218 2314 .2218 24
24
24
*22
23
600
11% non-cum pref
100 22 July 18
74 778
778 8
3
818
8
Vs 8
84
734 74 5,500 Amer Internal Corp
No par
412 Slur 18
*238 3
*238 3
*238 3
238 24 *214 3
r218 218
20 I Am L France & Foamitepref100
134 mar 13
154 1534 16
1638
1612 17
1634 1578 1638 1534 1634 7,500 American LocomotIve
16
No par
9 Mar 13
5312 54
5412 55
5618 554 5614 5412 5514 2,400
5512 5612 56
Preferred
100 32 Mar 19
24
2418 24
2414 24
2438 2338 24
2338 2338 234 24
5,400 Amer Mach & Fdry Ca___No par 1812 Mar 13
83s 838
814 814
938
84 918
918 *834 9
9
9
6,100 Amer Mach & Metals____No par
414 Apr 4
*814 812
814 838
83s 858
812 812 *814 812 1,200
84 831
Voting trust ctfs
No par
412 Apr 4
*1918 1912 19
1938 1934 2012 20
2014 2038 21
2034 21
11,100 Amer metal Co Ltd
No par 1312 Mar 15
'108__ 109 109 *10712 11014 *1074 11011 *110 114 *110 114
100
6% cony preferred
100 72 Jan 2
*2812 -30 .28,2 30
*2812 30
*2812 30
29
29
*2812 30
100 Amer Newt, N Y Corp__ No par 224 Jan 3
334 334
334 378
418 414
338 378
4
378 418
412 23,100 Amer Power & Light--No par
1 12 Mar 13
2438 244 2412 2514 2458 2512 2512 2834 2812 2912 29
31
25,400
$8 preferred
No par
1018 Mar 13
2112 22
2112 2134 2178 22
2134 2412 2414 2538 2434 2638 19,500
$5 preferred
No par
838 Slur 13
1512 154 16
1634
1612 17
1632 17
1634 17
1638 1634 115,400 Am Rad & Stand San'y
No par
1012 Mar 13
- .152
.1524,
15212 15212
_ .15212
10
Preferred
100 13412 mar
*15112--2138 22
224 -211
2 2238 -2-il
2238 127-8 2214 23
2214 -211-4 38,100 American Rolling Mill
25 1534 Mar 18
*87
0012 91
9212 9234 9334 9412 9412 95
9534 9412 9412 1,400 American Safety Razor __No par 86 Mar 14
84
'8l2
4
878 84
834
812 878
834 9
838 838 1,200 American Seating v I a__ No pa
44 Mar 12
2258 23
23
2338 2312 2358 2258 2378 2238 2258 2212 2212
290 Amer Shipbuilding 0o_No par 20 Mar 14
42
42
4218 4234 43
4414 444 444 42,2 4415 4234 44
33.200 Amer Smelting & Refg_--No par 314 Apr 3
.135 13814 *13412 13612 136 13612 *136
13712 137 137
13712 13712
700
Preferred
100 121 Feb 4
•114 11534 *11412 11512 11434 115
114 114 .11414 115 .11312 115
500
2nd preferred 6% oum
100 103 Feb 14
7434 7434 7434 7434 7438 7438 7434 7434 *74
75
75
75
900 American Snuff
25 63 Jan 16
*13812 14112 *13812 14112 *13812 14112 *13812 140
13912 13912 *13812 14112
20
Preferred
100
125 Feb 20
18
1814
1818
1878 1834 19
1818 19
1838 19
1818 1838 12,700 Amer Steel Foundries____No pa
12 NIar 1
100 102
102 103 *100 10214 102 103
103 103 *103 106
750
Preferred
100 88 Feb 4
3778 3778 374 3778 38
3838 38
3838 3812 3812 3778 3812 1,100 American Stores
par
No
3312
Apr 4
*54
5538 544 5538 54
5512 55
557g 5412 5514 5438 5538 4,100 Amer Sugar Refining
100 54 July 23
*131 13414 13178 13178 *132 13414 13334 13334 13334 13334 135 135
400
Preferred
100
12612
3
Jan
*2112 22
2158 2138 2134 2214 *2134 22
*2112 2178 2158 2134
900 Am Sumatra Tobacco____No par 1812 Jan 29
1264 127
1264 12734 127 12778 12612 12714 12612 12758 12612 128
10,000 Amer Telep & Teleg
100 9878 Mar 18
9412 9413 9534 06
9614 954 9614 9614 9634 2.700 American Tobacco
9534 9612 96
25 7212 Apr 3
95,2 97
97
9712 9712 9834 98
9814 974 9812 98
9834 8,300
Common class B
25 7434 Mar 21
*138 1394 •138 14012 *139 14018 *13912 140 *13958 14012 140 140
100
Preferred
100 12918 Jan 18
41
*4
*4
412 04
44 *4
412
412 *4
4
4
100 tAm Type Founders
No par
212 Mar 18
M412 153 *1318 15
*1318 1538 1338 1338 1312 1412 *1314 1534
50
Proferred
100
9 Mar 15
1012 1032 10,2 1034 1038 1078 1038 1118 1058 1138 1078 1158 14.100 Am
Water Wks de Elea-No par
718 Mar 13
70
70
7034 7031 69
69
7012 6812 6812 *6814 7014
*68
50
1s5 preferred ______ ____No par
£8 Star 19
714 714
741
738
738 734
714 714 3.800 American Woolen-------No par
74 75s
74 74
472 Mar 13
*4234 44
4338 44
454 4312 4538 4334 44
4412 4534 45
5,100
Preferred
100 3512 Mar 18
5
5s
k,
53
"
34
5s
300 :Am Writing Paper
*58
58
*58
34
*58
3
4
1
58 Mar 29
*234 31 1 .234 314
*234 314 *234 314 .3
318 8234 314
Preferred
No par
214mar 15
334 334 *334 4
334 334
34 378 *34 4
378 34
500 Amer Zinc Lead & Smelt___100
3 Mar 13
*4112 4218 4178 4178 .4112 44
44
*42
4218 4234
*4212 44
300
Preferred
25 31 Mar 20
1538 153* 1512 16
1534 1638 161 1 1612 1534 1638 1538 1618 67,400 Anaconda Copper Mining___ _50
8 Mar 13
*20
21
21
21
*1958 25
820
*20
20
20
22
2478
200 Anaconda Wire & Cable_-No par 1618 Apr 1
*1334 1414
14
14
14
144 *1334 1418 1578 144 1312 1334 1,400 Anchor Cap
Vo par
1212Nlay 15
*10514 10612 10612 10612 10712 1071 10712 10712 107 107
10734 108
80
$6.50 cony preferred
No par 100 July 6
*6
8
*6
712 *6
638 638 *6
•638 658
7
638
100 Andes Copper Mining
10
34 Mar 21
4812 4838 4838 49
4938 4838 494 4812 49
6,300 Archer Daniels MIcIrd-No par 36 Jan 16
494 4912 49
*11814 --- •
__ •119
*11814 . _ *11814 _-- *119
___ ___ _
7% preferred
100
11814
Jan 4
10718
*10612
*10612
1183810i3-4 10612 10638
600 Armour & Co (Del) pref
5
- 12
. 106 10
10512
-105 105
106
100 97 Apr 3
4
4
418
418
4
4
418
4
418
4
418
418 12,000 Armour of Illinois new
314 Apr 3
5
61
6138 604 61
6114
6112
6134 6134 6234 5,600
6034 6114 6114
$6 cony pre/
No par 5512May 1
897 102
*97 102
*97 102
*97 10018 *97 10018 *97 1004
Preferred
Inn aa Jan 2
2512 26
2512 2612 2512 2618 26
2638 2638 2712 271s 2712 20,300 Armstrong Cork Co
No par 2538July 19
For footnotes see page 546
No account Is taken of such
Highest
July 1
1933 to Rang;for
June 30 Year 1934
1935
LOW Low
ni"
$ per share $ Per IS
39 July 25
30
114 Apr 5
89
6212July 18
21
714 Jan 3
414
90 May 211
65
1412
334 Jan 2
8
1178May 17
1234July 23
318
838 Feb Ii
478
14934 July18
804
178 Jan 7
54
1538
12018 Jan 9
112
34 Jan 8
14 Jan 7
34
238
7 Jan 4
2
812 Jan 2
Ise
838 Jan 5
1234May 14
638
1314
3012June 19
16014 July 23 10712
12712 Feb 27 117
34
614 Jan 13
6178July 10
18
2714July 23
1038
2014 Jan 5
111r
24
312Nlay 17
2114
33 Apr 22
7034N1ay 17
27
574 Feb 16
20
29 July 23
1112
6514July 23
344
3612July 18
1912
38
12814July 23
145 July 22
80
168 May 3 120
10
2178July 24
5434 July 15
2512
4
1438July 24
14
8518 Apr 26
4312
96 June 8
32 June 28
20
338May 17
2
3314 Jan 3
2034
1734June 11
612
12712June 14
32
78 July 22
3 Jan 3
-3-4
234
6 July 26
150 July 22 105
512 Jan 3
2
3334July 26
1134
104July 26
378
2612July 26
1014
814
13 Jan 10
612May 22
214
2734May 22
17
2434
3578 July 26
478 Jan 17
3
3734 Feb 16
2534
811 July 18
412
134
6 Jan 18
9
2034 Jan 9
32
5812 Jan 9
12
2438July 23
3
934 Apr 28
1)1± Apr 26
3
2138May 20
1378
63
109781une 24
3018May 7
2034
412July 5
1 12
31 July 26
Ws
2638July 26
838
17 July 23
914
15212July 25 10712
24 Jan 7
1218
15a July 25
3378
912July 6
2
15
2614 Jan 7
4718Nlay 17
2812
141 May 8
71
117 May 6
57
76 June 26
43
143 July III 106
19 July 22
1018
52
103 July 22
43 Jan 9 51 334
7012 Feb 16
4512
14012May 6 102
24312 Jan 3
11
13038July 10
9878
96,4July 26
6312
9534 July23
6472
14014June 11 105
218
634 Jan 18
1538 Jan 18
7
712
21472 Jan 10
7414July 2
48
938May 21
44
5112May 21
3512
14 Jan 18
32
812 Jan 18
214
538May 23
3
46 May 23
31
1818May 23
8
25 Slay 17
758
1732 Jan 4
1212
109 Apr 26
80
734May 25
34
494July 25
2178
12214July 19 106
10712July 19
64
612 Jan 3
338
704 Jan 10
4614
)064 Feb 4
3114
2712July 25 2 13
$ per share
35
43
89
111
1
114
704 385
16
3478
634 1138
34
758
472
932
9134 113
13s
358
164 2372
234
VS
114
54
438 184
4
1438
34 1438
- -13-18
-151151s 1604
12218 130
312
814
2514 6312
1018 2338
1112 2018
784
218
25
45
39
5538
2514 48
1112 2514
5012
40
19,4 38
122
96
9014 11414
1264 15218
12
337k
5612
32
412 1214
19
40
4814 7038
354
22
612
241
204 6212
638 1313
612 7374
l's
6
1.
1134
638
11
104
312
1734
2534
3
254
434
314
1412
354
1238
34
412
1278
83
21
3
1132
912
10
1114
1312
38
218
1738
304
100
7114
4834
106
10,8
5972
37
46
10312
1334
1004
6514
67
10714
3
734
1252
54
7
36
1
272
324
384
10
914
134
84
418
264
10
7614
312
4614
54
-5,
10
1/14
30
1712
25
2258
1012
4214
3631
10
454
II
10
$858
7434
2358
1038
10
27%
91
3434
124
2972
2614
1738
1374
2814
854
738
30
5114
125
2094
71
12712
2013
02
4434
72
12918
24
1254
85,2
89
13034
13
2834
2758
80
17's
8334
4'4
1712
9
504
174
184
2434
108
104
3918
117
10338
834
71,4
85
F-
New York Stock Record-Continued--Page 2
548
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 20
Monday
July 22
Tuesday
July 23
Wednesday
July 24
Thursday
July 25
Friday
July 26
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Mace Jan. 1
On Basis of 100-share Lots
July 27 1935
July 1
1933 to Bangs for
June 30 Year 1934
1935
High
Low Low
$ per sit $ per share
273
...
8%
318
4
1012
8334
6334 7018
714
714 1814
44
46
90
36
38
64%
26
2913 4012
4514 7334
3534
5314
7018 90
1
4
1912
2412 54/
16
5
3
'
78 24
6
2118
2112 15,4
18
3514 5512
75
83
107
111
4
512 161
/
4
15
1612 5734
4
84 1834
311
/
4 65
2734
3
314 1034
Highest
Lowest
- $ per share
$ pa share
612July 23
4 Mar 6
7 June 19
334 Mar 15
70 Apr 25 7018 Jan 22
713 Mar 13 135 Jan 8
80% Apr 3 100 July 19
48 Mar 12 77 July 26
2934 Feb 21 3812June 27
3534 Mar 28 5558 Jan 7
6658 Mar 28 91 June 26
1912 Apr 3 3714 Jan 4
7 Jan 7
3 Mar 6
912 Jan 19
6 Mar 5
2138 Mar 12 28 May 16
3234 Apr 3 4412May 16
10634 Jan 2 1121gune 20
111 Apr 30 111 Apr 30
734 Jan 8
4 Mar 13
15 Mar 18 298 Jan 7
512May 6 14 Jan 2
3512May 7 63 Jan 2
3 Mar 13' 538 Jan 3
314July 5
234July 10
658 Jan 9
112
112 Feb 26
-44 Id
712
1614 8434
712 Apr 3 2634 Jan 21
74
1234 3412
712 Mar 13 15 Feb 18
15
9Ig
9% Mar 13 177k Jan 7
3738
88
364 1027
10034 Feb 21 109 May 4
2914
3512 484
3618 Mar 12 45 July 15
115
May
Mar
18
8
954 115
9112
10614
538 Jan 22
214
214
612
314 Feb 25
14
32 June 21 4912July 20
1134 3812
57s 10
578
578 Mar 6 104May 16
23
3712 Mar 14 5038June 18
23
4534
89
10913
80
10734 Jan 11 115 May 16
± July 6 19 Mar 1
1411,3
100
1014 1934
84
u
j
5 10818June 18
55
San
55
100
76/
1
4
58
54
n Feb 2 91 July 9
7
11% Mar 18 1312 Feb 23
/
4
878 151
8334
85 Apr 26 1174 Mar 7
954 127
93
9% 337k
117k Mar 13 18 July 23
1513 Mar 13 1938July 5 I 12
1218 194
21
26
40
31 Jan 30 43 July 23
215*
2134 Mar 18 3512July 24
2418 6912
547
82
4438
100 5534 Mar 18 87 July 26
7% preferred
7,000
8512 87
8414 8512 84% 86
8412 85
83 85
81% 83
19/
1
4 40
1434
1934 2018 2018 2078 2038 2058 1,000 Blgelow-Sant Carpet Inc... No par 1434 Mar 19 284 Jan 23
1912 20
195* 19a 1912 20
8
6
1814
No par
95* Mar 14 1378 Jan 8
13,600 Blaw-Knox Co
1238 1318 1214 1212 1138 1212 1178 12
1218 1212 1212 13
16
17
26
30 Bloomingdale Brothers-No par 16581une 19 2314 Jan 21
2014 2014 2014 *1718 2014 *1718 2014 20% 2014
*19
201
/
4 *19
65
88
109
/
4 Jan 22 112 June 19
100 1031
Preferred
160
10812 10812
110 110 *____ 111
*--- 110 *10912 11014 110 110
7212July
23
13
28
28
100 2814 Mar
6614
330 Blumenthal & Co prof
6212 69
7012 *6212 69
7122 70
7212 •134
6912 69
67
618
6% 1114
618 Mar 18 10 Jan 2
6
84 94 9,400 Boeing Airplane Co
878 918
918 914
912
9
9/
1
4 9'2
9
914
3334
._.5 3958July 10 597g Jan 8
4413 15834
47
4714 6,200 Bohn Aluminum & Br...-.
4712 48
467 43
4514 4512 4518 4614 46% 47
nr* par 90 Jan 31 100 July 18
68
78
94
140 Bon Ami class A
9834 9934 *9834 100
*9812 9912 9912 100
100 100
9934 100
No par 45 July 25 4734 July 17
____
- Class B
300
4512 *4138 4522
45
46
4612 *44
473 *42
*3934 4634
/
4
191
/
4 881
15 21 Mar 29 264July 23 -188 2578 28,000 Borden Co (The)
8 2578 2638 2534 2638 25,
25
2514 2518 2638 2618 26,
1
4
1618 31/
1111
10 2814 Jan 15 4514July 24
4514 13,600 Borg-Warner Corp
4514 441s 4518 44
4418 433 4414 4312 4414 43
44
74
Jan
4
27
Mar
3
3
3
3
4
4
100
Boston
&
Maine
400
43
8
514
*412
l912
*412
5
5
5
5
5
*414 61
/
4 *438 8
12
112 Jan 9
78
3
12June 6
/Botany Cons Mills class A_ _50
*3
7
78
*34
*4
4
78
*58
78
*58
%
133*
84 Apr 30 1214July 22
No par
--.
812
1134 1134 21,500 Bridgeport Brass CO
115* 12
1112 113* 1134 1214 114 1214 1134 12
373
4July
23
Feb
7
38
28
2412
t/1•
LI
Brigga
Manufacturing
No
,•
84
20.100
361
371
/
4 3618
3718 3738 374 3734 364 3738 36
3634 37
2713
104
14
1
4 Jan 17 4334July 26
No par 23/
43
434 4334 4334 5,100 Briggs & Stratton
39
4034 4012 4012 4012 43
40
*39
3614
Jan
10
25
25
8May
303
26
3712
5
Bristol-Myers
Co
2,100
3514
35
35
34%
35
34%
/
1
4
34
3334 3334 3338 33's 33
34 Jan 5
138 Apr 18
15*
338
200 Brooklyn & Queens Tr.--No par
81/1
*1314 2
*158 2
14 134 *14 2
*138 134
•158 2
14
No par 1418May 2 317* Jan 3
3114 5814
Preferred
2038 1958 1958 *1958 2018 1,100
1912 1912 20
20
*1912 2014 20
3
Feb
4418
19
15
Mar
3613
par
25
No
13,200
4114
4113
Bklyn
Moab
Transit
4114
2814 447
4012
4112
41
4114 4138 424 4178 4214 41
997
aMay
25
4
Jan
694
8218 97
$8 preferred series A.....NO Dar 90
1.400
*9778 9812 9812 9812 9812 984 *9773 9812 9812 984 *9812 99
43
48
No par 43 Mar 18 65 June 28
800 Brooklyn Union Gas
804
6314 6314 6312 6312
6312 6312 6212 63
*63 64
64
64
63 July 15
Mar
11
41
53
No
par
45
81
Brown
Shoe
Co
400
61
61
61
61
.60
6114
6212
•60
61
6212 61
*61
13514
24
Apr
11
12118July
100
117
Preferred
11814 12514
40
12118 12118 122 12212 *121 12212
*12014 12212 122 122 *1203* 122
63. Jan 9
338July 5
34
4
107
438 1,000 Brune-Balke-Collender-Aro par
414 4/
1
4 *4
3% 414
*318 418
334 384
312 312
818May 23
34
454 Mar 14
10
34
9%
1,100 Buoyrus-Erie Co
7
7
714
714 714 *7
738 738
7:4 738
*714 712
6
818 Mar 15 15 May 23
5
6
1412
Preferred
1338 1212 1212 1212 125* 1238 1212 1,900
1278 1314 13
*1212 13
Mar 22 9112July 16
823
4
100
47
50
7%
preferred
20
75
91
*883
4
3
4
91
*88
91
*883
4
90
90
95
*90
95
*90
5/
1
4 Jan 2
314 Mar 15
3
No par
3
724
434 478 18,000 Budd (E 01 Mfg
434 518
414 478
418 438
414 414
418 414
18
100 23 Mar 14 408July 25
18
44
7% preferred
3913 3,800
38
4038 *37
3312 39
33
3214 3214 3212 3234 33
518June La
21
Mar
212
2
No
par
Budd
19,300
Wheel
4
2
5%
412
43
43
8
43
4
438
43
4
5
43
4
4% 5
4% 5
578July 28
334Msy 13
No par
24
378
538 578 2,500 Bulova Watch
612
518
5
*412 4%
434 43
438 434
*414 43.
No par
814 Mar 13 184July 18
418
578 154
6,400 Bullard Co
173* 1778 1712 1734 1612 1712 1612 17
1712 1712 1712 18
2
8
4
14July
9
Jan
25
Burns
A
No
par
Bros
class
8
1
I%
5
8
*12
52
*12
52
*12
58
•12
52
*12
4
*12
14
17
8June
38
Jan
23
3
No
par
Cl
ass
A
vta
58
412
--- - ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---138 Feb 7
14 Mar 20
No par
Class B
1
1
312
5
8
*14
5
8
•14
8
8
*14
8
8
*14
58
*,4
511
*14
*35* 4
9% Jan 23
3 Mar 16
100
3
7% preferred
100
4
1512
*338 4
34 312 *34 4
*318 334 *313 334
4July
.191
/
4
173
12
Mar
14
104
1012
1314
*1614 174 1678 1714 1634 1718 1612 1678 1638 1612 1638 1658 7,400 Burroughs Add Mach---No par
318 Jan 2184
3/
1
4
1 Apr 8
84
No par
700 :Bush Term
112 112
112 112
112 112
*138 134
*138 2
*138 2
Apr
3
1012
Jan
514
2
22
100
Debenture
100
7
7
7
912
2%
712 *6
714 *5
*5
7
714 *5
*5
100 10 Mar 28 2211 Jan 21
418
80 Bush Term B1 gu pref ette
54 21
13,
8 1352
*1378 15
1314 1314 1312 1412 1412 1412 *1338 15
5
j/
1
4 mar 12
2% Apr 26
118
112
373
134 134 *138 178 1,400 Butte Copper & Zino
158 138
112 112 *112 14
112 112
18 Jan 3
%June 3
No par
12
38
12 2,500 :Butterick Co
12
58
12
58
14
538
12
434
*38
12
*38
12
No par 11% Mar 14 2058 Jan 7
5,400 Byers Co(A MI
16
13%
153
8
3234
118*
8
163
8
155
8
163
1512
1738
1813
1714
163
4
161
/
4
1614
100 32 Mar 14 130 Jan 5
32
Preferred
310
5414 56
40
87%
57
56
5733 59
58
67
57
1
4 56
5414 54/
No var 33 July 1 1212 Feb 18
1133*
185
443*
351,2 3434 3512 3434 3514 3313 3412 4,400 California Packing
'3513 35
3518 3514 35
8
14
14July
Jan 3
1
4
300 Callahan Zino-Lead
12
12
4
14
12
*38
38
38
12
*38
12
ll
73
588
44 Jan 7
213 Mar 13
212
234
658
314 314 2,200 Calumet & Heels Cons Cop-25
314 3%
314 338
314 312
314 314
31
/
4 314
6
223
8
July
6
74
Mar
13
par
0
FdyCampbell
W
&
1578
-NO
9,600
6
2058
2058 20
211
/
4 2038 2014 20
19% 2112 20
1913 191
834 Mar 27 1658 Jan 7
5
124 2911
834
Canada Dry Ginger Ale
1012 10's 1014 1058 1012 1014 1012 104 1014 1034 1058 1034 4,600 Canada
100 50 Apr 9 53 Feb 4
Southern
44
484 5612
5334
5334 *51
533 *51
5334 *50
5314 *50
533 *50
1350
938 Mar 18 1334 Jan 9
25
93*
1078 1814
9% 1018 43.000 Canadian Pacific
97* 1014
978 1018 10,4 101
912 978
934 97
No par 30 June 1 38 Jan 10
1,300 Cannon Mills
2214
281
/
4 384
341 *3334 34
344 3418 3314 3334 34
*3312 341 *3334 34
1014 July 24
45* Mar 21
1
414
900 Capital Adminls el A
588 1014
1018 1014 1014 1014 *938 1014
10
10
*938 10
*938 10
10 324 Feb 25 43 July 23
20
Preferred A
250
2624 39
4212 423 *42
43
43
4212 43
42
42
*41
42
60
Caroltna Clinch & Ohlo R7__I00 8214 Feb 27 87 May 17
74
85
*88 -9191
*88
*8734 91
*8734 _ _
_
*8734. : *87%
100 85 Mar 20 95 July 18
Stpd
70
94
*93
70
94
924
943 *93
4 *93 -943-4 *93
4 *93 -9-43a93 -9-43100 4534 Mar 18 137 July 24
35
66'2 36,200 Clue (5 1) 00
35
864
6434 6678 65
67
6578 65
6112 6414 64
6018 61
56/
1
4 93
56/
1
4
100 8312 Apr 11 10412July 22
Preferred oertifleates
890
/
4 10473 10312 1041 103 l03'I
1041
10312 10412 103 104
*1044 105
53
58July
Jan
16
No
26
3012
Tractor
par
53121
10,800 Caterpillar
15
23
3834
5358 5278
534 5234 5313 53
/
4 53
514 5134 531
51
No par 1912 Apr 26 35% Jan 7
1718
12,400 Celanese Corp of Am
174 447s
2612 2714 265* 27
271
27
2712 2712 27% 2718 2818 27
478May 21
Ilg
17 Apr 3
114
574
No par
500 tCelotaz Corp
312 313
312 31
31
34 34 *3
312
*3
38 *3
43
4May
21
114 Mar 8
No par
CertifIcates
500
1
4
%
*3
38
1323 31
313 34 *278 31
312 312
1
4
*314 3/
20 3334June 13
212
Mar
1114
100
Preferred
490
813
4
277
8
223
8
263
27
2712
4
263
2614 2712 2612
28
*28
2858 28
188g
188
3218
2418 2412 2,900 Central Aguirre Asso--No par 2214 Feb 13 29 May 8
2433 25
25
25
2434 25
2412 25
25
25
34
900 Central RR of New Jersey--100 34. Mar 18 554 Jan 4
53
92
*42
43's
42
4312 42
43 *42
43
4012 42
42
*41
54
814June 27 1283 Jan 18
54 123
400 Century Ribbon Mills-No par
612 6'2
612 62
634
*6
634 *612 634 *6
*638 7
100 9614 Mar 14 10912 Jan 2
75
Preferred
220
82
*99 102
11012
*99 102
102 10214 100 100
102 102
*102 110
633
4
Apr
15
25
Jan
Copper__No
pa
38%
301
/
4 444
2354
5934 33,300 Cerro de Pasco
58
5912 6012 5814 60
60
5734 58% 58
5712 58
858 Jan 7
358 Mar 13
3/
1
4
7/
1
4
258
5% 5% 2,100 Certain-Teed Products-No pa
5'8 512
524
518 514 *5
1
4
5/
1
4 5/
5/
1
4 514
100 23 Mar 12 4038July 26
1038
7% preferred
174 35
4018 2,150
3514 3778 38
35
3613 35
36
3512 3534 36
35
658 Jan 7
5
433 Mar 27
Checker Cab
438
44 1612
4
618
*43
*43
4
618
64
*43
4
618
*43
4
618
*43
4
618
*434
36 Mar 12 4478 Jan 4
No pa
294
34
4878
4312 2,000 Chesapeake Corp
*43
43
1
4 4378 43
43/
1
4 4334 *43/
43
43
43
43
25 3718 Mar 12 4538 Jan 7
394 4858
3718
4518 4538 15,600 Chesapeake & Ohio
4412 4458 4434 4478 4412 4514 4412 4514 4478 453
218 Jan 12
1 Apr 28
11g
100
1
/Chic & East III By Co
.12 112
7
*12 112
*34 112
*/
1
4 112
*34 112 .
34 1,2
109
258 Jan 8
%June 3
14
78
8
8% preferred
100
114
131
1
1
138
138 *1
112 *1
112 *1
*1
512
24 Jan 7
112
58
58 Feb 28
100
78 1,000 Chicago Great Western
994
94
34
34
34
34
34
34
34
34
84
44 Jan 4
158 Feb 28
100
158
Preferred
100
312 117s
238 234
*238 3
*258 234 *238 3
*232 234 *232 3
2
30
Am
Mar
13
1
1
/Chia
Ind
&
Louis,
Pref
100
*114
14
7
234
*114 234 *114 24 "114 234 *114 234 *114 234
5 Dioune 7 2658July 24 9 894
834 19
2534 2612 2578 2638 251r4 2612 2512 2512 8,600 Chicago Mall Order CO
2518 2514 2514 26
14 Mar 29
3 Jan 3
14
2
812
78 1,200 :Chic 0.111w St P & Poe......Nopa
*34
34
34
34
3/
4
4
4
4
4
48
4
29
Jan
4
Mar
3
4
3
4
100
312 1314
Preferred
138 138 2,400
14 138
138 138
138 112
114
111
*114 138
138June 28
55± Jan 7
133
312 15
Western-100
Chicago
&
North
8,100
2
2
2
2
2
2
2
218
2
18
4
134 13
33
358July 1 1058 Jan 8
534 28
100
Preferred
54 514 1,500
512
*5
5
5
5
5
*434 48
434 5
933*
934July 25
458 Mar 14
358
358
9
912 10,600 Chicago Pneumat Tool...No par
934
9
84 958
833 878
814 8%
814
8
13 4414 July i I
Mar
1414
20
No
par
1414
Cony
preferred
5,500
28%
42
4214
44
42
4
41
433
41
41
4018 404 404 41
234
4July
9
Jan
1
9
3
153
614
Isl
&
Pacific-100
:Chicago
Rock
:00
1
934
78
*34
*34
78
*84
78
34
94
78
*34
Oa Jan 9
158 Mar 30
1%
100
*153 112
934
7% preferred
25*
300
134 134 *134 2
14 134
13134 24 *134 238
114 July 22
4 Jan 10
100
a
112
2
8% preferred
700
112 14
112 *138 14
*133 14
114 114 *114 112 *114
914 July 19 114 Jan 3
No par
500 Chicago Yellow Cab
973
*1012 12
94 s16
11
lois lois *1614 1612 1012 1612 1014 1012 11
Par
$ per share $ per share $ per sha*e $ per share $ per share ..$ per share Shares
5
578 614
6
612
538 6
58 5% 7,200 Arnold Constable Corp
534 614
534 534
par
No
Artloom
Corp
*6
7
*6
7
*6
7
7
*53
4
7
*534
*534 7
100
Preferred
__ -.
- *72
_ *72
_ *72
_ *72
*72*72
1
1
4 12 12-38 118 12-18 1214 1238 1214 -1-318 9:400 Associated Dry Goods
113* -1178 117 -12/
100
8% let preferred
600
*99 100
9934 9934 *988 9912 9912 100
*9878 100
99
99
100
7% 25 preferred
900
76
77
a74
74
75
7312 *70
7214 7214 73
70
70
25
Associated 011
*3012 49% *3012 498 *3012 498 *3012 498 *3012 49% *3012 498
5412 5512 5414 55
5338 5434 5312 5434 26,000 ttc13 Topeka & Santa Fe__-_110
54
5134 52
51
100
Preferred
900
8978 90
8918 894 8914 8934 8912 8912 *8934 90
*8918 90
100
2138 2134 6,600 Atlantic Coast Line RR
2112 2134 2134 2238 2238 2312 2218 2234 2114 22
1
4 1334
1
4 *5/
578 5/
130 Al 0 & W I SS Lines---NO Pm
5/
1
4 5/
1
4 *578 634
634 634
634 634
100
Preferred
200
77
8
•78 88
*718 78 *74 778 *718 77
*718 77
25
2234 2318 15,100 Atlantic Refining
2234 23
22
2214 2214 2338 2238 2338 2234 23
No par
4018 3818 3818 1,900 Atlas Powder
38
41
41
404 403
41
3978 3978 *40
100
Preferred
110
11038 11038 11112 11112 11038 1114 11112 11112 11214 11214
111 111
Prof called
*111 11134 *111 111% *111 11112 *111 11158 *111 111% *111 11138
No par
718 712 •638 712 .688 78 1,100 Atlas Tack Corp
7
7
7
7
673 678
No par
2212 2218 2234 2112 2214 21% 2214 4,300 Auburn AutomobUe
224 22
*2218 2278 22
par
No
Austin
Nichols
200
634 634 *612 7
*634 714
634 634 *634 733 *634 718
No pa
Prior A
10
42
*40
42
*40
*40
42
40
4313 40
*40
4312 1140
Aviation Corp of Del (The)-5
__
--- - -- - --3
New
234 178 -6;565
273 17273 17273 1
RI 178
8
2
2
;
"
1
234 378 32,000 Baldwin Loco Works--No par
238 234
238 234
234 278
238 234
23* 258
100
Preferred
2012 10,300
17
13% 1458 1412 16
*1312 1372 1432 1434 143 15
100
1218 1234 1218 1212 118 1238 1178 1214 46,800 Baltimore & Ohlo
12
10% 1118 11
100
Preferred
1412 1414 1412 4,000
1478 1334 1412 14
*1238 1314 1312 1378 14
100
Bamberger
(L)
pref
&
Co
*105
8
10912
*1023
10912
10912
*10214
*10518
10312
10912
*10518
10912
*107
50
600 Bangor & Aroostook
4412 4412 4412 4412 4412 4412 4434 4434 *447 4514
•441
/
4 45
100
Preferred
10
114 114 *112 11412 *112 11412 *11312 11412 *11312 11412
*11114 114
par
No
Barker
Brothers
700
8
518
*47
5
518
514
*47
8
5
5
5
*412 5
48
100
180
48
634% cony preferred
*48
4914 48
49
49
49
4912 49
491
/
4 4912 49
5
818 812 4,300 Barnsdall Corp
814 814
814 83*
814 812
818 834
818 814
No
par
7
Bayuk
Inc
Cigars
1,800
423
4
433
4
42
42
43%
43
45
45
46
46
46
46
100
let preferred
50
/
4 11014 *1103* 11034 11034 11014 *110% 113
*11038 11114 1103* 11234 1101
5
1200
20
2,800 Beatrice Creamery
8 *1514 16
1538 15,
1534 1578 1614 1578 16
1434 1434 15
Preferred
100
*104 10514 104 104 *100 105 *101 105 *101 105 *102 105
900 Beech-Nut Packing Co
90
90
90
90
*87
91
*8934 93
*8934 93
121/4 5,600 Belding Hemingway 0o--No par
1218 1218 1278 1212 1278 12
1218 12
1134 1178 12
Belgian Nat Rya part Prof
*8534 89
*8534 89
*8534 89
*8534 89
*8534 89
*8534 89
5
49,900 Bendix Aviation
1718 1734 1634 1734 1658 17
1772 1712 18
17
168 17
BeneflehtlIndue Loan____No par
4,000
1818
1818
14
1814
18
18
18'4 184 1814
18
1814 1818 18
No par
4512 4612 1,600 Beat & Co
4612 47
47
464 464 4712 48 z46
*4478 46
78,100 Bethlehem Steel 00811. -No par
/
4 3412 3512 334 3512 3414 35
3434 3414 351
3184 3212 33
For footnotes see page 546.
Volume 141
New York Stock Record-Continued-Page 3
HIGH AND LOW SALE PRICES-PER SHARE, NOT
Saturday
July 20
Monday
July 22
Tuesday
July 23
Wednesday
July 24
paw
Thursday
July 25
CENT
Friday
July 26
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
S per share $ per share $ per share $ per share $ per share
Per share Shares
Par
*2612 27
26% 2658 2678 27
*2634 25% *2638 2634 2634 26%
600 Chickasha Cotton 011
10
*438 5
518
5
434 4%
5
4% 5
518
1,400 Childs Cc
No par
19
•17
•17
1878 *1714 19 •17% 18% *1712 19
1712 1712
10 Chile Copper Co
35
5338 5414 5434 5678 55% 5612 5512 56% 5534 57,4 55% 5634 126,000 Chrysler Corp
a
2012 2012 20% 2034 21
21
2114 2114 2118 2138 2114 21% 2,600 City be & Fuel
No par
•96
97
96
97
97
9812
440
97
,2 97,2 9712 98
Preferred
100
*3%4% *3% 414 *3,8 9712 97
3% 3%
414
City
200
new
Stores
312 3,2
5
1612 1612 •15% 16% *1578 1614 ;6
*1638 17
31'4
2 16
800 Clark Equipment
47'4
8 *16% 1658
No par
31% 3134 31/
1
4 3318 32
34% 3212 34
32% 32
34% 14,600 Cleve Graphite Bronze Co(The) 1
33
85
85
*8212
_ *8212
*83
87
Cleveland
*8412 ---- *8412
&
_
Pittsburgh . - -50
10
*45
_ *45
*45 _ _
*45
•45 _
*45
Spec'l grt 4% betterment stk 50
•26 2814 26 WC, 28
28
21
21
26
2212 2012 -21
- -58 - 2.600 Cluett Peabody & Co
No Par
125 12512 •12314 125 *12314 125
12314 12314 *115 120 *115 123
90
Preferred
100
*222 224 *222 223 *12212 22278 223 223
224 228 *226 228
1,400 Coca-Cola Co (The)
NO Dar
55% 55% *55% 56
56
56
56
56
5534 5614 *5512 55
700
Class
A
No par
*430_ *430
*430 _ _ _ _ *430
*430 -- *430
Coca Cola Internat Corp_No par
65
-8 1612 -114 1658 1718 16% 17% 1712 1814 1712 -1818
1612 1
-- -3-47J66 Colgate-Pa1molive-P*3.1- No oar
*10338 104 *103% 104 •10338 104 *10338 104 *103% 104 *10338 104
6% preferred
100
2212 2318 2314 2378 23
2438 2314 24
23
2312 13,600 Collins & Altman
23% 23
No par
9912 9912 98
99% 9912 99% 99% 99% 99/
420
1
4 100
99% 100
Preferred
100
*6% 9% *612 9% *612 9% *612 978 *gt2 912 *gt2 912
Colonial Beacon 011
No Pot
*112 134
134 214
2% 2%
218 2%
2% 218 9,900 tOolorado Fuel & Iron--No par
214 238
13
13
1234 1434 1412 1614 1434 1512 14
15% 1314 1412 1,750
Preferred
100
*14% 17
1634 1634 *1534 16% •15
16% *15
•14%
17
10 Colorado & Southern
1634
100
17 •14
17
17
*14
17 •14
17
*14
17 •14
17
4% 181 preferred
10
100
*11
1434 *11
1312 *11
1312 *11
1312 *11
1278 *11
12%
4% 2d preferred
100
9112 9112 91% 92% 92
94
94
94
9112 92
9114 92
2,600 Columbian Carbon v to .,No par
7118 72
x70
7118 71
7112 70% 74
7412 7534 6,200 Columb Plot Corp v I o---No par
741
73
6,2 634
612 638
612 718
7
678 714
7
7%
738 36,700 Columbia Gas & 113.36----NO Par
67 67
67 6718 •68
74
70
70
71
71
70% 7112 1,300
Preferred Banes A
wo
*6434 68
*6434 6834 *6434 67
*6434 68,2 *64/
1
4 683 *6434 6812
5 preferred
100
47% 4758 47% 48
4712 47% 4712 47% 4734 48
4734 48
6,900 Commercial Credit
10
----_------7% let preferred
---28
___
--------- --- -----Class A
60
---- -----Preferred B
26
% first preferred
100
*11334 ifi- •
Ei- 11178 115 1145* 114I ii5- 1152* 115 115 ---666 OS%
Preferred
Class A atock receipt.
Pref B stock receipts
-6
.i3-4 68
-66T2 68
-6-6-3-4 -61 Wil; "a- 6612 6413 8512 - 8,200 Comm Invest Trust
No Par
*112 11212 11134 112 *112 11212
11222. 11212 *112 11212 112 112
600
Cony preferred
No par
20/
1
4 21,4 2112 2214 21% 2212 2054 2134 20
2018 20% 64,500 Commercial Solvent -No Par
21
1% 112
138
114
138
114 134 114 1% 114 138 25,000 Commonw'lth & Sou
No Par
4814 4834 48% 50
49
50
50
4,200
51
5078 50
5034 50
$13 preferred serlea
No Par
*712 9,4 *712 9,4 *712 914 .
8
914 *8
Conde Nast Pub., Ino___No par:
914 *8
914
3614 3612 3614 37
3614 3714 37
37% 3612 3714 3612 36/
1
4 6,400 Congoleum-Nairn Ino--No Par
*1218 1318 *1218 131s *1218 1318 *121*
13% *12% 13% *1218 13%
Congress Cigar
No par
47
*46
45
4634 *4214 45
45
4218 45
45
250 Connecticut Ry & Lignsing_100
4434 44%
*54
*5412 61
61
*54
56
56
56
55% 5512
56
30
56
Preferred
100
734 734
734 734
•772 8
8
8% 818 *734 8
81
1,700 Consolidated Cigar
No par
71
*68
*69
71
*69
70
70
70
70
*69
70
50
*69
Preferred
100
*75
7614 7614 7614 76% 761
77
76/
77
1
4 76% 77
77
Prior preferred
90
100
*763s - - - *76% ____ *75
_
*75
*75 -- *75
-Prior pref ex-warrants
100
3/
1
4 3/
4
4
1
4
4
4
414
4
41s
4 --414 -2,566 Camel Film Indus
414
1
1578 1512 16
*15
1534 153
15% 16
1612 1614 16
16
2,800
Preferred
No' par
25
2514 2458 25
2434 25% 2514 25% 25% 2634 2628 271s 62,400 Conaolidated Gas Co
No par
9812 9834 98
9834 98
98
9814 9812 9814 9812 1,600
981
9812
Preferred
No par
*2
218
218 218
2% 2%
238 278
238 2% 8,900 Consol Laundries Corp
234 3
No par
734 7%
734 8
7% 81
734 8
734 8
7% 7% 31,000 Consol 011 Corp
No par
*11034 112 *11034 112 *11034 112 *11034 112
110% 11034
*11034 112
100
500 8% Preferred
414 414
414 414 *4
41
4
4
4%
*Vs 424 1,000 Oonsol RR of Cuba prat
100
.
,258
58
12
%
12
5
%
38 2,700 Consolidated Textile
5s
3:3
No Par
9,
4 934
9/
1
4 9%
912 9%
9% 934 10 .1038 5,000 Container Corp class A
912 10
20
318 *3
*3
318
31
3
3
3
3
3
3
Class B
3,4 3.600
No par
738 712
•7% 7,4
7,4 7%
658 6% 1,200 Continental Bak class A... No Par
Vs 7%
7% 7%
*78 1
1
1
7
7.
78 1
*78 1
1,500
78
78
Class B
No par
65
65
6512 66
*65
6614 66
6614 66% 661 *65
6614 1,200
Preferred
100
8812 89% 90
9118 9078 91
290 90/
1
4 88
90
89
88
10.200
Continental Can Ino
20
1038 •101s 1012 1012 1034 •1014 10/
•10
1
4 1012 101
1014 10/
1
4 1,100 Conn Diamond Fibre
5
371
37
3714 38
38
3812 3814 38% 38
39
3812 3812 5,600 Continental Insurance
2.50
1
1
8
78 1
78 1
78 1
7
8
1
2,90 Continental Motors
No par
1914 191
Mg 2034 2012 2114 2118 2112 20% 211
2012 21
22,90 Continental 011 of Del
5
5312 531 23332 5312 54
54% 55
5434 54% 5434 5414 541
52 Corn Exchange Bank Trust Co 20
7012 711
71% 73
73
74
72
73,4 6914 711
69
70
10,90 Corn Products Re1111114
25
*158 162 *158 162 *160 162 *160% 16112
*160% 1611 16112 1611
10
Preferred
100
*414 438
414 4%
414 4%
414 438
414 43s
414 438 5,400 Coty Inc
NO par
38
38
38
38
38
3814 38
38
3812 38
3734 38
6,200 Cream of Wheat otfa
No
par
*1312 14
1334 1414 1414 14% 1414 1412 1414 141
1434 143
2,20 Crosley Radio Corp
No par
34% 3438 34
343
34
3318 33% 3312 331
35
3334 34
3,80 Crown Cork & Seal
No par
46% 46% *4618 463
4618 4618 •46
4615 46
461 *4514 461
400
$3.70 preferred
No par
*8014 8234 *81
831 *8012 82% *81
8312 831
8312 *8114 833
1 Crown W'mette Pap let pfNo par
*378 4
*378 4
*378 4
3/
1
4 37
*3/
1
4 4
378 3%
900 Crown Zellerbaok v I o_..-No par
2134 2212 22% 233
22% 23
23% 2234 2312 2212 223
5,200 Crucible Steel of Amerloa__--100
no 72 72 73% 23%
73
72
73
73% 72
7212 7214 721
1,900
Preferred
100
*1
1,4
1
1
124 114 *1
1
114 11
1
114
700 Cuba Co (The)
No par
*6
678 *614 77
*6
7% *6
7% *5
7% *6
77
Cuba RR 6% prof
100
5% 5%
5,8 51
512 512 5.200 Cuban-American Suss/
512 5%
5% 534
5
,
4
5%
10
65
*63
64
64
63
*62
64
63
6434
6312 6358 63
450
Preferred
100
*4234 433s 43
43% 43% 43% *4274 43% 42/
1
4 4312 4234 4234 1,400 Cudahy Packing
50
*181% 19
19
19
19
19
1834 1834 1812 18% 1814 1812 2,200 Curtis Pub Co(The)
No par
*10333 10412 103% 1033 102% 103
/
1
4 10214 10314 *10234 10312 10238 103
1,200
Preferred
No par
218 2,4
2% 21
218 238
228 214
2% 214
218 214 9.600 Curtiss-Wright
1
7% 734
7% 77
7% 712 9,400
7% 7%
7%
7%
7
3
4
7
/
1
4
Class A
1
89
*86
*86
89
*83
*83
95
83 11014 *86 11014
95 '
Cushman's Sons 7% prof ---100
75
•70
*70
75
*70
75
*70 -- - •70
*70
75
.8%
preferred
No par
2518 2512 257
25
25% 263
2534 26% 2438 2434 2412 2512 -5,300 Cutler-Hammer Inc
No par
6% 6% *63s 71
*612 7
*612 7
*612 7
*614 67
100 Davega Stores Corp
5
29
29
2912 301
3014 317
33% 3312 34% 3334 3412 49,000 Deere & Co
313
4
...NO Par
2512 25/
1
4 2534 261
2534 26% 2614 2718 26% 2612 2614 2612 4,900
Preferred
20
3114 31,4 3112 3238 3214 331
3212 33
3112 33% 3112 32
11,100 Delaware & Hudson
100
1412 141s 1414 15,4 15
1412 15
15% 14% 1518 14% 15
12,300 Delaware Lack & Western---50
218 218 *2
212 *2
212
21_ •2
218 218 *2
212
300 Deny & Rio Or West pref.-100
9212 93
91
92
91
92
9114 91
9134 90
9012 92
2,000
Detroit
Edison
100
•112 512 *112 512 *112
512 *412 412 *112 512 *112 512
Detroit & Mackinac fly Co 100
*5
712 *5
7% *5
712 *5
712 *5
712 *5
712
5% non-cum preferred.,. 100
*3734 40
3812 3812 3812 3812 3812 39
*3622 40
40
40
700
Devoe
& Reynolds A__No par
*118 12012 •118 12012 12012
12012 •118 12012 *118 12012 *118 12012
1s3 preferred
10
100
*3412 3512 35
35
3434 35
3412 35% 34% 35
34% 35
2,100 Diamond Match
No pa
39
*38
*3738 39
39
39
3912 3912 *3938 39% *37714 39%
300
Participating preferred
25
3712 3712 37% 3734 3734 3834 38
3814 3712 38
37% 38
5,800 Dome Minee Ltd
No pa
8
8,4
7% 71
/
4
734 734
7% '814
1
4
7/
7
1
4 7/
712 2,300 Dominion Stores Ltd__No pa
26% 27
2714 28
26% 2734 26/
2612
27%
2011
27
/
1
4
4 2714 20,500 Douglas Aircraft Co Inc No par
1
4
•2014 21% *2014 21/
1
4 20% 2078 2118 2234 2078 22
203
20
3,700 Dresser(SR)Mfg cony A NO pa
8% 858 .
8
558 *8
1
4 878 *8
8%
8/
1
4 *8
83
8/
800
Convertible class B
No pa
*14
as
38
*14
*14
38
33
*14
3s
*14
38
*24
Duluth El 5& Atlantic
3
*32
100
*33
34
/
1
4
*38
*38
*3
8
3
4
*3
8
13
Preferred
100
ni4 3 *214 3 *214 3 *214 3
214 238 *212 3
200
Dunhill
International
1
*1414 16
*1414 1534 •1414 16
1534 171514 18
*15
*15
15/
1
4
Duplan Silk
No par
*109 114 *109 114 •10912 114
110 110
110 110 *109 110
20
Preferred
100
10512 106
10612 108
10634 107% 108 10634 10512 1071s 10612 10722 12,200 DuPont deNemoure(E.I.)&03.20
*129 1301 12914 12914 130 130
130% 13034 13012 13012 *12912 131
600 6% non-voting deb
100
*11212 114 *11212 114 *11212 114 •113 114
113 113 '7113 114
20 Duquesne Light lit pre!-.100
•14
•14
•14
____ *14 _
•14 ..-- *14
Durham Hosiery Mills pref-100
*5% 6
6
612
612 534
638 6%
614 634
6% -638 - W:i66 Eastern Rolling Mills
.5
147 147/
1
4 147 147/
1
4 147% 14834 14734 14824 147 148
147 14714 3,200 Eastman Kodak (N J).....No par
158 158 *157 160
158 168
180 160
157 157
161 164
90
6% cum preferred
100
2212 22% 22% 2234 2278 23% 2234 2318 2214 23
221s 2212 9,700 Eaton Mfg Co
No Bar
4% *4
*4
434 *412 434 *4
43* •433 458 *438 438
EitIngon Schild
No par
24% 2514 2518 2534 25
2534 2538 2534 24
255* 2438 25,8 26,900 Elea Auto-Lite (The)
6
*110 11014 110 11014 110 110 *110 11038 *110 11038 11014 1103
8
70
Preferred
100
612 658
612 6/
1
4
612 68
612 634
612 65* 14,400 Electric Boat
658 63*
a
•6% 614
6% 6%
63
51z
638
6%
512 6%
614 614 6,200 Elec & Mm Ind Am shares
*3
318
318 318
3
318
318 314
318 358
3% 3/
1
4 9,400 Electric Power & Light __No pa,
1812 19
1812 19
18% 1918 1914 201s 1912 208 2014 2314 25,100
$7 preferred
No pat
16
1612 15% 1614 1514 1614 1618 1714 17
1738 20
18
12,600
36 preferred
No pry
For footnotes see page 546
-aa-
549
Rasps Since Jas. 1
Os Bask of 100-shars Lots
Logreat
$ per share
2512 Mar 12
312 Mar 15
9 Feb 23
31 Mar 12
20 Jan 14
87 Jan 10
314 Apr 30
1214May 15
2758July 3
80 Mar 26
48 June 25
20'2 July 26
11212 Jan 7
16173 Jan 2
5338 Apr 20
151a-rune 1
101 Jan 3
9 Mar 13
6934 Mar 13
8/
1
4 Jan 10
is Mar 13
5 Mar 14
10/
1
4 Feb 28
7 Feb 28
6/
1
4 Mar 9
67 Jan 15
3414 Jan 16
3/
1
4 Mar 13
3618 Mar 13
31 Mar 15
39/
1
4 Jan 2
29 Jan 5
5213 Jan 7
2912 Jan 3
10934June 13
112 June 27
573sMay 2
32 May 2
5814 Feb 7
111 Mar 13
17/
1
4 Mar 13
34 Mar a
2913 Jan 4
5/
1
4 Mar 18
27 Mar 15
9 Feb 7
2334 Mar 1
41 Apr 2
7 Mar 14
62 Mar 28
71 Apr 2
73 Mar 28
312May 31
1414May 31
1578 Feb 20
7218 Feb 23
112Mar 12
8/
1
4 Mar 13
10812 Feb 5
211 Jan 25
12 Mar 12
834June 5
278June 10
4/
1
4 Mar 13
/
11
4 Apr 1
tiara Jan 28
6234 Jan 15
7 Jan 16
28/
1
4 Mar 1
34 Jan
1518 Mar 1
4134 Mar 11
62 Feb 8
149 Jan
4/
1
4 Mar 1
3578 Jan 16
12/
1
4 Jan 15
2312 Mar 14
43/
1
4 Jan 4
74/
1
4 Mar 13
3/
1
4Mar 18
14 Mar 15
47/
1
4 Apr 12
1 Jan 28
5 Jan 5
51s July 22
40/
1
4 Jan 3
40 May 3
15 Mar 15
8912 Mar 14
2 Mar 12
614 Mar 15
73 Mar 23
61 June 8
16 Mar 13
6 June 7
2234 Mar 18
19 Jan 15
2312 Mar 26
11 Mar 13
112 Feb 27
65 Mar 13
2/
1
4May 1
6 June 28
3558July 15
11412 Mar 8
2612 Jan 2
34/
1
4 Jan 7
34/
1
4 Jan 15
63*May29
1712 Mar 12
1312 Mar 15
638 Mar 18
34111ile 13
loune 21
2 June 6
1234May 21
103 Mar 20
86/
1
4 Mar 18
126/
1
4 Feb 8
104 Feb 18
1712May 16
334 Mar 13
110/
1
4 Jan 18
141 Jan 4
16/
1
4 Jan 15
314 Mar 27
193aJune 1
107 Jan 23
37 Mar 15
534July 2
1/
1
4 Mar 15
3 Mar 13
212 Mar 13
Highest
Juni 1
1933 to Rano.for
June 30 Year 1936
1935
High
Low Low
$ per share I per 55 I per share
2934 Feb 18
15
1914 3034
712 Jan 7
3/
1
4
/
4
334 111
21 May 22
1014 173
9
,
5724 July 25
2614
2914 603a
2434May 20
1412
1714 24/
1
4
100 May 3
63/
1
4
87 9212
5 Anr 16
314
313
173* July 19
612
884 2134
2814
347 July 26
85 July 20
60
friTi 78
48 June 25
31
38
45
22
2812 Jan 7
2472 45
128 May 20
90
95
115
228 July 25
85
9514 18112
573s Mar 8
4512
50'a 57
200
314
314
9
938 18,8
1814 Jan 7
10512 Mar 15
6812 10212
66
2438 July 18
10
9
2811
10112July 17
74
6034
94
8 July 18
5
9
22
5/
1
4 Jan 21
3/
1
4
8/
1
4
2812 Jan 21
5
1012 32
19/
1
4 Jan 8
161
1034
/
4 403,
1712 July 19
7
13
3314
13 Jan 8
11
8/
1
4
30
45
94 July 23
58
7714
81 July 8
211
171a
/
4 411
/
4
814 July 5
3/
1
4
Os 1914
7534July 12
52
7834
3513
31
7012 July 8
61
71
487 July 18
1114
18/
1
4 4914
22
3212kfay 14
2312 301
/
4
32
5934May 13
38
63
23
24
33 Jan 25
3012
85
11814May 13
9112 110
11518July 25 112
60 May 22
57%
---32
3212June 5
1
4
6814June 24 51 22/
16/
1
4 51
91
11512 Jan 29
114
8412
2378 Jan 7
1534 36/
1534
1
4
/
1
4
114 July 5
1
3/
1
4
5338July 10
1738
2112 5234
10 May 17
5
5
1314
M.
22
1612
37°* July19
1474May 16
71
714
/
4 1412
49 July 19
32
2334
61
41
56 July 24
55
58
1
4
1012 Jan 9
514: 13/
514
31
3014
74 Jan 24
75
82 Feb 28
4514 7472
4514
80 Mar 6
49
4514
70
11
/
4
7/
1
4 Jan 16
1%
614
22/
1
4 Feb 15
10% 20%
734
2724 July 2
1812 4714
15/
1
4
9934 July 10 371
371
95
11
/
4
3 July 25
43*
lls
1012May 17
612
714 1414
112 Jan 28 103
108
1121s
5 May 14
21s
6/
1
4
3%
1/
1
4 Jan 5
Is
111
21s
13/
1
4 Jan 10
61s 1334
414
2
518 Jan 9
23s
5/
1
4
734July 18
412
81
/
4 Ws
lleJune 13
74
/
1
4
2/
1
4
44/
6414
1
6614July 24
4 64
9118July 22
5634 6412
37
1034May 23
6
8
1154
39 July 25
233s 3614
20
1/
1
4 Jan 8
/
1
4
2/
1
4
54
1214
23 May 23
1534 2234
55 July 25
401
4012
/
4 51
55/
1
4
7858 July 10
55/
1
4 8414
185 May 23 133
135
15012
3/
314
1
4
672 Jan 3
972
39/
1
4 Mar 4
23
28
36/
1
4
1834May 14
8
7
1712
36 July 10
18/
1
4
18/
1
4 3014
32
4734 Apr 20
3512 4414
47
86 Jan 11 "40
84
538 Jan 10
3/
314
1
4
6/
1
4
2514 Jan 7
17
14
3838
737 July 22
44
30
71
1% Feb 19
7s
318
3/
1
4 1012
3
10 May IS
812May 13
212
312
9/
1
4
8034May 13
1412
201a 65
4711 Jan 2
37
351s
6252
13% 29%
2272 Jan 8
1312
10514June 13
43/
38%
1
4
1
4 95/
2
3 Jan 2
21
/
4
514
1018 Jan 2
514 1214
334
8312June 12
75% 91
73
37014May 17
84/
61
1
4 90
912
263* July 23
11
214
814 Feb 14
5/
1
4
6
814
3412July 26
10%
1014 341a
27'o July 24
1014
1014 1914
4312 Jan 7
35
2312
7312
14
11
1912 Jan 7
3384
112
434 Jan 8
3/
1
4 1314
9412June 28
55
63/
1
4 84:,
234
6 Jan 17
5
7
1212May 1
10
1814
112
5038 Jan 2
20
29
55,4
12012July 8
89%
99
117
3614July 9
21
2812
21
4112May 3
27/
1
4
281
/
4 3412
4312May 17
25
32
4614
1238 Jan 28
11
634
23
2873 July13, 111s
1414 2812
514
23 May 23
8
20
9/
1
4May 24
3/
1
4
5
1178
58
38 Jan 9
1%
14
12 Feb 13
la
218
214
5/
1
4 Jan 18
3
1134
17/
1
4 Jan 3
1234
13
23
110 July 24
92
92
110
108 July 22 Cl 6278 100
10378
131 Apr 22 10414 115
12812
114 July 11
85
107
90
23 Mar 6
13
21
30
8 Jan 7
3/
1
4
1
4
414 12/
152 July 9
8512
11612
79
154 July 26 120
147
120
2338July 23
10
1
4 2212
12/
734 Jan 4
314
191
/
4
8
29 Jan 3
111
/
4
311
/
4
15
Apr
112
26
75
110:2
80
7 July 17
3
3
7'
1
4
333 Feb IS 13 6/
414 44
334 July 26
3%
11
/
4
9
2324 July 26
3
612 211
/
4
20 July 26
212
6
19
New York Stock Record-Continued-Page 4
550
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 20
Monday
July 22
Tuesday
July 23
Wednesday
July 24
Thursday
July 25
Friday
July 26
Sales
for
the
Weet
STOCKS
NEW YORK STOCK
EXCHANGE
July 27 1935
Ranee Mee Jan. 1
Os Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Rases for
June 30 Year 1934
1935
H102
Low Loy
I Per share 2 per oh $ Per share
Par 8 pa share
$ per share 2 per share $ per share 8 per share $ per share $ per share Shares
52
34
No par 39 Mar 21 4912 Jan 7 al 3372
800 Eleo Storage Battery
*4512 46
45
4512 4512 45
4512 46
4514 4514 *453 46
7
%
1.
78 Jan 10
14
29
Mar
4
par
Coal
Corp-_--No
Horn
SEM
18
*38
18
*38
58
*58
*38
12
12
*4
12
*%
1
384
5
8
1%
Jan
10
1
%
Apr
60
78 1
*58 1
118
78
78 *1
6% Dart preferred
*34
78
*48
78
500
63
65
45
5234 Jan 16 8514June 14
50
Endicott-Johnson
Corn
300
*64
65
6518
*64
6412
6412
64
64
64
*64
6514 64
128
120
100 12514 Jan 10 132 Apr 23 112
Preferred
30
12934 130 *128 130 *128 130 *128 130
130 130 *128 130
11
834
358June 19
2
Ds Mar 16
300 Engineers Publio Serv___.No par
258 258 *232 278
238 238 *238 234
212 212
*212 3
10%
10% 2312
14 Mar 19 37 July 9
par
Ne
preferred
$5
cony
700
3312
33%
3212
3212
3212
*3112
3112 3112
31
*30
3112 30
3712July
11
24%
11
8
7
Feb
1412
par
No
8514 preferred
700
3312 34
33
*3012 3258 3112 3112 *31% 3214 3212 3212 33
2512
12
13
No par 1513 Mar 19 3712July 6
$6 preferred
300
*3334 3618
34
33
3312 34
*3112 34
*32
33
34
*30
,
5
578May 17
108
5
434July 24
200 Equitable OWN Bldg.-No par
*45
434 478 *434 48 *434 47
*434 5
*434 5
5
71
14
Jan
4
9
3
2
2472
Mar
20
718
100
4,400 Erie
9
9
918
9
9
918
812 938
814 812
818 818
812
148g 2814
81 Mar 26 1714 Jan 4
100
preferred
First
3,000
*11
118
123
8
1112
1112
117
8
123
8
1114
103
8
11
*1038 1012
23
9
634
624 Mar 12 13 Jan 7
100
100
Second preferred
*634 8
*818 878 *634 8
8
8
*7
834
*7
8
50
68
50
60 6912 Feb 18 70 Feb 2
Erie & Pittsburgh
74
*71
74
*71
*71
74
74
*71
75
*63_ *71
7
14%
632
5 1012 Ma 19 1412July 24
Clean
Eureka
Vacuum
18,700
4
1418
133
143
8
1418
1412
1414
1414
14
1318 -1114 1338 14
2714
3
9
5 15 May 7 2314 Feb 21
168 1614 1612 1614 1638 9,300 Evans Products Co
159 1678 16
1534 17
16% 18
3
1012
2
5 Jan 18
2 Apr 30
370 Exchange Buffet Corp--No par
214 214 *214 258 *214 238
214 214
214 214
2/
1
4 214
258
214 Jan 19
%Mar 26
1
58
25
80 Fairbanks Co
*78 114
114
*78 114 *1
72
%
*78 114
*78 114
9%
Jan
18
19
312
Mar
3%
12%
4
100
Preferred
160
*412 5
*412 5
*412 5
5
5
514
518 *5
5
472
7
18%
17 Jan 11 2518 Apr 22
2212 2234 2218 2212 2238 2214 2,500 Fairbanks Morse & 00.--No par
2214 22% 2258 23
22
22
77% ^
go
25
100 72 Jan 17 120 July 18
Preferred
120
11212 11212
1174 11754 115 115 *11212 115
118 118 *116 118
1114
4
4
Ms Mar 15 1412July 10
15
1312 1312 1334 1334 1,100 Federal Light & Trao
1
4 1314 1314 1314 134 14
*1314 1334 13/
341
8
62
33
81
July
12
8
Jan
No par 48
Preferred
78
80
80
*78
81
*78
81
8012 *78
8012 *78
*78
52
107
40
40 Apr 3 72 Apr 26
Co--100
Federal
Min
&
Smelt
65
*50
*50
65
*50
65
63
*50
63
*50
*50 65
82
98
50
100 54 Apr 1 95 May 24
Preferred
82
*70
82
82 .570
*75
1 70
80
90 ..
*75
83 *70
738July 18 3 214
S's
27s
334 Mar 23
64 634 1,600 Federal Motor Truck-No par
634 678
012 634
614 6a
658 *638 64
61
5%
1
4%
Jan
7
July
6
2
2
par
Works____No
Federal
Screw
100
*212
312
3
*212
3
*212 312
*2
3
3
3
*212 3
1
4
'
7
4
13
8
Jan
7
78
Feb
25
par
114 114 1,800 Federal Water Fiery A__-_No
114 114 *118 114
114 114
114 114
1% 138
31
20
16%
1.500 Federated Dept Stores_ _No par 1618Mar 29 2058 Jan 7
1934 *1958 20
1912 19
1858 1834 184 i88 19
*1814 19
38 July 23
14
20%
Mar
3512
2358
2812
-2.50
6,200
3714
3752
Fidel
Phan
Fire
The
11
*3612 37% 367 3712 37% 372 3678 3714 368 38
30
23
16
par 16 Apr 9 2312 Jan 8
Y_
10 Filene's(Wm)Sons Go___No
24
*18
24
*18
*18
24
20
20
20
*18
20
*18
87
106 '
100 10614 Mar 6 114 July 3 z85
30
652% preferred
113 113 *113 114 *113 114
113 113 *113 114
*113 114
2514
1318May
2
13
18%
1318
Jan
7
10
Rubber
Firestone
6,100
15
Tire &
1534 15
1538 15
1434 14% 1458 15% 15
*1458 14
6718
71% 9214
100 84% Apr 8 95 June 25
Preferred series A
9458 9458 9434 9434 *94% 9434 9434 9434 9458 9434 947 9478 1,000
6914
403
4534May 6 5714June 22
53
par
1
First
Stores--No
2,300
National
54
543
4
*5418
55
54
5312
*53%
543
4
5318 53%
54
54
15
25
1258
400 Florshelm Shoe clans A--No par 19 Feb 21 23 May 9
2214 2214 2214 2214
22
22
*2112 22
*2014 22
22
22
1738
2
6% Jan 7
2
214 Mar 6
No par
*338 378 6,700 Drollansbee Bros
378 4
418 414
414 458
4
3
274 27
47
July
25
17
16
1014
Jan
2158
/
1
4
1012
20
ply
Machinery
Corp-No
Food
1,700
46
46
4612
47
4514
4512 45
45
43
43
4338 43
812 22
812
978 Mar 15 171 Jan 2
No par
1514 1512 6,800 Foster-Wheeler
1658 1558 1558 1514 16
*1512 158 158 1612 16
55
80
4414
No par 60% Mar 15 85 July 18
Preferred
100
83
*81
82
83
83
83
83
83
82 82
84
84
64 1714
25
258June 7 104 Jan 7
No par
200 Foundation Co
_ _ ____
_ _
_ ____
_ _ ____
4% 414 ____
1658
17% 2712
1 1934 Mar 21 3118July 26
3078 -31718 4,500 Fourth Nat Invest w w
2912 -3(C38 3034 -3-130 -3-012 2912 -3-0
2914 293
814
814 17%
812 Mar 15 174 July 15
No par
164 1618 1638 1538 1614 157 1612 19,900 Fox Film class A
1618 16% 1618 1634 16
63
20
20
30 Flan Sbnon & Co 200 7% pf-100 3014 Apr 2 60 July 24
5912
*55
58
60 *55
60
*56
61
59
59
59
*55
2812May
18
21%
5058
1714
23
Mar
1714
10
2534 26% 2614 2614 255 26% 2534 2534 3,400 Freeport Texas Co
2538 26
258 26
100 112I2June 2 12018 Jan 22 11212 11312 160%
Preferred
_ _ *11338 __- ____ _ _
-- *11358
*11358__ *11358 ___ *113%
*11358
33%
14
1215
26
May
21
Mar
13
15
par
pref-No
prior
Fuller
30
(G
A)
19 -1-9 *19 -20
20 -2-0
20 -20
•18% 20 *18 -i0
8
48 Mar 13 12 Jan 24
6
19,
434
No par
$6 2d prof
190
814 814
9
8
*8
812
712 8
658 718
68
7
218 Jan 3
72May 21
72
118
Ps
No par
114 2,100 Gabriel Co (The) el A
*7, 11
114 114 *1
1
118
114 114
114 114
91
8
Mar
30
20
7
Apr
22
8
7
par
No
180(The)
*812' 9
*8% 9
83
8% *812 9
812 834
81
812
pi 11%
51j
912July 23
512 Mar 13
No par
9
958 6,000 Gen Amer Investors
9/
1
4 98
9
914
813 812
914 912
84 9
73
87
6415
No par 84% Jan 10 100 June 24
Preferred
*92
97
97
*92
97
*92
97
*92
*92
97
*92
97
44
July
15
12
4352
253
Mar
30
4
3252
6
4134 411 4112 4014 4114 4014 4038 5,300 Gen Amer Trans Corp
4012 401
4054 41% 41
12
2312
10 115g Mar 15 1918May 25 • 115
188s 3,100 General Asphalt
18
1852 18
1734 18
174 18
178 1758 175 18
8
11
July
18
738
Mar
29
612
612
1435
General
Baking
10,500
1078
1012
11
10
1078 11
1012 1058 1018 1078 105* 11
10812
100
No par 115 Jan 10 133 July 2 100
$8 preferred
290
129 131
12812 129
129 129
129 129
*12814 129 *12812 129
5
712July 25
5/
1
4 Mar 4
8
1018
6
General
Bronse
5,500
714
67
7
71
712
714
67
8
718
7
7
*654 7
434May 17
2
214
61s
2 Mar 20
312 312 1,400 General Cable
No par
34 34
338 358
334 334
3% 334
34 313
4
414 12
4 Mar 26 10 May 17
No par
Class A
900
84
*8
83
812 8% *8
88 838
814 814
8
8
Mar 14 4612May 16
14
19
100
1412
33
1%
cum
preferred
600
39
*37
*37
39
39
38
3712
3934 3712
3934 *36
*37
2414
27
5934
No par 50 Mar 25 8334July 28
6312 6384 3,500 General Cigar Inc
6234 63
6214 614 6214 6218 63
62
62 62
97
97
12712
100 12712 Jan 2 143 May 21
7% preferred
20
141 142 *13914 142 *13914 142 *13914 142
*139 142 *139 142
2812July
26
2514
6 16
Jan
15
1678
2012
No
par
General
Electric
74,300
28'z
28
8
27%
283
2814
2778 2814 2778
2738 2758 27% 28
28
36%
28
No par 3214 Mar 15 3778JulY 8
3658 3714 3658 3714 3658 37 z3634 3718 304 3718 14,200 General Foods
30% 37
4
1
22
18 Jan 14
14 Feb 25
No
par
Eleo
A
Gen'l
Gas
&
1,100
%
3
8
3
2
3
2
3
2
12
%
38
33
32
34
32
15
Mar
15
Apr
6
10
614
19
514
par
series
A--__No
prof
100
Cony
121
*9
1212
1212 *9
*8
12
1412 12
1412 *12
*12
1619
5
Apr
Mar
21
6
11
65
4
11
par
No
pref
class
A
$7
15
*9
*9
15
15
*8
15
*10
*10
15
15
*10
22
13
712
No par 1014 Jan 15 18 Apr 6
$8 pref class A
*8
16 *____ 16 *____ 16
*10
16
16
*10
16
*10
5518 Apr 20 615 Feb 5 3454
50
62%
Gen Ital Edison Eleo Corp
57 *____ 57 *____ 57 *____ 57
57 *_
*.
57 *_
64%
81
51
No par 5978 Feb 6 70I2July 8
1,600 General Mills
BiT4 68 69 69% 69% 6918 69 69
8 69
*F3K4 6812 Eigi.
118
100 116 JIM 3 118% Apr 23 10012 103
Preferred
300
*11714 119% *11714 1198 *117% 11972 *11712 119% 1171 11712 11712 11713
5 223*
2452 42
10 2858 Mar 13 381 July 24'
3818 3678 3758 152,300 General Motors Corp
/
4 37
3614 3658 363 3734 3714 3734 373 381
1
8954 109
84
No par 110712 Jan 4 11712May 7
25 preferred
1,300
11614 11614 11618 116% 11618 11618 11614 11612 11618 117
11634 117
8% 21
8/
1
4
No par 10 Mar 20 1312May 10
300 Gen Outdoor Ad! A
8
1212 1212 *1212 125* 1212 1212 *1212 1238 •1212 1258 *121 125
314
4
3I
Mar
21
9
Jan
3
14
par
313
658
No
002061011
300
314 32 *314
*314 313 *314 32 *314 312 *314 32
101
No par 17% Feb 5 3414July 25
1012 2512
3414 3314 3313 1,800 General Printing Ink
33
3112 3112 3112 3214 3134 33
3014 31
No par 9312 Jan 22 106 May 81
8114
7312 96
36 preferred
250
105 105 *105 10512 105 10512 10512 10584
*104 105 *104 105
58
3 July 23
us Mar 13
118
No
par
2
Service
Gen
Public
1.400
258 28
234 234
278
27
234 3
*214 234 *214 234
No par 1558 Mar 13 3384July 23
1552
2,900 Gen Railway Signal
2312 45%
3234 3234 3334 3314 3334 3234 3234 318 32
3218 3238 32
108
July
2
23
Jan
80
100
80
1011z
Preferred
90
70
110
*10614
110
108 108 *10614
10712 10712 108 108
106 106
1
352
%
2 May 24
54 Apr 2
1
2,600 Gen Realty & Utilities
138 11
11
1%
112 112
138 112
*138 112 *13* 112
No par 1454 Mar 20 2538May 24
10
10
26%
36 preferred
800
*2212 2334 2134 2134 *2114 2238
2214 2214 2212 23
*2114 22
2338July
ail
9
163
4
Jan
30
lois
par
No
General
Refractories
14,400
2214
231
8
2114
2114 2212 2114 22
223* 23
2178 228 223 227
No par 1612 Jan 16 23 JAI;
20
Voting trust oertifs
_ -__
10
14
3334
Apr
1
14
par
2
9
5
prat
No
14
7
Castings
1
7
1
4
4
8
12
Gen
Steel
510
--------------ior2
16
4
2984 55 -56
i9 Iii4
$.ii F8 28'
No par 12 Mar 14 1658May 11 5 712
812 1472
1614 1573 16500 Glllette Safety Rasor
16
16% 15% 1614 18
15% 16
15% 157
47
72
4512
No par 7012 Jan 4 88I4July 25
Cony preferred
8814 8814 8838 2,500
88
8734 88
8714 8712 8712 87% 874 88
372
Mar
13
He
212
par
Jan
4
218
Gimbel
Brothers
238658
5,100
314
314
33
8
314
314 338
314 338
314 358
*3
314
100 18 Mar 27 3912July 23
30
13%
Preferred
355 3718 3618 3632 6,400
3434 3734 3812 3912 3714 39
3414 35
1525 2838
12
No Par 238s Feb 7 32 June 15
23,200 CUM= CO (The)
3058 307s 30% 3158 3018 3112 2934 3012 2934 3034 2934 30
100 10472 Jan 2 10918June 10
805
Prior preferred
83
10712
200
107% 10758 108 108
108 108
10814 1084 108 109
108 109
78July 15
118July 19 --Rights
___ -_
_
------------------------13,000
T114 15s r114 138
41
4
Apr
26
5
118
Jan 25
118
j(1obel (Adolf)
3%
2.000
9.2
1
17
3
4
i
14
3
4
13
4
3
4
13
4
4
138
134 13
23
No par 1438May 2 18 Jan 7
10
1438
6,300 Gold Dust Corp v 1 o
17
1678 1678 1678 1712 168 1758 1678 1714 1634 1714 1652
No par 11112May 3 120 June 29
96%
400
$6 cony preferred
116 116
9638 120
116% 11614 *116 11712 116 116 .11512 116
*116 118
8
18
7/
1
4
7% Mar 13 1178 Jan 7
No par
818 8'4 14,900 Goodrich Co(B 2)
77
812 8%
812
8
830
754 8
754 3
6% 62%
2612
100 40 Mar 15 5412 Jan 8
Preferred
4634 4758 4734 4612 4732 5.200
45
4314 4312 4314 45
42
42
1584
1812 11112
1912 2078 193* 2038 39,700 Goodyear Tire & Rubb---No par 1534 Mar 13 2878 Jan 7 753l
1918 198 193e 20
1858 1834 183* 19
No par 70 Apr 11 92 Jan 10
8814
1st preferred
64
700
8112 8112
8034 81
7934 80
7914 7914 793 793
*781 80
512 Jan 3
212 Apr 4
No par
2%
378 11%
6,900 Gotham SHY Hose
412 47
48 5
58 518
5
538
438 478
488 438
20
100 20 Apr 3 50 Jan 3
3812 711,
Preferred
840
*41
4212
43
4312 4412 42
44
42
3758 3758 3758 38
114June 25
3/
1
4 Jan 3
1
114
112
412
134 3,000 Graham-Palge Motors
138
13* 134
158r 14
158 134
158 14
158 134
914July 23
514 Mar 19
4
1338
4
918 912 5,800 Granby Cone M Sm & Pr---.100
918 914
958 912
9
878 9%
912 934
95*
5 Jan 7
Mar 15
214
1
4
214
Co
a
Ms
8%
Grand
Union
1,800
312
314
314
314
312 34
314
3% *3
3/
1
4 3/
1
4
*3
1458
No par 1438May 20 29114 Jan 3
23
40
Cony prof series
1,900
19
1818 1812 1812 1834 1814 1914 19
*1712 1812 1734 18
No par 1818 Mar 29 29 July 23
21
311
1818
2812 2878 4,700 Granite Ca,Steel
29
29
2834 29
2858 29
257 26
2678 28
Mar 26 3512May 16
26
par
No
25
28
Grant
1,800
35
404
(W
T)
3412
35%
35
35
3514 35
35
3434 35
*3412 35
842 18%
75g
94 Mar 19 1278 Jan 7
No par
1158 1158 4,100 Gt Nor Iron Ore Prop
1158 12
*1158 117s 1134 1134 11% 1218 118 12
98 Mar 12 223gJuly 15
prof
100
9%
1214 3212
2018 2012 203* 2114 2112 2214 2112 2218 203 2178 2034 2158 57,200 Great Northern
Jan
15
323
8May
6
2638
par
25
Sugar__-No
25
3514
Western
Great
6,200
29
2812
2812
274 2838 2838 2812 2814
28
2838 2778 28
100 119 Jan 2 140 May 4
99
Preferred
102
118%
90
*131 13212 13212 13258 13258 1323* *131 133 *131 133 *131 133
21 Apr 12 25 Juno 8
Co_100
21
RR
Bay
&
Western
Green
*2312
40
40
*2312
40
*2312
*2312 40
*2312 40
*2312 40
13
100 34 Feb 6 55 May 16
18
59
*3614 - _ *3614 -__ __ _ ___ Greene Cananea Copper
*47
*3614 ___ *45
*3614
5 4618July 17 5214July 26 9 5
5214 18,700 Greyhound Corp (The)
5614 "
4758 -4738 4714 -4712 4712 -4838 48% 1814 4812 -5i
234May 13
1 Feb 1
34
No par
Guantanamo
Sugar
100
*13
8
13
4
13
4
*138
8
17
*138
112
112
*138 178 *112 178
7/
1
4
100 19 Feb 18 4314May 14
7/
1
4 31
Preferred
*2412 33
*2412 33
..1 2412 25
*2412 33
33
*2412 33
6 Jan 8
4 Mar 7
4
100
164
5
400 Gulf mobile & Northern
57
57
*512 6
*5
612 *5% 6
534 6
*5
*5
100
6 Apr 3 1614July 23
8
12
3534
Preferred
1,100
1612
*15
16
1512
1612
1612
153 164
15
15
16
*15
1514 42
12
No par 12 Mar 29 24 Jan 8
21
2912 1,700 Gulf E18142641 Steel
22
20
20
20
20
2012 20
*2034 2114 20
68
29
May 23
100 48 Mar
2514
47
83
Preferred
30
/
4 66
*611
66
63% 6312 .562
*63ly 68
86
66
.6338 68
1978
25 2138 Jan 15 2914July 26
2012 2614
600 Haekeneaok Water
*2834 2914 2914 2914
29
29
28% 28% *2734 2834 2834 288
26
27
31
25 80 Jan 18 34 June 29
7% preferred class A
34
80
*33
33
33
*3212 33
33
33
34
3312 3312 *33
614 Jan 13
312 Mar 13
312
814
31s
No par
_ _ ___ __ Hahn Dept Store,
__
_
__ _ __
_ __ _ _
__
_
313
Mar
19
•
712
Jan
2
314
4
938
10
Hall
Printing
200
ii4 134 *ii2 i
418 12.4 424 -I
*I12 11- ;i58 111.4
614 Apr 30 1112Ju1y 23
351 11%
No par
35*
1118 1114 1112 1114 1112 1114 1114 *1034 1138 2,600 Hamilton Watch Co
101z 1034 11
20
Jan 4 96 July 25
25
63
83
100
Preferred
110
98
*8912
96
95,
98
*95
9412 95
*91
95
95
*90
108 June 3
77
84
101%
440 Hanna(M A) Co $7 pf.....No par 101 Jan 2 123
*10558 10534 10558 10534 10512 10538 10512 10512 10512 10512 10512 10558 5,100
5
July 221
13
12
24%
Harbison-Walk Reftse--No 7
10
r 9
19
211 MFunearb 167
225* 2212
2238 2278 2212 223
2212 227
*22
2212 2212 23
12
238J
June
uiy
2
1
6
1
82
1
12
87
1
13
100
__
758
__
Preferred
_
*11218
*11418
__ *11218 __ *11218
*113% _ _ *11418 5
-1
12-38 24:900 Hat Corp of America el A
934 -1-058 10 -1038 10 -1-1-3-4 1134 10712
938 -9-3-4
93* -138
100 81 Feb 6 109 July 24
1934 92
1412
preferred
10712
70
652%
108
*105
109
109
*104
107
104
10312 10312 *10312
la
1 May 15
II:
18 Apr 27
%
___--_ ______ Havana Eleotrio Ry Co -No par
- --- ---- ---- ---- ---- ---- ---- ---- ---- ---21 Apr 17
81
/
4
612May 25
100
3
212
Preferred
164
*24,3
For footnotes see page 546
New York Stock Record-Continued-Page 5
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 20
Monday
July 22
Tuesday
July 23
Wednesday
July 24
Thursday
July 25
Friday
July 26
$ per share $ per share $ per share $ Per share 4 per share 3 per share
318 338
338 38
33* 37
3% 338
312
3
3
34
11212 11212 113 1134 115 117
11634 11712 115 116
114 114
*13912 141 .13912 141 *130 141 *136 141 *130 141 *130 14012
*15412 160 *15412 180 *15412 160 *15412 160 *1545* 160 *15412 160
24
2418 24
244 24
24
2312 2334 2314 24
2214 2234
4,83
85
*84
847 *8312 847
84
84
82
84
827
84
*124._-_ 124 124
124 124
124 124 *124 125 *124 125
771
/
4 7712 7714 7714 774 7712 x7678 767
*7734 79
77
77
*115 11718 *115 1168 *11514 11678 *11418 11612 *11418 116 *11418 116
12% 13
1213 1278 1134 1234 114 1214 1214 1234 1214 1314
47/
1
4 712 *753 74
714 753
714 753
753 75*
75* 75*
*385 40518 .395 40018 395 395 .391 400 395 395 *385 399
*39
40/
1
4 4014 404 4012 4034 40
398 40
41
4011 41
1653 173
174 17,2 17
1712 188 1753 164 1753 1634 17
*6214 6612 *63 6612 *6512 664 *6512 6612 6812 664 *6612 67
*1212 13
13
134 1338 133 13% 1373 *13
13
137
13
214 214
214 214
214 214
214 214
214 214
214 214
4812 4812 4812 4834 49
5014 4912 5012 4912 4912 49
49
*278 3
27
3
278 278
3
27
3.
3
3
273
*753 8
*714 8
*714 8
*714 74
712 712 *74 734
838 834
853 812
84 878
84 834
814 84
853 858
112 134
153 134
158 134
17u 2
134 17
178 2
13,2 134 1353 144 1418 15
1414 1434 14
1412 1378 14%
194 1934 *1934 2134 21
21
2138 2153 *1958 2112 *198 21
*52
54
*52
54
*5234 54
54
54
*53
53
54
53
*612 8
.658 8
*658 8
*612 8
*612 8
*612 8
*214
253 *214 253 *214 253 *214 253 *2
23* *214 253
4
2812 2812 2834 2953 2814 29
2814 2814 28
2814 2734 28
923* 92
*91
9314 9314 9353 93/
1
4 9314 93
9312 9312 94
*128 130 *128 130 *128 130
a9312 9312 *12812 130 *1284 130
7614 76
76
7653 7512 7638 757 7634 7612 7714 7734 7812
28 28
234 234
278 27
272 27
234 234
234 28
*614 63*
638 653
65* 638 *614 612 *614 612
614 614
*1314 1312 134 14
*1318 1312 134 1318 *1258 1314 *1234 1318
*214 318 *234 353 *234 318 *234 3/
1
4 *234 34 *234 34
3
3
3
3
*23* 2
3
3
3
3
3
3
*93* 1078 *953 107
107$ 1078 10% 12
12
1134 1178 12
*178 212 *2
21
*2
212 *2
212 *2
212 *2
212
534 534
5% 6
618 638
6
573 614
618
534 578
*34. 314
333 3%
314 353 *3/
1
4 353
3
31
*278 3
314 3134 *30
32
*30
3112 *29
314 *30
31
32
3112
17712 17712 *17712 183
182 182 *18212 184
17812 184
183 183
55
53* 553
57
6
6
61
/
4
6 . 578 6
61
/
4 64
3158 3158 3112 3134 3134 3214 3134 32
304 3238 2978 3018
49
4958 4878 4978 4934 5014 4912 5078 508 5112 50% 514
+1424 14312 1434 1431 *14318 146
14512 146
1454 14534 *144 14512
*178 2
2
2
2
2
2
*178 2
2
2
218
*212 3
27
278
234 3
3
3
*234 272 *234 27
2653
2814
2784 2712 2778 2753 2818 275 281s 2712 28
27
*123 125 *123 125 *12312 125 *123 125 *123 125
125 125
*112 114
119 112
11
/
4 11
*11
/
4 114
112 112 *112 18
*12
%
*311
74
*52
"8
*58
7
*32
78
78
72
*12
53
58
*12
4
*12
12
58
12
12
*12
38
*734 814
784 818
734 8
778 8
8
84
818 814
*2612 267
2634 27
+2512 26
2612
26
2612 2614 2634
26
*105 10658 *105 1064 10658 10658 108 106 *105 10614 106 106
36
*34
3534 3544 3512 3512 *3438 35'z 348 35
3334 3438
48
48
4734 48
*48
48
4838 48
48
4812 *48
4814
*19
20
20
20
20
2218 22
22
22
*19
21
21
70
*69
*6914 70
69
70
70
70
70
70
70
70
1
914 94
1
95 10
9 4 94
94 934
958 10
9 4 1018
11/
1
4 12
11/
1
4 12
12
1
4 1314 14
121
/
4 1214 13/
13
1312
8353 8312 *82
84
83
84
*80
84
844 8418 *80
84
11
11
111
/
4 123* 13
1312 13
1234 1234 13
13
13
27
27
*2618 27
27
27
2614 261 *26
*2658 27
27
*1101
- *11012
- *11012 --- *11012
- *11012 ___ *11012
-2
--63% 6312 1112 *6312
6358 -64
64 W41
6414 -641
65
65
5378 5912 5912 60
5953 6012 5912 60
59% 61
61
617*
*122 12512 *122 12512 12512 12512 *122 12553 12512 1251 *12414 12514
*13314 175 *13314 175 *1331
1
4 175
/
4 175 *13314 175 *13314 175 *133/
704 7012 7114 7012 721
70
6918 70's 69
/
4 69
71
69
*118
-- *118
_ _ *118
_ - *118 120 *118 120
*118
_
1
5 4 --514
534 -54-4
534 -6
4 *534 6
534 -53684 634
853 88 *8
918
912 10
*814 934
*912 944 *8
93
11% 1153 111 12
*114 12
12
12
*1114 12
*1114 12
*19
1912 193* 1934 1934 20
1958 1934 198 193* 19
1958
*80
99 '
460
99
*80
99
*60
99
*60
99
*60
99
114 114
114
114
15*
114 114
114 114
13s
132
1
/
1
4
1934 20
20
20
197 2014 2014 2014 2012 204 2014 2012
22
2318
2 338 22
2212 21
21
2318 2178 22
233*
194 1912 1934 2012 193* 2012 20
1912 2038 1914 2114
20
1234 133* 1234 13
12% 1338 1318 1338 13
1314 1234 1314
495
954 495
9512 95
95
495q 9512 95
9514 95
95
1918 193
193* 197
1958 2012 203 2058 1958 2038 197 2018
•18
19
*18
1874 *18
19
*18
19
*18
19
*18
19
*3/
1
4 4
*3/
1
4 4
.3/
1
4 4
44
4
4
4
*334 4
'3012 3112 3112 32
3314 3334 344 35
32
3214 32
373*
24% 25. 25
25
2478 2518 247 2514 25
2514 25
2514
*109 110 *10912 110 .10912 110 *10912 110
110 11038 111 111
*3
314
314 314 *3
312 *3
312 *3
318 314
34
*65
72
*65
72
+65
70
70 .35
•65
70
*65
70
*57
60
*5812 60
*584 60
*5812 61
594 60
*5812 60
29
2918 2834 2914 29
2914 2912 294 2912 2914 2934
293
16
16
17
1612 4,154 1712 4,16
17% 16
1712 1712 1712
'30---_ *30
35
*30
44
30
32
*30
31
30
31
25/
1
4 25
2578 26
25
2478 2534 24
2214 2418 2312 238
612 612
612 615
614 614 .538 64 *51
7% '
3532 65*
97 10
7
*9
10
104 11
10
115
1138 1153
1012 10
*1414 1414 1484 1414 14/
1
4 14/
14
14/
/
4 14
1
4 14/
/
4 141
1
4 141
1
4
*100 10114 *100 10114 *100 10114 *100 10114 *100 10014 *100 10024
74 712
738 71
732 722
758 7%
712 74
7/
1
4 7%
2
2
17
17
•178 2
*134 2
17
134
*134 2
812 852
834 884
812 84
8
814 *818 812
814 84
87% 8712 87 873
877 8838 8734 88
8758 88
8712 88
1412 15
1238 14
1078 12
1118 1112 1114 1134 1158 1214
3334 3412 344 355* 3434 3512 3434 3514 3434 3512 3514 363
2314 2234 223 *2212 23
•23
23
23
2212 2273 2278 23
*115 117 *115 120 *116 118 *116 117 *115 117 *116 11812
/
4 11612 1174 117 11712 11712 11712 116 11712 116 11712
11614 1161
*15614 16412 *158 163 *153 163 *15814 163 '
415814 163 *15814 160
*1712 1718 1712 1753 1712 1728 22118 1742 •1782 1734 4,1738 18
2138 21% 21% 21% 2134 2134 214 2134 2134 22
2112 2134
3112 3134 32
33
33
3338 321 3312 3334 34
3334 3334
*3134 3212 3234 3334 334 3414 3234 3234 3212 3234 3211 3278
4053 41,4 4034 4112 41
413* 408 41% 403* 4114 393 4058
*10512 106 *10512 106
106 1061 *10534 106 x10378 103% 104 104
114
114 114
15*
114
114
114
114 138
*114 138
11
•11
/
4 1/
1
4 *Ill 134 *112 13
*112 188 *lit 188 *112 1513
41
4114 4112 4112 40/
4112 4012 4158 3934 40
1
4 407
41
*124 12634 *124 125
124 124
12434 125 *124 125
124 124
22
21% 22
2238 '2212 2314 23
23% 2314 235* 2314 235*
140 140
14012 14012 *13912 14012 140 140
13912 13912 140 140
*28
12
12
12
22
12
12
*38
53
12
88
88
8
*8
8
814 *8
814 *8
8
*784 8
814
8
1818 18% 1734 17% 1734 18
18
18
181
/
4 18
18
18
395* 398* 39
3912 3912 41
40
40
40
3958 40
40
2038 2114 2114 22
22
2212 2184 2214 2034 22
21
2188
11612 117 *11738 11834 *11718 11884 *116121 118
*115 117
11678 11678
/
4 *45
*44/
1
4 451
45/
1
4 44/
*44
45
45/
1
4 *44
1
4 45
45
45/
1
4
128
128
128
.12514
12812 12812 *127 129 •127 129 *127 129
4
For footnotes see page 546
Sales
for
The
Weet
STOCKS
NEW YORK STOCK
EXCHANGE
551
Range Mee Jan. 1
On Basis of 100-share Lots
Lowell
Highest
1933 so
June 30
1935
Low
Shares
Par 5 per share
5 per share 5 per oh
15
23,400 Hayes Body Corp
3781uly 22
15 Mar 18
2
1,300 Hasel-Atlas Glass Co
25 85 Jan 2 11712July 24
65
Helms (0 W)
94
25 127 Jan 5 141 June 4
Preferred
1
4 Jan 10 162 June 19 120
100 142/
2,400 Hercules moors
514
No par 11 Jan 8 2512June 18
600 Hercules Powder
No par 71 Mar 12 8514June 14
40
140
57 cum preferred
100 122 Feb 9 128 May 8 104/
1
4
600 Hershey Chocolate
No par 7814 Apr 4 8114 Jan 19
44
Cony preferred
No par 104 Jan 25 118 July 17
80
16,300 Holland Furnace
4
534 Mar 15 137 July 17
No par
1,000 Hollander & Sons (A)
653 Mar 29 11 Jan 2
5/
1
4
5
300 Homestake Mining
100 838 Feb 5 412 May 14 200
4.200 Houdallle-Hershey ol A __No par 307g Mar 14 41 July 26 4 7
15,400
Clue B
212
No par
612 Mar 13 18 July 17
200 Hou2ebold Finance part pf___50 49 Jan 2 67181uly 16
43
700 Houston 011 of Tex tern clfs__100
912 Mar 15 1714 Jan 2
9/
1
4
1.200
Voting trust stet new
112Mar 13
3% Jan 4
112
25
4,700 Howe Sound Co
20
5 43 Jan 15 56 Apr 26
1.400 Hudson & Manhattan
100
234 Feb 27
234
512 Jan 21
Preferred
t100
64
6/
1
4 Mar 14 1312 Jan 21
100
2,000 Hudson Motor Car
614 Mar 26 12% Jan 7 31 6
No par
37 Jan 7
19.700 Hupp Motor Car Coro
/4 Apr 5
10
44
16,600 Illinois Central
912 Mar 14 174 Jan 7
100
912
400
15
100 15 Apr 11 23% Jan 4
6% Prof series A
120
Leased lines
40
100 40 Mar 21 6719 Jan 10
1
4
RR Bee cif!! series A----1000
414 Mar 30 10 Jan 4
4/
Indian Refining
234May 10
218 Mar 16
10
212
4,300 Industrial Rayon
1 1314
No par 2312May 8 33 Jan 7 .
2,000 Ingersoll Rand
45
No par 6012 Mar 13 95 June 17
Preferred
100
100 109 Jan 7 130 July 18 105
6,200 Inland Steel
28
1
4 Mar 22 7812Ju1y 26
No par 46/
900 Inspiration Cons Copper
418May 17
24 Feb 27
20
24
600 Insuranshares Ctfs Ins
2
634June 19
4 Mar 1
1
1,400 fInterboro RapIdTran v to -100
8/
1
4
/
4 Feb 19
834 Mar 15 161
Certificates
NO par
5
Internet Rya of Cent Amer--100
2'4 May 27
2
4/
1
4 Jan 35
130
Certificates
5 Jan 3
No par
214 Apr 26
214
420
Preferred
100
9/
1
4May 21 1812 Jan 10
658
Interoont'l Rubber
112May 1
3 Jan 7
No par
112
5,800 Interlake Iron
7 Jan 7
414 Mar 7
4
No par
700 Internal UMW
5 Jan 2
258July 11
No par
14
300
Prior preferred
100 26 June 1 4234 Jan 25
10
1,500 Int Business Maohines---No par 149/
1
4 Jan 15 18412May 16 12534
3.600 Internal Carriers Lea
ass Mar 12
1
3/
1
4
8/
1
4 Jan 8
11,500 International Cement_-No par 2279 Mar 15 33 Jan 7
1838
22,000 Internal Harvester
2314
1
4 Mar 18 5112 July25
No par 34/
400
Preferred
100 135 Jan 2 152 May 9 110
1,200 Int Hydro-El Sys Cl A
114 Mar 15
25
2/
1
4 Jan 9
114
700 Int Mercantile Marina...Ns par
178June 20
3/
1
4 Fab 20
11
/
4
40.500 lot Nickel of Canada--No par 2214 Jan 15 2938May 17 81 145*
100
Preferred
1
4July 11 1304 Mar 14 101
100 123/
Internal Paper 7% pref
8/
1
4
100
300 Inter Pap & Pow ol A.---No Par
14 Mar 15
3 Jan 8
11
/
4
Class B
No par
48July 11
138 Jan 7
55
200
Olikal 0
38
NO par
38May 7
lls Jan 19
3,300
Preferred
412 Mar 13 12 Jan 7
100
4/
1
4
900 Int Printing Ink Oorp---No par 2113 Jan 15 2718July 5
9
50
Preferred
190 9812 Jan 2 10658July 23
65
1,100 International Salt
No par 29 Jan 21 3814May 14
20
900 International Shoe
No par 421
/
4 Mar 19 4814July 28
38
1,500 International Silver
100 16 July 19 28 Jan 4
17
100
7% preferred
100 6012 Mar21 75 Jan 8
40
42.700 Inter Talon & Teleg
No par
53* Mar 13 1034June 22
558
10,800 Interstate Dept Stores.--No par
87211,1831 8 14 July 25
2%
400
Preferred
100 70,2June 27 8479 Jan 7
1614
1.800 Intertype Corp
No pa
618 Mar 13 1312Ju1y 23
484
300 Inland Creek Coal
I 25 June 3 86 Jan 8
2014
___ -Preferred
1 110 Jan 22 12012 Apr 9
85
900 Jewel Tea Inc
Ns par 49 Mar 13 65 July 26
26
23,100 Johns-Manville
1
4 Mar 13 6178 July26
No par 38/
3614
30
Preferred
100 11712Mar 15 12512July 23
87
Joliet & Chic RR Co 7% gtd-100 130 Feb 19 130 Feb 19 115
1,250 Jones & Laugh Steel pref..-..100 50 Apr 4 73 Jan 23
45
Kansas City P & L pf ser BNo par 11514 Mar 20 118 Apr 15
9778
1,400 Kansas City Southern
100
34 Mar 13
834 Jan 7
334
300
Preferred
100
652 Mar 12 1034June 18
63
400 Kaufmann Dept Stares $12.__50
712 Feb 6 1218May 17
514
5,000 Kayser (J) & Co
5 1534 Jan 17 2038May 23
12
Keith-Albee•Orpheum pref--100 34 Mar 7 6518July 9
16
8,700 /Kelly-Bpringfield 'Tire
5
/
1
4 Apr 4
238 Jan 17
38
2,100
6% preferred
No par
6 Apr 4 205s July 9
5
19,400 Halsey Hayes Wheel oOni/.41A-.1
8 Jan 25 2312July 18
212
23,200
Class B
1
8/
1
4 Mar 1 2114July 26
112
35,600 Kelvinator Corp
No par 1214June 1 1814 Jan 9 0 6/
1
4
170 Kendall Co pt pf ger A-No par 84 Mar 21 96 July 9
55
47,800 Kennecott Capper
No par 18/
1
4Mar 13 2114May 23
1324
Kimberly-Clark
No par 10 Mar 5 19 July 16
9/
1
4
op Kinney Co
No par
3 Mar 19
214
mg Jan 3
1,400
Preferred
No par 28 Mar 29 38 Jan 28
12
12,000 Kresge (8 El) Co
10 1914 Mar 18 2514July 24
18/
1
4
60
7% preferred
100 103/
1
4 Apr 26 118 Apr 9
9914
300 Kresge Dept Stores
No par
2 May 21
4 Jan 17
2
Preferred
100 42 Jan 11 65 Mar 9
12
200 Kress (S H)& Co
No par 564 Apr 5 69/
1
4 Jan 7
2724
9,400 Kroger Groo & Bak
No par 2214May 16 2934July 28
19
160 Laclede Gas Lt Co St Louis -100 12 Mar 22 21 Jan 12
12
5% Preferred
80
100 194 Mar 27 81 Jan 24
1914
14,700 Lambert Co (The)
No par 24 Apr 5 2813 Jan 8
1938
300 Lane Bryant
No par
5 May 13
9 Jan 3
4/
1
4
4,100 Lee Rubber & Tire
5
8/
1
4 Mar 14 12/
1
4 Jan 7
51
/
4
700 Lehigh Portland Cement
50 1059 Mar 14 17/
1
4 Jan 7
9
7% Preferred
100 8934 Jan 3 102 June 21
73
3,200 Lehigh Valley RR
5 Mar 13 1112 Jan 7
5
50
800 Lehigh Valley Coal
112
278 Jan 4
No par
14 Mar 13
1,200
59
Preferred
54may 1 1212 Jan 23
4
4,100 Lehman Corp (Tbe)
No par 6712 Mar 28 8838July 25
5534
9,900 Lebn & Fink Prod Co
5 104July 23 1714 Jan 25
1112
32,800 Libby 01.8118 Ford Glass-- No par 2112 Mar 30 3638July 26
21
1,100 Life Savers Corp
5 21 Mar 14 244 Apr 22
1558
200 Liggett & Myers Tobs000--25 9414 Apr 5 11512July 19
714
2.900
Series B
•
25 9354 Apr 4 11712July 23
734
Preferred
100 1511
/
4 Jan 30 167 May 4 123
300 Lily Tulip Cult 00111---N0 Par 184June 8 1912 Apr 25
14/
1
4
' 900 Lima LOcom01 Works---No par 1312 Mar 14 2412 Jan 5
13/
1
4
3,200 Link Belt Co
Ne par 1719 Mar 13 31 July 18
1112
6.300 Liquid Carbonic
No par 2412 Mar 13 3414July 23
1618
30,800 Loew's Incorporated
No par 311
/
4 Feb 7 4418Ju1y 9
1912
700
Preferred
No par 102 Feb 1 1084 Apr 5
66
1,100 Loll Incorporated
1
2
Jan
11
4
par
Mar
No
15
1
Long Bell Lumber A„ No par
114 Mar 12
2/
1
4 Feb 14
1
4.200 Loose-Wiles Stimuli
25 33 Apr 25 4152July 25
33
110
7% 1st Preferred
100 12114July 8 130 Aar 16 116
27,200 Lorillard (P) Co
10 1812 Mar 26 2359July 25
14/
1
4
210
7% preferred
100 124 APr 5 14012July 22
984
900 3Louts1ana Oil
38July 16
No per
172 Jan 7
18
30
Preferred
100
412June 19 1412 Jan 8
44
1,100 Louisville Gas & KJ A...No par 1029 Mar 18 1912July 8
103*
3.600 Louisville & Nashville
100 34 Mar 29 47/
1
4 Jan 7
34
14,100 Ludlum Steel
1 1214 Mar 26 2212July 23
712
300
Cony preferred
No par 9014 Jan 4 117 July 22
50
300 MaoAndrews & Forbes
10 40 Jan 24 46 Feb 19
21
30
6% preferred
100 113 Feb 8 130 May 13
8759
100
201s
Range for
Year 1934
Low
High
$ per chars
14
6%
74
96%
101
145
12312 153
514 124
59
8111
/
4
Ill
12514
4819 7834
83
10512
454 1014
5/
1
4 18
1
4
810 g430/
11
34
2/
1
4
8/
1
4
43
54
124 29/
1
4
212
454
354
4
9
6714
1212
2614
Ms
175
135*
21
4814
74
253
1984
4912
105
84/
1
4
25*
214
3i9
612
2
212
75
24
4
2
15
131
412
1853
2314
110
212
2
21
11514
10
2
32
52
8/
1
4
9
66
21
88
19
59
7/
1
4
34
2159
55a
2414
90
88
2414
7/
1
4
8872
BO
66
29/
1
4
4/
1
4
324
7314
11e34
56
6%
Pa
17',
1212
7
63*
22%
57
114
612
374
184
124
3724
467
137
94
6
2914
130
25
64
34
234
24/
1
4
2514
106
32
5044
4554
8411
1714
165,
811
/
4
10
88
11014
67I1
77
6621
101
185
45
9778
6%
104
4
1372
20
1
5
3
2%
11/
1
4
6518
16
9/
1
4
8
13/
1
4
21
40
77
1411
198.
2711
103,
181;
3711
411
20
10
71,
211,
94
231,
181.
71,
41
13% 224
101 p114
211
71
55
19
86
651
2314 335
20
631
27
60
324 313
141
5
7
141
11
20
735* 90
912 all
24
5
5
161
6414 78
1112 231
2211 437
1718 24
73
110
7412 1111
129
1521
16
261
15/
1
4 34314
111
/
4 191
1618 351
20/
1
4 87
72
105
112
3
1
8
334 $141
11954 1281
1514 231
102 3130
44
31
714 231
12
21
8714 621
VA 191
60
97
42,
30
1111
95
20/
1
4 33
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 20
July 27 1935
New York Stock Record-continued-Page 6
552
Monday
July 22
Tuesday
July 23
1Vednesday
July 24
Thursday
July 25
Friday
July 26
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
July 1
1933 lo Range for
June 30 Year 1934
1935
i,- Low
High
IMAMr,',
lemma stnco Jan. 1
Os Rags of 100-ska7s Lots
Loivesi
$ per Shari $ Per oh 3 per glare
par $ per Mars
22
1838
4134
4June 1 284 Jan 8
1
NO par 18/
Mack Trucks Inc.
3012
4514July 24
3514 624
1
Apr
8013
par
No
Inc
Macy (R H) Co
213
7
4
1
2/
812July 26
4 Jan 2
1
5/
No par
Madison 13.2 Gard v 8 o
1513 x2314
1214
10 1811 Jan 16 36 May 22
Magma Copper
414
ii,
2 Jan 4
12
Ic
4
4 333s
1
7/
438July 13 19/
4 Jan 23
1
100
7% Preferred
334
78
78
---- - 14
214May
6
Feb
4
100
:Manatt Sugar
112
112 *1
112 *i
- -;1
*1- - 112
4 *
13- -4
/
11
-1- -112
I
914
4 Jan 7 10 May 24
100
- -3,1- -Preferred
190
434 434 *47e 512 *478 512
512 512
458 512
*413 6
3
813
578 Jan 19
3
3 Apr 29
par
No
Bros
Mandel
500
4
53
*5
512
512
5
5
4
1
4/
4
*338 334
334 334
41
20
14
20 :Manhattan By 7% guar__ 10029 Apr 23 37 July 9
37
*29
37
*29
35
35
37
*35
37
*35
37
*35
4
1
1034
1034 29/
100 1314 Mar 15 22 Feb I
Mod 5% guar
1812 1834 1814 1858 3,400
1934 1858 19
19
194 1958 20
19
104 20/
10
10 Mar 28 15 July 10
4
1
26
Shirt
Manhattan
2,600
8
145
4
133
1312
1312
1312
1314 1314 *1314 1312 1312
14
*13
4
1
/
3
May
3
113
23
Feb
1
23
1
1
Explor
Maracaibo 011
4 •112 134 *112 134 *112 134
/
4 *113 11
/
*113 134 *113 11
534June 26
4
/
41
41
4
1
5/
4
/
412 Mar 23
_5
Corp
Marancha
1,500
4
53
5531
4
53
4
53
4
53
8
55
4
53
534
9
54
534 534
5
534 534
712.July 24
Apr 1
514
(Del)___1
Corp
Midland
Marine
26,900
8
73
714
712
714
714 712
4 714
/
71
714
7
678 678
8
23
4
4
1
/
22
112July
14
38J02e
100
780 Market Street By
4 1$8
1
•/
4
/
4 11
1
•/
4 138
/
11
4
/
4 11
/
11
34 112
34
•12
814
2
5 Jan R
2
4 Jan 2
1
2/
100
Preferred.
20
238 384
4 334 .
1
•258 334 *234 334 *2/
4 *214 4
1
313 3/
103
4June
1214
1
3
3
27
Mar
4
1
/
3
100
preferred
Prior
300
912
938 938 *812 914 *812
914
9
813 912
9
•7
214 Jan 8
4
1
/
414
1
1 Mar 15
100
2nd preferred
550
138 *138 214 *134 214
138
158 178
112 112
*34 114
32
17
12
No par 20 Mar 13 33 July 23
2,200 MarlIn-RookWell
31
3012 3112 31
32
32
3214 3234 3214 33
*3118 32
634
634 Mar 14 1114 Jan 3
4
1
4 19/
1
8/
NO par
914 11,000 Marshall Field & Co
9
918 912
918 912
878 938
878 918
858 878
4 Jan 7
1
9/
4
214
4
1
12/
4 June 27
No par
200 Martin-Parry Corp
54 514
5
5
*412 434
4 5
/
*41
*412 5
•42 5
4 4034
1
23/
234
4 Mar 14 82 Jan 8
1
par 23/
Works-No
Alkali
5,600
Mathieson
31
4
3
30
31
3038
3114
4
303
8
313
8
305
8
313
4
1
/
30
3114
31
136
Jan 2 150 Apr 1 1051
4 110
/
136
100
Preferred
100
148
8
*1455
148
148
*14612 148 *14612 148 *14612 148 *14612 148
23
4584
30
10 3578 Mar 29 4634July 24
4,100 May Department Stores
4634 4434 45
4512 4634 45
45
4 4512 4534 45
/
451
45
34
834
44
Vs Jan 30 1218July 23
No par
1112 20,000 Maytag Co
1114 11
958 1038 1012 1218 1058 1114 11
4
1
9/
8
5012
July
36
15
10
Jan
23
4
83
83
par
No
Preferred
2,000
48
*44
4
1
49/
4912 •42
4934 5012 *47
50
4634 4812 49
32/
9
4
1
8
Preferred ex-warrants_No par 3213 Jan 7 46 July 23
40
*4514 4712 *4518 47
*4518 r_-46
46
44
4312 4312 44
49
27
9212
No par 8413 Jan 4 103 June 17
Prior preferred
130
9734 9734 9812 9812 *9812 9938 *9812 9938 9812 9953 9812 -9812
3512June
14
Mar
32
24
17
22
28
par
No
3414 3414, 3412 1,000 McCall Corp
4 3412 *3312 3112 3334 3414 3414 3438 34
/
341
4 1212
/
11
4
1
/
714 Apr 3 13 Jan 3
04 9,000 :McCrory Stores alassA-No par
9
878 914
4 913
1
4
/
94 91
8/
4 914
1
9/
834 038
4 Jan 3
1
4
1
114 12/
4
/
11
612 Apr 3 12/
No par
Class B
2,800
9
9
914
9
4 938
1
8/
87s 9
4
1
9/
9
4
/
918 91
July
84
23
5
Feb
312
6338
54
5714
100
Cony preferred
1,100
85
*84
84
84
84
84
84
84
4 82
/
801
*8018 82
87s Apr 23
4
714 Mar 26
4
/
101
4
018
par
84
No
400
CoPub
McGraw-HUI
5
10
*813
4
83
812
812
*712
812
*712
814
8
4 Mar 4
1
4
/
2838
3811 501
4 Jan 15 45/
1
3912 6,900 McIntyre Porcupine Mines-___6 86/
3918 3934 39
3914 40
40
3914 39
4 3912 39
1
38/
954
79
6714
12134 12134 2,900 McKeesport Tin Plate-No par 9013 Jan 15 123 July 25
122 123
4 120 12114 12114 122
1
119 119/
116 118
313
578May 22
5
914
878 Jan 2
414
5,200
Robbine
614
&
6
4
1
/
6
McKesson
614
613
614
8
83
614
8
63
612
4
1
638 6/
1172 4234
4
1
9/
.50 32 May 24 45 Mar 4
Cony prat aeries A
3712 3514 3634 3,600
3738 37
4 3814 3814 3712 3834 37
1
3812 38/
1
4
1
/
812 Apr 1 1538 Jan 3
174
No par
1212 1212 1238 1238 1218 1238 1218 1314 1212 1278 1238 1234 17,300 McLellan Stores
6
8513 Mar 13 9814July 18
4 9213
1
9/
100
A
ger
pref
cony
6%
120
105
*99
103
•9914
4*983
98
97
98
*9612
98
*96
563
8July
42
2
Jan
8
36
1712
441
par
No
*5412 5512 5512 5534 5512 5612 5614 -56-4 *5512 5612 5612 5612 1,200 Melville shoe
12
8
3
5
Jan 22
3
3 Mar
1
4 11
1
3/
438 6,600 Mengel Co (The)
4
4
4
414
44 412
4
414 438
334 378
884
20
23
Jan
Mar
2034
52
24
4
3
20
100
940
3512
preferred
7%
33
4
333
3214
33
33
4 33
1
31/
31
30
2812 30
254 3334
I March & Mln Transp Co-No par 22 Apr 12 2714June 1 4 92
*2538 30
3.2538 30
*2538 30 *2538 30
*2538 30 *2538 30
5 944 Jan 16 3538July 24 32 834 32018 2534
343* 3434 5,600 Mesta Machine 00
35
344 344 3538 34
34
3314 3378 3378 34
438May 17
312
213 Mar 13
61s
4
1
2/
314
6
Copper
Mlaral
500
*34
31
34
8
33
*314
34
314
318 *314 34
3
4 Mar 15 1378May 23
1
9/
918
10
4
/
4 141
1
9/
104 1118 1012 1034 10,000 Mid-Continent Petrol
1014 1018 1038 1038 11
1012 10
10
04 2178
4
/
61
814 Mar 12 19 July 23
Ns par
1812 184 1738 1812 1734 1818 13,000 Midland Steel Pred
1714 1712 1812 1812 19
17
Mar 8 11012July 25
44
8514
44
6018
100
8%
770
hi
CUM
pref
11014
11012
11012
110
109
4
/
1081
109
109
107 107
0106 107
Jan 15 104122uly
65
36
2038
10134 10214 10214 10334 10334 10412 2,700 Minn-Honeywell Regu-No pa, 68 Jan 9 211114June 26
4 101 101
1
10034 100/
101 102
19 4 68
107
87
100 105
6% prat series A
30
4 109 109 *108 109 *108 109 *108 109
/
4 1081
1
108/
*10718 109
4
1
5/
4
/
11
14
2
Jan
4
3
6
15
Mar
4
1
/
3
par
__Ni
Imp'
413
Pow
458
Moline
Minn
14,500
412
4
1
/
4
438
438
48
414 438
453
4
154 41
15
-No pa, 31 Mar 14 571221113 8
Preferred
533* 534 1,800
54
5512 *53
5614 5438 5512 54
5614 5614 56
38 Jan 7
Is
Mar 4
138
Ja
Is
Louls----100
St
&
Lalinneapolle
8
3
14
•
as
*14
as
4
0
NI
*14
4
14
4 '
*4
212July It
1/4
4 Apr 24
1
/
4
/
31
34
4 214
/
300 Minn St Paul & SS Marla-100
4 238 *138 212 •11
/
*11
218 21
24
218 *2
2
4 July 10
1 Mar 6
100
54
114
1
200
3
3
34
4 *3
/
31
•3
312 31
354
334 *3
•3
3 Jan 14
100
114 Mar 29
11
4
/
4
/
11
cite
line
lamed
4
/
71
8
3
2
4%
10
•218
4
1
/
2
8
23
4
1
/
2
.214
3
*214
8
27
*214
*24 3
4May 16
/
1038
No par 1038 Aor 9 161
1,600 Mission Corp
12
1218 12
12
*1178 1214 1178 12
4 1178 12
1
4 11/
1
11/
64 Jan 7
4
1
2/
212July 22
438 -14/
No ydr
4
1
234 234 1.200 Mo-Kan-Texas RR
234 234
234 27 '234 278
4 212
1
2/
4
1
.213 2/
578May 7 1413 Jan 7
4
1
5/
341s
12
100
Preferred series A
612 634 2.800
612 634
4 *Vs 7
1
7/
7
658 7
612 812
3 Jan 4
1 July 8
100
1 13
6
4
/
11
7130 :Missouri Pacific
118 118
114
114 *118
14 118 *118
118 118
1
1
4 Jan 7
14 Mar 30
100
112
Cony preferred
4
/
91
24
700
134 134 *134 17s
4 134
/
11
*134 2
4 2
/
11
4
/
•138 11
20 1034 Mar 13 1714 July 25
1034
122 228*
1714 9.400 Mohawk Carpet Mills
1612 1618 1612 1612 1714 17
16
1512 1512 1512 16
7712June
29
Feb
12
55
"24
10
4
1
61/
39
7334 7412 7312 7433 3,700 Monsanto Chem Co
7314 7312 7314 7334 7378 7378 *7312 74
3558
20
1514
4 Mar 12 3238July 25
/
par 211
324 3118 3158 106,600 Mont Ward & Co Inc__--No
31
3012 32
2978 301: 3012 31
2934 30
No 22.• 5878 Apr 9 66 Feb 25
4
1
34/
37
Morrel (J) & Co
4
/
631
*6058 6112
*6013 61
*6018 62
61
4 3'5018 6234 *30
/
*6018 611
18
Apr
6512May
71
58
13113
24
5534
60
Essex
&
I Morris
6512
6512 *63
6512 *63
651 *63
6512 *63
*63' 6512 *63
4
Apr
11
I4
14
4May I
/
Pa
38
34 2,500 Mother Lode Coalition-No par
*58
53
58
58
58
53
58
34
58
53
*22
1514
4
1
1514 44/
3414 3538 3438 3434 7,100 Motor Products Cory___-No par 1718 Mar 18 37 July 19
3478 35
3412 36
3538 36
4 36
1
35/
5
718 Mar 12 1154 Jan 7
614
638 1613
912 958 7,800 Motor Wheel
4
1
958 9/
958 10
1038
104 1018 1058 10
10
7 Mar 13 1358July 23
par
No
2
37
Co
Mfg
Muffins
4
/
151
8,200
4
1
/
5
12
8
115
1212
1212
1258
1212
1318
4
123
8
127
4
1
/
11
1138 1112
No par 367s Jan 11 79342103 9
1218 46
10
Cony preferred
640
7634 7634
7614 78
78
7878 77
7512 7834 77
75 '75
11 Apr 3 184Mar 21
2514
No par
13
10
100 Munaingwear Inc
16
•15
*1414 16
16
157g 1578 *15
8 16
*15,
*1414 16
4Mar 13 1234July 23
1
4/
358
10
378 1138
1212 1134 1212 1178 1212 73.300 Murray Corp of Amer
4 1234 12
/
4 111
1
1134 1238 1238 12/
33
14
mil
No par 80 Jan 12 3912may 17
300 Myers F & E Bros
*374 37's 3712 3712
37
3778 *3612 3778 37
*36
36
36
No par
12 Apr 27 1913 Jan 7
11
1238 324
Co
Motors
Nash
19,800
1314
13
8
133
8
4
1
/
12
127
4
1
/
13
1314
8
133
4
1
/
13
8
133
8
137
4
133
, 46
194
14
g
Jan
14
Mar
4
/
271
14
-100
Louis
St
&
Chatt
Nashville
70
*1712
18
18
4
183
1914
1712 1814 1912 1912 1914
1814
*17
4July 25
/
81
8
413 Mar 13
1
87s
318
4 18,300 National Acme
1
Vs 838 8/
814
812 834
838 858
812
8
734 778
4• A or '5
1
4
/
51
514 134
4 Feb 26 . 8/
1
6/
712 712 2,400 National Aviation Corp....No par
712 784
734 73
734 778
778 773
734 8
1
Apr
3312July
2214
16
10
224
4913
2478
Blsoull
National
21,300;
8
303
8
297
4
303
30
3178
3138 3134 3118 3134 3112 3218 31
100 14118Mar 7 155 May 3 1,294 131
14813
500
4 149
/
4 1481
/
7% cum Vet
149 149 *14814 1481
14814 149 *146 149
*148 149
No par 1312 Mar 14 1838 Jan 3
3338
12
12
4 1818 1714 1713 1712 1818 1638 1718 14.500 Nat Caen Register
1
1818 17/
17
4 17
1
16/
par 12/
No
4 Mar 21 1712July 23
1
4
1
18/
13
Prod
111
4
/
Dairy
Nat
48,200
4
1
/
16
1614
1612 1714
171
4 1714 1713 17
1
1634 17/
1634 17
7
113Mar
4 Jan 17
1
4/
37s
1
4 5.200 :Nat DepartmentStores-No par
/
11
4
1
/
178
178 2
2
2
2
2
218
2
2
2
Apr 2 3434 Feb 16
17
100
2818
5
3
2314
8
225
Preferred
1,670
23
2212
2312
2212
2314
2334 2212
23
234 23
4 Jan 3
1
No par 231aMsy 2 29/
3138
16
16
4 31.600 Nati 1)Ist11 Prod
4 267, 264 2738 2658 2712 2678 2714 2614 2678 2534 263
1
26/
154 327s
10
400 Nat Roam & Stamping-No par 21 May 31 32122uly 8
3112 3158 *314 3212
32
•3013 3214 *3018 3214 *3118 3214 32
1761
18
Jan
145
100
4May
170
135
22
4
1
/
87
175
Lead
National
600
175
175
175
174
174
•171 17434 174 174 *170 173
100 150 Jan 18 16212May 23 122
4
/
1461
122
Preferred A
161 164 *161 164 *161 164
*161 164 •161 164 *161 164
10 12138 Jan 26 140 July 23
4 100.3 1211
1
99/
Preferred B
4
/
-- *140 150 *140 150
4 140 •140
1
*137 13914 *13812 13914 139/
973 July A
Mar 15
11
7
4
63
478
par
No
1513
3
Lt
&
Pow
National
11,700
4
1
/
9
4
1
/
8
914
4
1
/
8
9
-4
1
/
8
8
83
812
4
1
812 8/
4 834
1
8/
1 Jan 10
12July 12
4
1
/
100 Nat Rye of Mel 1s54% pt--100
213
84
*12 1
12
12
34
*12
34
*12
34
e12
12 1
14
109
1
13 Jan 2
48
14 Mar 19
2d preferred
100
12
*14
14
14
38
414
38
*14
32
•14
38
*14
581
13
Mar
4038
2July
25
25
Corp
Steel
33
3413 584
National
19.200
5812
5714
5812
4
563
5814
4
5614 5678 563
56
5412 55
54
19
13
Mar
9
May
28
25
4
/
211
10
9
1653 *1512 1618 1512 1512 1514 1534 1.200 National Supply of Del
16
16
*1512 1614 16
100 36 Mar 20 76 May 27
334 80
33
Preferred
490
6652 6512 66
66
6834 6512 6634 *6658 67
6414 6414 65
18s.
9
13
Mar
4
/
111
284
2814
4
Jan
pa
No
00
Tea
National
2.600
1012
1012
4
/
101
4
1
/
10
1012 1012 1038 1012 1012 1038 1014 1012
712 Jan 15 12 June 11 51 358
No par
Natomaa Co
714 104
1013 1012 *1078 1012 1012 1118 1038 1012 1012 1118 1118 1112 7,100
4 Feb i 4
1
Ni par 21142une 6 28/
4
1,000 Nein& Bros
6.3 30.4
27
27
*2512 2614 2614 2614 2614 2614 2614 2612 2634 27
par
4 Jan 2 59341uly 18
1
/
43
No
4974
31
16
5884 594 5914 594 4,300 Newberry Co (.1 .1)
5914 5914 534 5912 594 5914 534 5933 •114
25
117
May 7
100 109 Jan
112
40
100
preferred
7%
•
20
•114
11538
8
1153
4
1153
*114
115121153*
114
114
114
*11334
13
July
7
3's
June
Max-100
&
Texas
19
25
6
4
Orleans
:New
7
4
1
/
33
.
7
*353
7
*35/3
*358 7
*34 8
*358 8
4 Mar 12
1
4/
8 Jan 3
I
45,
4 13
/
51
714 • 714 74 8,100 Newport Industries
7
678 712
678 7
614 612 *612 634
184 Mar 12 2814 Jan 4
par
No
2834
Brake
1,400
1113
26
Is
1
1
Air
Y
N
26
8
265
8
265
2612
8
263
2612
2612
2512 2612
,3.2538 26
4 Jan 7
1
No par 1214 Mar 12 21/
1812 62.800 New York Central
1214
1734 1853 18
4 454
1
18/
1838 1834
19
18
1718 1712 1738 18
6 Mar 12 13 Jan 4
100
4
1
26/
400 N Y Ohio & St Louis Co
834
6
4
*812
4
83
*812
812
812
81.
814
812
*713 813 *8
1j0
9/
4 Mar 12 26 Jan 7
1
16
4
1
9/
Preferred series A
6314
174 6,800
- 1612 1678 1634 1714i 17
1538 1678
4 1413 15
1
*1418 14/
2 Mar 14 318 J1111 22
100
84
Vs
2
100 New York Dock
3
•24 3
4 3
/
3I *218 334
*21
3
*2
3
*2
4
10
4 Mar 29
100
8's July
20
Preferred
5
8
•6
8
•13
8
*6
8
714 *6
3.6
714
*6
60 112 Mar 11 139 June 12 101
139
108
10 N Y & Harlem
132 132 •132 135
*131 135 *131 135 *131 135 *132 135
60 11414 Mar 14 11414 Mar 14 112
Preferred
120
112
160 *12212 leo *12212 160
*12212 160 *12212 160 *12212 160 *12212
4 Jan g
1
/
4May 31
14
la
No par
14
14
4
1
/
28
*14
400 (NY Inventors Inc
38
38
4
1
/
38
4,14 38 *14 38
95
52
7514
NT Lackawanna & Western_100 99 May 22 99 May 22
100 ....._ - 100 *--- 100 *--- 100
•--,, 100 .3_ _ -- 100 .3_
26
Feb
4
1
/
2
811
100
Jan
Hartford
4
&
H
N
Y
4
278
4
3,900 N
6
244
38 4
334 372
4
4
4
1
334 3/
*334 4
6 Feb 26 14/
4 Jan 7
1
100
Cow, preferred
6
4 371
/
101
738 734 2,400
4
/
712 712
734 734
758 8
712 778
712 712
6 Jan 19
4 Mar 15
1
2/
100
4
1
44 11/
312
4
1
2/
800 NY Oatario & Western
4 312 •278 314 *3
1
34 •2/
3
4 3
1
•2/
3178 3
par
No
18
1
29
Mar
9
Jan
4
114
4
1
/
4 1,000 NY Railways pre!
1
/
13
12
12
38
*12
4
12
1
338
12
*34
14
22
4May
1
/
22
4MaY
1
/
'damned
Preferred
,...,:
_.-*14
_-*14
*14 ,
-_*14
4
/
*1
*14
- 21;
eis 'IA; ;
61s Mar 14 1618 Jan 7
5:8UU N Y Shit/bids Corp part stk-.....1
10 -11114 10 YU
938 IA
1078 1138 1112 11-12 1012 1138
100 70 Apr 18 87 Jan 7
6913
4
1
89/
72
50
7% preferred
80
8112 80
8112 *80
8112 *78
*78
81
81
*80 85
June 5 9212July 15
69
par
69
No
73
9912
pref
$6
Steam
NY
70
91
91
91
91
9212
*91
92
*91
92
92
95
*92
79
No par 79 May 28 99 July 18
4
1
109/
90
87 1s5 preferred
90
*97 100
98
*97
97
97
99
9812 9812 *95
99
99
4 Jan 15 43 May 22
1
26
No par 80/
4
1
3014 45/
3,100 Noranda Mines L10
38
38
38
4 384 3734 384 38
1
4 384 37/
1
374 3814 37/
138 Jan 17
44
14
4
1
/
1
71. Mar 25
*78
100
*78 1
:Norfolk Southern
878 1
*78 1
*78 1
4 1
1
4./
187
lin 158 Mar 13 184 July 23 123
Al
200 Norfolk & Western
18338 184 *182 184 •181 184 *18212 184
*181 184 *182 183
10012
82
77
tan 99 Jan 10 108 June 18
.1.1jas .4% prat
*106 10714 *106 10714 *108 10714 *106 10714 *106 10714 *106 107
104 254
9
9 Mar 13 1878July 2
No par
4 1812 53,100 Wirth American Co
1
1612 1634 1612 1634 1618 1634 1634 1734 174 181s 17/
50 354 Mar 15 634July 12
45
34
31
2,400
52
Preferred
5214 51
52
5218 521
52
4 5134 52
/
5214 524 52
2
4 Jan 23
2 Mar 13
4
1
8/
238
1
4 9,200 North Amer AV11181012
1
3/
3
314
3
4
/
31
3
318
3
34 314
314
3
4
1
4713 74/
39
1.400 No Amer Edison nref ___-No pa. 67 Jan 3 93 July 11
93
9212 9212 93
91
4 91
1
9078 90/
9212 9212 9034 91
4 Apr 26
1
718 July 15 10/
74 16
74
Lloyd
German
North
8
77
•
8
7
7
•
4
1
/
7
_
*
4
1
/
7
•
4
1
/
7
*734
*_ _
4
1
/
92
95
29
May
81
Mar
21
71
864
60
Central
Northern
siii ____ 43;4 9952 ;iiii2 9912 ;ii 994 iiiii4 9912 ;15iF4 0012
Shares
$ per share 3 per share $ per share $ per shore $ per share $ per share
202 22
2134 2238 2112 2238 2138 2112 7,000
2112 2134 2178 22
4414 4434 6,600
4 4414 4514 4434 45
1
4 4412 4334 44/
/
4414 441
44
*712 g
4 8
1
7/
4 .713 734
1
812 1,100
8
4 .712 7/
1
4 7/
1
.7/
33 3312 •3112 3334 3212 3234 *3112 3212 2,000
33
33
33
33
For Moo. ,,
OW
page 546.
I
I
I
'
New York Stock Record-Continued-Page 7
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 20
Monday
July 22
Tuesday
July 23
Wednesday
July 24
Thursday
July 25
Friday
July 26
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
553
Range Since /an. 1
Os Basis of 100-share Lots
Lowest
fligheri
Juiy 1
1933 to Rano for
June 30 Year 1934
1936
-r.
,We- Low
High
par 8 per mere
$ Per share $ per share $ per share $ per share $ per share $ per share Shares
$ per share 8 Per sh $ P."
share
19
19% 193 2018 20
20372 19521 2014 1878 20
19
1914 19.300 Northern Pacific
100 1314 Mar 28 2178 Jan 7
1318
141, 3614
44
44
43
43
*435 4412 *4312 4412 4412 4412 43
43
80 Northwestern Telegraph
50 3578 Jan 18 4412July 25
3h
33
43
114 114 *114 112 *114
112
138 14 *114
112 *118
118 July 12
200 Norwalk Tire & Rubber __No par
214 Jan 4
112
114
15
8
41
/
4
*25
254 *25
2514 2514 26
28
*25
*2512 28 .25
Preferred
28
20
50 z20 Mar 20 324 Jan 3
20
29
4014
11
1118 11
1112 1118 114 114 1138 11
9,800 Ohlo 011 Co
1118 1078 11
No par
9/
1
4 Mar 18 1418May 17
8/
1
4
,
812 157
114 114
118 114
114 114
114 158
134 178
No par
29,400 Oliver Farm Equip
17s 2
1 May 31
458 Jan 2
1
7
2
.1734 1812 1812 1918 1812 1938 1912 2158 2178 22
2112 2112 5,700
Preferred A
9
No par 1334May 31 2638 Jan 2
9
2738
*334 37a *334 34
312 378
334 334
358 358
334 334 1,700 Omnibus Corp(The)yse._ No par
312July 23
512 Feb 16
35,
338
6/
1
4
*72
95
•72
95
*72
*72
•72
95
95
95 .72
Preferred A
95
100 75 Jan 16 77 Feb 26
70
70
95
*61g 612
61g 612
63s 612
7
712
614 612
732 758 2.400 OpPenheim Coll & Co____No par
434 Apr 3
7% Feb 19
434
,
51
.
145
1812 1858 187 191
/
4 19
198, 1918 198, 188, 1918 1858 19
9,200 Otis Elevator
1118
No par 1118 Apr 4 2058May 20
124 1958
*124 125
124 124
124 124 *124 125 *124 125
124 124
Preferred
70
92
100 106 Jan 7 125 July 5
92
108
814 812
838 1038 1058 1112 1034 1138 1018 1138 1012 1078 126.900 Ott. Steel
35
3
414 Mar 14 1112July 23
No Par
8
637 6412 7012 72
74
75
76
75
•65
7612 73
70
Prior preferred
3,600
71:
100 2234 Jan 16 7612July 24
9
25
48
4934 *48
4934 *48
4934 *48
4934 *48
4934 *48
Outlet Co
28
No par 38 Mar 12 4934 July 18
4934
30
47
.11314
__ *11314
__ *11314
*11314
_ -__- *11314 -- -- *11314
Preferred
97
100 11412 Mar 23 11412 Mar 23
97
11412
10014 1001
/
4 9914 19-012 9914 9912 9778 9812 98 99
9718 -9712 2,900 Owens-Illinois Glass Co
60
25 80 Mar 12 104 June 11
60
94
-7:r - - ---- - - 1458 1478 1434 1514 1458 15
1412 1478 3,900 Pacific Amer. Fisheries Inc.-5 1412July 26 1514July 24
•118 112 *118 -112 4,1
112
112
112
112 212
820 Pacific 0044811
212
212
7
Mar
218
Jan
26
I
1
10
118
63
:
.418 5
•41g 5
5
*414 5
5
_ 678 678 *534 7
30
letpreterred
8 Mar 30
312
No par
312 1114
334 Jan 2
*2
27
•2
278 *218 278 *214 278
278 334
180
2d preferred
328 358
1
No par
1 Mar 27
4 Jan 7
2
61
/
4
24
2414 2312 24
2318 2412 2314 2438 2418 2478 2438 2434 10,500 Pacific 08.8 & Electric
1238
12% 234,
25 124. Mar 6 2534June 24
34
34
34
343
3438 3518 3438 35
3214 3378 3214 34
8,900 Pacific Ltg Corp
19 Mar 18 374 July 10
2014 37
19
No par
1412 1412 1412 1412 1412 15
143
*14
4
15
15
1434 1434
1,300 Pacific Mills
No par 12 June 19 21 Jan 2
19
12
34
*11018 112 *111 112
112 112
11018 114 *11018 112 .11018 11178
20 Pacific Telep & Teleg
69
85..
100 70 Jan 2 112 July 23"684
*13212 13334 *13212 13334 *13214 13334 13312 13412.13214.13312 *13214 13312
60 6% preferred
9914 103
110 100 111% Jan 1 13412June 20
*7
712 *718 712
714 *71
712 *718 712
718 714
7
500 Pao Western 011Corp..-No par
91: Apr 16
5
634July 11
512
9
434 5
478 5
434 d
434 478
434 5
434 478 57,100 Packard Motor Car
312 Mar 13
578 Jan 7 1 238
234
No par
64
.
*1114 12
*1114 12
1138 1138 *1114 12 .1114 1134 *1114 12
100 Pan-Amer Pet? & Trans
814
108* 12
5 1034 Jan 9 12 June 14
*12
13
1212 13
13/
*12
1
4 *11
1312 13
13
1314 *10
300 Park-Ttlford Inc
1 11 May 20 178* Jan 11
11
17
354
7
*34
8
34
78
4
*34 1
4
200 Parmelee TranspOna'n-No par
*34 1
2
*34 1
*34 1
158 Feb 18
34 Apr 18
12
12
34
34
*58 1
i2
500 Panhandle Prod & Ref-No par
*12
34
34
34
*34 1
12June 20
1% Jan 7
%
21,
'12
1414 *1212 14
•12
13
14
14
14 .12
*12
14
40
8% cony preferred
612 Mar 12 1414July 18
612
21.2
100
7
358 378
378 438
41
/
4 414 58,200 tParamount Publix etre
414
4
4
414
4
458
458June 22
214 Mar 27
10
11
/
4
57,
134
4
418
4
4
4
438 13,300 Park Utah CM
458
4
414 412
44 414
2
6 Apr 26
214 Mar 21
1
24
67,
58
58
58
58
58
58
58
58
58
58
58 2,200 Pathe Exchange
14
8*
112 Jan 2
12
_No par
12 Mar 8
414
834 834
834 834
878 918
914 958 10
10
.912 934 1,600
Preferred class A
1012 244,
No par
8 July 12 1714 Jan 2
438
*1212 13
1238 1234 1234 1338 1234 124 1212 125* 1212 1212 1,900 Patio° Mines & Enterpr No par
814 Feb 28 15 May 23
814
912 21i;
*34
*4
78
•34
84 July 12
*34
78
3
78
100 Peerless Motor Car
*34
78
*114
78
78
1
44
:
15, Jan 4
3
751
/
4 76% 77
77
75
75
7558 76
7512 2.000 Penick & Ford
758 7578 75
445,
No par 644 Feb 5 81 July 8
4428 67•
78
7812 7734 7912 79
6,400 Penney (J 0)
7912 7912 8014 7934 8084 7953 80
Apr
July
3
5714
25
80
Dar
3512
511
/
4
No
7414
*10312 10334 10312 10312 10312 10312 *10311 10334 .10312 10334 *10314 10334
300
Preferred
100 210338June 19 110 Mar 1 103
10512 1081:
43'2 32,3
3/
1
4 312 4.338 334
312 358
800 Penn Coal & Coke Corp
3/
1
4 334
334 334
4I2 Apr 20
1%
214 Mar 13
10
178
334 334
4
37
4
4
4
334 4
*334 4
*334
1,400 Penn-Dixie Cement
27
3 Mar 9
5/
1
4 Jan 7
234
No par
7%
*2012 2314 •21
2314 *21
2212 .21
*21
24
23
23
Preferred genes A
28
Mar
10
11
18
271254a4
1214
32•4
100
2438 2412 2138 25
2518 2618 2534 2618 2518 2618 2538 2584 42,300 Penney:yenta
1714
20% 37
50 1714 Mar 12 26's July23
*3218 33
*3218 33
*321
/
4 33
*3218 33
*321
/
4 33
*3218 33
Peoples Drug Stores
195, 66
NO par 30 Feb 5 3958 Apr 1 n1012
*114 1161 *114 11612 *114 11612 .114 11612 *114 1161 .114 11612
Preferred
86
80
100 1108* Jan 9 11634 Mar 28
1121
/
4
321
/
4 3214 317 3214 3218 3214 3214 3212 3314 3414 3314 34's 5,300 POWS',
0 L & 0(Chic)..-100 1734Mar 7 3478June 24
178*
1914 4372
*1l
3
112 3
•112 3
*112 3
*112 3
*112 3
Peoria & Eastern
2
7
Feb
Jan
26
218
8
100
3
2
*1012 131 *1018 1314 1234 1234 1234 1234 •12
131 •12
14
200 Pere Marquette__
Mar
13
914
19 Jan 31
38
100
12
914
*24
35
24
24
26
4.26
27
26
27
*2434 27
500
27
Prior preferred
14%
100 1612 Mar 13 32 Jan 9
18
5112
1712 1714 18
18
19
19
1812 1812 .181g 20
19
19
700
Preferred
1
4 Jan 11
Ms 43
12
100 13 Mar 15 24/
*15
1812 *1512 1612 1558 1558 *1578 16
16
153
16
4
153
4
700
Pet
Milk
914 1778
914
No par
1414May 15 1938 Feb 4
918 918
911, 914 *914 934
9
9
9
9
9
2,200 Petroleum Corp of Am
9
1
4 1414
8/
5
75,
758 Mar 14 1138May 23
18
1812 1818 1812 1818 1834 1838 19
1812 1884 17,400 Phelps-Dodge Corp
1814 19
1154
25 1234 Mar 15 20187sIay 17
1314 1878
4114 4114 *40
4112 411
4112 4114 4114 4112 421j 1,100 Philadelphia Co 8% pref
/
4 41% 41
2112
50 23 Feb 27 45 July 9
244 37
*6812 70
*684 70
69
684 6878 69
*68
*6818 70
69
200
86 preferred
3814
No par 3814 Mar 5 69 July 11
69
6434
.158 218 .
178 214 *17g 2
15g
158
178 • •158 218
150 :Philadelphia Rap Tran Co_50
17,3
158July 25
2
6
4 Jan 8" 114
*312 412 *312 41
/
4 *3/
1
4 378 *312 4
*312 378 *312 4
77 preferred
3
334June 24
6 Jan 12
50
4.18 16
214 214
238 238
238 238
238 238
214 238 3.500 PhDs & Read 0 & I
18 Mar 21
214 238
31*
478 Jan 9
134
No Dar
6%
47
475* 471
/
4 47% 4612 47% 4638 47
461
/
4 47% 468 4638 8,200 Phillip Morris & Co Ltd
10/
1
4
114 4888
10 3514 Mar 12 5312June 15
*8
888 "81
*7
8
/
4 834 *8
85, *71.1 858
8
834
200 Phillips Jones Corp
7
512
21
Nova, 512 Mar 22 11 Jan 4
.5538 65 .5538 65
*558, 65
*553* 65
*5538 65
*5538 65
7% preferred
100 5312 Apr 1 68 Jan 15
48
48
7478
1912 20
1934 20% 2034 21
2014 2058 2014 2058 22,000 Philips Petroleum
2058 21
No par 1334 Mar 12 23 May 17
13% x2034
11
514 514 *512 612 *5% 8
*512 638
534 6
618 612
600 Phoenix Hosiery
3
3 Mar 21
612July 26
5
412 134
*50
55
55
56
*5014 6412 "50/
55
*55
55
58
Preferred
1
4
30
100 50 July 8 68 May 25
50
44
64
14
14
*14
as
3
8
*14
14
2,000
14
3
8
--14
*14
3
s
Pierce
Oil Corp
38
14 Apr 27
11
/
4
38 Jan 8
25
14
*234 38
*214 334 *234 33
234 234
314 314
334 334 1,000
234July 24
Preferred
els Apr 15
109
3
/
1
4
1054
44
*58
34
*58
34
*58
3
*53
34
58
58
700 nem Petroleum
58
53
5* July18
No pat
lls Jan 8
14
2
14
*3434 35
3434 3474 3412 3438 *3414 3478 337g 3414 *3414 3412 1,100 Pillsbury Flour Mills
18
No par 31 Apr 8 3534July 19
181g 3404
*--,- 81 *_
81
*50
81 *___. 81 •____ 81 *____ 81
Mein Coot Italy Amer shares-72
70/
1
4 87
72 Apr 17 7612 Jan 35
7
7
8
8
*7
*7
*7
*7
*7
8
8
8
100 Plttaburgh Coal of Pa
7/
1
4 1812
,Feb 4
7 Mar 14 101
1110
7
30
30 "28
301
"28
3012 .28
*28
•28
301
3012
3012
100
Preferred
26
100 2812July ii 42 Feb 4
26
4212
"17714 191 *17714 192 *177 1931 *177 19412 *177 1961
/
4 *177 1961
Pitts
Ft
/
4
W
&
Chle
prat
178
Feb
14114
May
14
172
169
20
100
14112
614 63*
612 634
612 64
638 634
612 634 4,300 Pittsburgh Screw & Boll-- No Da/
612 67
512 Mar 13
4/
1
4
9 Jan 11
dlls 118,
33
33s 34
3512 34
4634
47
49
4578 46
3838
38
1,940 PIM Steel 7% cum prof
1
4 43
1514
100 2218 Mar 13 49 July 25
15/
*34 118
*34
218
*34 11
*34
118
*34 114
*34
114
Pitts Term Coal Corp
100
1 Mar 21
218 Jan 12
1
112
34
*1012 1212 *1012 1212 *1012 121 *1012 1212 11
10
124
6% preferred
100 1014 Apr 4 15 Feb 25
81s 1912
614
4,214 212 232 258 258 27 238 278 258 1127g *104
234 234 3,400 Pittsburgh United
20
23
5
27
ar
8July
118
lls
114
M
25
42
42
43
46
4518 46
4512 46
4512 47
4478 4638 1,060
Preferred
244
100 2412 Apr 4 47 July 23
254 5978
*9
1014 *81
/
4 1014 *914 101
*918 1014 *9
101
/
4 *9
10/
1
4
Pittsburgh & West Virginia -100
10
67
678June 4 1078June 19
27
*118 172 *114 178 *114
Ps *114 112 *114 112 *114 112
Pittston Co (The)
1
No
1 Mar 21
pa
2/
1
4 Jan 4
134
5
*914 938
91
/
4 91
/
4
918 914
9
938
9
94
918 918 3,000 Plymouth 011 Co
612Mar 15 11118May 17
5
714 16%
612
"573 9
834 878
9
834 9
3,300 poor & Co olo,„ B
9
914
9
9
938
6
No par
6
618 Mar 15 11% Jan 9
1672
*212 318 .212 318 *234 314
318 *234 34 *234 3/
3
1
4
200 Porto Rio-Am Tob ol A
458May 10
158
218
No par
614
15,Mar 19
04
78
*34
78
*34
*34
78
34
78
34
78
78
400
Class B
14
No par
118 Jan 8
1
14 Feb 28
3/
1
4
•412 5
5
514 514 *518 512 2.000 :Pn:tal Tel &
5
512 512
478 512
Oable
8June
pref
13
4
3
-100
7
163
7%
8
Jan
4%
10%
2
98,
134 134
134 lh
14
134
14 134
14 134
lh
134 1,900 Viewed Steel Oar
4/
1
4
38
318 Jan 21
58May 14
11*
No Dar
1334 1334 1378 1418 1234 1312 *13
1312 13
13
1312 13121 1,600
Preferred
514
612May 14 17 Jan 21
528 22
100
5212 5314 5318 5314 5338 5334 x53
53's 5234 531u 5212 53 I 5,200 Procter & Gamble
3318 448.
No par 423* Jan 12 5334July 23
3314
*10
15
...% 1188
, *11812 11878 *11812 11878 .11812 11878 11812 1187 .11812 1187
30
5% pref (ger of Feb
10212 117
115 Jan 2 412034May 23 21 101.
375*1 16,600 Pub Ser Corp of NJ 1'29)-100
3658 3714 37
1
4 367
°"
."5 '5°5
3634 35/
3578 3634 36
Mar 5 3934June 21
25
No
45
8
par
203
208,
9728 973* 9612 97
978
9712 9712 9711
9638 9712 97
98
2.900
115 preferred
59%
No par 624. Feb 20 9938July 10
84
67
*106 107
10538 10538 10538 106/
1
4 106 10612 107 1077 10738 109
1,600
6% preferred
9784
100 73 Mar 14 110 July 10
78
73
*12114 122
121 121 *11912 123 *119 12112 12112 12112 12212 12212
500
7% preferred
88
84
106
100 8518 Mar 18 12118Ju1y 10
"132 13978 *133 13978 *133 140 *133 140 *133 140
13978 139'8
200
8% preferred
11912
105
99
100 100 Mar 14 140 July 15
11212 11212 11134 11134 *11112 11214 *11112 11234 *11112 11234 *11112 11234
200 Pub Ser El & Ga.Pt $5.--No Dar 99 Jan 5 11212July 20
8378
87% 10412
44
4412 447 4714 z4534 46
45
46
46
45
4
45/
453
1
4 13,500 Pullman Inc
34
No
590.
52
par
Apr
315%
7
8
34
Jan
30
9
8
8ig
8
812
814 812
838 838
812 812
814 812 10,600 Pure 011 (The)
578 Mar 21 1018June 19
57s
No par
64 1478
*85
87
86t, 8612 8814 89
8834 8834 8834 8834
88% 90
600
8% cony preferred
80
49
49
495* Mar 18 9112June 29
100
6812 6812 *68
7018 71
71
•70
71
684 6914 694 70
800
6% preferred 100 65 June 25 7114July 10
3312
33% 63
*1312 13% .
1318 135* 131s 13'2 1318 1318 13
1338 1278 13
4,300 Purity Bakeries
No par
834 Feb 1 1438July IS
8/
1
4
8% 1110*
618 614
64 64
638 658
614 612
614 612 78.100 Radio Corp of Amer
618 638
94
4June
44
No
4
26
par
Mar
13
4
63
*5478 5514 *5458 55
5434 5434 2,700
5458 55
5412 5412 5412 55
Preferred
1
4
3314 56/
22
50 50 Mar 18 6218 Jan 25
57% 5778 5714 5814 5712 58% 578 6014 5734 5958 58
59
20,000
Preferred
B
138a
35/
1
4 Mar 12 6914 July 24
15
66
Na
Par
*2
218
2
212
214
214
212
218
2
/
1
4
2
238 24,500 :Radio-Keith-01'9h
218 •
j134r 13
No
2
par
21
4
19l2 1912 1912 20
Jan
14
14
4
/
1
4
1912 2018 1912 1934 1912 1958 •1912 195* 1.900 Raybestoe Manhattan-No par 1612 Mar 13 21 Jan 2
1114
14% 23
•32
3412 34
3412 3512 3512 34
3478 3478 34
35
3478 1,000 Reading
297Mar28 4318 Jan 7
297
8
so
3518
56%
42
42
*4014 4212 *4012 4278 *40% 4212 *4012 42
4012 4012
200
lst preferred
1
4 4112
28
50 36 Apr 6 42I July10
33/
3615 3614 36
*36
37
37
*36
*36
*36
37
•36
37
100
26 preferred
50 33 Apr 17 3734May 14
27
2911 3918
4/
1
4 65*
7
9
818 85
1
4
712 778 *684 7/
7
7
5,300 Real Sllk Hosiery
9 July 22
10
318
318 Apr 4
5
14
35
35
3634 50
52
4814 4814 *40
47
4812 49
47
260
Preferred
204
100 2018 Apr 2 50 July 22
35
6014
*14 2
138 138
II, 11
112
112
112 112
112 112
700
Reis
(Robt)
&
Co
No
par
Mar
26
1
7
218 Jan
138
1
6
*1014 1434 *11
*1218 1438 *11
1312 13
14
1234 14
13
400
lot preferred
100
8 Mar 12 15 Jan 7
538 38%
95
98
53*
98 1038
97 1018
934 10'8 10
1014 10
1014 25,1.00 Remington-Rand
1
7 June 1 1114 Jan 7
5/
1
4
6
138*
*89
9018 9038 9114 *9034 92
92
9134 914 92
91
9212 1,500
lat
preferred
24%
100 7134 Jan 15 93 May 9
328. 71
*89
90
*89
90
93
93
8914 90
93
90
93
90
130
26 preferred
100 75. Jan 9 93 July 25
24
30
70
*95 103
*95 103
*95 103
*95 103
*95 103
*95 103
Reno & Saratoga RR Co
100 9812June 10 110 Mar 1
9812 114
126
314 314
3/
1
4 358
3/
1
4 33*
3/
1
4 314
3
318
3
3
6,800
Boo
Motor
Car
214 Mar 13
6
414May 9
2
2
512
15
1512 15% 1614 1614 1612 1614 1658 1614 17
1614 1634 56,000 Republic Steel Corp
No par
9 Mar 15 17 July 25
9
101k 25%
58% 5938 6034 6212 6134 6234 6118 6258 6212 6458 63
6312 24,700
6% cony preferred
100 2838 Mar 18 6438July 2.5
19
3312 6712
581
/
4 5814 6012 62
64
6114 8213 63
633* 6328 3.900
6114 62
6% pre/ Ms of den
28 Mar 15 64 July 25
28
39% 42/
1
4
*678 7'2
73
714
78
71
/
4
714 734 *71
/
*738 77
4 73
900 Revere Copper & Brass
14%
814May 16
5
a
512
512 Apr 3
181 v17
•16
19
19
or
19
1734 1812 *17
1812 *17
200
Class A
10 13 Apr 17 1912May 16
1114 2812
13
*8612 8734 8612 8612 8612 87
86
87
86
*85
87
87
360
Preferred
100 75 Apr 9 92 May 16
35
90
46
24
24
24
2334 24
232 2384 2312 2312 3.600 Reynolds Metals Co ----No nor 1712 Apr 29 2111 Jan 10 .
233 24
243
3 95
15/
1
4 2734
*10614 10838 *106 1081
10714 107%
/
4 10734 107% *10614 108 *10614 108
300 534% cony pref_
100 101 June 10 10834July 5 101
2112 223* 2238 23
23
23
2312
2212 2314 23
23
7
8
235*
7,700 Reynolds Spring
161i "
1 1214 Mar 20 2378July 26 0 5/
1
4
16
52/
1
4 53
53
531
5358 5418 537 5414 54
54% 19,800 Reynolds(R J) Tob clam B-10 4318Mar 26 5438July 26
538 54
89%
3934 5334
*59
61
*59
*60
61
61
61
*60
61
60
*59
60
10
Clam A
1
4 Apr 22 6112July 16
10 55/
55/
1
4
57
62/
1
4
*1312 171 *1334 17% *133* 1712 *1312 171 *1312 171 •131 17'z
Rhine Weetphalla Elea Power...... 13 June 6 13 June 6
121, 23
1212
*938 10/
1
4 •95* 1014 *958 1014 *912 101
*912 101
*912 10/
1
4
Ritter Dental Mfg
No par
54 Mar 26 1274June 14
5%
5% 1312
*2678 2734 *271
/
4 28
*2634 274 *2678 277
26% 271 *2614 2712
900 Roan Antelope Copper Mines_
214 Feb 25 3038May 17
20
2078 33%
For footnotes see page 546
New York Stock Record-Continued-Page 8
554
IIIGH AND LOW SALE PR10ES-PER SHARE, NOT PER CENT
Saturday
July 20
Monday
July 22
Tuesday
July 23
Wednesday
July 24
Thursday
July 25
Friday
July 26
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
par
$ per share $ per share 3 per share $ per share $S Par share $ per share Shares
1,400 Royal Dutch Co (N I' shares).45
42
4212 *43
424 4213 .4314 44
4112 42
41
41
100
*35
5
5
Rutland
RR
peel
7%
100
*33
4
45
8
458
4
4
4
*3
4
*3
*312 4
10
1912 19121 1938 1834 1918 1834• 1918 4,000 St Joseph Lead
1812 1834 19
*1812 19
:St Loule-San Franoilioo....100
*34 1
"4 1
"4 1
*34 1
"4 1
"4 1
100
let
preferred
*1
*1
*1
13
13
8
*1
118
158 *1
*1
158
158
100
St Louis Southwestern
*858 1214 *858 1214 *858 1214 *858 1214 *858 1214 *858 1214
100
Preferred
*14
19
19
*14
*14
19
*14
19
*14
19
19
*14
No
par
Safeway
Stores
15,800
3912
39
38
383
4
3914
3838 3988 3914 40
3734
3814 39
100
6% preferred
350
11012 11012 11012 11012 *110 11012
*10912 11012 *10912 11012 11012 111
100
7% preferred
350
112 11278 *112 11278
112 11214 112 113
112 112
11234 113
No par
1012 1012 1014 1058 1012 1012 2,700 Savage Arms Corp
*1012 1078 10341 1012 1084 11
5
31124 3234 3058 3118 2958 3058 29511 3018 21,400 Scheniey Dietillere Corp
3212 3234 3212 33
1
400 Schulte Retail Stores
2% *218 214
214
21
214 2/
1
4
214 214 *2
23
*2
100
720
Preferred
1212 1212 1212 1314 1212 1334
1218 1218 1214 13
13
13
No par
160 Scott Paper Co
664 6618 *6612 6712 6712 67,2 6712 6734 6712 6734 *6618 6734
38
22
12
12
12
4a2
12
*22
12
32
82
No par
12 4,500 :Seaboard Air Line
100
Preferred
*58 1
*58
1
*58 1
*58 1
*58 1
*58 1
2812 2814 2814 2,900 Seaboard 011 Co of Del-No par
2818 2958 2812 2834 28
2734 28
27
27
par
No
Seagrave
100
Corp
*34
312
312
318 318 *3
358 *318 312
*3
312 *3
No par
50% 42,400 Sears. Roebuck & Co
5112 50
4958 5058 4934 5118 50
4858 488 4918 50
1
41% 11
/
4 41% 17
500 Second Nat InyestOrs
*112 2
2
2
*112 17
178 178
1
Preferred
5412 5434 1,180
5412 55
5412 55
54
5414 5412 5534 5514 56
1
1014 1018 1034 1038 1078 1038 1034 43,100 Serval Ins
978 1018 10
978 10
No par
778 778 3,900 Shattuck (8' 0)
734 778
734 773
734 77
8
818
78 8
No
par
Sharon
41,300
1614
Steel
1514
1434
1438
HOOP
153
8
133
4
1412
1214
1312
1378
12
12
No par
41
414 414 1,400 Sharpe & Dohme
412
412 45*
412 412
438 438 *414 412
No par
Cony preferred ser A
48:4 4834 1,400
49
4912 487 49
50
50
49
49
*4818 50
200 Shell Transport & Trading-32
38
*35
36
36
3414 3414 *3412 36
36
*3414 36 .34
No par
24,200 Shell Union Oil
978 10
934 1018
10
1014
958 10
9% 959
9
914
100
Cony preferred
9114 90% 9114 9318 9318 9312 9458 9414 9414 1,500
91
90
90
1412 1358 1418 1334 1414 25,800 Silver King Coalition Mtnes___5
1358 145* 14
1312 1312 1358 14
No par
1258 34,900 Simmons CO
1234 12
1218 1218 1234 1218 1234 12
11
1078 11
10
514 512 2,500 filmma Petroleum
514 5313
612 512
518 514
5
538 538
5
25
1,400 Skelly 011 Co
10
10
1018
984 978 *934 978 10
978 10
934 978
100
88
Preferred
*85
8712 *85
88
8934 *85
8934 *85
*85
8838 *85
80 Blowsheff steel & 12012
100
33
3414 *29
*29
3012 *29
3014 *29
3118 32
*3118 34
100
47
47
*4512 47
4714 4934 4714 48
7% Preferred
49
670
48
498 50
174 3,500 Snider Packing Corp____No par
1714 17
1858 1714 1818 17% 1712 17
*17% 17% 18
1no_-__15
34,300
S000ny
Co
12%
123
4
12
/
1
4
Vacuum 011
12
1238 1238 1234 1212 1278 1212 1278 1258
Solvay Am Inv* Tr pret
100
*11112 112 *11112 112 *11112 112 *11112 112 *11112 112 *11112 112
4,300 So Porto Rico Sugar
2419 2384 24
No par
/
4 241 243* 24
2418 241
24
2312 2358 23
100
Preferred
30
148 148 *146-_
147 147 *144 148 *144 148
*14518 148
25
1878 1914 9,500 Southern Calif Edison
1834 19
185* 1914 1858 19
18/
1
4 19
193
19
Southern Dairies class A__No par
_
_ _
_ _
Class B
No par
__
__
_
100
4 1914 I912 1858 I938 1858 19 49,200 Southern Pacific Co
ii 1112 1812 -1614 iliTs -16-1
100
64 74
7
714
658 73
678 714 15,800 Southern RallwaY
658
61
6
658
100
9%
Preferred
838 614 12,400
812 9
9
77
812 9/
1
4
84
8
858
200
Mobile & Ohio stk tr Me 100
*1412 1712 *1458 1618 1618 1618
15
15
20
235* *14
*14
par
CI)
&
Bros-No
100
Spalding
(A
618
*512
61.3
*512
558 558 *512 6'8
*558 0
*558 6
100
189 preferred
160
55
56
56
57
57
5614 57
56
57
57
60
*56
Spang Chalfant & Co Inc-- No Par
100
io Preferred
1112
iiii 'iiiW:i i5 ii iir2
.1334 Ff; ;8634 ii
718634 ii 1.3
37
37
No oar
4,000 Sparks Withington
4
4
414
4
3% 44
4
4
38 4
No par
220 Spear & Co
334 378 *338 414 *338 414 *338 414 *338 414
334 378
100
Preferred
*67
80
*67
80
*67
80
*67 80
*67 80
*67 80
3518 35% 1,360 Spencer Kellogg dr Sons -.No par
34 8 353
35
3512 35
3512 35
*3434 3558 35
1
1078 1114 108 111 44,500 Sperry Corp (The)•I 0
1012 1058 105* 10% 1012 1034 1012 11
No par
1314 1312 2,400 Spicer Mfg Co
1334 14
1334 14
1418 1412 1358 14
14
14
No par
430
Cony preferred A
45
45
45
*44
4512 4612 4712 4512 4638 *4434 46
45
6614 6338 6414 3,900 Spiegel-May-Stern Co...-No par
r6918 7312 6514 6514 64
7178 7234 7234 73
100
300
634% preferred
10134 10134
102 102 *101 10334 *101 10318 102 102
*101 103
No par
8 42,700 Standard Brands
16% 15% 1614 15:4 1618 158
15% 1534 1534 1618 16
No
par
Preferred
60
*12614
1283
8
12712
12812
12712
*126
127
3
8
127
3
8
12712
12712
*12514 12712
338 4
2,300 Stand Comm Tobacoo-No par
338 378
314 338
314
3
3
3
3
3
No par
2,400 Standard Gas & El 0o
4
4
338 334
384 384
314 359
312 312
338 312
No par
45* 47
Preferred
3,800
434 5
412 412
4
4/
1
4
4
4
438
*4
No par
26 cum prior prat
1018 1012 1058 1034 *1034 1158 1112 1214 1,400
10
*1014 1034 10
No par
37 cum prior prof
1558 7,000
1218 1218 124 1314 1314 1314 134 1334 1334 1412 14
No par
118
148
118
1113
*78
1
1,300 Stand Investing Corp
118
118
1
118
1
118
300 Standard Oil Export pref-___100
/
4 11214 11214 11214 11214 *11214 11212 *11214 113
*11214 11234 11214 1121
3234 3318 20,000 Standard 011 of Calif
32/
1
4 33
3278 33
No par
33
3312 3212 3312 321 33
25
1
4 2512 2578 2512 2534 2558 2534 2558 2578 11,600 Standard 011 of Indiana
2514 2512 2513 25/
10
*2512 28
*2512 27
Standard 011 of Kansas
*2512 28
*2512 28
*2512 27
*2512 28
454 4612 23,200 Standard 011 of New Jersey-25
468
4514 4534 4514 4634 4618 4718 4614 4612 46
1812 1814 1914 1812 1834 1814 1814 2,500 Starrett Co (The) L 8.-No par
1814 18
18
*1712 18
10
6512 6558 2,400 Sterling Products Inc
6638 6512 66
66
65/
1
4 654 65% 6612 6618 67
1i4 *118 14
114
114
114
300 Sterling Securities ol A---No par
138 138
*138 112 *138 112
ag
r
No p5
414 43
*4
458 *44 438
400
4
Preferred
4
459 *4
*4
48
3
4012 4012
45
200
*40
*40
45
45
Convertible preferred
*40
*394 43
48
*40
1258
Stewart
-Warner
24,000
123
8
123
8
127
8
1218
127
8
1218
12
1178 1218 1178 1218
No par
12,300 Stone & Webster
512 6
512 658
532 5%
514 534
512 558
512 534
212 258 14,300 :Studebaker Corp (The) new__1
212 258
258 258
258 258
258 258
258 25
No par
1,000 Sun Oil
70
6812 6978 70
68
68
68
6814 6814 68
68
68
100
120
11814 11858
119 119 *11812 119
Preferred
*116 11834 11712 11712 118 118
par
*1712
1978
20
100
*18
20:4
(The)__-_No
Superheater
Co
*18
20
20
21
*1912
*1912 21
2
2
218
3,200 Superior 011
2
2
2
218
2
218
2
2
2
100
9
914 6,800 Superior Steel
859 914
9
914
912
9
914
9
884 878
50
414 2,000 Sweets Co of Amer(The)
414 414 *4
414
4/
1
4 *4
418
44 *44 414 *4
25
1638 22,800 Swift & Co
164 16
1612 1634 1618 1612 1614 1638 1614 1638 16
12
No par
*14
12
*14
:SymIngton 00
*14
12
"4
12
*14
12
*14
12
par
112
138
138
No
500
*112
134
Class
A
*112
13
4
112
13
4
*15
8
*138 2
5
300 Telautograph Corp
67$ 678
*658 678
*614 7
7
7
6% 678
*614 612
5
418 418 3,100 Tennessee Corp
4
4
418
4
418 418
418
*4
412 *4
25
20,200
4
Texas
Corp
(The)
1812
188
185
8
187
8
8
1812
187
19
185
8
1818 1858 1814 19
No par
3414 3434 3414 3434 3412 3478 3414 3412 5,200 Texas Gulf Sulphur
3312 3334 3312 34
10
13,700 Texas Pacific Coal & 011
578 6
6
618
618
6
578 6
512 57u
*5% 512
1
912 958 14,700 Texas Pacific, Land Trust
912 934
1
4
9/
1
4 9/
958 9/
1
4
958 978
959 934
100
300 Texas & Paelne By Co
1984 *1814 1934
1934 *18
41712 19
1934 *18
19
*16
19
19
19
1,200
19
Thatcher
Mfg
No
par
19
1914
19
1814
1814
19
*1818
1812 1812
No par
57
200
*56
*56
57
57
53.60 cony Peel
5714 57
5712 *57
5712 *57
*57
No par
900 The Fair
734
*7
8
1
4 *7
714 7/
7/
1
4 7/
1
4
718 71
7
7
100
*7612
90
90
Preferred
neiz
90
*8212
*80
90
*80
90
90
*80
1
412 412
412 412
700 Thermoid 00
4% 4%
438 48
*438 42
439 438
100
400 Third Avenue
314 3/
1
4
3
3
34
314 *3
*3
3
3
234 234
1
700 Third Nat Investors
*23
23:4
235e 24
2313 2312 *2318 24
2378 24
*2212 24
25
614 614
612
200 Thompson (J R)
614 *6
618 618 *6
614
*6
6,4 *6
1814 23,700 Thompson Products Inc- No par
163* 163* 1634 178 1714 1778 1718 1738 1688 1738 17
238 238 1,600 Thompson-Starrett Co---No par
214 214
238 238
214 23*
214 214
214 214
1978$3.50 oum prof
No par
1978 *17
1978 •17
197 *17
•1512 1978 *1512 1978 *17
10 10,800 Tidewater Amsoo 011
No par
97 10
1018 10
1014 10
93
10
9/
1
4 10
934
100
1,100
Preferred
997
998 997 100 100
994 9912 99% 99/
1
4 99
*98 100
41
No par
flO Tide Water 011
*39
41
*39
41
*40
*38
41
*38
41
41
41
100
Preferred
4,000
10618
10618
10618
1064
10618
10618
10614
10618
10618
*10618
*10618 10614
w
814 63,300 Timken Detroit Axle
8
8
83
212
8159
713 778
7844 778
714 738
4812 4912 4812 4914 26,400 Timken Roller Bearing-No par
4512 4552; 4712 4712 50
4412 4538 45
No
par
Transamerica
11,000
65
8
63
4
4
6
5
8
63
Corn
613
68
612
658
638 634
638 612
918 914 3,400 Transeon & Western Air Ina___ 5
918 918
918 918
94 914
91
/
4 918
918 918
107s 1014 1012 5.000 Tranaue & Williams S111.- No par
1034 10
1014 10
*958 1018 1018 1011s 10
45 18,300 Tri-Continental Corp
438
No par
438
458
412 413
438 438
418 438
418 418
No par
*9014 9112
400
6% preferred
*9018 92
9218 9014 9212 *9034 92
9218 *88
*87
No par
Trico Products Corp
No per
48g -41
800 Truax TM& C0111
434 -4-34
434 484
4 "158 44
--434 134 ;ii4 /7-8
10
Truscon
Steel
12,900
6
618
612
6
612
614
614
58
4
4
4
53
5
54 512
200 Twin City Rapid Trans-- No par
314
314 *3
3
3
*3
314 *3
*314 312
314 314
100
690 Preferred
2114 211s 2118
2212 2012 2178 2118 2114 2114 2218 21
*21
No par
14
1114 1/
1
4 1,100 Ulan & Co
15
158 15*
112 113
158 13*
*138 15*
800 Under Elliott Fisher Co No par
6934 6712 6712 6712 6712
*67
*6512 6812 6814 6878 67 68
100
Preferred
50
128 128 *127 133 *127 133
*12612 12712 12712 12712 *12712 128
3178 31
32
3214 *3112 318 31
3112 2.100 Union Bag & Pap Corp-No par
32
32
32
32
6314 6414 6314 6438 6234 638 16,600 Union Carbide & Carb....No par
65
64
634 6412 6414 65
25
1734 1778 1712 1784 17344 1712 7.600 Union Oil California
1712 178
1758 1759 1712 18
For footnotes see page 546
July 27 1935
Bangs Bente Jan. 1
Os Basis of 100-ehare Lots
Lowest
$ per share
2913 Mar 12
3 Apr 18
1014 Mar 13
%June 6
I Apr 3
6 Apr 15
12 Mar 4
3654June 13
10484 Mar 11
10612 Feb 7
6 Jan 15
22 Mar 12
1:4 Apr 4
8 Apr 4
55 Jan 2
14June 29
% Mar 14
2058 Mar 12
318July 24
31 Mar 12
118May 6
40 Apr 3
7/
1
4Mar 13
714 Mar 14
9 Mar 14
314 Mar 12
44 June 20
2058 Jan 2
512 Mar 19
63% Mar 21
838 Feb 15
6 Mar 15
5 July 19
685 Jan 15
60 Jan 22
13 Mar 20
24 Mar 12
1
4 Apr 3
15/
11 Mar 11
1074 Jan 15
20 Jan 30
132 Feb 4
10% Mar 13
3 May 6
118 July 12
12:4 Mar 18
512July 8
7 July 8
15 July 23
5 Mar 14
42 Apr 2
594 Apr 3
318 Mar 13
314June 25
65 Mar 23
82 Apr 3
714 Mar 14
812 Mar 14
1
4 Feb 14
33/
4378 Mar 27
1013* July 26
1358 Apr 30
12258June 4
24 Mar 15
112 Mar 15
134 Mar 15
4/
1
4 Mar 16
6 Mar 15
%JulY 17
111 Jan 3
27/
1
4 Mar 15
23 Mar 15
26 July 9
3534 Mar 18
124 Mar 14
58/
1
4 Jan 15
Bs Mar 19
5
6
36
3
658
18 M
6151a
aar 28
212 Mar 14
214 Apr 17
6012 Mar 20
11512 Jan 10
2
jan
pr 4
311
454 A
Highest
July 1
1933 to Ranee for
June 30 Year 1934
1935 -Mot
Loto Low
$ per shore $ per eh
43 June 14
2858
3
512 Jan 3
211
/
4May 23
1014
*4
2 Jan 8
1
24 Jan 8
6
14 Jan 12
217aMay 13
12
3534
46 Jan 2
11314June 29
80
11412June 19
9018
4%
1118 July 17
3338 July 17
1718
4 Jan 2
11
/
4
204 Jan 18
8
69 June 11
3714
14
78 Jan 4
84
113 Jan 5
3578May 9
19
4/
1
4 Jan 26
24
511250ly 25
30
2 Jan 7
14
5612July 11
30
1078July 25
34
9/
1
4 Apr 22
6
1614July 26
4
518 Jan 3
314
50 July 23
30
86 July 15
19
1112May 23
512
97 May 23"454
1938 Apr 26 18 514
1234July 23
6
1824 Jan 9
714
111%May 23
6
91.14May 23
42
33 July 19
12
50 July 19
15
20 Feb 15
312
15:4May 24
11
11178July 2
76
2838May 24
20
150 July 5 112
2058June 11
1018
538 July 12
9
2 June 10
114
197eJune 19
1284
164 Jan 4
7/
1
4
20% Jan 4
10
33% Jan 12
25
734May 24
5
63 May 16
3014
7
91 June 15
20
5:4 Jan 2
278
7 Jan 22
1/
1
4
74 Jan 7
304
3614May 11
1214
111
/
41111y 25
3/
1
4
a
1412July 22
4712July 22
18
7912 Jan 17
714
10312 July 1 * 45
1918 Jan 3
133*
130 Apr 9 120
4/
1
4 Jan 21
212
111
4/
1
4 Jan 3
5/
1
4 Jan 10
1%
1284 Jan 3
434
16 Jan 7
6
78
Ili Jan 7
116 Apr 6
9413
3878May 24
2612
2714May 9
23
32 Feb 18
19
5012May 23
3318
20 July 9
6
67 Apr 25
4558
178 Jan 18
I
Jan
24
28
4
2::
1
412517'8831J 17
12
y
612July 2
24
3 Mar 11
24
7512June 13
42
121 Mar 23
96
23
14JA
unper 19
7 311114
912 Jan 7
5 Mar 18
458
514 Jan 3
314 Mar 6
31
1514July 15 1714July 18 e 11
Apr
15
14
78 Jan 4
14
2/
1
4 Jan 4
114 Apr 29
114
97 Jan 9
678July 18
7
51
Jan 26
318
4 Mar 15
1612 Mar 13 23341VIay 17
164
2834 Apr 4 3624 Feb 19
225
6/
1
4July 9
314 Jan 2
212
6
84 Jan 15 1212May 14
1319
14 Apr 12 25% Jan 10
13i3may 8 193* Feb 15
8
50 May 4 67 July 19
3859
714 Feb 14
4
5/
1
4 Apr 10
45
61% Jan 7 85 June 24
512May 24
212 Mar 7
24
5 Jan 5
2 June 28
2
16 Mar 15 24 July 22
13
612May 17
5% Jan. 7
43*
1338 Mar 13 1814July 26
10
34 Jan 7
13* Mar 15
13*
17
17 Apr 23 2012May 4
73* Mar 18 12 May 23 81 712
34 Jan 8 10212June 4 88 4338
2634 Mar 20 41 June 19
18
100 Feb 15 10638June 18
62
3
855 July 24
43* Mar 15
28% Mar 15 50 July 24
21
7 May 24
4/
1
4 Mar 12
4/
1
4
7%
74 Mar 29 1058 Apr 24
48
54 Mar 14 1078 July 25
458Ju1y 23
17s Mar 13
17
69 Apr 4 9212July 23
51
36 Feb 7 424 Jan 7
2558
678May 1(1
418 Jan 15
14
31, Mar 13 612July 24 3811
5 Feb 19
212June 5
:4
273
4
Feb
18
Mar
18
18
414
1
214 Jan 4
lleJune 10
224
5384 Mar 29 6912July 9
12612July 17 133 Apr 5
95
29
29 May 28 5014 Jan 22
44 Jan 15 65¼ -July 9 "34
1424 Feb 6 2018May 23
1113
•--
$ per share
285
394
412 15
1514 277
118
458
14
618
20
8
13
27
3814 57
8484 108
984 113%
5% 1214
174 3878
3
8
15
3084
41
60%
'1
2
3%
1
2058 38%
21j
5/
1
4
31
5158
112
414
112
52
43* 9
684 1378
515 1314
4
7/
1
4
3814 49
19
2612
8
1112
87
89
8
1213
818 2418
714 1718
6
1118
514 684
15
2713
184 42
684 104
124 19%
86
10812
20
39%
115
137
104 2212
54 1038
14
3%
147j 3384
1112 3613
14
414
314 47/
1
4
13
8
3014 74
7
1E%
80
66
27
8
2
788
64%
39
1584 334
6/
1
4 1138
6
13
2158 4114
19
704
If1.4 11i14
12114 127
3
9
383
17
458 17
10
33
1114 3812
178
78
261k 114
2614 4378
234 2714
26
41
3914
50,
8
6
47/
1
4
11
/
4
1588
661
/
4
3
3 3
7
10
852
%
0
44 8
378 1358
-ID; 77114
100
118
2;4
34
5:4
2
11
538
1534
34
554
---8;
lis
/12
34
1959
30
2%
658
1359
8
22
a
50
24
A
13%
4%
10
1%
17
8
0418
..25;
53*
1514
cm
291
/
4
431
/
4
612
12
4359
18
5218
1218
83
918
84
22%
11
2014
512
2412
14¼
87
24
40
80
10012
372
812
24
41
518
gis
--ir
s yir,
524
2
6014 78
33
424
5112
13*
33*
958
18*
84
6
39
a
I
36
5888
102
1287
3914 607*
35% 6078
1112 2012
New York Stock Record-Concluded-Page 9
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 20
1
Monday
July 22
Tuesday
July 23
Wednesday
July 24
Thursday
July 25
Friday
July 26
Sales
for
the
Week
STOCKS
NEW YORE STOCK
EXCHANGE
5 Per share $ per share $ per share 3 per share 3 per share $ per share Shares
Par
10512 106
10612 108
10712 109
10612 10712 102 10534 10313 105
6,100 Union Pacific
100
8938 8938 8918 8912 8918 8912 89% 897i 898 898 *8912 8978
800
Preferred
100
*2512 2614 2512 2512 2512 2534 2534 2534 2512 2534 2518 254 1,500 Union Tank Car
No par
16% 17
17
175
1712 1634
1634 174 1638 1678 1638 1678 35,800 United Aircraft Corp
5
553 578
538 534
54 534
534 578
534 578
584 534 6,000 United Air Lines Transp•$ e...5
*1338 15
1414 1518 1412 154 1434 1518 155 1538 15
15
2,200 United American Boseh_No par
*2512 26
*26
2614 264 2614 264 2618 2412 26
23/
1
4 24
2,400 United Beata
No par
*119
*119 140 *119 140 *119 140 *119 140 *119 140
Preferred
100
59 -59
58/
1
4 5838 5638 5812 5512 57
5512 5612 5634 5714 7,000 United Carbon
No
par
314 338
318 338
318 314
314 338
338 312
338 334 29,300 United Corp
No
par
3733 378 3613 374 36
3612 3734 3638 3778 9,400
37
37
36
Preferred
No par
938 934
912 938
912 934
912 9/
938 958
1
4
9,8 912 5,700 United Drug Inc
5
814 834
78 814
9
934
918 912
934 1038 1014 11
13 200 United Dyewood Corp
10
*7814 80 *7814 80
7934 7934 *7814 80
80 80
80
8112
360
Preferred
100
4
4
334 4
37
334
338 334
4
4
334 334
2,200 United Electric Coal
No par
78
7838 7712 7814 7734 7812 7734 78
7712 • 7812 75
76
5,000 United Fruit
No par
1438 1412 1414 1412 1414 1438 1438 1434 1412 1478 14/
1
4 15
22,900 United Gas Improve
No par
10718 10718 107 107 *10618 10718 106 106 *105 1064 106 106
500
Preferred
No par
*278 3
*278 3
3
3
3
318 *278 314 *278 318
400 :United Paperboard
100
---- ---- ---- ------- ---- ---- ---- ------ --- ---United Piece Dye Wks-No par
---- ---- ---- ---.- ---- ____ __... ---- ---- ---- ---- ---61
/
4% preferred
100
*54 514
5
sh
5
54
5
512
518 5/
1
4
54 5,4 3.400 United Stores clam A___-No par
*5913 6112 60 60
60 60 *6038 62
60
6018 604 60
400
Preferred elms A
No par
62 62 *6114 62
6013 6214 6038 6012 *5812 604 5834 5914 2,000 Universal Leaf Tobacco ...No par
*148 150 *148 150 *148 150 *148 150 *145 150 *145 150
Preferred
100
30 3012 30 30
*2912 3112 3112 3312 3514 3512 3412 35
330 Universal Pictarea Ial pfd
100
*1
14
118 118
118 114
11
/
4 118
112 118 2,500 Universal Pipe & Had
118 118
1
*1114 1212 1212 1512 1334 144 *1314 14
1314 1314 1214 13
250
Preferred
100
*1914 1934 1913 20
1912 20
1938 1878 1914 18/
19
1
4 19
8,600 U S Pipe & Foundry
20
*2038 2118 *2038 211
2114 *21
21
2118 2118 2118 21
2114
600
188 preferred
No par
4/
1
4 114
*78 114
*78 114
*78
*73 114
114
*78
114
US Distill) Corp
No par
*514 7
*438 6/
1
4 *5
6/
1
4 *5
5
6/
1
4 *5
634
5
20
Preferred
100
_
United States Expreea
100
;;1512 161-2 ;1618 17
;1
--5;i -16-12
16'2Ti- -- --------1,300 U S Freight
par
No
*818 812
818 818
814 8%
85, 83
8/
1
4 834
814 812 2,400 US & Foreign Seaur
No par
*87 8912 88 88
88 89 *83 88 *82 88 *83 88
300
Preferred
No par
5934 60/
1
4 60 6934 5934 6012 5934 6014 60 6132 6138 6138 8,900 US Gypsum
20
"155 157 *15614 157 *15614 157 15614 15614 *156 157 *156 157
10
7% preferred
100
*618 638
7
634 7,4
7
*1338 7
718 714 *6/
1,200 1:1 S Heft Mach Corp
1
4 7
5
45 4512 4513 4614 4414 4638 4411
4434 4212 4534 4014 4234 11,300 US Industrial Aloobol-No par
*612 712 *612 714 *634 7
61
/
4 6/
7
1
4
7
200 U S Leather v 0 a
*634 7
No par
*1313 137
1314 13h 13
1214
13
1213
1212
1234
1212
13
2,600
Class A v t e
No par
*66 68 *66 68 *66 68 *66 674 *66
Prior preferred v t a
68 *66 68
100
*334 37
334 414
418 414 3,100 U S Realty & Imps
414 438
414 41
414 412
No
par
128* 1234 1258 1278 13
1338 1318 1378 1313 1414 1314 1334 28,600 U S Rubber
No par
3278 3278 3238 3314 3338 34/
3634 3412 35/
1
4 30,500
35
1
4 3378 36
1s8 preferred
100
*10673 107% 108 108
10834 11134 10914 111
1068 10834 4,200 cr 8 Smelting Ref & Mln
1065, 108
50
*72
7334 *73
7318 734 7312 73/
73
1
4 7334 734 7318 *72
600
Preferred
50
3814 39
3938 4034 4078 4134 404 4138 40
4138 408 41 115,600 US Steel Corp
100
94 9418 9434 96
9438 96
9534 9614 13,000
9578 967
96
95
Preferred
100
*136 13712 136 136 *136 1371 *136 138 *136 13712 136 136
200 U El Tobacco
No par
.62_ 1_7_5_ _ *1_62_ 1_75_ _ *1
*1_32_ 1_7_5_ .1
.
62_ 1_7_5_ *.
5_
162_ 17_5_ _ *1
.60_ 1_7
.
tith
P
areter
crd
pper
100
10
24 24
218 212
214 34 13,000 Utilities Pow & 1.1 A
24 238
214 233
214 238
1
*/
1
4
34
34 24
No pm
24
28
34 1.100 Vadsco Sales
*28
"8
28
28
28
*2238 25
*2238 25
*2238 25
*2238 25
*2238 25
*2238 25
Preferred
100
15
1518 1518 1534 1534 1614 1534 16
1578 1412 1514 12,000 Vanadium Corp of Am-No pat
14
22 2214 22 2314 2314 2312 2312 24
23
2334 10,800 Van Raalte CO Inc
23 24
5
*100 104 *100 104 *100 104 103 103 *103 115 *104 115
10
7% 18t pref
100
8
4
3738 37
3714 38
37
3778 3778 1,300 Vick Chemical Int:
38
37
37 *37
37
5
3
3
3
3
27
3
3
600 Virginia-Carolina Chem -NO par
*278 3
3
*278 3
2034 2138 *2012 2078 2012 20/
1
4 2012 2012 *20
2012 2012 21
2,100 6% preferred
100
106 106
105 105 *105 107 *102 107 *102 107 *102 107
200
7% preferred
100
102% 10212 10234 10234 *10238 103 *103 1034 103 103 *10214 103
240 Virginia El & Pow $d pt .No par
24 4
*214 4
*218 4
•218 4
*214 4
*218 4
Virginia Iron Coal & Coke-100
*15 25 *15
25 *15 25 *15 25 *15
25 *15
25
5% prof
100
*70 74 *72
74
71
71
*71
75 *71
75 *71
75
20 Vulcan Detinning
100
•116% - - *11613 - -_ *11618 _ _ *11618 _ .*11618 . _ •11618 - - --Preferred
100
*118 138
118 -14 •118 182 *118 1
/
1
4 *118 138 *1's 1-38
100 :Wabash
100
*134 214 *178 213
134 178 *178 2
*178 22 *2
212
300
Preferred A
100
*138 212 *138 212 *138 212 *138 212 *118 213 *118 212
Preferred B
100
638 62
612 714
67
7
7
*634 718 2200,
7
61
/
4 63
Waldorf System
No par
29
2918 29
29
2918 29/
1
4 29 29
2918 2912 2938 3038 4.600 Walgreen CO
No par
*11618 11712 1174 11712 *1171
/
4 11812 *11712 11812 *11712 11812 11712 11734
SO
65i% preferred
100
*253 2/
1
4
25
238
212 212
212 212 *214 212 *238 212
900 Walworth Co
No par
*9
10
*812 984
9
9
814 8,4 *712 8/
1
4 *712 834
200 Ward Baking class A
par
No
*138 11
/
4 *138 138
138 138
112 138 *114 11
*138 112
300
Class B_
No par
*40 4134 *4012 4114 418 41/
4134 4214 4114 411
1
4 42
/
4 1,800
1
4 41/
Preferred
100
4
418
418 412
414 412
438 5
438 5
434 5
76.300 Warner Bros Pictures
6
*2534 2614 2534 2873 2734 2814 28
31'2 3112 3314 3134 3412 4,780
53.85 oonv pref
Nepal
"4
78
24
24
24
78
"4
24
34
78
24
34
900 Warner Quinlan
No
par
45
414 434
434
37
438 4%
312 48
412 434
4
6,500 Warren 13203
No par
1213 1212 13
1318 *12
838 12
1538 010
*9
13'2
12
400
Convertible pref
NO par
*2278 2314 2312 2312 24
23
2414 24 24
2314 2212 22'z 1,400 Warren FEW & PIM
No par
*414 434 *438 434
438 438 *438 48
458 433 *438 41
300
Eisenlohr
No par
*80 - - *80 - _ *80 . . *80 - - *80 - -- *80 - - --- _ _ Webster
Preferred
100
*114 112 "114 112 *114 -112 *114 I
114 114 *114 -,
112
100 Wells Fargo & Co
1
3678 3714 3653 37
3718 3714 3678 374 3612 3718 3638 3634 6,000 Wesson Oil& Snowdrift ..No par
82,
824 82,g
8 8212
8218 8218 .80
8134 82 82 *80 8112
600
Cony preferred
No par
72 72
70
70
6838 6913 68 6812 6838 70
69
70
290 West Penn Elea claw A
No par
79
79
79
79
79 80
78 80
80 80
7934 80
220
Preferred
100
6912 70
6913 6953 6814 6814 67 69
6612 68
69 69
380 6% preferred
100
11812 11813 11812 11813 *118 1197 11814 1181 *118 1197 *118 11978
70
West
Penn
Power pref
100
11212 113 *113 ---- 113 113 *11212 113 *11212 113 *11212 113
60 6% preferred
---- ---- ---- ---- ---- -_ - ---- --- ---- --- --- - -- - ----- West Dairy Prod al A__--No 100
par
3g
38
.38
12
.38
18
*38
1
,
s
/
1
4
*/
1
4
-12
200
Claes 13 v t 43
No :oar
•712 778
7,2 712
734 814
734 8
734 73
734 218 5,200 Western Maryland
100
*J1) 1112 *1018 1112 1112
1112 *1012 121 *10
121 *10
1212
100
2d preferred
100
*118 114 *118 114 *118 114 *118 11
Ds 114
114 112
400 Western Pac1110
100
*212 • 3
238 2/
1
4
318
23
3
3
31
3
34 318 1,800
Preferred
100
3914 4018 3938 4038 4018 411
418,
387 41
/
4 402
394 40 35,800 Western Union
_ -100
2634 27
27
2713 2714 2738 2634 271
2612 271
2514 2678 13,100 Westingh'ee Air TelegraphBrake___No par
5912 6013 6012 6112 6038 62
6014 6114 6014 62
6034 611
/
4 59,400 Westinghouse El & Mfg
50
112 112
*112 114
111 112
112 112 *111 112
112 112
380
15t preferred
50
133 133
1312 1514 15
17
1612 1618 19
1812 17% 1738 21,200 Weston Mac lastruml-No par
*3232 341
/
4 3412 3413 347 36
351 *3418 3512 1,200
35/
1
4 3638 35
Class A
No par
*191
/
4 20% •19 20
20
20
1913 1913 1913 2012 *1912 20
1,500 Westvaco Chlorine Prod No par
•22
--- *22
--- *22
- *22
30 *20
__ - ---Wheeling & Lake Erie Ry Co_100
•28 15 *22-*30
35 *30
35
35 *30 -35
35 -35 *30 -50 6% non-cum preferred__ _100
*1938 1953 1934 2014 20 2012 20 2038 20
20
2038 2138 5,400 Wheeling Steel Corp
No par
*7612 78
7878 787
81
81
79 80
81
7934 81
8112 2,300
Preferred
100
1038 10/
1
4 1038 1038 10/
1
4 1073 1012 1034 1014 1034 1014 108, 3,900 White Motor
50
1553
16
1538
16
16
*1512 16
*1534 16
16 *154 16
300 White Rk Mln Sprott --No par
24 218
218 214
214 214
2
214 238 3,600 White Sewing Machine-No par
2
214 214
1178 124 121
/
4 1234 12/
1
4 1234 1214 1234 1238 13
1212 14/
1
4 17,400
Cony preferred
No par
*2
218
24 213
2% 213
*2
2
24 *2
2
218
500 Wilcox Oil& Gas
5
Wilcox-Etch Corp elan A_No par
538 534
534 -57
534 -57g
5/
1
4 -578
538 534 27.300 Wileon & Co Inc
558 554
Nopar
.
-Clate A
No par
"i0r2 71-14 70
7034 6934 /01-2 -70- ---------6938 7012 2,800
86 pref
100
6212 6234 62 6278 6114 6238 6114 617
6112 62
6138 62
11,000 Woolworth (F W)Co
10
*1734 1834 1834 1834 18
1714 1734 1738 1712 1,300 Worthington P & W
1
4 18
1834 17/
100
*4412 45
44
45
44
44
4312
4312
4212 4412 43 4412
470
Preferred
A
100
*34 37 *34 , 3612 *3512 3612 3512 3512 53412 3512 *35
3512
100
Preferred B
100
48
48
47 49
47 48
*4618 48
4614 4614 *45
4812
110 Wright Aeronautical
No ,ar
80 8014 *7812 801: *7812 80
80 80
80 80% *7812 80
1,200 Wrigley (Wm)Jr (Del) No par
*2234 2338 23
2318 2338 23/
1
4 234 23/
1
4 2353 23/
1
4 24
2418 1,900 Yale & Towne Mfg Co
25
333 3'2
338 3/
314 314
1
4
314 33,
3/
1
4 353
318 33
5,400 Yellow Truck & Coach el B_JO
*39 42
42 43
43
4312 4312 4313 *38
43 *38 44
490
100
Preferred
32 32
3112 3238 3112 3238 3138 3178 311
/
4 3138 3114 31'z 4,800 Young Spring & Wtre--No par
2114 2138 2113 2238 2214 2278 225s 2314 2218 23/
1
4 2212 2284 26,200 Youngstown Sheet & T-No par
70
7012 7012 7234 7512 751
*68 69
74
7312 741 *72
1,200
51
/
4 preferred
100
2/
1
4 27
3
3
318 318
314 312
314 31
314
34
4,600 Zenith Radio Corp
No pa
338 312
3i2 338
334 374
334 37
334 37
373 4'8 18,000 Zonite Products Corp
1
4
555
July 1
1933 to Rongo for
June 30 Year 1934
1935
Lowest
IIlohat
Htok
Low Low
$ per share 5 per stt $ per share
$ per shard
go
8213
82% Mar 28 11112 Jan 10
133/
1
4
7913 Mar 14 9012July 3 6278
7138 89
2078 Mar 13 2612Ju1y 17
1334
1538 2514
978 Mar 13 1712Jul7 22
84
81
/
4 1514
411 Mar 13
6% Jan 31
314
3/
1
4
6%
7 Mar 29 1538July 25
7
8
17
2014May 16 26% Jan 9
19
2114 29/
1
4
118 Jan 18 117% Jan 2 10414 107 120
48 Jan 28 6138July 9
2014
35
5033
414June 24
14 Feb 27
113
8.
7
2%
2034
2034 Mar 13 3912June 24
211
/
4 3774
618
834June 14 1814 Jan 7
914 1814
413 Mar 18 1134May 16
238
838 1078
50
65 Mar 21 9013May 23
5934 7534
7h J11.11 9
3
814July 18
3/
1
4
714
6911
/
4 Feb 6 9234May 14
711
59
77
9/
1
4
914 Mar 18 1578Ju1y 2
11/
1
4 2018
8712 Mar 15 107/
1
4Ju1y 16
8213
86
993s
218 Jan 28
338June 29
I
11
/
4
338
578 Jan 7
114June 3
114
4
1334
10 June 3 3313 Jan 24
10
30
68
3h Apr 4
24
713 Jan 3
2/
1
4
81
/
4
48
46 Apr 3 8512 Jan 19
64
76
37
61 Mar 15 6634July 15
4014 63
13314 Feb 9 150 May 6 10814 11212 140
80 July 2 4034 Mar 15
15
1671 6613
218 Jan 18
1 July 13
78
78
414
12 Feb 6 1938 Mar 6
414 24
12
14% Mar 14 22 Jan 7
15/
1
4 33
1314
19/
1
4 Jan 7 2113June 25
16% 19%
%June 24
238 Jan 8
Ds
%
4
5 July 26 10 Jan 9
6
4
14
4
14
18 Jan 4
/
1
4
14 Jan 2
11
11 Mar 14 1734June 12
11
2712
9 May 17
412 Mar 12
413
6
154
6514 Mar 26 89 July 23 60
0314 78
/
4July 26
4012 Mar 12 611
3414
34/
1
4 511
/
4
143 Jan 11 15712June 11 110
115
146
5 Feb 6
7/
1
4May 24
3/
1
4
Os 10%
354 Mar 13 4678July 13
32
32
6438
8/
1
4May 22
34 Mar 15
34
5% II%
7
712 Mar 18 1434May 21
7
1914
45
53 Jan 22 67 July 19
65
80
7 Jan 7
3
3 Mar 13
4
1234
918
918 Mar 13 1714 Jan 8
II
24
2418 Mar 14 42118 Jan 7
1718
24% 6114
95 Apr 6 12418 Apr 25
9638 161
534
5112
6272 Jan 8 7334July 14
54/
1
4 6512
2713 Mar 18 4134July 23
2712
2938 5978
1
4
7338 Mar 18 967 July 23 67/
6714 991:
11918 Jan 4 14034May 16
8138
99
140
14934 Feb 11 16013July 11 124/
1
4 126
150
40 Mar 22 52 July 15 40
48% 67
33gJune 22 1 78
1 Mar 15
112
514 ;
/
1
4Mar 15
Ds Jan 2
%
178
12
1
4
1914 22/
1914
19/
1
4 April2418June 19
1114 Apr 11 214 Jan 7
1114
14
3134
412 121$
334
1114 Feb 7 24 July 24
5414 s5414 138
91 Feb 20 105 June 11
2318
34 May 28 3818June 24
2438 3614
438 Jan 3
211 Mar 18
172
178
54
1712Juns I 2714 Feb 1
10
10
26
1
4May 6
86 Jan 4 130/
5714
5934 86
7212 Jan 4 10412July 16
60
65
80
1
2 June 22
4 Mar 5
2
3
/
1
4
9
15 Feb 19 154 Feb 28
15
164 27
6313 Mar 29 83 May 10
52
36
82
10914 Feb
11538July 3 03
112
95
1 Apr 1
2/
1
4 Jan 8
1
11
478
1/
1
4 Mar 1
3h Jan 4
134
238
832
1 May 22
1
238 Jan 19
14 ' 613
44 Mar 15
74 Jan 10 • 3
4
.
7
878
26843une 8 31 Jan 3.1512
2214
29%
114 Jan 7 120 Apr 24 s 80
8412 1165,
37 Jan 7
114 Feb 28
11
2,4
6/
1
4
5
5 Mar 14 1014 July 17
5
12
178May 20
1/
1/
1
4 Feb 28
1
4
1
4
114
3/
281* Jan 12 4214 July 16
24
24
36
514
234
5 July 24
2/
1
4
214 Mar 15
1412 Mar 13 3412July 26
12
15
3173
%Mar 15
1/
1
4 Jan 2
38
1
34
212 Mar 15
618 Jan 7
212
34 1333
77
7% Mar 20 1614May 17
8
2874
21 Mar 27 28 Jan 8
13% 31
1313
4 Mar 14
6 Jan 2
3
3
7
85 Apr 29 90 Feb 18
60
05
90
138July 3
4
1 Jan 5
24
4
80% Jan 115 39 Feb 18
15
UR
8514
11.118 7438
49
72 Jan 29 83 July 9
44/
1
4 70
84
34 Mar 8 73'2July 10
397k Mar 6 8313July 10
3978
5138 80
36 Mar 14 74 July 10
/
4
86
48 x681
104% Jan 17 11912July 1
8818
8913 11038
96 Jan 2 113% July 17
7834
780* 105
118June 8
2h Jan 8
118
134
614
esMay 1
78 Jan 8
%
13
213
513 Mar 15
978 Jan 7
1113
74 1714
7/
1
4 Mar 30 13 June 18
7/
1
4
9/
1
4 23
July19
7
3
/
1
4
Jan
11
/
4
l's
238
Ms
238 Feb 26
77s Jan 7
238
438 1713
20/
20/
1
4 Mar 14 4112July 23
1
4
2912 Ws
551584
2738July
Mar
27
18
23
157
36
2772
3238 Mar 18 62 July 23
2738 6714
90 Feb 5 117 July 15
77
82
95
10 Mar 18 19 July 24
5
6
1512
29 Jan 4 3638July 24
15
181
2911
165g Mar 13 2311 Jan 3
1214
Ws 274
18 Jan 3 2712July 18
18
24% 29
25 Mar 14 85 July 24
21
24
86
1414 Mar 28 2138July 26
1112
11% 29
46% Jan 12 8112July 26
34
84
57
678 Mar 15 1838 Jan 3
6%
2813
13
13% Mar 22 241s Jan 9
1314
2114 '311s
114
11
/
4 Mar 15
2'3 July 26
113
378
4
8 Jan 11 1434July 26
5
1153
I Mar 14
1
233 Jan 8
2
5/
1
4
34 Feb b 3512May 27
2272
274 34%
37 Apr 3
7 Jan 2
34
434
9
2513 Feb 7 31% Jan 3
1114
1
4
1214 32/
58
58 Apr 2 75 Feb 28
85
51 Jan 15 6514June 18
-6114 -5514
1138 Mar 12 211
/
4 Jan 7
1138
1312 3178
25IMar13 4614July 17
2512
3112 63
20 Apr 4 364July 18
20
2338 42
3513 Mar 13 537 Apr 24
12
1678 75
735gMar18 8238 Apr 26 • 4734
5453 76
1734 Apr 9 2418July 26
1138
16
22%
238June 6
4/
1
4 Jan 7
238
2/
1
4
714
8112may 8 4312July 23
25
28
47%
18 Mar 18 32/
1
4July 18
1018
13
2234
13 Mar lb 2338July 25
1238
1233 3334
3812 April 75121uly 24 "80
34
5934
1147.iay 6
312July 25
14
112
434
238June 7
4% Jan 10
238
338
734
Ranee SiIWO Jaa. 1
On Basis of 100-share Lots
For footnote; see page 546.
r
eis
556
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
July 27 1935
bonds.
and price., are now "anti interan"-except for income and defaulted
of the
On Jan. 1 1909 the Exchange method of quoting bonds was changed
they are the only transactions of the week, and when selling outside
unless
range,
week's
the
in
disregarded
are
sale,
delivery
range for the year.
NOTICE-Cash and deferred
they occur. No account Is taken of such sales In computing the
regular weekly range are shown in a footnote In the week in which
July 1
Week's
./649 1
Week's
Ranee
1933 to
Range or
BONDS
Range
1933 to
Range or
Since
June
30
Friday's
BONDS
N. Y. STOCK EXCHANGE
Sines
June 30
Jan. 1
Friday's
1935
"5. Rid & Asked tool
N. Y. STOCK EXCHANGE
Vt
26
July
Ended
Week
1
Jan.
1935
44
k BM & Asked
Week Ended July 28
High
Low
High No. Low Low
Foreign Govt. & Munis. (Cos.)
High
Hisb No.1 Low Low
Low
U. S. Government,
Costa Rica (Republio of)
_
3612
*3712
3018
1712
N
M
Fourth Liberty Loan
1951
on
•76 Nov 1 1932 coupon
98 100.30 101.13 104.18
1712 3278
27
WI; 13
Oct 15 1933-1938 A 0 101.13 101.17
4%
/
4th 41
1175 May 1 1936 coupon on-1951 43 104.10 113.8 117.7
117.5
1
9412 100
9958 6638
Oct 15 1947-1952 A 0 117
i
A
4s
/
Fr
i
1944
Treasury 41
1904
of
be
Cuba
(Republic)
10628
102.28
56' 97.28
1
90 100
8313
9934
4s Oct 15 1943-1945 A 0 106.20 106.26 347
/
4-31
/
1949 F A 99
Treasury 41
External ba of 1914 ser A
101.18 108.24 1128
3
9412
94,2
94
84
6178
Dec 15 1944-1954 J D 112.1 112.7
Treasury 4s
1949
External loan 4 149
111.25
4
99.28 107
28
95
9414 95
77
Mar 15 1946_1956M S 110.20 110.25
61
19533
Treasury 3318
3
15
41
/
__Jan
51
fund
Sinking
10
98.5 103.38 107.29
41
42
4
1
/
3312
23
3212
4
193
June 15 1943-19473 13 107.23 107.29
13
J
42
/
1945
Treasury 311
*Public wks 5142 --June 30
215
1/3.12 100.20 104.10
.
8% 14,
1218 41
Sept 15 1951-1955 M S 103.31 104.9
834
Treasury 3s
1959 1)4 N 12
87.26 100.20 104.10 •Cundinamarca 8 Hs
2
107% 10718
4
/
gala
1071
June 15 1948-1948 1 D 103.26 104.2 1,170
77%
Treasury 3.,
88
ak%
of)
(Rep
104.15 108.23 Czechoslov
7
98.12
D
108.20
J
108.18
11
2107
1940-1943
107
107
9512
15
June
77
2
0
A
J
0
1
42
Treasury 312s
195
Sinking fund 86 ser B
98.8 104.14 108.28
26
103
98% 105
10334 52
79%
Mar 15 1941-1943,M S 108.22 108.25
Treasury 3449
extl
Oa
20-year
Denmark
105.11
101.26
94 28
69
105.7
93 101
75
June 15 1948-1949,1 D 105
4s
/
Treasury 31
1955 F A 9834 99'4 60
External gold 514s
371 101.5 101.15 105.9
105.9
90
8212 91372
9034 80
Dec 15 1949-1952 J D 105
81
Treasury 3148
External g 4lksApr 15 .,, 1962A 0
97.27 104.18 106.28
Aug 1 1941 F A 108.23 108.26 526
4s
/
1932
Treasury 31
Gs
Am
part
Ott
Bk
Deutsche
106.19
10224
99.24
9
5514 70
4
1
Apr 15 1944-1946 A 0 106.11 106.19 666
48/
4s
/
---- 6212 63
Treasury 31
*Stamped extd to Sept 1 1935
3
8114 7112
Mar 15 1955-19601M S 101.19 101.27 1,242 103.14 160.15 101.28 Dominican Rep Cust Ad 534_...J942 M 5 26634 68
40
Treasury 214s
27
61
62
84
38
55
Federal Farm Mortgage CoenI 1 S 103.29 104.2
5
of
let
1928
ser
Hs
101.14 104.5
23
ea
*60
62
36
Mar 15 194419641
54% 64
4s
/
31
2d series sink fund 5344
94.27 99.18 102.20
*3612
43,
33
s
27
May 15 1944-1949 MN 102.14 102.20 183
3s
*Dresden
10024
103.20
(City)
162
711----11:9r2
external
100.20
il4A 30
Jan 15 1942-1947,J 1 102.17 102.22
3s
100.24 101.20
52
85/
4 8512
1
Mar 1 1942-1947r S 101.16 101.18
38
234s
*El Salvador (Republic) Si A -1948 J 1 *48
35>4
35
4
62
35
35
J 1
Home Owners' Mtge Corp-'Certificate, of deposit
04.26 99.18 102.18
9
94
4 96
1
4
/
May 1 1944-1952 M N 102.8 102.16 227
481
84/
35 series A
1967 1 J 94
8228 98.20 101.6 Estonia (Republic of) 75
6
10612 10634
10312 108
70
Aug 1 1939_1949F A 100.31 101.5 010
48
1
2/
Finland (Republic) ext ea
7012 10118 10434
State A City-8/4 sole below.
:10234 10312 18
gi 11.1
External sink fund 6148
15
214 35.4
20
D 2634 27
3M N
950
104
*Frankfort (City of) ef 6 tts
175
17512 11 126
16512 190
p
Foreign Gest A Municipals
1941
extl
7345
Republic
French
1
180
180
190
16912
12712
Agricultural Mtge Bank (Colombia)
1924
01
External 72
3312
1
21
FA
23
18%
'Sink fund es Feb. coupon on__1947 AO 23
*German Government Interns3
4 32
1
19/
15%
2214
2212 25
133
2212 3712
23
*Sink fund 69 April coup on ____1948 MN 22
of
1930
5142
35-yr
tional
4
4
968
9012
84
94$8 9434
1963
3514 41
477s
33
4
/
311
1' 33
Akershies (Dept) ext be
911te A 0
11
71s
934 22
712 1134 *German Republic exti 75
912
1945 3.6
•Antionula (Dept) coil 72 A
7% Ills *German Prov & Communal Bk,
3
978
8114
1945 J J
934
4078 4112 14
,
481
38
4
/
231
*External 2 t 75 ser B
5>4.
Loan)
Agile
714
(Cons
9%
7
2
,
7
93s
934
1945 J J
*External f 79 tier C
4 10% Graz (Municipality of)1
7/
3.6
714
49
86 10812
*External a f 72 ser D__......1945 AO *914 12
58 MN *95% 98
954
9
1
on----1
coupons
*8a
tuunatured
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8
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1
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2 11014 11812
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1937 P A 11218 113,4 14 107,
Or Brit & Ire (U K of) 5148
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3
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978
1957 AO
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1990 ▪ N z11712 211712 30
34% fund loan £ opt 1960
8% 9%
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9,4
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72._
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t
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Governmen
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9
1196684
4 9912
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44
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- 2578 1612 22 "164,
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1959
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98%
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10314
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4414
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asta
8 Hungarian Cons Municipal Loan98,
27
90
1961 FA 9678 98
3212 3212
2
2913 38
25
Ertl 82 Sanitary Works
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MN
33
98%
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45
2652
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49
4
1
/
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943
1962
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294
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7
M
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last
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98
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4
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1955
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3212 35
2938
Australia 30-year 52
*Sinking fund 754e der B.......1981 MN
98 10412
78
10358 86
1957 MS 103
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MN
251
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4
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s
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1944
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57
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4 109
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1955
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101
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*
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on_.1950
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9
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1954
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89
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1957 MS 96,8 96,
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4
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1958 FA 96
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Budapest (City of)514
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1958 M S 15
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65
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78
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9674 10212
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.
---1944 F
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1970
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1950 M S 3512 38
13
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73
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3
28
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A
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1956 I" N 10514 106
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27
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106
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1960 A
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o
of)
Pernambuc
1512
. 1013
131
14.34 63
13%
Feb 1961 F A
10
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818
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a
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Of 6s Id ser___16151 A 0 1558 1812 123
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Loan
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4%
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71
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16
1957 / D 1312 14
47
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s
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9
15
9
9
1678
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7
16%
1812 22
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111
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12
113
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6
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14%
14
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112 10
1 10
'
lii117
99 105
48
/
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47
22
40
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D
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1951
Ry)
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244
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.
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1962 A 0 25
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18
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3
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1061
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18
35
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1947
25-year external 6,
224 37
201s
35
26
*65 July 1 1935 coupon on__Jan 1961 J J 2354
10
4
1
4
1
35/
37% 43/
nube 7. A
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4
/
241
18
14
i
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22
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0
1947 A
4e
/
*Colombia Mtge Bank 61
1812 2412 RIO de Janeiro (City of)
12
1940 MN 20,2 2012
4
1
4 15/
1
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1940 A 0 15/
15
4
1
13/
*See April coupon off
4
1
25/
14111
1
18
22
22
A
F
1947
1927
of
78
1458 27
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1214
1963 F A 13
13
8013
9472
'834e Aug coupon off.
9112 40
1952 J D 90
Copenhagen (City) 5e
4 Rio Grande do Sul (State of)/
7
551:
8114 911
8634
1953 MN 86
1712
7
25-year a 412e
1948 A o 17
4 23/
1
16/
4
1
1614
•135 April coupon off
5312
4
447
4
12
5214
5218
A
F
1957
e
4 15
413
13
1% 6
13
S 5
*Cordoba (City) extl 1 75
8 JMD
50
1314
4 22
1
198
13/
*ea June coupon oft
38% 47%
4512 4614 14
1957 078 stamped
,
15
N
147
15
M
21
14Ig
1412
1966
off
5
.
4
3
0
•78 May coupon
60
2971
1937 M N *60
16
13
1412
J
1967
*External sink fund 75
5
1334 2111
1334
.375 Juin coupon off
484 52
.55
1937
•78 stamped
238
8714
1962 A 0
51
4
1
70/
8014 Rome (City) ani
4
/
241
70
6
4 774
1
Cordoba(Prov) Argentina 78 __._1942.6 J 78/
I3
1t
22511
Mt:2
1041,
11014
All4 c,;
",I'13ztp4
r!
4 Pi
11
9
IS%
securities being almost entirely over the counter.
For footnotes see page 561.
rarely on the New 'York Stock Exchange, dealings In such
NOTE-Bales of State and City secur ties occur very securities, will be found on a subsequent page under the general head of "over-the-Counter Securities ''
But and asked quotations. however, by active dealers In these
via
New York Bond Record—Continued—Page 2
Volume 141
BONDS
N. Y STOCK EXCHANGE
Week Ended July 26
Juiy 1
Week
1 Range or
4_ 1933 to
Friday's
:4 June30
1
...04, Bid & Asked (003 1935
Foreign Glint. &Muni..(Cosa)
FBok No
Low
Rotterdam ((ity) ezti 64
11534 10
1984 MN 113
Roumania(Kingdom of Monopolles)—
076 August coupon off
1959 F A 35% 3612 26
Saarbrueeten ((ity) 86
4872 -19633 J •
Sao Paulo (City of. Brazil)—
*86 May coupon off
1952 M N *1612 19 __-*External 614s May coupon off 1957 M N 1412 1412
7
Ban Paulo (State of)—
*8.4 July coupon off
7
1936 .11 -3 2353 2412
*External 8s July coupon off
1712 18
8
1950 .1 J
*External 7:Sept coupon off _1966 M S •1512 16 — 7
*External 6s July coupon off_--1968 .7 J
1514 1534
2
*Secured of 71
7734 61
1940 A 0 76
1,0io
9212
20%
60
1512
15%
lb%
1212
1272
109
el
.Santa Fe(Pro, Arg Rep) 7e
1942 M S 6334
*Stamped
6014
*Saxon Pub Wks(Germany)76-1945 F A 34
*Gen ref guar 6 Me
1951 MN 30
*Saxon State Mtge Inert 76
19453 D 4212
*Sinking fund g 6%:
1946 .1 D '3958
Serbs Croats & Slovenes (Kingdom)—
•8s Nov 1 1935 coupon on...... 1962 --. 2912
v7s Nov 1 1935 coupon on
1962— 2834
Isileela(Pro, oft ext1 70
I) 7212
1958 J Nillleelan Landowners Assn Oa
1947 F A *.7
Soissons (City of) extl es
1986 MN
Styria (Province of)—
4178 Feb coupon Mt
1946 F A 9834
Sydney (City)If 5346
1955 F A 99
6414
el
3514
3212
44
2
21
47%
75
Taiwan Elm Pow s t 5346
1971 3 J
Tokyo City 50 loan of 1912
1952 M 13
External 6 t 534e guar
1981 A 0
*Tolima (Dept of) MI Ts
1947 M N
Trondhjem (City) 1st 53411
1957 MN
Upper Austria (Province of)—
ne unmatured coupon on
1945 3. D
*Heti 630 untnatured coups-1957 J D
*Uruguay (Republic) eimi 82_1946 F A
*External at So
1980 M N
*External s 1 es
1964 M N
Venetian Pro, Mtge Bank 70 _1952 A 0
Vienna (City of)—
Nis May coupon on
1952 MN
Warsaw (City) external 70
1958 F A
Yokohama (City) exti es
19513 D
8332 21
7314 --,,
8358 21
1112
1
99
21
58
5384
69
812
8334
109
2
109
1
10338 10338
2
3934 3934
39% 4012 56
3912 4012 27
7072 ---*60
510*
4112
33
264
2612
73
8212
*7214
8234
1112
z99
8934
71
86
RAILROAD AND INDUSTRIAL
COMPANIES.
•1713bitihi Pow & Paper Mt 50-1953 J D 2814
Abraham & Straus deb 5340
1943 A 0 103
1948 25 6 9712
Adame Express coil tr g 48
Adriatic Klee Co ext 76
1952 A 0 69
Ala Gt Sou 10t cone A la
1943 J D 10714
let cone 44 ear B
1943 J D ..-*Albany Perrot Wrap Pap 68....1948 A 0 4334
Alb & BUBO 1111 guar 334a
1946 A 0 10112
:Alleghany Corp con st m
7234
1944 F A
cony be
19493 D 6113
*Coll & eon, 56
1950 A 0 1778
156 stamped
1950----1258
Altar I Won let an 40
1998 A 0 '8912
Alin Val gen miar g 46
1942 M S 108
Allied Stores Corp deb 43413
1950 A 0 9358
Ame-t liniment Mfgdeb 6a
1937 MN 1014
*Alpine-Montan Steel Ts
914
Am Beet Sugar es ext to Feb 1 1940 F A
Am & Foreign Pow deb 5s
2030 M El
American Ices f deb 50
1953J D
Amer 1 G Chem cony 5346
1949 MN
Am Internat Corp cony 5440
1949 1 J
Am Rolling Mill COM, deb 43:6_1945 M S
Ain Sln d, It lot 30-yr 5s set A
1947 A 0
Am Telco & Teton cony 42
1936 M 0
30-year coll tr 5s
1946 3 0
35-year of deb 5s
1960 1 J
20-year sinking fund 534s
1943 MN
Convertible debenture 4346
1939 J J
Debenture 5,31
1965 F A
131Aln Type Founders Os ett4
1940 ---Amer Water Works d, Electric,—
Deb g 138 settee A
1976 MN
10-year tis cony coil trust
194451 S
1•Am Writing Paper le: g 6a.... 19473 1
*Certificates of deposit
*Anglo-Chilean Nitrate 70
1945 MN
(*Ann Arbor lot g 46
1995 Q J
3
30
16
11
8
----
17
38
30
281$
40
3834
2912
3
6 _ .
29
2
7434
.
iii
4914 ---2514
____ 117
99
9914
893
7412
874
3
72
24
5238
41
63
29
26
1538
103% 89
87
9814 27
61
70
4
8112
10714
2
8012
100 ---74
464 12
38
10134
4
83
7472 133
4734
64
143
41
20
34
13
8
1332 62
9214 ---82
1087*
4
93
9414 38
10172
7
8312
9114 23 .
102M
71
81
111
9772
10534
10118
102
109
111%
11212
10714
11214
38
103
75
8112
11112
1004
10834
101%
10212
10934
113
113
10814
113
39
8634
9612
2312
2372
1434
60
874
99
2412
237
154
60
5
637
27
103
216
80
32
62
7612
65
__
151
85992
12 10074
42 10112
59 10014
69 103
24 105
96 100
12
20
59
58
100
80
22
In
-•-•
2
2012
97
314
1
27
Ark & Mem Bridge.* Ter 53
1964 M S 9234 9334 20
Armour & Co (111) let 433s
38
1939 J D 1038 104
Armour & Co. of Del 534*
19433 J 10532 10512 133
Armstrong Cork cony deb bs
1940 1 D 10312 10314 27
AU% Top & S Fe—Gen g 46
1995 A 0 10912 11033 127
Adjustment gold 41.
--,1995 Nov
Stamped 40
__s 39
10414 1057
1995 M N *104Cony gold 46 of 1909 __ ---1955 1 13 *103
Cony 4s of 1905
9
Ilk
1955 3 13 104
Cony g 4.9 issue of 1910
10212 — 77
19603 D *100
Cony deb 434s
1948 1 D 10734 10912 59
Rocky Mtn Div lot is
2
19653 J 10314 104
Trans-Con Short I. 1st 43
19583 J *11058 113 ---Cal-Ariz 1st & ref 434o A
1
4 21
1962 M 8 1104 110/
All Knox & Nor 1st g 58
1946 3 D *1125* 12130 ---All & Chari A L let 434s A
1944.7 J *._-- 101
let 30-year M series B
1944.7 J •---- 10233 ---7
AtICoaet Line let cone Is July_1952 Id 5 9234 95
114
General unified 4346 A
. 53
1964 3 D 7312 751
L & N coil gold 46--Oct —1952 MN 69
7212 183
10 yr coil tr bs........May 1 1945 M N 90
9312 53
----
784
75
74
85
8414
75
754
75
7414
78
881e
79
89
8758
9938
86%
86
714
6112
57
93
For footnotes see page 561
557
Week's
•w's
July 1
Ii'2 Range or
Range
4 11933 to
BONDS
Range
Since
'May's
g1 June30
N, Y. STOCK EXCHANGE
Ii ri
Since
3.13- Bid & Asked al
Jan. 1
Week Ended July 26
1935
Jan. 1
—
High
Lew
Low
HUI
Erksk No. Leig Line
1948 3 .2 29
112 13918 AN & Dan lot g 41
2934 15
29
27
424
2d 4a
1
1948 3 1 2314 2314
244
23% 3412
8
3514
35% 47
29
364 AU Gulf & WI 88 0011 tr 50
1959' .1 40% 41
1937
J
.1 1074 10759 16 101
50
78. Atlantic Refining deb IM
1071s 10814
Austin & N W let gu g 5a
1941 J 1 99
99
1
75
90
99
1512 1932
144 19% :Baldwin Loco Works let ba
8
1940 M N 10114 10312
954
9514 105
Bait & Ohio let a 40—July .......1948 A 0 10132 10314 136
8214
954 10412
2358 30
Refund & gen 5s series A
1995 J D 644 6812 79
54
64
774
17
let gold So
2334
—1948 A 0 10714 10834 42
944 101 10913
July
7612 79
Ref & gen (Se series C
1412 21
1996 J 0 75
59
6314 8614
0
984
994 48
P L E & W Vs Sys ref 46
14
21
1941 M N
76
9314 100
73
9114
Southwest Div let 334-56
33
7414
1950 3 3 9654 971
86
994
87
TM & Cln Div la re 4o A
30
1959 J 3 86
61
753 88
7000
M
S 634 67
52
524 76
6414
Ref & gen tie series D
47
5212
Cony 434o
4912 61
1960 F A 5012 5412 373
884
384 60%
5212 764
51
Ref & gen M 50 set F
5212
30
42%
1996 M El 6412 67
30
40
Bangor & Aroottook IN ba
3
1943 1 J 11334 11334
9414 110 11434
5
1951 3 J 10512 106
40
55
Con ref 411
7410 100% 106
7 1314 103 109
46 stamped
3834 5212
1951 m--, 10834 109
Batavian Petr guar deb 4346—...1942 1 J 11334 1174
3 94% 103 11712
1989 J D 66
27
66
2
60
36
64
68
Battle Crk & Stur lot ifu 36
224 36
4
654 75
Beech Creek let gu g 40
88
1936 J 1 10214 10212
100 1024
_ ---8912 100 102
43
6114
2d guar g 5e
1936J 1 •1001
159 175% Beech Creek ext lot g 3340
49112
9
1951 A 0 9612
ea
ae 9612
Bell Telep of Pa &series B
27 103
11314 12012
1948 1 31 11814 1193
1966 A 0 12534 12614 86 10314 11634 1265
86
99
let & ref 50 settee (I
9512 10212 Belvidere Delaware cons 334o__..19433 J *10312
10
1946 M S 11034 111
beneficial Indus Loan deb 6e
81
10714 1-12
7412 8732 *Berlin City Else Co deb 6340 —1951J D 3012 30%
6
27%
2710 14
*Deb linking fund 6340
11
2514
6612 76
25% 3912
1959 F A 2712 2734
2813 14
*Debenture,. (is
2458
1955 A 0 27
7438 86
254 3934
35 ---858 1214 *Berlin Elec El & tinders 6340-1956 A 0 *---27%
334 4134
66
944 10512 1154
91
99
Beth Steel let & ref 1711 guar A-1942 81 N 10958 112
31
80-year p m & Imp: of 56_ __ —1936 J 1 10372 104
94
10312 10412
95 110
:944 J D
_ ---82 10358 Blg Sandy let 413
90
102%0918
3612 4758 Bing & Bing deb 6346
*374 48 -- 7
25
1950 M El *109--344 45
5914
3414 4112 Boston & Maine let be A C
594 79
7412 LI
1967 M 8 73
3412 42
lot M 7m3 series H
6012
6012 7932
1955 M N 7434 7512 29
1st g 4%e set J.I
3
be
1961 A 0 7054 704
7038 83
5912 74
Boston & NY Air Line lot 40
28
26
2812 17
1955 F A 27
4038
812 1014
7
8472 96
17•Botany CoM Mille 830
5%
1934 A 0
534 124
812
A 0
9
6
•Certifteatee of deposit
5
83
8
7418
11
Mollowman-Blit Hotele let M.—1934
8014 90
M 8 'Si,
--- ---,
Stmp as to pay of $435 pt red
412
4% 4%
-9212
1941 J J 92
Brooklyn City RR let be
3
684
84
924
j9493 3 10712 108
5 103
Bklyn Edison Inc gen 56 A
10674 1104
9 1024 106 110
Gen mtge tot series E
1952 3 J 10714 108
10732 67
26
8630 10412 10734
4112 Bklyn-Manh It T see 60 A
191143 1 107
103 1054
15-year see es. series A
1949 J D 10514 10558 79
98
104 10538
70
55
71
4
5232
85
9814 Bklyn Clu Co & Sub con gtd 50-1941 MN 70
1941 3 J *71
76 ---•
69 10014
lot 5a stamped
5734
65
7732
A
1095
110
18
F
*
1950
107 10814 Skin Union El 1st e ro
724 100% 1,012
1945 VA N 12012 12012
4 1034 11434 121
100 1034 Bklyn Un Gae lot cons g Se
38
let lien & ref (is settee A
8 1054 11824 178
6458
1947 M N 12712 12758
9912 103
_ -Cony deb g 53413
158
_
1936 3 J1950 .1 D iii
1-(Ii12 ii
93 lala 1-0-6-14
6412 7512
Debenture gold 513
110
le 1004 1084 111
524 6614
lot lien & ref be scrim B
1967 MN 109
13
26
j9353 .1 *102
8
1312 Bruns & West lot go g 46
103 ---884 10132 10314
2
1104
1981 F A 110
964
• 8411 92
Buff Gen El 434s series B
NA% 11158
10512 10914 Buff Boob & Pitts gen a 50
1
1937 M 3 1044 10414
91
104 107
925* 95
Consol 434:
el
130
1957 MN 58
50
5112 7034
20
100 102
32•Butl C R & Nor hit & co1150_1934 A 0 19
6
1712
1712 24
87
23 ---, 14
9734
*Certificates of deposit
14
2012
37•113ueb Terminal let 4s
2
1952 87-0 8714 87's
39
76
874
98 103
4232 15
11Consol 56
1955 3 1 41
1014
37% 51
49
70
75
Bub Term Bides 5a rtu tag eg
10
31
1960 A 0 68
5312 70
MN
8412
70
8812 By-Prod Coke 108 5348 A
851
: 10
1945
54
778k 8812
10412 11112
1 10232 10772 109
8512 10012 Cal0& E Corp unf & ref 50
1937 MN 10814 ICY%
10212 10834 Cal Pack cony deb 56
7
1940.7 J 10412 10412
85
10312 105%
101 10572 Cal Petroleum cony deb of 56_1939 F A .10072 10114 ---92
l015s 103
101
28
9412 Hu 1037s
Cony deb eta 534e
102 104
1938 MN 101
10712 11014 *Camaguey Sugar 76 ctra
10
I
- 10
1942
11,
234 15
A0 112
112
10
1902 -11112 11312 Canada Sou cone go 5e A
79
10614 112
10312 824
9112 1025
1111* 11372 Canadian Nat guar 4 34:
1954 M 8 103
,104%
10612 109
30-year gold guar 434s
19573 J 110
914 1084 11338
11038 66
111 11372
Guaranteed g 56
8
9634 11234 118
July 19693 J 11414 11472
81
42
11634 18
Guaranteed a de
9614 115 1204
Oct 1969 A 0 116
Guaranteed a be
4
9634 1154 1197* 1
1970 F A 116% 11634
6376 90
Guar gold 4345
9404 113 11734 I
June 15 1955 3 D 1144 11412
5
80 102
Guar g 4344
1956 F A 1124 11234 29
9130 109 11574
11114 53
Guar a 4340
1684 264
Sept 1951 M S 111
91% 10934 114%
2012 25
Canadian North debris,70
1940 3 D 10438 10434 26 1024 10438 107%
be 1512
mg 3 J 12312 124
Dab guar 6342
10 10612 119 125
504 6314
88
8812 94
Canadian Pm fly 4% deb rook
5224
8112 89
8738 954
10232 10
Coll tr 4340
1946 M S 103
86
99% 104%
102 10412
50 equip tr etts
1944 3 .1 11212 11238 37
9400 10900 11234
103 10638
Dee 1 19543 D 10612 107
Coll tr g 5a
44
7314 10114 107
1034 10438
Collateral trust 430
19609 J 10212 10372 94
6434
9512 10372
10672 11112 Mar Cent lot guar 140
*41
50 —__
19493
19
40
45
101 10612 Caro Clinch &0IN fa
8
9511 106 109
1938 3 D 10834 109
lot de cons g es ser A --Deo 15 19323 D 10934 10934
10184 106%
1
891* 10712 11012
78
71
68
1004 104
22
73
Cart & Ad lot go g 46
1981 3 D 72
100 10514 '(cut branck13 P let 141
4
2414
1948 J 13 2812 30
2712 39
100 10312 Cent Dist Tel let 30-yr Si
1943 3 D 10834 10834
3 10312 10714 10958
1044 110
Mantra)of Ga let g 56_—_Noy 1945 F A .45
47 ---39
39
47
10014 105
*Conan gold 5s
1945 M N 1812 197
7
13
13
26
95
10712 111
*Ref & gen 5340 series B
10
1959 A 0
3
624
7
14
10873 11212
*Ref & gen 56 settee C
9
9% 13
1259 A 0
7
68 1412
110 113
*Chau Dlypur money g 4e
2012 ---1951 3 D
1712
1732 19
101 106
---*Mao & Nor Div let g 56
25 ---19463 J •1512
19
19
19
10434 11032
*Mid Ga & AU Div pur m fia —1947 1 J ---_
23 ---15
15
15
9234 1034
*Mobile Di, lot g be
25 ---19463 .7 --__
20
20
26
7134 924 Cent Hudson 0 & E be
Jan 1957 134 5 10472 10514 ____ 1004 10512 11014
6812 8212 Cent In Ewe & Clae let fie
1951 F A 9512 9612 82
43
7114 97
90 100
Cent New Eng! let gu 46
5238 20
1961 3 .7 51
60
50
6734
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange — Members — New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Private Wires to Chicago, Indianapolis and St. Louis
New York Bond Record—Continued—Page 3
558
N
BONDS
Y. STOCK EXCHANGE
Week Ended July 26
JUIff a
•W Ng 1
Range or4_ 1933 lo
4 Jurre30
,.
...•:
Friday's
h
...C. Bid & Asked 01021 1935
il
Range
81ncs
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 26
July 27 1935
Week's
Range or
Friday's
.4 D4 Rid & Asked
a
July 1
1933 go
June 30
1935
Mob No
Low
Low
Low
Mob No. Low Low
High
4 10578 22
1
99
4 47
/
1011
90
1945 FA 105/
101 10834 Conan Gas(N Y) deb 5345
1987 J 1 101
Central of J gen g 58
,4 75
107
1065
s
D
J
88
1951
16
90
9872
89
78
Debenture 434s
1987 J 1 89
General 4e
4 10612 32
1
94
1957 33 105/
1949 F A 10114 10173 124
Cent Pao let ref au g 451
4 10314 • Debenture 58
/
6652
971
3
25
19
1954 A 0 •310218
1954 33 24
97% 10142 Control By non-cony deb 48
: 83%
Through Short L lst gu 4a
1
25
20
55
1955 33 25
Debenture 45
6914 8734
1960 F A 8518 8612 35
Guaranteed a tre
2
24
443e
6212
7
52
49
1955 AO 24
Debenture 45
Cent RR & Bkg of Ga colt 68 — —1937 M N 62
6512
3 *2212 25
'
22
6 100
121
1956
1941 M N 120
Debenture 48
114 121
Central Steel let g it fra
111
10
42
6312 82/
1948 M 5 8034 8234 85
Certain-teed Prod 5348 A
4 (*Cone Coal of MO let & ref 55-1950 3D 3614 3834 74
1
3534 3838
10
*Certificates of deposit
10212 10453
1936 J J *10212 10314 — - 103
Charleston & Say Li let 75
9 98
94
102 10614 Coneumerg Gas of Chic gu 55 _ __1936 3D 10414 10438
1947 M N 10414 10512 94
Chesap Corp cony 1321
12
4
1053
98
1952 MN 10478
10734 59 10112 10113 1051a Consumers Power let 56 C
10-year cony coil 58
1944 J D 107
4 10312 22
1
68
4 24 104
1
1946 J D 102/
1939 M N 11238 112/
11034 1131, Container Corp let 85
Chen & Ohio let con g 50
68
92
4913
1943 3D 91
15-year deb Eir with warr
4
1
1992 M S 11718 11834 72
9114 11432 120/
General gold 434s
42
100
6938
3313 108 II 112 Copenhagen Telep 5e Feb 15 ....1954 FA 399
1993 A 0 11012 11114 13
Ref & impt 434e
6
10
Crown Cork Seal St (Se
4
1
96/
1947 3D 10512 10534
1995J .1 11034 111
34
10814 112
Ref & Mut 4348 ger B
10414
5
3 104
75
'
Crown Willamette Paper 65
1951
105 105
--------96
Craig Valley let 5a_May
1940 J J *107
10118
101
3 65
, Crown Zellerbach deb Sow se
1940 M
10272 1027
1946 3 i ------------86
Potts Creek Branch lit 48
49
22
15
112 ---4 10512 11234 Cuba Nor Ry lit 5348
1
90/
1944 3D 47
1989 J J 111
R & A Di,let con g 4s
41
6
42
1334
4 --------87
1
1952 j
1939 J J 107/
Cuba RR let 5s a
10514 108
2d coneol gold 415
4212 4234
5
D
4
/
131
108
ref
1938
let
13
734a
A
series
Fal
1941
--------99
al%
lit
V
Spring
Warm
7
41
15
1st Ilen & ref 6e ser B
1936 3D 39
3 10614 10638 28 109
'
4512 60
3314
1949 A 0 44
1937
3314 5014 Cumb T & T let & gen 58
Clito & Alton RR ref g 38
10112 10614
84
1949 J J 10412 10534 40
ChM Burl & Q—III Div 3345
78
101
67
9234 106 10978 Del & Hudson let & ref 4e
1943 MN 76
1949 .1 J 10914 10934 35
Illinois Division 4e
8 101
93
Se
8414 10512 11013
1945 AO *1005
1968.1 5 10733 10818 108
General 4s
9412 97
32
MN
10714
4
1073
52
Gold
A
534e
1937
4
1
89/
77
let & ref 4348 ser B
4
1
10414 109/
1977 F
_
*107
_4
1
/
9354
4 11452 Del Power & Light let 4340
1
4 107/
1
84/
1971 13
1971 F A 11012 11214 11
let & ref Esser A
1
7514
73
4 8212 ---, 53
/
88
let & ref 41
41
/
1969 3 J 10358 1-2253
1934 A 0 *761
I Whicago & East Ill let 6e
10512
10512
4
3
'
ii
11
642
93
let
104
MN
532 113,
mortgage 4 34*
1969
t•C & Kill RY (sew co) gen Eas _.._1951
4 28
1
D RR & Bridge let g 411
96
513 11
4
1
5/
4
912 1014
---.
1936 P A *27/
•CerUficates of deposit
Den Gas & El L let & ref a f 58
4 11112 117
1
85
82/
1951 MN 10712 10712
1982 MN *11414 117 ---Chicago & Erie lit gold 5a
106
4 .10678
1
/
5
MN
8312
97
1951
Stamped as to Penne tax
4 10634
1
103/
1937 3 J 10614 10634 35
Ch CV L & Coke let au g 5e
28
57
3 27
'
23
1834
1936
1834 3533 *Den & R G let cone a 4a
(*Chicago Great West let 48-- —1959 61 $ 2314 2453 119
32
25
201$
*Como!gold 434a
2013 34
1936 33 *28
1959 2---, •2313 237 ---:
•48 stamped
8
9
4
v
15
612
1947 2 J 1712 18
14
2134 *Den & R G Weet gen 5a __Aug 1956 P A
t•Chic Ind & Louis, ref Os
7
17
8
19
514
5
1553
1947 J J 18
1558 24
*Assented (sub) to plan)
*Refunding a 5e ser 13
4 17
1
'Ref & !mot 5e ser B
1538
1947 J 1 *1712 26 ---,
153e 21
Apr 1978 A--1:5 1712 19/
11,3
*Refunding 4e aeries C
4
1
/
*2
378 —_
478
5
Dm M N
513 16
4
1
2/
434 814 t•Des M & Ft Dodge 46 ctle____1935 33
•Ist & gen be series A
67
1
67
4
1
63/
1947 M
0
Oat & gen its series &May.—1966 3 -I
7
514
413 834 Des Plaines Val let gn430
4
/
41
10712
9
1956 J .1 9138 9134
95
86, 9213 Detroit Edison Si ser A
70
1949 A0 107
7
ChM Ind & Sou 50-year 4s
4
1
8
Gen & ref 58 series B
92
1955 -ID 10814 108/
_
4 11138
1
106/
Gen & ref Se series0
93
1962 P A *110
1969 1 D *11118--- --, 99
iltalo L El & East lit 4344
11-212 42 85/
6914 43
4
1
34/
4
1
3433 58/
4
1
Gen & ref 4144 Berke D
1961 FA 112
(*chic M & SIP gen 45 ser A__....1989 J J 49
7
4714 ---,
9058
35
1989 3 3 *43
Gen & ref fre seriee E
65
35
1952 AO 10914 10934
*Gen g 334a ear B May 1
30
16
53
89
36
4 •Det & Mac lit Uen g 48
1
62/
38
20
1995 3D 30
*Gen 434e aeries CI_May 1 —1989 J 1 51
*30
*Gen commas E__may 1 _1989 J J 5034 5312 42
*1st 48 assented
361
4
/
1995
361e 8234
4
1
3018 6454
3618
10
65
1118
1989 J J 55
*Second gold 48
1995 ii •15/
*Glen 43e5 aeries F__May 1
N *11132
958
1134 1314 402
4 26
1
9/
84
Detroit River Tunnel 4345
1961
1975 F A
(*01110 3611w SIP & Pao 55 A.
4
3
4
412 216
212
87
1942 33 10212 1-013213 753 Donner Steel let ref 78
*Cony ad( fre
Jan 1 _._2000 A 0
8 104
42
16
3014
3014 4813 Dul & Iron Range let 50
(chic & No West gen g 334e---1987 M N 40
1937 *0 10818 10858
5514 17
23
34
34
4 15
/
461
1937 M N 45
Dul Sou Shore & At!(50
20
1937 33 53
General 48
3
4418
3518
4 53 Duquesne Light lit 434a •—..1967 AO 10412 10458 gg
/
351
9914
1987 MN 44
Rod rie non-p Fed Inc tax
47
2
36
36
1st M g 4348 series B
9934
1957 MS 11012 11012 22
1987 M N 47
Gen 434s atpd Fed Inc tax
577s
1987 M N 4913 5034 33
3634
36% 6113
Gen 58 etpd Fed Inc tax
4 1378 16
1
12/
51'l_.._
41
*Mast Cuba Sus 15-yr if 734e 1937
47
41
614
1987 M N *---434s"tamped
14
5212 54
4412
East RY Minn Nor Div lit 45
4412 70
1948 AG *105
1930 M N
Secured a 6341
8912
4 1-221
4
ma 31
mg
24
East T Va & Oa Div let 551
_2037 J D 1978 21
1956 MN 102/
May I
79
let ref g lis
4 109
/
20
34
Ed El Ill Bklyn let cone 46
1458
1455 28
99
1939• .1 *1081
let & ref 434s stpd_May 1 --__2037 J D 19
25
4 28
/
141
1418
Ed Elea(N Y) lit cons g 55
10734
1995 J J *1271a
let & ref 434* ser C_Msy 1 ____2037 3 D 1912 20
3712 17
3 31/
3
(
g
1114 122
9
1949 M N 10
4
1
2212 •El Pow Corp (Germany) 6348_1950 M
*Cony 4355 series A
4 3738
1
2
net sinking fund 634
30
1953 AO 37/
I t•Chicago Railways lit 5s nod
1
2
264 78
F A *7718 79 ___
ElgIn Joliet & East let a 58
89
1941 MN 1081 10812
42*
Aug 1 1933 25% part pd
4 10
1
4
1
82/
8
3214 4573 El Paso klii W let So
8113
1988 1 J 3714 3712
1965 A0 10012 100/
(*Chic R I & P Ry gen 48
1
36
36
3218 23
_
4
1
82/
Erie & Pitta It au 3348 ear 13
90
1940 33 *10555
*Certificates of
1334 18
48
1014
Series C 334a
1014 17
1934 A0 13
90
1940 33 *10534
PRefunding gold deposit-—
1-02- 57
.• 1 101
12
___
1212 23
Erie RR lit cons g 41 WM'
16
10
10
1996
09
*Certificates of deposit
78
80
.1 78
1358 58
let control gen lien g411
4
1
10/
1012 18
1996
1952 M S 13
59
**Secured 434e series A
1234 17
12
4
/
101
Penn coil trust gold 40
4 16
1
10/
1951 FA *10558
*Certificates of deposit...
TiF8 14 99
5
N
5
55
1960
Cony 45 series A
412
412 10
4
/
501
1953 AO 74
*Cons g 4348
73
7418
14
0
*
50%
Series B
1953
7578
Gen cony 4a series D
10518
75
7
98 10552
1953 * 0
62
.th St L & N 050
June 15 1951 J D 105
4sIs
Ref & lmpt 58 of 1927
1967 MN 6112 6412 110
886312 8813 89
Gold 834e
June 15 1961 J D .
4 237
1
Ref & impt 58 of 1930
85
75
59
8i ---1975 * 0 6034 63/
1951 J D *79
4654
Memphis Div lit fr Als
Erie & Jersey 151 5 f Oa
4
1
25/
1955 J J *1175a 118
1960 J D 6714 7514 30
257s 753
90%
_Mkt T H & So East lit 50
4 14
1
116/
1312 58
4
1
9213
13/
Genesee° River let e f Os
1957 33 116
Dec 1 ____1960 M S 4912 5512 64
Inc ffU 5a
N Y & Erie RR ext let 4s
93s4 106/
1963J J 10734 10914 11
4 10111
1
86
1947 MN •10914
:nue Un Stall let go 4444 A
4
/
4
1
*103/
10853
3d mtge 4444
3 100
19633 .1 108
1938
4 11014
1
106/
96
1st 55 antes B
16;
95
4 108/
1
106/
1944 J D 10714 10712 12
1954
4 Ernesto Breda 75
1
08
Guaranteed g 58
23 ....
106
106 106
1944 J J 106
Guaranteed 4s
96
963s
3 60
10534 10914 Federal Light & To let fro
1942
1963 J J 10834 10914 59
181 mtge 98 series D
8
*935
96
9912 46
94 10034
6378
1942
So International eerie@
1952 J .1 99
76
:./31C & West Ind con 4s
96
9634
7 59
let lien a f 55 stamped
10634 39
102 107
1942
82
1962 M S 106
lit ref 5348 series A
100
100
3
107
11 103
let lien 68 stamped
103 10758
1942
1962 81 S 106
5912
1st & ref 5155 serial0
9113
94
6
30-year deb 6e series B
118
5134 68
3014
1954
1943 A 0 6613 68
41314
Thilds Co deb Ea
85
9618 Flat debit g 78
9613 52
1946
1947 1 J 95
79
46
8214
3h1le Copper Co deb 5,
4512
*
48
4114
&
MN
Cent
t•Fla
35
515
37
Penn
88
1943
•
1952
25
••Clboo Okla & Gulf 00110 51
-O
10612
8
8778 10314 10714 (*Florida East Cont let 43fe__.„1959 S D 5714 58
1968 A 0 105
48
Un CI & E let M 45 A
818 14
712
_ *1st & ref Si series A
611
1974 MS
19373 J *103
4 10213 103
1
813/
-•24 gold 4348
r.,In H &1.
733 20
7
10312 ---4 10112 103
1
97/
*Certificates of deposit
1936 cl F *102
513
I St L & C 155 g 4a_ _Aug 2
)
10073 103,4 Fonda Johns & Gloy 4)4*
82
1962
1
1944 M N 10314 10314
An Lob & Nor lit coil gu nt
6
§(*Proof of claim flied by owner__ MN *434
9712 109 112
2020 J 1 10912 1095e
2
614
710 Union Term lat 4345 A
984, 110 113
1982
(Amended) lit cone 2-48
2020 J J 11218 11233 12
lit mtge 56 series B
4
1
4/
1957 MN 113
it•Proof of claim filed by owner_ MN 83'2
11184 11412
4
1
113/
7 100
3
let guar &Beetles0
4
1
/
3
312
8
695
6912
5318
2
____
78
of
4
1
/
*69
*Certificates
deposit
1940 .1 J
2
Neartield Bit Coal lit 46
103
754
3
Fort St U D Co let g 4342
1941 ▪ j 103
1943 .1 3 *10112
83
)1earfield & Mall 1st au 5a
Ft W & Den C lat g 534a
1961 3D *10512 10534
4
1
94/
108
3108
J
▪
3
FramerIcan Ind De,20-yr 730 _1942
89 101
66
9734 13
1993 1 D 97
;neve CID Chi & St L gen 45
9434
112
1942 MN 3114 3114
1993.5 D *
(*Francisco Bug let 15 f 7148
921s 108 112
16
General 56 series B
93 10114
73
1941 1 .1 *9858 101 ____
Ref &!mot Os eer0
60
7778 23
60
1963 3 J 77
8512 Galy Hous & Hand let 534s A___1938 * 0 *8334 85
72
Rat &'mot Si eer D
4
1
1943 P A 10434 104/
121
60
50
7713 Gannett Co deb Os ser A
1977 2 J 6634 68
7334
Ref & impt 4344 ear Z
Gas & El of Berg Co cone g 55
10618
J
8818
1949 ID *118,4
10
106
4
3
4
1
/
105
103
19392
4
1
103/
Cairo Div 1st gold 48
64
1934 MS 63
4
8714 93 •Kieltrenkirchen Mining fis
68
1991 3 J 9014 9112 10
CU W & M Div' 1.1 41
3512
10312 21
Gen Amer Investors deb 64 A _. 1952 FA 103
96
88
60
1990 MN *931
4 96 ____
/
4
1
73/
St L DI,lit coil tr(41
93
9112
J
no
A
M S *10312
Gen Cable 1st 5 f 530
1947
18
85
46
Spr & Col Div let a411
10513
4 9518 Gen Electric deb g 330
1
1942 P A *105
95/
9834 72
1940 J 2•
97
W W Val Dl,lit a 44
50
17
4 10534 *Gen Else(Germany) 75 Jan 15..1945 33 49
1
103/
87
1
3213
neyeland & Mahon Val g 55; ____1938J J 10512 10512
49
1
the f deb 834s
1940 3D 49
11012
1944 A 0 *10912
33
Nes & P gen an 4HeiterB
•20-year I I deb 6ei
105 105
1948 MN 4812 49
11
304
105
1942 A 0 *104
Series B 334a guar
100
33
100
Serf
1939
Pub
Gen
5345
deb
1
4 10752 11114
1
100/
1942 J J *10978
Series A 434* guar
76
8253 8712 132
1949 J
1948 MN •10458 ---- ---90
.--- -- Gen Steel Cast 534e with warr
Sorted C 335a guar
54
*'Gen Theatres Equip deb Os...1940 AO 1254 1414 259
4
1
2/
1950 A F *lops
Series D 334a guar
1212
14
4 *Certificates of deposit__
1
1977 F A *10678
59
lif- 163;101/
Gen 4348 ser A
214
15 --1945 33 *13
(*Gs & Ala By lit cone 58
1981 J J *10672
9
Gen & ref mtge 4355 see B
1934 J J *1578
1 t•Ga Caro & Nor lit ext 85
---18
1946 * 0
4 10012 10658 Georgia Midland 1st 35
1
73/
2
1961 A •0 10658 1065s
neve Sho Line let au 4148
4
1
36/
9273 104
74
1972 A 0 10213 1035a 53
neve Union Term gu 634a
3712
A0
3712
Steel&
Hope
1945
*Good
78_
enr
Ir
2
85 100
71
100
80
34
1973 A 0 99
1st a f 55 Series 13 gnat
4 108
1
94
so
1947 3' 107/
5912
88
41
Goodrich(B F)Co let 13348
4 9378 153
1
1977 A 0 92/
1st5 f 430861.1es0
1945 3D 9634 99
243
Cony deb 63
9212 104 10614
1946 J D *10658
63
roai River Ry 1st gu
N 10412 10478 71
1957
Goodyear Tire & Rub let 58
1938 J .1 6638 663e
8334
Colon 011 con• deb 13a
38
0
07
38
1938 3D 9412 9512 26
4 90
1
66/
2612
11
Gotham Silk Hosiery deb 6a
5978 90
*Colo Fuel & Ir Co gen e f 58 --.1943 F A
8212
2518 10
22
1940 FA 25
34
Itnlould Coupler let a 168
1585
8
t*Col Indus let & colt 5,ay....1934 F A 2512 2878 155
10154
1942 3D
5512
4 40
1
4 54/
/
5154 7334 Gou•& Oewegatchie let 58
101
1980 MN 511
3010 & South 434e ear A
4 6512 Gir R & I ext let gu g 434s
1
52/
1941 33•10712
4
5212 5212
1980
Assented 4314
9134
1033
AO
8
722
1
s
1940
27 101/
69
5912
115
92
Iolumbla0& E deb 58...-- May 1952 MN 88
947a Grand Trunk of Can deb 75
4
1
4 9413
1
68/
1936 MS 10512 1055s 21 100/
6014
10
Deb guar 136
Apr 15 1952 A 0 89
92
4
1
Debenture 5s
94
68
/947 3D *80
Grays Point Term lit gu 64
58
90
Jan 15 1961 J .1 8713 9173 186
Debenture 58
1944 FA 95
10214 11012 Ot Cone El Pow (Japan)75
94
3
/1-2
9
1948 A 0 *109/
4
/
581
4 11034 1
tol & H V let ext(41
8912 9034 41
1960 .1
1st & gen a 1 634*
73
9815 107 14
56
lolumbus Ry P & L let 4444L._ _1967 J 1 10634 10714 10
9812 9712 464
9014 10634 11211 Great Northern gen 78 eer A
1938 J
2
1942 A 0 11112 11112
4
/
711
Secured con'16345
91
1
10534 112
1961• J 10434 10514 59
lat & ref 434e serial A
112
1955 F A 112
6813
to'& Tol lat ext 4a
4 9834 80
1
1952 J J 87/
1949 F A 111
11112 50
9513 '11012 1123a
General 534* series B
64
tomml Invest To deb 534a
92
33
1973
1943 A 0*10212 10312 General 58 series C
9314 36
100 10314
92
57
;ODD & Passum RI, let 4,
4 57
1
86/
4a series D
/
1978 3' 85
1951 J J *10818
General 41
10815 1077a
881e
5373
tons Ry & List & ref 434a
1977 23 5553 8612 61
1951 -1 J 10812 10812
45 aeries E
/
965s 106 10812
1
General 41
4
1
53/
Stamped guar 434e
Consolidated Hydro-Elec Works
4114
30
30
35 ---1956 .1 J *-of Upper Wuertemberg 78
-
For tootnores see Dade 561
Range
Since
Jan. 1
Low
1105
10473 10678
99 108/
4
1
10234 10612
3514
19
20
3254
2354 24
24
2212
29
4412
29
44
103 105/
4
1
10478 10934
4 104
/
891
9558
83
93 100
10414 107
10134 105
9714 102
37
5413
29
4412
28
4614
2334 44
10614 1071s
7453 94/
4
1
100 101
,
5912 1028
10612 10718
104 105
10414 1063a
lair, WI;
103 107,4
23
39,4
25
3932
612 12
5,4 11
4 21
/
111
234 3
67
74
10534 10934
10613 110
10814 11012
10613 11338
10818 11114
26
30
26
26
1212 157s
10573 11134
102 104
10714 1085a
3112 58
10438 110
11012 11312
714 21
10114 102/
4
1
10273 11112
10612 10834
12378 128
4
/
3673 411
8612 40
10414 1085a
4
1
92 100/
10172 10614
10184 10613
9712 102
80
70
104 1051a
65
78
65
78
76
68
52/
4 7414
1
52
741a
11412 11734
11212 117
105 10958
76
83
9633
81
83
9512
7934 9654
8013 100
6332 94
8214 97
4314 47
5058 67
4 1278
1
6/
4 12
/
51
372
3
10158
104
106
23
5
4
103
10678
11018
4
1
46/
84
76
101 105/
4
1
11512 11712
4 75
/
561
99 105
9514
86
10514 106,4
4 50
1
40/
49
40
4912
40
9018 100
94
54
4 1412
/
61
612 14
18
11
18
24
3613 48
4 4434
/
351
10778 109/
4
1
9212 10013
10313 106
3312 9712
17
3654
lot 101
10412 1084
1o352 100%
10512 1071a
90 90
8634 97
783e 9034
82
99,4
96 105,4
75 100
69
9512
8912
63
6234 89
New York Bond Record—Continued—Page 4
Volume 141
1
559
Weer.
laid 1
Week's
July 1
r.
Rangier ;
;,,,.
BONDS,...
'
56
Rang. or ; 1933 to
Range
,... 1033 to
BONDS
,.• =A June 30
N. Y. STOCK EXCHANGE.r.:, Friday's
Friday's
g.Z. June30
Since
ill t
N T STOCK EXCHANGE
...04. Bid & Asked alto
07.02. Bid 413 Asked ei,03
Week Ended July 26
1935
Jan. 1
Week Ended July 26
1935
—
Low
Low
Mors No. Low
Mad NO. Low Lew
High
*Green Bay & West deb etre A
Feb *41
117 ---334 3818 Lex & East 1st 50-yr 55 go
26
---8914
1965 A 0 *115
75
Feb
*Debentures MU B
7
12 117
5
3
1944 A 0 13312 134
312 838 Liggett & Myers Tobacco 75
Greenbrier By let gu 45
1940 MN *10458
10 103
8814
---55
1951 F A 12214 1231
21
68
72
Gulf Mob & Not lot 5345B
0
*1063
4
MN
A
_ -----811a
1950
53% 72
50
Little Miami gen 45 series A
1962
let mtge 55 series C
1950 A 0 65
6712 46
4912
8712 Loew's Inc deb a t es
78
1941 A 0 10358 1638 23
50
Gulf & S I let ref & ter 55 ---- Feb1952 J J *50
5234 23
---- ---6118
6614 6614 Lombard Elea 75 ser A
55
1952 J D 44
Stamped
---1 J *5018
20
4912 5018 Long Dock consol g 65
4912
9712
1935 A 0 10058 102
Gulf States Steel deb 5345
50
90
981
/
4 Long Island gen gold 45
9814
1942 .1 D 9734 9818 28
1938 J D *10578 ____ ---Hackensack Water lot 4s
9512 10512 108
---1949 M 31 *10338 --------8714
1952 3 J
Unified gold 414
*Hansa SS Linea Os with warr
314 10334 ---3818 4658
31
4
9218
20-year pm deb 58
1939 A 0 4018 43
1937 M N *100
•arpen
Il
Mining 65
40 ---3412
1949 M S 10312 10378 104
3412 4912
8534
Guar ref gold 45
1949 J J *35
130
Hocking Val let cons g 4345
117
17 110
91
1
11258 11712 Lorillard (P) Co deb 75
1999 3 J 117
1944 A 0 130
1•Hoc,(R)&Co 1st 634e ser A_ 1934 A 0 *2912 3414 ---20
9838
5
30
55
42
1951 F A 11814 11814
•Holland-Amer Line es (flat)
1
14
14
1212
13
3812
15
1947 M N
Louisiana & Ark let 55 ser A
1969 J J 7012 7212 • 75
Housatonic By cons g 55
4
11314
70
70
1937 MN 8214 8214
86
3
95
Louisville Gas & El(KY) 55
1952 MN 113
H & T C lot g 55 lot guar
9058 1048 10634 Louis & Jeff Bdge Co gu g 45
3
7518
---19373 J 10612 10612
1945 M El
Houston Belt & Term let 5s
2
9 100
1937 J J 10314 10314
89
101 10312 Louisville & Nashville 55
1937 M N 10712 10712
Houston 011 sink fund 5345 A
63
8812
85
61
1940 3 J 10734 108
98
Unified gold 4s
1940 MN 97
9773 24
Hudson Coal let if 56 set A
43
81
35
35
let refund 5345 series A
4478
2003 A 0 10512 106
19623 D 4312 4478 139
Hudson Co Gas let g 5a
_ --,, 10152 11334 11834
8078
8
1949 MN
let & ref 55 series B
2003 A 0 10518 10538
Bud & Manhat jet 5s ser A
903
Gt.
85
86
74
10238 58
6334
2003 A 0 102
80
1st & ref 434s series C
1957 F A *11978--3418 119
2534
*Adjustment income 55 -__Feb 1957 A 0 3114
2534 397k
Gold 55
1941 A 0 *---- 10838 --, 984
82
9
1946 F A 10434 10434
Paducah & Mem Div 45
Illinois Bell Telephone 5s
34 10312 10714 11114
5412
7
1956 .1 D 10712 108
St Louis Div 28 gold 35
1980 M S 8218 8212
Illinois Central 1st gold 45
1
83
_ ---103 10612
92
Mob & Montg let g 4345
1945 M S *1101
1951 .1 J 10458 10458
let gold 334a
2
103
25
2-83
_7612
56%
1982 J J 8212
99 103
South By joint Monon 45
1951 J J 103
Extended let gold 334*
10712 30
80
1955 MN 107
994 102
Atl Knox,& Cin Div 45
1951 A 0 *10112 --------78
66
_ _
let gold 35 sterling
__ ____
4
9412
_ *Lower Austria Hydro El 6345-1944 F A 9212 9612
1951 M El *751
Collateral trust gold 95
2-7412 43
_iii -8315
57
1952 A 0 7238
30
5618
Refunding 45
6712 86% *:McCrory Stores deb 53.4*
1941
1955 MN 7678 78
36
Purchased lines 334s
4612
/
4 106
7438 ---56
70
71
Proof of claim filed by owner_ 1021
19523 J •
5234
Collateral trust gold 45
6634 20
53
5912 7512 McKesson & Robbins deb 5345_1950 1-/1 1-N 9812 9914 98
1953 MN 66
Refunding 55
7014
6
13
2334
8912
9
223
4
MN
7478
88
ff•Manat1
0
9412
A
Sugar
1st
1942
1955
e f 7345
71/4
15-year secured 6345 g
82
23
90 101
*Certificates of down_ *1814 2612 ____
19363 J 9412 96
40-year 445
43
54
4212
612
4212 6318
f2•Eltnipd Oct 1931 coupon- —1942 1-0 *1814 ____ —._
Aug 1 1986 F A 51
Cairo Bridge gold 45
4
---•1015
8
1013
4
7018
D
•Certificate5 of deposit
9834 102,2
1950
------------Litchfield Div let gold 3e
4
2912 ____
81
85
733s
1
1;*1lat stamped modified.... _1942 ---- 01814
1951 I J 8314 8314
Louts'
,Div & Term g 330
1
92
20
8512
20
7,2
1
895s 924
*Certificates of deposit_
1953 J 1 92
Omaha Div let gold 35
35
89
57
---*67
7014
56
60
1951 F A
67
t•Manhat By(NY)cone g 45 ---1990 -A0
77
St Louie Dfir & Term g Si
35
5212 72
6
75
61
74
76
1951 J J 75
*Certificates of deposit
-_-- 52
Gold lls
27
1
80
6212
•2d 45
8714
1951 J J *8112 8234 ---2013 a D 3814 3814
Springfield Div 1st g334,
67
__ ---82
95 ---1953 M S *92
9718 971
/
4 Manila Elee RR & Et 5155
1951 J J *963
Western Lines 1st g 45
4934
75
8912 ---8512 8614 Manila RR (South Lines) 45
1951 F A *86 4-1939 MN *7114 7312 __
Iii Cent and CIA° St L & N 0—
687 ---51
1st eat 4,
1959 M N *59
Joint let ref 55 series A
92
5212 78118 •ManGB&NWlat 3345
523s
19633 D 6110 64
1941 J J *---47
let & ref 4348 series C
4934
4934 7334 Mfrs Tr Co ctfe of panic in
1963 J D 5714 59
Illinois Steel deb 4348
10778 20 W114 106 10812
50
4
A I Namm & Son 1st 65
1943 J D 9034 9034
1940 A 0 107
•fiseder Steel Corp mtge es
41
14
63
4
39
31
3712 4314 Marlon Steam Shovel e f ea
1947 A 0 61
1948 F A 39
_ ____
Ind Bloom & West 1st eat 45
60
16
90
8912 104 104
1940 A 0
Market St RY 75 eer A-APril — 1940 Q J 89
Ind Ill & Iowa let g 45
94
9512 22
47
9514 9914 Mead Corp lot es with warr
72
2
1945 M N
9914
99
1950 J 1 *10214--712
6
1957 A 0 760,8 6014
738
bind & Louisville let gu 45
7114
9
7
16
Merldlonale Elea let 75 A
1956 J J
7
Ind Union By gen 54185/ A
_ _ _-__
77
*1075
8
96
J
104 10614 Mete Ed let & ref 55 ser C
1965 J .1 *10578 10878 ---J
1953
Gen & ref 58 series B
__ ---984 106 10634
67
1st g 414a series D
1968 M S 10718 10712 50
1965 J J *1065
8-10512 53
79
Inland Steel 1st 434 ser A
74
11
10334 10738 Metrop Wat Sew & D 53417
1950 A 0 9918 100
1978 A 0 10418
9
16 ____
let M 5 1434* ser B
80
10334 10614 II•Met West Side El(Chic)45 —1938 F A *1314
loco F A 1043, 10534 48
2 ---Ps
*Max Internet 1st 48 asstd
1977 M S *1
5812
tinterboro Rap Fran let 15a
3612 ____
33
8114 9314 •Mlag Mill Mach lit if 76
1966 J J 8812 8914 462
1956 3 D *18
62
874
87
88
*Certificates of deposit_
8678 89
Michigan Central Detroit & Bay
4
103
§•10-year 6e
9314
19,4
City Air Line 45
65
1940 11 1 103
50
1932 A -4) 6112 6312 66
87%
90 ____
1951 M 5 *83
2014
*56
58 ---*Certificates of deposit
4812 62
Jack Lane & Sag 3348
I•10-year cony 7% notes
10318
844
5
5712
84
95
let gold 3345
1952 M N 103
1932 M S 909 9214 37
220
89
70
9812 15
1979 J .1 97
574
88
•CertifIcate8 of deposit
82
9412
Ref & Impt 4 Me series C
Interlake Iron let 55B
613s
72 --__
32
50
78% 793
72
8212 Mid of NJ lit ext 55
1940 A 0 *---_
1951 MN
int Agric Corp 1st & coil tr 55—
1936 M El 10212 10238 29
90
Midvale St & 00011 tr if de
Stamped extended to 1942
57
52
2
M N 9734 9734
9118 991 Milw El By & Lt let 55B
1961 1 D 9934 looq 47
Int Cement cony deb 55
66
52
74
66
9712 10412
let mtge 58
1948 ID N 10312 104
1971 .1 .7 9934 100
:•Int-Grt Nor let ee ser A
6214
_
93 -25
2512 41
§/*Milw&Nor let ext 434s(1880)1934 .1 D *
1952 J J 2712 2834 31
6938 ____
1939 ____ ;a
6% 13
*Adjustment Ca ser A — —July 1952 A 0
58
472 1114
614
•Ist eat 445
478
1939 _
*63
68 ____
*let 55 series B
5612
19
28
23
23
J .1 27
*Con ext 414e
3858
*1st g 55 series C
9
45
23
3
27
3412
23
37% MB Spar & N W let gu 45
1556 J J 27
1947 ii i 45
Internet Hydro El deb 65
2814
126
4334
4212
2814
*55
70 ---5614
0
6058
Milw & State Line let 3345
1941 1 J
1944 A
4
5
____
8
Int Mere Marine g f es
63
*4
4658 61
37
/*Minn & St Louis 55 etre
1934 M N
1941 A 0 5814 60
Internet Paper 55 ser A & B
75
7634 31
47
,2
5
1
58
34
olst & refunding gold 4s
78
1947 J J
1949 M S
Ref if fis series A
*1
51
487
8
l4
114 -___
314
3552 5815
*Ref & ext 50-yr 55 ser A
1962 Q F
1955 M S 4712
78
let Rye Cent Amer let lis B
8
76
Q F
*58
76
4518
70
112 -- -*Certificates of deposit
1972 MN 75
let coil trust 6% g noted
4918
1
85
2634
7418 85
M St P & SS M con g 451 nt gu___1938 J .1 3134 3412 58
1941 MN 85
let lien 84 ref 6345
4312
3
1972
68
7812 7912
8112
let con,55
1947 F A
1938 J ./ *2712 2912. __
Int TeleD & Tele& deb g 434s
31
02
15
37
6714 69
1938 3 J 3712 39
50
7034
let cons 55 gu as to int
1952 i .1
7712 7934 187
Con, deb 430
16
42
1
2518
5811 8312
let & ref Os series A
19463 .1 2518
1939i .1
Debenture 5s
7112 7312 249
15
4
40
24
5512 7512
1985 F A
25-year 5345
1949 M S 24
Investors Equity deb Si A
51%
4
8018
99 104
let ref 5345 series B
1978 3 2 8012 8414 62
1941J 0 10338 10338
---- ----85
Deb 55 ser B with wart
--------82
99 1035*
lert Chicago Term ef 45
1941 M N *80
1948 A 0 *104
Without warrants
--82
99 10314
1948 A 0 *103
/*Iowa Central let 55 etre
_534
_97
1
534
12
4
35
8
D
247
8
25
J
.1
1959
414
3.580-Ill
RR
1st
55 series A
1938J
'1st & ref g 45
67
98
34
1990 J D 7634 78
17a Mo Kan & Tel lit gold 45
34
*78
112 -- -.
1951 M 13
James Frank & Clear lst 45
6658
8112 29
40
4212 67
74
j959.5 D 80
8334 Mo-K-T RR prIlen 56 ser A
1962 J J 40
33
8
36
40-year 45 series B
1962 J A 35
Kal A & GB 1st gu g 55
99
1
9912 101
3638
Prior lien 434s eeries D
1938 I J 10034 10034
1978 J J *3858 40 ---Kan & M 1st gu g 48
1212
__ ____
1378 33
70
97 103
1990 A 0 *1021
*Cum adjust 55 ser A
Jan 1957 A 0 1214
1•1( C Ft SAM By ref a 45
8
2034
20
s 37
2614 30
t•Mo Pee let & ref 55 set A
2934 41
2514
1936 A 0 3632-1965 F A
wertificatea of deposit
19
23
3512 13
28
A 0 347
*237
_
3918
*Certificates of deposit
It C Pow & Lt 1st mtge 434a____1961 F A 11314 11312
96
9
572
-8-12 106
11014 114
8
1975 511 B
*General 45
Kan City Sou 1st gold 35
5114
57
1912
116
1977 M El 2518 26
6912 7834
*let & ref 55 series F
1950 A 0 7312 75
Ref & impt 55
741
/
4
6
2312 2378
53
18,2
Apr ___1950 J J 5912 6112 73 .53
*Certificates of deposit
Kansas City Term let 45
8412 105% 109
1934
56
2434 26
1978 M N
*let & ref 52 series0
1960 3 J 10634 10714 21
Kansas Gas & Electric 4345
26
104
7034 10014 105
IS%
__ ____
*Certificates of deposit. *2378
1980 J D 103
•Karstadt (Rudolph) let Os
1314
5
32
11
45
334
412 _-5
*Cony gold 5345
1943 MN 4212 4212
1949 1741 -N
____ e _ _
1912
'Certificates of deposit
39 ____
13
22
26
42
*1st & ref g be series H
1980 A 0 2518 26
•es stamped
1943
2514 32
2914 ---- *27
19%
*2378
_ _ ____
*Certificated of deposit
Keith (B F) Corp let Os
44
-6712 8212
1912
71
25
-26
1946 M 13 8118 8212 15
*1st & ref 55 series I
1981 F A
:*Kelly-Springfield Tire es
29%
1
18%
____
4412 761/4
*2378
1942 A 0 7878 7878
*Certificates of deposit
*Os stamped
13__.
7718 79 •Mo Pao 3d 75 ext at 4% July ___1938 MN *-___
6958
-83 ____
1942 "-- 7834 79
Kendall Co 534s
68
85
10112 10358 Mob & Birm prior lien g 55
1948 m 5 10212 10278 28
J J - 1945 j
---j "76
Kentucky Central gold 45
-gg ____
80
2
78
10412 106%
Small
1987 J J 10614 10614
Kentucky & Ind Term 434s
73
77
91
let M gold 45
1 J 8918 9034 10
3538
1961 .
1945 3 .1 *3612 45 ____
Stamped
95 10134
80
6
10012
44
55 ____
1961 1 J 100
J 1 *40
Small
Plain
99
99
30
t•Mobile & Ohio gen gold 45____1938 M 5 *
1961 J J *10034 ---- ----03
8818 ____
Kings County El L at P 55
7 103
10814 1083
10
2
9
9
*Montgomery Div 1st a 55-1947 F A
1937 A 0 10812 10812
43
Purchase money es
155 ____ 118
14512 149
•Ref & impt 4348
612 —__
1997 A 0 *150
1977 34 5 *5
Kings County Elev let a 45
36
66
5
94 103
2
6
6
*See 5% notes
1949 F A 10214 103
1938 M 5
Kings Co Lighting let 58
_ ____ 10034 110 114
19543 .1
First and ref 6345
1 10512 118 122
12118 12118
19543 J *11414--70
Mob & Mallet gu gold 4g
1
80
1991 M 5 80
Kinney(OR)& Co 735% notes _1936 J 0 *10378 10412 ____
774 10014 105
Mont Cent let go 65
87
1937 J 1 10273 10314 36
3612 49
:•Kreuger & Toll CIA 55 ctfe
1014
2814 3714
1st guar gold 55
7914
11
1959 55 8 36
19373 1 10134 102
77
78
Montana Power lat 55 A
1943 J 1 10512 106
Lackawanna Steel lst155 A
9413 10535 1094
6
Deb 55 series A
504
30
1950 M S 107% 10712
1962 J D 9478 98
Laclede Gas Lt ref & ext 59
90
15
974 1013, Montecatini Min & Agrie—
1939 A 0 10078 101
Coll & ref 534s series C
464
116
5912 311
81
75
8718
61
1937 J 2 7612 382
Deb g 75
1953 F A
46
Coll & ref 534s series D
59
39
80
7812 80
1960 F A
88
Montreal Tram 1st & ref 55
1941 J 1 10018 10012 10
Lake Erie & West let g ba
77
4
10114 1(1314
1955 A 0 *8358 ____ ____
70%
Gen & ref s f 55 aeries A
19373 J 10234 10234
28 gold 55
81
8
100
85 100
Gen & ref 5 f Si series B
7214
1955 A 0 *8358 ____ ____
1941 J J 99
Lake Sh & Mich So a 3346
45
79
9718 10212
6334
Gen & ref if 4345 series C
1955 A 0 *7858 ____ ____
1997 J D 10012 102
*LaMar° Nitrate Co Ltd 65
7
1478
454
7034
__ ____
1212 14% 603
Gen A ref sf58 series D
1955 A 0 *835
1954 3 .1
Lehigh CA Nay e t 4355 A
7712 10178 106
2
82
8 10458 13
Morris & Co lets f 4345----1939 J J 10458-1954 J J 10534 106
Cons sink fund 4348 set C
102 106
80
10
106
70
9358 55
Mollie A Essex let go 3345
2000 .1 I) 93
1954 1 1 106
Lehigh & N Y 1st gu g 417
3
64
5212
6612
9514
9618 19
734
77
Constr M 55 ser A
1955 M N
1945 M S 66
Lehigh Val Coal let & ref if 58_1044 F A
64
871
/
4 9734
2
6538
91 14 9114
Coney M 4345 series B
1955 MN 8478 8538 50
let & ref 5 f 511
55
33
5
80
65
98
186
127
1942 J D 122
Murray Body lit mtg 634/4
1954 F A 64
151. & ref! f 55
3112
14
51
72
62
59
95
.5
1947 M N 10934 10934
Mutual Fuel Gas lot an a 55
1964 F A
let & ref 5 t 55
52
32
3
_
8938
734 Mut Un Tel gtd 65 ext at 5%
— 1941 M N *10634 _ ____
1974 F A 5812 5812
Secured 6% gold notes
9114 9618 Namm (A I) & Son—See Mfrs
73
3
1938 J J 9212 9212
--Tr—
Leh Val Harbor Term gu 5s
9712 104
79
15
99
78
Nash Chatt & St L 4s aer A
1978 F A *____
98
1954 F A
8858 ____
3
7578
Leh Val NY let gu g 4348
82
1937 F A *103
99
105 ___
Nash Flo & Slat gu g 56
91
19403 j 8814 88(4
3014
101
Lehigh Val (Pa) cons a 45
3014 503* Nassau Elm gu g 4s etPd
6234 78
1951 J .7 62
2003 M N 3512 37
50,4
33
33
General cons 434e
5414 NM Acme let e f 65
19
40
1942 J D 10114 102
6512
12
2003 M N 38
3912
3912 60
8
General cons 55
Nat Dairy Prod deb 5345
194e F A 10358 104
47
7478
112
2003 MN 45
8918
11
10512 10778 Nat Distillers Prod deb 434s
Lel) V Term By let gu g 55
1945 M N 9934 100
___
121
1941 A 0 10714 10734
For footnotes see page 561
3
Range
Since
Jan. 1
Low
Ille
11318 117
130 134
11578 1231
/
4
104 104
10314 106
44
8012
10058 10378
1047s 106
102 105
1024 103%
10112 104,2
12514 13012
11218 1184
58
7314
10714 11314
102 10614
1071
/
4 108
10418 108
1031 10712
10334 107
9812 104
10614 109
102 10478
7412 8312
10858 111
77
86
105 108
88
99
8128
9334
11
8'4
818
12
914
712
50
47
3712
90
68
6812
106
9912
35
34
32
2112
3012
35
6018
57
45
98
724
70
7114 9084
55
70
63
92
792 9614
6018 98
10218 1077a
9574 10758
96 10114
9/
1
4 1712
30
Yi
10012 1044
88% 904
10012 10438
9311 9912
136% 80
10238 103,2
77410058
761/ 10012
Li Id
5612
3412
64$8
5
12
112
78
2634
1978
31
1812
174
6712
6534
53
6438
818
212
11
/
4
1 18
37
30
4218
2518
24
8414
18
67
40
33
363
12
20
19
578
1912
1812
1934
18%
34
191,
1958
1912
18%
78
85
78
35311
40
30
8938
73
62
64
361,
30
27,4
11 14
30
274
2934
27
77
30
2513
3014
27
80
85
8058
48
4458
9
1658
434 9
5
91/
79
1001s
9738
9312
67
8511
10314
102
10718
98
7612 94
9614 101
82
77
7334
74
101
914
94
8178
98
10334
102
78-38
7978
1051
/
4
95,2
102
Ms
127
110
105%
8814 97
10218 10514
5014 6234
861
/
4 102
10218 105
9914 10038
New York Bond Record-Continued-Page 5
560
2
BONDS
N. Y STOCK EXCHANGE
Week Ended July 26
Week's
l':11
Ratios or
4
Friday's
a., r.
41; Bid & Asked in
el
Jahr 1
1933 0
June30
1935
Range
Slim
Jas. 1
BONDS
N. I. STOCK EXCHANGE
Week Ended July 26
July 27 1935
Week's
July 1
2
1933 go
4
Range or
r. ,1
Friday's
June 30
3i
4,*o. Bid & Asked in 05 1935
et!
Range
Since
Jan. 1
High
Low Low
'nob No
Low
Nick No
High
Low Low
Low
7714 101 106
1961 1 .1 10412 10512 57
Ore-Wash RR & Nay 46
*Nat Ry of Max pr lien 4 He
1957 .1 J
100
M
13
1963
10034
1003
4
94
654
6
Oslo
Gas
4
&
El
Wks
esti
55
214
112
334 ---*Assent cash war rat No 4 on....
- *278
9912 96
1941 M 13 98
20
6954 9912
*Guar es Apr '14 coupon
A0 ------------------------Otis Steel 1st mtge 65 ser A
1977 -25
9
4018
36
45
1946 1 D 40
2
474 Pacific Coast Co 1st g 56
14
*2
314 ---*Assent cash war rot No
____
..
10614
1073
8 61
9812 106 109
.1
1
Pacific
._1942
Gas & El gen & ref 55 A
*Nat RR Mex or Hen 6146 5on liiil
99 10112
80
2
8
314
2
3
0/
1
4 Pao RR of Mo 1st ext g 45
1938 F A 10012 10112
*Assent cash war rot No 4 on_
314
93 100
*2d extended gold 5s
1938.7 J *__ 100 ---, 84
*1st consol 40
.
1iii I.--1E1
1937 .1 J 1064 10638 12 10314 10618 10712
414 Paciffo Tel & Tel let 55
234
6
214
238
*Assent cash war rot No 4 on__
_
2
11075 10 10414 10918 11312
1952 MN 110
A0
_- 105
Ref nits° 55 series A
105 108
85
10515 13
Nat Steel let 001156
1051
/
4 10512
2
93
1
4 Paducah & Ills tots 28 43.4s .__ _1955 1 1 10518 10515
10238 103/
4
let coll of 48
1965.7 D 10314 10334 365
41
7
2518
8312 434
if•Pan-Am Pet Co (Cal)cony 6e..1940.7 0 40
60
65
Naugatuck RR let *40
60
68 ---1964 MN *50
3
4012 4012
25
3314 431a
'Certificates of deposit
10112 1134 11938
Newark Como! Gas cons 5s
1948.7 O *11918
2715
423$ 614
78
81
PParamount-Wway let 5145.....1951 / 1 *6118 6214 ---68%
71 __-New England RR guar 5s
1946J .1 *____
10
61
61
___
42
62
2712
70
*Certificates of deposit
60
60
1
Consol guar 48
1945.7 J 6212 6212
55
60
1951 ----------------55
534s assented
1
4 1154 124
New Eng Tel & Tel 55 A
1952 1 D 1213$ 12378 37 104/
1947
9914 1125* 12318 Paramount FernLasky 85
25
1st* 4348serlesB
1961 M N 11912 122
9614 9832 50
134
5838 9838
1/*Proof or claim tiled by owner_884 884
NJ Junction RR guar lot 4s
8212
__- ---1986 F A *99
9888
J D 9614 9838 42
15
69
94 106
'Certificates of deposit
884
44
NJ Pow & Light 1st 4145
1960 A 0 10412 foci
1950 F A
4821 634 Paramount Pub Coro 5145
4838
10
New ON Great Nor 56 A
19833 J 6114 63
45
1272
594 100
NO & NE 1st ref&impt 434e A
a i•Proof of claim tiled by owner__ --- 9712 100
50
53
50
50
1952 J .1 *_
44
9778 100
____
14
5834 100
554 80
*Certificate* of deposit
38
30
:New ON Pub fiery 1st 58 A
1952 A 0 7812 80
14014 22 10414 13014 163
1968 M II 139
553$ 8014 Paris-Orleans RR ext )Ms
19
79
First & ref Is (lutes B
38
1955.7 D 78
4
8
174 34
I'Park-Lexington 6/
1
411 Ws--1953 ---- 3178 3314
6934 87
New Orleans Term 1st gu 45
1953.7 1 6934 71
5838
8
8
3178
14
23
33
1944 A 0 31
1530 264 Parmelee Trans deb re
1214
10
26
1•170Tex & Max n-c 100 58
1935 A 0 26
1 102
116 11814
1949 M 13 11814 11814
1
4 Pat & Passaic CI & E cons 5s
1814 30/
14
*1st 136 series B
1964 A 0 2834 2834 13
4634
89 ---87
94
1978 30 •Paullsta Ry let ref s t 76
1414
1942 M 8 *---1950 F A 2834 2834 20
*1st 55 Beiges C
18/
1
4 3034
1412
7
2818
*1st 414s aeries D
1958 F A 28
102 1023$
Penn Co gu 3345 coil Cr A
31
1937 111 S *10318 --------94
20
144
20
•Ist 534e series A
1954 A 0 2812 29
1941 F A *10283 --------8183 100 1028
Guar 334s coil trust ser B
10212 10712
92
N & C Bdge gen guar 4346
1945.7 J *1073a
9884 10134
1942 1 11 *10234 --------8384
Guar 134s trust etre C
1935 A 0 *
10078 10034 1023$
10114
NYB&MBletcong65
98 103
1944 J 0 *10214 --------8122
Guar 3146 trust ctfs D
9834 1124
9834
NY Cent RR cony 65
1944 MN 10812 11014 120
__ ___9954 103
8414
1952 M N *1027
Guar 49 ser E trust atfs
7312 8776
64
Consol 4s settee A
1998 F A 8512 863$ 47
106
M
N
1963
8-.
10614
7
82
10434 107%
Secured gold 4415
4314 65
160
4314
Ref & impt 4146 aeries A
2013 A 0 604 63
1
4 9114 42
7112 9114
55
484 92
Penn-Dixie Cement 1st 65 A
1941 M 5 89/
4612 7114
Ref & impt 5.series C
2013 A 0 6634 6878 204
wog pa owe & Dee 1,
4 & ref 440 & 1977 A 0 106
106
2
103 10612
78
NY Cent & Hod Ely M 334s ...._..1997J .1 984 9714 47
737a
-- -.._ - 10134 10412 106
4346 series B
1981 1 J *10618
88
974
37
96
67
1942 1 1 95
Debenture 45
1981 A 0 10538 106
-104
754
985* 10614
65 Pennsylvania P & List 434s
43
43
186
6014 63
Ref & kept 4145 ser A
2018
- ---98/
1
4 107 111
1943 51 N*1111
7838 8914 Pennsylvania RR cons g 45
64
Lake Shore coil gold 334s
1998 F A 8718 8818 23
11212
8 944 108 1144
1948 MN 113 48872
79
Consol gold 46
85
Mich Cent coil gold 8145
1998 F A 8614 8632 46
9638 108 11312
46 sterl stpd dollar May 1 -1948 M N *1118s _______
10035 10212
1937 A 0 10114 10138
77
4
NY Chic & St List g 46
1
4 11878
- 18
984 1144 1194
Consol sinking fund 4346
57
77
4312
1960 F A 117/
Refunding 5145 series A
1974 A 0 634 658 99
1965 J D 10812 10918 86
8038 1043$ 10918
365
1978 M S 554 58
General 414a series A
247
47
66
Ref 4146 series C
11534 38
1968 3 0 115
871
109 1157a
433* 7112
1935 A 0 60
General 68 series B
414
29
64
3-yr 6% gold notes
1936 F A 1027s 103
22 101
1027s 106
Secured 614s
N Y Connect 1st gu 414s A
924 1063s 10814
1953 F A 1068 10738 45
15
/
4 107
105 108
81
1964 MN 1061
let guar 58 series B
Secured gold Ss
1071,3 10834
99
1953 F A 1071/ 10714 11
9612
9714
178
0
66
9038 9714
1951 F A
1970 A
595* 7478
74
N Y Dock lst gold 46
4112
7414 10
Debenture g 4101
1981 A 0 106
10612 79
7414 10014 107
4212 58
1938 A 0 53
Serial 5% notes
General 41‘a series D
30
55¼ 41
1984 1 1 10534 106% 78
9112
9972 1067s
1
4 32 1084 1113$ 11418
NY Edison 1114 & ref 6145 A
Gen mtge 434a ser E
1941 A 0 11138 111/
116
11612
7 Wu
1103* 11612
10788 12 10212 10512 109% Poop Gas L & C lat eons fis
1st lien & ref 65 series B
1943 A 0
1944 A 0 107
1947 M S 105
10612 235
80
9834 10712
10878 28 10238 106 11014
1st lien & ref 55 serlea C
Refunding gold 56
1951 A 0 106
1940 A 0 6814 6834 17
50
6012 7334
N Y & Erie-See Erie RR.
Peoria & Eastern lst cons 48
4
4
04
44
434 12
3 10418 11612 12412
NY G1411E1 Lt H & Pow g 54.- 1948 J 0 12412 12413
*Income 48
April _1990 API
10712 12
834 102 10712
1949 F A 115
Peoria & Pekin Un let 534B
1974 F A 107
115
95
2
Purchase money gold 4s
10738 115
36
51
75
91
N Y Greenwood L gu a 55
8214 93 Pere Marquette 1st aer A 56 -1950 J 1 8512 89
61
3
92
1948 M N 91
1956 J i 7383 7578 10
4812
69
102
N Y & Harlem gold 314s
8114
1st 46 series B
6
98 10214
8314
2000 M N 102
1980 M 9 78
8018 17
46
1973 M N 100
68
101
N Y Lack & West 48 ser A
1st g 4346 series C
88 102/
1
4
42
8212
9238
1973 MN
8912 106 108%
-- __-434s series 13
112
5
98/
1
4 108 112
1943 MN 111
N Y Lit & W Coal & RR 510-1942 MN *106-P824 Bait de Wash 1st *48
94 99
7612
*95
99 ____
1
9512 113 11914
1974 F A 11812 11812
NY L E & W Dock & Impt.66
General 5.6 series B
105 107
1943 J 1 *106
--------87
- --__
10812 11278
87
N Y & Long Branch gen 4s
General g4345 series C
1977 1 J
1941 M s *10312
954 10112 10418
6 10014 107 11214
11218 11214
1981 1 D *11214--General 4345 series D
/
4 9912 221
1967 J 0 981
NY N H & El n-c deb 46
7912 100
6114
28
89 PIMA Co 060 55 series A
28
33
1947 M 8 *
1967 MN 107 . 10834
6 WO
Non-cony debenture 3346
10614 110
864 Fiala Elm Co let & ref etie
1
27
27
1947 M 13 2812 2812
10712 21
89% 10414 10814
Non-cony debenture 3346
1
1954 A 0 274 27'z
DO & ref 45
1971 F A 107
241s 87
241a
483*
5234 75
40 Phi% & Reading C & 1 ref 56 -1973 1 1 6114 6234 43
Non-cony debenture 46
26
26
29'z 10
1955.7 .1 28
1956 M N
29
2912 12
Non-cony debenture 4s
3014 5372
8012
3912 78
Cony deb 68
1949 M 8 38
2683 3912
268*
1
4 273
1
4 Philippine Ry let s f 46
2214 27/
1
4
8
Cony debenture 3146
2014
8
1937 1 1 27/
2414 343/
2414
1956.7 J 2712 28
49
8414 10112 104
Phillips Petrol deb 534*
Cony debenture 136
1939 1 0 1023$ 103
62
1948 1 J 3414 36'e 85
80
30
1
4 106
10 10214 10514 10914
Collateral trust Ss
1940 A 0 4512 47
4012 63 Pillsbury Flour Mills 20-Yr 65-1943 A 0 105/
4012
1
92
1
1957 M N
98
8014 Pirelli Co(Italy)cony 76
18
20
Debenture 48
92 1044
1952 M N 92
16
16
55
--__ 100
lot & ref 4345 tier 021927
10838 11214
1940 A 0
2712 45 Pitts C C & St L 434s A
2712
1967.7 0 29
3011 142
1111
/
4 11 78
1
99
1942 A 0 *11214--1-Harlem R & Pt Ches lot 46- 1954 M N 9238 931
1084 112
Swim B 4140 guar
16
9514
82
87
112 __
yaps 1992 M S 4412 4512 39
10034 109 10978
1942 MN *111
Series col 4148 guar
40
61
40
NYO&Wrefg4s
--------0784 10734 1093* ,
1945 MN *110
General 46
Series 04* guar
3212 49
3212
36'8 16
1955 J 0 35
NY Providence & Boston 40
___
Series E 3345 guar gold
1949 F A *10212 --------8913
8112 ____
1942 A 0 *9953
-- --D
ma ---- ---*10934 -- -- ____
1953 J
NY & Putnam 1st con I111 46
Series F 46 guar gold
75 -8714
664
7
-84
1993 A 0 83
1957 MN *10983 --------98
*N Y Rya Corp Inc 6e„-Jan
Series CI 4s guar
8
12
4
1965 Apr 1112 11% 49
10538 10912
*Too 68 assented
961
/
4 107 110
Series H cons guar 4s
*1114 143
1960 F A *10978 ---- --__
1014 1112
1138
1965
Prior Ilan 115 series A
Series I cons 414s
90
1963 F A *11718 --------99
1965.7 1 *89
703* 9213
56
1133* 11712
1964 MN *11678 --------981, 1133* 117
Pr.lien 65 assented
Series .7 cons guar 4144
90
90
90
1965-- *87
NY & Richm Gas 101 68 A
1
General M 56 series A
1970 1 D 115
7 8634 11138 11614
115
10514 110
96
1951 M11 10914 1091
11512
7 854 11132 11614
124
Gen mtge 58 ser B
212
t•N Y State Rye 4345 A ctfs
1976 A 0 115
114
183 234
1962 ---Gen 434s series C
*17s
23
75
1977 1 1 10712 10734 41
138 234
lla
*61Is series B certificates
104 108
1940 A 0 *114
--------97
NY Steam 8a series A
110 114
108 11184 Pitts Sh & L E lst g 56
98
1
1947 MN 1093$ 10912
1
let consol gold 55
1943 1 1 *1123* --------11034 11034 11388
90
1st mortgage 65
10434 10734
1951 MN 10612 10688
1
1943 M N *10614--- ____
9112 10412 1073$ Pitts Va & Char 1st 45 guar
let mortgage 55
94
10714 1071
1956 M N 10612 106's
/
4
60
3
46
63
1
4 5314 10
63
*Pitts & W Va let 4115 ser A.--1958 1 D 60
4014
N Y Slum & West 1st ref 56
53
68
1937J J 53/
1937 F A *39
5
1st M 434s series B
5134
1958 A 0 5818 60
4112 52
4112
50
2d gold 434s
511 6112
60
60
F
A
1940
5
454 4512
47
1st M 4348 series C
1960 A 0
3734 6112
6
47
68
8134
General gold 5a
---- --__
1943 M N *99
Pitts Y & Ash lot 48 ser A
1948 1 D *109
9712 100
7294
100
Terminal 1st gold 5s
9214 109 10934
1
1962 F A *113
NY Telco let & gen 6 f 4345
--------97
1st gen 5e series B
56 1024 109 1115
111,
1939 MN 111
11612 1164
N Y Trap Rock 1st 611
56
86
2
4583
8214
1946.7 0 81
9
80813
80
6114
Port Arthur Can dr Dk (le A
85
65 stamped
1953 F A 80
8018 13
7714 9534
1946-7 80
84 ___
1712 32
N Y Westch & B 151 ser I 4)45 _1946 1 1 1912 2134 105
66
1st mtge 68 series,B
1953 F A *79
1711
75
82
5014 7512
7334 147
3712
Port Gen Elm 1s1 44s ger 0 _1960 Sil S 72
104/
1
4 108
90
Nies Lock &0Pow let 55 A
1955 A 0 *10612 10712 ____
J J 107
10712
3
1st is 1935 extended to 1950
62/
1
4 9214
48
Niagara Share(Mo) deb 5346 -_1950 MN 9012 9214 18
107 10712
63
80
38
1
11 -2814
51
80
Porto Rican Am Fob cony 61_1942 1 J 50
42
•Norddeutache Lloyd 20-yr 6f 66_1947 MN 80
5634
/
4 307a 379
524 2•Postal Teleg & Cable 001155.-1953 J / 291
42
3678
2518
/
4 4812 11
254 52/
New 4-8%
1947 MN 471
1
4
31•Preesed Steel Car cony g 50.--1933 i J 5112 5112
Nord Ry ext sink fund 634s
5
75 10512 135 171
3814
1950 A 0 14912 153
3814 561
/
4
*15
,
25
___
12
1912 Providence Sec guar deb fa
5
1957 M N
7
15
15
20
20
35
I/*Norfolk South let & ref 56-1961 F A
1956 M S ------------812,
1214 1834 Providence Term 141 46
4
3
883* 9112
*Certificates of deposit_, 1318 14
69
98111 10512 10912
357a 50 Pub Sery El AG let & ref 4148_1967 J 0 tub's 10
1414
5312 _-__
it•Norfolk & South let g 55
1941 jilt *49
1
4 1061
/
4 20
N & W Ry 1st cons *4*
97
let & ref 4345
1970 F A 105/
9114 11012 117
10514 10914
1996 0 A 11412 11618 59
1971 A 0 10618 10714 22
8814 10414 108%
lot & ref 4s
106 10814
96
1
1941 J 0 108
108
Pocah Cie C Joint 4s
1937 F A 10034 10034
8114 10134 Pure 0116f 634% notes
6114
87
6
North Amer Co deb 58
1004 10214
1961 F A 1,10012 10184 119
82
5 f 514% notes
1940 M S 10112 10134 56
7418 10012
56
No Am Edison deb 55 ser A
32
1957 M S 998 100
9934 1023*
7812 10238 Purity Bakeries of deb 55
9778 72
1948 1 J 97
56
Deb 514s ser B
7814
10238 52
8234 99
Aug 15 1983 F A 101
7112 100
Deb 58 ser C
54
92
Noy 15 1989 M N 9812 100
PRadio-Keith-Orpheum pt pd ctfs
118 120
98
North Cent gen & ref 56 A
1974 M S *11818 12312 ___
___
- ____
for deb 65 & corn stk (65% pd)
110 111
35
88
Gen & net 434s series A
451
/
4 54
/
4
1974 M S *1121
41
42
1941 J D *5234--7
ii•Debenture gold(
/
1
4
15
40
45
36
:Worth Ohio 1st guar g 56
2612 42
1945 A 0 *4615 65
9712 54
Reading Co Jersey Cent coil 48_1951 A 0 97
73
45
45
3534
•Ex Apr'33-0ct'33-Apr'34 cons-9612 1001s
*4212 48 ____
10614
J
1063*
Gen
&
ref
series
A
1997.5
79
40
43.4s
•Stmpd as to sale Oct 1933, &
105 108/
1
4
Gen & ref 4145 series B
1997 1 1 10634 10684
v3712 43
40
45
3435
1
*Apr 1934 coupons
7914 105 1084
Nor Ohio Trao & Lt Os A
63
99 10414
747s 10434 10914 Rem Rand deb 5145 with ware -1947 MN 10334 10414 91
11
1947 M S 1088* 109
SI
--------991
N
*10334
1947
994 104
53.4s without warrant,
10182 107
76
North Pacific prior lien 45
99
1997 GI 1 10434 106
1941 M N ----- ____
5012
Gen lien 17 & Id g 55 Jan _ _2047 CI F 72/
---7012 76/
1
4 Rensselaer & Saratoga (sign
169
_-__ ---1
4 74
1940 A 0 10612 101312
3
80
7412 8978 Repub I & S 10-30-yr 555f
60
Ref & impt 43.4s series A
10314 10634
8779 19
2047 J 1 86
1963.5 J 10312 104
Ref & gen 5345 serfes A
8812 102%
53
6812
Ref & impt 6s series B
6112
10118 172
9434 104
2047.7 J 100
1083* 12
9814 Revere Cop & Brass 6s ser A
1948 M S 108
82
76
64
Ref & impt 56 series C
21
10714 10834
2047.7 J 9414 95
343 43
1946 -1 1 -----------2621
82
96 •Rheinelbe Union 5f 75
61
Ref & impt 5s series D
2047.7 J 9312 9412 63
1953 1 J *2814 30
25
105 10814 *Rhine-Ruhr Water series 65
Nor Ry of Calif guar g 55
26/
1
4 3912
1938 A 0 *10838 --------100
3
M
N
*Rhine-Westphalia
El
Pr
75
1950
4
393
4
39
107
/
1
4
3614
103
Nor States Pow 25-yr 5a A
37
89
44
36
10614
1941 A 0 106
3714
6
*Direct mtge 138
1952 MN 36
3434
10514 10812
36
93
lst & ref 5-yr 65 ser B
8
1077s
1941 A 0 107
434
037
9
*Cone mtge 136 of 1928
1953 F A a37
35
101 1011a
3634 43
Northwestern Teleg 4149 ext.-1944 1 J
_ -__ 100
a37
*Cons M 66 of 1930 with warr-1955 A 0 a37
8
983*
3212
37
4312
88
881s
Norweg Hydro-El Nit 514a
1957 M N *10218--9612 9738 11
1944 M N 3012 32
29
18
25
3473
30
5014 it•Richfield Oil of Calif 136
30
Og & L Cham 1st gu a 45
3
19483 1 3334 34
M
N
30
/
1
4
3214
g
35
*Certificates
Of
deposit
1912
1058
10612
105
3
4
2412 3434
Ohio Connecting RI 188 4*
M
S
*10738
1943
10914 113
89
Ohio Pubile Service 7145 A
1948 A 0 11218 11212 11
32
2
1948 Si N 363a 3612
,11214 Rich & Meek 1st g41
32
46
1071
78
•
1st & ref 76 series B
1947 F A *112
- -- ____
99
Mehra Term Ry 1st cu 55
1952 1 J
104%1071
10112 104
90
Ohio River RR 1st g 54
1938.5 D *10115 10312 *5214 60 .___
1955 F A *10645
1937 A 0 *103
48
/
4 *Rime Steel let 5 f 76
60
10118 1041
87
General gold 55
1939 J 0 *90
854 9312
Rio Grande Juno 1st gu 58
--------70
f•Old Ben Coal 1st 66
10
1338 18
2
19443 A
1783 1753
4 ____
109 11312 /'Rio Grande Sou let gold 46.--1940 J 1 *1
99
1
1
4
10
Ontario Power N F 1st 5s
113
1943 F A 113
1
*Guar 48 (Jan 1922 coupon)...1940 .1 J *1
1
1
9412 110 11712
Ontario Transmission let 58
1945 MN •11088 11312 _ _
6612 8238
66
8314 105 109 *Rio Grande West lot gold 41-1939 J 1 7912 82-12 47
8
Oregon RR & Nay corn g 4s
1946 1 D 108
10812
32
24/
1
4
8
3212
1949 A 0
2412 4712
•112 con & coil trust 41 A
1144 11834
100
1046.7 .1 *11612
Ore Short Line 1st cons g 5s
995$ 1154 11912
1
Guar stpd cons 58
1946 J 1 1184 11818
For footnotes see page .561.
Volume 141
New
_
York
61
561
bond Record-Concluded-Page
Weer.
Jour 4
Weeks
July
'11:
Ranee or
41_ 1933 to
17.
27,
to
Range
BONDS
t.1 Range or 4_ 933
BONDS
a..
Friday's
June 30
••• t
Friday's
g.3 June 30
Since
r.;
N. Y. STOCK EXCHANGE
N. Y. STOCK EXCHANGE
48. BM & Asked ro as 1935
Jaa. 1
Week Ended July 20
Week Ended July 264517. Bid & Asked me 1935
ei
Low
Mob No
13
Roch G&E gen M b %a ear C._1948 31 S 10812 109
Gen mtge 411e series D
1977 M S *10918--,Gen mtge Se series E
14
1962 M $ 10912 1-10
1/•11. 1 Ark & Louis let 4345
1212 57
1934 M 5 12
8
Royal Dutch 45 with wart
1945 A 0 11618 118
*Ruhr Chemical at Os
1948 A 0
Rut-Canada 1st gu g 45
2
19491 J 3312 3312
Rutland RR let con OM
4
3534
1941 J J 35
81100 & Grand fold lot 40
1947 1 3 *10614 107 ---,
1937 M N 10338 104
13
Si Joe By Lt Ht & Pr let 55
St Lawr & Adr lat g Si
---19961 J
2d gold 60
---1996 A 0
81 Louts Iron Mt & Southern-.
*MI5'& CI Div let g 45
1933 MN 6734 6914 56
*Certificates of deposit
1
6712 6712
12
•it L Peor & N W tat gu 65
44
19481 J 41
St L Rocky Mt & p55 stp 1
7
19551 J 7334 75
f•St L-San Fran or lien 45 A
110
13
1950 J J 12
4
11
1134
_
*Certificates of deposit.
*Prior lien 55 series B
38
1950 J -J 1114 14,
1034 12
*Certificates of deposit.
14
•Con M 4340 series A____ ._1978 M 5
958 1034 48
18
*Ctrs of deposit stamped
912 10
Low
High No
Low Low
High
Union Elea Lt & Pr(Mo)50
1957 A 0 10412 10478 12
9414 10412 10933
6
9914 10412 10612
Un EL & P 0111 let a 5345 A -1954 J 3 1058 10534
*1714
_
13
23
----1014
1945 A 0
2•117nion Blew Ry (Ohio)Si
11612 120
Union 011 30-yr fis A
May 1942 F A 11912 171-97-8 24 105
94
107% 11312
Union Pac RR let & IS gr
- _1947 J J 11118 11178 132
8012 10414 108%
1st Lien & rot 48
June 2008 NI S 10612 10738 17
45,
34
1967 J J 10612 108
103 108
81
Gold 4145
113 120
99
1
I
let lien & ref 55
June 2008 lwf S 11414 11414
7652
9918 104
1968 J D 10234 10312 56
Gold 45
106 10812
10634 22 106
1950 A 0 106
United Biscuit of Am deb 6.5
103 107
35
95
87
95
53
1953 M El 94
96 10418 United Drug Co (Del) Si
97% 10738 11212
1944 M f3 *11052 11212 ---U NJ RR & Can gen 45
8612 90
*271
2_
2534 3034
1534
J
19341
If•United
let
g
4s
Rye
St
L
85
8014
56
904 98/
US Rubber let & ref be ear A
1
4
1947 3 J 9714 "Sala ii5
2
98 100
851*
5412 71
United S S Co 15-year 60
1937 MN 9978 100
54
69
3514 10
26
37
34
43
56% •IIn Steel Works Corp 634e A
1951 1 D 35
3318 4212
27
36 ---1951 J D *35
*Sec. of 610 series C
75
60
7
3212 41
23
*Sink fund deb 6145 ear A
19473 J 3412 341
934 1714
81 1534 Un Steel Works (Burbach)7e ---1951 A 0 *13758 --------9824 120 135
4
13
21
3134
*Universal Pipe & Bad deb 68 _1936 J D 2434 27
934 18
33
40 --35
41%
984 1612 •Unterelbe Power & Light 85-1953 A 0 *---5012
42
65
92
734 14% Utah Lt & Trite lot & ref 341944 A 0 9012 92
6972 9214
5534
1944 F A 9012 92% 91
7% 1372 Utah Power & Light let Si
116 11612
Utica Elec L & Plots! g 50 _....1950J J ------------109
41
2414 a
20%
1947 J D 4712 51
UM Power & Light 6140
64
85
164
18
2014 48
1969 F A 4418 48
4914 64
Debenture Si
3518 63
41
59
66
9414
1941 A 0 8178 83
27
5358 Vanadium Corp of Am con* 50
1956 F A *106% --------99
Vandalla cons g 45 series A
7814 96
102% 11/214
1957 M N *10638 --------85
Cons at 45 series B
79
9512
2
412
154
---19341 J *214
10112 10214 *Wen Cruz & P let gu 4145
4
4
*214 --------3
J J
•1July coupon off
334 1612
3
1
914
914
11% 1732 •Vertientes Sugar 75 et/8
1942 -- 10514 10814
106% 10712 28 1011
1954 J
104% 109% Va Elec & Power 58 series B
106 1077s
86
15
107
1955 A 0 106
lat & ref M 5$ ser A
101 10334
11 107
1094 114
1944 1 3 10934 2111
Secured con* 5115
9934 102
_ _--5612 64
50
1949 M S
113 11812 Va Iron Coal & Coke ling Si
10114 10114
10034 102%
91
10
_1936 MN *6118Virginia Midland gen 55
94 100
7572
4
97
2003 J .1 97
7412 8814 Va & Southwest 1st gu 55
55
5
6314 84
1958 A 0 6414 6412
let cons M
10084 10934
11114 85
11015 113
89
1902 MN 111
108 11238 Virginia Ry let 5s series A
844 10314 106
34
50
1st mtge OM series B
1962 MN *10434 105 ---29
50
57%
8912 9012
tWabash RR let gold be
1939 M N 9412 9518 98
3214 50
5772 81
48
7814 40
1930 F A 76
•2d gold 511
28
50
19
94
64
60
3 ; *6018 64 ____
11
5312 56
let lien g term 40
10918 115
9812 101
____
*1001
70
Det & Chia Ext let be
11
18
717
53
45
2
__-4
4 673
Des Moines Div 1st g 48
1518 17
1939.1 .1 673288
1
4512 6214
1941 A 0 5734 5734
Omaha DI, 1st g3340
10
20
8314
77
10% 20
Toledo & Chic Div g 40
1941 M 5 ------------66
1734 59
212 3% /*Wabash Ry ref & gen 5115 A -1975 M S 17
1214
1214 197*
41g 9
13
1712
*certificates of deposit- *1514 --------11
1734 28
17
12
12
1914
*Ref & gen 58 series B _ __ __ _ 1976 1*--A
4% 8
1012 18
1012
5
1612
1614
*Certificates of deposit
412 11%
1758 26
1134
312 10
1134 1915
•Ref & gen 414s series C
1978 A 0 17
3
1614
1614
812 1.7%
137 177
11
*Certificates of deposit
1734 37
1134
1134 1934
*Ref & gen 55 series D
1980 A 0 17
10% 17
1018
9
16
1012
_
214 413
*Certificates of deposit
214 4% •Waiworth deb 644e with warr--1935 i--0 4712 50
33
50
1212
5
47
36
1212
1
47
A 0 47
9814
*Without warrants
80
26
18%
10314 10514
3610 6812
1945 A 0 6312 65
*let sinking fund Os ear A
102% 1038
24
633
74
4818 74
7612 88
1939 M S 69
Warner Bros Plot deb 65
24
40
24
1939 M S 27
76
285* 33
58
Warner-Quinlan Co deb Os
32% 53
30
59
45
1941 M 5 38
olio 5034 Warren Bros Co deb Os
84 ____
80
80
70
10334 11334 Warren RR 1st ref gu g 3Me_ _2000 F A *-___
91
94
79
2
92
mg Q M 92
2578 39% Washington cent let gem 48
1035* 10612
--------86
1945 F A *106
4518 60
Wash Term let gu 3145
-_
94
10675 1067s
1943 F A *107____
lat 40-year guar 4s
10114 104
3
9818 105 11034
10118 105
Wash Water Power a f 5a
1939 J J 11012 11012
12214 10 10314 11514 12214
9834 10312 Westchester Ltlif 51I stPd Illtd -1950 J D 121
1 10014 106 11112
107
1038 10434 West Penn Power eer A Si
1946 M 5 107
_ ---- 10172 11414 12014
/063 M $ *1207
let 5a series E
112 11812
1071
/
4 11112
4_-10838 10 101
lst sec bs series()
19563 D 1085*
9014 10512 10912
107 110
let mtge 4a wee H
19613 J *10434 10814 ---82 10014
8712 98
611*
8012 8334 Western Maryland let 48
1952 A 0 9634 . 9614 162
so 105
66
36
105
1st dr ref 510 series A
73% 8572
1977 3 J 104
1937 3 j 10578 105%
10534 107
2 100
5612 7618 West N 7& Pa beta Si
78
102 10834
5512 76
Gen gold 48
1943 A 0 *10534 10638 _--25
37
23
7578 *Western Pao 1st be set A
1946 M I3 3112 3334 • 66
56
25
321
3378 24-3634
9911 106
•53 Assented
1946 --__
2 10112 1048
10714 10744 Western Union coil Own 50
1938 .1 .1 10414 10412 16 -135182
968
6712
26
96
1950 M N 941
Funding & real oat g 4340
--100 103
92
64
89
1936 F A 10214 103
9834
15-year 6145
8212 99%
71%
73
99
97
25-year gold be
97
1951 J D 98
9738
80
72
77 10318
30-year ba
1960 IN 5 9612 9714 64
3514 4312
27
26
28
82% *Westphalia Un El Power 60.._ _1953 J J 3612 37
35% 81
66
7412 8614
828 15
Wemt Shore let 40 guar
2361 .1 J 82
70/
1
4 823*
9 ---Registered
2301 J J 784 7914
3518 80
7312 9212
10232 10412
72
81
3
88
Wheel & L E ref 4348 ger A
1960 M S 10234 10234
13512 1034 104
9712 103
Refunding 55 series B
1966 1R S *10314 104 --__
29
10214 109
83
6
108
RR 1st control 45
87
1949 M S 108
100% 105
70
107 111
Wheeling Steel Corp let 5115
1948 .1 .1 10414 10412 12
91
6
90 101
60
let & ref 454e series B
1953 A 0 10012 10052 110
102 10412 White Sew Mach Os with wart 1836 J .1 96
96
65
4318
2
96
66
94
45
--.
95 ____
J J *92
Without warrants
84
89
4212
13
2112
21
Partici a 1 deb 65
1940 MN 792 89
39
/*Wickwire Spencer St'l 1st 76 -1935
48
412
1278 1512 104
_
1312 1512
•Ctt Sep Chase Nat Bank
---- 103% 15414
11
1434 330
344
•Ct1s tor col & ref cony 70 A _ _1935 Rig
7
14%
116 121
36
48
33
1
Wilk & East lot gn 11 50
19423 D 4334 4334
Nigh
Low Low
96
10634 109
108 108
86
8912 107 110
7% 13%
78
9038 1051i 13612
35
38
3412
4014
30
30
3134 51
3134
8314
70
6414
70
45%
52
37
37
934
818
934
984
734
712
51
St L 8 W let 48'1 bond otfe _ -1989 MN 8112 8312 26
28 a 40 Inc bond ctfs
4118
63
No,1989 3 J *61
10t terminal & unifying be- _ _1952 J J 5934 6112 63
3518
27
Gen &ref a 58 ser A
5014 36
1990 1 J 49
tif Paul City Cable cons ba
9514 ---46
1937 J J *94
Guaranteed ba
4571
1937 3 J *9512 964 ---St P & Duluth 1st con g 40
84
---19681 D 10214
St Paul E Or Trk 1st 4540
2947 1 J 20
45
-54
.Si Paul & K C SO L gu 4145--1941 F A
11%
2
14
14
HI Psul Minn & Man 5
9212
19
1943 J J 10634 108
51,nt ext let gold 42
86
---1937 J D *10314
85
-tPsciflo ext au 4s (large)
102
1040 J J *100
St Paul Un Dep berme
1972 J .1 *11878 --------96
32
8 A & Ar Pass 1st au 542
1943 J I 86% 87
25
San An.onlo Pub!Serv let Os --1952 1 3 10834 109
Santa F5 Pros & Phen let 58
---1942 M S
Schuloo Co guar 6140
1946 J .1 *4214 487 ---Sta,
ped
*4214 49 ---Guar 5 f 610 series B
-1946 A 0 *4214 49
Stamped
-*45
50
Hcloto V & NE let au 40
1989 MN *11318 11412
*1.80100816 Air Line let a 4s___ _1950 A 0 *1414 16 ---*1312 16 ____
•Certlicates of deposit
2
14
I **Gold 40 stamped
1950 A 0 14
•Certits of deposit stamped
14 ---A 0 *13
234 ____
•Adjustment 58
Oct 1949 F A *212
/§•RefundIng 4s
4 4 13
4/
1
4
1959 A 0
*certificates of deposit
*414
534 --,/*1st & cone Os series A
518
618 73
1945 M 5
514 40
6
*Certificates of deposit
/1•Atl & Biros lat a 40
4
12
1933 M S 12
bb
70
95
34
2612
29
28
90
6%
101
10
1014
2%
414
412
412
311
814
/*Seaboard All Fla 65A otts_1935 A 0
314
*Series ir certificates
1935 F A *234
Sharon Steel Hoop 5!5148
1948 F A 94
Shell Pipe Line a f deb be_1952 M N 10418
Shell Union 0115 t deb 50 1947 M N 10212
Shlnyetau El Pow 1st 634*
1962 I D 8634
.4Slemens & }Wake e I 7e
/gm J J *6718
*Debenture e 1 6 Hs
1951 M 5 42
Sierra & San Fran Power be
1949 F A 11234
*Silesia Eleo Corp Of 6548
1946 F A *-__Silesian-Am Corp coil tr 70
194/ F A 5914
Sinclair Cons 011708er A
1037 M S 10118
let lien 6145 aeries B
1938 J D 10118
Skelly 011 deb 1510
1939 M El 10214
South & Nor Ala cons au g 58_1936 F A 10414
Geo cons guar 50-year 58
1963 A 0 *115
7
37
414 ____
9814 61
10412 20
32
103
14
87
-10
42
42
113
34 ---5912 18
10114 27
10114 13
23
103
1044 14
116
214
2%
35
ge
7814
58
39
South Bell Tel & Tel lets!55_....1941 3 .2 10812
Southern Colo Power Os A
1947 3 i 991
Ho Pao cell 45(Cent Pao coil)
1940 J 13 7714
let 410(Oregon Linea) A
M $ 8334
1977
Gold 4148
1968 M $ 7412
Gold 414e
1969 M N 7352
Gold 4148
1981 MN 728,
Elan Fran Term let 45
1950 A 0 105
So Pao of Cal let con gu a 55
1037 M N *10778
So Pao Coast let au g4,
1937 1 1 *9918
So Pao RR let ref guar 43
19553 J 9814
Stamped
, *97
Southern Ity 1st cons g 58
1994 J J 79
Devi .11. gen 40 series A
1966 A 0 30
Devi & gen 05
1958 A 0 38
Devi & gen 654s
1956 A 0 3912
Mom Div let g 5a
1996 J .1 *---St Louis Div let g 4s
1961 1 .1 72
East Tenn reorg lien g 55
1938 M 5 98
Mobile & Ohio cod tr 4s
1938 M 5 29
Sweet Bell Tel tot & ref 55
1964 F A 108
/'Spokane Internat 1st g 5e
612
1955 1 J
Stand 011 Of N Y deb 434e
1951 J D 1034
Staten Island By 1st 4%s19433 D
1/*Stevens Hotels 65 series A _ _1945 1 .5 •21'.
*Studebaker Corp cony deb 60-1945 J J 424
Sunbury & Lewl5ton let 45
29363 J *10214
Swift 85 Co let M3418
1950 M $ 10334
Syracuse Ltg Co lat g 50
1951.1 D 121
10834 25 1034
21
100
6014
7912 16
46
65
848 121
41
7512 58
43
7813 02
42
7412 360
804
5
10512
---- 100
95
---6012
9834 218
---74
8078 79
258
34
37
85
41
461*
173
42
487
60
75 ---5312
7414 150
73
10
98
40
18
30
10814 14 104
6
64
4
96
10334 90
9011
12
2212 __-39
4414 94
9884
---___
23
104
10 103
121
Tenn Cent 1st 6e A or B
Venn Coal Iron & RR gee 58
l'enn COM)& Chem deb Os B
Tenn Elea Pow 159 Os ser A
'term Assn of St L let g 4140
let cons gold 55
Gen refund s f g 45
Texarkana & Ft S gu 5442 A
Texas Corp con* deb 511
Tex & N 0000 gold 551
'texas & Pao let gold 55
Gen & ref bs series B
Gen & ret be series C
Gen & ref 50 serlea 13
Tex Pac-Mo Pao Ter 5345 A
so
884
2578
33
10078
98%
go
90
89
4314
10112
60
5412
99
98
71
644
9312
64
82
56
53N
54
67
5414 63
113 12184
911* 102
90 104
10812 112
109% 116
10112 106
834 9614
10258 10414
83
9734
113 120
75
5312
7912 9312
7912 934
8912 10014
Third Ave Ry 1st ref 4s
52
38
1960 J J 5658 58
*AM Inc ba tax-ex N Y-Jan .. 1960 A 0 2238 24
187
185
'third Ave RR let 6 Si
14
8514
1937 .1 J 10112 102
Tobo Elea Power let 711A
7014
2
95
/gm NI 5 95
Tokyo Elec Light Co Ltd-5712
63
1st 6* dollar series
19581 13 8112 821
91
Tol & Ohio Cent 5s West div__ _193 A 0
__ -60
7
roilS1 L & W las 4e
9014 9312
1950 A 0 *1005*-Tol W V & Ohio 45 ser 0
1942 M 5 *10718-- ---- 103
Toronto Ram & Buff 1st g 40
1946 J D •10034 1-0-212 -- 82
Trenton 0 de El lat g ba
__ ---- 10118
1949 M t3 *1181
Truax-Traer Coal cony 640
35
3
4-86
1943 M N 8612
Trumbull Steel led a i 65
6712
1940 M N 1032 1035* 11
454
*Tyrol Hydro-Elec Pow 7145_
1
1955 IN N 8814 8814
*Guar Bee I 1 78
, 5
43%
1952 F A 888% 885
691s
Udgawa Elea Powers! 7e
6
95
19451W 5 94
5012 6874
182 2612
1004 103
8312 9514
.7.
2
9528
10012 101
94%
81
103 103
9614 102
1124 1174
94
70
100 10313
81
96
8034 9012
87
9612
3
1947 A 0 6114 6134
1
1961 1 .1 12112 12112
5
10012
1944 M 5 100
1004 168
J D 98
1939 A 0 11134 11134 10
__ ---1944 F A
7
10512 100
19633 J *1154-25
180
1950 F A 89
61
1944 A 0 1034 104
19433 J 9612 9734 11
5
2000 3 D 11612 11712
18
1977 A 0 9114 923
915* 31
1979 A 0 91
19801 D 903* 9134 50
1
1964 ht 5 981z 9812
Rams
Sines
Jan. 1
Will & 5 F let gold 55
4
10512
1938 J D 105
Wilson & Co 1st a 1 Os A
1941 A 0 10818 1085s 13
_ ____
Winston-Salem S B let 45
19601 J *1071
f•Wis Cent 50-yr let gen 40
9
8-10
_814
1949 3 .1
718
2
718
*Certificates of deposit
*Sup & Dul di,& term let 48_1936 IN N
7
8 ____
_ *4__ ---*Certificates of deposit
Wor & Conn East let 410
-5778 ____
1943 J 3 *____
Younsgeown Sheet & Tube 55 1978 J 1 97
9812 85
1st mtge a 1 be oar B
1970 A 0 97% 98's 53
86
9584
83
714
712
412
412
88
6314
6314
1021! 10512
10818 110%
104% 10812
7%
71
412
418
---8912
8912
1318
1012
734
734
- 9i811-4
9914
r Cash sales not Included in year's range. a Deferred delivery sale no included in
year's range. n Under-the-rule sale not included in year's range. 1 Negotiability
impaired by maturity. t Accrued interest payable at exchange rate of 34.8665.
/ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
•Friday's bid and asked price. •Bonds selling flat.
z Deferred delivery sales In which no account is taken in computing the range, are
given below:
Bavaria 6110, July 25 at 30%.
Gt. Brit. &Ire. U. Kingdom 4s, 1990,
Belgium 70, 1956, July 24 at 10734.
July 22 at 11774, July 24 at 11634.
Copenhagen Telep. 5*, July 23 at 98.
Merldionale Elec. 75, July 23 at 5934
Czechoslovak 80, 1952, July 26 at 10634. Montacatini 78, July 20 at 0234.
Dominican Rep, 5440, 1942, July 26 at Oriental Dev. 540, July 22 at 82.
1
65%.
Trend/hem (City) 5440, July 24 at 98%.
Framerican 730, July 22 at 10734.
Va. Elec. & Pow.5345, July 22 at 11134.
Greek Govt. Os, July 25 at 2934.
r-
New York Curb Exchange-Weekly and Yearly Record
562
July 27 1935
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside o
the regular weekly range are shown in a footnote In the week in which they occur. No account is taken of such sales In computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (July 20 1935) and ending the present Friday (July 26 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Week's Range
of Prices
STOCKS
July 1
Sales 1933 to
June30
for
Week
1935
Range Since
Jan. 11035
STOCKS
(Continued)
High
Low
Hioh Shares Low
Par Low
64
1835 July
Acme Wire v t c corn_ _26
831 Jan
Feb 1104 July
50 6635 103
Adams Millie 7% let p1100 10931 1094
1135 Mar
July
5
5
kern Sup nlY mfg cl A - .
Mar
4
35 June
35
24 1,300
2
•
Class B
7
July
335 Jan
400
3
635 7
I
Agfa Ansco Corp com
184 Feb 32)5 July
5
1,200
Ainsworth Nits Corp_ ___10 304 3231
14 Jan
34 Mar
lit
131
•
300
1
Air !aerators corn
1631 May
9
•
1234 Mar
Cony Net
34 Jan
316 Feb
Warrants
X
Jan
Apr 40
30
30
A labamaGt Southern_ _ -50
4135 Jan 784 July
500 26
• 664 73
Ala Power $7 pref
Jan 6931 July
37
350 25
• 5736 6231
$6 preferred
21
lie
sg Feb
X Feb
Algoma Consol 7% pref _ _5
May
900 1i6
4
31
31 May
Si
Allied Internet' Invest _ _ _.
1934 May
534
124 Jan
4,500
• 174 18
Allied Mills In:
Mar 6435 July
32
900 32
Aluminum Co common_ _ _ • 614 634
July
1,550 54
6935 Mar 94
100 8935 94
6% preference
1131 July
935 Feb
400
8
Aluminum Goods Mfg_• Hsi 1111
May
Mar 33
17
400 17
29
• 28
Aluminum Ltd corn
331 Jan
24
7
Apr
C warrants
5
634
5
Mar
Apr
I) warrants
5031 Apr 66
July
100 37
66
100 66
6% preferred
135 Feb
234 July
135 24 1,700
1
American Beverage corn._1
Jan 6935 May
41
57
_100
American Book Co_
35 Apr4 Feb
31
Amer Brit & Cons Corp- •
Arose Capital2
2
•
July
100
2
1
131 Apr
Class A corn
35 Jan
31 Jan
•
31
Common class B
934
•
1635
may
20
Jan
preferred
$3
46
76
s
July
July 76
95 30 prior pref
Ain Cities Pow & LtMar 4435 July
43
29
600 2355
25 40
Class A
335 1,900
3
Mar
335 July
1
Class B
34
1234 204 Apr 2035 Feb
Amer Cynamld clam A.. _10
11,700
Mar 2231 July
831
15
10 2035 22
Class B n-v
Jan 80
Mar
7335 76
Amer Diet Tel NJ oom_ •
111
250 98
Apr 11331 Apr
7% Cony preferred_ _100 112 11235
234 July
1
154 Feb
Amer Equities Co corn_ _1
916 July
I
900
916
35
'Is
Cie Mar
Amer Founders Corp__
2731 July
200
835
134 Jan
50 2735 2735
7% oref series B
50
8
3735 July
1331 Jan
6% lot Net sir D.._..50 2735 2735
134
3
2,300
135 Mar
Jan
3
2
Amer & Foreign Pow warr_
3055 9,400 1634 1835 Feb 3011 July
Amer (task Elea nom_ • 29
c 106 10634
525 5734 8036 Feb 10735 June
Preferred
4
435 Apr 12
May
50
Amer Hard Rubber com_50 1031 1031
100
235 Jan
4
2
4
4
1
July
Amer Investors corn
35 Mar
35 Apr
0161 a warrant
Si
100 104
16
May
1231 Mar 16
Amer Laundry Mach_ -20 16
734
735 Mar 1234 July
103-4 114 3,000
21
Amer L & Tr corn
16
1735 Feb 25
July
21
6% preferred
8
335 Apr
Feb
34
Amer Mfg Co earn
35 Nfar
35
ills May
1,600
1
916
Amer Maracaibo Co
Si
75
534
8
mar 14
Jan
• 124 13
Amer Meter Co
1935 Jan
1235 Apr
200 11
1831
Amer Potash he Chemical.. 16
135 June
131 6,200
135
34 Mar
35
Am Superpower Corp com •
44
900 44
Feb 6334 July
• 5835 62
let preferred
1935 3,100
• 14
735
735 Mar 193.4 July
Preferred
3
4
500
Jan
435 May
435 436
Amer Thread Co prat _ _ _ _6
Amsterdam Trading
•
154 May
11%
1135 Jan
American shares
31 May
Si Mar
31
Anchor l'oet Fence
A nglo-Perslan 011 Co Ltd153.4 May
1431 May
9
An, dep rots ord reg _El
May
4
535 634 9,500, 334
631 July
Angostura Wupper Corp_ I
13 335
735 May
431 Apr
Apex Elec Mfg Co corn_ •
June
230 5734 71
Jan 100
Appalachian El Pow pref.' 98 100
35
35
400
34
Ns Mar
9-16 Jan
Arcturus Radio Tube _ _ _ _ I
35
135 May
1,400
4 Mar
134
131
Arkansan Nat Gas com-•
131 May
•
1
131
34
5,400
yi Feb
Common class A
24 Mar
10
435 435 1,200
43-4 July
131
Preferred
June
41 35 Jan 64
2535
Arkansas P & 1.37 pref _ •
731 July
1,200
131
331 Slar
635 735
Art Metal Works com _ _ _ _6
Associated Elea Induetriee
831 July
554 Feb
4
84 831 1,100
Amer deposit rots_ __ _LI
Assoc Gas he Cleo-$5 July
35
3i Apr
400
34
34
1
Common
35
35 3,200 9
1
X
"os May
X Ma
Class A
335 July
300
131
•
131 Feb
24 231
$5 preferred
lss June
112 June
'64
Option warrants
234 Jan
1
134 Mar
Associated Rayon corn....•
Apr2435
22
July
13
Assoc Telep $1.50 yet__ •
July
Si Jan
•
Si
1980C Telep UM corn
435 June
2
1044 Jan
600
535 535
Atlantic Coast Fisherles_ ..•
Jan
18
18
Star 30
Atlantic Coast Line Co_50
1134 May
735 Mar
•
934 1135 38,700
73-4
Allan Corp common
Apr5
4
July
35
47
400
54
53
•
Preference
A
$3
334 May
135 Mar
151
Warrants
23-4 331 8,800
64 Jan
34 Ma
235
800
• 435 5
Atlas Plywood Corp
July
94
5
Jan
131
600
935
831
AutomatIc-VotIng Mach.*
Axton-1 'fiber TobaccoFeb
4335 May 60
50 4335
53
10 52
Clans A common
Babcock he Wilcox Co.....,.'
Baldwin Locomotive Works
Warrants
tiaumatin(L)&Co7% pfd100
Bellanca Aircraft vs 15_ _1
Bell Tel of Canada
100
Benson he Hedges com____•
•
Cony prof
Bickfords Inc corn___. ___•
•
$2 50 cony pref
•
Bliss(E AV) & Co coin
Blue Ridge Corp corn._ 1
•
33 opt cony pref
Blumenthal (S) he Co
•
tieback (II C)Co corn
•
7% Ist pref
100
Botany Como' Mills come
Bourlois Inc
•
I torne Scrymser Co____ 25
,
(ower Roller Bearing_ _ .6
Bowman-IIiltmore Hote-ls--7% 1st preferred_ _ _ _100
Brasillian Tr Li he Pow___•
Bridgeport Machine
•
•
Brill Co P class B
•
Class A
•
Brill° Mfg Co corn
•
Class A
•
Brit Amer 011 coup
Registered
•
British Amer TobaccoAm dep rcts on bearerEl
A ni deli rcrs ord reg. _ £1
British Celanese cmAm dip reti nrcl rig
IN
45y, 4735
y,
34
4035
40
431 535
2
731
114
334
6
135
434
835
64 7
354 274
4931 June
135
8
35
34
34
534
2231
124
1434
135
834
34
%
1
635
25
1435
16
3
Jan
1034
July
934
Jail
1
Mar
134
Jan
Apr7
2735
Jan
1631
Mar
June 16
Jan
Jan
May
Slay
May
May
Feb
June
June
100
900
244
243.6
27
2634
100
2
2
631
635
500
335
Mar
Jan
July
June
Jan
July
July
May
May
July
Jan
May
July
Jan
Feb
Jan
Feb
July
July
10
600
700
355
28
34
4031
54
Apr
May 132
234
Feb
74
Mar
14
Feb
Apr 35
934
Mar
2
Mar
Mar 46
Jan
1035
Ii
June
Feb 65
31
May
June
435
7
Mar
Mar 274
24
835
8
2934 2934
2935 294
1834
34
11
15
135
135
10434 123
2,800
1$5
131
151
5
100
835
400
414
3335
100 23
331
135
10,800
1
1
600
1,100 2834 354
251
5
6,800
7
5
50
40
4
34
3
3
6
6
300
16
11,900" 64
24
831
735
Hu mon-lures see page 567.
335
751
12
3331
934
135
4431
1034
325
400
120
2,000
4
Feb
May
Apr 3134 Jan
Apr20)4 July
STar
4
June
Week's Range
of prices
July 1
Sales 193310
for June30
Week
1935
Range Since
Jan. 111135
Lots
High Shares Lou
Par Low
2431 214 July
British Col Power cl A_ •
5
75
Apr
334
7
la) 7
Brown Co 6% pref
000
535
535 June
64 635
Brown 6 orman Distillery_ 1
50 304 3955
150 26
304 Jan
Buckeye Pipe Line
1431 Jan
Buff Nlag & East Pr Pref 25 2234 2335 1,100 1435
450' 66
• 9934 100
6931 Jan
351st preferred
200 1631 2434 Mar
30
Bulova Watch $335 pref- • 28
1,475 26
30
Mar
Bunker Hill & Sullivan_10 4231 44
%
51 Feb
•
Burco Inc corn
135
11-4 Mar
Burma Corn Am Sep ram_
234
6
June
64 7.% 3,700
Butler Brothers
10
916 June
Cable Eleo Prod v to
31
•
Cabled he Wireless Ltd•is
31 Mar
Am dep tete A ord ohs_ £1
3,6
400
3.5
36
ile May
Am dep refs B ord she £1
334
34 Mar
Amer dep rcts prof she £1
IS
154
20
Feb
Calamba Sugar Estate_20
100
531
735 Jan
9
Canadian Inane Alcohol A•
9
455
631 Jan
B non-voting
•
3,400
134
135 Mar
I% 2
I
Canadian Marconi
1
35
1031 July
Canal Construct Co
•
400
235 231
14
14 Mar
2511
Carib Syndicate
Carman he Co200
6
631 Jan
84 814
Convertible clam A ___ _.
500 1331
• 184 19
17
Jan
Carnation Co corn
5435 Jan
33
Carolina P & L $7 pref '
27
57
Feb
$6
preferred.
• 144 16
4,600
434 1355 Mar
Carrier
Corporation
5,600
735 831
334
435 Apr
Catalin Corp of Amer_ __ _1
Celanme Corp of America
375 81
90
May
7% 1st panic prof __100 101 10535
9735 Slur
150 75
7% Prior preferred _ _ _100104% 105
9
10
400
634
8
Apr
11
Celluloid Corp corn
corni
1834 25
May
57 div preferred
•
40
6935 May
la preferred
•
500
14
8
8% Ma
Cent Mud 0 & E v IIo_ _• 1331
125 11
204 Jan
Cent P & L 7% pref_ _100 3635 3934
•i•
,,te Mar
Cent & South West -UM__
% im
35
2,000
35
35
Cent States Elm corn_ _ _ _1
100
1
1
235 334
Mar
6% pref without warr 100
150
2
100
631 8
2
Mar
7% preferred
13.5
135 Mar
Convpreferred
100
334 335
Si Mar
4
50
Cony prat ot)ser29_100
34
500
434 44
•
435 June
Centrifugal PIP'
1,900
9
1634 1735
1234 Ma
Charts Corporation new _ _1
9 6
2435 Apr
Cherry-Burrell Corp
•
150 105
25 13334 136
115
Mar
Cbesebrough Mfg
1,100
435 1235 Jan
Chicago Rivet he Mach_ • 1731 1834
100 204 254 1,080
531 16
Apr
ChB& Co pref
1,000
35
35
55
35 Jan
Chief Consol Mining Co _ _1
•
135
131 15.300" 31
31 Mar
Otter Service corn
.,
1535
1,000
635
636
Mar
1631
Preferred
55
25
135
•
135
Si Mar
Preferred B
6
10
15
• 15
6
Mar
Preferred BB
735
735 Mar
50
Cities Serv P & L $7 pret_• 2044 2034
631
100
• 1634 17
64 Mar
$6 preferred
3
700
631 1355
•
334 Jan
City Auto stamping
3
4
Apr
City & Suburban Homes 10
51
500
35
54
tie Mar
Claude Neon Lights Ina __I
900 214 2334 Jan
Cleve Elm Ilium corn_ _ _• 3731 3834
134
1435 5,100
534 Jan
Cleveland Tractor oom_ • 13
134 131 May
Clinchileld Coal com.._ Ho
100
X
016
516 May
016
Club Alum Utensll Co...-.
531
Cohn & Ttosenherger
•
4 135 5,000
35
•
Colon 011Corp corn
625 15
34
Colt's Patent Fire Arms_25 32
Columbia Gas he Eleo2,375
32
6434
Cony 5% pref
100 58
%
35
1,100
35
Columbia OH& Gas vtc_ _•
200 194
• z694 z70
Columbia Pictures
Commonwealth Edlson_100 80.4 8335 3,900• 3035
Commonwealth he Southern
35
4
tis 1,700
Warrants
100
3
Community P he L 36 pre'• 124 1331
55
3.4
2,600
35
Community Water Serv.._•
155 235 9,000
134
Como Mines
1
700
8
1634 1735
Compo Shoe Nfachinery _ _1
Conn Gas & Coke sec 23 pf•
6
Consolidated Aircraft_ _1 1135 1134 8,900
Congo' Auto Merchandl.•I.I.
$3.50 preferred
'lii
•
620
331 335 6,900
Como'Copper Mines_ __5
Consol0E L&P Balt com • 8135 8431 1,500 4534
80
116
171
Consol Min & Smelt Ltd_25 164
5
2$5 2$5'
35
100
Como' Retail Storm
124
8% preferred w w_100
35
Continental Oil of Nfex__ 1
1
Consol Royalty 011
'16
223 29
7035
Cent0& E 7% prior pf 100 70
56
Continental 011 of Mex._ _1
2
Continental Securities_ __•
235
455 1,700
435
Cooper Beesemer corn__ __•
200 12
• 2231 24
33 pref A
200
3
331 331
•
Copper Range Co
235 34 1,100• 2
5
Cord Corp
Corroon he ReynoldsI
700
334 3.35
Common
1
100 10
• 40
40
$8 preferred A
31
31
tis 1,000
Coeden 011 corn
1
1
100
Preferred
516 '
916
100 '
Courtaulde Ltd8
Am dip Ma oil' reg._ £1
Cramp(Wm)he Sons Shin
& Eng BidgCorp_ _100
35
20,800
5
Crane Co corn
25 1435 16
300' 32
Preferred
100 110 112
5 1534 1651 7,700
535
Creole Petroleum
20,300
354
835 10
Crocker Wheeler Elm__ _ _*
31
Bi• 2,000
31
Croft Brewing Co
1
19 234
Crowley Nf liner he Co.._ _•
Crown Cent Petroleum...1
700
$11
3.4
4
1,500
54
Crown Cork Internatl A....' 1034 1135
Cuban Tobacco corn vtis_•
136
1534
•
Cuneo Press corn
100 6935
100 102 10234
635% Preferred
916
235 8,900
13-4
rued Mexican Mining_500
435
700
Darby Petroleum corn _ _ _5
.54
5
8
Davenport Hosiery Mille_•
De Havilland Aircraft Co4
Am Deli Ras ord mg £1
5734
Dennison Mfg 7% pref_100
Detroit Gray Iron Fdy_ _5
14
Derby Oil he Ref Corp corn'
fi
20
Pisferred
•
Diamond Shoe Corp
•
934
400
135
Dictograph Products_ _ _21
331
1
554 Mar
35 June
25
Jan
High
254 Mar
84 Jan
951 Jan
40
July
234 July
1004 July
30
July
4931 Apr
135 June
235 Apr
734 Jan
Jan
1
154 June
716 June
June
Apr
May
May
June
July
May
5
23
II
10
254
104
431
834
19
60
66
194
835
May
June
Feb
May
Feb
July
110
105
16
38
8031
1435
3931
35
35
335
J
6
335
535
1734
244
157
1934
30
131
231
2435
234
22
264
23
635
4
55
40
185-4
3
35
Feb
Feb
Jan
Jan
July
July
JulY
June
May
July
July
June
July
Feb
July
Apr
Feb
July
Jan
Apr
May
May
May
May
May
May
Apr
Apr
May
July
Ayr
June
Jan
7
NIar
14 May
34
July
32
mar 73
Si Mar
35
38
Jan z70
4731 Jan 874
July
July
July
July
35 Jai
•Is Jan
536 Jan 124 June
June
1
4 May
135 July
255 Apr
124 Apr
1835 Mar
46
July 46
July
7 June 1135 July
'le Jan
'16 Jan
34 Jan
34 Juii
1
Jar
435 June
5335 Jan 8531 July
13435 Feb 162
May
2
Jun
351 Feb
3551 Jan 51
June
4 Ma
35 Mar
1
FebMay
36
Mar 7631 July
h Slay
35 Mar
2
Apr
33k4 Jan
335 Apr
634 Jan
1631 Jan 27
June
4
34 Feb
Jan
455 Jan
235 Mar
134 Mar
22
Mar
31 June
1516 July
4
40
1131 Mar
1434 July
35
2
July
July
Jan
Feb
34
7
87
10
4
31
234
$4
731
131
30
87
14
431
8
Star
31
Mar 16
Feb 113
Mar 184
Mar 10
135
May
Feb
431
Feb
3,5
Mar 1135
July
3
Feb 35
Feb 10434
Mar
234
Mar
635
June 16
Apr
July
June
June
July
Jan
May
Jan
July
Jan
Nlar
June
Jan
may
Jan
13
5734
4
55
20
101
235
Jan
May
May
Apr
Feb
Jai
July
Apr
May
July
May
Feb
A pr
Jail
1.534
5735
635
2
20
15
7
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
I
lVeek's Range
of Prices
July 1
Sales 1933 to
for
June30
Week
1935
Range Since
Jan. 1 1935
Par Low
Low
High Shares Low
High
Distilled Liquors Corp._ 5 11% 11% 1,800 1134 114 July 16% Apr
Distillers Co LtdAmer deposit rots __LI 22% 23
700 1736
21
Mar 23% July
Distillers Corn Seagrams_• 2015 21% 22,600
13% May 22% July
Doenler Die Casting_ .• 1955 21
10% Mar 21
3,800
3
July
Dominion Steel & Coal B25
434 4%
4% July
200
5% Feb
2%
Dominion Tar & Chemical.
351
7
455 Jan
Mar
Dow Chemical
• 100 10334
800 52 36% 8035 Mar 1054 July
Draper Corp
•
55
54
May 61% July
Driver Harris Co
10 1655 17,%
13
Apr 19
800
955
Feb
7% preferred
100
9154 Mar 100
48
July
DubIller Condenser Corp_1
34 Feb
I% Apr
Duke Power Co
10
37
33
Jan 56
Slay
Durham Ilos cl B corn_ •
% June
% Feb
36
Duval Texas Sulphur_ _ _ _•
634, June 1235 Feb
1,200
2
715 834
Eagle Pleher Lead Co_ _ _20
3% Mar
800
555 5%
74 May
East G/613 A Fuel Assoc-Common
•
5
4
2% Mar
4
100 6 235
Jan
655% prior preferred_100
58
6 53
Jan 6655 July
6% preferred
100 463-4 4915
38
800 38
Apr 60% July
East States Pow corn B__•
55 June
% Jan
100
34
36
%
$6 preferred series B___•
4
9% July
• 100
4
Mar
751
734
$7 preferred scrim A_ •
5
9
5
Apr
June
Easy Washing Mach •11"_ •
3
4
Jan
1,300
2%
4% June
434
Edison Bros Stores com_ •
2434 Jan
3434 June
6
Eisler Electric Corti
1% May
•
% Jan
3-4
Elec Bond & Share com__ _6
334 Ma
104 July
73-4 9% 64,700
$5 Preferred
• 55
34
1,400 25
58
Jan 58% July
$11 preferred
• 59
37;5 Jan 67
6555 8,100 26%
July
Elee Power Assoc com_ _ _1
2%
4%, June
2% Ma
900
355 355
clam A
1
2% Ma
2%
434 June
3
3% 2,000
Elea P & L 25 pref A
• 10
12
12
251 Feb
175
234
July
Option warrants
1% Jan
1516
400
55 Ma
36
%
Electric ShareholdingCommon
555 June
51 Mar
1
34
$e cony peel w w
• 74% 7855
40
400 34
Jan 79
July
Electrographie( oro corn 1
6
1255 July
1
11% 12%
200
Jan
Elgin Nat Watch Co_ _ _15 23
23
July 24
100
23
Slay
Empire District El 0% _100
14
1255
Jan 35
July
Empire Gas & Fuel 0°6% preferred
100 18
751 Nfar 35
Stay
18
734
25
655% pref
36
100
8
8
Mar
May
7% preferred
100 23
8
23%
Mar 37
100 16 8
N12ty
8% preferred
100 2355
851 Mar 40
150 92 854
Slay
Empire Power Part l'Itk__• 18% 25%
1955 July
9
4
Apr
19%
200
Emsco Derrick & Equip. _5 1334 1334
12 June 13% July
100 6 2%
Equity Corp corn
1% Jan
134 May
10c
1%
1
134 6,200
Eureka Pipe Line
33% May 38
50 35
35
250 30
Feb
European Electric Coll/Clam A
9
10
1,400
634 Jan
5%
June
634 7%
Option warrants
11,6 June
5,6 July
1,400
36
216
Evane Wallower Lead_ _ _ . •
% Apr
55 May
700
H
34
34
7% preferred
5
7
100
Slay
2
May
Ex-cell-0 Air & Tool
11
6
3
Feb
17,700 16 24
915 11
July
Fairchild Aviation
934 Apr
7% Jul
2%
8% 2,700
Fajardo Sugar Co
105 , May
71
100 83% 87%
12' 59
Jo
Falstaff Brewing
231
554 July
1
255 Jan
5% 3,700
Fanny Farmer Candy _ _ _1
7% Mar
8% 93-4 1,300
2%
931 June
Fansteel Products Co_ _ _ _•
5% Slay
151 Mar
1%
300
Fedders Mfg Co class A._
9% Mar 18
16% 18
July
70 16 4
Federated Capital Corp_ •
155 Jan
1
July
13-4
Ferro Enamel Corp com__• 21
10% Feb 21% July
21% 3,800
730
Flat Amer dep reels
2554 June
25
500 15% 2155 Jan
25
Fidello Brewery
7is July
% Jan
200
34
716
716
Fire Association (Phila.) 10
51 31
57
Jan 6515 July
First National Stores7% 1s5 preferred_ __ _100 113% 1134
112
Jan 115
Apr
20 110
Fisk Rubber Corp
555 July 1155 Jan
555
6% 735 7.000
$6 preferred
88
355
67
100 67
Jan
June
800
73
Flintokote Co al A
• 20
24% May
11% Nfa
351
5,600
24
Florida P & L $7 pref._
34
10% Ma
2951 3035
851
350
July
Ford Motor Co LtdAm Sep rats ord reg_f 1
914 Jan
74 Ma
455
8% 814 2,600
Ford Motor of Can el A_ _• 26
8% 23% Jun
3215 Jan
27% 6,100
Clam 13
• 29% 29%
37% Jan
1455 254 Jun
.50
Ford Motor of FranceAmerican Sep rats _100
435 May
2%
2% Jan
Foremost Dairy l'rod corn'
55
55 Ma
3.4 Mar
Preferred
•
54
5,6 Jun
155 Mar
Froedtert Grain & MaltCony preferred
1451 Apr 1551 Feb
lb 1551 1535
350 1434
General Alloys Co
•
1% 1% 1,500
Feb
51 Apr
Si
Gen Electric Co LtdAm Sep rats ord reg__£1
9%
1151 Mar 144 June
1,200
14
14
(len Fireproofing corn,....
3
455 June
July
555 935 3,800
Gen Gm & E3ea$6 cony prof 13
•
5%
11
Feb 15
Apr
(len Investment corn_ _1
51 June
Mar
400
$6 cony pref °lase 13 •
17
3
15
Jan
Jan
Warrants
1,6 Jan
% Jan
Gen Pub Serv $6 pref____• 52
55
24
Ma
July
140 20
55
(len Rayon Co A stock_ _•
155 Feb
%
54 Ma
General Tire & Rubber__25 38
38
July 71% Jan
625 42
43
6% Preferred A.....100 9151 91%
Apr 99
25 66% 89
Mar
Georgia Power $6 prat_ _• 74%
52
Jan 83
225 35
June
7655
$5 preferred
60
• 64
Apr 68
July
10 50
64
Gilbert (A 0) coin
1%
1
311 June
•
Slay
Preferred
22
•
24i Mar 244 Slur
Glen Alden COW
•
1,500 10
17%
Jan
1334 May 24
Globe Underwriters Inct 2 10% 19%
10% July
54
7
100
Jan
10%
Godchaux Sugars class A.'
10
1635 Apr 28
Ma)
Class 13
3%
7
•
Jan 11% May
300
751 8
Goldfield Consol Mines_ 10
11 Jan
35
% Apr
Gold Seal Electrical
1
1
Apt
Feb
'is
71(
Gorham Inc class A Corn.•
155
1% May
3% May
200
2
255
preferred
$3
14
1951 May
• 1134 1331
1134 July
350
Gorham Mfg Covs c agreement extended 14
700 104 12% Nfar 18
Jan
14%
Grand Rapids VarnIsh
•
855 Slay
Mar
7% 834 2,700 434
Gray 'Palen Pay Station_ •
16
855 Mar
May
Great All & Pao TeaNon-vol corn stork.,..' 132
121
Mar 139
Jan
120 115
7% 1s1 preferred_ ___100 126% 134%
12254 Jan z135
July
140 120
12715
(It Northern Paper
26
20
25
May
Jan
1934
Greenfield TM)& Die__ __•
6
Jan
455 Ma
334
455 455
100
Grocery Storm Prod v t c25
34
34 Feb
716 July
Guardian Investors
1
Ma
61, Jan
34
Gulf Oil Corp of Penna__25 6035
50% Mar 743<4 Is.f ay
6235 2.500 43
Hall Lamp Co..........•
63
351 Ma
6
Jan
I lamilton C1:177 COM V t _1
51
'16
Slay
Juno
'is
itandleY Page LtdAm dap rots prof _ _8 sb.
655 June
3% Ma
1%
Hartford Electric Light _25
48% 50% Jan 71
July
Hartman Tobacco Co_ _•
154 May
51 Apr
100
34
115
155
II arvard Brewing Co
2% Jun
3% May
2%
1
200
254
274
Ilaselttne Coro
•
9
7
Jun
2%
-----Feb
Ilecla Mining Co
12% Apr
6
25 __ li--iiji 3,600
4
Fe
lIelenaRubenetein
•
1% May
55 Jan
616
Hayden Chemical
Jan 52% June
37
10 4955 493-4
100 14
I liras (C E)Co el A
2331 Ma
•
18
2.54 July
Hollinger Consol 0 M___5 13
204 Jan
8% 1251 Jul
13% 3,700
rinily Sugar Corp aim_ __• 55
70
Jan
June
58
300" 815 30
Preferred
14 34
100
100
Fen
100
Fe
I Iolophane Co corn
is
•
Jan
July
2
(Henry)
& Cool A _ _•
I loll
Mar
5 15 Fe
7
100
7
3
Hormel (Geo A) & Co__ _*
9 16
16% July
16% July
For footnotes see page 567.
STOCKS
(Continued)
Week's Range
of Prices
Par Low
• 23%
Horn & Hardart
7% preferred
100 106
Hud Bay Min & Smell...' 14%
Humble 011 & Ref
• 56%
Huylers of Delaware IncCommon
1
7% prat stamped- _100
Hydro Electric Securttles_•
LlYgrade Food Prod
1%
Hygrade Sylvania Corp • 31%
Illinois P & L $6 pret
• 26%
6% preferred
100 29
Illuminating Shares el A _
Imperial Chem Industrlee
Amer depoett rcts____41
Imperial Oil (Can) 00UP--• 194
Registered
• 19%
Imperial Tob of Canada_5 13%
Im perical Tobacco of Great
Britain and Ireland___ £1
Indiana Pipe Line
111
Ind'polis P & L 655% ptioo
Indian Ter Ilium OilNon-voting class A.---"
2
Class B
2%
•
Industrial FinanceV t c common
14
1
7% preferred
4%
100
Insurance Co of N Amer_ R
67%
International Cigar Mach •
Internatl Hold & Inv Co__•
Internal Hydro-EleaPrat $3.60 series
50
Internal Mining Corp_ __1
Warrants
International Petroleum_•
Registered
International Products_
Internal! Safety Razor 13.•
Internat'
. UtilityCla.ss A
•
Class B
1
$7 prior pref
•
Warrants
Interstate EquitiesCommon
1
$3 cony preferred_ -60
Interstate Hoe Mills
•
Interstate Power $7 peel_•
Investors Royalty com__25
Iron Cap Copper Co corn 10
Iron Fireman Nffg v t a_ _ IC
Irving Air Chute
1
Italian Superpower A
•
Warrants
Jersey Central P & L100
554% Preferred
6% preferred
100
7% preferred
100
Jonas & Naumburg -.2.50
Jones & Laughlin Steel_100
Kingsbury Breweriee
Kirby Petroleum
1
Kirkland Lake GI M Lta 1
•
Klein(Emil)
Kleinert Rubber
10
Knott Corp coin
1
Bolster Brandes Ltd_ _ _ -£1
Koppers Gas & CokeCo6% preferred
10(
Kress (8 H) 2nd pref.,100
Kreuger Brewing
1
Lackawanna RR of NJ 100
Lake Shore Mines Ltd _ _1
Lakey Foundry & Mach_ _I
Lane Bryant 7% Drat 100
Lefcourt Realty corn
Preferred
•
Lehigh Coal & Nay
•
Leonard 011 Develop-25
Lerner Stores common_ _ •
6% prat with warr__100
Libby McNeil & Libby
Liberty Baking 7% p15_100
Lion 011 Development_•
Loblaw Groceterias al A..
Lone Star Gas Corp
•
Long Island LWCommon
•
7% Preferred
100
Prat Masan
100
Loudon Packing Co
•
Louleiana Land ec Ex Dior _1
Lucky Tiger Comblnatn_lo
Lynch Corp corn
5
31
563
July 1
Sales 1933 to
for
June30
Week
1935
High Shares Low
Low
20
24%
175 151.1
20 8334 102%
106%
1115
15% 17,400
7%
57% 3,500 51 22% 44
s,
1%
33
28
30
700
225
950
100
19%
19%
14
6,400
100
600
1
2655
4,5
34
38
30%
30
50
6
1014
11%
9%
814 Slat
1555 Mar
15% Mar
12
AD
955 Jan
22% May
22% May
14
July
23%
355
48
31% Ma
3% Ma
55
Jan
3551 Jan
6
Julie
8715 July
451 Apr
4%, Apr
134
6%
68%
1,900
150
70
34%
55 July
1
May
62
Mar
115 Feb
655 July
6955 July
100
18%
11
29
1
Slay
June
3351 Feb
1
Julie
825
800
1,000
9,200
354
74
2%
163-4
23
355
12
455
28
29%
255
%
Mar
June
June
Mar
Feb
Jai
July
955 Jan
15% Jan
651 Jan
3951 Slay
32% Slay
355 Jan
155 Feb
151
1%
51
35
'Is
Jai
Jan
Apr
Ma
255 June
7,5 Apr
35
Apr
36 Jan
35
20
22
8
1
55
14%
351
54
sis
Mar
Jan
June
Jan
June
June
Apr
Jan
Star
Jan
It,
2454
2755
20
2%
3,4
21
13%
115
55
43
60
60%
51
18
Feb
May
Apr
Apr
Ma
67
July
68
July
80
July
1% Apr
30% Jan
Jul
Mae
Slur
15
Jan
651 Mar
Jan
3-4 Jan
255 Jan
3
May
11,5 Jan
22
Slay
7% Apr
354 July
7,, Slay
31
300
260
100
1215 1336
%
N
2%
316
216
6255
67
79
151
2356
65
68
80
155
25
500
20
50
300
1,200
51
235
151
255
800
800
1955 2055
331
%
94% 95
10
11
50
50%
7
716
58%
594
651
7
34
35
1,700
300
200
500
200
100
55
1531
13
7
1
3%
254
55
42
60
6055
5-1
1551
34
34
954
5
I
s,
100 45 54
10
456
5955
2,800 • 3215
31
25
1
7
5%
200
400
Ile
500 10%
40
214
1,700
3,300
1
•
64
634
3,900
3
15
4%
7%
4034 4134
Mangel Stores Corp
674 74
•
615% prat w w
100
Mapes Consol Mfg
•
Marconi Internal MarineA merlean deprecelpts_fl
Nfargay Oil Corp
•
Marlon Steam Shovel_
•
Maryland Casualty
255
2%
1
Moss TRH /1880e Vte
1%
1%
Massey-Harris corn
451
455
•
Mavis Bottling clam A _ _ .1
Mayflower Associates - _ _•
May limitary 34 pref
•
McColl Frontenac 011_ _•
McCord Had & Mfg B •
5%
555
McWilliams Dredging _ -• 3635 39%
Mead Johnson & Co
69
• 63
Memphis Nat Gas com 5
251 4
Memphis P & 1., $7 pref...3
Mercantile Stores corn,..'
955
93-4
7% preferred
100
Merritt Chapman & Scott •
634% A preferred_ _ _100
Mesabi Iron Co
•
Metal Textile pref
•
Metropolitan Edison•
36 preferred
Mexico-Ohio Oil
••
Michigan Gas & 011
234
Michigan Sugar Co
•
1
Preferred
64
10
Middle States PetrolClefts A y$
• 155 155
Class B V to
3-4
•
Middle West Utll corn...•
55
34
$6 cony pref ser A w w__•
3-5
Certificates of deo_ •
Midland Royalty Corp52 cony prof
Midland Steel Prod
16% 1855
?Y‘
72
1155
434
7535
48
Si
67
155
18
5%
51
40
91%
655
1
3%
17%
455
2
Mar
48
Jan
37
Jan
2054 Apr
454 Jan
351 Apr
26% Ma
4%
79
6811
29%
915
3%
4155
1
555 Jun
47
July
25% June
10
61
33
600
12
25%
6%
4
154
1
200
100 2 1
400
3
34
38
22
12
1,200
134
2,800• 1215
600 4034
7,900
14
45
100
851
60
15
51
46%
34
300
2
200" 3-4
800
2%
700
500
600
600
75
%
'16
51
2,100
July
July
Jan
Apr
July
July
July
July
May
Apr
July
Jan
Jan
Jan
June
115
1%
1
355
36
41
40%
1255
3%
2154
55
151
7555
9%
70
51
8
Mar
Jan
Feb
Mar
Feb
Jai
Feb
Apr
AP
Jan
Apr
Ma
Jun
July
Jan
Jan
Ma
Nfay
Mar
9%
851
3%
2%
134
551
ki
50%
44
15%
715
3954
69
4
7555
1354
7315
254
18%
5,6
34
Jan
June
May
June
May
Jan
Jan
July
Mar
Jan
Jan
July
July
July
June
Jan
Jan
July
July
Jan
Mar
80
Jan
% Jan
2
Mar
54 Mar
3
Feb
96
1
3%
155
8
May
Jan
May
June
June
34
4
7
%
1,4
1.5
61,
4
451
A1/111
8
I i6
34
Feb
Feb
Jan
July
Slay
Nfar 96
Apr
Apr 12% Jan
1255 June
Mar
May
Feb 78
Jan 58
Nfar
155 Jan
Ma
Jan 80
Jan
234 May
Ala
20% Slay
Jar
734 Apr
Ma
% May
Apr
Jan 60
July
Feb 106% July
June
8% Apr
1
June
June
651 Atm
Mar
Feb 1955 July
6/5 July
Mar
2
38
32
• 1051
9.200
134
2
1,100 9 15
355
455 10,100
7655
74
80
250
653.4 673.4
6%
Jac
Jau
Jan
Jan
Mar
July
May
July
155 Jan
155 Fe
263.1 27
16
1754
23.1
234
716
Mar
2055 Apr
23-4 Mar
13-4 June
26
Jan
134: Jan
14
Jan
3455 Jan
134
200
200
634
20%
255
134
17
10
10
3455
100
100
%
3
%
High
Feb 25
May
Jan 108
May
16% Slay
Jan
Jan 64
May
2
234
634
755
12
12
4%
33
33% 353.4
234
916
Range Since
Jan. 1 1935
8
5
Star
Mar
Jan
Apr
Apr
215 May
2,, Slay
614 Jan
1
Apr
A Jan
June
Mar
18,4 July
10
Jan
gla
564
STOCKS
(Continued)
New York Curb Exchange-Continued-Page 3
JUSV 1
Week's Range Sales 1933 tn
,une30
for ,
of Prices
1935
Week
Range Since
Jan. 1 1935
STOCKS
(Continued)
West': Range
of Prices
July 27 1935
July 1
sates 1933 to
for June30
Week
1935
Range sines
Jan. 1 1935
High Shares Low
Low
High
Par Low
High
Low
High Shares Low
Par Lore
2
1,900
I
July
5
234 Jan
494 5
Jan 4034 Apr Pitteburgh Forging!,
150 1834 35
Midvale Co
• 3834 39
710 Si
51
Feb, 8134 July
6194
59
Erie_50
134 Apr Pittsburgh & Lake
nu Mar
isn,
Mining Corp of Canada •
Jan 1931 July Pittsburgh Plate Glass_25 7334 7734 3,400 3094 4131 Aprl 7794 July
375" 754 12
1994
Minnesota Mining & Mfg_• 18
100 10
2094 July 1 2534 Feb
% Feb Pond Creek Pocahontas _ _• 2031 2031
% July
M
Miss River Fuel rights-II6 1,000
lie
54
234 2,000
2
231 June
5
31 Jan
May Potrero Sugar corn
Feb 100
82
Miss River Pow 8% pfd 199
65
7%
734 Jan 12
Jan Powdrell de Alexander._._'
May
14
100
Mock Judson Yoelu'inger.• 1094 1034
614 103'4 Mar
634
May
63.4
Feb
934
com....•
Power
Can
Corp
of
July
7634
1,250
Mar
3094 30%
Mob & Hud Pow let pref.* 7231 7634
300 1534 23
25
Jan
July 30
9
Mar 3736 July Pratt & Lambert Co___.' 23
500
9
• 3331 3634
2d preferred
%
134 Jan
134 136 1,700
294 Apr
1394 1436 21.700' 254
734 Jan 1474 July Premier Gold Mining-1
Molybdenum Corp v 1 a._I
934
Jan
June
931
1334
Amer..."
Metals
Pressed
of
May
14434
Jan
350 56
127
• 137 140
Montgomery Ward A
sa, Jae
W
800
34 Jan
3,6
(6
1
100 2634 2634 May 3134 Jan Producers Royalty
Itiontreal Lt HI & Pow...* 3094 3094
July Properties RealisationJan 30
Moody's Invest Service •
1694 23
200
1294
1
17
1736
1734
Apr
July
1-3e
294
otfe.33
Voting trust
1834 Feb 2294 July
12
Moore Coro Ltd corn_
•
136 Feb
31 Mar
%
400
36
34
Jan 137 June Propper McCallum nosy•
125
90
Preferred A
100
1,000
prudential
meaner,
494
•
8
834
Mar
494
834
July
Mtge Bic of Columbia59
83
Jan 99
July
434 Apr
•
58 preferred
351 Feb
134
American Shares
8
8
Jan 21
July
36 Feb Pub fiery of Indian 37 prat•
34 Feb
31
300
MountaIn & Gulf Oil
St6
I
916
5
Apr
7
Jan
5
•
534 May
$8 preferred
5
1,300
431
434 Jan
334
Mountain Producars_ _10
* 934 1731 Feb 3834 July
July Publle Sera Nor Ill oom- •
1
34 Jan
A
100
1
1
Mountain Sts Pow com*
9
9
18
Feb
June
July
122
Common
3534
io
Mar
100
10594
20
122
12134
Mountain Ste Tel& Tel 100
9 38
7831 Apr10194 July
May
100
6% preferred
Jan 102
100 3194 72
98
* 98
Murphy(0 Cl Co
9 38
77
Feb
Jan 83
Apr
Apr 116
100
7% preferred
112
105
100
8% preferred
Public
Jan
Service
Okla
Mar
6
834
9
4
31
100
8
8
Nachman-SprinfIlled Corp*
81
81
May 81
May
100
7% or L pref
134
134 May
234 Jan
194 1% 11,400
Nail Hellas Hoes oorn____,
July Puget Sound P & L2831 3994 Feb 37
Nat Bond & Share Cmg..•
• 30
425
734 13
Mar 3394 June
3194
$5 preferred
National Container Corp0
425
• 1134 1334
$e preferred
634 Mar 1731 May
1894 June 2231 May
10
•
Common
8334 3434 Ma
June
70
Mar
pref
Pure
011
_100
35
July
reef
Co
'29
6%
30
cony
$2
134
800
234 Jan
534 July
531 534
18
1834 6,700 1134 1134 Mar 1834 July Pyrene Manufacturing-10
National Fuel Gas
80'106
127
• 134 13534
Jan 13534 July
194 Jan Quaker Oats corn
400
1
34 Mar
31
1
National Investors com_l
40 111
July
13234 Feb 147
100 147 147
8% preferred
Jan
Mar 86
55
35
i
$5.50 preferred
34 Mar
34 Feb
7,6
gm Jan Railroad Shares Corp....*
34 Apr
31
34
9,6
900
Warrants
15
834 Mar 15% July
131 Jan Ry & Light Se= oom....• 14
1134
429
34 Mar
Si
600
1916
3i
Hal Leather corn
•
(4 Jan
July Ry & UtH Hived A
% Jan
i
34
1,900 82
73
4634 Feb 73
National P & L $8 prat._ _• 68
534 Jan
900' 2
631 794
934 Mar Rainbow Luminous Prod•
Nat Rubber Mach
e
3,6
3,6
400
•,e Feb
316 June
Class A
34
34 Jan
34 Apr
31 1.000
31
NatServiceoommon
1
„
•
A Mar
Class B
ii• June
li Jan
% Apr
Cony part preferred_ •
May 1694 Apr Raymond Concrete Pile1134 15
National Steel Car Ltd_ _.•
Jan
431
434 Jan
5
•
• 3034 3031
Common
Feb
600 2594 2594 June 35
Nat Sugar Refining
17
Jan
17
Apr 25
Apr914 May
9
$3 convertible preferred•
9
Nat Tea Co 534% Pt- -10
134 May
34 Feb
%
634 Feb 1034 July Raytheon Mfg vi 0-504
fili
National Transit.._ _ f2.5O
936 1094 1,000
•
Feb
1
A Feb
31
14 Feb lied Bank 011Co
Nat Union Radio com
34 May
31
_I
*
734 Jan
May Reeves(D)corn
231 Mar
431 Feb
31
4.34
4
200
4
8
•
•
Nehl Corp corn
•
In Apr
% May
'is
•
July 50
July Reiter-Foster Oil
50
31
let pref
Jan
mar
434
134
25
100
Reliable
834
534
2031
July
534
10034
•
Corp
1003410034
Stores
90
pref_100
Feb
Nebular Bros 7%
% mar
%
300
1
1
13-4 Jan
434 Apr
Jan Reliance Internal-al A 100
100
8
2
534
53.4
Nelson(Herman)Corp-5
834 May
9
194 May
Jan Reliance Management- •
A Feb
54
334
Neptune Meter aims A._ _•
io
3
336 1,700
2
336 July
134
Apr
2% July
200" 1
534 Jan Reybarn Co Ina
236 3
Nestle-Le Mur Co cl A_ _ _•
%
34
900
34 Apr
j
34
536 June Reynolds Investing
534 June
134 Jan
634
Nev Calif Elea com
_100
" 634
9
July 1234 Jan
234 Jan Moe Stix Dry Goods
300
1)4
2
6
*
Feb
294
234
New Bradford 011
Jan
1
34
400
34
1,000 4734 49
34
25 5834 6194
A July
Apr 88 June Richfield 011 pref. -25
New Jersey Zino
65
65
Apr85
Apr
31
300
1
3% Jan Rochest 0 &E 6%-D pf 100
May
131 1%
New Meg & Aris Land-1
6
6
Mar
934 Jan
3494 Mar 6334 May Rogers-Majeetio clam A..*
Newmont Mining Cori)-10 4934 5034 3,900 34
231 May
134 Apr
31
Jan 18
May Rooeevelt Field, Inc
5
1034 12
New Process awn
•
231
1
2
200
1
Feb
31
294 June Root Petroleum Co
%
100
131 Feb
234 July
234 231
•
N Y Auction Co corn
400
11
334
334
831
12
Apr
July
15
20
51.20
11
June
Apr
cony
11
prat
N Y & Foreign Inv pref 100
34
14 Feb
June Rosela International
•
716 May
15
2534 Jan 32
NY Merchandise
*
2834 2831 May 2694 May
350 1731 33
*
Feb 8931 Apr Royalite 011 Co
N Y & Honduras Rosario10 4634 50
3,200
834 1531 May 28
28
• 25
July Royal Typewriter
July
6134 Jan 93
89
N Y Pr & Lt 7% Prat-100
1,025 25
• 60
41
67
Jan 67
July
5814 5334 Jan 7834 May Ruberold Co
•
$6 preferred
34
3%
Apr514
Feb
Russets
Fifth
a
Ave
Shipbuilding
Corp7
N
a,
74
%
100
434 Mar 1334 Jan Ryan Como!Petrol
134 May
34 Mar
434
Founders shares
1
12
May 1634 May
100 12
NY Steam Corp oom____* 1334 1334
Mar Safety Car Heat& Lfght100 71
11336 May 121
173 30
6034 Mar 7634 Apr
200 113
73
N Y Telep 834% pref_100 11731 118
31 Jan
Apr
3
8
100
336 July Flt Anthony Gold Mineti_l
5
NI Apr
334
IN
NY Transit
3'/à
• 34
34 May
34 May
20
4634 Feb 6234 June St Lawrence Corp corn_ __•
NY Wet Sera 6% pfd_100
1
1,400
1
Mar
10
St Regis Paper Isom
2 June
134
134
Niagara Hod Pow100 24
26
150 1734
1734 Mar 29
July
734 July
7% preferred
234
234 Mar
634 631 13,400
Common
15
Jan
600
1
'ii
700'
% Jan
34
31
34 Jan
91,7 June Salt Creek Consol 011____1
%
'la
Claea A opt warr
5t•
5
1,800
53-4 Mar
694 7
100
1
1
134 June Salt Creek Producers_10
31
734 May
34 Mar
warrants.Class B opt-S
av
•
oy011
31
Jan
% Jan
1
Niagara Share
13
•
2594 Mar 3334 Jan
July Schiff Co corn
8
5
700
5
234 Mar
53-4
234
Class B common
%
• 24
34 June
31 Jan
2694 2,700
834 Mar 2634 July Schulte Real Estate cam...*
734
Ntlee-Bement-Pond
125 17
1934 Mar 23% Jan
5
234 234 2,200• 131
Apr Scoville Manufacturing_25 2134 2194
2
3
July
Nipissing Mines
May Seaboard Utilltlea Sharee_l
2
%
100
34 Jan
1
131 134
34 Feb
34 Mar
34
Noma Electric
200
Securities Corp General_'
134
54
134
34 Mar
May
2
Nor Amer Lt& Pe200 34
• 483-6 4934
134 1,300' 34
134 May Seeman Broe Inc
4334 Mar 60
91 Mar
May
31
Common
1
200
31
34
8
4% Mar 1731 July Segal Lock dr Hardware' 34
• 1534 17(( 1,400
% Mar
ft Jan
$6 preferred
100
11
1
25 18
134 131
2434 Jan 40 June SelberlIng Rubber coin...*
I% July
231 Jan
36
North American Mateh • 36
1534 28
•
July Selby Shoe Co
4
Jun 34
Apr
334 1,400
36 Jan
34
3
No Amer Utility Securities*
100
134
2
334 May Selected Industries InoJan
3
3
Nor Cent Texas on Co„5
„
131 2,400
1
1
Common
34
'la May
Mar
I% Jan
'is Jan
Nor European Oil corn _1
34
50 38
48
Mar 88
55.50 prior stook
82
21
Feb 6394 July
25 663-4 8654
July
Nor Ind Pub Ser6% pfd100
450 3794 4834 Mar 89
Allotment certificates__
6634 6836
July
July
2034 3834 Mar 65
100
7% preferred
Selfridge Prov StoresNorthern N Y Utilities
231 Mar
Amer dep tea
134
234 Jan
1
4531 4534 Jan 9634 July
7% let preferred- _100
May Sentry Safety Control-.-.•
7
34 June
31 Jan
34
454
534 Jan
Northern Pipe Line
10
may
7
334
100
5
a
5
500
634 Mar 1434 May Beton Leather corn
334 mar
694
Nor Sta Pow com class A100 1234 13
134
234 23.4 2,000
534 Jan 1494 Tilly Shattuck Dann MInhig_._IS
3
1431 2,300
231 Mar
I% Jan
Northwest Engineering-' 13
1434
1494 May
1934 Jan
Novadel-Agene Corp._ • 2134 2231 3,300" 1414 1831 May 2234 Jan Shawinigan Wat& Power_•
1,100
734 20
Shearer Pen corn
• 2634 30
Apr 30
July
Jan 27 June Shenandoah Corp oom-1
19
100 3 10
31 Apr
%
134 Jan
Ohio Brace Co ol B cora_• 243-4 2534
400 12
100 453
$3 cony pref
70
1234 Mar 20
25 1834 20
Feb 9694 July
95
• 95
July
Ohlo Edison $8 prat
Jan 10794 May Sherwln-Williams com_25 10331 10631 2.400" 3231 84
100 8134 gg
100 1043-4 10434
Jan 10834 July
Ohio (>116% pref
150 "9034 10834 June 11336 mar
July
6% preferred A A.-100 10654 10734
270 80
8534 Jan 109
Ohio Power 6% pref _100 10754 109
119
July Singer Mfg Co
235
9054 Apr 96
71
Mar 300
July
100
Ohio P S 7% 1st prat _100
634
100
934 Feb 1134 May Singer Mfg Co Ltd5 1054 1034
011etocke Ltd corn
2
236 Feb x314 Apr
134 July
Amer drop ma ord reg.g1
400
134
34 Mar
1
34
Outboard Motors B corn *
1231
1231 Jan
731 July Smith (H)paper Mule.....'
Jan
300" 34
4
•
73.4 734
123.4 Jan
Class A cony prof
may
Jae 72
600 1534 29
134 Apr
3% July Smith (A 01 Corp cam.__' 5751 60
1
Overseas Securities
•
334 May Smith (L C) ie Corona
Mar
2
234 234 1,000" 1s
Pacific Eastern Corp
1
100
1331
831
1334
2034
2831
6
Jan
__.•
Typewriter
ZS%
July
Feb
1,900
cow
1334
v
t
c
July
2834
Paomo CI &E8% 1et Dre(25 2734
1
1,700
134
131
1
my 1634 1834 Jan 253-4 July Sonotone Corp
231 Jan
Apr
1
534% 1st prof
25
194
4,400
Feb 102
June So Amer Gold & Plat
394 4
ass Apr 43-4 Jan
875 39 66)4 71
1
• 100 10034
Paolo()Ltg 36 Drell
17
1
May
Son
134
Calif
July
Edison
64
PaclId3 Pub Sera non-vot _•
'
7
25 26
26
May 3834 July
300" 134
• 1594 163-4
5% original preferred-25 3934 3934
734 Feb1734 July
1st preferred
100 1854 2034 Jan 2831 July
sa 2734 2734
• 3231 3331 1,150 10
7% pref series A
25
Jan 343-4 July
Pacific Tin epee stk
1734 Jan 2594 July
25 2434 2531 2,100 1534
Preferred B
June 4434 Feb
1,000 3174 36
Pan Amer Airways-10 39
3934
,
A
700"..',‘ 1534 Jan 2334 July
231 Jan
54
4,500
131 Mar
594% (careened 0.-25 2234 2334
134 2
Pantepeo 011 of Va1301-•
100
104
44 Feb Elouth'n NE Telep---100
Jan 108
Aix
334 Mar
334
Paramount Motor
1
200'
34
234 294
1
Jan
a
234 July
Parke, Davie & Co
463.4 4734 1,400 1934 3234 Jan 4794 July Southn Colo Pow el A....25
17
June
June
17
Southern
9
4
Jun
Natural
%
Gas_
Jan
'111
_
•
h
Parker Pen Co
10
am Apr
g% Jan
331
200
431 431
2,550w 3934 55
10
July southern Pipe Line
Jan 69
Parker Rust-Proof com...• 6434 69
Feb 3734 June South•rn Union Gm corn.*
1
Apr
% June
9
2434 34
34
Ponder D Grocery A
•
434
300
634
434 Jan
7
July
Feb Southland Royalty Co.-5
6
6
631 July
•
7
Claw B
BM mar 1134 July South Penn 011
25 2331 24% 2,000 1531 2131 Mar 28% May
100
5
Peninsular Toler, ortm_ • 1136 1134
3431 4531 Feb 5234 Feb
6634 7934 Apr 82 May Bo'weet Pa Pipe LIne..-50
Preferred
iiio 534 534
Jan Spanish & Gen Corp534 July 11
234
100
Penn Meg Fuel Co
i
34
Am dep rats ord bear_t1
131 Mar
234 May
34 June
31 June
134
Pennroad Corp v Cc
234 8,700
1
2
'ii
100
34
34
934 Apr 13
Am dm) rata ord reg_51
Apr
31 Ayr
100
• 12
'ts Apr
0
12
Pa Gas & Elea elms A
2001* 70e 17
June Sguare D clasa B com____I 2134 2194
May 2234 July
Pa Pr & Lt $7 pre74% 80% Jan 101
500
11
3
3434
29
• 34
May 35
July
:
Class A pref
Jan 77
Jan
7234 77
38 preferred •
•
July Stahl-Meyer corn
134 Apr
3% Fob
134
.,
200 4234 7831 Apr 100
Penn Salt Mfg Co
50 9734 100
31 Jan
July Standard Brewing Co--..•
% June
71
200 4131 5334 Jan 75
Pa Water & Power Co
_• 72
73
200 23
2934 Mar 3534 July
3534
510 5254 5234 Apr 8931 Jan Standard Cap & Seal onm _ 5 35
reopen!' Mfg Co
soo 76 80
I 21
Feb 40
Apr Standard Dredging Co-*
31
Perfect Circle Co
•
194
250
534 July
May 120
Feb
694 814
834 July
Cony preferred
9094 113
Pet Milk Co 7% prat_ -100
300 1034
10% Apr 2434 July
9
Ma.
July Stand Investing 55.50 pt * 2034 2494
4
4
100
Ponagelphts Co oom--- - •
774 774
18
21 293-6 3334 July 3334 July Standard 0110(y)
Jan
2134 Feb
10 2034 2134 3,000 1394
Phila Elea Pow 8% pref_25
794
100
Standard 011(Nob)
794 mar 12
25 1031 1031
May
Phoenix Securities134 Feb234 July Standard 011 (Ohio) corn 25 1334 1434 1,200 1134 1134 Mar 1934 May
Common
34
231 234 2,700
1
25 7634 91
Feb9931 May
100 9434 9434
5% preferred
600 1814 2734 Feb4534 July
$3 cony Drat set A___10 4334 4531
1
1
l'af ar Standard P dr L corn
Mar
•
834 Apr ii
234 May
334
800
• 10
Pie Bakeries Inc corn
1034
Jan
2
631 July
•
31 Apr1% May
Common class B
534 6
934
1
ROO
•
Pierce Governor/tom
100
11
preferred
9
• 11
Mar 1334 July
100'
2
A Jan2% July
31
2
Pines WIntertront Co_ 6
31 23,900
316
%
Apr
.4
1
834
874 Mar 1234 May Standard Silver Lead_ _ _ I
11I6 June
Pioneer Gold Mines Ltd..1
93-4 1031 2,800
it,
200
Apr
I
1
34
35
"'Berets Corporation
916 Feb
pitney-Bowee Postage
600
_•
6
31
13(
34 Mar
preferred_ ___
134
_ in
June 8%
7
334 Apr
Mar
5
2%
634 1,500
Meter
,
For footnotes se. page 567.
.,
New York Curb Exchange-Continued-Page 4
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
Range Since
Jan. 1 1935
STOCKS
(Concluded)
Low
High
Low
4211 Mar 504 July
32
915 Mar
1414 July
5
Jan 107
Feb
103
811
Apr
4
34 Mar
315
100
1011 June 1515 Mar
74
50
Jan
155 May
2
1
94 July
611 Jan
100
43,5
351 Feb
July
1
15.1
2,600
Mar
10
250
1434 Jan
54
255 Mar
44 June
255
Mar 45
July
40
100 34
151 Jan
1,500
55
4 Apr
14,20030 2.10 104 Jan 25
June
24 Mar
3
Feb
14
Jan 364 Apr
7,200 9 19% 31
4555 Jan 58% Feb
150 324
Feb
2
315 May
1
200
Apr 97
July
89
89
High Shares
Low
Steel Co of Can Ltd
•
Stein (A)& Co corn
•
634% preferred
10(1
Sterling Ilrewers Inc____. 1
Stetson (J B) Co com____.
Stinnes (Hugo) Corp
5
Stroock (S) &Co
*
Stets Motor Car
•
Sullivan Machinery.___ .0
•
Sun Investing corn
$3 cony preferred
•
Sunray OIL .
1
Sunshine Mining Co__10e
SwanFInch 011 Corp_ _ 15
Swift Internaclonai
lb
Swiss Am Elea pref____I00
Swiss 011 Corp
1
Syracuse Ltg 8% pret_mo
July 1
Sales 1933 to
for June30
1935
Week
144 1411
315 3%
1055 1034
951 934
131
1
1055 1055
45
134
45
134
2151 234
324 33%
51
53
255 255
300
Taggart Corp corn
155
151
14
100
•
Tampa Electric Co com • 32% 35
1,000 213%
Technicolor Inc corn
711
• 194 214 7,900
Teak-Hughes Mince__ _ 1
354
4
451 3,600
Tenn El Pow 7% 1st pt-100
45
Tenn Products Corp corn.
11
Texas Gulf Producing.
._ _*
34
24 34 3,500
Texas P & L 7% Dref__100
75
'l'exon 011 & Land Co__ •
54 531
300
454
Thermold 7% pref
loci
20
Tobacco Allied Stocke____• 664 6655
125 3751
Tobacco Prod Exports_ ..•
24 251
100
51
Tobacco Securities Trust
Am den rats ord reg__£1
1854
Am den rats dot reg__£1
555
Todd Shipyards Corp_ _• 2635 204
100 18
'Toledo Edison 8% pref
51
preferred A
100 104 104
10 584
To7%
nopah Belmont DeveLl
4
Tonopah Mining of Nay __I
55
55
300
55
Traria Lux Plat ScreenCommon
1
255 24
134
500
rri-ContInental warrants__
13%
700
135
55
Triplex Safety Clam CoAm dep rats for ord reg.._
200 1151
17% 173%
Tri-State Tel&Tel 6% pt 10
19 73%
'triton Pork Stores
.
714
Tubize Chatillon Corp_ __I
700
355 355
3
Class A ----- __ - _ ____ I _________ _ ___
954
Tung-Sol Lamp W-orks_•
24
451 45 9:100
$3 cony Prof
1,500 12
• 3655 42
4
2255
1111
3%
48
316
29,4
75
5
224
60
134
June
Mar
Jan
Jan
Feb
July
July
Feb
Mar
May
Mar
Feb
1%
35
27
434
7915
34
454
93
6%
35
67
24
Jan
July
June
Mar
July
Jan
May
July
Jan
May
May
Jan
Jan
1951 Apr 24
Jan
7
July
5
Apr
23% Jan 33
May
Jan 95
68
July
Jan 104
83
14 Apr
35 Apr
151 Apr
54 Feb
Apr
2
54 Mar
164
1055
7
3
1014
34
29
July
June
July
Apr
July
Apr
Jan
351 Feb
14 May
173%
104
9
634
18
611
42
Feb
Apr
Jail
Jan
Jan
July
July
Unexcelled Mfg Co
214 May
251 Mar
2
300
251 215
10
Union American Inteit___• 22
Jan
194 Mar 23
200 16
224
Un El Lt &Pow 6% ptd 100
10355 10334 June 10334 June
Union Gas of Can
634 Jan
4
May
400
435 44
8
•
% June
Un 011 of Calif rights
36 June
4
Union Tobacco corn
•
l”.
4 Jan
31 Jan
Union Traction Co
59
zi 3%
Apr
4
5
June
United Aircraft Transport
Warrants
Jan
311 Mar
6
3
United Carr Fantener_• 184 184
1951 May
14.14; Jan
534
200
United Chemicals corn___•
755 July
255 Mar
74 751
24
100
$3 CUM & part pret
214 Apr 384 July
200 13
• 37
3834
II..., I 'ore warrants
51 Mar
"is June
55
1,400
55
51
United Dry Docke com •
7is Jan
11z Apr
its
United Founders
55 Jan
1 i Mar
55
51
1
55 13,100
United Gas Corp com
.31 Mar
355 July
I
355
355 32,100
it
Pref non-voting
July
Mar 80
35
• .733,4 754 3,100 15
Option warrants
31 Mar
916 July
51
'is 4,400
716
United (; & E 7% pret_100
July
46
Jan 80
64
United Lt & Pow coin A_'
11 Mar
14 July
1
154 3,700
%
Common class B
July
2
Feb
1
1
1,300
115 2
•
$6 cony let prat
355 Mar 123% July
315
1235 6,700
9
•
Wilted Milk Products_.
3
Jan
451 July
3
150
4
4
$3 preferred
•
Jan 3831 Apr
29
20
United Molasses CoAm Sop rcts ord ref.__ £1
54 Jan
434 Jan
4% 451
24
200
United Profit-Sharing__ •
1y, Apr
54 Mar
155 14
200
4
Preferred
Feb
734
7% Apr
6
10
United Shoe Mach com_25 8251 8435
Jan 85
July
71)
500' 47
Preferred
Jan 4055 July
100 3051 38
25 39
39
it S Dairy Prod cl 13
*
U S Elea Pow with warr_..1
Warrants
U S Finishing corn.
•
llti Foil Co class B
1
11 S Intl Securities
•
lot pref with warr
•
U S lines pref
•
11 8 Playing Card
10
ti S Radiator Corp com_ •
7% preferred
100
11 S Rubber Reclaiming •
United Stores v t a
•
Un Verde Ex1ension_5ne
United Wall Paper
2*
Universal Congo' OIL _10
Universal Insurance
8
linlyersal Pictures corn_ _1
Universal Products
•
Utah Apex Mining Co.._s
Utah Pow & Lt $7 pref._ •
Utica Gas & Elea 7% p1.100
Utility 1i:unities Corp____.
Priority stock
•
Utility & Ina Corp
•
Cony preferred
•
(411 Pow & 1.t corn
1
7% preferred
100
11
35
55
124 134
151 14
6234 64
4
11
3531 3551
10
1051
N
254
isie
3
13
94
1651
14
231
215
634
61
1
51
9% 11
A
4
1
54
54
3,800
51
800
400 3934
lie
100
50 • 1434
155
75 • 5
55
55
300
2,400
214
1
27 1.20
54
1
300 16 434
500
34
1334
77
2,700
51
30
175
34
•
34
9
3,200 9
31
351
400
100
Venezuela Met 011 Co_ _ Ill
14
Venezuelan Petroleurn_5
58
131 3,700
1
Vogt Manufacturing_____• 114 12
251
200
Waco Aircraft Co
354
1,000
54 6
•
Want & Bond cl A
334
300
04 94
•
Class B _
55
* _____
Walt/rem Co warrants
55
205
4
4
Walker Mining Co
ft
I
Wal k art illenni)-Clooderh'm
& %Vona Ltd corn ____• 26
22,000 2054
31
Cumul preferred
1,200 124
• 1755 18
Wendell copper
1
I16
34 3,600
34
Weetern Air Express
2
200
251
23,6
1
Western Auto Sum), y A.. 5351 5351
100 17
Western Cartrilge pref _100
621
Western Maryland ItY
7% let preferred__ _ _100 54
60 35
56
Western Power 7% pref 100 9854 984
20 65
lVetItelM Tab & Stat y t e_• 144 1451
84
100
Westmoreland Coal Co_ •
Cl 411
wentvaco Chlorine Prod7% preferred
60
100
West Va Coal & Coke____'
55
43-4 9,100
33-4
Williams(R C)& Co
200 IC)
74 934
•
Within 011-0-Matic Heat _•
100• 251
4
4
Wil-kw Cafeterias Ina__.1
55
51
200
35
Cony preferred
254
•
For footnotes see page 567.
14 July
35 Jan
'32 Jan
51 Mar
1035 Mar
51 Mar
514 Apr
51 Apr
3011 Mar
114 June
July
10
55 Feb
51 Mar
231 Apr
151 July
311 Jan
Jan
7
4 June
13
July
51 July
16
Jan
Apr
84
75 Mar
4351 Jan
X'May
1
Mar
34 Feb
351 Mar
0,6
54
2
2
1374
14
64
51
3854
3
17
31
151
415
254
655
16
555
16%
151
31
95
24
634
51
151
131
1414
Feb
Jan
Jan
Jan
Jaa
June
July
Feb
May
Feb
Jan
Feb
Jan
June
Jan
Feb
July
June
July
Jan
May
July
June
July
Jan
Apr
June
June
Mar
Jan
Jan
Mar
Feb
Mar
July
Jan
3
1%
12
616
9%
151
114
155
May
May
May
July
May
Stay
Feb
May
2355
1651
6
2
48
98
Apr 3255
1811
Jan
34
June
Jan
311
804
July
Jan 102
Feb
Mar
Mar
Feb
Mar
July
4655
7451
12
7
Mar
1uitr
Feb
Jun
63
834
1434
751
May
May
June
June
99
3
7
3
51
214
Jan 105
5
June
July
1751
Apr
4
Ma
Isis
June
6
June
Apr
Jan
Apr
Feb
Jan
114
916
8
354
451
54
51
4
Week's Range
of Prices
565
July 1
Sales 1933 to
for
June30
Week
1935
High Shares Low
Par Low
Wilson-Jones Co
9
•
Wolverine Port Cement_10
• 116
44 54 3,000
Woodley Petroleum
2
1
Woolworth(F W) LtaAmer deposit rats. __54 2751 2711 3,000 1734
7% 10,000
Wright-Hargreaves Ltd_•
73%
53%
114
Z
1% 3,300
It•
Yukon Gold Co
BONDSAbbott's Dairy Oa____1942
Alabama Power Co1946
let & ref bs
1951
lot & ref 53
ma
1s0 & ref be
1968
let & ref bs
1967
let & ref 4501
Aluminum Coo f deb be '52
1952
5s called
Aluminum Ltd deb ba_1948
Amer Com'ity Pow 54z 53
Amer & Continental 581943
Am El Pow Corp lien 6157
Amer 0 & El deb 5.1_2028
Am Ga•& Pow deb 08_1939
Certificates of deposit
Secured den 5s_ _ . 195$
-Certificates of deposit.
Am Pow & Lt den 6,_2019
Amer Radiator 4548_1947
Am Roll Mill deb 5s__1948
Amer Seating cony 63-1936
Appalachian El Pr 53_1955
Appalachian Power 53_1941
Deb 15s
2024
A rkaneaq Pr & Lt bei 1958
Associated Elea 4 46--1953
Associated Gas & El Co1938
Cony deb 551s
1948
Cony deb 454a C
Cony deb 44e
194?
Registered
1950
Cony deb be
1968
080 50
1977
Cony deb 54e
Assoc Rayon Se
1950
Assoc Telephone Ltd 5: 65
Assoc T & T deb 541 A '55
Assoc Telep UM 5319_1944
Certificates of deposit
1933
6fi
Ctts of deposit
Atlas Plywood 5545-1943
Baldwin Loco W Sow was
ris without warr____1938
Bell Telep of Canadalet M bs striae A---1956
1.4 MO:aeries B___I957
51 series C
1960
Bethlehem Steel 68-1998
Binghamton L H & P 5s •40
Birmingham Elec 41511960
Birmingham Gas 58_1959
Boston Consol Gas 513_1947
Broad River Pow 58_1954
Buff Gen Elea 56 ____1939
1956
Gen & ref te
Canada Northern Pr be '53
Canadian Pac Ry 63_1942
Capital Adminis 58-1953
Carolina Pr & Lt Es ___1958
Cedar Rapids M & P5:'53
Cent Ariz Lt & Pow 5: 1900
Cent German Power 631934
Cent III Light bs_ __194a
Central III Pub Service
- ma
bn series E
lst & re! 4/i9 ser F_1967
benefice0
1913?
1981
44% series H
Cent Maine Pow bs D-1955
1957
44s series E
Cent Ohio Lt & Pow 5s1950
Cent Power be car D__1957
Cent Pow & Lt lot 51_1956
Cent States Elea 51_1948
551s ex-warr
1964
Cent Staten P he L 534s. Cl
ChicDlotElacueo4%e'76
Chic Jet Ry & Union Stk
Yards 59
1940
Chic Pneu Tools 550_1912
Chic Rye bs etre
1927
Cincinnati St Ry 515s A '52
63 series B
1955
Cities Service 5s
1968
Cony deb bs
1950
Cities Service Gas 555e '42
Olden Service Gas Pip
Line Se
194
Cities Sere P & L 53401912
5.45
1945
Cleve Elea III let 511_193
55 series A
1054
Si, series B
Mil
Commerz & Prlvat 5554 '37
Commonwealth Edisonlet M 55 series A-1953
1st NI 5s series B___1954
jet 450 series c.__1950
let 155s series D__1957
1s1 4%e series E___19150
lot M 40 eerie, F___1981
54s eerily!0
1962
Cone wealth Subsid 548'48
Community Pr ee Lt 581957
Connecticut Light & Power
a series A
1951
54/ serles B
1954
4 4‘merle.; C
1956
ba series D
1962
Conn River Pow 56 A 1957
Consol Gas (Salto CRY/5*
1939
Gen mice 455e
1954
Consol Gas El Lt & P (Bait,
1970
A 51e eerie! H
lot ref: t as
1981
Corpfol Gas Util Colet & 001115s err A__1943
Cony deb 84g w w _1943
Consolidated Publishers1939
735s stamped
Consumers Pow 11141_..1958
1936
Ist & ref 50
Conti Gas dr El Ss_ _1058
crane Co 5/ _ _ Aug 1 1040
Range Since
Jan. 1 1935
Low
Jan
18
311 June
34 Jan
High
2755 May
314 June
May
6
Mar
24
754 June
14 Mar
2855 June
Mar
10
234 July
$
86% 102
1034 104%
964 974
96% 97%
914 92%
864
85
107% 107%
1054 105%
1024 102%
14 115
101% 1014
144 15%
105 105%
384 39
384
38
324 33%
3355
33
89% 90%
104 104
994
99
98
96
105 10551
1074 107%
1094 110
9455 96%
11.4 47%
45,000
73,000
20,000
35,000
103,000
18,000
7,000
23,000
1,000
1,000
10,000
213.000
12,000
19,000
2,000
23,000
266,000
5,000
129,000
114,000
45,000
11,000
17,000
74,000
190,000
Jan 104% Mar
63
8831
544 83%
55
8351
73
474
445: 664
92% 1053%
10531
59
97%
134
111
8
93
731
755
89%
34
134 18
3251 324
124
1754
2831 284
5014
383%
973 1034
62
9435
41
74
64
101
99
1054
58
8415
50
7351
204 2954
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
July
Jan
Mar
Jan
Jan
June
Jan
May
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Feb
104%
101%
1014
954
90
107%
1054
102%
351
102
174
10571
39
39
35%
3531
9031
106
100
9934
1064
109
lit
98
53
July
July
July
July
July
July
July
July
Apr
Am
July
June
July
July
July
July
July
Feb
Jan
July
May
Mar
June
July
July
12
951
94
Mar 30
Feb 2951
Mar 2955
July 2251
Mar 314
Mar 304
Mar 32
Apt 754
Jan 105
Jan 754
Jan 254
Jan
2534
Jan 43
Jan 42
Mar 80
June
July
July
July
July
July
July
Feb
June
Feb
July
July
July
July
Jun
2851
214
2134
223%
224
22
25
664
25,000
31
244 13,000
26 180,000
2.000
223%
2731 122,000
273% 213,000
30
68,000
684 10,000
il
113%
11
384
7355
22
214
414
42
79%
75
25%
25.4
4155
42
8051
31,000
55,000
124,000
2,000
1,00
20,000
34
9
8
134
134
47
144
13
11
2211
124
12
1455
60
99
5754
1451
1434
20
20
78
615.1 51,000
46
4355 58% 199,000
3231
3054
3255 Apr
3054 Ain
10434 10434 10,000 763%
1134 13334
11651 11751
11855 119%
136 13651
1064 10834
8955
87
7355 75
8,000 98
40.01)0 97
11,00
97%
6,000 102
4,00
7651
127,000 4531
42,000 384
1024
74,000 29
13,000 1024
1,000 102
12,000 71
53,000 98
6,000 65
87,000 4634
5,000 9434
36,000 7255
334
4,000 99
81
08
Jan
Jan
11534
1184
11934
138
107
9114
78
109
9134
10954
110
103
11214
1014
10054
112%
1054
4455
10951
Apr
Apr
July
July
July
JIMA
MayJan
July
Jan
Mar
July
Jan
May
May
Mar
July
June
Mar
964 9755 18,000
9014 91% 124,000
42,000
9535 06
91% 924 22,000
104 1044 37,000
10055 101% 18,000
97% 9855 25,000
864 8751 30,000
814 81% 112,000
4051 424 107,000
4155 4451 300,000
70,000
67
65
1043.5 105 116,000
60
7634 Jan 9951
4555 67
Jan 9251
49
Jan 9754
75
46
6751 Jan 9234
80
Jan 10555
101
72
9531 Jan 10254
554 72
Jan 983-4
3754 59
Jan 8751
3754 594 Jan 824
25
26
Mar 1551
2555 2555 Mar 43
20
4854 Jan 6951
9251 Jan 10535
62
July
July
May
July
Apr
May
July
July
July
July
July
July
July
109%
101
77
8615
90
52
5234
90
2,000
30,000
21,000
20,000
3,000
22,000
785,000
77,000
90
5151
43
4034
47
2854
283%
4374
100 10055 38,000
4534 495.1 177,000
4616 494 119,000
55
2655
2755
894
106%
10651
101%
1104
100
9611
11231
10451
913%
10751
106%
102
11151
10031
9734
11251
105
10755 108
10914
1014
7751
87
90
5451
5651
91
1094
1114
1124
12651
10271
6951
66
106
70
1084
105
97
105
884
834
11054
89
39
108
10534
8734
8551
58
661-4
3034
2954
63%
Mar
Feb
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
APr
Apt
Mar
Jan
Jan
Jan
Jan
Mar
Apt
Jan 1104 May
Jan 102
July
Jan SO
June
Feb 87
July
Feb 90
July
July
Slur 58
Feb 5951 July
Jan 9251 July
8451 Jan 10031 July
2655 Feb51
July
274 Feb5111 July
102% 1024 31,000 103
1024 July 106
1054 10534 14,000 10134 1054 July Ill
10835 July 114
102
38
36
3,000 33
July
36
47
11251
1124
1094
1094
33,000
22,000
18,000
42,000
8834
864
8034
794
8051
6955
9255
54
3334
1094 Jan 113% July
Jan 113
June
109
10531 Jan 111
July
10451 Jan 11055 July
10171 July 1084 Apr
9454 Jan 104% July
105
July 109
Jan
85
Jan 10251 July
5155 Mar 72
July
112
10711 3,000 104
10931 3,000 9854
17,000 102
107
7,000 8751
10551
1194 Jan 1224 June
10714 July 112
Jan
10855 Jan 110
July
106
May 1094 Jan
103% Jan 1063-1 June
11355
1124
110
110%
104% 104% 151,000
10051 1014 71,000
693% 7154 129,000
10711
109
10851
10551
103
III
9955 11411
10654 10655 35,000
1073% 10855
4,000
17,000
7655 80
16
1734 23,000
97
109
10174
70%
1034
Mar
Feb
Jan
Feb
97
10934
10175
74%
1034
Jan
Jan
0651 10654 July
8874 1063% Jan
33
43%
51
44
Jan
Jan
113
May
12031 July
Ill
112
Ann
July
80
July
2255 May
2,000 70
Ma
June
87
97
23,000 88
1074 Jan 1094 Mar
11,000 1004 101% July 104
Jan
288,000 33
42
Jan 7611 July
13.000 774 102
Jan 104
July
New York Curb Exchange-Continued-Page 5
566
BONDS
(Corutnued)
1940
Crucible Steel 15a
Cuban Telephone 7Hs 1941
Cuban Tobacco 5e__ _1944
Cudahy Pack deb 54
51937
.
1948
s 155
Cumberld Co P& L 434e*56
Dallas Pow & Lt 8s A_1949
1952
56 series C
Dayton Pow & Lt 5s _ _1941
Delaware El Pow 546_;59
Denver Gan & Elea 58_1949
Derby Gas & Elee 5s _ _1946
Det City Gas 65 ser A.1947
Is let series B
1950
Detroit Internal BridgeAug.1 1952
814s
Certificates of deposit_
Aug 1 1952
Deb 7e
Certificates of deposit_
Dixie Gulf Gas 830-1937
Duke Power 434e
1967
Eastern Util Invest 5a_1954
EleoPower& Light58_2030
Elmira Wat,Lt &RR 55'56
El Paso Elects A.._1950
El Paso Nat Gas644-1943
With warrants
1938
Deb 643
Empire Diet El 5s____19132
Empire Oil& Ref 54519{2
Ercole Marelli Elea Mfg1953
1314e A ex-warr
1967
Erie Lighting &
European Elea Corp Ltd1955
634. x-warr
European Mtge Inv 7e C137
Fairbanks Monte 511_1942
Farmers Nat Mtge 713_1963
Federal Sugar Ref 64_1933
Federal Water &Iry 530'54
Finland Residential Mtge
Banks 53-13eStamped1981
Firestone Cot Mills 515.'48
Firestone Tire & Rub 5(1'42
Fla Power Corp 5348_1979
Florida Power & Lt 511 195y
Gary Elea & Gas 15e ext.'44
Gatineau Power let 5+11956
Deb gold 68 June 15 1941
1941
Debasseries B
19/11
General Bronse fle
General Pub &sift% 1953
Gen Pub Utll 6341 A_1996
General Rayon Oe A-1948
Gen Vending 158 ex war '37
Certificates of deposit__
Gen Wat Wks & El 68_1943
Georgia Power ref 58_1987
Georgia Pow & Lt 5s._1973
Gesfurelas I-warrants 1933
Gillette Safety Rasor 5/1 *46
Glen Alden Coal 45-1995
Gobel (Adolf) 043_1985
with warrants
Grand Trunk Ry 13143 1936
Grand Trunk West 43_1960
Gt Nor Pow 58 stmp__195t,
Great Weetern Pow re 1948
Guantanamo & West Si'58
Guardian Investors 543.1943
1947
Gulf Oil of Pa 5s
Gulf States Util 5e_ -1956
1961
4343 Medea B
July 1
Week's Range Sales 1933 to
of Prices
for June30
Week
1935
Low
High
101 1013.4
8311 834
43
43
10314104
10314 104
1034 10434
108 108
1054 10514
10714 10731
10114 102
1084 1084
97
98
1034 103%
984 99
316
3
2,000
8,000
102 102
10734 10731
7,000
2,000
311
234
6634 69
10014 101
10111 102
10134 10216
882,000
5,000
24,000
4,000
924 9331 38,000
72,000
68
70
10534 1054
3,000
904 914 13,000
4516 8,000
44
5,000
104 104
6515 67
26,000
3,089
99
99
1034 1044 36,000
1033410414 22,000
9431 964 100,000
8814 90% 201,000
18,000
8034 82
8734 8936 163,000
7434 784 34,000
7434 764 14,000
9234 9231 2,000
8916 8914 1,000
7134 724 23,000
1.000
55
55
1,000
1334 15
94 15
34,000
80
8334 50,000
9535 97 252,000
734 7531 40,000
3334 3334 2,000
10231 102% 17,000
8936 9016 170,000
81
8716
1023,4 10234
914 9235
108 108
10736 107%
40
40
3931 41
1064 10816
105 10534
10011 102
Hackensack Water 54-1938 11034 11031
1977
54 series A
73
Hall Print(Is ramp.._1947 71
Hamburg Eleo 7s_ _ _1935
Hamburg El Undaritra0a0
1038
& St Ay 548
Hood Rubber 530-1985 100 100
1936 10034 1003.4
73
Houston Gulf Gan 63 1943 10231 103
816s with warrants_1943 9634 97
Houston Light & Power1953 10536 10511
1st Sneer A
1978 10436 10114
1st 44e ser D
1981 10111 10534
1st 4)1s sec E
1950 11331 113%
Hydraulic Pow 5s
1951 10734 107%
Ref & Impr5s
Hygrade Food 63 A.- _1949 5716 58
1949
6s aeries B
1947 10733 10831
Idaho Power es
Illinois Central RR 651987 6734 6734
III Northern Util58_1957 10634 10811
III Pow & L let 13a ear A '53 9834 99%
95
lit & ref 5315 ser B.1954 94
let & ref 5e ser C ___ 1959 9034 9354
85
St deb 514e __May 1957 83
Indiana Electric Corp1947 9011 9334
68 series A
1953 9231 95
61115 series B
1951 8034 8334
58 merles C
Indiana Gen Serv 5s_ _1948 10734 10734
88
Indiana Hydro-Eleo 5s '58 87
Indiana & Mioh Eleo 55'55
1957
54
Indiana Service 53____1950 6216 6511
85
let lien & ref 5.___1983 82
Indianapolis Gm.asA.1952 102% 1034
IndMolis P & L 54 ser A '57 10434 105
IntercontInenta Power138 series A ex-w___1948
3
3
InternatIonalPower Sea634e !erica C
65
1955 58
7s series E
1957 61
69
7s series F
1952
International Salt 58_1951 1073-4 10734
International See 5a _ _1947 8634 8734
Interstate Irn & SD 454s'48 9834 9934
Interstate Power 55_1957 8034 8174
Debenture fle
1952 6094 6334
Interstate Public Servicebowies D
1956 7734 794
416e serge F
1958 7234 75%
Invest Co of Amer1917
5e series A w w
100 100
without warrants
Iowa-Neb L & P 5a---195i 10234 103
5s earns 13
1961 10234 103
Iowa Pow & Lt 4Sim_ _ 1958
Iowa Pub Serv5a._ _1957 9911 10034
tearer, Hydro Else 78- 1952 51
54
72
gotta FranshInl 73_ _ _1942 72
Italian Superpower of Del
53
Deb Os without war_ 1953 48
JaCknOnville Gas 5m __.1942
53
5434
Stamped_ _ .
For footnotes see page 567.
Low
5
42,000 804
2,000 50
3,000 35
17,000 934
16,000 102
9,000 65
1,000 1004
1,000 94
15,000 994
25,000 65
1,000 924
43,000 5614
32,000 76
59,000 6714
Ranee Since
Jan. 1 1935
Low
954 Apr
614 Mar
40
May
10314 Mar
10331 Mar
9534 Jan
10134 Apr
1044 Feb
1054 Apr
8614 Jan
10534 Jan
83
Jan
99
Jan
914 Jan
59,000
7,000
3,000
14,000
4,000
Apr
Apr
Apr
Apr
May
Mar
Jan
July
July
June
Jan 104
Jan 1004
Jan 944
Jan 71
June
June
July
July
5634
25
45
41
91
9034
67
54
Jan
5814 5814 June 69
Jan 1064 July
100
78
6934
24
58
3811
134
16
85
8434
9614
46
14
3134
57,000
21,000
61,000
67.000
4,000
7,000
10,000
6,000
25,000
59,000
111,000
43,000
16,000
43,000
Jan 98
Apr
Apr 5531 Jan
Jan 104
July
July 5534 Jan
231 May
Feb
Jan 8734 July
984 Mar 100
88
10214 June 1054
85
103
Apr 1054
89
Jan 97
76
48
4494 884 Jan 914
13834 8331 Jan 87
714 7934 Apr 9935
Apr 9911
60
130
5934 5934 Apr 9814
8116 Mar 94
55
74
Mar 94
54
2336 514 Jan 74
55
July 674
88
15
4
Jan
2
4
Jan 15
2
8834 5634 Jan 84
5434 8114 Jan 100
5611 Jan 80
40
80
314 May 584
1024 July 10534
93
844 Jan 92
58
Apr
Mar
Mar
July
July
July
Jan
Jan
Jan
Jan
July
July
July
July
July
July
July
July
Jar
Feb
Mar
9311
10516
9354
1(8
108
5214
4194
10731
10534
10231
Feb
Jan
July
July
July
May
July
Jan
July
July
Apr
July
May
Feb
Jan
Jan
Mar
Apr
Jan
Jan
9831 10831 Jan 11134 July
Apr 1064 Feb
105
98
oo July 7734 Apr
67
Feb
37 June 51
37
28
55
65
40
294
31
84
37
93
75
May 414 Feb
Jan 10131 July
Jan 10231 July
Jan 103
June
Mar 9914 June
1044
10216
104
11134
10534
47
23
10531
80
10234
7554
6914
8844
57
Apr
Feb
Jan
Jan
Mar
Apr
may
Jan
Mar
Jan
Jan
Jan
Jan
Jan
107
10534
10811
114
10774
644
63
109
mg
10734
100
9534
94
85
Mar
Mar
Mar
July
June
Jan
Apr
May
Jan
May
July
July
July
July
5434 54
88
58
80
45
10731
93
am
44
99
70
8834 10734
2314 384
35%
22
80
68
9754
73
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9336
05
8336
1074
91
108
112
6514
65
10334
10534
July
July
July
Mar
July
May
July
July
July
July
July
7,000 9134
1,000 79
30,000 80
1,000 1003.4
3,000 100
11,000 404
42
9,000 88
50,000 80
3,000 8234
126,000 48
50,000 48
113,000 4234
43,000 3234
60,000
46,000
81,000
3,000
15,000
High
10116 July
854 June
484 Jan
104
Jan
1074 Feb
1044 May
1104 Mar
107
Mar
109
Mar
103
July
10834 July
9834 July
10474 Feb
99
Feb
74
Jan
3
234
7
2
Jan
134
234
34 Jan
14
14
31 Mar
34
76
10134 Jan 10334
Jan 10834
105
85
June 164
10
10
3334 Feb 7135
22
8514 Jan 101
55
894 Jan 10334
64
70
77,000 89
8,000 9834 10234
8631
25,000 63
12,000 1024 10231
8,000 934 107
1731
5,000 10
25
17,000 24
105
13,000 97
9431
40,000 82
8734
22,000 55
3,000
BONDS
(Continued)
131
111 Mar
58
85
724 61
60
80
8311 1044
884
13
5314 89
67
37
2834 38
41
42
52
4731
431 Mar
July 7734
July 853.4
Mar 8014
Apr 108
Jan 88
Apr 9931
Jan 8131
Jan 13335
Jan
Jan
Jan
Feb
Feb
Apr
July
May
July
July
7951 July
71334 July
61,000
7,000
1,000
92
87
Jan
Jan
91
67
Jan
88
56
Jan
513/6 88
Jan
100
72
5734 8234 Jan
July
51
84
July
734 72
56,000
69
45
July
6634 Feb
17,000
48
48
May
57
8,000
17,000
5,000
10034
1004
10311
10354
10531
1064
834
95
July
July
May
May
Anr
July
Apr
June
June
Jamaica Wat Sun 5348'55
Jersey Central Pow & Light
1947
5a series B
1961
4368 series C
Jones & Laughlin SD & '39
Kansas Gas & Elea 65_2022
1947
Kansas Power Se
Kansas Pow & Lt ea A.55
1957
5a series B
Kentucky Utilities Co1s8 mtge Sc ser H..1951
1948
13 ga series D
1955
5%Searles F
1969
55 aeries I
Kimberly-Clark 551_1943
Koppers0& C deb 56 1947
Sink fund deb 5145_1950
1945
Kresge(SS) Co 5e
Certificates of deposit _.
Laclede Gas Light 5431935
Lehigh Pow Secur 68_2020
Lexington Utilities58_1952
Libby 310/3/ & Libby 551'42
1942
Lone Star Gaa 5s
Long Island Ltg 69_1945
Los Angeles CI& E 54 1939
5s
1961
1942
134
534seeries E
1947
1943
514s series F
1949
534e series I
Louisiana Poor & LS 581957
Louisville 0& E 68-1937
1981
11349 aortas0
Manitoba Power 546_1951
Mansfield MM & Smelt1941
78 with warr
Mass Gas deb 54
195t
1948
594e
McCord Radiator & Mfgen with warrants_ 1943
Memphis P & L 5e A 1948
Metropolitan Ed 4s E_ 1971
5s series F
1962
Middle States Pet 64e '46
Middle West Utilities5s ctfs of deposit _1932
Stotts of dep
1933
5a MS of lap
1934
5e ofte of demon-1985
MItIland Valley 51.- 1943
Mllw Gas Light 445_19137
Minneap Gas LS 4.315_1950
Minn P & L 44e
1978
aa
1955
Miesissippl Pow 55.-1955
Miss Pow & LS 5s
1957
5.1188188IPM River Fuel88 with warrants
1944
Without warrants__
Miss River Pow let 56 1951
Missouri Pow & Ll 54.'56
MIN/lour' Pub Serv 54-1967
Monongahela West PennPub Serv 54 ear B_1983
Mont-Dakoth Pow 64a 14
Montreal L H & P Conlit & ref 5e ler A...1961
88 gala B
1970
Munson El S 8343 vrw-1937
Narragansett Elea 53 A '57
Si series B
1957
Nassau & Suffolk Mg rat *46
Nat Pow & LS f3s A-2028
Deb 51 series B
2030
Nat Pub Serv 59 etfs...1978
Nebraska Power 4148.1981
6s series A
2022
Nelener Bros Really Gs '48
Nevada-Calif Else 58-1956
New Amsterdam Ga lie_•48
N E Gas & El Assn 511_1947
1949
Cony deb Se
1950
Cony deb 53
New Eng Pow Assn 56_1948
Debenture 5411
1954
New Orl Pub fiery 631e'35
as stamped
1942
asserted A
1949
N Y Central Else 53451 '150
N Y & Foreign Inv 5343'48
N Y Penn & Obio 44151950
NY P&L Corp let 4165'67
N Y litateG & E 445_1980
lin 534e
1962
N Y & WeetolVr Ltg 142004
Debenture 5e
1954
Niagara Falls Pow 651_1950
58 fiance A
1959
Nippon El Pow 5318_1953
No Amer Le& Pow 5a_1938
548aeries A
1959
Nor Cont U111549_1948
No Indiana 0& E 8s.1952
Northern Indiana P f3-19611
58 serlea C
5seerteaD
1969
1970
434e series E
No Ohio P & L 530-1951
Nor Ohio Trao & Lt Si '513
NO Sterol Pr ref 430_1981
531% notes
1940
N'western Elect 6e
1935
Certificates of deposit _ _ _
N'weatern Power Os 6-1980
Certificates of daimon__
N'western Fub Seri 5s 1967
Ogden Gas 55
1940
Ohio Edison let 515_1980
Ohio Power 1st 5s B 1952
1st & ref 4318 ser D 1956
Ohio Public Service Co6s merles 0
1953
55 aeries D
1954
590 mien E
1961
Okla Gas & Eleo 511-1950
Os series A
1910
Okla Power & Water 53 '48
1941
Oswego Falls Se
Pacific Coast Power 5a 1940
Pacific Gas & El Co1941
lst 68 serlea B
15e series D
1955
1st & ref A %a E____1957
lat & ref 414e F__ _19/10
July 27 1935
July 1
Week's Range Sales 1933 to
of Prices
for
Juna0
Week
1935
Low
107
frioh
10734
Range Since
Jan, 1 1935
High
Low
Low
$
6,000 9614 1054 Apr 108
Mar
105 10514
10414 10414
1064 1064
11314 1144
9614 984
105 1054
10414 105
22,000 77
10134
64,000 7014 9334
8,000 1024 1084
15,000 614 90
7734
11,000 65
11,000 8014 105
100
7.000 70
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10514
105
10714
115
9814
10714
107
July
July
July
July
July
Mar
July
89
99/1
9234
89
10334
103
1044
62,000
11,000
16,000
65,000
2,000
33,000
22,000
824
46
73
55
69
50
4534 624
8214 102
10134
72
103
76
Jan
Jan
Jan
Jan
Jan
Feb
Feb
914
105
98
92
10334
1044
10534
July
July
July
July
July
June
June
10034
5634
9136
75
9814
101
954
10534
10334
108
107
1044
10534
884
100
104
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
July
Jan
Mar
Jan
1034
834
108
1004
104
10434
10534
1084
1074
110
10931
1074
110
1034
103
10814
Feb
July
June
July
Apr
May
July
Mar
Feb
Feb
Feb
May
Feb
June
June
Apr
July
9034
10014
9431
90
1034
10334
105
1024 10216 7,000 85
8316 28,000 50
79
1074 1074 77,000 54
10,000 5434
9734 98
10311 10314 41,000 57
1033410334 8,000 8216
10534 10534 6,000 65
1084 1064 2.000 100
10731 10731 13,000 8734
1094 10934 1,000 9934
1,000 94
109 109
10514 1054 5,000 94
32,000 94
1054 108
100 10134 100,000 514
102 10236 7,000 90
7,000 79
107 107
664 Feb
5011 524 60,000
2234
50
364 384 1,000
9034 9134 57,000
9434 953.4 76,000
33
70
80
33 June 364 July
June
854 Mar 96
8711 Mar 10214 Jan
33
70
63
73
46
854
103
10234
10634
8694
89
10334
10234
1074
8831
14,000
58,000
66,000
14,000
23,000
834
834
815
84
80
10734
1044
9514
100
89
9094
994
916
911
9
81
1084
105
9611
10131
91
9234
13,000
14.000
69,000
38,000
15,000
38,000
8,000
97,000
43,000
30,000
178,000
102
102
10734
10736
53
1,000
102
10234 14,000
10836 10,000
1,000
10736
554 75,000
1033.4 10434 78,000
874 8716 1,000
13,000
10531 107
107 1074 90,000
87
904
89
10034
58
July
May 89
Jan 1044 June
July
Jan 103
Jan 10736 July
Jan 883.4 July
34
5
44
34
416
316
34
434
8234
53
100
107
67
9434
54
7934
5834 884
8534 UN
40
72
Jan 1034 May
Jan
1034 May
Jan 1034 May
1011 May
Jan
July
Jan 82
Feb 10834 Jan
July
Jan 105
Jan 9674 July
Jan 10131 July
Jan 9134 July
Jan 92.4 July
94
Mar
89
Mar
854 94
9536 1084 Jan
704 1014 Jan
4134 Mar
33
Apr
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Mar
Mar
Mar
Jan
July
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
June
Apr
Feb
Jan
Mar
Mar
Jan
10616
10534
1044
984
87
9
111
11834
10234
824
10936
71
71
7031
81
85
88
824
6334
974
9231
10714
10531
10294
1084
106
112
110
10934
90
10211
7134
44
10811
Feb
Feb
May
July
July
May
May
July
July
July
May
July
July
July
July
July
May
July
July
June
July
May
June
July
June
May
Apr
Mar
Feb
June
June
July
July
July
5141 77
Jan
524 784 Jan
4934 7134 Jan
69
10134 Jan
100
55
Jan
71
9034 Jan
69
88
Jan
54
7434 Jan
90
90 June
811 28
Jan
831 28
Jan
4734 72
Jan
1004
101
9534
107
10734
105
104
9916
9974
384
37
96
July
July
July
Apr
July
July
July
July
July
Feb
Feb
July
9116
OM
98
51
42
84
83
7011
35
54
85
84
334
3394
4814
50
3234
10534
105
103
9611
86
84
11031
11631
10211
8211
11,000
16,000
1,000
26,000
78,000
46,000
24,000
5,000
18,000
88,000
674
67
67
75
7814
6434
624
544
6914
6934
6931
77
804
664
6214
583-4
113,000
15,000
61,000
97,000
81,000
14,000
5,000
29,000
654
3934
10531
25
66
9214 6,000 55
10734 11,000 10331
1054 97,000 78
1024 135,000 5811
77
1034 4,000 81
96
10716 8,000 104
1084 1,000 9914
8,000 83
89
8134
7111 143,000 2511
424 14,000 184
10536 19,000 71
98
98
914
10634
107
1034
1034
99
9894
33
3254
94
9934
98%
9341
10616
107
10416
104
9934
993.4
33
3216
9511
22,000
18,000
43,000
19,000
1,000
102,000
68,000
22,000
15,000
5,000
5,000
62,000
10334
106
106
10411
10531 47,000
10634 42.000
10834 9,000
25,000
108
10334
10716
10811
89
mom
10934 no
10414 10434 5,000
106 10634 4,000
1044 1053.4 42,000
1024 1034 35,000
7816 31,000
77
854 8534 7,000
1054 1054 2,000
1184 11934
10611 10616
10811 1074
10834 1083-4
July
July
May
July
Feb
Jan 10431 July
88
58
4734 5731 Jan 8731 July
.
944 10434 Mar 10734 Jan
984 10534 Mar 10834 Ain
Jan
5
2 June
2
105
10434
103
95
8431
734
11034
11594
10114
8036
9214
10711
1054
1004
10334
10236
10834
10711
58
10231
103
1004
7134
614
354
10734
1014
90
67
10034
4711
48
47
5434
574
4731
624
304
77
90
10334
894
85
9934
9934
10431
10654
10534
8234
10034
4411
204
994
7334 96
Jan 10511 July
6334 9734 Jan 10816 June
88
10434 Apr 1084 Jan
8331 10411 Apr 1064 May
7034 10534 Jan 110
804 9934 Jan 105
63
1004 Jan 107
6
_
84 99
Jan 10534
03
9034 Jan 104
40_ 43
Jan 81
4514 8541 Jan 87
66
9911 Jan 106
5,000 101
3,000 91
7,000 8234
9.000 824
11134
1054
101
10094
Jan
Jan
Jan
Jan
July
June
May
July
June
July
July
July
11934 July
10834 Jan
1074 June
10714 June
New York Curb Exchange-Concluded-Page 6
Volume 141
BONDS
(Continued)
Pac Invest 5e ser A _ _1948
Pacific Ltg & Pow 5e_1942
Paolflo Pow & Ltg 58_ _1955
Palmer Corp es
1938
Park & Tilford 6s _ _1936
Penn Cent L & P 430 1977
58
1979
Peon Electric 4a F___1971
Penn Ohio Edison-.
es series A xw
1950
Deb 5% series B _ _ _ 1959
Peon-Ohio P & L 530 1954
Penn Power 5s
1956
Penn Pub Serv ea 0_1947
15s series D
1954
Penn Telephone 51: C-1960
Penn Water Pow 5s..--1940
430 serial B
1968
Peoples (las L & Cokele series B
1981
es series C
1957
Peoples Lt& Pr 59-...._1979
July 1
Week's Range Sates 1933 to
of Prizes
for .tune30
Week 1935
Low
97
117
8234
10231
99
99
103
96
9734
9234
10634
10634
10734
High
9731
117
8374
10274
99
9931
103
97
Range Sinai
Jan. 1 1935
$
Low
Low
17,000 69
87
Mar
1,000 102
110
Jan
99,000 35
5734 Jan
2,000 86
102
Jan
2,000 62
9235 Jan
96,000 67
8454 Jan
2,000
9334 Jan
70,000 5114 7434 Jan
9734 19,000
94
16,000
10634 9,000
10635 3,000
10734 2,000
3934 6631
6134
85
10334
74
9214 105
6634 100
95
so
86 10314
11334 11434 23,000 103
11034
107% 10731 2,000 so
1054
85% 8831 20,000
101% 10231 90,000
2% 3
50,000
5634
68%
134
112 11231 14,000 10414 11134
10931 111
48,000 100
10731
4434 75%
1063'
10634 10631 1,000 98
104 10434 4,000 9535 10331
44
4931 32,000 5034 44
102 102% 24,000 69
9311
107 10734 8,000 89
10531
57,000 79
9331 95
89
2634 2634 5,000 25
25
103% 10331 10,000 so
9834
8531 86% 51,000 6711 6714
9934
106 10631 12,000 72
9331
107 107% 13,000 sa
10434 10434 3,000 101
10434
34
13
5,000 41
50
41
51
8435 85% 11,000 as
7831
15,000 50
100 101
76
93% 9431 18,000 4134 76
33
29
10531 10531 6,000 824 104
12931 13034 15,000 102
118,
Quebec Power Be
1961,
Queens Sore0& E 430'58
630 series A -------1952
Reliance Managemt 5e 1954
With warrants........
Republic Gas es
1946
Certificates of d
_
Rochester Cent Pow 5e1953
Rochester ity & Lt 56-1954
Gas
Ruhr
Corp 630_ _1953
Ruhr Housing 630-1958
Safe Harbor Water 4341'79
At Louis Gas & Coke Ils'47
San Antonio P S 58 13- -'5$1
San Diego G & E 5Hs D'60
San Joaqulm L & P B'52
58 series D
1957
Saud& Falls ils
1955
Saxon Pub Wks6e_--.1937
Schulte Real Estatees with warrants_1935
ee ex-warrants
1935
sasipp(E W)Co 510_1943
Seattle Lighting 58._.1949
Serval Inc as
1948
Shawinigan W.8 P 414e'67
634s series B
1968
let 5s:metes0
1970
lst44seerieeD_- 1970
Sheffield Steel 53‘
1918
Sheridan Wyo Coal 61 1947
Sou Carolina Pow 68.1957
Southeast P & L 68__2035
Without warrants
Hon Cant Edison 5s...1954
Refunding 5e Sep 1952
Sou Calif Gal Co 1130-1961
let ref 5s
1957
534e eerie/ B
1952
Son Calif Gas Corp se Hun
Son Counties Gas 4348-'68
Sou Indiana 0& E 534e'57
Son Indiana Ry 48....1951
Sou Natural Gas64
1944
Onstamped
Stamped
frwestern AMC Tel 5s '61
Southwest0& E be A-1957
bs aeries 13
1967
10435 105
High
98
May
Apr
117
8634 July
10444 June
1003-4 June
10034 July
10534 June
98
July
100
96
10654
10834
108
10431
10634
11434
10834
July
July
Mar
Feb
July
June
June
July
Jan
72
Jan 89
July
89
Jan 10254 June
1% Mar
4
July
Phil& Electric Co 58_1966
Phila Elee Pow 530_1972
Pella Rapid Transit eg 1962
Phil Sub Coo & E 430'57
Phila Suburban wat 5e '55
Plerim'S Hydro-El 630 '66
Piedmont & Nor 5e__ _1954
Pittsburgh Coal 68
_1044.
Pittsburgh Steel 6e
1948
Pomeranian Elea es._1953
Poor & Co es
1939
Portland Gas & Coke 5e'40
Potomac Edison 15e
195e
430series F
1961
Potomac Elea Pow 56-19811
Potrero Sugar 7e
1941
Stamped
PowerCorp(Can) 434e WS
Power Corp of N Y 530'47
Power Securities 68 ...1945
Prussian Electric
-1954
Pub Sery of N H 434s B '57
Pub Sera of NJ 0%pet alb
Pub Serv of Nor linnetslet & ref 5s
Ina
5s series 0
1966
430 series D
1979
1131eseries E
1980
let & ref 430ser F.1981
6341 series H
1952
Pub Sery of Oklahoma15s series C
1961
5sseriesD
1957
Pub fiery Subeld 510_1949
Puget Sound P & L 530'49
let & ref Sc merles 0-1950
111.8 ref 430 sir D-1960
I:Ewe/tern LI & Pr 58_1957
ErWeetern Nat 088 68.1948
So'West Pow & Lt 58-2022
S'weet Pub Sere 6s_1945
Stale, Mfg as
1942
Stand Gas & Else 6s 1935
Cony es
1935
Debenture 61
1951
Debenture 6e_ Dec 1 1966
Standard Invests 53481939
Sill warrants
1937
Stand Pow & Lt61_ _1957
Standard Telep 5348_1943
Stinnes (Hugo) CorpDeb 75 ex-warr
1936
7-4% stam ped_ _1936
Deb 7s ex-warr _ _ _1946
7-4% stamped--1946
Super Power of III 435e 118
let 4345
1970
es
1961
Swift & Co 5% notes.-1940
Syracuse Ltg 545_1954
55 Berke B
1957
Tennessee Elee Pow 5s 1966
Tenn Public Service 5e 1970
Tern!Hydro Flee6%s 1953
Texas Eleo Service 56_1960
Tassel Gas ritil 6e. 10411
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
May
BONDS
(Concluded)
May
Apr
Jan
July
June
July
Jan
Jan
Apr
June
Apr
Feb
Jan
Jan
June
Jan
June
Mar
Jan
Feb
Apr
Jan
Jan
11454
11131
8511
109
10634
7534
103
1083'
9831
35
10331
8834
106%
10734
1054
66
51
8834
101
96
42
10834
132
Mar
July
May
Mar
Mar
Jan
July
Feb
Jan
Feb
July
July
July
July
Jan
May
July
Jan
July
June
Feb
May
June
10911
10534
104
103
10234
107
July
July
July
July
July
May
107% 10834
105% 105%
9934 9935
9934 10035
99% 10034
10534 10531
63,000
4,000
11,000
61,000
208,000
92,000
62
584
6334
5214
524
6914
9034
89
81
8054
80
9854
Jan
Jan
Jan
Jan
Jan
Jan
10334 10434
102% 10334
96% 98
82%
80
7634 77%
73
7431
8,000
29,000
25,000
220,000
19,000
57.000
6034
9434
9334
7934
557.4
5331
504
Jan 10434 July
Jan 104
July
Jan 9834 July
Jan 8474 July
Jan 83
July
Jan 7711 July
66
4011
374
3631
3314
42,000
99% 9934 24,000
1314
9131 9135 2,000
3.000
66
68
6435 6835 65,000
5514
14
1314
2234
100
284
23
91
394
64
9815
88
754
11334 11334
39
40
7,000
3,000
107 107% 10,000
1134 12% 45.000
69,000
102 104
10334 104
9,000
3931 3931
6,000
17
17
5,000
4234
10634
9834
9834
105
99
1053(
56%
9334
43
10634
99
99
105
9931
105%
57%
9534
9,000
2.000
58.000
7,000
3,000
11,000
3,000
16,000
34,000
964 974
1064 1064
10534 10554
10531 10634
10431 104%
10331 10334
10131 101%
10331 10334
10631 10634
494 5914
174,000
6,000
21,000
58,000
5,000
2,000
4,000
6,000
1,000
89,000
9634 9731
9734 9734
8534 8634
103 103%
102% 1034
71,000
7,000
15,000
49,000
51,000
9434
8534
8934
9931
10331
49
4934
45
453(
9434
95
43%
9534
88
90
9934
104
51
5135
4835
4731
95
95
4534
46,000
16,000
3.000
2,000
29,000
92.000
68,000
140,000
51,000
13,000
4,000
133,000
54
55
433( 45
2,000
11,000
3635 37
102 10234
10134 102
10534 10634
10134 10134
10714 10734
10834 10831
93
9511
83
8434
43
50
9931 997.4
2131 2134
20,000
27,000
98,000
6,000
5,000
1,000
1,000
44,000
18,000
33,000
128,000
6.000
101
36
101
102
86
82
40
34
Apr 10554 July
Jan 10631 Mar
May
Jan 100
Jaar
n
31
Ju
ully
9
61
y
834 J
3954 mar 6834
3134 Mar 6.
3
13612% Jan 113
Mar 4354
June 3434
26
10534 May 10931
June 1434
6
9234 Jan 105
1054 May 10834
10731 Jan 126
98
Jan 105
10834 Feb 111
38
Jan 4234
July
July
e
ar
b
Feb
June
July
July
Jan
June
Mar
Jan
Feb
Apr
11
7
Jan 20
4% 103( Feb 20
Apr
66% 96
Jan 102% July
17
July
28% Jan 45
61
Jan 10634 June
101
63% 90
Apr 9931 July
63
90
Apr 9934 Feb
78
July
Apr 105
98
6834 9131 Apr 9934 July
7714 10534 July 108% Mar
38
47
Jan 6731 July
41
Jan 9531 July
73
374
9034
9214
7834
8534
92
834
7514
9614
25
58
56
40
6414
105%
10534
9734
102
1024
101%
96%
10631
25
Jan
Jan
July
Jan
Jan
July
Jan
Jan
May
Mar
9931
108
10834
10634
1064
10534
10234
104
110
6134
July
Feb
Feb
June
Feb
Feb
Mar
July
Jan
June
81
804
6334
93
923(
Feb 9731 July
Feb 974 July
July
Jan 87
Jan 103% July
Jan 10334 July
45
714
25
60
37
49
55
77
83
103
3734 3734
374 8734
30
82
2834 31
64
8231
644 85
2511 253(
16
2334
Jan 9514 July
Jan 88
July
July
Jan 90
10034July
Jan
July 106
Mar
Jan
Feb 68
Feb 68
Jan
July
Feb 50
Mar 4331 July
Jan 95
May
Jan 95% June
Mar 4834 July
May
Jan 41
60
ao
3014
304
29
25
59
56
70
943(
1034
97
48
40
5534
eo
12
43%
34%
86
2931
86
8534
1003(
10131
106
10634
8134
7634
43
853(
1334
Apr
May
May
May
Jan
Jan
Jan
Jul
Jun
AD
Jan
Fe
Jul
Jan
Jan
56
51
53
433(
10334
10335
1063i
10434
108%
10931
10031
8534
7531
100
23
Feb
Feb
Feb
Feb
July
June
May
Jan
Feb
July
July
July
Feb
July
May
Week's Range Sales
for
of Prices
Week
Per Low
Texan Power & Lt 55_1956 104
61
1937 10534
61
2022 10234
Thermold Co es stp(1.1987
7934
Tide Water Power se_1979 95
Tietx (Leonard) 7343_1946 3634
Toledo Edison 5e
1902 106%
Twin City Rap Tr 5345'59 54%
Ulen Co deb 61
1944
Certificates of deposit...
Union Amer Inv be A_1948
Union Elea Lt & Power-.
Muertes A
1954
56 series 13
1967
4348
1957
United Elea N
United El Sen.7s x-w_1956
United Industrial 630 1941
1st s f 6s
1945
United Lt& Pow 611_1975
645
1974
514e
Apr 1 1959
Un Lt & Rye (Del) 5315'52
United Lt & Rye(Me)
63 series A
195
fle series A
197
0 El Rubber 6e
193
634% serial notes_ _ _193
634% serial notes_ _193
OH % aerial notes
1938
634% serial notee
193
635% serial notes..1940
Utah Pow & Lt es A 2022
430
1944
Utica Gas & Elea 58 D_1956
55 Series E
1952
Valvolive 011 5s
1937
Vamma Water Pow 54157
Va Public fiery 545 A-1946
let ref 61 ser B
1950
as
1946
Waldorf-Astoria Corp7.1 with warrants. 1954
Ward Baking de
1937
Wash Gee Light 5s._1958
Wash fly & Elect 4.1 _ _1951
Wasn Water Power 58_196(
West Penn Elee 5e
2030
West Penn Traction 55.60
West Texas UM 56 A _1957
West Newspaper Un 6s '44
nest United G & E 530'5
Wheeling Elea Co 5s..1941
Wine Elee Pow Le A _1954
Wise-Minn Lt & Pow 6544
Wise Pow & Lt 5e E...1956
be series F
1958
Wise Pub Serif fie A-1952
Yadkin litiv Pow 55_1941
York Rye Co 611
1937
567
High
10434
106%
10231
32
98
3634
10734
56%
5931 64
63
59
101 101
54.000
55,000
5,000
22,000
71,000
2,000
44,000
146,000
48,000
11,000
11,000
10631 10634 1,000
1,000
10635 10634
115 11534 13,000
4934 52
12,000
4131 4231 4,000
4131 4135 1,000
50
53% 241,000
5135 56% 66,000
94% 9734 10,000
7134 75 226,000
9934
51
102
101
102%
102%
10234
10234
81
10134
55
102
101
102%
10235
10334
10334
8334
103
9834
93
85
1,000
103
9934 38,000
94% 30,000
23,000
86
10
106
10534
10534
105
90
100
10
106
106
10535
10534
91%
101
78
21
105
80% 74,000
43,000
27
10531 21,000
106% 10634
105 10534
98
99
9834 99
10531 10534
105% 10534
10234 103
31,000
18,000
1,000
8,000
7,000
10,000
3,000
15,000
8,000
July 1
1933 to
Junt30
1935
Range Since
Jan. 1 1935
Low
65
87
51
55
49
25
79
19
Low
High
9431 Jan
31 July
10331 Jan 106% June
8334 Jan 103
July
67
Jan 83% May
7634 Jan 98% July
32
Feb 4034 Feb
10534 Jan 10774 Feb
4534 Jan 5834 May
83
78
4234 Apr 64
55 June 63
94% Jan 101
July
July
July
106
104
10534
10854
4931
39
39%
28
29
78
39/1
Apr
Apr
Mar
Jan
July
Jan
Jan
Jan
Mar
Jan
Mar
10834
10831
10731
116
75
42%
43
5535
5634
9834
75
Feb
Feb
Mar
July
Jan
July
Feb
July
July
July
July
5134 824
30
25
8914 10131
100%
66
9934
60
9831
60
98
60
9831
ao
55
45
5211 62
104
92
104%
91
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
lonsi
573.4
July
July
Feb
Feb
July
July
July
July
July
July
July
July
75
76
Mar 97% June
Jan 103% June
Jan 9934 July
July
Jan 95
Jan 8834 July
99
924
9014
9634
55%
35
3334
26
2614
ao
31
52
45
45
903(
9534
73
6831
664
103
102
10234
10234
10334
10335
84%
8834
10834
1094
2,000
5
Mar 104 June
434
1,000 9231 1044 Feb 1064 June
10,000 76
1004 Jan 1064 July
5,000"85
99
Jan 105;4 May
34,000 75
9634 Jan 106
June
60,000 4634 6311 Jan 9334 June
19,000 60
84
Jan 1024 July
7,000
4,000
26,000
51,000
14,000
11,000
61,000
41
63
Jan 824 May
23
21
July 59% Feb
64
914 Jan 105% July
100
May
10631 Mar 108
97
10434 Feb 106% Mar
61
94
Jae 105% July
52
June
7614 Jan 99
51
July
Jan 99
75
784 9611 Jan 106
July
634 9534 Jan 106
July
70
9414 Jan 103% July
FOREIGN GOVERNMENT
AND MUNICIPALITIESAgricultural Mtge 13k (Col)
20-year 7s _ __-1934-1946
With coupon
20-year is
1947
Baden 7e
1951
Buenos Aires (Province)7e stamped
1952
73.0 stamped
1947
Cauca Valley 7e
1948
Cent Bk of German State &
Prov Banks es B _1951
&eerier! A
1952
Danish 5311
1955
50
1953
Danng Port & Waterways
External 63.0
1952
German Cons Muffle 7s '47
Secured 6a
1947
Hanover (City) 70
1939
Hanover(Prov)630_1949
Lima (City) Peru 630-'58
Certificates of deposit
184
25
26
9,000
6334 6534 8,000
65
16,000
66
Jan
Jan
Jan
Jan
1914
21
2111 June
Apr
26
2134 June
24
July
38
3434
3531
34
2534
2734
734
54
Apr
Jan
59
74 Mar
66
70
11
so
22
39
86
May
Apr
6534 Jan
Feb
49
June
June
Jan
96
89
97
89
22,000
1,000
6334
61
9234 May
Apr
86
9814 Jan
933( Jan
55
2534
2554
354
2534
114
56
9,000
2634 23,000
2614 19,000
354 1,000
2534 2,000
1134 20,000
3634
244
214
28
2314
434
314
56
24
24
3031
2331
634
511
72
8834
37
89
34
1134
1034
124
July
July
July
Jan
May
Mar
Mar
Feb
Feb
Feb
Feb
Feb
July
July
Maranho 78
1958
75 coupon off
1968
Medellin User E
1951
Mendosa 7341
1951
48 stamped
1951
Mtge Bk of Bogota 79_1947
Issue of May 1927
Issue of Oct 1927
Mtge Bk of Chile 66_1931
Mtge Bk of Denmark 5s'72
1334
1131
5735
50
134 1,000
12
11,000
5731 1,000
50
2,000
94
264
23%
153( Apr
1334 June
931 June
5231 Jan
4434 Jan
174 Jan
1554 Jan
Feb
13
63
May
65% Apr
12
87
13
88
1314
134
731
6214
173(
1834
11%
8314
Mar
Apr
Apr
Ma
24
2434
1331
94
Jan
Jan
Jan
Jan
Parana (State) 75---.1958
Coupon oft
Rio de Janeiro 634s-1959
Coupon off
Russian Goat 641_1919
634s certificatee___ _1919
534e
1921
534s certificatee
1921
Santa Fe 7,
1946
7s Stamped
1945
Santiago 71
1949
Ts
1961
1131
1131
1331
12
134
135
2
131
53
4434
1134
1134
1231 6,000
12
15,000
1334 2,000
3,000
12
134 3,000
135 4,000
1,000
2
134
5,000
5335 10,000
4531 8,000
1111 23,000
1136 5,000
1131
11%
12
1131
134
131
134
134
46
44
934
10
July
Jun
Jul
Jun
June
June
June
Mar
Jan
June
Mar
1434
1434
1534
14
434
434
5
4%
5634
5335
1134
1234
Fe-,
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Apr
June
Mar
July
35,000
10,000
134
134
15.4
Ma.
• No par value. a Deferred delivery ea es not included in year's range. a Under
the rule sales not included In year's range. r Cash sales not included in year's
ange. x Ex-dividend.
It Price adjusted for Split-up.
33 Price adjusted for stock dividend.
Abbreolationa Used Abore-"cod," certificates of deposit: "cons," eOneolldated:
"cum." cumulative; "cony," convertible; "m," mortgage; "n-v," non-voting
stock.
"v t c," voting trust certificates;"w 1," when issued;"w w," with warrants; "x w,"
without warrants.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables), are as follows:
I New York Stock
I: Cincinnati Stock
n Pittsburgh Stock
'
New York Curb
17 Cleveland Stock
o Richmond Stock
14 Colorado Springs
3 New York Produce
Stock 34 St, Louis Stock
4 New York Real Estate
,5 Denver Stock
li Salt Lake City Stock
:Baltimore Stock
Detroit Stock
,
a San Francisco Stock
4 Boston Stock
17 Los Angeles Stock
37 Bap Francisco Curb
7 Buffalo Stock
"Los Angela) Curb
as San Francisco Mining
I California Stock
"Minneapolis-St, Paul
19 Seattle Stock
• Chicago Stock
le New Orleans Stock
33 Spokane Stock
I: Chicago Board of Trade :$ Philadelphia Stock
31 Washington(13.O.)Stock
$1 Chicago Curb
Financial Chronicle
568
July 27 1935
Other Stock Exchanges
New York Real Estate Securities Exchange
July 1
Week's Range Sales 1933 to
for June30
of Prices
Week
1935
Stocks (Concluded)
Closing bid and asked quotations, Friday, July 26
Bid
Unlisted Bonds
Ask
__. Mortgage Bond (N Y) 535s
1984
__
(Ser 6)
1941
Alden es
Allerton NY Corp 534s 1947
35
9
Brierfield Apt Bldg et:5._
Carnegie Plaza Apta
1937
Bldg Os
1948
Chrysler Bldg Gs
1941
Dorset 68 etts
1612 20
5th Ave is 2883 Bld 6345'45
5th Ave & 29th St Corp 6E1'48
Unlisted Bonds (Concluded)
Bid
Ask
63
66
Park Place Dodge Corp—
With v t c
23 69__
12 79 Madison Ave Bldg 55 '48
8812
2412 ..... 2124-34 Bw ay Endo Ws_ _ _
2450 Bway Apt Hotel BldgCertifleates of deposit-—
33
....
62
Unlisted Stodts—
rn.& 130100.011a Romeo.
9
1212
10
12
-1412
84
---
34 ---
Orders Executed on Baltimore Stock Exchange
STEIN BROS.ee BOYCE
Established 1853
39 Broadway
6.5. Calvert St.
NEW YORK
BALTIMORE, MD.
York. Pa.
Ky.
Louisville,
Hagerstown, Md.
Exchanges
Stock
Louisville
and
Baltimore
MembersNew York,
Chicago Board of Trade and Commodity Exchange,Inc.
Par Low
New River Co prof. .100 77
311
NY N Haven*Harstord100
Northern RR(N H)—.100 10811
100 65
Old Colony RR
100 144
Pacific Mills Co
60 244
Pennsylvania RR
• 20
P C Poeshontas Co
34
25
Quincy Mining
Reece Button Hole Mach10 14%
8%
Cbsawmus Assn tr oils--•
5%
Stone & Webster_
-•
Suburban Elec Securities
• 18
Co. 2nd preferred
Range Since
Jan, 1 1935
High
Low
High Shares Low
July
10 2431 55
Jan 78
77
145
24 Feb
834 Jan
314
2%
103
8 83
Jan 10831 July
10831
119 58% 6631 Apr 72 June
68
Jan
60 1 12
12
Mar 21
15
757 17% 17% Mar 204 July
2634
90 10
Jan
July 27
20
2031
Feb
1
34 Jan
55 C 350
487
1331 Mar 1634 July
15
5%
300
934 May
Feb
8
84
233
631 July
234 Mar
234
511
18
334
18
• 904 92
Torrington Co
17
Union Twist Drill Co...-.5 18
716
SIG
United Founders Corp_ _1
25 82% 85
U Shoe Mach Corp
40
100 39
Prefernd31
14
5
Utah Apex Mining
14 1%
Utah Metal & Tunnel_ 1
Vermont &Mass Ry_.-100 125 125
631 731
•
Waldorf System Inc
3% 5
.•
Warren tiros
g 931
SD Warren Co
206 85
69
200
1234
456
g
M
1.233 47
70
215 3034 354
300 6234c
34
4,415
60e
131
8 96
120
99
334
434
254
318
244
50
6
414
Bonds—
East Mass St Ry—
Series A 4315
Series B 58
1,000
2.000
1948
1948
6134 6135
67
66
32%
34
18
July
July
63
684 July
4914 Jan
Mar
60
Baltimore Stock Exchange
CHICAGO SECURITIES
July 20 to July 26, both inclusive, compiled from official sales Ikts
Listed and Unlisted
July 1
Week's Range Sales 193310
June30
for
of Prices
Week 1935
Stocks—
High Shares Low
Par Low
968 114
• 2034 2134
Arundel Corp
22 18
2334
234
50
(Conn)
Line
Cat
Atlantic
44
1,106
* 1314 1331
Black & Decker com
84
298
25 3211 33
Preferred
111
94
118
115
100
pfd
Balto
of
T
Ches & P
11 1 114
Commercial Credit C com * 4734 48
1 85
100 115 115
631% 1st prat
251 4534
834
Consol Gas E L & Powr_ _• 82
423 104
100 113 11331
6% pref ser D
151 100
54% prefw IserE 100 113 11334
31 91
100 1134 11334
5% prat
131
8
6
6
E Porto Rican Sugar com _ 1
390
7
64
_•
corn_
Assn
Sugar
Eastern
75
12
• 11
Preferred
8334
20 82
Fidelity & Deposit
Fidelity dr Guar F Corp_10 334 34
8
8
Finance Co of Am al A _ •
inc.
834 84
Houston Oil pref
14
31
Mfrs Finance com v t_ _.25
8
8
25
lot preferred
1
31
25
2nd preferred
134 2
1
Maryland CM Co
131 234
Junior cony pref ser B_ _1
Mercantile Trust Co.- _50 215 215
Merch & Miners Transp_ -• 2534 26
224
Monon W Penn PS7% pf 25 21
40
MtVer-Wood Mills pref 100 40
130 1534 4134
224
8
122
4
64
20
5
4
730
11
11
37
531
348
534
31
31
269
1
1
614
134
1
1,210
210
5 182
21
136 21
580 1234 1511
1 1934 40
84 9
7234
72
104
10
324
32
1,494
173
3,115
110
531
4134
24
24
Bonds—
Baltimore City4s Annex Improv_ —1954 114 114
Wash B & A (Md) 5%
531 sg
1941
tr etre
1,800
94
12.000
New Amsterdam Cas_ - _ _5
Pa Water Oa Power corn_ _.*
2
U S Fidelity & Guar
Western National Bk_ _ _20
14
Paul H.Davis &Ca
Range Since.
Jan. 1 1935
Low
1534 Mar
Mar
20
734 Jan
2331 Jan
Apr
111
4734 July
Jan
110
Jan
83
1114 May
1094 Feb
10434 Jan
Jan
3
64 July
11
High
22 June
Jan
31
July
14
July
33
Mar
120
July
48
117 May
July
85
11534 June
1134 July
1134 July
July
6
July
7
12
Feb 85
Jan 3434
831
Jan
Feb 1034
111
July
9
May
14
June
24
Jan
24
Mar
Jan 215
Mar 28
Jan 2234
July 44
July
July
July
May
Apr
Jan
Jan
June
June
July
May
July
Feb
931
75
114
324
June
July
June
July
Mar
6
Jan
53
514 Jan
Mar
28
Jan 114
106
14 Jan
July
531 June
Boston Stock Exchange
July 20 to July 16, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Saks 1933 to
Jan. 1 1935
of Prices
for June30
Stocks—
Week 1935
Par Low
11
American Cont Corp
1%
Amer Pneumatic eery Co25
331
50
6% non-cum pref
50 1531
lot preferred
1110 128
Amer 1 ea & Tel__
Bigelow-Sanford Carpet--• 20
100 95
Preferred
113+ 1154
Beaton & Albany
100 8531
Breton Elevated
Boston & Maine—
100 22
Prior preferred
8
Class A 151 prof stpd-100
731
100
Class A 1st pref
Class D lot pref stpd.100 14
331
25
Calumet & Heals
331
20
Copper Range
•
East Boston Co
East (las & Fuel /um—
•
Common
100
6% sum pref
Sit% prior preferred 100
Eastern Mass St Ry—
100
lot preferred
100
Preferred B
Eastern SS Lines com___ _
100
lot preferred
Economy Grocery Stores *
htlason blee liluw
•
Employers Grout)
•
General Cap Corp
GermanCredit&InvC0r1)
25% lot prat allot ctfs....*
•
Gillette natal, kasor
Loew's Boston Theaters.25
Maine Central common 100
100
Preferred
Mass Utilities Assoc sta..*
Mergenthaler Linotype...*
New Eng Tel & Tel— _ _100
12)g
3M
3
634
11
2
12%
9834
14%
82
88
584
High
Apr 11% July
July
Mar
June
531 Jan
Jan 19% Jan
Mar 130% July
Jan
Mar 25
July
May 95
Mar 1204 Jan
Apr 6734 July
12%
34
34
6
2%
3
Mar
Apr
Mar
Mar
Mar
Feb
1
Low
234
84
731
14
454
4
July
July
July
July
Jim
Jan
23%
84
74
14
3%
331
689
74
5
15
256
750
2
900
34
Feb
334 July
331 34
493,i
46
623,5 6331
46
1,025
270
2
3734
ss
Mar
2
3734 Apr
5434 Mar
414 Jan
504 July
684 July
831
311
sg 6
100 100
1531 154
149 153
154 16
32
32
40
66
103
19
5
381
270
125
34
1
431
95
14%
970s
6%
18
5
14
431
95
144
274
11%
2431
9
Jan
34
Apr
Apr
7
Jan 102
Apr 204
Feb 154
Jan 17
Mar 32
Feb
July
Jan
Apr
Jan
July
May
July
13
1634
64
54
18
1%
29
10°
100
540
7
734
4
434
8
123(
54
431
114
1
2434
88%
Apr 13
Mar 18%
64
Jan
64
Jan
Jan 20
1%
Feb
May 3234
Mar 110
July
May
Mar
Mar
Mar
June
Jan
June
1%
84
3
13
15%
611
5
18
14
27
10715
For footnotes see page 571
High Shares Low
330 3 4
11%
480
1%
231
100
331
40 10
16
2,133 984
128
35 14%
20
32 60
95
146 88
118%
255 65
6731
130
166
312
310
3
1
2054
75
July
July
Jan 93
Jan 17.4 May
14 May
Mar
July
Jan 85
Jan 4034 July
14 Jan
July
214 Jan
July
Apr 12534 Jan
74 Jan
Mar
1114 Jan
Mar
94 July
Jan
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
July 20 to July 26, both inclusive, compiled from official sales lists
Juni 1
Week's Range Sales 193310
Range Since
for
of Prices
June30
Jan. 1 1935
Stocks—
Week 1935
High Shares Low
Low
Par Low
99
190 8434 so
Jan
Abbott Laboratories oorn_• 98
10
5
12
Mar
Adams(JD) Mfg corn' 184 1834
100
131
331 May
5
5
Adams Royalty Co Corn....'
400
14
14 Mar
211 211
A dvanced Alum Castings.5
502 5
19
Feb
Ainsworth mfg Corp com10 3134 3111
450
54 12
Jan
Allied Products Qin)el A.* 1834 20
330
3
21
Amer Pub Serv Co pref-100 18
734 Jan
434 1.600 1 34
4
Armour & Co oommon_0
3% Apr
850
234
2
115
Asbestos Mfg Co com_1
151 Mar
200 4334 79
Jan
Associates in yew. Co com.• 145 148
134
134
31
50
Assoc Tel UM 37 cum prat•
11 Feb
811 9
2,300
211
Automatic Products corn a
6
Jan
40
44 11
May
Backstay Welt Co cons_• 124 1231
24
34 334
200
Basilan-Blessing Co tom.'
231 July
Beam. Aviation coin._• 164 1834 7,200
mar
934 12
sg 431 2,000 2
Berghoft Brewing Co _ .,
24 Jan
20
131
231 23-4
Blnks Mfg el A cony pre _*
134 Jan
20
10734 June
1074 107%
Called
Borg- warner.ow wan au 4334 4514 3,550 11 34 4854 J&II
80 87
108
100 110 110
7% preferred
May
17
Brach & Sons(E J)coin-_• 17
1334 Jan
631
150
5
•
5
534 754 1,600
Apr
Bruce Co(EL) corn
Brown Fence & Wire WA... 2311 2434
850 r 1831 1434 Jan
• 14
1531
1.350 r 534
4
Jan
Class B
634 734 19,500' 24
115
Butler Brothers
July
6
Castle & Co(A M)com-10 394
Lent Ill Pub Berg prof.,..' 41
1
34
Cent III Secur com
Convertible preferred _ ..' 1034
Central SW—
1
33
Common
• 31
Prior lien pref
• 1031
Preferred
431
Cent States Pow & Lt pld.*
* 26
Chain Belt Co corn
Cherry Burrell Corp corn..' 34
Chic City & Con Ity—
111
•
Panic pref ctfs
231
Chicago Corp eomulon....•
• 354
Preferred
Chicago Electric Mfg A_.• 154
Coto Sientoie mutts uom....13 24
Chicago Mall Order corn_ _5 25
111
CUM & N IN DJ oom___MO
Chic Rivet & Mach cap..' 1731
1
Chicago RY Part etts 1.100
Chic 'Yellow Cab Co Inc_• 1035
131
Cities Service Co oom. _•
g
Club Aluminum Uteri Co.*
Commonwealth moon we 79
Continental Steel—
• 12
Common
234
0
Cord Corp clap stock
25 143-4
Crane Co 001111111311
100 109
Preferred
931
5
Curtis Mfg Co corn
Dayton Rubber Mfg corn_•
35
Cumin ul A pref
Dexter Co (Toe) coni.....5
Eddy Paper Corp(The)...•
Elee Household 0$11 eaP-5
Elgin Nati Watch Co_ _15
Fitz-Sim & Son(D&D)com•
Gen Candy Corp Cl A _ _ _ _5
Gen Household Uhl oorn_•
Godchaux Sugar Inc—
*
Class A
•
Class B
Goldblatt Bros Inc corn.'
Great Lakes D & D corn._•
Hall Printing Co corn_ _ _ 10
Heileman Brew Co G cap_ I
•
High
J11110
103
2234 May
811 May
July
3
314 July
Ma v
20
2734 July
6i4 Jan
234 Jan
July
149
131 July
94 May
Jan
14
44 Jan
184 July
434 Apr
231 Apr
July
108
4531 July
Mar
113
1734 June
734 July
254 July
1511 July
73-4 Jan
40
44
11
1054
1,250
990
1.050
50
10
104
31
531
1731
1834
34
714
Jan
Jan
Jan
Feb
4031
48
11
10%
July
July
July
July
35
32
1131
551
27
34
2,550'
430
550
40
420
30
1...
2
2
14
14
o
ti
1234
33(
1%
2131
1831
Jan
Jan
Mar
Jan
Jan
Jan
134
354
1211
611
27
36
Feb
July
July
June
June
June
1
50
134
1
32,754)
3
3934
1,400 2054
20
3
154
400
7
254
811
2654 1,300
900
231
13-4
250 2 44
1831
20
1
31
600
1131
934
1,950
19-4
fi
11
200
31
1,450 3091
82
1
1
99
1331
1335
154
15-4
13
14
932
ti
4732'
Mar
Apr
Jan
Jan
Jan
Mar
June
Mar
Jan
May
Apr
May
Jan
234
3
3914
1834
274
2634
634
1934
1
1134
234
31
85
June
July
July
Apr
July
July
Jan
July
July
July
May
Jan
June
13
Feb 184
2
Mar
434
7
Mar 16
83
Jan 114
5% Jan 1111
July
Jan
July
Ally
July
5
164 12,300
2
34 2,050
6
18,150
16
300 32
114
20 24 44
9%
454
%
157
611
16
15
2234
134
734
334
54
174
831
1811
16
2431
1411
8
5
1,950
350
50
4,370
3,100
1.000
550
650
2,500
234
84
3%
43'
6
64
8.4
3
231
211
854
431
1331
12
1434
84
534
211
May
May
Jan
Jan
Apr
Feb
Jan
Jan
June
53-4
174
74
1954
1731
26
144
9
74
July
July
May
Feb
Jan
Mar
July
Mar
Jan
234
735
224
2211
44
731
in.:
24
711
2334
244
411
8
'nu
150 10
20
351
3,100
834
3,100 12%
200
33-4
1154
1,650
400 __
1531
635
1731
17
4
054
Jan
Jan
Jail
Mar
May
July
284
1134
234
2434
732
831
May
May
July
July
Jan
July
Volume 141
Financial Chronicle
Stocks (Concluded)
July 1
Week's Range Sales 1933 to
of Prices
for June30
Week 1935
Range Since
Jan. 1 1935
Par Low
High Shares Low
Low
I:fondants-Hershey CI 13.• 1654 17% 8,450
6% Mar
214
III North Utll pref
100 9434 95%
140 42% 60
Jan
Indep Pneum Tool v t c _• 47
350
30
9
50
Feb
Interstate Power $7 pref_* 173 17%
20 z 7
83,4 Jan
Iron Fireman Mnt v t e
• 22
550
22%
33' 1334 Feb
Jefferson Electric Co corn.* 26
26
150
1834 Jan
9
Kalamazoo Stove—
•
Common
650
3234 34%
1534 Jan
Kate Drug Co corn
700 19
37% 38
Mar
33
Kellogg Switchbd com__10
200
5%
5
334 Jan
1%
Ken-Itad T& Lampoon)A•
Jan
6% 7% 7,650
3
19,
Ky Utll Jr cum pref
50 33
Jan
6
35% 1,380
6% preferred
100 72% 74
120
72% July
Keystone SU & Wire corn.• 36
Mar
38% 1,300
7% 22
Preferred
100 102% 103
110 85
Jan
85
Kingsbury Brew Co cap__1
100
1% 1%
M July
1
Libby McNeil& Libby-10
5
Ma
13)1 6% 1,800
Lincoln Prtg Co—
•
Common
3y.i
3,400
1
Jan
14
Lindsay Light com_-__10
1,950
3% Mar
2
434 5
Lion Oil Ref Co corn_ -...•
100
3% Ma
3
434 4%
Loudon Packing
910 103( 19
30
33
Jar.
Lynch Coro cent_
It 4034 41
600 15
Ma
26
McCord Rad & Mfg A._ _• 1534 16
400
Mar
9
2
McGraw Electric com.-.5 21% 2335
900
834 1834 Jan
mcQuay-Norris Mfg corn.* 60
160 z• 39
60
Mar
51
McWilliams Dredging Co.* 3734 3934
600 12% 2234 Jan
Marshall Field common •
8% 955 5,500
634 Mar
Mer & Mfrs Sec el A eom 1
(34 Jan
200
334 3%
Prior preferred
• 20
100
20
21
Jul
Metr Ind Co allot Ms__ - 10% 10%
Jan
9% 10
30
Mickeberry's Food Prod—
Common
1
Apr
500
1
54
34
Middle West Utilities—
Common
•
500
Jan
34
34
r
$6 cony pref A
800
34
34
34
34 Mar
Midland UM7% prior lien
100
30
34 Apr
34
Miller & Hart Inc cony pf•
60
2% 2%
1%
134 Jun
Modine Mfg corn
• 24% 24%
7
100
1634 Jan
Monroe Chemical—
•
Common
7
2
, 50
7
6% Jan
Preferred
• 4734 47%
10 20% 42% Jan
Muskegon Mot Spec el A.• 14% 16%
July
100
14
Nachman Springfilled com*
4%
400
Mar
6
734 8%
National Battery Co pref-* 25
Jan
430 19
22
26%
Nati Gypsum el A corn_ _5 1654 19
Mar
4,250
6
6
National Leather corn_ --10
Mar
%
100
14
Natl Repub Invest Trust—
Cum cony preferred...*
1% Feb
1
20
3
3
National Standard com_.• 33
26% Mar
34
550 17
Noblitt-Sparke Ind corn..' 1934 20% 1,650 10
1334 Feb
Northweet Bancorp ooro •
850
214
SS( 6
M Jan
Northwest Eng Co cont... 1334 14%
860
535 Jan
a
North West UM 7% pf 100
1% Jan
1
620
334 4%
Okla Gas & El 7% pf _100 92
75% Jan
10 56
92
Ontario Mfg Co corn
May
50
-* 1234 12%
7% 10
Oshkosh Overall corn_ _•
4% May
150
3
434 4%
Convertible preferred....• 23
20 10
21% Mar
23
Parker Pen (The) com_.10 19
50
Jan
11
4
19
Penn Gas Else A corn... 12
Mar
200
8
6
12%
Perfect Circle (The) Co..* 36
500 21
Feb
31
37
Pines Winterfront oom...5
M Jan
350
2
2%
Potter Co(The)corn
13( June
1%
*
550
234 3
Prima Co common
1%
July
2
150
•
234 2%
Penile Service of Nor Ill—
Common
• 37
250
93' 15,4 Jan
37%
Common
500
60 37
9
165( Jan
37%
6% Preferred
100 28
61 W Jan
100 103 10434
7% preferred
30 ss
100 110 114%
Jan
nri
Quaker Oats(*—
Common
80 106
• 134% 135%
Jan
28
Preferred
Feb
100 146 148
70 11 1
33
Rath Packing Co com__10 28% 28%
100 20
May
28
Raytheon Mfg corn vte 50c
100
134 1%
13' July
6% preferred v t c
100
Jul
34
M
54
Reliance Mfg Co com-.10 12%
320
9% Fe
12%
Ryerson & Sons Intl corn..' 34
2,500 11
Jan
20
38
Sears Roebuck & Co corn_
Ma
100 30
33
49% 49%
sIgnode Steel Strap pref.30 30
50
11% Jan
634
31
Common
13,4 Jan
134
460
3% 4%
Singer Steel Castings corn* 12
190
Mar
334
1235
S'west Gas & El 7% DI 100 89
40 3934 54% Jan
90
Standard Dredge-Common
1,400
•
1% 3
3' Mar
Convertible preferred _ _•
331 Mal
5% 9% 7,750
Stockline Fur cony pref-25
60
5% 6
33,4 Jan
Sutherland Paper Co com10 16
700
10
Jan
17
Swift International
31% Jan
15 32% 3314 2,700
Swift & Co
14% May
25 16
16% 3,700
Thompson (J R) corn_ 25
300
5% Mar
5% 6%
Utah Radio Product corn •
150
1
34 Mar
1%
Util dr Ind Corp com
250
34 Mar
34
34
Convertible pref
300
Mar
1% 1%
Viking Pump Co corn ' 13% 13%
6% Jan
100
Preferred
• 39
10
34% Jan
39
Pones Cup Co—
Common
1,950
15
ISM
Jan
19
• 17
Class A
• 34
Jan
31
650 24
35
Waigreen Co common..._• 29% 30% 1,800 153• 26% June
Stock purch warrants__
40
14 July
%
%
Ward (Montgom)& Co A • 137 140
300 56
127
Jan
Waukesha Motor Co corn • 73
30
170 21
Jan
80
Wieboldt Stores Inc com_• 16% 17
11
150
Feb
934
Williams-011-0-Matic corn*
2% Mar
234
3% 4% 1,150
WisconsinBauksharee cow.
2 Jane
550
its
21s 2%
Zenith Radio Corp corn..'
144
134 Apr
2,4 334 8.000
Bonds208 So La Salle St Bldg-5)is
26% Feb
1958 27% 2834 $7.000 19
High
18
July
95% July
50
July
20
July
22% July
28% May
35%
40%
6
731
35%
74
39%
103
234
814
July
May
May
July
July
July
July
July
Jan
Apr
33'
5
6%
33
41%
18
23%
60
39%
IIM
4
21%
10%
July
July
Apr
July
July
Jan
July
July
July
Jan
June
July
July
1%
Jan
34 Jan
M Feb
934
50
211
93(
26%
19
1%
Feb
July
Jan
Jan
July
July
Jan
3
34
21
5%
14%
8
92
14
5%
23
20
13
39%
2%
3
4%
May
July
July
July
July
July
July
Jan
Feb
Feb
July
May
Apr
July
July
Apr
39%
39%
105
115
June
June
July
July
135% July
148
July
Jan
30
1% June
Mar
14% July
38
July
49% July
31
July
4% July
1234 July
93% July
3
9%
6
18
36
19%
6%
134
34
1%
13%
40
July
July
July
Jan
Feb
Jan
May
Mar
Jan
Jan
July
May
19
35%
81
13,4
143%
92
17%
4%
39,
3%
July
June
Jan
Jan
May
June
July
May
Feb
July
32%
Apr
Members Cincinnati Stock Exchansie
CINCINNATI
High Shares Low
Low
23,4
11
134 Jan
1
3
7
3
2
Feb
50
5%
14%
Mar
8
4 51
80
Jan
55
2 85
125
May
85
15 85
110
102
Feb
218
1
2% Jan
5%
133 62
99%
72% Jan
109
25 80
Apr
100
4%
70
2% Apr
2%
84%
86 60% 62% Jan
26
128 16% 21
Feb
5% 25
38%
3
Jan
7
20
13
14)(
Mai
Eagle-Picher Lead
Early & Daniel pref
Formica Insulation
Fyr-Fyter A
Gibson Art
Hatfield-Campbell
Hobart class A
Julian di Kokenge
Kahn 1st pref
A
Kroger
5%
104
12%
8
27%
1%
34%
21
8034
15
29%
Nash Co
National Pumps
Procter di Gamble'
Randall A
Rapid
US Playing Card
15%
2%
53%
20
6
44
3635
85 10
100 1034
144 1 33%
235
914
210
234
65 12
276 14%
Mar
6%
June 104
Mar 14%
July
8%
Jan 27)X
Feb
1%
Feb 35%
Feb 21
Apr 80%
June 15
May 29%
10
Jan
Apr
1
43% Jan
17% Jan
Feb
5
2754 Jan
29% Jan
16
2%
53%
20
734
46
39
May
July
may
Feb
July
July
July
July
July
July
July
Apr
July
July
May
May
July
May
Listed and Unlisted
GILLIS, WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.—Cherry 5050
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
July 20 to July 26, both inclusive, compiled from official sales lists
Week's Range
of Prices
Stocks—
July 1
Sales 193310
for
June30
Week 1935
Range Since
Jan. 1 1935
Par Low
Allen Industries Inc
* 243,4
Apex Electric Mfg
53,4
"
City Ice & Fuel
* 20%
Preferred
100 98
Cleve-Cliffs Iron pref....* 25
Cleve Elec III6% pref_ _100 114%
Cleveland Ry
100 63
Certificates of dep_ _ _100 62
Cliffs Corp v t e
• 10
Corrigan McKinney vot_ _• 14
Non-voting
1 13%
High Shares Low
Low
Hioh
250
2534
836 Jan 26
2
July
145
6
334
736 May
4
Jan
683,4 I 1434
2134
2034 Jan 2434 May
98
17 I 6334 90
Mar 100 June
30
215 15
15
Mar 30
July
40 9934 11034 Jan 1153,4 July
11434
63
10 3534 533,4 Apr 63
July
8334
184 3434 50
Apr 6331 July
13%
5
5
721
Apr 1334 July
1.260
8
8
1534
Mar 1534 Jan
680
153,4
8% Mar 1514 Jan
83,4
Electric Controller & Mfg • 3934
Federal Knitting Mills...* 44
Foote-Burt
634
"
Halle Bros Pref
100 102
Harbauer
• 20
Interlake Steamship
• 25
Jaeger Machine
• 1034
Kaynee pret
100 73
Kelley Isl Lim & Tres_ _ _ _• 1434
Leland Electric
•
5
42
44
73'
102
20
25
1034
73
15
5
McKee(AG)class B... _ *
Medusa Portland Cement.*
Murray Ohio Mfg
*
National Acme
1
National Refining prof.
_100
National Tile
•
Nestle LeMur cum el A._*
Nineteen Hun Corp el A_ _*
Ohio Brass B
•
1434
4734
25 2934
4
45
11 4434
50
434
43 20
3554 12 1
10 65
645
636
61
3
1334
1634
1534
834
55
234
3
29
26
14
1634
16
83i
58
434
3
2934
26
20
10
535
465'
156
1,615
40
140
87
Packer Corp
"
634
Patterson-Sargent
• 25
Richman Bros
• 5354
Selberling Rubber
•
134
S M A Corp
1
1334
Trumb-Cliff F cum pref100 100
Truscon Steel 7% pref _100 51
Vlechek Tool
53,4
•
Weinberger Drug Inc__ _ _• 14
West Res Inv 6% pr pfd100 30
7
2634
543,4
134
1334
100
54
534
14
30
150
550
119
15
210
37
121
100
52
15
21
40
5
91
18
2031
434
6934
11
435
9
5
6
12
3
234
il 53,4
3
50
45
,I
1
1
234
233,4
21
19
10
Jan 42
Mar 4634
Jan
731
Apr 102
June 23
Mar 283,4
Jan
1034
July 75
15
Jan
May
1331
July
Jan
July
June
Jan
Jan
July
Apr
May
Jan
Jan
Jan
Mar
Apr
Jan
Mar
June
Jan
Jan
14
17
1634
8%,
65
31-6
534
2934
28
July
June
July
July
May
July
Jan
July
Apr
73,4
Jan
Apr 2634
May 55
3
June
14
Jan
Jan 100
Apr 54
Feb
534
Jan
1534
Jan 30
Apr
July
June
Jan
June
Ally
July
July
Feb
July
AI
3%
1034
38
1
Vi
60
25
1
7
20
634
19
46
1
9
95
25
2
1234
20
WATLING,LERCHEN & HAYES
Members
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
DETROIT
Telephone - Randolph 5530
Detroit Stock Exchange
Cincinnati Stook Exchange
10
15%
2%
52%
19
634
44
35
3%
334
70
100
9%
8
7%
4
16%
734
1%
2234 27
4
10
50
65
10
10%
19
23%
July 20 to July 26, both inclusive, compiled from official sales lists
July 20 to July 26, both inclusive, compiled from official sales lists
For footnotes see page 571.
25
211
5
11
25
91
13
55
50
134
23
55
High
3
Apr
Apr
14% July
July
83
July
125
June
111
Apr
7
July
100
July
109
434 July
8834 June
May
28
38% July
16% May
OHIO SECURITIES
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Par Low
High Shares Low
Aluminum Industries_ _ __*
7m
120
7%
6
Amor istinfirv Mach__ 20
'AU 15•A
979 2 1094
20
5%
_100 104
12
7%
26
•
1%
• 34
• 21
100 80
40 15
• 29
Buhl Building
Wire System—First Boston Corporation
Range Since
Jan. 1 1935
Par Low
Baldwin
8
2%
Burger Brewing
•
3
Carthage Mills
• 14%
Preferred
100 80
Champ Coated
100 125
1st preferred
100 110
Churngold
531
Cincinnati Gas & Elec._100 99%
CNO&TP pref ____ 100 109
Cincinnati Street Ry _ _ _50
4%
Cincinnati Telephone_ _ _50
Cincinnati Un Stock Yd..* 26
Coca-Cola A
• 38%
Crosley Radio
• 141i
M Jan
4% Jan
25
May
UNION TRUST BLDG.,
July 1
Week's Range Sales 193310
for June30
of Prices
1935
Week
July 1
Week's Range Sales 193310
of Prices
for June30
Week
1935
Stocks (Concluded)
BALLINGER & CO.
Stocks—
569
Range Since
Jan. 1 1935
I
Low
5% July
1234 Mar
High
8% Jan
16
May
Stocks—
July 1
Week's Range Sales 193310
of Prices
for June30
Week
1935
Par Low
•
Auto City Brew com
134
• 1734
Baldwin Rubber A
5 47
Bohn Alum & Brass
Bower Rollin* Bear corn...5 2534
• 37
Briggs Mfg com
..
IIILL
'
•""'
High Shares
2
7,200
1934 2,488
47
316
27
3,826
37
625
MIL
glill
Low
13,4
234
47
69'
6%
1,11.4
Range Since
Jan. 1 1935
Low
134 Mar
63,4 Mar
47
July
16
Mar
25
Feb
High
2
Jan
19% July
Feb
58
2734 July
July
37
Id
171Z
A.....
Inly
July 27 1935
Financial Chronicle
570
Week's Range
of Prices
Stocks-
July 1
Sales 193310
for June30
1935
Week
High Shares Low
Par Low
4
100
Capital City Prod corn- - _• 14
14
2,195 2634
Chrysler Corp corn
• 5434 5634
225
634
1954 1934
Consolidated Paper com -10
51
100
Is% IS
Continental Motors cm.*
195
10
Delsel-Wemm.-Gli com _ 10 10
434
271 I 55
Detroit Edison com _ _ _ _ 100 9034 9234
2
120
Detroit Gray Iron corn_ _ _5
534 534
1
31
220
134
Detroit Mich Stove corn _ _1
1,018
1634
Detroit Paper Prod corn_ _• 16
334
6%
• 13
1,540
Eureka Vacuum
1434
234
1,800
931 1034
Ex-Cell-0 Air com
3
Range Since
Jan. 1 1935
Low
Feb
4
Mar
31
1234 Jan
31 Mar
8% Feb
Mar
65
3% Apr
34 Mar
921 Jan
1034 Mar
5% Feb
Established 1874
High
July
14
5635 July
1934 July
131 Jan
1034 June
July
93
6% July
134 July
1634 July
14% July
1031 July
Federal Mogul cons
•
Fed Motor Truck com_ _ _•
Geneml Motors corn_ _10
1
Goebel Brew com
Graham-Palge Mtrs com _1
•
Hall Lamp corn
•
Home Dairy class A
Hoover Steel Ball corn. _10
•
Hoskins Mfg corn
Houdaille-Hershey A_ _ _ _•
B
*
•
Hudson Motor Car
5%
655
3634
434
121
434
1334
534
3731
40
1634
855
831
634
38
4%
1%
5
1334
531
3731
4034
1734
834
3
1,520
2%
2,050
7,221 22234
3%
8,294
134
2,325
3
3,437
100 11
1
102
100 13
3779 7
234
1,070
1,090k' 6
334
331
2631
331
134
334
1131
331
2234
3611
031
654
mar
Mar
Mar
June
June
June
Apr
Feb
Jan
May
Mar
Mar
614
734
38
431
351
6
1334
6
3731
4034
18
1234
July
July
July
July
Jan
Jan
July
June
July
July
July
Jan
10
Kresge(88)corn
Mich Steel Tube corn_ _ _ _•
Michigan Sugar com-- _10
10
Preferred
•
Motor Wheelcom
•
Murray Corp corn
•
Midwest Abr
National Auto Fibres vte.•
•
Packard Motors corn
Parker Rust-Proof com_ •
•
Pfeiffer Brew com
25
1434
%
654
931
1134
331
24
4%
65
1031
25
1534
12%
654
10
1234
4
24
5
69
1134
550 1034
3
525
54
700
234
460
631
460
6,101 I 331
5,069
334
529 7 3
4,115" 234
2272 36
3,767" 2
20
3
34
251
754
5
334
14
331
55
7%
Mar
Jan
Apr
Jan
Mar
Mar
July
Feb
Apr
Jan
May
25
1534
134
734
1134
1254
434
24
574
69
1134
July
July
May
July
Jan
July
July
July
Jan
July
June
2
231
1
4%
1331
3
54
134
334
234
2%
234
734
13%
4%
93
134
331
43.4IMay
Mar
3% Apr
Feb
Jan
434 July
Mar 1234 July
July 1634 July
734 July
Mar
July
Mar 102
231 May
May
634 July
Mar
334
1
9
31
31
18%
5 June
154 Jan
July
16
134 Jan
134 May
July
31
355
3
5
Reo Motor Car corn
334 334
2
Rickel II W
331 4
•
River Raisin PaPer
• 1034 12
Stearns corn
• 1634 1634
Sutherland
734 834
Timken-Detroit cora_ _ _ _10
• 101 102
Preferred
134 2
1
Tivoli Brew com
634
6
10
Truscon Steel corn
431
4
1
134
1034 16
31
34
34
34
31
31
•
Universal Cooler A
*
B
•
Univ Prod corn
1
Warner Air Units
1
Wolv Brewing corn
Young (LA)S & Wire_ _ ..•
410
4,316
4,579
975
100
8,610
113
929
1,337
134
605
2,250 55
455
1,639
34
300
34
2.800
200 I 1034
Feb
Apr
Feb
July
May
Mar
DeHaven Si Townsend
Members
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1415 Walnut Street
30 Broad Street
Philadelphia Stock Exchange
July 20 to July 26, both inclusive, compiled from official sales lists
Stocks-
par Low
• 3731
American Stores
100 11634
Bell Tel of Pa pref
•
Budd (E CI) Mfg Co
434
100 33%
Preferred
•
434
Budd Wheel Co
Electric Storage Battery100 4434
Horn dr Hard (Phila) corn • 90
Insurance Co of N A _ _-10 69
734
50
Lehigh Valley
34
Mitten Bk Sec Corp pref 25
* 675-4
Scott Paper
Tacony-Palmyra Bridge_.,* 2074
34
Tonopah-Belmont Devel_ 1
34
1
Tonopah Mining
33-4
50
Union Traction
• 1454
Utd Gas Imp corn
• 10534
Preferred
54
*
US Dairy class B
BondsElec & Peoples tr ctfs 4s'45
a1 1st An 1111111
,
PhIlA Flan 11
Los Angeles Stock Exchange
Stocks-
Par Low
1
334
Bandini Petroleum
Brdwy Dept St 1st pfd_100 84%
150
Buckeye Union 011 v t c-1
150
•
Preferred v t c
13%
Byron Jackson Co
California Packing Corp -• 3334
5 5454
Chrysler Corp
Citizens Natl Tr & S Bk_20 23%
Claude Neon Elee Frod_• 10%
8
Consolidated 011 Corp---•
134
•
Consolidated Steel
9
Preferred
Emsco Der dr Equip Co 5 13
High
3%
85
15c
15c
13%
35
57
23%
10%
8
1%
9%
1331
Shares
Low
2
300
40 42
6c
1,000
15c
2,500
100 26 334
400 1 16%
500 1 2631
1,000 18
7%
500
631
100
90c
1,400
434
1.100
235
300
High
Low
Apr
4
334 Jan
July
Jan 87
60
60c Feb
150 July
15c June 5734c Feb
731 Jan 1334 July
3335 May 4134 Feb
July
3134 Mar 57
1934 Apr 2431 Feb
1034 Jan 1131 Mar
631 Mar 10% May
234 May
1.10 Feb
May
4% Mar 10
Jan 1334 July
7
431
5%
934
380
28c
1.10
60c
81
5
7g
21c
Mar 10% July
7% Mar
July
Jan 2234 May
Jan 67350 Feb
800 Feb
July
354 July
Jan
1% July
Feb
Jan 107% July
734 Apr
Jan
531 Feb
July
26c Mar
June
6c
110 13c 13,000
5
Nordon Corp
2%
700
5% 5%
*
Pacific Clay Products6%
700
19%
18%
Pacific Finance Corp_- __10
100 1 12%
Pacific: Gas de Elec Co_ - _25 23% 2334
700 z 1834
25 2731 2714
6% 1st preferred
100"163-4
554% 1st preferred_ 25 25% 25%
731
3C0
1654
10 16
Pacific Indemnity Co
19
1,200
35
33%
-*
Pacific Lighting Corp_ - 85 26 66%
• 9934 100
Preferred
251
222
2% 234
Samson Corp.8% pref. _10
50 2467%
San J L& P u% pr pref _100 109% 109%
Security-First Natl Bk-20 4231 45% 2.800 25
390 13
• 24% 2534
Security Co units
7c
2%
9%
1334
20%
18%
851
20%
72
234
88
33
1531
13c
June
5%
Jan
Jan 19%
Feb 25%
Feb 27%
Feb 25%
Jan 1654
Mar 3731
Jan 102
3
Jan
Jan 109%
Apr 4534
Mar 25%
July
July
July
June
July
July
June
July
June
June
July
July
July
5%
1%
10%
26
18%
1534
14%
75
12%
5
2634
5%
535
1031
29
2031
17%
1634
80
1334
734
90
2834
Mar 1131
Mar 15
Mar 20%
Feb 39%
Jan 2831
Jan 2534
Jan 23%
Jan 103
Mar 19%
Jan 2251
July 90
Mar 3831
May
July
June
June
June
July
June
July
June
July
July
May
8
200
4%
4,600
3,000 1 1134
1,200 27 1.20
50c
100
2
200
11
4%
15
2
550
251
Jan
Mar
Jan
Jan
May
July
July
May
May
May
July
July
10
• 10
Shell Union Oil Corp
11
8
Signal 011 & Gas A corn..'
Sou Calif Edison Co- -25 18% 19%
3831
25 38
Orig preferred
25 27% 27%
7% Preferred
25 2454 2555
6% preferred
25 22% 23%
531% preferred
So Counties Gas6% pfdl00 103 103
Southern Pacific Co_ __100 18% 1955
• 22% 22%
Square D Co B com
90
Income 7% preferred 100 90
32% 33%
Standard Oil of Calif.,
Taylor Milling Corp-- -•
Transamerica Corp
25
Union Oil of Calif
Universal Cons Oil Co 10
1
Wellington 011 Co
Western Air Exp Corp__10
MiningCalumet Mines Co-- _10c
Tom Reed Gold Mines Co 1
Zenda Gold Mining Co_ _ _1
UnlistedAmerican Tel & Tel-..-100
•
Bethlehem Steel
General Electric
10
General Motors
•
Montgomery Ward
Radio Corp of A merles_ _ _•
Warner Bros Pictures__ _ _5
For footnotes see page
1834 18%
6% 6%
17% 18
654
6
1
1
254 234
30
370
60
127
34%
2731
37
30%
6%
454
571.
100
2.000
2,700
116
300
1,600 2
1,500
84
5,800
100
8
900
4c 14,000
37c 2,000
13c 1,000
127%
34%
28
3731
32
6%
5
5%e
25c
6c
194 1 9834
100 1 21%
200 16
600 222254
500 1531
700 1 4
2,000
2%
18%
7
2031
8%
1
231
30 July 13340 Jan
51c Jan
350 July
22c Jan
60 May
9934
2331
2134
27
22
4%
234
Mar 130
Mar 3431
Mar 28
Mar 37%
Mar 32
634
Apr
5
Mar
6734
2134
51
34
4
15
10634
31
1331 1334
11114 11114
2,348' 134
134 Mar
254 Jan
3,686' 1734 1731 Mar 2634 July
555 2 4254 70
Mar 10031 July
119 90
10334 Jan 1133-4 July
305 2974 3134 May 3431 July
50 1934 1954 Feb 2534 May
Jan
4
131 mar
111
134
.52 1 3
334 Mar
63-4 Jan
125' 131
134 June
454 Jan
190 123-4 1234 Mar 2255 Jan
30'
181
500
100 2
105
6,800 1
78'
100
3734
1731
116
35
354
934
8236
34
56
Jan 6831 June
1834 Apr 24
May
9, May
112 Feb
134 Apr
34 Feb
354 Mar
674 Jan
July
934 Feb 16
8754 Feb 10734 July
34 July
g July
4,000 12
12 May 21
Jan
1.100 10451 11014 May 1131.1 Feb
ST. LOUIS MARKETS
I. M. SIMON & CO.
Range Since
Jan. 1 1935
4%
5
6
100
20c
90c
50c
7334
1%
50c
23c
9% 10% 3,100
Gladding McBean & Co-*
100
531 5%
Globe Grain & Mill Co25
3,100
16% 19
Hancock 011A corn
1,200
49c
46o
Corp_l
Kinner Airpl & Mot
32c 14,500
28e
Lincoln Petroleum Corp_ _1
334 3% 3,800
Lockheed Aircraft Corp-1
1.30 1% 26,100
2
Los Aug Indust Inc
62
Los Ang0& E6% pref 100 107 10731
600
534 b%
Los Ang Investment Co_10
100
3
3
•
Mills Alloys Inc A
100
230 23c
Mt Diablo Oil Min & Dev 1
Range Since
Jan. 1 1935
Hies
Low
High Shares Low
Apr 42% Jan
929 3334 33
3834
Apr
383 10934 11434 Ain 120
11731
3
531 Jan
331 Mar
534 1,332
39 1 16
Mar 3734 July
23
3734
234 Mar
53.4 May
534 1,095' 2
384 333-4 4034 May 5334 July
4634
40 68
8134 Feb 10034 May
90
100' 3454 5134 Mar 6931 July
69
235' 5
534 Mar 1135 Jan
774
106
54
74 Mar
134 Jan
1
*
174 231
Pennroad Corp v to
50 2434 2631
Pennsylvania RR
50 9674 10034
Penne salt Mfg
Phila Elec of Pa 35 pref___• 11231 11354
343-4
Phila Electric Pow pref-25 34
* 2131 2134
Phlia Insulated Wire
134 174
Pints Rapid Transit-- _ 50
334 4
50
7% preferred
231 254
Phil & Rd Coal & Iron- *
Philadelphia Traction_ _50 1355 14
July 20 to July 26, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 193310
for June30
of Prices
1935
Week
July 1
Week's Range Sales 1933 to
for June30
of Prices
Week 1935
June
July
July
July
July
June
July
Business Established 1874
Enquiries Invited on all
Mid-Western and Southern Securities
MEMBERS
New York Curb (Associate)
New York Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
315 North Fourth St., St. Louis, Mo.
Telephone Central 3350
St. Louis Stock Exchange
July 20 to July 26, both inclusive, compiled from official sales lists
Jugs 1
Week's Range Sales 193310
for June30
of Prices
Week 1935
Stocks-
Range Since
Jan. 1 1935
High Shares Low
Low
Par Low
High
10' 41
62
53
• 62
Mar 62
Ally
Brown Shoe common
5 117
June
100 121 121
12031 July 126
Preferred
20
9
• 2754 2734
22
Feb 3074 June
Burkart Mfg pref
25
8
42
25
Jan 45 may
Coca-Cola Bottling com--1 42
455
231
5
234 July
231 3
Columbia Brew corn
374 June
35 13
19
1754 Jan 21
Feb
Ely & Walk DGds com_25 19
580
574 July
4% 534
1
231
Falstaff Brew corn
23-4 Jan
131
235
234
251 July
23.4
Ham-Brown Shoe corn..,,.
434 Jan
1
735
234
2
Hussmann-Ligonier com__*
231 July
July
2
100 "10
18
Apr
1634 Feb 20
Hyde Park Brew com__10 18
87 38
4254 Mar 4834 July
International Shoe corn --* 4774 4831
50
534
534
431
__•
corn_
534
5
Mar
Key Boiler EquIpt
July
454 45-4
Laclede-Christy Clay com•
18
20 18
Laclede Steel corn
60
* 60
McQuay-Norris corn
731
com-.25
734
Cement
Mo Ptld
• 13
1334
National Candy com
• 13
1334
Natl Oats corn
Rice-Stix DGds 2d pref 100 100 101
750 75c
•
Scullin Steel pref
Erwestern Bell Tel pref_100 123 124
9
9
Stlx, Baer & Fuller com.._•
Wagner Electric com_-__15 1834 1834
Bonds* Scullin Steel 6s--1941
•United Railway 48_1934
17
28
17
2834
4
100
434
245 1234 155-4
80 39
53
35
0
Og
990 1034 11
36 10
13
24 70
92
110
400
75e
76 11534 119
10
734
Sg
371
634 1234
2 1334
4' 1534
5
AI%
May 18
Apr 60
9
Apr
June 1631
July 15
Apr 101
13-4
July
May 124
May 1034
Jan 2034
1334 May
28
July
17
21
May
July
July
May
Feb
Apr
July
Feb
July
Jan
JULY
July
Apr
Pittsburgh Stock Exchange
July 20 to July 26, both inclusive comp led from official sales lists
Stocks-
July 1
Week's Range Sales 1933 to
for Juna0
of Price.,
Week
1935
Par Low
1
Arkansas Nat'l Gas Corp.*
4
100
Preferred
Armstrong Cork Co com • 25%
1131
Blaw-Knox Co
Carnegie Metals
634
Columbia Gas & Elea Co,'
10 1354
Devonian 011
7
Duquesne Brewing com_-5
854
5
Clime A
2%
•
Electric Products
Follansbee Bros pref-100 10
1%
Fort Pittsburgh Brewing-1
Herb-Walker Refrac colm • 22)4
Jones et Laughlin SU pf 100 71%
High
Shares Low
5.‘
138 2
336 1 131
1,788 2 13
6
1,138
4,975
90e
542 I 3y4
8
249
3
233
104
4%
834
150
2
2%
5
370
14
134
275
555 12
23
40 45
7134
131
4%
2734
1334
3
731
13%
Range Since
Jan. 1 1935
Low
1
Feb
Mar
2
17
Mar
954 Mar
134 Jan
3% Mar
1031 Jan
331 Jan
555 Jan
2
Jan
Apr
8
134 June
16% Mar
mar
55
High
134 J1112
434 May
2731 July
13% Jan
334 Mar
July
8
1454 June
Apr
8
8% Apr
Mar
3
1455 Jan
2% Jan
23
July
72
July
Stacks (Concluded)
July 1
Week's Range Sales 1933 to
for
June30
of Prices
1935
Week
Par Low
Koppers Gas & Coke pf 100 94
Lone Star Gas
•
634
Mesta Machine Co
5 3334
Mountain Fuel Supply__
4%
Pittsburgh Forging Co 1
4%
Pittsburgh 011 de Gas__ _.5
1
Pittsburgh Plate Glass_25 73%
Pittsburgh Screw & Bolt •
8%
Pittsburgh Steel Foundry
1%
Preferred
100 10%
Renner Co
1
134
High Shares Low
155 54
95
434
6% 2,403
8%
271
35
5%
718
554
2
434 1.495
150
1
1
598 1 3034
77
454
785
634
1%
100
1%
100 10
10%
1
300
154
San Toy Mining Co
•
Shamrock 011 ex Gas
Standard Steel Spring
*
United Engine & Foundry*
Vanadium Alloy Steel_.*
Victor Brewing Co
1
Westinghouse Air Brake_ _•
Westingh Elec dr Mfg_50
2c
2%
12
2354
25
95c
27%
81%
2c
234
1134
22%
24
90c
2654
59%
UnlistedLone Star Gas % pref_100 97
97
1354 % preferred
100 107 107
Pennroad Corp v t c____
1% 2
BondsPittsburgh Brew 86_194
105
105
2,000
2,470
110
3,022
160
1,550 3
928
628 I
2c
75c
8
15
15%
34
15%
27%
15 64
30 74%
19 2 134
31.000
Range Since
Jan. 1 1935
San Francisco Curb Exchange
July 20 to July 26, both inclusive, compiled from official sales lists
Low
Mar
73
454 Mar
24% Jan
4% July
2% Mar
Apr
1
47% Apr
5% Mar
1% June
10
Apr
1% Feb
High
95
Jan
8% July
35
July
554 July
434 July
154 Feb
77
July
83( Jan
4
Feb
10% July
154 Apr
20
750
9
22%
18
850
18%
32%
Sc
3
14%
40
25
1%
27%
61%
Jan
Jan
Feb
July
Jan
Mar
Ma
Ma
Apr
July
Jan
Apr
July
Jan
July
July
69
Ma 100
July
July
Jan 107
90
2% June
1% Apr
Apr 105
103
88
July
Members
New York Stock Exchange
San Francisco Stock Exchange
San Francisco Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Ex. (Asso.)
New York Cotton Exchange
New York Coffee & SugarEz
Commodity Exchange, Inc.
Honolulu Stock Exchange
DEAN WITTER& CO.
Municipal and Corporation Bonds
PRIVATE LEASED WIRES
San Francisco
Los Angeles
Oakland Sacramento Fresno New York
Portland Honolulu Tacoma Seattle Stockton
San Francisco Stock Exchange
July 20 to July 26, both inclusive, compiled from official sales lists
Stocks-
Week's Range
of Prices
July 1
Sales 1933 to
June30
for
Week
1935
Range Since
Jan. 1 1935
Low
Par Low
High
High Shares Low
Alaska Juneau0 M
Jan
10 15% 1854
400 15% 153.4 July 20
Anglo Cal Nat Bk of S F_20 14
Jan 1434 July
1,730
754 12
1454
Assoc InsurFund Inc_--10
354 July
154 Jan
34
3% 354 3,600
Atlas Imp Diesel Emir A
134
934 July 1 134 June
108
9% 954
Bank of Calif N A
May
Jan 165
40 12051 143
100 165 165
Byron Jackson Co
354
73-4 Jan 1334 July
1254 1354 4,479
Calamba Sugar com____29 22% 22%
Feb
Jan 23
435 15% 19
7% preferred
20 21% 21%
350 17% 2134 Apr 2154 Apr
California Copper
54 Feb
% May
10
100
5‘
54
54
Calif Cotton Mills corn -100 13% 1534
1,720
4
103,4 Jan 1534 July
Calif Ink Co A coin
• 40
Feb 4034 July
30
820 17
40%
Calif Packing Corp
793 16% 333.4 June 4234 Feb
3434 35%
Calif Water Service pref100 95
July
70
Jan 96
10 59
95
Caterpillar Tractor
3654 Jan 5234 July
399 1 15
52%
52
Clorox Chemical Co
• 36% 37
July
660 1854 2954 Jan 37
Cat Cos G & E 8% lstM100 99% 99%
July
Jan 100
51 5854 77
Consol Chem Indus A__ • 32
215 2154 273.4 Jan 3234 July
32
Crocker First Nat Bk__100 285 290
Jan 290
July
235
43 205
Crown Zellerbach v t c •
33,4
354 Apr534 Jan
2,312
3% 4
Preferred A
195 27
5034 Mar 7054 Jan
• 60
64
Preferred B
• 5934 64
Jan
240 26
503'i Mar 70
Di Giorgio Fruit corn
*
434 July
205
33.4 July
3% 3%
$3 preferred
2254 Jan 38
146 16
Jan
100 38
31
Eldorado Oil Works
•
Emporium Capwell Corp •
Emsco Derrick & Expup *
Fireman's Fund Indem--10
Food Mach Corp coin_ _ _ _*
Gen Paint Corp A corn._.*
B common
•
Golden State Co Ltd
•
Home F & M Ins Co_ -_ _10
Honolulu Oil Corp Ltd_ _ _5
Honolulu Plantation-- __20
Hutchinson Sugar Plant _15
Langendorf Utd Bak A._ _•
•
Leslie-Calif Salt Co
•
LA Gas& Elec pref..10O
Magnavox Co Ltd
234
Magnin & Co(1)6% pf 100
Merchant Cal Mch com_10
Market St Ry pr pref _100
Natl Automotive Fibres_ _•
Natomas Company
No Amer Inv corn
100
North Amer 011 Cons---10
Occidental Insur Co-- _-10
•
Oliver Utd Filters A
•
24% 2554
13% 14
13
1334
92
89
43
1554
23% 25
354 354
8%
8
44
4454
1834 18%
29
29
1854 1854
9%
9
254 251
2554 2554
10854 108
1
154
101 101
65( 6%
9
9
23% 25
1054 11%
534
5
1354 14%
27% 28%
21% 22%
3% 3%
Peahen Sugar
15
Pacific G & E corn
25
6% 1st pref
25
554% Prof
25
Pacific Lighting corn
8% preferred
•
Pac Pub Ser(non-vot)com•
(Non-voting) pref
Pacific Tel & Tel com-_100
6% preferred
100
Parafflne Co's corn
Pig'n Whistle pref
•
Ry Equip & Rlty 1st pre*
Series 1
Series 2
Roos Bros cony
1
SJ L &PO% Pr pref--100
Shell Union 011 corn
•
Preferred
100
Southern Pacific Co..-.100
So Pacific Golden Gate A _•
Standard 011 Coot Callf.
__•
Tide Water Assd Oil coin.*
6% preferred
100
Transmerica Corp
Union 011 Co of Calif._25
Union Sugar Co com___ -25
Utd Air Lines Trans
5
Wells Fargo Ilk & U Tr_100
Western Pipe & Steel Co_10
Yellow Checker Cab A.
4
100
434
10% 11
2334 2434 4,046 1 12% 1334
4,136 2 18% 2034
2734 28
2534 2534 1,790 16% 18
1,345 1 19
2034
3234 34%
365 8854 71
9934 100
54
154
174 2,390 17 %
1,309
1%
734
1534 16%
198 68% 7054
110 11234
10 7 9954 111
13354 13354
38
4.234 4334 2,039 21
%
70
154 1%
54
10
5
122
1854 1834
534
2
5
15% 1534
1%
554
59
15
1554
9
154
5
19
19
77
25 65
104 104
I
5%
1,287
534
93.4 10
15 45% 6454
9034 9054
13
1.998 12%
1834 1934
3.4
134
950
2% 254
3234 333,4 2,083 2854 28
7%
734
10
1034 1.130
310 4354 833.4
99 100
4%
43.4
634 674 33,273
1734 1734 2,950 1154 143.4
4
5
1,000
1154 12
I
434
33.4
5% 554
200
230
67 179
26434 265
734 1034
1934 1934 16,119
310
234
6
10
10
571
Financial Chronicle
Volume 141
2,330
1,710
900
247
748
635
1,990
958
160
100
120
90
320
260
279
86
495
10
1,014
50
5,155
8,057
191
1.155
179
410
700
13
5
44
10%
5
34
4
24%
1054
17%
7
554
1%
21
75
2
%
68
1
3
73
354
4
6%
13
5
1%
18
5%
1234
7134
2054
1434
134
4
3134
1434
26
7
534
134
22%
8134
g
93
2
454
13
754
5
954
2134
1234
2
Jan 2834
Jan 1454
July 1354
Jan 92
Jan 4554
Mar 25
Mar
33-4
Mar
634
Jan 4434
Jan 2034
Jan 3254
Jan 1934
Mar
95j
May
2%
Apr 26
Jan 108
Jan
134
Feb 101
Jan
634
Mar 1034
Feb 25
Jan
113.4
Mar
6
Mar 15
Mar 28%
Jan 2334
Apr
43.4
May
July
July
July
July
July
July
June
July
May
May
July
July
July
Jan
July
May
June
June
June
July
May
Apr
June
July
July
June
Mar 11% June
Feb 2554 July
Jan 28
July
Jan 2594 July
Mar 3734 July
Jan 102 June
Feb174 Apr
Feb1754 July
Jan 11234 July
Jan 13434 June
Mar 4354 July
Jan
134 July
Jan 19 June
Mar 1534 July
Feb 1554 July
Jan 19
July
Jan 104
June
Mar 1154 May
Mar 9554 May
Mar 193.4 June
Jan
254 July
Mar 3854 May
Mar 12
May
Feb 10254 June
Mar
7
May
Feb 2034 May
Jan
1834 May
Mar
634 Jan
Jan 265
July
Jan 1974 July
Jan 1034 July
Week's Range
of Prices
StocksAmer Tel & Tel
Amer Toll Bridge
Anglo Nati Corp
Argonaut Mining
Atlas Corp
Atlas Imp Diesel 13
July 1
Sales 1933 to
for June30
Week
1935
High Shares Low
Par Low
355' 9874
100 127 12834
20c
37c 40c 3,500
1
3
67
* 1034 1034
1.75
5 163.4 1834 3,355
232 734
• 1054 1074
1.00
100
•
734 734
4
Calif Art Tile A
4
*
Calif Ore Pow 8% '27._l00 49
49
Cities Service
•
134 154
40c 41c
Claude Neon Lights
1
50c 50c
Coen Cos A
•
Columbia Riv Packers_ _ ..*
1.00 1.00
Crown Will lst pref
• 8154 8334
43
2nd pref
* 43
29
Dominguez 011
* 29
Fibreboard Prods prat_ _100 10434 10434
100
10
505
6002
60
155
251
80
200
10
Range Since
Jan. 1 1935
Low
High
July
Mar 130
99
47c July
210 Mar
754 Jan 1054 May
Jan 18% July
10
2.00 Feb
8
June
4
4
July
1
20
2534 Mar 49
75c Mar
23-4
75c
320 Apr
554
216
1.10
750 Jan
50c
1.75
1.00
1.00 July
Mar 87
68
40
163.4 38 June 5034
2254 Feb 29
17
100
Jan 10454
79
July
July
May
May
June
Apr
Jan
Jan
May
July
General Motors
10 3734 38
Gladding McBean
*
934 1054
49
Or West Elec-Chem New_* 49
21
Preferred
• 21
Gr Weet Elec-Chem Old_ _• 242 242
3.50 3.60
Idaho Maryland
1
Italo Petroleum pref
1
87c 90c
7
Libby McNeil & Libby _ _10
7
3.50 3.85
Lockheed Aircraft
1
15
Marine Bancorp
* 15
2,639 22 22% 2834
5
1.650" 454
49
446
21
25
124
20 84
1,400 2.50 3.00
66c
47c
200
634
325 2 234
5,45417 90c
1.30
15
9
113.4
Mar 38
Apr 1034
July 49
July 21
Jan 242
3.95
Jan
1.20
Jan
8%
June
3.95
Mar
Apr 1434
July
July
July
July
July
May
Jan
Apr
July
Feb
Natl Auto Fibres pref.- - _* 150 150
Oahu Sugar
20 2934 2934
Occidental Petroleum_ _ _ _1
240 25c
Pac Amer Fisheries
5 1454 1554
Pacific Eastern Corp
1
234 274
Pacific Port Cement-100 3.00 3.00
7
Pacific Western 011
7
•
1754
20 16
PincaPPle Holding
101
10 48
2034
155 15
230
20c
1,200
934
1,845
5
645
13.4
134
3.00
40
234
7
100k 5
11
2,057
5
Apr 150
Jan 31
33c
Apr
1534
Jan
Mar
334
3.00
July
934
July
Jan
1934
July
May
Max
July
Mat
July
Am
May
Radio Corp
*
Shasta Water
*
South Calif Edison
25
534% pref
25
6% pref
25
25
7
f
South Pac G G pref _ _.100
834
31
18%
23
25
28
2554
654
3454
193.4
2354
2554
28
2534
4
270
110 11
689' 1034
512 17 143.4
1,7572 15
5 1834
ii
1434
4
22
1034
1654
1754
2054
17
Mar
Jan
Mar
Jan
Jan
Jan
Jan
854
3434
2054
233.4
2554
2834
26
July
July
July
July
July
July
July
United States Pete
1
Universal Cons Oil
10
Waialua Agricult
20
West Coast Life
5
West Pan RR nra_ _ _ _ mo
24c 24c
8
634
54
5834
53-4 594
21,
1 23.i
16c
1,500
1.20
200
180 29
6 4.50
21' 23.4
18c
2.00
3.654
4.50
234
Mar
Jan
Jan
Feb
Jan
270
83.4
58
6
754
May
Mal
Mal
Mal
Jai
•No par value z Cash sale. z Ex-dividend. & Ex tights. s Listed. t In default
g Price adjusted to 100% stock dividend paid Dec.291924(Kalamazoo Stove Co.)
r New stook. I Low price not Including cash or odd-lot sales.
z Mowstain Fuel will succeed Western Public Service Co. July 15.
The National Securities Exchanges on which low prices since July 1 1933 wore
made (designated by superior figures 112 tables), are as follows:
I: Cincinnati Stock
22 Pittsburgh Stock
New York Stock
II Cleveland Stock
22 Richmond Stock
New York Curb
14 Colorado Springs Stook 11 SS. Louis Stock
New York Produce
n Salt Lake City Stock
New York Real Estate 17 Denver Stook
II Detroit Stock
11 San Francisco Stock
Baltimore Stock
17 Los Angeles Stock
17 San Francisco Curb
Boston Stock
IS Los Angeles Curb
11 San Francisco Mining
Buffalo Stock
IS Minneapolis-St. Paul
11 Seattle Stock
California Stock
ZO New Orleans Stock
21 Spokane Stock
Chicago Stock
Washington(D.C.)Stock
1 Chicago Board of Trade II Philadelphia Stock
'Chicago Curb
CURRENT
NOTICES
-John A. Kelley,for the last six years Executive Vice-President, has been
elected President of the Banc-Ohio Corporation,succeeding Julius F. Stone
President since 1929. Mr. Stone remains with BancOhlo as Chairman o
the board. Mr. Kelley has been an active force in building up the bankin
group now associated in BancOhlo, having begun his banking experience
18 years ago as an officer of the Citizens Trust & Savings Bank. The Ban
Ohio Corporation controls 15 financial institutions in central and southern
Ohio, with resources at present of over $101,000,000. One of the controlled
units, the BancOhio Securities Co., dealing in stocks and bonds, is now sal
to be doing an annual business of nearly $60,000,000.
-Amott, Baker & Co., Inc., 150 Broadway, New York, have completed
statistical studies on three bond issues secured by the following properties:
Flatiron Building, Asheville, N. C.; Ponce de Leon Apartments, Miami
Fla.; New William Penn Garage, Pittsburgh, Pa.
The Flatiron Building earned better than 434 V, for the four months ended
April 1935, as against less than 3% for the year 1$34. Ponce de Leon Apar
ments during the three months of the 1934-35 tourist season approximatel
covered interest requirements for one year. The garage issue has earned
slightly less than 174% per year for the last 16 months.
-New paid life insurance of the Fidelity Mutual Life Insurance Co. of
Philadelphia for the first six months of 1935 amounted to $14,896,000
a gain of 8.5% over the corresponding period of 1934, according to Walt
LeMar Talbot, President.
Decrease in lapsed and surrendered policies for the first six months of
this year amounted to $4.293,800, a decrease of 21% under the same peni
of last year.
-Timothy J. Grace, formerly associated with Kent. Grace & Co. in
Chicago, has joined A.S. Huyck & Co. as Vice-President in their munici
buying department. Mr. Grace has been in the municipal bond busin
on La Salle St. for more than 25 years.
-Fred W. Schulz, for many years with the municipal department of the
Continental Illinois National Bank & Trust Co., has become associa
with A. G. Becker & Co. in the municipal buying department.
-F. A. Brewer & Co., Inc., Chicago, announces that Roy Iverso
formerly with Paul H. Davis & Co. and later with Webber-Simpson & Co
has become associated with them as sales director.
-Roy L. Junod, formerly with Continental Illinois Co., has become
associated with Blyth & Co., Inc., in their Chicago office as a member f
the corporation buying department.
-The third annual edition of the compilation "First Mortgage Bonds
of Natural Gas Operating Utilities" is being distributed by G. L. Ohrstrom
& Co., 40 Wall St.. New York.
572
Financial Chronicle
July 20 1935
Canadia• n Markets
LISTED AND UNLISTED
as
Provincial and Municipal Issues
Province of Alberta5e
Jan
1 1948
45
Oct
1 1957
Oot
1 1956
4544
Prov of British Columb
@FedFRASER