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The Financial Situation
structure. They have not done so yet, largely for the
reason that conservative men in the business community have naturally been fearful of what all this
has been rather marked during the past week, and at would bring forth, and the rank and file of the
times they seem to intermingle strangely in the public have also been too uneasy to proceed vigorously
same minds. One of them is the old notion that the as they otherwise would, or else have not had the
Administration is "turning to the right," and hence- means to purchase freely. If presently the repeated
forth, when laying out national policies, will take misuse by public officials of such terms as "sound
greater pains to observe what are known as the currency," and continuous propaganda apparently
orthodox laws of economics. By some process of designed to give the impression of greater conreasoning that is beyond us, many of those who are servatism and more thorough understanding of the
inclined to this view have found in the radio address real needs of the situation than actually exist,should
of the Secretary of the Treasury earlyjn the week succeed in overcoming the natural reluctance of conservative people to make
evidence of this trend of
commitments, and if a
ideas within Administra'We Must Not Delude Ourselves"
growing exuberance among
tion circles. Enhanced dethose who believe in in"We must not delude ourselves. The three
mand for the best type of
efforts (of the Administration) to accomplish
flation were at the same
bonds and dividend paying
a higher price level by manipulating credit
time to inspire unwarhave
and the currency have failed. But they
stocks has seemed to bear
left behind them a vast amount of explosive
ranted faith in the breasts
witness to conclusions of
material which some future effort may set
of the rank and file, the
this sort in the minds of
off. The potentialities are so vast, and the
restraints are so few that should some one of
consequences would be unsome investors for a good
their efforts succeed the result would most
fortunate indeed.
while past.
likely not be an isolated detonation but a
vicious and perhaps uncontrollable conWe must, however, in
The other idea is that
flagration."
candor express a greater
the often-predicted and
With these words Winthrop W. Aldrich,
skepticism than appears to
Chairman of the Chase National Bank, in
much-discussed era of what
the course of a strong attack upon the proexist in some quarters that
is popularly known as inposed Banking Act of 1935, speaks the plain
we are at present upon
flation is upon us. The
truth about the open market purchases of
Government obligations by the Federal Rethe threshold of a period
highly uncertain state of
serve banks, the devaluation of the dollar,
in which sensible business
the bonus question in
and our silver buying policy.
conmen will fall victims to
Mr. Aldrich has here pointed to the
Washington, and persistsequence of our blunders of the past as a
delusions of conservatism
ent reports that further
good reason why we should not commit
on the part of public
increases in the official
another of first magnitude, the proposed
banking bill. Others have seemed to suppose
officials whose records disprice of silver are in the
that these mistakes acted as a sort of letter
close little to indicate that
offing, have been lending
of indulgence to sin as much as we please
against the dictates of common sense and
they have either the instrength to this general
ordinary prudence.
clination to follow welltrend of thought of late.
Mr. Aldrich is of course right. We must not
trodden paths of tested
delude ourselves—least of all at a time like
"Inflation stock market
the present when mountainous excess recommon sense or the undersessions," during which we
serves, unprecedentedly large amounts of
standing that would enare beginning again to hear
funds, banks loaded to the gunwales
idle
with illiquid Government obligations, and
able them to do so, if they
of individual issues moving
several other factors combine to create a
really desired such action.
rather violently upward
tempts fate to visit disaster
situation that
upon us.
At the same time, the fact
because this, that or the
Mr. Aldrich is the third well-known metromay as well be recognized
other group of operators
politan banker to speak plainly about the
that extraordinarily hazextraordinary hazards embodied in the proare "accumulating lines,"
posed Banking Act of 1935. We hope others
ardous conditions now
are apparently one of the
will follow the example set, and that in this
exist whose danger inoutward manifestations of
way the country may be aroused to the true
significance of this measure before it is too
creases in proportion to
this conception of the preslate.
the loss of uneasiness about
ent situation and the outthem.
look. The inconsistency
No Change in Public Policies
involved in concomitant "booms" in "inflation" and
"non-inflation" securities is a subject of mild comAs a matter of fact, not a great deal of realistic
ment here and there, but does not seem to have taken analysis of the facts is required to show how baseless
much hold in the public mind.
is the idea that there has been any change of importance in the trends of Administration thought. Take
A Hazardous Combination
for example the radio address of the Secretary of the
It seems to us that a serious danger lurks in this Treasury, which seems to us more of an apologia pro
situation. These two streams of thought could in vita sua than anything else. The reader looks in
intermingling combine to form a dangerous explo- vain for definite indications of any willingness whatsive. Mr. Aldrich,in his testimony on the proposed ever on the part of the powers that be to take the
Banking Act of 1935, very clearly described the steps essential to stable international currency refundamental credit and monetary conditions that lationships. Mere reiteration of naive assertions that
have been brought into existence, and which under ours is the soundest money in the world is without
appropriate conditions could be depended upon to meaning. It is likewise without significance unless
cause highly destructive disturbances in the securities it is to be interpreted to mean that since past policies
markets,in industry and quite possibly in the price of the Administration have brought this soundness
only with
ideas which can be
for some
TWO headwayif at all, havereconciled time been
difficulty,
in the financial world. Their growth
gaining
3266
Financial Chromcie
may 18 1935
into being no change in these general policies need be those who have had the courage to oppose hopelessly
expected—an inference hardly affording support to unsound agrarian programs seem to show him quite
hopes of greater conservatism in the future. Vague indifferent to the counsels of able men of long exassurance that this country will not stand in the way perience. His exposition of agricultural economics,
of stabilization if other countries desire to establish or what sometimes passes as such, reveals the same
such relationships is to our mind hardly more impor- fundamental fallacies that are responsible for the
tant in the circumstances.
AAA program, and indicate, so far as they.are to be
Mr. Morgenthau's message is the subject of a taken at their face value, no regeneration of thought
special discussion appearing on another page of this or spirit.
issue, and for that reason we shall not dwell on it
The Inflationists
here. We think it well, however, to remind the
reader at this point of the prerequisites of external
FAR as the claims of the inflationists are concurrency stabilization in the hope that they will be
cerned, it seems to us that the fundamental
borne carefully in mind when considering the words of situation in this regard is just what it has been for a
the Secretary of the Treasury. Currencies of course good while past. The enormous budgetary deficit
are not stabilized by proclamation. Neither can they continues and is being and doubtless will be met,in the
be permanently stabilized through manipulation such future, in large part by sales of Government obligaas our stabilization fund was designed to effect. tions to the banks. It is possible, as reports have it,
Contrary to what appears to be the popular con- that steps will be taken in the near future, parception, the mere return to a permanently fixed gold ticularly if the Administration succeeds in placing the
content for the dollar with free redemption would proposed Banking Act of 1935 upon the statute
be far from a complete solution of our existing book, to increase the rate at which this latter type
problems. The enormous flow of gold to our shores, of inflation proceeds. The Administration may find
which has now again become active in important itself virtually obliged to do so if the vast sums
proportions, ought to warn us of such fallacies. appropriated for expenditure during the next 12
The currency ratios of the world will largely stabilize months are actually disbursed. But excess reserves,
themslves when the interchange of goods is per- already in existence for months past, would support
mitted to go on with reasonable freedom,and when a volume of additional credit running to 15 to 20
international trade and the flow of so-called in- billions of dollars. Passage of a bonus measure revisible items are in equilibrium. It will be difficult quiring the issue of more than $2,000,000,000 in fiat
to obtain and maintain stable ratios until such notes is still a possibility. Reports have had it, with
consummations are effected.
what authority we of course do not know, that the
This obviously means that the problem of stabiliza- President would not be greatly displeased with such
tion involves adjustment of debtor-creditor relation- an eventuality despite strong language from the
ships where necessary, substantial reductions in the White House and the promise of a vigorous veto
barriers that have been set to prevent international message. Such a measure would approximately
trade, and in our own case either very drastic alter- double excess reserves of member banks, but after
ation in existing price levels or an equally drastic all, comparison of infinite quantities is not very
upward revision of the parity value of the dollar in profitable. The probability of early inflation in the
terms of other currencies. It also means that our sense in which the word is popularly used seems to us
budgetary deficits must be brought vigorously under to depend largely upon whether we permit ourselves
control. When these problems have been faced and to become hypnotized by such easy reasoners as the
solved it will be practicable and exceedingly helpful British "economist" who during the past week has
to have the world, including ourselves, return to the again attracted attention as a prognosticator of
old-fashioned gold standard and the orthodox system American developments.
of automatic adjustments in foreign exchange rates.
Congress
Manipulation and other artificial devices so dear to
the hearts of the advocates of managed money will
HE situation in the Senate appears to be about as
not then be in the least necessary, except possibly
difficult to appraise as it has been for some
as a purely temporary expedient to tide us over a time past. The action of this body in defying the
period of drastic readjustment. But where, either in President by prolonging the NRA in modified form
Mr. Morgenthau's pronouncements or elsewhere, is for only 10 months is encouraging as far as it goes.
to be found any indication whatever of a willingness The reaction of such sturdy leaders in the upper
on the part of the Administration to take the lead chamber as Senator Borah to the more recent
in such a really constructive program as this? The efforts of the President to force Congress to do his
answer is obvious. There is none.
bidding on this question is likewise heartening. We
earnestly hope that they will stick to their guns and
Unchanged Agricultural Policies
succeed in blocking a longer continuance of this
IF WE turn to the recent acts and utterances of the thoroughly undesirable legislation. On the other hand
1 President himself we find about an equal lack of the ease with which the exceedingly drastic and
evidence of alterations of policy. Perhaps we should dangerous Wagner Labor Disputes Bill has obtained
view his remarks to the Coxey's army of farmers approval in the Senate, and the apparently authentic
gathered before the White House during the past current reports that it will find the going equally as
week as excusable in the light of the circumstances in smooth both in the House and the White House, are
which they were uttered. But whether excusable or certainly not conducive to hope concerning social
not, they seem to place the Chief Executive on record legislation in general, including not only this paras determined to continue the course of his agricul- ticular measure, but likewise the proposed social
tural policies without important change. His hard, insurance legislation which in our judgment is
wholly discourteous and unwarranted references to perhaps the most hazardous of the current New
N
T
Volume 140
Deal proposals. Apparently the time has not come
when hope must be abandoned of blocking passage
of the worst provisions of the proposed Banking Act
of 1935 or of some further modification of the holding
company bill, but the outlook is hardly to be described as particularly encouraging despite some
apparent progress during the past week.
The fact that despite all this the rate of current
business activity is maintaining itself considerably
better than had been generally expected is in some
respects rather remarkable. Just how much of this
is to be ascribed to the natural vigor of American
business, which has often revealed an ability to make
progress against great obstacles, and how much is to
be attributed to purely artificial circumstances, it is
hard to determine, although the latter are obviously
playing an important role at present. Possibly the
extended publicity given to promised work relief
expenditures is having a temporarily stimulating
effect. The business community should, however, not
forget the difference between allotments and actual
expenditures. Funds are already being allotted
freely under this new law, as witness the action of the
President on Thursday in allocating more than
$1,000,000,000 to various types of projects, but the
question still remains as to how fast the work on the
projects concerned will or can proceed under the
arrangements now in effect.
Federal Reserve Bank Statement
IN THE banking statistics this week the figures
relating to available but unused credit resources
of the country continue their monotonous advance
to ever higher levels. The reserve deposits of member banks with the Federal Reserve System moved
to a new record, and the excess reserves over requirements likewise attained a new high. Holdings
of gold certificates by the System moved up $26,020,000, although the monetary gold stocks of the
country advanced only $9,000,000. Both the certificate holdings and the aggregate of monetary gold
registered new levels, above anything heretofore reported. There is, moreover, a large flow of gold
now coming this way from Europe and fresh additions to the monetary gold base already are
assured. The excess reserves over requirements currently are estimated at approximately $2,350,000,000, and in coming weeks the excess is quite
likely to increase materially, not only because of
the gold flow but also because of the preliminary
discharge of bank liability for National bank notes.
Now that the question of currency stabilization
again has been raised, it is well to remember that
the American Exchange Stabilization Fund holds
another $2,000,000,000 of gold, almost all of which
is likely to be merged eventually with the ordinary
monetary gold stocks. In the light of the present
lack of demand for credit, it may be idle to view
such figures with too much alarm, but it is well
to remember that they are a plain invitation to an
unparalleled speculative debauch.
Gold certificates held by the Federal Reserve
banks increased to $5,791,839,000 on May 15 from
$5,765,819,000 on May 8, and total reserves advanced
almost equally to $6,047,883,000 from $6,023,541,000.
Member bank deposits with the System on reserve
account were no less than $4,822,322,000 on May 15
against $4,757,608,000 a week earlier. Treasury deposits on general account and other deposits declined, so that total deposits increased only to
3267
Financial Chronicle
$5,124,166,000 from $5,085,913,000. Federal Reserve notes in actual circulation receded only to
$3,154,374,000 from $3,160,066,000, although a
sharper decline is normal for this season of the year.
Although deposit liabilities increased, note liabilities declined, and since reserves were up the ratio
of total reserves to liabilities moved up to 73.1%
from 73.0%. In other respects the combined statement of the 12 Federal Reserve banks is quite
routine. Discounts were a little higher at $6,655,000
on May 15 against $5,960,000 on May 8. Industrial
advances, after the slight recession noted a week
ago, again moved upward to $26,546,000 from $26,410,000. Open market bill holdings of the System
increased $7,000 to $4,705,000, while holdings of
United States Government securities were up
$110,000 to $2,430,355,000.
The New York Stock Market
TIVE trading and advancing prices were the
rule this week in the New York stock market,
partly because of a general increase of optimism and
partly because fears of inflation again prevailed
and caused many investors to purchase equities as a
hedge against such possibilities. Sustained activity
in the motor industry, better prices for various
metals and other commodities, and improved oil
company earnings all contributed to the increased
optimism. Also important was the continued divident rate of the American Telephone & Telegraph
Co. Although Secretary of the Treasury Henry Morgenthau Jr. suggested on Monday that the United
States Government is prepared to stabilize, apprehensions regarding inflation were in evidence owing
to passage by Congress of the Patman bonus bill,
which provides for $2,000,000,000 of fiat currency.
Statements that President Roosevelt will veto the
bonus bill did not allay the apprehensions entirely,
as it was also made known that a great effort to
pass the measure over the veto will be made. In
these circumstances stocks moved jerkily higher,
with profit-taking causing occasional recessions.
The movement, however, carried general levels to
the highest figures of the current year. Activity
was well sustained, with the trading on the New
York Stock Exchange well over 1,000,000 shares
in each of the first three sessions of the week, while
the 2,000,000-share figure was exceeded Thursday
and nearly attained yesterday. A transfer of a seat
was effected last Monday at $105,000, up $10,000
over the last previous sale, and another transfer on
Thursday was accomplished at $104,000.
Movements on Monday were somewhat irregular,
with motor stocks in best demand, while utility
shares suffered a modest recession. Attention was
centered on the address which Mr. Morgenthau was
to make that evening, and which was expected to be
in favor of sound money policies. Well-rated preferred stocks moved materially higher for that reason. In Tuesday's trading oil, motor and railroad
stocks were in fair demand and better figures were
attained. A little liquidation appeared in other
departments of the market, and the closing was
slightly uncertain. The speech by Mr. Morgenthau
took an unexpected turn,since he suggested currency
stabilization, but it failed to affect share prices to
any degere. Movements on Wednesday were toward
better levels in most groups. Rumors that the Patman bonus bill might be passed over a Presidential
veto stimulated some buying in this session. Oil,
N
3268
Financial Chronicle
railroad and utility stocks were in best demand,
while small declines occurred in steel stocks and
the shares of motor companies. Widespread gains
appeared in Thursday's trading, which was the
most active in almost a year. Virtually all groups
of issues participated in the advance, with steel,
copper, silver, motor, oil and railroad stocks in the
van of the movement. There were few changes of
any importance yesterday. Some profit-taking was
in evidence, but it was well absorbed in most instances, and the market showed a sprinkling of small
gains at the close, along with the somewhat more
numerous fractional recessions.
United States Government securities and the best
rated corporate bonds were dull in the listed bond
market. Main movements in Treasury obligations
were toward lower levels, but there were periods
of recovery and changes were small for the week.
Speculative bonds, on the other hand, engaged in a
spirited advance, with the bonds of sugar and oil
companies even more in demand than second-grade
railroad obligations. Foreign dollar securities were
irregular. Commodity price fluctuations contributed much to the gains in some stocks and bonds.
Although grains were not much changed, advances
occurred in lead, copper, rubber, silk and other
items, while gasoline price increases also were noted.
In the foreign exchange market sterling advanced,
owing to large transfers of funds from countries on
the European continent, where inflation fears were
rife. The United States dollar was firm in relation
to the French and Swiss francs and guilders.
Corporate dividend actions of particular interest
the present week included the resumption of dividends by the Intertype Corp. on its no par common
stock by the declaration of 20c. a share, payable
July 1 next; this represents the first distribution
on this issue since Aug. 15 1931, when 25c. a share
was paid. The National Biscuit Co.; unlike the
former company, took unfavorable action on its IRO
par common stock by reducing the quarterly disbursement to 40c. a share, payable July 15, as
against 50c. a share paid in each of the four preceding quarters.
On the New York Stock Exchange 247 stocks
touched new high levels for the year and 24 stocks
touched new low levels. On the New York Curb
Exchange 161 stocks touched new high levels and 19
stocks touched new low levels. Call loans on the
New York Stock Exchange closed yesterday at 14%,
/
the same as on Friday of last week.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 634,680
shares; on Monday they were 1,125,110 shares; on
Tuesday, 1,207,805 shares; on Wednesday, 1,053,130
shares; on Thursday, 2,421,700 shares, and on Friday, 1,821,600 shares. On the New York Curb Exchange the sales last Saturday were 185,180 shares;
on Monday, 254,500 shares; on Tuesday, 265,600
shares; on Wednesday, 202,625 shares; on Thursday, 399,323 shares, and on Friday, 336,845
shares.
With inflationary implications overshadowing the
market and a more general spirit of confidence
abroad, stocks in most sessions the present week
maintained a fairly even strength. On Thursday
trading volume showed a perceptible increase, and
prices rose briskly, many to new high levels. Yesterday the market suffered somewhat as a result of
profit-taking, but closed the day in most instances
may
18 1935
higher than on Friday of last week. General Electric closed yesterday at 25% against 24% on Friday
of last week; Consolidated Gas of N. Y. at 23 against
24%; Columbia Gas & Elec. at 63 against 63
/
4
4;
Public Service of N. J. at 30 against 30; J. I. Case
Threshing Machine at 58% against 58%; International Harvester at 42
/ against 413
1
2
4; Sears,
Roebuck & Co. at 39% against 3878; Montgomery
/
Ward & Co. at 26% against 26%; Woolworth at 60
against 59%; American Tel. & Tel. at 120% against
11912 and American Can at 1251 2 against 122.
/,
/
Allied Chemical & Dye closed yesterday at 149%
against 148 on Friday of last week; E. I. du Pont
de Nemours at 99 against 9878; National Cash
/
1
4
/
Register A at 1514 against 15; International Nickel
/
/
at 2834 against 2778; National Dairy Products at
/
15% against 14%; Texas Gulf Sulphur at 35 against
331 2; National Biscuit at 26% against 26%; Conti/
nental Can at 76 against 74 ; Eastman Kodak at
/
1
4
1421 2 against 1381 2; Standard Brands at 15 against
/
/
143 ; Westinghouse Elec. & Mfg. at 48Y against
/
4
8
4614; Columbian Carbon at 8478 against 83; Loril/
/
lard at 201 2 against 21%; United States Industrial
/
Alcohol at 4278 against 42 ; Canada Dry at 101 8
/
/
1
4
/
against 10%; Schenley Distillers at 253 against
/
4
24, and National Distillers at 25% against 24.
The steel stocks moved upward the present week.
United States Steel closed yesterday at 3478 against
/
32% on Friday of last week; Bethlehem Steel at
27% against 261 2; Republic Steel at 1378 against
/
/
1318 and Youngstown Sheet & Tube at 17/ against
/,
14
1614 In the motor group, Auburn Auto closed
/
.
/
yesterday at 211 2 against 201 2 on Friday of last
/
week; General'Motors at 3278 against 3138; Chrys/
/
/,
ler at 48% against 4418 and Hupp Motors at 1%
against 1%. In the rubber group, Goodyear Tire &
Rubber closed yesterday at 19 against 19 on Friday
of last week; B. F. Goodrich at 9 against 9, and
/
United States Rubber at 1312 against 12%. The
railroad shares also benefited by the forward movement of the market, and closed yesterday at higher
levels than on Friday of last week. Pennsylvania
RR. closed yesterday at 212 against 21 on Friday
/
1
of last week; Atchison Topeka & Santa Fe at 42
against 40%; New York Central at 16% against
/
161/ ; Union Pacific at 9618 against 9
2
O½; Southern
%;
Pacific at 17 against 153 Southern Railway at
%,
1034 against 103 and Northern Pacific at 171 8
/
/
against 1618 Among the oil stocks, Standard Oil
.
/
of N. J. closed yesterday at 4678 against 45% on
/
Friday of last week; Shell Union Oil at 10 against
8%, and Atlantic Refining at 2634 against 2578
/
/.
In the copper group, Anaconda Copper closed yester/
/
day at 17 4 against 1514 on Friday of last week;
1
Kennecott Copper at 20% against 1918; American
/
/
Smelting & Refining at 4614 against 45%, and
/
Phelps Dodge at 1914 against 18%.
Industrial indices this week were more favorable
than otherwise, especially when seasonal factors are
taken into consideration. Steellnaking for the
week ending to-day was estimated by the American
Iron & Steel Institute at 43.4% of capacity against
42.2% last week. Production of electrical energy
for the week ended May 11 was reported by the Edison Electric Institute at 1,701,702,000 kilowatt
hours against 1,698,178,000 kilowatt hours in the
preceding week. Car loadings of revenue freight
for the week to May 11 totaled 575,185 cars against
569,065 cars in the preceding weekly period, the
American Railway Association indicates.
Volume 140
Financial Chronicle
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 9058c. against 94%c. the close on Fri/
day of last week. May corn at Chicago closed yester8c.
/
day at 87V as against 8838c. the close on Friday
of last week. May oats at Chicago closed yesterday
at 441 2c. as against 47/ the close on Friday of
/
14c.
last week.
The spot price for cotton here in New York closed
yesterday at 12.50c. as against 12.40c. the close on
Friday of last week. The spot price for rubber
yesterday was 12.08c. against 11.56c. the close on
Friday of last week. Domestic copper closed yesterday at 9c., the same as on Friday of last week.
In London the price of bar silver was 35 pence
per ounce as against 33 pence per ounce on Friday
of last week, and spot silver in New York closed
yesterday at 77c. as against 721 8c. on Friday of last
/
week. In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.91 as
/
1
2
against $4.85 the close on Friday of last week,and
cable transfers on Paris closed yesterday at 6.583
/
4c.
/
as against 6.5918c. the close on Friday of last week.
European Stock Markets
RICE trends were irregular this week on stock
exchanges in the leading European financial
centers, with the changes rather wide on occasion.
Most securities were stable on the London market,
while some groups enjoyed good advances. Monetary uncertainty again played an important part
in the trading on the Paris Bourse, especially in the
later sessions of the week, and the dealings were
characterized by liquidation of fixed-interest issues
and buying of equities and foreign securities. Movements at Berlin were quite uncertain, with the recessions more pronounced than the gains, owing to
growing fears of increased taxation to support the
German rearmament program. The situation on
currency matters was entirely confused. The suggestion for currency stabilization made last Monday by Secretary of the Treasury HenIT Morgenthan Jr. heartened the Continental markets for a
time. A favorable impression also was created by
the reductions in the Dutch and Belgian bank rates.
But devaluation fears soon were revived, owing to
the difficulties facing the French Government and
the impending national plebiscite in Switzerland.
Belgium undertook late last week what amounts to
a forced conversion of all internal obligations of
that Government into a 4% loan, and this measure
caused unsettlement. Domestic trade reports in
Great Britain continue to reflect improvement, with
growing bank deposits the latest manifestation of a
return to normal. Preliminary figures on the April
foreign trade of the United Kingdom likewise reflect
improvement. But reports from the Continental
countries are less optimistic.
Generally firm conditions prevailed on the London Stock Exchange in the initial session of the
week. Although the volume of trading was small,
fractional gains were recorded in British funds and
in most industrial stocks. The so-called commodity
issues and oil stocks were in greatest favor. Gold
mining securities and most international issues likewise advanced. The good tone was maintained in
another quiet session on Tuesday. British funds
moved forward more easily, with a good deal of the
buying traceable to foreign investors who appar-
P
3269
ently were seeking safety_ Industrial stocks were
steady, despite the appearance of some profit-taking. In the international section movements were
irregular, with changes small. The London market
was impressed on Wednesday by increased dividends of important oil companies, and wide gains
were recorded in oil shares and the stocks of rubber
companies. British funds moved slightly lower,
while profit-taking caused small recessions in most
industrial stocks. International securities tended
to ease. Movements on Thursday favored the holders in almost all groups. British funds reflected excellent buying, as did the industrial section. Oil
stocks were marked sharply higher, and favorable
overnight reports from New York caused advances
in Anglo-American trading favorites. Some of the
gold mining issues failed to join in the general
upward trend. In a quiet session yesterday British
funds held their gains while good advances were
recorded in industrial and international securities.
On the Paris Bourse a downward movement occurred early last Monday, owing to Communist
gains in the final municipal elections which were
held the previous day. Rentes were quite weak for
a time, but they rallied in the later dealings and
closed with only small net recessions. French equities showed only nominal changes, while international securities enjoyed a good advance. There
was little activity at Paris on Tuesday, but a better
general tone. The speech by Secretary Morgenthau
occasioned more monetary confidence and rentes
improved, although best figures were not maintained. French banks and industrial stocks were
uncertain, and international issues also reflected
some liquidation. After a firm opening on Wednesday, monetary uncertainty again spread in Paris,
and there was a fresh wave of liquidation in rentes,
while equities and international issues were in demand. Commodity stocks moved sharply higher.
In Thursday's trading the monetary aspects were
accentuated. Rentes lost ground steadily throughout the session, and the liquidation of fixed-interest
securities was paralleled by persistent buying of
French equities and international stocks, which advanced even more sharply than rentes declined.
The contrary movements again were in evidence
yesterday. Rentes fell sharply, but equities and
international issues improved.
Irregular conditions prevailed on the Berlin
Boerse during the first session of the week. Various heavy industrial stocks moved lower on rumors
that heavy taxes would be imposed in support of
the national export program and the rearmaments
expenditures. But some issues managed to improve despite such factors. Trading was quiet on
Tuesday, with movements small and in both directions. The export subsidy program and its costs
again caused many rumors and a little selling of
stocks. Mining issues made a little progress. Activity increased on Wednesday, with public interest
greater than in some weeks. The trend was upward
in all groups, but shares of corporations producing
raw materials gained more than others owing to the
impression that the concerns will be very actively
engaged soon in supplying German requirements.
Advances of 2 to 4 points were registered in some
securities. A good tone again was in evidence Thursday, with the situation much like that of the previous day. The gains were large in potash, chemical
3270
Financial Chronicle
and utility issues, but only fractional in mining and
other stocks. Activity increased yesterday, and
gains were general.
International Monetary Stability
WO events contributed this week to a fresh examination in all world financial centers of
the practical aspects of currency stabilization, but
it would be idle to pretend that any prospects are
seen of early action toward that end. In a radio
address last Monday, Secretary of the Treasury
Henry Morgenthau Jr. discoursed at length on a
few aspects of American monetary policy, and he
concluded with an assurance that Washington will
not prevent stabilization when the rest of the
world is ready. The annual report of the Bank for
International Settlements, issued the same day, contains a profound study of all the problems involved
in currency stabilization. In this document it is
urged earnestly that stabilization should be effected
with the least possible delay, as an aid to world business recovery. But neither Mr. iforgenthau's declarations nor the recommendations of the B. I. S.
appear to have advanced the matter. It was intimated months ago that the United States would
look kindly on stabilization efforts, and the statements now made by the Secretary of the Treasury
merely emphasize this view. Officials of the World
Bank are opposed as a matter of course to monetary
tinkering and they have seized every suitable occasion to urge stability in monetary relationships.
The defense of American monetary experiments
made by Mr. Morgenthau related largely to his
assumption that dollar devaluation aided American
exports and American recovery. In his apology for
the measures adopted by the Roosevelt Administration no mention was made of the silver policy, and
the intentions of the Secretdry were further emphasized by inaccurate statements regarding gold movements and misleading comparisons of the measures
adopted by the Hoover and Roosevelt regimes. Of
genuine importance in the address was only the concluding declaration that Washington will not be
an obstacle, when the world is ready to seek foreign
exchange stabilization. But before we make any
commitments, we must be sure that we will not lose
what we have just regained, Mr. Morgenthau added.
"We are not unwilling to stabilize," he remarked.
"However, if the great trading nations elect to continue under the present absence of rules we are no
longer at a disadvantage. We revalued our currency no more than was necessary, and we can go
either way. Our hands are untied."
Leon Fraser ended his term of office as President
of the Bank for International Settlements with the
preparation of the annual report submitted at the
stockholders' meeting last Monday, but the document naturally reflects the views of all central bank
heads. A general return to the gold standard probably would operate at this time to raise, rather than
lower, the level of prices, the report suggests. The
attitude was taken that stabilization should be the
first step toward world recovery. Much of the gold
production of recent years has been hoarded as a
result of monetary instability, it is pointed out, and
release of this metal on the restoration of confidence
would add materially to the credit base, already
enhanced by currency devaluation in Great Britain,
the United States and elsewhere. An increase in
the volume of world commerce also could be expected
T
•
May 18 1935
to follow stabilization, it is argued, as instability
made most of the quotas, restrictions and tariff increases necessary. In the post-war period, stabilization of the currencies then off gold preceded tariff
reductions, the report indicates. Because of these
circumstances, no merit is found in the argument
that the relinking of currencies to gold may cause
a fall in prices and necessitate deflationary measures. Some attention is paid in the report to the
American silver policy, but the B. I. S. officials
apparently find that policy quite as mysterious as
it is to everyone else, with the exception of the group
of silver fanatics in Washington. Had there been
any demand for silver internationally, as there is
for gold, there would have been no need of the adoption of special measures in the United States to
help silver, it is remarked. The bank meeting was
the last over which Mr. Fraser will preside. It was
routine and the usual 6% dividend was declared.
The British view on currency stabilization is well
known, as Chancellor of the Exchequer Neville
Chamberlain has declared on many occasions that
sterling stabilization depends on a better relationship of the French franc and the United States dollar, increase of world trade and an adjustment of
the war debts. No official comment was made on
the address by Secretary Morgenthau, but Mr.
Chamberlain alluded to the subject of stabilization
again in a speech before the British Bankers Association, Thursday. "All I can say is that stabilization is one of our ultimate objectives," the British
Chancellor said. "We are now watching and shall
continue to watch the situation with a view to taking action at any time that it seems to us the action
is likely to bring about useful results." Mr. Chamberlain made it clear that the British Government
is well aware of the need for currency stability and
the difficulties faced by business men everywhere
in the present situation. "But exchange rates cannot be controlled without reference to other economic factors," he remarked. "Exchange rates are
the outconie of the exchange of goods and of capital transfers; and, just as it is no use to try to
anchor a ship if the anchorage is always shifting,
so it seems to me it would be futile to attempt to
bring about stabilization in that way until we can
see some prospect of stability of conditions after
that stabilization has been effected."
Of more importance than all the stabilization
arguments are some of the factors that are now imperiling the monetary standards of the three countries that are still on the gold standard in the traditional sense. The French Parliament will meet
again on May 28, and it would appear that the fate
of the franc may easily be settled in the early days
of the session. The Flandin Government is expected
to present a program calling for economies, additional borrowing powers and various emergency
authorizations. If the requests are not granted,
fall of the Cabinet is held likely and the fate of the
franc may be endangered. The Swiss people will
vote June 2 on a national program for halting wage
reductions, lowering interest rates and other measures that may involve devaluation of the Swiss
franc. Although the florin has weathered the recent
attacks, the currency of The Netherlands has been
weakened and also is considered in danger. Italy
this week made preparations to introduce various
forms of registered lire, for tourist and other uses,
which are to be made available at rates far under
Volume 140
Financial Chronicle
the nominal international value of the Italian unit.
Rome also prohibited, last Monday, the exportation
of silver in any form whatever.
European Diplomatic Maneuvers
IPLOMATIC discussions again were pursued
actively in Europe this week, with a view to
formulating new accords and alliances. Although
more than two months now have passed since Chancellor Adolf Hitler issued his rearmament declaration, Germany's intentions remain the dominant
factor in the European situation. The current
maneuvers, however, are more in the nature of usual
diplomatic endeavors and the peoples of Europe are
less troubled by war apprehensions than they were
in the trying period of the Stresa conversations and
the special League of Nations Council session.
Pierre Laval, Foreign Minister of France, concluded
last Saturday his long scheduled journey to Poland,
and he promptly went on to Moscow for further conversations with Russian officials. His reception in
Warsaw was cool, but it is quite possible that the
illness of the Polish Marshal, Joseph Pilsudski, contributed to the brevity and official correctness of
the meeting. It does not appear, on the other hand,
that M. Laval made much progress in Poland.
Franco-Russian relations probably were cemented
to a degree by the official visit of M. Laval to
Moscow, but the treaty signed just before the visit
doubtless represents the real official nature of the
rapprochement. Ministers of the Balkan Entente,
which includes Rumania, Yugoslavia, Greece and
Turkey, conferred at Bucharest, late last week, on
problems peculiar to all of them. The Italian and
Austrian Premiers held long conversations about
the same time at Florence, Italy, but the substance
of those talks has not been revealed. The next move
in this situation apparently will be made by Herr
Hitler, who is to address the Reichstag next Tuesday on German foreign policy. Early in June a
Danubian conference will be held at Rome.
Tlie visits paid by M. Laval to Warsaw and Moscow overshadowed other European incidents. The
Polish drift toward Germany and away from French
influence had caused much apprehension in western Europe, and it was generally accepted that M.
Laval would attempt to bring Warsaw and Paris
closer in their diplomatic views. On his arrival
in the Polish capital, M. Laval was greeted rather
stiffly by a small group of officials. Long conversations were held May 10 and 11, and when they
ended an official communication was issued which
indicates merely that the two Governments are
agreed on the necessity of maintaining peace and
security by widespread international co-operation.
It was stated in Warsaw dispatches that M. Laval
sounded out Foreign Minister Joseph Beck on the
possibility of concluding eastern European pacts
on non-aggression, such as Germany prefers in place
of the proposed Eastern Locarno, which would make
mutual assistance mandatory. M. Laval is said to
have indicated that the new Franco-Russian pact
would not affect the Franco-Polish alliance in any
way, and this. is believed to have induced greater
warmth in the Warsaw conversations. The shadow
of death hovered about Marshal Pilsudski while the
talks were in progress, and they must have been
affected by that circumstance, but the public was
apprised of this only later, when the Marshal died.
M. Laval arrived in Moscow last Monday, and his
D
3271
conversations with Russian officials were concluded
Wednesday, when an official statement was issued
which leaves no doubt of the friendly atmosphere
that prevailed. The visit was essentially one of
good-will, since the possibilities of a Franco-Russian
accord had been explored previously and given expression in the pact of May 2, which binds the two
countries to mutual assistance under League of
Nations auspices and with due regard to the Locarno
treaty. Every effort was made by the Russian authorities to show their friendly spirit toward
France. The diplomatic business in hand, however, appears to have concerned chiefly the current
endeavors to gain German support for an eastern
European pact or series of pacts. In the joint statement which was issued on Wednesday, satisfaction
over the accord of May 2 again was expressed. Careful study was given not only the questions of Franco-.
Soviet interest, but the entire European situation,
it was stated. "It was especially recognized," the
communication said, "that the conclusion of a pact
of mutual assistance between the Soviet Union and
France in no way diminishes their interest in seeking without delay the realization of a regional pact
in eastern Europe that would join parties originally
taken into consideration in this regard, in an agreement based on engagements of non-aggression, consultation and non-assistance to an aggressor. The
two Governments will continue to join their efforts
to bring this about through the most appropriate
diplomatic procedure."
The Balkan Entente conference at Bucharest
opened on May 10 and closed last Monday, after
the Ministers of the four countries concerned had
given careful attention to the rearmament demands
of Bulgaria and Hungary and to some of the many
economic problems with which they are confronted.
It was admitted that Bulgaria and Hungary already
are rearming clandestinely, and active preventive
steps were considered inadvisable. Instead, an
effort is to be made to bring these countries into
a non-aggression treaty embracing southeastern
Europe. As the conference was closing on Monday,
Turkey served notice of her intention to demand the
right to fortify the Dardanelles, "purely as a measure of international peace." Premier Benito Mussolini and Chancellor Kurt Schuschnigg conferred at
Florence last Saturday, and only a brief and uninformative communication marked the termination
of the discussion. It appears, however, that the
Austrian rearmament demands and the proposed
Hapsburg restoration occupied the two Premiers.
Herr Hitler originally intended to address the German Reichstag yesterday on German foreign policy,
but the meeting was postponed until next Tuesday
because of the death of Marshal Pilsudski and the
national funeral that was held in Poland yesterday.
Marshal Joseph Pilsudski
ONJECTURE in recent years frequently has
turned on the question of the possible effect
of the elimination, by death, of one or another of
the dictators who now hold the fate of so many large
nations in their hands. That question apparently
will receive an early answer, so far as Poland is
concerned, owing to the death last Sunday of Marshal Joseph Pilsudski, who ruled his country in
recent years with an iron hand. Cancer of the
stomach and liver caused the death of the Marshal
in his sixty-eighth year, and his passing proved a
C
3272
Financial Chronicle
May 18 1935
the League Council, but European reports suggest
that Italy will refuse to recognize the League's
rights in this matter. Troops in vast numbers
already have been sent to the Italian colonies contiguous to Abyssinia, and it was recently indicated
that they will be increased to 200,000 soon. Because
of the difficulty of landing troops during the monsoon, these troops had to be dispatched during the
spring and early summer, although weather conditions make it altogether unlikely that hostilities
will occur before the autumn.
The Italian war preparations reached a high pitch
when mobilization notices were posted last Monday
for the 200,000 soldiers of the class of 1912, and to
certain groups of the 1911 class. These measures
caused much anxiety throughout Europe,and it was
rumored that Great Britain and France might make
representations at Rome against any "punitive expedition" by Italy against Ethiopia. Premier Mussolini set all such rumors at rest Tuesday with a
firm declaration before the Senate in Rome. After
pointing out that more workmen than soldiers so
far have been sent to the Italian colonies in Africa,
Signor Mussolini added emphatically that "all the
soldiers we believe necessary will be sent out." And
no one, he added "can take upon himself the intolerable presumption to dictate to us concerning the
character and volume of our precautionary measures." Only Italy can judge this "delicate matter,"
the Italian dictator declared, and he denied categorically the reports that England and France are
taking diplomatic steps in the premises. "The very
word 'step' is extremely distasteful," he continued,
"and although some people beyond our frontiers
would have desired it, the truth is that no step has
been taken up to the present." Cordial relations
between Italy and the other great European Powers
make it quite improbable that any steps will be
taken, the Italian Premier added. The well-controlled Italian press, with its accustomed unanimity, declared on Wednesday that imposition of a
"new organization" upon Ethiopia is necessary, and
this appears to mean civil or military control by
Italy. A decree appropriating 302,700,000 lire of
"extraordinary credits" for use in the Italian colonies in Africa also was published Wednesday.
The Abyssinian Government, alarmed by the
steady Italian preparations, has urged the League
of Nations to take action, but European dispatches
already have outlined a course of delay that will
War Looms in Ethiopia
give Premier Mussolini ample time to decide upon
HAT Italy and Abyssinia soon will become en- his intentions and to carry them out without any
gaged in a struggle involving the independence real interference. The League Council is to consider
of the ancient Ethiopian kingdom now is the firm the dispute next week. It appears, however, that
conviction of observers in London, Paris and other Italy is ready to name arbitrators, and it is accepted
European centers. Premier Benito Mussolini as a foregone conclusion that the Council will accept
strengthened the belief this week by calling ad- the Italian suggestions for conciliation by such
ditional hundreds of thousands of Italian troops to means. The Italian conciliators can make the disthe colors, and by warning the rest of the world not pute with Ethiopia just as lengthy as Premier Musto interfere in the developing conflict. Even if the solini wants it, one Geneva report remarks, signifiItalian Government wished to reverse its position, cantly. In this connection it is recalled that the
war might easily be forced by the assiduous propa- Council sidetracked the entire matter in its Januganda of recent months in Italiy and all but univer- ary meeting, obviously as the result of a definite
sal expectation there of new conquests in Africa. understanding among the French,- British and
A retreat by the Italian Government now would Italian representatives. Ethiopian authorities,
involve a decided loss of prestige, and it is quite meanwhile, are preparing general mobilization
unlikely that Signor Mussolini will take any such orders and are importing some modern arms. Emrisks. The Abyssinian Government is well aware of peror Haile Selassie declared late last week that
the implications of recent developments and is tak- his country never will submit to becoming another
ing what steps it can to obtain a hearing before Manchuria. Official circles in London and Rome
shock to the world, since only vague intimations of
his illness had been permitted to reach the public.
Present-day Poland owes more to Marshal Pilsudski
than to any other individual. With indomitable
spirit he planned and worked for the freedom of
his country. Exile in Siberia and imprisonment in
Germany failed to dampen his enthusiasm, and his
hopes were realized after the World War ended.
When Poland again became a nation, Marshal Pilsudski took an ever-increasing interest in the political affairs of the country, and the coup by which he
made himself dictator was executed just nine years
before his death. All public offices of any importance in Poland have been held at one time or
another by Marshal Pilsudski, but he gave them all
up and preferred to direct the destinies of his country from the seclusion of his home in Warsaw. DoMestic and foreign policies alike were directed entirely by the dictator.
Proclamations were issued in Warsaw late last
Sunday informing the people of the death of their
leader, and all of Poland has been in mourning all
this week. A national funeral was given the Marshal yesterday. The questions that now arise relate
not only to the effect of his death on the internal
political situation, but also on the tangled threads
of European international relations. In the last
year or two Marshal Pilsudski held sway largely
by virtue of his achievements and prestige, and his
towering presence made internal strife unlikely.
Whether this situation will continue is a matter on
which best informed opinion differs in London,
Paris, Washington and other international nerve
centers. Even more anxiety is displayed with reference to the possible international repercussions of
his death. Poland dislikes ana fears both her powerful neighbors, Russia and Germany, and has pursued under the aegis of Marshal Pilsudski an exceedingly realistic policy toward both. Whether
the delicate balance that Pilsudski maintained now
will be upset is a matter that is receiving the keenest study at present. The alliance with France apparently was confirmed in the visit paid to Warsaw
this week by Foreign Minister Pierre Laval, but
Polish-German relations also appear to be excellent.
The future policy doubtless will depend in large
_ part on the leadership that soon will emerge in
Poland. Messages of condolence poured into Warsaw this week from all other capitals.
T
are said to view the whole affair with much concern,
but Signor Mussolini's declaration of Tuesday is a
sufficient indication of the real attitude of the British and French Governments. Dispatches from
Aden, Arabia, state that the British have concentrated a number of large airplanes there in order
to evacuate Britons from Abyssinia with the greatest dispatch in the event of hostilities.
Discount Rates of Foreign Central Banks
HE Netherlands Bank on Wednesday lowered
its discount rate from 41 % to 4%, the former
A
rate having gone into effect on April 9, at which time
it was raised from 4%. The National Bank of
Belgium on the same day reduced its rate to 2%
from 2%. The 23.% rate has been in effect
since Aug. 28 1934, at which time it was reduced
from 3%. Present rates at the leading centers are
shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Rate in
Effect
mar17
country
Austria...-.
Belgium...
Bulgaria—
Canada—.
Chile
Colombia_
Czeohoslovakia_
Danzig _ _ _
.
Denmark _ _
England__
Estonia__
Finland__
France _ _ _
.
Germany _ _
Greece ____
Holland___
3273
Financial Chronicle
Volume 140
Date
Established
PreHow
Rate
4
2
7
23.4
4
4
Feb. 23 1935
May 15 1935
Jan. 3 1934
Mar. 111935
Jan. 24 1935
July 18 1933
434
23.4
8
_434
5
334
6
234
2
5
4
23.4
4
7
4
Jan. 25 1933
May 3 1935
Nov. 29 1933
June 30 1932
Sept.25 1934
Dec. 4 1934
May 31 1934
Sept. 30 1932
Oct. 13 1933
May 15 1935
434
4
3
234
534
434
3
5
73.4
43.4
Country
Rate in
Effete
Date ,
May17 Established
Hungary
434 Oct. 17 1932
India
334 Feb. 16 1934
Ireland_... 3
June 30 1932
334 Mar.25 1935
Italy
3.65 July 3 1933
Japan
Java
334 Oct. 31 1934
Feb. 1 1935
Jugoslavia _ 5
Lithuania
8
Jan. 2 1934
Norway
334 May 23 1933
Poland__ 5
Oct. 25 1933
Dec. 181934
Portugal__ 5
Rumania_ _ 434 Deo. 7 1934
SouthAtrica 4
Feb. 21 1933
Spain
6
Oct. 22 1032
Sweden_ _ _ _
234 Dec. 1 1933
Switzerland 234 May 2 1935
Rate
5
4
334
4
3
4
634
7
4
8
534
6
5
6
3
2
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT
May 17
1933
May 18
1932
May 20
1931
f
f
£
E
f
Circulation
390,321.000 378,442,751 370,636,508 358,439.560 351.540,860
Public deposits....... 7,367,000 11,215,132 15,593,8.16 21,428,913 14,966,095
Other deposits
141.498,622 135,410,854 134,870,791 107,219,991 90,859,369
Bankers'accounts. 103,008.172 99,928,490 97,298.183 74.602,046 56.633,516
Other accounts_ 38,490.450 35,482.364 37.372,608 32.617.945 34,025.853
Govt.securities
86,907,044 75,412,835 68,451,127 72,944,658 31.879,684
Other securities
16,733,400 15,368,368 23,248,481 33,387,561 31,845,895
Disct.& advances
5,708,154 5,320,588 11,573,805 11,689,473 5,956,300
Securities
11,025,246 10,047,780 11,674,676 21,698,088 25,889,595
Reserve notes St coin 62,989,000 73,603,605 76,340,249 40,082,935 59,684,826
Coin and bullion__
193,310,789 192,048,170 186,976,757 123,522,501 151,205.686
Proportion of reserve
to liabilities
42.31%
50.19%
50.80%
31.15%
66,48%
201
Bank rate
._
201
201
OIZO>
2t4 0
1..
BANK OF FRANCE'S COMPARATIVE STATEMENT
Pre-
Bank of England Statement
HE Bank of England statement for the week
ended May 15 shows a gain of £64,530 in gold
holdings and this, together with a contraction of
£3,929,000 in circulation, resulted in reserves increasing £3,993,000. Public deposits rose £119,000,
while other deposits fell off £1,072,988. The latter
consists of bankers' accounts, which decreased
£1,550,993, and other accounts, which increased
£478,005. The reserve ratio rose to 42.31% from
39.37% a week ago; last year it was 50.19%. Loans
on Government securities decreased £5,570,000, while
those on other securities went up £639,816. Other
securities include discounts and advances and securities. The former decreased £90,692, while the latter
increased £730,508. The discount rate remains unchanged at 2%. Below are the figures with comparisons of previous years:
.21.fay 16
1934
T
1401gt
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 9-16% as against 9-16% on
Friday of last week, and 9-16@N% for threemonths' bills as against 9-16@/% on Friday of last
week. Money on call in London on Friday was WYo•
At Paris the open market rate remains at 2%,but
in Switzerland the rate was raised on Wednesday
from 2% to 23,%.
May 15
1935
Bank of France Statement
HE Bank of France weekly statement dated
May 10 reveals another decline in gold holdings, the loss this time being 343,586,129 francs.
Gold holdings now aggregate 80,283,158,011 francs,
which compares with 76,607,962,159 francs last year
and 80,904,169,894 francs the previous year. A decrease also appears in French commercial bills discounted of 43,000,000 francs, in bills bought abroad
of 1,000,000 francs and in advances against securities
of 57,000,000 francs. The • Bank's ratio is now
80.10%, which compares with 78.26% a year ago
and 78.08% two years ago. Notes in circulation
show a decline of 632,000,000 francs, bringing the
total of notes outstanding down to 82,651,618,950
francs. A year ago circulation stood at 81,087,644,580 francs and the year before at 84,024,305,370
francs. The item of creditor current accounts registers an increase of 282,000,000 francs. Below we furnish a comparison of the various items for three years:
Changes
for Week
May 10 1935
May 11 1934
May 12 /933
Francs
Francs
Francs
Francs
—343,586,129 80.283,158.011 76,807.962,159 80,904,169,894
No change
9.015,243
13,768,824 2,462,414,601
Gold holdings
Credit has. abroad_
a French commercial
bills discounted._
—43,000,000 3,728,751,142 4,608,558,111 3,089.656,612
b Bills bought abr'd
—1,000,000 1,055.486,276 1,080,831,808 1,370,969,784
Adv. against secure.
—57,000,000 3,112,522,928 3.060,487.080 2.856,173,048
Note cimulation
—632,000,000 82,651,618,950 81,087,644,580 84,024,305,370
Credit current accts. +282,000,000 17,575,886,051 16,804,502,175 19,595,045,309
Propor'n of gold on
hand to sight liab
74.26%
—0.06%
80.10%
78.08%
•Includes bills purchased In France. b Includes bills discounted abroad.
Bankers' Acceptances
HE market for prime bankers' acceptances has
been extremely dull during the week, due to
the shortage of high-class bills. Quotations of the
American Acceptance Council for bills up to and
including 90 days are 3-16% bid and %% asked;
for four months, Y
i% bid and 3-16% asked; for
five and six months, /% bid and 5-16% asked.
The bill buying rate of the New York Reserve Bank
is M% for bills running from 1 to 90 days, 4% for
3
91- to 120-day bills, and 1% for 121- to 180-day bills.
The Federal Reserve banks' holdings of acceptances
increased from $4,698,000 to $4,705,000. Their
holdings of acceptances for foreign correspondents,
however, remain unchanged at $16,000. Open
market rates for acceptances are nominal in so far
as the dealers are concerned, as they continue to
fix their own rates. The nominal rates for open
market acceptances are as follows:
T
Prime eligible bills
SPOT DELIVERY
—180 Days— —150 Days—
Bid
Asked
Bid
Asked
%
%
—90 Days—
Bid
Asked
Prime eligible bills
',
34
—60 Days—
Bid
Asked
5.
14
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
—120 Days—
Bid
Asked
—30 Day,
Bid
Asked
4
1111
/4% bid
%% bId
New York Money Market
EALINGS in the New York money market were
entirely routine this week, with changes in
rates lacking. The supply of funds outstripped the
demand to a greater degree than ever, and excess
reserves of member banks mounted to a new high.
The wave of Federal Reserve rediscount rate reductions was reflected in the lowering of the figure by
the Minneapolis institution on Monday to 2% from
21 2%, but this was only of distant interest to the
/
New York market. Like other reductions recently
effected elsewhere, it has no significance, since no
D
Financial Chronicle
3274
borrowing is being done from the Reserve institutions in any event. The Treasury sold last Monday
an issue of $50,000,000 discount bills due in 272
days, and awards were made at an average rate of
0.143%, computed on an annual bank discount
basis. Call loans on the New York Stock Exchange
%
4
1
were/ for all transactions, whether renewals or
new loans, while time loans were again arranged at
@%%. There were no changes
4
1
their range of /
in bankers' bill or commercial paper rates.
New York Money Rates
EALING in detail with call loan rates on the
11
Stock Exchange from day to day, / of 1%
remained the ruling quotation all through the week
for both new loans and renewals. The market for
time money shows no change this week, no transaci%
tions having been reported. Rates are Y on all
maturities up to three months and %% for longer
maturities. Trading in prime commercial paper
has been moderately active this week. Paper
has been in good supply and the demand has held up
34%
fairly well. Rates are 4 for extra choice names
from four to six months and 1% for names
running
less known.
D
Discount Rates of the Federal Reserve Banks
HIS week—May 13—the Federal Reserve Bank
of Minneapolis lowered its rediscount rate from
23/2% to 2%, effective May 14. The 23/2% rate of
the Bank had been in effect since Jan. 8 1935, when
it was lowered from 3%. There have been no other
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 BANNS
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rale in
Effect on
Map 17
Date
Established
Prett0118
2
134
2
134
2
2
2
2
2
2
2
2
Federal &SUM!Bank
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
May 111935
May 91935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
May 14 1935
May 10 1935
May 8 1935
Feb. 16 1934
234
2
2/4
2
274
234
234
234
234
234
214
234
Rau
Course of Sterling Exchange
TERLING exchange is firmer than it has been in
many weeks against both dollars and French
francs, and also with respect to all other currencies.
The range for sterling this week has been between
$4.86 and $4.923 for bankers' sight bills, compared
with a range of between $4.83 and $4.855 last
4
week. The range for cable transfers has been be%
tween $4.863/ and $4.923 , compared with a range
%
of between $4.835 and $4.853 a week ago.
4
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
73.812 I Wednesday, May 15
Thursday, May 16
74.113
May 17
73.983 Friday,
Saturday, May 11
Monday, May 13
Tuesday, May 14
74.003
74.155
74.910
LONDON OPEN MARKET GOLD PRICE
143s.4d. I Wednesday, May 15_ _ _142s. 9d.
142a. 634d. Thursday, May 16_ „142s. 7d.
May 17......141s. 8d.
1423. 831d. Friday,
Saturday, May 11
Monday, May 13
Tuesday,' May 14
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
$35.00
835.00 I Wednesday, May 15
Saturday, May 11
35.00
35.00 Thursday, May 16
Monday, May 13
35.00
May 17
35.00 Friday,
Tuesday, May 14
May 18 1935
The most significant development of the week in
foreign exchange was the radio address of Secretary
of the Treasury Morgenthau on Monday. Comments on the address by Secretary of State Hull and
by Mr. Leon Fraser, retiring President of the Bank
for International Settlements, strongly endorsing
Mr. Morgenthau's announcement that the United
States would not "be an obstacle to stabilization,"
also had a marked influence on the course of the market. The Secretary of the Treasury's address and
the more important comments on it are fully discussed elsewhere in this issue. There can be no
doubt that market operators everywhere, partly, perhaps, as the result of the statements of these three
high officials, have taken a bullish position on
sterling.
The attitude of the market appears to be a complete acceptance of the idea that the London monetary authorities will be the determining factor in
all monetary and currency alignments which the
future, whether near or remote, may disclose for
international trading operations. British Imperial
policy has doubtless already been formulated and
regardless of whether or not a conference is held on
currency and economic problems, such policy will be
given full force and effect. The foreign exchange
market apparently has not forgotten the solemn
statement of the British Treasury authorities that
the Imperial Government "will have no commitments" with any other nation on monetary and
currency matters. This impression was heightened by
the conferences held this week between Professor
Harry White, of the University of Wisconsin, acting
as semi-official representative of the President, and
Sir Frederick Leith-Ross, economic adviser to the
British Government, in which it was made clear that
the British Government considers a definitive settlement of the war debt question essential before an
understanding can be reached on stabilization. A
prolonged period of de facto stabilization at s'ight'y
below $4.86 to the pound is considered advisable by
the British before concluding formal accords, in
order to test the effectiveness of this parity, in view
of their conviction that the gold bloc countries must
inevitably devaluate.
Whatever the terms "stabilization," "devaluation"
or "revaluation" may mean, some eminent banking
authorities seem to be of the opinion that no matter
what a future international conference may accomplish, Great Britain will not in any predictable
period return to the free gold standard as it existed
before the war. It seems to well-informed London
authorities unlikely that the Bank of England will
pay out gold coin or bullion for the regulation of
exchange as long as gold commands the present high
prices induced by the universal spread of hoarding
in the Occidental world. The price of gold must fall
before Great Britain will again return to anything
like a free gold standard. According to responsible
heads of South African and other mining companies,
as judged by announcements made to their shareholders during the past year, the price of gold is
not expected to decline much below 140 shillings an
ounce for some years. But whether or not these
prognostications, based upon motives of self-interest,
prove correct in the long run, it is well to consider in
connection with stabilization projects that the gold
holdings of the Bank of England are carried at the
statutory rate of 84 shillings an ounce.
Volume 140
Financial Chronicle
It is believed by competent authorities in Great
Britain and elsewhere that when the present business
depression has passed and confidence in international
trade has been more generally restored throughout
the world, there will be a widespread movement of
money into investment channels, and as this trend
gains in strength the price of gold Will reach decidedly
lower levels, which will be more in equilibrium with
general commodity prices, though such a level may
conceivably be higher than 84 shillings an ounce.
Meanwhile, any claims which may arise in any part
of the world on London may be satisfied in gold
through the London open market, without recourse
to the Bank of England.
Shortly after Great Britain abandoned the gold
standard in 1931, the British Parliament passed a
resolution making the gold holdings of all claimants
inviolable in the London market. This fact explains
the huge volume of gold held in the vaults of the
London banks for account of foreign holders. It
should be remembered that a great part, if not the
major part, of these London hoards is owned by
industrial and commercial companies which have
large international dealings and draw upon these gold
holdings from time to time in order to use the metal
whenever gold is required in settlement of their balances.
In brief, it is thought that Great Britain, as the
world's leading international commercial power, is
determined that the sterling group, including all the
British Commonwealths, the Scandinavian countries
and numerous other nations, must prevail and that
other currencies, however they may be valued, must
be brought into harmony with sterling.
Money continues in abundant supply in London
and British banks are still experiencing difficulty in
making use of their funds. Deposits increased more
than £1,700,000 in April to £1,940,000,000, which
was £8,800,000 higher than a year ago. Security
holdings rose by £3,418,000 to a new high record of
£617,800,000, while bill holdings declined further by
£7,590,000. Advances reflect recovery in trade, having risen nearly £8,000,000 in April. The "Financial
News" index of 30 industrial shares, based on the
average of 100 in 1928, was 96.9 on May 9, against
92.4 a month earlier and 90 a year ago. The high
record was 97.1% on Jan. 23 last and the low record
51.3% at the end of May 1932.
In the London open market money rates continue
to reflect the abundance of available funds. Call
money against bills is in supply at
%. Two
months' bills are 9-16%, three and four months' bills
5
9-16% to 4%,and six months' bills %% to 11-16%.
All the gold available in the London open market
was as usual taken for unknown destinations, generally understood to mean for account of private
hoarders. On Saturday last there was so taken
£170,000; on Monday, £290,000; on Tuesday,
£297,000; on Wednesday, £235,000; on Thursday,
£228,000, and on Friday, £467,000.
The gold movement at the Port of New York for
the week ended May 15, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, MAY 9
-MAY 15, INCLUSIVE
Imports
Exports
I
$2,935,000 from Holland
1,878,000 from Canada
No
9,000 from Guatemala
$4,822,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease: $111,000
Note—We have been Informed that approximately $384,00011n gold was
received from China at San Francisco.
3275
The figures given above are for the week ended
Wednesday. On Thursday there were no imports
or exports of the metal or change in gold held earmarked for foreign account. On Friday $9,587,600
of gold was received from France. There were no exports of the metal or change in gold held earmarked
for foreign account.
Canadian exchange this week went to a premium
in terms of the United States dollar. On Saturday
last Montreal funds were quoted from par to a premium of 1-16%; on Monday from par to a premium
of %%; on Tuesday from a discount of 3-32% to
par; on Wednesday from a discount of %% to par;
on Thursday at a premium of 1-16%, and on Friday
from par to a premium of 1-16%.
Referring to day-to-day rates, sterling exchange
on Saturday last was firm in dull trading. Bankers'
sight was $4.86@$4.86%; cable transfers, $4.863
4@
$.
4 863/2. On Monday sterling was in demand in
many markets. The range was $4.871 @$4.8854
4
for bankers' sight and $4.873@$4.883/ for cable
%
transfers. On Tuesday sterling was still in demand
but slightly easier. Bankers' sight was $4.87(4)
$4.87%; cable transfers, $4.873/8@$4.88. On Wednesday sterling was irregularly firm. The range was
$4.86%@$4.873 for bankers' sight and $4.867 @
4
A
$4.87% for cable transfers. On Thursday the pound
continued firm against all other currencies. The
range was $4.881
4,@$4.893/ for bankers' sight and
$4.889'@$4.89% for cable transfers. On Friday
sterling rose sharply, the range was $4.903/@$4.923i,
2
for bankers' sight and $4.9054@$4.92% for cable
transfers. Closing quotations on Friday were $4.905
%
for demand and $4.91 for cable transfers. Commercial sight bills finished at $4.905 ; 60-day bills
4
at $4.90; 90-day bills at $4.895 ; documents for pay%
ment (60 days) at $4.90, and seven-day grain bills
at $4.903/2. Cotton and grain for payment closed
at $4.90%.
Continental and Other Foreign Exchange
RENCH francs have been under considerable
pressure since Thursday of last week. Funds
have been moving out of Paris to London and a considerable quantity of gold was engaged for shipment
from Paris to New York. The agitation for devaluation of the French franc under the leadership of M.
Paul Reynaud, former Finance Minister, seems also
to be gaining in force and contributes largely to the
weakness in the unit. The franc is easier not only in
terms of the dollar and of sterling, but a!so in terms
of Holland guilders, the Swiss franc and the belga.
Most of the gold already taken from Paris was engaged when the franc was around 6.59. A rate of
about 6.583 cents was considered necessary a short
4
time ago in order to make shipments at a profit. At
present the lower rate is still the only practicable one
for all New York banks but a few with exceptional
facilities.
The movement of funds away from Paris also
reflects largely a movement away from other European countries by way of Paris, and is due to the
fact that a great many Europeans are suffering renewed anxiety concerning the prospects of devaluation, not only of the franc but of other currencies,
and do not consider themselves safe unless all possible
of their available funds are converted into gold.
This hoarding, motivated by the desire for personal
security, accounts for much of the London open mar-
F
Financial Chronicle
3276
ket gold purchases, as well as for the transfer of
French gold to this side.
French banking interests seem to have derived no
encouragement from Secretary Morgenthau's radio
address, though most of the Paris newspapers interpreted his remarks as a clear invitation to Great
Britain to initiate a stabilization move. "L'Information," a financial paper, commented as follows:
"America having astonished the world by depreciating her currency in record time, now wants to astonish with her anxiety to stabilize." Another financial
commentator observed: "As a historian, he is distinctly mediocre. The devaluation of the dollar,
according to him, was a consequence of attacks by
foreign speculators. In saying this he forgets that
the devaluation was,above all other things,a political
manoeuvre designed to satisfy America's debtors and
producers."
The Belgian situation is showing marked improvement. Funds have been flowing back to Antwerp
at such a rate that they are now in great abundance,
with the result that the Belgian National Bank reduced its rate of rediscount, effective May 15, to
2% from 23/2%. The latter rate had been in effect
since Aug. 28 1934, when it was reduced from 3%.
On Monday the Belgian Government announced the
conversion of the Belgian rentes to a 4% basis. The
offer to convert all 5% and 6% rentes, amounting to
14,500,000 francs, into a consolidated 4% issue,
Finance Minister Gerard said, would break the vicious
circle in which the national economy has been enclosed. He argued that the high long-term money
rates crush production, discourage the spirit of enterprise, keep unemployment high, hamper exchanges,
and immobilize capital. Premier Van Zeeland made
the claim that the first financial battle of Belgium
has been won, pointing out that rentes have advanced
15% within a few days. It would seem that the
Belgian stock markets are active, Government funds
have risen, there is considerable dehoarcling, retail
buying is active, and improvement is seen in almost
every branch of Belgian industry, due to increased
home and to some extent foreign demand. These
improvements are attributed to the 28% devaluation
of the belga. However, it cannot be denied that
despite many grave obstacles a general business recovery is in progress throughout the world, in which
Belgium, of course, finds its share.
On Monday, May 13, the Italian Government
passed a decree prohibiting the exportation of silver
from Italy in any form. Export of the metal in
ingots, lumps, powder or pieces, such as jewelry and
money,is strictly forbidden. Travelers going abroad
will be permitted to take out not more than 50 lire
(about $4) in silver. This decree can be only partly
ascribed to Americait silver purchase policies. Before the Italian silver currency could be melted to
take advantage of high world silver prices, the quotation would have to reach approximately $3 an
ounce. No explanation is given for the decree, but
banking circles in Rome feel that in part at least it is
due to the fact that Italy would need much silver to
finance her African military and colonial operations.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (ilra)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity
3.92
8.63
16.95
13.90
8.91
5.26
32.67
19.3034
40.20
68.06
Range
This Week
8.58,4 to 5.593.4
16.91 to 16.93
8.20 to 8.2434
32.3034 to 32.34
67.85 to 67.78
May 18 1935
The London check rate on Paris closed on Friday
at 74.69, against 73.65 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.583/, against 6.59 on Friday of last
2
week; cable transfers at 6.58%, against 6.593/8; and
commercial sight bills at 6.563/, against 6.565s.
2
/
Antwerp belgas finished at 16.913/ for bankers' sight
bills and at 16.923/ for cable transfers, against 16.91
and 16.92. Final quotations for Berlin marks were
40.25 for bankers' sight bills and 40.26 for cable
transfers, against 40.20 and 40.21. Italian lire closed
at 8.213/b for bankers' sight bills and at 8.223/ for
cable transfers, against 8.213 and 8.223. Austrian
schillings closed at 18.80, against 18.81; exchange on
Czechoslovakia at 4.17, against 4.173/2; on Bucharest
at 1.01, against 1.013; on Poland at 18.85, against
18.86, and on Finland at 2.163/, against 2.15.
2
Greek exchange closed at 0.93 for bankers' sight bills
and at 0.933/ for cable transfers, -against 0.93 and.
0.93M.
XCHANGE on the countries neutral during the
war is generally firmer. The Scandinavian
units reflect the firmer tone of sterling. Holland
guilders have been gaining in strength for several
days and have been especially strong in terms of
French francs, with the result that shipments of gold
from Paris to Amsterdam have been in prospect all
week. The trend was reversed on Friday, when a
selling movement sent guilders down 10 points
to 67.65. Quotations in the forward market are
nominal. The guilder is still relatively easy in
terms of the dollar, due partly to the fact that there
has been a considerable flow of Dutch funds to the
New York security market.
The improvement in the Dutch situation is reflected
in the fact that the Bank of The Netherlands reduced
its rediscount rate on Wednesday, May 15, to 4%
from 432%. Only recently the Dutch central bank,
confronted with a drain on its gold reserves, raised its
rediscount rate from 33% to 432%. The loss of gold
was attributed chiefly to a flight of capital caused by
doubt as to the ability of the bank to maintain the
present gold standard. The drain has now ceased,
though the gold lost has not been replaced. In some
banking circles it is thought that the present reduction is merely a gesture to instil confidence. The
Bank of The Netherlands statement as of May 13
showed gold stocks unchanged from the previous
week at 645,300,000 guilders. The gold cover is
now 71.7%.
The Swiss franc is only slightly firmer in the general
foreign exchange market. The firmness abroad is
chiefly a reflection of the present bear attack upon
the French franc. On the other hand, the Swiss
radical parties have apparently decided to oppose the
Swiss "New Deal" plebiscite which is to take place
on June 2. This opposition, if successful,.may offset
the influences now working for devaluation of the
unit. The plebiscite vote, if carried, will effect an
amendment to the Swiss constitution. It is termed
by its proponents "crisis initiative." The amendment provides for the adoption of measures to fight
the depression through raising salaries, wages and
farm prices; increasing employment; lightening debt
service; formulating methods of unemployment insurance; controlling export of capital; regulating
financial markets; and controlling trusts and combines.
E
Volume 140
Bankers' sight on Amsterdam finished on Friday
at 67.68, against 67.67 on Friday of last week;
cable transfers at 67.69, against 67.68; and commercial sight bills at 67.66, against 67.65. Swiss
francs closed at 32.31 for checks and at 32.32 for
cable transfers, against 32.32 and 32.33. Copenhagen checks finished at 21.91 and cable transfers at
21.92, against 21.68 and 21.69. Checks on Sweden
closed at 25.31 and cable transfers at 25.32, against
25.03 and 25.04; while checks on Norway finished at
24.66 and cable transfers at 24.67, against 24.40 and
24.41. Spanish pesetas closed at 13.643/ for bankers'
sight bills and at 13.65% for cable transfers, against
13.65 and 13.66.
XCHANGE on the South American countries
presents mixed trends. The Argentine peso is
firm in keeping with the generally higher rates quoted
for sterling exchange. For a long time the Buenos
Aires authorities have looked toward London for
guidance in determining Argentine rates. The unofficial or free peso is steady and firmer, showing a
range this week of between 25.75 and 25.80, whereas
last week the range was between 25.16 and 25.80,
with the average rate around 25.55. In contrast to
the firmness in Buenos Aires the Brazilian milrei,
which for several years has moved somewhat more
independently of London,is now showing considerable
weakness, a condition which is disturbing to business
men in Rio de Janeiro, who fear the results of protracted difficulties in the exchange situation. Various reasons are assigned for the present softness in
the milrei. Some attribute the weakness to diminished exports, which have resulted in fewer available
export bills. Some important interests in Brazil are
urging that the Government should cease foreign debt
payments temporarily and use the service money required by the debts to pay for imports. It is asserted
in other quarters that the weakness is due in part at
least to the Brazilian-German trade agreement,
which stipulates that Brazilian exports are to be paid
in German blocked marks.
Argentine paper pesos closed on Friday, official
quotations, at 323/i for bankers' sight bills, against
32.37 on Friday of last week; cable transfers at 323 ,
%
against 323/ The unofficial or free market close
2
.
was 259@25%, against 25.65@25%. Brazilian
milreis, official rates, are 8.18 for bankers' sight
bills and 81 for cable transfers, against 8.07 and 83(.
4
The unofficial or free market close was 5%, against
53. Chilean exchange was nominally quoted on the
new basis at 5.20, against 5.20. Peru is nominal at
23%, against 23.42.
--•-XCHANGE on the Far Eastern countries continues to be seriously affected by the derangement of the leading foreign exchanges and by the
uncertainties of the world silver situation. Owing to
the increased firmness which developed in the silver
market in London on Wednesday, the Far Eastern
silver currencies moved higher, though the Shanghai
dollar is less responsive than formerly to advances in
the price of silver. The Indian rupee, being legally
attached to sterling, reflects the generally higher level
of the chief exchange. The same is true of the Japanese yen, which is kept in alignment with sterling
as a fixed policy of the Japanese exchange control
under the guidance of the Bank of Japan.
In connection with the United States silver purchase policies and their relation to Far "Eastern ex-
E
E
3277
Financial Chronicle
change, it is of interest to note statements made by
Chang Kia-ngau, General Manager of the Bank of
China, at the annual meeting of the shareholders at
Shanghai on March 30. "It has been argued by
those in favor of a higher price for silver that this
would increase China's purchasing power abroad,
but that this is not so is shown by the fact that, despite the higher price of silver last year, China's
imports decreased by $316,000,000. Is it that the
United States Government are so ignorant of China's
position with respect to silver, and so ill-informed as
to the economic situation in this country, that they
do not understand the source of China's purchasing
power, or is it their deliberate intention to force up
the value of China's currency in order to decrease
our exports and facilitate American competition in
this market? It is earnestly to be hoped that the
United States legislature will appreciate that a rise
in the price of silver will be beneficial to China as a
silver standard country only to the extent that commodity prices also rise, that no stability in the price
of silver can be possible without the co-operation
of the silver-using countries, and that the United
States trade in the Far East will be benefited to a
much greater extent through a strengthening of
financial conditions in this country, which has a
population of more than 400,000,000, than through
the present silver purchase policy."
Closing quotations for yen checks yesterday were
28.88, against 28.63 on Friday of last week. Hong
.
Kong closed at 613@61 9-16, against 5834 @58 9-16;
A
Shanghai at 41%@417 , against 41@413/s; Manila
3
at 49.85, against 49.95; Singapore at 573/2, against
56%; Bombay at 37.20, against 36.73, and Calcutta
at 37.20, against 36.73.
Foreign Exchange Rates
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
p
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
MAY 11 1935 TO MAY 17 1935 INCLUSIVE
Country and Monetary
Noon Buying Rate for Cable Transfers in New York
Value fn United States Money
May 11
May 13
May 14
May 15
May 16
May 17
8
$
$
if
$
Europe$
Austria, schilling_ .187625. .187741* .187741* .187708. .187741. .187525.
.169130 .169107 .169126 .169134 .169115 .169084
Belgium, beige
.012750. .012750* .012750* .012750* .012750. .012750*
Bulgaria, lev
Czechoslovakia, krone .041714 .041696 .041696 .041696 .041678 .041664
217015 .217783 .217409 .217483 .218075 .219466
Denmark. krone
England. pound stetrg .860916 4.877666 4.871583 4.873666 4.885267 4.916071
.021429 .021520 .021479 .021450 .021516 .021600
Finland, markka
France,franc
.065879 .065895 .065881 .065892 .065875 .065833
Germany, reichsmark .402085 .402400 .402400 .402571 .402507 .402314
009340 .009330 .009350 .009350 .009340 .009340
Greece, drachma
.677128 .677078 .677078 .677328 .677807 .676450
Holland. guilder
294250 .294375* .294125* .294125. .294375 .294000*
Hungary, pengo
.082105 .082028 .082120 .082391 .082326 .082270
Italy, lira
.244238 .245125 .244833 .244760 .245416 .246975
Norway, krone
Poland, zloty
188260 .188360 .188440 .188400 .188400 .188300
Portugal, escudo
.044104 .044366 .044366 .044341 .044391 .044591
Rumania,leu
.010055 .010040 .010065 .010065 .010065 .010060
.136525 .136532 .136525 .136538 .136510 .136460
Spain, peseta
Sweden,krona
.250626 .251533 .251166 .251172 .251833 .253425
Switzerland, franc- .323167 .323188 .323200 .323284 .323225 .323030
Yugoslavia, dinar
.022687 .022675 .022700 .022725 .022737 .022700
AsiaChinaChefoo (yuan) dol'r .407916 .405833 .410000 .410000 .415000 .414583
Ilankow(ytian) dol'r .408333 .406250 .410416 .410416 .415416 .415000
Shanghai(yuan)801. .407708 .406041 .409583 .409583 .415000 .414583
Tientsin(yuan) dol'r .408333 .406250 .410416 .410416 .415416 .415000
Hongkong, dollar_ .585468 .586250 .592187 .59562o .610000 .608750
India, rupee
.366900 .368080 .367000 .366868 .368750 .370490
Japan. yen
.285600 .286200 .286375 .286315 .286990 .288250
Singapore (S. S.) dol'r .566875 .567500 .567500 .567500 .568125 .571875
Australasia
Australia. pound
3.853750'3.865937.3.863750*3.870000.3.872812* 3.8981251
New Zealand. pound_ 3.876875 3.889062*3.887187*3.890833.3.896250.3.9215624
Africa
South Africa, pound 4.804687 4.823500.4.818000.4.826562.4.838500.4.8602504
North America
Canada, dollar, .999609 1.000781 .999010 .999192 .999869 1.001302
.999200 .999200 .999200 .999200 .999200 .999200
Cuba, peso
Mexico. peso (silver). .277800 .277800 .277925 .277925 .277925 .277875
Newfoundland, dollar .996937 .998687 .996625 .996562 .997312 .998937
South America
.3236o0 .325225* .324537* .324637* .325525. .3271254
Argentina, peso
Brazil, milreis
.082666 .082795. .082640. .082737. .082833* .0829164
.051000 .051000. .051000* .051000. .051000* .0510004
Chile, peso
Uruguay, peso
.800875 .800250* .800875. .800875. .802125. .8006254
Colombia. peso
.552500. .552500* .549500* .544200. .544200* .5525004
• Nominal rates: firm rates pot available.
3278
Financial Chronicle
May 18 1935
the dollar began to adjust itself to the realities of
the world situation." The United States, he took
pains to say, did not lead in the abandonment of the
gold standard; it was not the first but the thirtyfirst State to take that course. "The operation was
completed in January of 1934 when the dollar was
revalued and set at 59.06% of its former gold conBasks of—
1935
1934
1931
1933
1932
tent," and "since that time we have enjoyed the
£
£
£
£
£
soundest currency in the world." Various figures
England__ 193,310,789 192,046,170 186,976,757 123.522,501 151,205,686
France a _ __ 641.785.264 612,863,697 647,233,359 629,211,938 445,024,383
were cited to show the extent to which "our new
Germanyb.
3,024,100
6,078,750
18.239,300
37.825,850 108,132,550
Spain
90,778,000
90,499,000
90,372.000
90,064,000
97.929.000
dollar" has helped American foreign trade. LookItaly ___ .__
63,015,000
74.022,000
68,284.000
60,876,000
57.479,000
Netherlands
53,783,000
66,446,000
71,536.000
75.892.000
37,498,000
ing at the future, Secretary Morgenthau saw "many
Nat. Belg_.
84,838,000
77,261,000
76,451,000
72,163,000
41.312.000
Switzerland.
49,925,000
61,117,000
77,345,000
71,818,000
25.710,000
Sweden _ _ _
.
18,040,000
15,022,000
12,056,000
11,441,000
13,316,000 indications that world trade will continue to inDenmark_,
7,394,000
7,397,000
7,397,000
8,032,000
9,552,000
crease," but "our monetary policy in relation to forNorway - - 6,601,000
6,577,000
8.380,000
6,561,000
8,133,000
Total week. 1,212,494,153 1,209,329,617 1,264,270.416 1.187,407,289 994,291,619
eign trade.is not intended to capture business, but
P1ey. week. 1.213.411.312 1.206.969.807 1.274.104.700 1.178.629.350 993.107.621
merely to protect our normal share." "We may
a These are the gold ho dings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
as well face the question, however," he said,
abroad, the amount of whIli the present year is £1,090,000.
"whether we wish to sell abroad vast quantities of
goods that the buyers cannot pay for unless we lend
Secretary Morgenthau on Finance
them the money." Under its present monetary
and Stabilization
policy the United States has been receiving "large
The radio speech which Secretary Morgenthau shipments of gold and silver," but "we are not stripdelivered on Monday night, widely heralded in ad- ping the world of gold" because world production
vance as an explanation and defense of the currency of gold is increasing, and "surely some of it can be
policy of the Administration, falls into two unequal' used to pay balances." To the objection that the
parts. The first, in length about five-sixths of the gold and silver are sterilized by being locked up in
whole, is a running account, highly laudatory in the Treasury, Secretary Morgenthau replied that
tone, of the monetary performances of the Adminis- "at least it goes to swell our monetary reserves,"
tration, mixed with some severe criticism of the poli- that "loans in default are not very good backing
cies of the Hoover Administration from whose un- for currency," and that "if we must choose between
happy consequences and serious perils Mr. Roosevelt the two, this Administration elects payment of inhad to rescue the country. The second is a brief ternational balances in monetary metals."
reference to stabilization, coupled with an intimaTurning finally to the question of stabilization,
tion that the United States is not unwilling to help Secretary Morgenthau declared that "the world
in bringing stabilization to pass. A good many should know that when it is ready to seek foreign
members of the radio audience doubtless felt, as exchange stabilization, Washington will not be an
their first impression, that the monetary policy of obstacle. Our position was that of an innocent bythe Administration had been set in a good light, stander who suffered in a fight that he did not start,
that currency tinkering was a thing of the past, and and from which he could not escape. Why should
that the United States was now ready, if other we be singled out and admonished that the moral
nations were, to join in an international effort for duty to restore order is primarily ours? Before we
stabilization and, presumably, to re-establish a gold make any commitments, we must be sure that we '
standard on a satisfactory basis. A careful read- will not lose what we have just regained. We are
ing of the address discloses some curious omissions not unwilling to stabilize. However, if the great
in the defense that greatly weaken its force, and an trading nations elect to continue under the present
attitude toward stabilization which. appears in fact absence of rules we are no longer at a disadvantage.
to be little more than a gesture.
We revalued our currency no more than was necesSecretary Morgenthau began by reviewing the sary and we can go either way. Our hands are
course of world trade and the international move- untied."
ment of gold over a number of years preceding 1932,
It was quickly pointed out that Mr. Morgenthau,
and the difficulties which nations which went off in essaying a graphic description of the panic congold found in getting dollars with which to pay for ditions with which the Roosevelt Administration
American products. The beginning of withdrawals coped, omitted some details which materially altered
of gold "in alarming amounts" in January 1932 was the picture. Ogden L. Mills, President Hoover's
"fair notice to all concerned that our turn was Secretary of the Treasury, called attention, in a
coming next," but although "the panic was knock- statement issued on Tuesday, to the fact that while
ing at our door . .. nothing effective was done to from the end of September 1931, to the end of June
avert it," and "within a few months our financial 1932, the country lost some $800,000,000 in gold,
structure was in a state of collapse." In February from July 1932 to January 1933 gold came back to
and the first few days of March 1933, withdrawals the amount of over $500,000,000, that the return
from the banks aggregated about $500,000,000 in continued in January, and that while some losses
gold and nearly $2,000,000,000 in currency, and were registered in February and March, there was
banks were closing "not individually but by whole actually an increase in the monetary gold stock in
States at a time." The domestic emergency was April, the month in which the gold standard was
met by President Roosevelt by closing,the banks, abandoned. The New York "Times" pointed out
thus ending the run, and ordering gold "into the editorially on Wednesday that the loss of gold in
custody of Uncle Sam under penalties," while an February 1933 "was not at all the result of foreign
embargo on gold exports stopped the outward flow. withdrawals; on the contrary, we imported in that
This action, Secretary Morgenthau continued, month $8,800,000 more gold than we exported. The
"effectively took us off the old gold standard, and drain on the Reserve banks' gold was wholly a conGold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
May 16 1935, together with comparisons as of the
corresponding dates in the previous four years:
T
Volume 140
Financial Chronicle
sequence of domestic hoarding, and the reason for
that was fear that the United States would 'go off
the old gold standard.'"
So much of Mr. Morgenthau's speech as is now
history is important at the moment chiefly as showing that official claims, and the figures adduced to
support them, cannot safely be taken without examination. The greater significance of the speech lies
in what was said about stabilization and American
foreign trade.
It is graitfyjng, no doubt, to be told that the Administration has any interest at all in stabilization,
but a less hearty expression of interest, or one less
likely to encourage a favorable response from
Europe, could hardly have been framed. The Administration "will not be an obstacle" to stabilization of exchange, it is "not unwilling to stabilize,"
but it washes its hands of any responsibility for
present exchange disorders, and apparently takes
no stock in the notion that, in Mr. Morgenthau's
words, "other nations would certainly follow if we
took the lead." There will be no commitments unless we are "sure that we will not lose what we have
just regained." If other nations choose to let the
matter slide "we are no longer at a disadvantage,"
for "we revalued our currency no more than was
necessary and we can go either way." In other
words, not only is stabilization of no practical concern to the Administration unless some other Government brings the question up, but it is ready to
revalue the dollar again, and either up or down,
whenever it thinks it well to do so. Instead of announcing that currency tinkering was at an end,
Mr. Morgenthau makes it clear that the Administration is quite ready to have more of it.
As a declaration of financial policy this is certainly disappointing enough. Yet one may well
wonder why Mr. Morgenthau should even have
hinted at the possibility of stabilization when, as
everybody knows, the primary conditions of stabilization for the United States are lacking. It is not
possible to stabilize the dollar without a balanced
Federal budget, and the budget is not balanced and
no thought, apparently, is being given to balancing
it. There can be no stabilization until Government
expenditures are curbed and new appropriations are
offset by new taxes or other revenue, but expenditures which have already reached astronomical
figures are still mounting, borrowed money takes
the place of new taxes, the Treasury deficit topped
$3,000,G00,000 on Wednesday, and currency inflation looms. The Government control of banking
and credit which the pending Banking Act would
fasten upon the country will do nothing to aid stabilization, and the accumulation of silver, to which Mr.
Morgenthau accorded only two or three lines in his
radio speech, is a positive hindrance. Professor
Kemmerer, testifying on Monday before the Senate
subcommittee on banking and currency, put the case
in words which may well become classic when he
said that "if the President of the United States
would make a declaration that there was going to
be no further reduction of the gold content of the
dollar, if Congress would fix the value of the dollar
at 59 cents, if the President would say that all influences of the Government would be used to keep the
gold standard, if the Government practiced economy
and set up a balanced budget, you would see such a
revival of confidence as we have never seen," but no
3279
trace of a suggestion of any of these necessary things
appears in Mr. Morgenthau's airy remarks.
What was said about foreign trade is of a piece
with the allusions to stabilization. Mr. Morgenthau
declared that "we are not stripping the world of
gold," and pointed to an annual increase of about
$1,000,000,000 in world gold production as evidence,
apparently, that there is quite enough gold to go
around. But he also, by clear implication, opposed
the export of American capital, and insisted that
foreign trade balances due to the United States shall
be paid in gold or silver. The effect of this policy
in the present disordered condition of foreign exchange, and of the high tariff policy with which it
is linked, is to deplete the monetary supplies of
countries whose gold supplies are small, and draw
into the American Treasury a more than fair proportion of the new gold that is produced. It is no
wonder that foreign nations, faced with this menace,
are increasingly seeking trade connections elsewhere
or reducing the total volume of world trade by
striving for economic self-sufficiency.
We are unable to agree with those who see in Mr.
Morgenthau's speech a "strong statement" of American monetary policy. The statement is strong only
in its unequivocal announcement of the purpose of
the Administration to continue tinkering with the
currency to any extent it thinks desirable, and of a
readiness to revalue the dollar either up or down
as it may deem expedient. There is nothing in such
a policy to encourage international action to stabilize exchange, and hence nothing to brighten the outlook for American foreign trade. With nearly 40%
of the world's supply of monetary gold, and $185,000,000 reported engaged abroad or actually shipped
since April 5, the Administration sits tight and
watches the stream flow on.
Italy, Poland and the European Concert
Just as the war tension in Europe seemed to be
relaxing a little notwithstanding the continuance of
war preparations, the death of Marshal PiLsudski,
dictator of Poland, followed quickly by Premier
Mussolini's warning that Italy claimed a free hand in
its dealings with Ethiopia, has suddenly revived some
old anxieties and awakened new ones. Unrelated
as the two events appear to be on the surface, both of
them affect the concert of the Powers on which the
peace of Europe to a considerable extent depends. A
change of policy in Poland, such as seems inevitable
now that the long-time dictatorship of Pilsudski has
ended, may profoundly affect the immediate future
of Germany and greatly alter the influence of the
Little Entente and. France in FAstern Europe. A
decision by Italy, on the other hand,to brook no interference with its Ethiopian program not only raises
the old and vexed issue of European expansion in
Africa, but cannot fail also to affect, for better or
worse, the position of Italy as a political and military
force in Europe.
The Italian warning followed close upon the report,
on Monday, that soldiers of the class of 1912 (men.
that is, born in that year), in number about 200,000,
had been mobilized and preliminary notices sent to
members of the class of 1911. The report coincided
in date with an appeal of Ethiopia to the Council of
the League charging Italy with failure to appoint
arbitrators, as it had agreed to do in January and
3280
Financial Chronicle
April, to arrange for settling the controversy between
the two countries, and calling upon the Council
"to see that the territorial integrity and political
independence of Ethiopia," which is a member of
the League, were "respected and preserved against
aggression." The Italian arbitrators, as it happened, had in fact just been chosen, and it was accordingly expected that the censure of Italy by the
Council, in which Great Britain and France might
reluctantly have felt compelled to join, had been
averted, to the great relief of the Geneva organization.
On Tuesday, however, in a speech in the Senate
which was loudly applauded, Mussolini made clear
his purpose to act according to his own discretion.
Referring to the fact that more workmen than soldiers had thus far been sent to East Africa, "I wish
to add immediately, in the most explicit and solemn
manner," he declared (we quote from his speech as
transmitted to the New York "Times"), "that we
will send out all the soldiers we believe necessary.
And no one can take upon himself the intolerable
presumption to dictate to us concerning the character and volume of our precautionary measures. No
one can judge this most delicate matter except Italy,
who has in her history a dramatic, sanguinary and
not forgotten experience in this regard." He denied
that there had been any British or French diplomatic
steps at Rome, and thought that, owing to Italy's
relations with those Powers, there would be none.
To those who had feared that an African campaign
might weaken Italy's military strength, he replied
that "it is precisely because we wish to be tranquilly
secure in Europe that we intend to be well guarded
in Africa." Between 800,000 and 900,000 troops
were available, fully equipped with arms of Italian
manufacture, and with this guarantee of national
security Italy would continue to collaborate with all
European Powers in the interests of peace.
Mussolini's outspoken language was not needed to
remind European chancelleries of the gravity of the
situation. It has for some months been widely and
generally believed that Italy, with imperialist expansion and an outlet for its increasing population in
mind, was fomenting a controversy with Ethiopia
over the boundary dispute between that country and
Italian Somaliland as a preliminary to war, and
while the number of Italian troops in East Africa is
still too small for an aggressive campaign, reinforcements and supplies have been steadily increased.
Ethiopia, on its part, has also been pushing actively
its war preparations, and with the memory of a
crushing defeat inflicted upon an Italian force by
King Menelek in 1896, has shown no fear at the prospect of another invasion. It .is this defeat that
Mussolini presumably had in mind when he referred
to "a dramatic, sanguinary and not forgotten experience" of Italy. As the Ethiopians, besides knowing intimately their rugged country and being inured
to its trying climate, are also furious and relentless
fighters, their resistance to invasion can apparently
be counted upon to be stubborn and bitter.
The announcement that Italy claims a free hand,
however, greatly complicates the situation. The
"concert of the Powers" would be more than ever an
empty phrase if Italy, bent upon colonial expansion,
were left free to act in Ethiopia without regard to
what other Powers might think of its motives or
acts,for although freedom of action might be claimed
May 18 1935
as a matter of right, a concerted policy would require
other Powers to concede the claim. Great Britain,
in particular, is not likely to view with unconcern the
establishment of a new Italian outpost in northeastern Africa, near to the Suez Canal, but it could
hardly close the Canal to Italian war vessels, even
with the approval of other Powers, without making
itself to some extent a party to the conflict. The
League of Nations is involved because Ethiopia has
from the first insisted that Italy is the aggressor,
and the question of determining the truth of the
charge and, if it is sustained, calling Italy to account
and perhaps imposing sanctions upon one of the
dominant members of the League, will confront the
unhappy Council at the meeting shortly to be held.
Neither France nor Great Britain desires to see Italian
prestige either enhanced or impaired by an African
war,since if Italy were defeated, or succeeded only at
disastrous cost, the dreaded spectre of an African
revolt against European domination would almost
certainly be raised, while if Italian arms were victorious the political and military prestige of Italy on
the Continent would be immensely increased.
Mussolini and not Hitler, accordingly, may turn
out to be the one who is "rocking the boat" of peace.
That he is able, with an overwhelming force and
abundant modern arms, to bring Ethiopia to terms,
seems probable if other Powers do not intervene.
Intervention of any kind, however, would jeopardize
the European concert and perhaps fix more firmly
the determination of Italy to prepare for the day
when it can accomplish its "mission." It may be
that dictatorship and war are not inseparable, but
something more thrilling than a peaceful daily routine
of work and play is necessary to keep up the national
enthusiam and unquestioned, obedience with which
dictatorship builds its power. The gravest element
in the present situation is the suspicion that Mussolini, secure at the moment in his control of the Italian
State, feels the need of an African war to maintain
his hold, and that diplomatic representations or
League protests may only increase his determination
to go on, be the results what they may.
With Italy preparing enthusiastically for a military
crusade whose outcome may greatly alter its position
in Europe, the effect of political changes in Poland
becomes more than ever a matter of general concern.
Pilsudski's supremacy in Poland was due to his labors
and sufferings for Polish freedom, which made him
a national hero, his great abilities as a soldier, and
his ruthless treatment of whomever or whatever
opposed his will. Of no other European ruler during
the past decade could it so truthfully be said as of
him that he himself was the State. His personal
ascendancy, however, did not mean that Polish
opinion was unanimous in accepting his opinions and
prejudices. There were good historical reasons why
the Poles, like Pilsudski, should profoundly dislike
and distrust Russia and Bolshevism generally, but
Pilsudski's friendliness for Nazi Germany has been
by no means universally shared, and there is more regard for France and Great Britain than Pilsudski
himself apparently felt. Pilsudski's foreign policy,
like that of most other statesmen who have power in
their hands, was determined by Poland's peculiar
situation. With the exception of Germany, the
surrounding States were ones whose professions of
friendship he took with much allowance, and with
them, accordingly, he pursued as far as possible an
independent course. It is significant of his realistic
attitude that he kept Poland aloof from membership
in the Little Entente, cultivated with reserve the
Baltic States, except Lithuania, as a buffer against
Soviet Russia, and contrived with some success to
placate German resentment over the existence of the
Polish corridor.
It seems inevitable that the political atmosphere
should now change. Foreign Minister Laval of
France, who halted at Warsaw last week on his way
to Moscow, was received with formal diplomatic
propriety but with no outward evidence of cordiality,
but it is now reported that his visit did something to
improve Franco-Polish relations. If such is the case,
the French alliance may turn out to have more favor
in Polish public opinion than has lately appeared.
The diplomatic question of most importance at the
moment is that of a multilateral pact to which
Poland, Soviet Russia, the Baltic States and Germany should adhere, binding the parties to nonaggression and to consultation in the event of danger
from without, but lacking the pledge of mutual
assistance to which Germany has objected. If such
a pact were concluded it might, perhaps, be expected
to contribute to the maintenance of peace in FA-stern
Europe,although it cannot be said that any European
country has to-day much faith in any agreement
which is not in fact an offensive and defensive alliance.
Of at least equal importance is the question whether
Poland, having prospered under a dictatorship, will
elect to continue under that system or seize the opportunity to return to parliamentary government. The
Constitution which was adopted last March, but
which is not yet operative, does little more than preserve some parliamentary forms while actually making the President a dictator. If dictatorship continues, the European trend toward dictatorship as a
permanent policy will be strengthened; if genuine
parliamentary government is sought, there is little
in recent Polish history to encourage belief that the
change will be made without disorder. Poland, in
short, like Italy, has suddenly become a danger spot.
ground of hope seems to lie in the fact that while
must solve its domestic problem by its own efforts,
cannot alter fundamentally its foreign policy witht some regard for the welfare of the Continent as
vbole.
Shall We Have a Banking Commission
By H. PARKER WILLIS
The so-called "Eccles Bill", for the amendment of
the Federal Reserve Act, has passed the House of
Representatives, with but little change. The lower
chamber was not willing to accept in toto the project
which had been formulated for compelling the State
banks to become members of the Federal Reserve
System. In all other respects, the House has, however, given its assent to the far-reaching proposals
contained in the Eccles Bill. Accordingly, the
measure has now gone to the Senate where hearings
have been begun before a sub-committee of the Committee on Banking and Currency. It is reported
that that Committee has a considerable calendar of
witnesses before it; and yet, the time cannot now be
long before a vote must be had upon the question of
reporting the measure in its present or in an
amended form, and shortly thereafter the Senate
Committee on Banking must reach a parallel conclusion. When it does do so, this all-important meas-
3281
Financial Chronicle
Volume 140
ure will go to the floor, there to be adopted or
rejected, as the case may be. Without doubt Congress and the President are now on the verge of
making a decision in one way or the other upon the
most significant financial measure that has come up
for discussion since the close of the Civil War. The
situation is one which calls for very careful thought
and for a definite review of the conditions that make
for and against the whole proposal. Such a review,
as briefly as possible, it is sought to present in this
article.
The Meaning of the Eccles Bill
A student of the Eccles Bill must not allow his
attention to be diverted by the multitude of suggestions and proposals which it contains. First of all,
and before all else, it is essential to try to understand the ultimate purposes that are held in view
by the measure. These are presented in three or
four very definite and distinct aspects by its authors
and sponsors:
(1) As a completion and logical application of
the ideas embodied in the Federal Reserve Act, but
never fully worked out in practice;
(2) As a rectification or corrective of faults and
defects in the actual working of the Reserve system,
which have been noted as the result of experience
and which call for modification or alteration, if our
present banking system is to be successful in its
functioning;
(3) As a great advance above anything that has
been attempted heretofore in the "supply and control of money", by permitting the Federal Reserve
Board to vary the amount of "money" in the country
in such a way as to permit"planning", or a "planned
economy";
(4) As a means of guarding against the arrival
of panic conditions or excessive "inflation", such as
may easily result, it is asserted, from the present
surplus of credit now found on the books of our
banks and Federal Reserve banks;
(5) As a way of developing needed centralization
in the control of banking, in order to prevent conflict of method and purpose and to bring about unification and consistency in the development of banking policies.
Before attempting the analysis of any of these
ideas, it is worth observing that the great powers
that are conferred by the Eccles Bill upon the Federal Reserve Board would also, incidentally, provide
for the accomplishment of the following objects:
(1) The further and, if necessary, the exclusive
use of the resources of the banks for the purchase
of Government bonds and obligations in the endeavor to provide funds needed in carrying out the
existing program of the Administration for money
spending;
(2) The more or less complete crushing of any
independence in banking—the combination of all
banks, whether chartered under Federal or State
law into one centrally-controlled system;
(3) The withholding of credit from various types
of business or enterprises, and the feeding of other
businesses and enterprises with a smaller amount of
credit which they would otherwise probably not be
able to obtain;
(4) Particularly, the upbuilding of the mortgage
market and the development of real estate financing, by devoting the resources of our commercial
banks to that end;
r
3282
Financial Chronicle
(5) The reestablishment of the joint operation of
investment and commercial deposit banking which
had prevailed before 1929 and which was partially
corrected by the Banking Act of 1933.
That there are many other incidental provisions
and objects which are made or served in this inclusive measure is, of course, obvious. The foregoing
brief survey merely assists in focusing attention
upon those that seem most outstanding.
The Attitude of the Public
It would naturally be expected that so great a
measure as this would and should receive the careful
attention of the public, with a view to its improvement, or to the reaching of a decision whether it
should be adopted, or not. Some study of it has
undoubtedly been given by the public. This study
has resulted in three major suggestions:
(1) That of a special committee of the American
Bankers Association which is apparently disposed
to accept the bill very largely as it stands in its
essentials, but which asks for some important modifications,—the chief being, a division of power in
regard to central banking functions which will leave
to the bankers of the country a distinctly larger
share than that which is allotted by the provisions
of the new bill;
(2) That of the special committee of the New York
Chamber of Commerce, subsequently ratified by the
New York Chamber of Commerce itself for the appointment of a commission, to look over the entire
situation and see what is needed in connection with
banking;
(3) That of some outstanding figures in the financial and banking world who have thought best to
express themselves with a degree of frankness,
either in personal interviews, testimony before committees or "circulars", or other utterances issued by
their respective banks.
The reader who surveys these definite pronouncements must necessarily come to the conclusion that
only in a very few instances has any positive position been assumed in regard to the proposed bill,
whether for or against it. The American Bankers
Association report, for example, tacitly assumes
that the general idea of the bill is to be accepted but
merely indicates changes that are thought to be
necessary in connection with the administrative
working of the measure. The various utterances of
outstanding bankers and financial authorities have
been concerned with much the same sort of questions
as was the Committee of the American Bankers Association. For the most part, effort has been made
to select provisions that were clumsily written,
partisan in nature, inclined to favor this, that, or
the other scheme, or to render impossible, this, that,
or the other operation, which was thought by the
authors of the bill to be desirable. In hardly any
of them has there been a careful review of the underlying philosophy of the whole measure. A dilettante
writer of money and banking makes the following
statement:
"The fundamentalists of the pre-war Federal Reserve system . . . did not believe that the
volume of money can or ought to be deliberately
controlled. . . . They thought that the supply
of money should contract or expand automatically
in accordance, with the needs of industry and the
imports and exports of gold. They are opposed
. . . to the whole philosophy of the system
May 18 1935
in the post-war era. . . . Those who hold this
view are in a very small minority."
This cavalier dismissal of the issues involved in
the subject referred to would not deserve any notice
if it did not represent notions that are being taken
for granted by a good many hasty observers. There
is, of course, nothing about "money", its "supply",
or its "control" in the Eccles bill, nor is there the
slightest warrant for identifying bank deposits with
money. To do so is like the statement said to have
been found in the introductory paragraphs of an
Alice in Wonderland algebra that "in this book we
shall regard the signs plus and minus as identical".
Bank credit is not money and never can be made
such, and what is really under discussion in this
whole matter is, whether there is any such thing as
credit and any such function, desirable or otherwise,
of testing the soundness and truthfulness of credit.
What the Eccles Bill seeks to do is to bring about
a complete transformation of the underlying ideas
of banking (whether pre-war or other) and to revise
the entire banking system accordingly. Unfortunately this undiscriminating attitude is pretty
generally accepted by the public itself, including
some bankers who have been disposed to regard the
controversy about the Eccles Bill as little more than
a debate as to whether the "money of the country"
should be under the "control" of the bankers or of
the politicians. This issue, if it can be called such,
is, however, an exceedingly small phase of the real
questions raised by the Eccles Bill. The proposals
made in the Eccles Bill go far beyond the mere question of controlling money or credit and they raise
the issue, whether there is any such thing as credit
at all and whether it is, or is not, identical with
money.
In contrast with this attitude of limited understanding of, and partial acquiescence in, the Eccles
measure, we have the proposals included in (2)
above, which merely ask for a study of the entire
proposal. The argument in favor of this latter proposal is as follows:
(1) There is no emergency to-day recognized that
would warrant a hasty enactment of any banking
measure whatever. The Comptroller of the Currency has emphatically stated that in his opinion,
the banking crisis is over and the community well
on the way back toward a normal condition. In his
last annual report, he said, "There is little evidence
remaining of the collapse in March 1933 of the
banking structure of the nation. The entire system Q.)
has been rebuilt." Practically the same statement
has been made by the Secretary of the Treasury, and
either directly or by implication in the public utterances of the President. Judged by its own expressions, the Administration recognizes that there is
no call for any emergency action.
(2) There are enough observers who have expressed the greatest anxiety about the effects of the
Eccles Bill to make it evident that the measure
should not be regarded as a mere routine proposal
to be passed as a matter of Executive recommendation and without study.
(3) If for no other purpose then than for that of
reconciling conflicting views and obtaining the
maximum amount of support for a far-reaching proposal, we undoubtedly ought to have a non-partisan
investigation of the ideas contained in the Eccles
Bill.
Volume 140
Financial Chronicle
(4) Moreover, as is generally conceded, the Eccles
Bill,even taking it at its face value, just as it stands,
by no means covers the field of desired banking
legislation. There is a well-nigh universal recognition among students of American banking that a
fairly complete "codification" of American banking
law is needed, and with a Commission of the kind
referred to, if composed of men of standing and
probity, they would be able to lay down the lines
along which such work ought to proceed and to
assure a satisfactory result of the investigation
when completed.
This is the case, then, as between hasty enactment
of the Eccles measure, and the proposal to entrust
it to a non-partisan commission. As to the contention that such commissions in the past have often
times been non-committal, inclined to waste money
and disposed to delay action, the answer is perfectly
plain. All this depends on the kind of commission
that is selected. It might well be a commission
serving without pay, and ordered to turn in its report within a very short period of time. In any
case, there is no reason whatever to suppose that
unconscionable delay and unreasonable expense need
necessarily be involved in the effort to get thorough
and scientific advice about a matter of utmost importance. The public has not studied the subject;
is in no position to do so, and is only conscious of
the fact that a great technical problem is before it
What is most urgent is to afford leadership and to
grant time for the careful and discriminating presentation of argument under conditions that will
permit of arrival at some safe set of conclusions.
To drive such a measure through Congress with
"whip and spur" at the present time would be unpardonable, since there is no possible basis upon which
to defend, less to justify it.
"Eccles Bill" and the Federal Reserve Act
It is now desirable to devote some attention to
the various arguments that have been presented for
the immediate enactment of the Eccles Bill, despite
the general considerations that have just been presented. Among these, one of the most frequently
cited is that which has been noted as coming from
the advocates of the measure itself- - that it completes the ideas of the Federal Reserve Act and
carries the views of its framers to a satisfactory,
logical conclusion. As to this, an immediate answer
may be returned on the basis of general historical
knowledge. This is, that there is no respect whatever in which the content of the Eccles Bill can be
regarded as in any sense completing the Federal
Reserve Act or carrying it to its natural and logical
conclusion. The obvious attempt of the Eccles Bill
is to overset most of the notions of the Federal Reserve Act and to make it impossible for that Act to
function in the way that was intended by its original
framers. The Federal Reserve Act, for example,
had as a definite underlying conception, the notion
that the desirable outgrowth of a central banking
system was an "elastic currency" and that the attainment of such a currency should be a major object
in the development of banking. The Eccles Bill, on
the other hand, holds that there is no relationship
whatever between the volume of business is a reflection on the volume o media of exchange; while it
erroneously contends that "deposits" are "money"
and should be "contro led" in their amount with
,cy)
--.-- reference to what is considered the ideal volume of
business. The two measures are thus radically
3283
opposed to one another, without the slightest integral connection. The Federal Reserve Act, moreover, in its original drafts sought to place the management of banking in the hands of bankers, simply
giving to the Government the opportunity to be
present at all deliberations, know what was going
on, and express opinions or have an adequate voice
in determining conclusions. "Politics" forced a
compromise between the friends and opponents, of
political control at a very early date, with the result
that the Federal Reserve Board became a distinctively political body, while the choice of its successive members became a matter to be determined by
purely political considerations—a decidedly diametric contravention of the original purpose of the
Reserve measure. The Eccles Bill places the control
of Reserve credit entirely in the hands of the Federal Reserve Board, makes that board merely a
group of marionettes, dominated by a governor who
is merely the political puppet of the President, and
takes away all possibility of self-government from
banks and bankers.
This review of the essential features of the proposed Eccles Bill is sufficient to show abundant
reason for thinking that there not only is no furtherance or completion of Federal Reserve ideas in the
Eccles Bill but that, on the contrary, the adoption
of the Eccles Bill would be a radical defeat of the
major underlying motives or principles upon which
Reserve legislation was founded. The effort to
make capital out of regard for the Reserve system
and its record is thus wholly unwarrantable, without the most remote basis in fact.
Is the Eccles Bill a New Philosophy of Money?
In counter-distinction to those impressions which
represent the Eccles Bill as merely a further working out of the Federal Reserve ideas, we have the
proposed suggestion that it is a very original proposal whose adoption would take the Reserve system
out of the rut into which it has fallen, and give it
a new and proper application. Let us see upon what
this contention is based. Apparently the idea of
the Eccles Bill is to centralize the discount and open
market powers in the hands of the Federal Reserve
Board, or of institutions or organizations closely
connected with it. Thus, the various forms of the
bill already available, contemplate the placement of
the open market powers in the hands of a committee
consisting of some members of the Board and certain
governors of the Reserve banks, with the Governor
of the Reserve Board as the chief factor in the organization. This open market group is to decide upon
the policy to be pursued in buying and selling Government bonds or acceptances—the staple of open
market operations. The Eccles Bill, furthermore,
goes on to give to the Reserve Board the power of
initiating rates of rediscount, instead of waiting for
them to be proposed by the several distinct banks,
later to be approved or disapproved by the Board
itself and by this latter means to be harmonized
Finally, the Eccles bill authorizes the Federal Reserve Board to determine the amount and composition of Reserves that would be exacted from member
banks, by compelling the banks—and for that matter the Reserve banks as well—to carry larger or
smaller reserves, or to change the composition of
such to regulate the supply of credit available. The
latter proposal has been endorsed by Mr. Eccles himself as being a weapon which the Board could use to
very great advantage in cutting off or reducing the
6
3284
Financial Chronicle
May 18 1935
danger of uncontrolled "inflation" or expansion seriously considered in connection with the new bill,
which, it is alleged, exists in very serious form at might, of course, be subject to more or less modificathe present moment.
tion;—the point is, that it has been thought of, and
Here we have a proposal not to introduce any- is being considered by authoritative persons, and
thing new but to use familiar methods and factors represents what must be regarded as unquestionably
in a way to bring about an unaccustomed result the gravest of dangers—the development of a situathrough the application of a familiar technique. tion in which the assets of the banks consist pracSuppose that the Federal Reserve Board, under the<7 tically wholly of government bonds, while the banks
new bill, should determine that it was desirable to themselves become merely agencies for the making
raise reserves to 100 per cent of outstanding demand of loans stated in terms of government paper. That
deposits. Certainly there is much reason to sup- such a policy would infinitely transcend in danger
pose that such a step might be ordered. Repre- the issue of more "greenbacks" needs no argument,
sentative Goldsborough, one of the chief proponents and yet, it seems to be a measure which either by
of the measure in the House of Representatives, has actual design or as the result of policies inevitably
expressly said that, while he would not wish to see resulting from what has already been attempted,
such a change ordered, by a step that would cause would necessarily come into use.
any disorganization or disturbance to our banking
We have here the crux of the situation which is
system, he would look forward to an ultimate intro- raised by the Eccles Bill. Is that bill, either diduction of the notion under the provisions of the rectly or indirectly, the means of still further devotEccles measure. Advisers of the Reserve Board ing the assets of the banks to the purchase of governhave strongly advocated the application of the 100 ment bonds, thereby enlarging the potential field
percent reserve requirement, both in public and in for bond issues and thereby enabling the government
private. Governor Eccles himself, it is understood, o go on with deficit financiering for a considerably
has disclaimed any present intention of calling it longer time, without, perhaps, bringing about an
into effect, but much of his testimony and general immediate crash in our financial structure? The
philosophy points strongly to such a measure as the general philosophy underlying such measures would
inevitable outcome of what he says he wants to do be the same as that which Mr. Eccles outlined in his
under the terms of the measure. If banks were to testimony before the Senate commission investigatbe ordered thus to increase their reserves against ing economic affairs in the spring of 1933. It candemand deposits to 100 percent of the face of such not be possible that his opinions and views about
deposits, they would evidently have to displace other banking have been very greatly changed in the two
assets such as corporation bonds, in order to draw years that have elapsed since that time—especially
in claims upon banks from the buyers of such bonds, when we know his advocacy of the proposed measure
and these buyers would have to provide themselves and the easy way in which its terms allow themselves
as they could; perhaps by further discounting with to .produce some such outcome. The underlying
banks, eventually giving rise to new credits with the notion—that the government and its credit should
reserve banks, or in some similar fashion. The contstitute the foundation of the credit of the nation
banks themselves were they to try to comply withf) that advances made by the government for whatand
the requirement would, of course, find that they ever purpose, should constitute the basis of the curcould do so only by rediscounting with Reserve rency rather than to use for that purpose resources
banks, and in order to get the material for such or wealth originating through private investment or
rediscounting would have to buy Government bonds business enterprise, the latter being necessarily resince commercial paper is not available in any such duced in importance as the scope of government
quantity. An easier way to apply the meaning of lending enterprises grow—is the inevitable outcome
the proposed provisions then, would be to require of what is now urged. Probably there are very few
that 100 percent be held in reserve credit plus gov- in the community who have seriously contemplated
ernment bonds, in which case the banks would have the practical application of any such theories as
to buy the additional government bonds as they were these, partly because they are so foreign to those
issued, giving credit on their own books and then which have underlain the education of bankers hereimmediately discounting the new bonds with the tofore, and partly because of the disastrous conseReserve system, or they would have to (as before) quences that must ensue from them to the business
get the funds with which to pay for them by dis- of a country that is not completely governmentalposing of their corporate bond holdings and using ized or communized. We must, in short, conclude
the funds to build up their reserves, or would have on this one ground alone that the basic thoughts of
to obtain the government bonds by what amounts to the Eccles bill not only are not a completion or
an exchange of corporate issues for governments, so further working out of Federal Reserve conceptions,
that eventually they would become the holders of and not only are far from being merely a wider applithe amount of government bonds needed to equal cation of governmental supervision of banking in
(with their reserve credits and cash) the amount of order to secure greater honesty and sincerity, but
their demand deposits. In these ways, unquestion- are also something very much broader—the embodiably, several "birds could be killed with one stone"— ment of the idea of public credit as a substitute for
the government bonds could be sold in new and huge private credit. It was Lenin who, in discussing the
amounts as a practical necessity on the part of the subject of banking, made it clear that in his opinion
banks to acquire them; while the theoretic desire to the first approach to a communized State must be
rebuild the reserves of the banks to this "100 percent found in complete national control of the monetary
money" would be attained. On the other hand, and banking system; and in this he followed other
such a policy would satisfy the demands of the authorities of equal standing among communists.
numerous Congressmen who have asked that govern- The Eccles bill, as now termed, does not confessedly
ment bonds shall be made convertible directly into purport to aim at any such ideas, and it would be
paper currency. This policy, said to have been impossible to find a specific recognition of them
•
Volume 140
Financial Chronicle
3285
in any section of the measure. They are present, to continue making loans to, let us say, the autohowever, by implication in the ways that have just mobile industry, or that would compel it to cease
*
been indicated; and even though they may not be- making such loans; but there is ample provision in
extensively put into effect upon the adoption of1. the Eccles bill which would make it possible for the
the bill, would always remain as an imminent possi- Board to cut off such a bank from rediscount facilities or to render rediscount facilities more available
bility in connection with its application.
to it. The germ of such authority, undoubtedly,
Panics and Depressions
present Federal Act, but subject to a
By an amendment to the Eccles bill which was exists in the
system of checks and balances which control it, just
proposed in the House of Representatives, provision
and balances of our Constitution prewas made for instructing the Federal Reserve as the checks
vent the exercise of despotic power by an Executive.
Board to use its credit powers as a means of bringThe Eccles bill eliminates many of these checks
ing about a balanced or "planned" economy, in the
and balances, and thus renders what under proper
nation at large. The thought underlying this
beneficial authority, a potenamendment was that since the granting or with- conditions of use is a
financial power. It is
holding of credit greatly facilitates, if it is not abso- tial instrument of despotic
such a power can be wisely used only
lutely necessary to, the investment of capital in the also a fact that
cannot ordinarily be used to
development of an industrial enterprise, the grant- locally, and that it
good purposes as a general policy to be applied over
ing of power to withhold such credit must make it
It is seldom true that
possible for the credit-granting authority to deprive a large competitive area.
in any given line of business all concerns are overundesirable enterprises of funds, while at the same
reverse, and the direction of industime encouraging those that are thought to be de- expanding, or the
try by means of general loan regulations is corresirable to proceed with their plans. Governor
Desirable as it may be to emEccles himself, in commenting upon the interpreta- spondingly difficult.
ploy banking as a means to bring about conservatism
tion of the House proposal, has expressly stated that
enterprise, such means certainly cannot
the Eccles bill does not give to the Federal Reserve in business
who use them are far
Board any power over credit that it does not already be relied upon unless those
and far more trustworthy in
possess, and has asserted that the new measure more fully informed
than those to whom the
would not in any way whatever enable the Board their use of such powers
has, in fact, been committed. The Eccles
to deprive a given enterprise of the credit which authority
the powers
would otherwise be granted to it. Probably a case bill, therefore, would largely take away
spoken of from those who have heretofore been
can be made out for the technical accuracy of these
them in politiassertions. It remains true, however, that the pro- entrusted to use them,and would vest
cal or governmental authorities, whose knowledge
posal must have had some meaning, and that if it
has heretofore
had any meaning, it was intended to indicate that of their use—as the Reserve Board
been constituted—must be very seriously questhe centralized credit power of the community was
therefore, give any credence
to be used in checking or advancing the general tioned. We cannot,
activity of business so far as any such policy could whatever to the hope expressed by Mr. Eccles and
in
check or advance that activity. Indeed, much of the others, that the proposed measure would result
conservative, more restrained use of
testimony of Mr. Eccles himself is based upon the a saner, more
thought that it is possible in this way to further credit for the purpose of preventing the developindustrial
or advance business. In his speech at Coluthbus, ment of "inflationary" or over-expanded
conditions, and we must fear that mistakes of judgOhio, shortly after the Eccles bill was first made
public, the Governor of the Federal Reserve Board ment in the application of such centralized credit
asserted that he did not suppose it would be pos- would tend to aggravate danger which might othersible by the use of reserve credit completely to wise be self-corrective.
Before leaving this subject it should be carefully
smooth out the business cycle, but he thought that
noted that by no means all economists are inclined
considerable progress might be made in that
to the opinion that any use of bank credit, however
direction.
would such a result be attained? Obviously wisely made, can exert any such effect upon the
How
by making it harder or more expensive for business development of business or the arrival of "booms"
to expand under such a policy, when thought neces- or in curing of depressions, as is thus alleged. A
sary, or by rendering it easier for the business to very large school of thought holds that bank credit
expand when that policy was desired. It may be is the outcome or reflection of business conditions
remarked parenthetically that this is a power which, and by no means the motivating cause of changes
in the older thinking on banking, was regarded as a therein. If the views of this latter school hold good,
fundamental function of banking, and which when the use of powers such as those advocated by Mr.
judiciously exercised tended to prevent the over- Eccles would be likely to eventuate merely in the
expansion of industry leading it to so-called "booms" "pegging" of enterprises that had become greatly
followed by "panic" conditions. It also has under- expanded, as in the case of the Reconstruction Filain the whole philosophy of "easy money" often nance Corporation. The result in such a case would
advocated by the Federal Reserve Board, as may be be nothing more than to divert the resources or
proven by any number of citations from their re- credit of the community into the support of unproports of recent years. What is proposed, then, is ductive undertakings, or undertakings that are unevidently to centralize in the hands of the Board, economically operated, with the corresponding loss
bank powers in relation to business which have here- and disadvantage of the business community.
The Question of Needed Centralization
tofore been resident in the individual banks, or in
A very strong point has been made in connection
those banks with the aid and oversight of the Federal Reserve banks. There is probably nothing in with the Eccles bill of the fact that under existing
the Eccles bill which would authorize the Board to conditions it is unsafe or unwise to leave a large
prevent the First National Bank of any given place local latitude in the use of financial assets to banks
(0
3286
Financial Chronicle
May 18 1935
which might, or might not, employ it wisely. Un- of reaching the development of a genuine bankers'
wise use of such power has been pointed out as being central bank controlled by bankers and centralized
a major and exciting cause of bank failures, the through the membership of some institution situlatter to be viewed as the result of hasty or ill-judged ated, perhaps, in New York, must be regarded as
credit manipulation, resulting in stimulating or de- without adequate foundation. There is not enough
pressing industry or in "tying up" individual bank basis for it to warrant those who believe in that form
offices, by giving to the Federal Reserve Board and of transformation of our banking system to trust
its affiliate enterprises of deposit guaranty, &c., the themselves to the indicated method of attaining it.
authority to simplify control and improve bank ex- Even if the proposed measure worked at its best,
aminations, while rendering them less onerous and the kind of financial centralization thus hoped for
leas expensive. Here is a proposal which naturally would probably be rendered more distant, rather
appeals to many bankers who have found the present than less. If the proposed measure should lead to
agencies of supervision incompetent, self-contradic- the disasters which may foreshadow for it, the
tory, and costly; but would centralize control bring cost of bringing about the desired consummation
about the desired result? There is no definite rea- would be far too great to be thought of.
son to suppose so. Experience in the past has shown
Do We Want a Banking Commission?
that bank examination is essentially a matter which
must be carried on locally by men familiar with local
Enough has been said to indicate, entirely free
paper and with local conditions. The condition of from any partisanship for or against the Eccles
banks cannot be judged by rigid standards. Many bill, two things:
a bank is in a sound enough condition for its own
(1) There is a large field for difference of opinion
locality and for the community which it serves, about the actual effects of the Eccles bill and about
which would be anything but satisfactory in another the theories which underlie it. It undertakes to do
place a thousand miles away. Whatever faults there many thinks that have heretofore been regarded as
are in the present examination and oversight system "unsound," dangerous and contemplated to disturb
can be easily "ironed out" without any application the entire basis of modern business.
of broad powers that have nothing to do with the
(2) There is a feeling of distrust and doubt about
problem of supervision to a Federal body.
the proposals that exist not only among the banking
There are many bankers in the United States who community, but also among business men, without
from the very beginning of the Federal Reserve Sys- regard to party, and which must necessarily make
tem have felt that the organization of that System adoption of the measure unwise, especially in our
upon a district footing was unwise. Many influ- present economic situation and necessitating its
ential bankers opposed the Federal Reserve Act on serving as a cause of disturbance in financial and
that account, and said that it would never be pos- economic relationships.
sible under any circumstances successfully to build
In as much as it is agreed on all hands that no
up efficient discount markets on a local basis. They, emergency exists or, at all events, is admitted,
therefore, antagonized the underlying thoughts of which calls for the prompt adoption of such a measthe original Federal Reserve Act. While perhaps ure, it would seem to be only the part of common
a majority of such former advocates have changed wisdom to obtain the verdict of non-partisan and
their attitude, and since then have become advocates capable men, viewed by the country as worthy of conof the district system, by no means have all done so. fidenee, before any irrevocable step is taken. The
It seems fairly clear that the proposal made in the plain dictate of common sense would be, therefore,
Eccles bill to diminish the importance or authority the remedy which has been suggested by the New
of the several Reserve banks in order to add to that York Chamber of Commerce and by other agencies
of the Federal Reserve Board has met with some of equal weight, in the appointment of a satisfacapproval. Just here it should be noted that this tory commission to look quickly over the entire
attitude on the part of some bankers is entirely field of banking legislation and to indicate what
based upon the thought that the centralization de- is needed. Such a commission need not spend much
sired was to take place under banking supervision time in purely technical discussion; it could safely
and self-government. Were they convinced that the leave that to expert advice, to be rendered to comcentralized system now proposed would never be mittees of Congress or to be obtained in some other
developed or operated upon a basis that was more way. But there is the most cogent reason, before
truly financial than the present, it may well be X taking radical and extreme steps, such as are prodoubted whether they would advocate the change posed in the Eccles bill, to ask for a careful weighProbably a good many have felt that the propose
ing of the general considerations that underlie the.
system would gradually develop into a plan whereby institution of banking, with a view to focusing upon
the great powers vested by it in a political organiza- the proposals the sanest opinion in the community
tion would be gradually taken over by some one —if for no other purpose than that of obtaining
of the Reserve banks—say by the Reserve Bank of popular assent to, or support for, whatever may
New York—just as the latter had during the pre- be adopted.
1929 period succeeded in taking to itself much more
Every modern country has followed this plan
than its normal share of influence in the System. before making any far-reaching change in its bankThe question whether any such development could ing system. It is the method which was employed
be counted upon is necessarily more or less conjec- hy Great Britain in the appointment of the Mactural, but there are abundant reasons for believing, millan Committee; in Germany, by the institution
at the present time that the political organization of the Reichsbank Enquete, and elsewhere by approat Washington will not be likely to part with the priate bodies vested with the necessary powers. We
authority that it acquires, unless compelled to do shall act recklessly and unwarrantably if we fail
so by some general collapse. The hope, therefore, to follow the example of human experience.
Financial Chronicle
Volume 140
3287
Gross and Net Earnings of United States Railroads for the
Month of March
There has been little comfort for holders of railroad securities lately in the financial statistics of
operations, and our compilation of gross and net
earnings for the, month of March, presented here
with, again fails to reflect any change for the better.
The tendency, in fact, is rather decidedly adverse.
In comparison with the same month of 1934, both
gross and net income of the carriers declined sharply
during March. A year ago it was possible to record
distinct improvement over the parlous early months
of 1933, when the bank holiday finally was found
necessary in March and all business was suspended.
Far from maintaining the improvement, earnings of
these great properties sank during March of this
year to levels that offer eloquent testimony of the
need for drastic remedial measures. It is clear that
a prompt start could and should be made in the
direction, for instance, of regulating competing
modes of transportation. All authorities appear to
be agreed on the advisability of such action, which
was advocated, among other things, by Joseph B.
Eastman, Federal co-ordinator of Railroads, in the
report submitted to President Roosevelt and Congress last January.
Our compilations show that gross earnings of
United States railroads last March aggregated only
$280,492,018 against $292,798,746 in March of last
year. This trend is sufficiently perturbing in itself,
but even more disheartening is an increase of operating expenses at the same time that gross revenues
are declining. This means, of course, an even
sharper curtailment of net earnings, which actually
fell to $67,659,321 in March against $83,942,886 in
that month of 1934. Putting the matter another
way, we find gross income off 4.20% in this comparison, while net revenue shows the prodigious
drop of 19.40%. The higher costs of operations
under which the railroads are struggling were raised
higher still on April 1 last, when the final 5% of
the temporary 10% wage reduction was restored.
It is true that some emergency increases in freight
rates also were granted the carriers, but the serious
depletion of net earnings shows that far more should
be done if the railroads are to bear the burdens
of the completely restored wage levels, which were
not yet reflected in the current compilation of earnings for March. The room for improvement is best
shown, meanwhile, by the fact that gross and net
earnings alike, last March, were hardly more than
half the figures for March 1929.
Month of March—
Miles of 144 roads
Gross earnings
Operating expenses
Ratio of e‘ps. to earnings
Net earnings
1934
Inc.(±)or Dec.(—)
1935
—1.235 0.52%
239,246
238,011
8280,492,618 8292,798,746 —512306,728 4.20%
212,832,697 208,855,860 +3,976,837
1.90%
+4.55%
71.33%
75.88%
$67,659,321
$83,942,886 —816283,565 19.40%
Although the record with regard to the railroads
has been dismal of late, there has been at least one
ray of light. We allude, of course, to the Supreme
Court opinion of May 6, in which the railroad pension law was held unconstitutional in a five-to-four
decision. It is also necessary to note, however, that
Administration spokesmen promptly served notice
of their intention to draft a new law along lines
that might escape such judicial condemnation. Returning to the record of gross earnings of the railroads last March, we find that carriers in all sec-
tions of the country with the single exception of
the Central Western region found their revenues
reduced as against March of 1934. More dismal
still is the comparison of net earnings, for no single
section of the country escaped the unfortunate
tendency. Although the automobile industry and a
few others were more active this year than last,
it is evident that the poor showing of the railroads
is due to the impoverished state of general business.
Taking first the production of automobiles, here
we find a large increase in the output of motor
vehicles as compared with March a year ago—
namely, 429,830 cars as against only 338,434 cars
in March last year. This compares, moreover, with
only 115,272 cars in March 1933; 119,344 cars in
1932; 276,405 cars in 1931, and 396,385 cars in 1930.
Back in March 1929, however, no less than 585,455
automobiles were turned out. For the three months
ending with March, according to the Bureau of the
Census, the number of new cars added in 1935 was
1,063,139 as compared with 724,356 cars turned out
in the first quarter of 1934 and 349,544 cars in
the first quarter of 1933. This compares with
355,721 cars in the first three months of 1932;
668,193 cars in the first three months of 1931;
1,003,023 cars in the first three months of 1930 and
1,452,910 cars in the first quarter of 1929. Improvement, though of no such marked degree, was also
shown in the iron and steel industry. According to
the statistics compiled by the "Iron Age," the production of pig iron in the United States in March
the present year was 1,777,028 gross tons as compared with 1,619,534 gross tons in March 1934;
542,011 tons in 1933, and 967,235 tons in March 1932.
Going back to earlier years, however, we find that
in March 1931 the output of pig iron was 2,032,243
tons; in March 1930, 3,246,171 tons, and in March
1929, 3,714,473 tons. In the case of steel, the American Iron and Steel Institute reports that the production of steel ingots in the country during March
1935 reached 2,830,700 tons as against only 2,761,438
tons in March last year. In March 1933 the output
was only 909,886 tons, and in March 1932 only
1,403,723 tons. But in March 1931 steel production
was 2,993,590 tons; in 1930, 4,254,331 tons, and in
1929, no less than 5,058,258 tons.
Turning now to the production of coal, here we
find that while the production of bituminous coal
was somewhat larger than in March a year ago, the
output of anthracite was on a greatly reduced scale
—in fact, was not equal to one-half the amount produced in March 1934. The quantity of bituminous
coal mined in the United States in March 1935 was
38,848,000 net tons as compared with 38,470,000 net
tons in March a year ago. Comparison, however, is
with only 23,685,000 tons in March 1933; 32,250,000
tons in March 1932; 33,870,000 tons in March 1931,
and 35,773,000 tons in March 1930. Back in March
1929, however, the quantity of coal mined was
40,068,000 tons. On the other hand, the production
of Pennsylvania anthracite was only 3,082,000 net
tons in March 1935 as against 6,418,000 net tons in
March 1934; 4,519,000 tons in March 1933; 4,789,000
tons in March 1932; 4,745,000 tons in March 1931;
4,551,000 tons in March 1930, and 4,859,000 tons in
March 1929.
3288
Financial Chronicle
May 18 1935
Needless to say, activity in the building industry Erie, which, with $123,796 gain in gross, reports an
was at a low ebb. According to the compilations increase in net of $134,558. The list of roads, on
of the F. W. Dodge Corp., construction contracts the other hand, showing decreases in both gross and
awarded in the 37 States east of the Rocky Moun- net is a long one and embraces practically all classes
tains during March the present year involved a of roads and in every section of the country. To
money outlay of only $123,043,500 as compared with name these roads separately with their.losses, even
$173,345,300 in March 1934, or a falling off in excess the most conspicuous of them, would involve a needof 30%. It is proper to state, however, that in less loss of time and space, and we will therefore
March 1933 the money value of the construction con- only mention a few. The New York Central, with a
tracts dwindled to $59,958,500, and in March 1932 loss in gross of $2,225,952, reports a decrease in net
it was only $112,234,500. Going still further back, earnings of $1,951,593. These figures cover the
however, we find the amount involved in March 1931 operations of the New York Central and its leased
was $369,981,300; in March 1930, $456,119,000, and lines. Including the Pittsburgh & Lake Erie, the
in March 1929, $484,817,500. The lumber trade, as result is a decrease of $2,296,476 in the gross and a
it usually does, reflected the falling off in the build- decrease of $2,036,084 in the net. The Reading, with
ing industry. The National Lumber Manufacturers a decrease of $1,436,660 in gross, reports a decrease
Association reported that the production for an in net of $1,117,485; the Erie (two roads), with a
average of 971 identical mills during the four weeks loss of $1,042,508 in gross shows a loss of $845,513
ended March 30 1935 was only 685,005,000 feet as in net; the Pennsylvania reveals $888,304 decrease
against 727,107,000 feet in the corresponding period in gross accompanied by $383,631 loss in net, and the
of 1934. This is a decrease of 6%, but 62.5% above New York New Haven & Hartford with $875,944 dethe record of comparable mills during the same crease in gross, reports a loss of $369,961 in net. In
period of 1933.
the following table we show all changes for the
As it happens, too, the grain traffic over Western. separate roads for amounts in excess of $100,000,
roads was of very small proportions. The March whether increases or decreases, and in both gross
receipts at the Western primary markets have been and net:
diminishing in recent years, and in March the pres- PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF MARCH 1935
ent year reached a new low level. We deal with
Decrease
the Western grain movement in a separate para- Southern Pacific(2 rds.)_ Increase Southern
$859,587
$399,767
Illinois Central
343.274 N.Y. Ont.& Western__ _
373.086
graph further along in this article, and will, there- Det. Toledo & Ironton._ 303,118 St. L.San Fran.(3 rds.)_ 369,228
Great Northern
277,685 Louisville & Nashville...
320,332
fore, only say here that for the five weeks ended Elgin Joliet & Eastern_ _ _ 215.828 Atlantic Coast Line
284,918
St. Louis South Western_
170,097 Chicago Burl. & Quincy_
276.637
123,796
March 30 1935 the receipts at the Western primary Bessemer & Lake Erie_ _ _ 109.936 Internat. Great Northern 251,546
Union Pacific (4 roads)-Baltimore & Ohio
202,537
Long Island
190.039
markets for wheat, corn, oats, barley and rye, comTotal (12 roads)
$2,403,321 New York Chic. &,St. L.
167,168
Nashv. Chatt. & St. L__
155,167
bined, reached only 21,718,000 bushels as compared
Decrease Pere Marquette
150,345
a$2,225,952 New On. Tex. & Mex.
with 34,198,000 bushels in the same five weeks of New York Central
Reading
(3 roads)
1,436.660
148,461
Erie (2 roads)
1,042,508 Chic. Milw. St. P.& Pac.
141,890
1934; 34,145,000 bushels in the same five weeks of Pennsylvania
888,304 Chesapeake & Ohio
133,781
N.Y. N.H.& Hartford_
875,944 Norfolk & Western
125.784
1933; 35,664,000 bushels in the same period of 1932; Lehigh Valley
806.162 Chicago Great Western__
113.792
Missouri
530.558 Seaboard Air Line
111,984
65,175,000 bushels in March 1931; 56,158,000 bush- DelawarePacific
& Hudson_ __ _
500,786 Grand Trunk Western_.
110,185
Del. Lack. & Western__ _
492,750 Chic. St. 1'. Minn. &
els in March 1930, and no less than 76,286,000 bush- Boston & Maine
Omaha
427,831
103.801
Chicago & North Western
,, 10
els in the corresponding period of 1929.
410,796
Central of New Jersey___
Total (37 roads)
$14,180,009
a These figures cover the operations of the New York Central and the
It is, however, in the statistics showing the load- leased
lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern, and Evansville Indianapolis & Terre haute. Ining of revenue freight on all the railroads of the cluding Pittsburgh & Lake Erie, the result is a
decrease of $2,296,476.
United States that the composite result of all that I'RINCIPAL CIIANGES IN NET EARNINGS FOR TIIE MONTH OF
MARCII 1935
has been said above is most clearly seen. For the
Increase
Decrease
Baltimore & Ohio
$379.015 Chic. Milw. St. P.& Pac. $350.017
five weeks of March 1935 the loading of revenue Southern Pac.
(2 roads)_
197,839 Illinois Central
344,647
Detroit Toledo & Ironton
191,327 Central of New Jersey_ _ _
freight comprised 3,014,609 cars as against 3,067,612 St. Louis Southwactern_ _ 155.978 Norfolk
324,578
Western
278,362
134,558 Chic. R.I. & Pac.
cars in the same five weeks of 1934; 2,354,521 cars in Bessemer & Lake Erie_ _ _ 110,689 Chic.& North (2 rds.) 277,291
Dul. Missabe & Northern
Western_ _
276,721
Internat. Great Northern
247,229
the same period of 1933; 2,825,798 cars in March
Total (7 roads)
$1,169,406 Wheeling & Lake Erie_ _ _
239,748
Long Island
230,645
1932; 3,664,780 cars in March 1931; 4,423,792 cars
Decrease
N.Y. Ont.& Western--229.722
New York
41.951,593 Great Nort.ern
217,544
in March 1930, and 4,795,792 cars in the same five Reading Central
1.117,485 Boston & Maine
191,970
Missouri Pacific
863,251 Florida East Coast
184,921
weeks of 1929. It will be seen that the figures for Erie (2 roads)
845,513 New On Tex. & Pac. (3
Chic. Burl. &
roads)
164.791
March this year are more than 1,780,000 cars less Lehigh Valley Quincy__ - 828.307 Chicago Great Western.. 159,399
762,914
St. L. San Fran.(3 rds.)_
538,105 Pere Marquette
158,061
than in March 1929.
Del. Lack. & Western_ _ _
530,370 Nashv. Chatt. & St. L..
139,460
Atch. Topeka & Santa Fe
529,063 Wabash
126,717
In what has been said above, ample evidence is Northern Pacific
527,478 Cob. & Southern (2 rds.)
124,713
Louisville & Nashville_ _ _
467,992 N.Y.Chicago & St. L_ _ _
122,238
419,359 Chesapeake & Ohio
furnished going to show how the large decrease in Southern
116,455
Atlantic Coast Lino
407,440 Chic. St. P. Minn. &
383.631
Omaha
traffic and revenue of the railroads of the country Pennsylvania
108,953
Delaware & Iludson_ __ _
370,902 Minn. St. P.& 5.8. M.
102,276
369.961
during the month under review has come about. In N.Y. N. H.& Ilartford_ 359,679 Total
Union Pacific (4 roads)_ _
(49 roads)
$15,989,501
dealing with the separate roads and systems the
a These figures cover the operations of the Now York Central and the
Michigan Central,
showing is the same as in the case of the general leased lines-Cleveland Cincinnati Chicago & St. Louis,Terre haute. InCincinnati Northern, and Evansville Indianapolis &
totals, and the reasons for the decline are likewise cluding Pittsburgh & Lake Erie, the result is a decrease of 82,036,084.
the same. Only four roads, we find, are able to
When the roads are arranged in groups or georecord an increase in both gross and net earnings graphical divisions, according to their location, the
in amounts in excess of $100,000. Heading the list unfavorable character of the showing as compared
so distinguished is the Southern Pacific System, with March a year ago is brought out very strikingly
which reports an increase in gross of $859,587, by the fact that all the different districts-the Eastaccompanied by an increase in net of $197,839. The ern, the Southern and the Western-as well as all
others are the Detroit Toledo & Ironton, with an the various regions grouped under these districts,
increase of $303,118 in gross and of $191,327 in net; with the single exception of the Central Western
the St. Louis Southwestern, with $170,097 gain in region, show decreases in gross earnings, and that
gross and $155,978 in net, and the Bessemer & Lake all three districts together with all their regions
3289
Financial Chronicle
Volume 140
reveal losses in the case of the net. Our summary
by groups is as below. As previously explained, we
group the roads to conform with the classification
of the Interstate Commerce Commission. The
boundaries of the different groups and regions are
indicated in the footnote to the table:
March 1933; 35,664,000 bushels in 1932; 65,175,000
bushels in March 1931; 56,158,000 bushels in March
1930, and no less than 76,286,000 bushels in the
corresponding five weeks of 1929. The details of
the Western grain movement, in our usual form,
are set out in the following table:
SUMMARY BY GROUPS
Gross Earnings
District and Region—
1934
Inc.(+)or Dec.
Month of March—
1935
(—)
$
5
Eastern District—
$
%
12,278,422
—1,581,042 11.41
New England region (19 roads)
55,715,855 61,805,818 —6.089,963 9.85
Great Lakes region (24 road
3.85
Central Pastern region (18 roads)._ 60,480,189 62,901,704 —2,421,515
WESTERN FLOUR AND GRAIN RECEIPTS
5 Weeks Ended Flour
Wheat
Oats
Corn
Rye
Barley
March 30
(BM.) (Bushels) (Bushels) (Bushels) (Bushels) (Bushels)
Chicago—
1935
804.000
726.000 1.329.000
354.000
543.000
4,000
1934
743,000
457,000 4.757,000 1.085.000
964,000
26,000
Minneapolis
1935
1,432,000
87,000
195,000
733.000
69.000
1934
3.109.000 1.079.000
376.000 1.588,000 141,000
Duluth
1935
126,000
3,000
6,000
19,000 324,000
1934
963.000
381,000
16,000
92.000
13.000
Milwaukee
1935
78,000
6.000
148.000
161.000 1.01.000
3,000
1934
64,000
23.000
810.000
118,000 1.260.000
15.000
Toledo
1935
461.000
85.000
777,000
3.000
3.000
1934
340,000
127,000
168,000
5.000
6,000
Detroit
1935
82.000
23.000
69,000
98.000
33,000
1934
76,000
49,000
78.000
88,000
15,000
Indianapolis & Omaha
1935
597.000 1.894,000
618,000
5,000
1934
1,094,000 2,649,000
665,000
1.000
St. Louis
1935
597.000
530.000 1.228,000
720.000
196.000
11.000
1934
643,000 1,223,000 1,526,000
520.000
106.000
36,000
Peoria
1935
186.000
55.000 1.340,000
104.000
279,000 215,000
1934
235,000
79,000 1,328,000
202,000
271,000 109,000
Kansas City
1935
77.000
960.000 2,488,000
144,000
1934
55,000 3,051.000 1.531,000
110,000
St. Joseph
149,000
259,000
148.000
1935
1934
215,000
495,000
124.000
Wichita
1935
617.000
28.000
16.000
1934
372,000
118.000
2,000
Sioux City
1935
72,000
100.000
41.000
1.000
1934
67,000
62,000
5,000
11,000
1,000
Total (52 roads)
Southern District—
Southern region (28 roads)
Pocahontas region (4 roads)
128,474,466 138,566,986 —10,092.520
7.28
38,453,218 39,628,005 —1,174,787 • 2.96
18,588,940 18,780,410
—191,470
1.02
Total (32 roads)
Western District—
Northwestern region (16 roads)
Central Western region (20 roads).__
Southwestern region (24 roads)
—1,366,257
2.34
28,828,432 29,441,435
—613,003
45,290,372 44,518,465
+771,907
20,856,590 21,863,445 —1,006,855
57,042,158 58,408,415
2.08
1.73
4.61
94,975,394 95,823.345
—847,951
0.88
280,492,018 292,798,746 —12,306,728
4.20
Total (60 roads)
Total all districts (144 roads)
District and Region
Month of March—Mileage--1935
Eastern District— 1935
1934
$
7,143
3,098,229
New England region_ 7,131
Great Lakes region__ 26.822 26,918 13,286,906
Central East'n region 25,063 25,028 16.446.349
Net Earning
1934
Inc.(+)or Dec.(—)
$
$
%
3,877,430 —779,201 20.10
18,792,758 —5,505,852 29.30
17.964,767 —1,518,418
8.45
Total
59,016 59,089 32,831,484 40,634,955 —7,803,471 19.20
Southern District—
Southern region._ _ _ 39,241 39,410
9,635.874 12,022,081 —2,386,207 19.85
6,018
Pocahontas region
6,038
8,015,432
8,429,932 —414,500
4.92
Total
Western District—
Northwestern region
Central west'n region
Southwestern region_
Total
45,259 45,448
17,651,306
20,452,013 —2,800,707 13.69
48,370 48.537
54,890 55,277
30.476 30,895
4,546,492
9,036,968
3,593,071
6,386.232 —1,839,740 28.81
11,140,517 —2,103,549 18.88
5,329,169 —1,736,098 32.58
133,736 134,709
17,176,531
22,855,918 —5,679,387 24.85
Total all districts_ _ _238,011 239.246 67,659,321 83,942,886 —16283,565 19.40
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups and regions:
EASTERN DISTRICT
New England Region—Comprises the New England States.
Great Lakes Region—Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg. W.
Va., and a line thence to the southwestern corner of Maryland and by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova. W. Va., and a line thence following the
eastern boundary of Kentucky and the southetn boundary of Virginia to the Atlantic.
Pocahontas Region—Comprises the section north of the southern boundary of
Virginia. east of Kentucky and the Ohio River north to Parkersburg. W. Vs.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
WESTERN DISTRICT
Northwestern Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific.
Southwestern Region—Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El PM.).
and by the Rio Grande to the Gulf of Mexico.
As we have already indicated, the grain movement
over Western roads in March the present year not
only fell far below that of March 1934 but was the
smallest recorded for the month in all recent years.
With the single exception of rye—the receipts of
which were very much larger than in March a year
ago—all the different cereals in greater or less
degree contributed to the shortage, the falling off
in the case of wheat and corn having been particularly pronounced. The receipts of wheat at the
Western primary markets for the five weeks ended
March 30 reached only 5,813,000 bushels as compared with 11,069,000 bushels in the corresponding
five weeks of 1934; the receipts of corn but 9,012,000
bushels as compared with 14,912,000 bushels; of
oats, 3,353,000 bushels as against 3,469,000 bushels,
and of barley, 2,872,000 bushels as against 4,385,000
bushels. Adding rye, the receipts of which aggregated 668,000 bushels as compared with only 363,000
bushels, the receipts of the five staples, wheat, corn,
oats, barley and rye, combined, for the five weeks
of March 1935 were only 21,718,000 bushels as compared with 34,198,000 bushels in the same five weeks
of 1934; 34,145,000 bushels in the five weeks of
Total all
1935
1934
1 742.000 5,813,000 9,012,000 3.353.000 2,872.000
1,740,000 11,069.000 14.912,000 3.469,000 4,385.000
668.000
363,000
The Western livestock movement also appears to
have been much smaller than in March a year ago.
At Chicago the receipts comprised only 6,714 carloads in March 1935 as against 9,814 carloads in
March 1934, and at Omaha only 2,035 carloads as
against 2,707, though at Kansas City the receipts
reached 3,316 carloads as compared with only 3,207
cars.
As to the cotton traffic over Southern roads, this
was on a greatly reduced scale as compared to March
a year ago, both as regards the overland shipments
of the staple and the receipts at the Southern outports—in fact, in the latter case it was the smallest
for the month in many years. Gross shipments
overland of cotton were only 62,258 bales in March
1935 as against 79,540 bales in March 1934, but comparing with only 26,825 bales in March 1933 and
43,122 bales in March 1932. In earlier years the
March shipments were 88,796 bales in 1931; 58,147
bales in 1930, and 80,093 bales in 1929. At the
Southern outports the receipts of the staple were
only 124,670 bales during March the present year
against 322,514 bales in March 1934; 318,080 bales
in March 1933; 644,554 bales in March 1932; 348,114
bales in March 1931; 204,092 bales in March 1931,
and 375,133 bales in March 1929, as will be seen
from the subjoined table:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF MARCH
AND SINCE JAN. 1 TO MARCH 31 1935. 1934 AND 1933
Month of March
Since Jan. 1
Ports
1935
Galveston
Houston, do
CorpusChrlstt
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
1934
1933
1935
20,630
30,802
1.497
68.446
105,773
3,651
113,191
10.656
2,236
3,315
135.409
119.536
6.744
71
191.651
18,038
6,817
10,895
5,052
172
1.685
4,404
101
109.199
71,824
2,108
163
95.368
5.549
10.461
8.206
3,854
7.522
3,777
1.497
2,577
409
4.584
2,218
1,458
2,489
63
23,556
2,160
2,486
9.649
456
124,670
322.514
318.080
51.011
3,512
2,809
2,995
1934
381,443
305.831
11.337
294
297,844
21,250
26,594
19,077
10,362
19,099
11.622
4,725
7,887
2,096
1933
345.649
626.846
17.211
2,470
466,077
69,655
9.998
17,341
6.744
18,181
15,619
9.341
7,354
1,022
5274g5 1 110 151 1 515 Kris
3290
Financial Chronicle
Results for Earlier Years
It has already been shown that the falling off in March
the present year of $12,306,728 in gross earnings and of
$16,283,565 in net earnings follows an increase last year of
$75,002,520 in gross and of $41,492,272 in net, and that this
increase, in turn, came after a long series of poor or indifferent results in March of the years immediately preceding.
In March 1933 our tabulation showed $69,022,941 loss in
gross and $25,256,013 in net, which was on top of $85,983,406
shrinkage in gross and $17,035,708 in net in March 1932,
Which came after $76,672,852 shrinkage in the gross and
$16,893,267 in the net in 1931, while in 1930 there was $64,595,796 shrinkage in the gross and $38,262,064 shrinkage in
the net, this last reflecting the first results of the trade collapse which came as a sequel to the stock market crash in
the autumn of the preceding year. In March 1929 increases
appeared, but they were very moderate in amount, namely,
$10,884,477 in gross and $7,516,400 in net, and, moreover,
succeeded heavy losses in gross and net alike in March 1928,
though the recovery would doubtless have been somewhat
greater except for the fact that the month contained one less
working day than in the previous year, due to there having
been five Sundays in the month, whereas March 1928 had
contained only four Sundays. For March 1928 our tables
registered no less than $26,410,659 decrease in gross and
$4,034,267 decrease in net. Nor was the showing for
March 1927 anything to boast of, the comparisons then
having revealed relatively trifling increases
-$432,616 in
gross and $1,627,348 in net. It is not until we get back
to 1926 that we strike periods of marked improvement in
results. In March 1926 the showing was strikingly good,
with noteworthy imnrovement in gross and net alike. Our
compilations for March 1926 recorded $43,668,624 gain in
gross, or 8.99%, and $24,561,652 gain in net, or 22%%.
The fact is to be borne in mind, however, that these gains
in March 1926 followed losses in both the years immediately
preceding. Thus for March 1925 our statement registered
$18,864,833 decrease in gross and $5,447,665 decrease in
net, while for March 1924 the loss in the gross reached
$30,628,340, though the loss in the net was no more than
$2,514,076, owing to the reductions in expenses, reflecting
growing efficiency of operations. This growing efficiency in
operations was a feature at that time, and the further back
we go the more striking the record becomes in that respect
barring 1923, when weather conditions were extremely-unfavorable, and a gain of $59,806,190 in gross brought with
It and addition of only $3,419,324 to net earnings
-which
last, however, was the reverse of what happened in 1922,
when a gain of $16,059,426 in gross was attended by a
reduction of $38,577,773 in expenses, yielding $54,637,199
gain in net, and the reverse also of What happened in 1921,
when, though the gross revenues showed a decrease of
$1,483,390, the net recorded an improvement of $18,656,316.
All this merely indicates that as the country got farther and
farther away from the period of Government control of the
railroads, with its lavish and extravagant administration,
railroad managers once more succeeded in obtaining control
over the expenditures of the roads and were able to effect
important economies and savings.
Weather conditions are not, as a rule, a great drawback
to railroad operations in March (January and February
being the bad winter months), and in 1934, as in 1933, 1932,
1931 and 1930, there were few complaints on that score,
though in 1931 some heavy snowstorms In the early part of
the month, and again in the closing part, were reported in
the Rocky Mountain areas and the adjoining Prairie States,
with the Oklahoma Panhandle especially hard hit, and likewise heavy snowdrifts at different times during the month
in the Adirondacks and northern New York. In 1929 the
drawbacks were only -such as followed as the result of the
severe cold and heavy falls of snow experienced by some of
the Far Western roads in January and February. In 1928
the weather was not an adverse influence anywhere. In
1927, likewise, the weather did not exert any serious adverse
influence except in several of the Rocky Mountain States,
more particularly in Colorado and Wyoming, where repeated
snowstorms occurred all through the winter months of 1927,
making railroad operations difficult, and where even
towards the middle of April an unusually severe spring
blizzard was encountered, seriously interrupting traffic.
The latter extended also into South Dakota and into western and northwestern Nebraska. In 1926, too, the winter
for the country as a whole did not interfere with railroad
operations to any great extent, temperatures then being
mild and the season far in advance of the ordinary. In
1924 the weather was also mild and the roads suffered no
setback on that account. Back in 1923, on the other hand,
weather conditions in March were extremely unfavorable.
It was because of this that out of $59,806,190 increase in
May 18 1935
gross earnings in March 1923, $56,386,866, as already stated,
was eaten up by augmented expenses, leaving only $3,419,324
increase in the net.
It has already been noted that the loss in the net in
1925 and 1924 came after four successive years of increase.
On the other hand, prior to 1920, March net had been
steadily dwindling for a long period past, until the amount
had got down to very small proportions. For instance, in
March 1919 there was a loss in net of no less than $52,414,969 in face of an increase of $10,676,415 in the gross
earnings, and furthermore, March 1919 was the third successive year in which the March expenses had risen to such
an extent as to wipe out the gains in gross receipts
-hence
producing a cumulative loss in net. In the following we
give the March totals back to 1909:
Gross Earnings
Month
of
March
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
Year
Given
Year
Preceding
Inc.(+) or
Dec.(-1
8205,700,013 $183,509,935 +822,190,078
238,725,772 205,838,832 +32,887,440
227,564,915 238,829,705 -11,264,790
237.564,332 224,608,654 +12,955,678
249,230,551 238,634,712 +10,595,839
250,174,257 249,514,091
+660,166
238,157,881 253,352,099 -15,194,218
296,830,406 238,098,843 +58,731,563
321,317,560 294,068,345 +27,249,215
362,731,238 312,276,881 +50,484,357
375,772,750 365,096,335 +10,676,415
408,582,467 347,090,277 +61,492,190
456,978,940 458,462,330 -1,483,390
473,433,886 457,374,460 +16,059,426
533,553,199 473,747,009 +59,806,190
504,016,114 534,644,454 -30,618,340
485,498,143 504,362,976 -18,864,833
528,905,183 485,236,559 +43,668,624
529,899,898 529,467,282
+432,610
504,233,099 530,643,758 -26,410,659
516,134,027 505,249,550 +10,884,477
452,024,463 516,620,259 -64,595,796
375,588,844 452,261,696 -76,672,852
289,633,741 375,617,147 -85,983,406
219,857,606 288,880,547 -69,022,941
292,775,785 217,773,265 +75,002,520
280 492 018 292_798_746 -12206720
Na Earn ngs
Month
of
March
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1928
1927
1928
1929
1930
1931
1932
1933
1934
1935
Mileage
Per
Cent
Year
Given
Year
Precetro
12.09 223,563
15.98 230,263
4.72 237,735
5.77 238,218
4.44 240,510
0.26 245,200
6.00 246,848
24.67 247,383
9.27 248,185
16.16 230,336
2.92 226,086
17.72 213,434
0.32 234,832
3.51 234,986
12.62 235,424
5.73 235,715
3.74 236,559
9.00 238,774
0.08 237,804
4.98 239,649
2.15 241,185
12.50 242,325
16.95 242,566
22.89 241,996
23.89 240,911
34.44 239,228
420 920 nil
220,421
226,965
234,258
234,692
237,295
243,184
243,598
246,548
247,317
228,835
225,631
212,770
233,839
234,202
235,470
236,520
236,048
236,500
236,948
238,729
240.427
241,964
242,421
241,974
241,489
241,194
9211246
Inc.(+)or Dec.(-)
Year
Given
Year
Preceding
Amount
Per Cent
$69,613,713
78,322,811
69,209,357
69,038,987
64,893,146
67,993,951
68,452,432
97,771,590
88,807,466
82,561,336
29,596,482
40,872,775
58,538,958
113,468,843
117,117,122
114,754,514
109,230,086
133,642,754
135,691,649
131,840,275
139,639,086
101,494,027
84,648.242
67,670,702
43,100,029
83,939,285
67.659.321
855,309,871
69,658,705
78,357,486
68,190,493
69,168,291
64,889,423
67,452,082
68,392,963
96,718,706
87,309,806
82.011,451
27,202,867
39,882,602
58,831,644
113.697,798
117,668,590
114,677,751
109,081,102
134,064,291
135,874,542
132,122,686
139,756,091
101,541,509
84,706,410
68,356,042
42,447,013
83.942.886
+814,303,842
+8,664,106
-9,048,129
+848,494
-4,275,145
+3,104,528
+1,000,350
+29,378,627
-7,911,240
-4,748,470
-52,414,969
+13,669,908
+18,656,316
+54,637,199
+3,419,324
-2,914,076
-5,447,665
+24,561,652
+1,627,358
-4,034,267
+7,516,400
-38,262,064
-16,893,267
-17,035,708
-25,258,013
+41,492,272
-16.283.585
25.86
12.44
11.67
1.24
6.18
4.78
1.48
42.96
8.18
5.44
63.91
50.26
46.78
92.85
3.01
2.47
4.74
22.50
1.21
2.96
5.68
27.46
16.66
20.11
36.95
97.75
19.40
The Course of the Bond Market
Hesitation has characterized the bond market this week,
including perhaps a slight easing off among high-grade
issues and a firming of lower grades. Railroad issues of
lower quality reversed last week's trend and rose almost to
the heights of three weeks ago, after two weeks of declining
prices. This volatile group has shown wide fluctuations
since the first of the year and is now at an intermediate
position between the year's high and low. Speculative
utility bonds have not fluctuated widely, remaining at the
year's high.
U. S. Government bonds have been virtually at a standstill as to price. The Treasury is about to abandon its
policy of selling $50,000,000 of bills each week against $75,-,
000,000 of maturing obligations and will now issue $100,000,000 in order to build up the cash on hand. June fianancing plans must take care of about $416,000,000 of 3% notes
and the unexchanged portion of called 1st Liberties, the
latter having been largely exchanged for the new notes and
bonds. The Treasury will also need new funds soon, as
the work relief program gets under way, and an offering of
bonds for this purpose is expected, perhaps in connection
with the June 15 financing.
Price irregularity has been general throughout the list of
high-grade and medium-grade railroad bonds. Baltimore &
Ohio 1st 4s, 1948, closed at 1013., compared with 101k
last Friday; Union Pacific 1st 4s, 1947, at 110%, were down
15 Illinois Central ref. 4s, 1955, advanced 23. points to
/;
71 8 Lower grades, on the other hand, enjoyed sub.
stantial price advances. St. Paul gen. 4s, 1989, closed
at 46, up 1% points; Great Northern gen. 06s, 1977,
Financial Chronicle
Volumc 140
advanced 23/i to 773; Louisiana & Arkansas 1st 5s, 1969,
gained 3% points, closing at 66; Southern Pacific deb. 43's,
1981, closed at 673, up 2y•
Utility bonds moved within a narrow range in the early
part of the week, high grades easing somewhat and lower
grades strengthening. On Thursday a broad upward movement took place affecting all classes. Among the more
speculative bonds to show material gains were Central
Illinois Public Service 4%s, 1981, which closed at 89M,
gaining 33 points for the week, Gatineau Power 6s, 1941,
which advanced 2 to 75, Birmingham Gas 5s, 1959, which
gained 2% to 73, and Postal Telegraph & Cable 5s, 1953,
which at 32% was up 2%. Holding company issues have
been quite firm and fairly strong in certain cases.
The industrial list has been relatively quiet this week.
One exception was the Baldwin Locomotive 6s, 1938, with
warrants, which advanced vigorously to 44j,for a gain of
points. Oils have been moderately firm whereas most
of the steels gave ground fractionally. The Vanadium 5s,
1941, made a 6 point gain to 82. Other metal and coal
issues did little, with the exception of Philadelphia & Reading
Coal & Iron 6s, 1949, which dropped 2 points to 37%.
Among building issues the Certainteed Products 5%s, 1948,
acted well, rising 23 points to 76.1. Rubber issues have
been quiet as a group.
The foreign bond market has displayed irregular tendencies. On the up side, Belgium's issues gained following an
announcement of an internal debt conversion program.
Japanese and Uruguayan issues have been strong. Declining tendencies are found particularly among Italian
issues, and among French bonds, which are lower in sympathy
with weakness of the franc. Considerable declines have also
been seen in Danish bonds. Argentine, German and Polish
issues sold lower.
The following is the list of bonds included in bond yield
averages classified according to current ratings by Moody's
Investors' Service:
RAILROADS
Ass
A
Atch. Top. & S. Fe gen. 45, 1995
Atlantic Coast Line 45, 1952
Chesapeake & Ohio 434s. 1992
Central of New Jersey 68. 1987
Chicago Union Station 4345, 1963
Central Pacific 48, 949
Cincinnati Union Terminal 55, 1957 Great Northern 4348, 1961
New York Ce .tral 3348, 1997
Illinois Central 4s. 1955
New York Co 3necting nit.4318.1953 Kansas City Southern 38. 1950
Norfolk & Western 4s, 1996
Louisville & Nashville 430, 2003
Oregon-Wash. RR.& Nay. 4s, 1961 Pennsylvania RR. .58. 1964
Pennsylvania RR. 4348, 1960
Reading A 434s. 1997
Union Pacific 4s, 2008
Southern By. 5s, 1994
As
Baltimore & Ohio 4s, 1948
Chesapeake & Ohio '34s. 1995
Chicago Burl. dr Quincy 4s. 1958
Chicago & West. Indiana 4s, 1952
Missouri Kansas & Texas 45, 1990
N. Y. Central L. S. coll. 3348, 1998
Phila. Baltimore & Wash. 4358, 1977
So. Pacific S. F. Terminal 4s, 1950
Union Pacific 45, 1968
Virginian Ry. 5*, 1962
Baa
Baltimore & Ohio S. W.Div,5s. 1950
Boston & Maine 55, 1967
Chicago Mil. & St. Paul 45. 1989
Cleve.Cin.Chicago & St.L.4345.'77
Erie RR. 58, 1967
Missouri-Kansas-Texas 58. 1962
N.Y.Chicago & St. Louis 4348, 1978
N. Y. Ontario & Western 4s, 1992
Southern Pacific 48, 1955
Western Maryland 48, 1952
Ass
Cincinnati Gas St Electric 48, 1968
Consumers Power 4348, 1958
Con. Gas, El. & Pow. halt. 48, 1981
Duquesne Light 4348, 1957
Kansas City Power & Lt. 4s,1961
New England Tel. & Tel. 434s. 1961
N. Y. Gas, El. Lt. & Pow. 5, 1949
Philadelphia Electric 4s, 1971
Public Service Elec. & Gas 48. 1971
West Penn Power 4s, 1961
U. S.
120
Govt. DonnBonds
tie
..
04
Corp.*
May 17-- 108.55
16._ 108.66
15-- 108.69
14.- 108.66
13__ 108.64
II__ 108.48
10._ 108.61
9._ 108.69
8-- 108.84
7-- 108.59
6- 108.71
4_ 108.80
3_ 108.89
2- 108.98
1._ 109.04
Weekly-.
Apr. 26-- 108.61
19-12- 108.25
5_ 108.54
Mar.29._ 108.07
22-- 107.79
15.- 107.94
8.. 107.85
1 _ 108.22
Fab. 23- 10844
16_ 107.49
8-- 107.47
1.- 107.10
Jan. 25- 107.83
18- 108.79
11_ 108.81
4... 105.76
High 1935 109.04
Low 1935 105.66
taiga 111.)4 luti.el
Low 1.34 911.96
Pr. Ago-May17'34 104.9S
2 Yrs.Ago
alxviraa 102..3
120 Domestic Corporate.
by Ratings
INDUSTRIALS
A
Asa
American Radiator 4348, 1947
Bethlehem Steel 55. 1942
Gulf Oil of Pa.55. 1947
Bethlehem Steel 6s.1998
Inland Steel 4348. 1978
Liggett & Myers 68. 1951
Lackawanna Steel 5s, 1950
Sauda Falls 55, 1955
Lehigh Coal & Nay.4345, 1954
Standard 011 of N.Y.4348.1951
Lorillard (P.) Co.55, 1951
Tenn.Coal,Iron & RR.58.1951
National Steel 55, 1956
Texas Corp. 58, 1944
Union Oil of Cal. 55, 1945
Western Electric 55, 1944
Baa
Aluminum Co. of Am.5s, 1952
Amer. I. G. Chemical 5348. 1949
Armour & Co. of Del. 5345. 1943
Goodyear Tire & Rub. 58. 1957
International Cement 55. 1948
Loewe Inc. 68, 1941
National Dairy Prod.5315, 1948
Wheeling Steel 434s, 1953
Wilson & Co.68, 1941
Youngstown Sheet & Tube 55, 1978
FOREIGN
Ba
A
Austria 75. 1957
Australia 68, 1957
Buenos Aires (City) 6348. 1956
Belgium 75, 1956
Cuba 5345,1953
Denmark 4348, 1962
Gt. Cons, El. Pwr.8345. 1958
Finland 65, 1945
Finland Res. Mtge. Bank 55, 1961
Tend 6348,1953
Toho Electric Power 7s, 1955
Italy 75, 1951
New South Wales 55, 1958
Tokyo Electric Light 6s, 1953
Ujigawa Electric 7s, 1945 0
Norway 58, 1963
1
United Electric Service 7s. 1956
Oslo 6s, 1955
Oslo Gas & Elec. 58, 1963
Warsaw 7s, 1958
Aa
Amer. Smelt. & Ref. 58, 1947
Cudahy Packing 55, 1946
Lorillard (P.) Co. 7s, 1944
Swift & Co. 55. 1944
Baa
Argentine 6s, 1957
Brisbane 55, 1958
Copenhagen 434s, 1953
Haiti 68, 1952
Helsingfors 634s, 1960
Japan 530, 1965
Milan 6348. 1952
Poland 7s. 1947
Rome 634s. 1952
Tokyo 534s, 1961
U. S. GOVERNMENT LONG-TERM BONDS
4345, 1947-52
3345, 1944-46
334s, 1946.56
3s. 1951-55
334s, 1946-49
45. 1944-54
3345, 1043-47
38, 1946-48
Note-The Swift & Co. 5s, 1944 have been called but are retained temporarily
in the average list pending listing of the new issue.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND YIELD AVERAGES
(Based on Individual Closing Prices)
120 Domestic
Corporate* by Groups
Aaa
Aa
A
Baa
RR.
110.05
110.05
110.05
110.05
109.86
110.05
110.05
109.86
109.86
110.23
110.23
110.05
110.05
110.23
110.05
101.47
101.64
101.84
101.47
101.31
101.47
101.47
101.47
101.31
101.14
101.31
101.31
101.47
101.31
101.31
83.35
83.60
82.87
82.74
82.62
82.14
82.02
82.28
82.02
82.02
82.99
82.50
82.50
82.38
81.90
94.88
95.18
94.58
94.43
94.29
93.99
93.85
93.99
93.99
94.14
94.88
94.29
94.29
94.29
94.29
103.82
103.99
103.82
103.82
103.82
103.99
103.82
103.99
103.65
103.65
103.99
103.99
103.99
103.65
103.32
101.81 118.66 110.05 100.98 82.87 95.63
Stock E:cluing e Closed
100.81 119.07 109.68 99.68 80.84 94.29
100.17 119.07 109.49 99.36 79.56 92.82
99.36 118.66 109.12 98.88 77.88 90.83
100.49 119.27 109.86 100.17 79.45 93.55
100.49 119.07 110.61 100.33 79.11 93.26
101.64 119.48 110.98 101.14 81.42 95.63
102.47 119.48 111.35 101.64 82.99 97.78
102.81 119.48 111.16 102.14 83.97 99.68
102.30 119.07 110.79 101.14 83.60 99.68
101.64 118.66 110.42 100.49 82.50 99.04
101.31 118.04 110.05 100.33 82.38 99.04
102.14 118.04 110.05 100.81 84.35 100.49
100.81 117.43 109.31 99.52 82.28 99.68
100.81 117.63 109.12 99.52 82.50 100.17
100.33 117.43 108.94 98.88 81.54 100.00
102.81 119.69 111.54 102.14 84.60 100.49
99.20 117.22 108.57 98.73 77.88 90.69
00.00 117.22 108.75 99.04 83.72 100.49
14.85 105.37 93.11 81.78 66.38 85.61
101.14
101.14
100.98
100.98
100.98
101.47
101.84
101.14
99.68
98.41
97.94
98.73
96.23
95.93
94.58
103.99
94.14
94.68
742.5
P. U. Indus.
107.85
108.03
107.85
107.85
107.85
107.85
107.85
107.85
107.85
107.85
107.67
107.67
107.67
107.85
107.85
02.64 107.67
107.49
107.31
107.14
107.49
108.03
108.57
108.39
108.21
107.85
107.85
107.31
107.49
106.78
106.96
106.96
108.75
106.78
108.78
96.54
1935
All
120
Daily
118.04
118.45
118.25
118.25
118.45
118.68
118.45
118.66
118.66
118.66
118.86
118.86
118.66
118.66
118.66
101.97
102.14
101.81
101.81
101.64
101.64
101.64
101.64
101.64
101.64
101.97
101.81
101.81
101.81
101.47
A
Appalachian Elec. Power 55, 1956
Georgia Power 58. 1967
Indianapolis Power & Lt. 68, 1957
Jersey Central Power 4348, 1961
Louisiana Power & Light 58, 1957
Ohio Edison 58, 1960
Potomac Edison 434s, 1961
Public Service No. Ill, 434s, 1981
Texas Power & Light 55. 1956
Washington Gas Light 55. 1958
Baa
As
Arkansas Power & Light 58. 1956
American Tel. & Tel.55. 1965
Con. Gas of New York 4348, 1951
Central Illinois Pub. Serv.4348, 1981
Louisville Gas & Electric 55, 1952
Delaware Electric Power 5348, 1959
Niagara, Lockport & Ont.55, 1955
Gulf States Utilities 68, 1956
Northern States Power 4318, 1961
Illinois Power & Light 55, 1956
Iowa-Nebraska Light & Pow.53.1961
Ohio Power 434s, 1956
Pacific Gas & Elec. 434s. 1957
Mississippi Power & Light 5s. 1957
Penna. Water & Power 434s, 1968
Penn Central Light & Pow. 58, 1979
Rochester Gas & Elec. 58, 1962
Utah Power & Light 58, 1944
Southern Calif. Edison 58. 1951
Western United Gas & El. 55413. 1955
Because of the limited number of suitable issues. the Industrial Asa group is
now temporarily limited to 6 and the Industrial As group to 4 issues, while the
Foreign As group is omitted entirely. Because of proper adjustments, however.
the averages remain comparable throughout.
MOODY'S BOND PRICES
(Based on Average Yields)
1935
Daily
Amnion
3291
PUBLIC UTILITIES
Domes-
Averages
May 17..
16-15-14-13._
11- 10__
9__
8_
7...
6__
4_
3_
2__
1__
Weekly
Apr. 26-19_
12_.
5-Mar.29._
22__
15_
8-1.._
Feb. 23_
15_
8__
1-Jan. 25-1811-4_..
Low 1935
High 1935
Low 1934
Hlgh 1934
Yr. AgoMayi734
2 Yrs.Ag
Mavl7'31
120 DOrItatiC Corporate
by Ratings
tie
Aaa
Aa
4.63
4.62
4.64
4.64
4.65
4.65
4.65
4.65
4.65
4.65
4.63
4.64
4.64
4.64
4.66
3.76
3.74
3.75
3.75
3.74
3.73
3.74
3.73
3.73
3.73
3.72
3.72
3.73
3.73
3.73
4.17
4.17
4.17
4.17
4.18
4.17
4.17
4.18
4.18
4.16
4.16
4.17
4.17
4.16
4.17
4.64
3.73
4.17
4.70
4.74
4.79
4.72
4.72
4.65
4.60
4.58
4.81
4.65
4.87
4.62
4.70
4.70
4.73
4.58
4.80
4.75
5.81
3.71
3.71
3.73
3.70
3.71
3.69
3.69
3.69
8.71
3.73
3.76
3.76
3.79
3.78
3.79
3.68
3.80
3.80
4.43
4.19
4.20
4.22
4.18
4.14
4.12
4.10
4.11
4.13
4.15
4.17
4.17
4.21
4.22
4.23
4.09
4.25
4.24
5.20
A
4.68
4.65
4.85
4.66
4.67
4.66
4.66
4.66
4.67
4.68
4.67
4.67
4.66
4.67
4.67
120 Domestic
Corporals by Groups
ft
30
For
-
Bea
RR.
5.93
5.91
5.97
5.98
5.99
6.03
6.04
6.02
6.04
6.04
5.96
6.00
6.00
6.01
6.05
5.08
4.52
5.06
4.51
5.10
4.52
5.11
4.52
4.52
5.12
4.51
5.14
5.15
4.52
5.14
4.51
5.14 - 4.53
5.13
4.53
5.08
4.51
5.12
4.51
5.12
4.51
5.12
4.53
4.55
5.12
4.29
4.28
4.29
4.29
4.29
4.29
4.29
4.29
4.29
4.29
4.30
4.30
4.30
4.29
4.29
5.03
Closed
5.12
5.22
5.36
5.17
5.19
5.03
4.89
4.77
4.77
4.81
4.81
4.72
4.77
4.74
4.75
4.72
5.37
4.72
5.75
4.59
4.30
5.93
4.68
4.68
4.69
4.69
4.69
4.68
4.65
4.68
4.77
4.85
4.88
4.4
4.99
5.01
5.10
4.51
5.13
5.10
6.74
4.31
4.32
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.35
4.34
4.34
4.24
4.35
4.35
4.97
6.11
6.22
6.48
6.33
6.11
6.12
6.07
6.02
6.01
6.01
6.11
6.11
6.11
6.21
6.31
5.81
6.41
6.31
8.61
5.97
4.69
Stock E xchang e
4.77
6.14
4.79
6.25
4.82 8.40
8.26
4.74
6.29
4.73
4.68
6.09
5.96
4.65
4.62
5.88
4.68
5.91
4.72
6.00
4.73
6.01
4.70
5.85
4.78
6.02
4.78
6.00
4.82
6.08
4.62
5.83
4.83
6.40
4.81
5.90
7.58
6.06
P. U. Indus.
I ISS
tiff
5.86
5.86
5.81
5.81
5.85
5.84
8.88
5.84
5.86
5.85
5.84
5.86
5.97
5.88
5.90
18.25 112.88 106.25 96.54 81.90 99.04 92.10 104.51
4.86
4.02
4.38
4.97
6.05
4.81
5.27
4.48
7.11
83.72 103.15 91.67 80.49 66.55 82.50 80.14 88.90
5.00
450
.530
0.17
7 sa
0 (In
R 90
k kti
109
•The prices are computed from average yields on the basis of one "ideal" bond (434% coupon, maturing in 31 years and do not purport to show either the average
-se
level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way he relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's index of bond prices by months back to 1928, see the issue of Feb. 6 1932. page 907.
es Actual averaite price of 8 long-tern Tlea9ury issues. 11 Average of 30 foreign bonds but adjusted to a comparable basis with previoUs averages of 40
foreign bonds.
3292
Financial Chronicle
May 18 1935
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, May 17 1935.
Trade showed some improvement throughout the country
with retail and wholesale business larger and industrial
operations running along at about the same pace as a week
ago. Steel production showed a rise of 2.8% for the week but
continued under the level of the same week in 1934. Electric
output too, increased 0.2% over the previous week and was
3.5% over the same week last year. Carloadings were larger
and the daily average production of crude oil increased
sharply, exceeding the Federal allowable. Cool weather
helped the movement of spring merchandise and although
disappointment is general because retail business does not
increase at a faster pace, sales for the week, covering the
country as a whole were 5 to 10% larger than in the same
week last year. Gains were largest in the Middle west and
Northwest. The advance in gold and silver prices and the
more favorable crop outlook were the factors attributed to
the improvement in those sections. In the districts of the
Pacific Coast not affected by labor difficulties there was an
increase in sales of 4 to 8% but here in the East and throughout New England gains were very small. Household requirements sold on a larger scale and cool weather stimulated the
sales of women's suits, dresses, millinery, shoes, dress
materials and dry goods. Wholesale business was larger
than expected owing to the low temperatures. Mail order
business increased and there was a better demand for hardware, groceries, drygoods and hosiery. Increased orders for
shoes and a freer movement of paints, wallpaper, plumbing
supplies and building materials all helped to swell the wholesale volume. The demand for farm implements and electric
refrigerators continued on a large scale. Automobile
production was curtailed by labor troubles, but the May
output is expected to compare favorably with the April
total. Cotton goods continued quiet and the demand for
gray goods was very small. Cotton was not very active
but prices show a rise for the week of several points owing to
pool buying and further talk of inflation. Grains showed
little activity. Wheat, oats and rye are lower than a week
ago but corn showed independent strength due to unfavorable
weather which delayed planting operations. Hides were
rather active but showed little change from a week ago.
Rubber was more active and higher. Sugar and coffee were
slightly lower and trading fell off somewhat. Cocoa was
quiet and showed little change in prices. Silk was fairly
active and higher.
Last Friday night and Saturday morning a hail storm hit
Nebraska doing much damage to crops and property. The
hail in some places was piled into drifts more than eight feet
high. Chicago, III. on the 12th inst. had the heaviest rainfall in 62 years. A four hour electrical storm accompanied
the rain. Farmers feared for their corn and wheat crops in
the Middle west because of the heavy downpours. In the
Northwest good soaking rains sent the spirits of farmers
booming. Welcome widespread and generous rains fell in
Missouri and Kansas early in the week. In New York it
was generally clear with abnormally low temperatures.
To-day it was fair and warm here, with temperatures ranging
from 49 to 68 degrees. The forecast was for fair to-night and
Saturday. Moderate temperature. Sunday showers. Overnight at Boston it was 46 to 66 degrees; Baltimore, 52 to 60;
Pittsburgh, 48 to 64; Portland, Me., 46 to 64; Chicago, 44
to 52; Cincinnati, 44 to 58; Cleveland, 46 to 54; Detroit, 46
to 62; Charleston, 58 to 68; Milwaukee, 48 to 56; Dallas, 58
to 62; Savannah,60 to 86; Kansas City, 50 to 58; Springfield,
Mo., 50 to 58; Oklahoma City, 54 to 62; Denver, 50 to 70;
Salt Lake City,46 to 68;Los Angeles,52 to 68; San Francisco,
52 to 60; Seattle, 50 to 64; Montreal, 42 to 62; and Winnipeg,
40 to 62.
Colonel Ayres of Cleveland Trust Co. Maintains Three
Automobile Producers Contributed Mostly to
Business Recovery of Past Two Years
Stating that most of the business recovery in the United
States in the past two years has been contributed by three
industrial corporations, Col. Leonard P. Ayres, VicePresident of the Cleveland Trust Co., of Cleveland, Ohio,
said that "they are the three leading producers of automobiles who manufacture most of the cars and trucks that
are made in this country." In the bank's "Business Bulletin"
May 15, Colonel Ayres continues:
All the net gain in the volume of industrial production from 1933 to 1934
was equal to that made by the automotive industries, and the suppliers of
its materials, and the gains so far in the production of 1935 over 1934 have
been mostly due to the same factors.
These astonishing results are a striking tribute to the ability of those
producers to improve the quality of their goods, and to decrease their
prices, in spite of higher wage rates and shorter hours. They also constitute
vivid testimony of the insistent desire of the American people for new and
better individual and family transportation. Nevertheless the sustained
vigor of automobile manufacturing does not furnish an adequate basis for
general business recovery. We need an expanding recovery spreading from
one industry to another and another like a beneficient contagion that will
effectively absorb unemployment. . . .
Apparently as a Nation we are far more willing to spend our money for
new automobiles than we are to make any other important kinds of purchases, either of goods or of investments.
It seems likely that automobile production has passed its peak for this
year, but it is probable that it will hold up relatively well during the rest
of the year. The most hopeful additional factor in the outlook is to be
found in the current figures for new construction which are showing increases. If the construction industry could offer increasingly better values
at progressively lower prices, so that each purchaser would be confident
that he had secured a real bargain, as the automobile industry succeeds in
doing, our recovery problems would find rapid solution.
Colonel Ayres had the following to say as to unemployment:
We still have about 11 millions of unemployed workers, and the number
has not greatly changed during the past year and a half. Under normal
conditions something more than half of them would be busy producing
goods, while the rest would be engaged in providing services. The key to our
depression problem of unemployment is in the idleness of the producers of
goods, for it is because there has been a great reduction in the output of
goods that there is much unemployment among the providers of services.
One half of the unemployment causes most of the other half of it. If we
could put all the producers back at work, and keep them profitably employed, the problems of the providers of services would solve themselves,
and the depression would be over. . . .
"The old law that supply will respond to demand has been
suspended so far as new capital issues are concerned,"
Colonel Ayres said, adding in part:
The evidence that this is so is to be found in the fact that abnormally
high prices for existing bonds do not succeed in calling forth an increased
supply of new bonds. The demand for investment bonds of good quality
is so great that price quotations for them have advanced to new high levels,
and for some classes of bonds the prices have risen to levels higher than any
ever reached previously. Meanwhile the supply of new issues does not
increase in response to this unusual demand. There is no precedent for
this anomalous condition. . .
.
Revenue Freight Car Loadings Gain 6,120 Cars
Loadings of revenue freight for the week ended May 11
1935 totaled 575,185 cars. This is a gain of 6,120 cars or
1.1% from the preceding week, but a decline of 27,613 cars
or 4.6% from the total for the like week of 1934. The
comparison with the corresponding week of 1933 is more
favorable, the present week's loadings being 40,379 cars or
7.6% higher. For the week ended May 4 loadings were
6.0% under the corresponding week of 1934, but 8.0%
above those for the like week of 1933. Loadings for the week
ended April 27 showed a loss of 8.3% when compared with
1934 and an increase of 3.7% when the comparison is with
the same week of 1933.
The first 17 major railroads to report for the week ended
May 11 1935 loaded a total of 268,980 cars of revenue freight
on their own lines, compared with 265,357 cars in the preceding week and 287,654 cars in the seven days ended
May 12 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended
-
Receivedfrom Connections
Weeks Ended
-
May II May 4 May 12 May 11 May 4 May 12
1935
1935
1934
1935
1935
1934
Atchison Topeka & Santa Fe RYBaltimore & Ohio RR
Chesapeake & Ohio RY
Chicago Burlington & Quincy RR.
Chicago Milw.St. Paul & Pac. By
Chicago & North Western By-Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago & St. Louis By
Norfolk & Western By
Pennsylvania RR
Pere Marquette By
Southern Pacific Lines
Wabash By
17,508
24.326
17,440
12,676
16,169
13,261
2,135
2,065
3,972
12,251
40,479
4,252
15,677
52,993
5,419
22,984
4,973
17,159
23,310
16,393
12,877
16,707
13,048
2,845
2,120
3,916
12,541
40,149
3,996
15,211
51,947
5,632
22,541
4,965
18,144 4,752 5,623 4,056
28,226 12,152 11,918 12,877
20,413 8,492 7,283 8,896
13,318 6,518 6,898 5,682
16,838 6,747 6,631
14,733 8,535 8,187 8,790
5 22
8
2,901
1,302 1,183 1,314
2,378
1,866 2,189 2,288
4,164 2,281
2,486 2,534
12,976 7,278 7,529 7,805
42,808 50,413 49,567 54,041
4,306 8,953 7,277 7,523
18,592 3,623 3,867 3,821
55,881 35,001 33,074 34,925
5,001 3,920 4,326 4,345
22,100
x
b,101 7,339 7,687 7,284
268.980265.357 287.654 167,172 165,195 170,909
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of cars)
Total
1Veeks Ended
May 11 1935
Chicago Rock Island & Pacific By
Illinois Central System
St. Louis-San Francisco By
Total
May 4 1935
May 12 1934
20,376
23,984
11,348
19,722
24,960
11,521
19,528
24,008
11,524
55,708
56.203
55.060
Financial Chronicle
Volume 140
The Association of American Railroads in reviewing the
week ended May 4 reported as follows:
Loading of revenue freight for the week ended May 4 totaled 569,065
cars. This was an increase of 10,179 cars above the preceding week, which
included Easter Monday, but a reduction of 36,181 cars below the corresponding week in 1934. It was, however, an increase of 41.947 cars above
the corresponding week in 1933.
Miscellaneous freight loading for the week ended May 4 totaled 231.479
cars, an increase of 530 cars above the precdeing week, but a decrease of
9.604 cars below the corresponding week in 1931. Compared with the
corresponding week in 1933, it was an increase of 32,830 cars.
Loading of merchandise less than carload lot freight totaled 161,844
cars, an Increase of 2,349 cars above the preceding week but reductions of
4,641 cars below the corresponding week in 1934 and 2,789 cars below the
same week In 1933.
Coal loading amounted to 84,330 cars, an Increase of 219 cars above the
preceding week but a reduction of 27,803 cars below the corresponding week
in 1934. It was, however, an increase of 6,672 cars above the same week
in 1933.
Grain and grain products loading totaled 25.608 cars, a decrease of 1.379
cars below the preceding week, 1.483 cars below the corresponding week in
1934 and 13,941 cars below the same week in 1933. In the Western Districts alone, grain and grain products loading for the week ended May 4
totaled 16.000 cars, a decrease of 1,053 cars below the same week in 1934.
Live stock loading amounted to 14.094 cars, an increase of 164 cars above
the preceding week but reductions of 2.658 cars below the same week in
1934 and 3.840 atm below the same week in 1933. In the Western districts
alone loading of live stock for the week ended May 4 totaled 11.431 cars,
a decrease of 2,100 cars below the same week in 1934.
Forest products loading totaled 27.378 cars, an increase of 602 cars above
the preceding week, 2,380 cars above the same week in 1934 and 7,959 cars
above the same week in 1933.
3293
Ore loading amounted to 19.189 cars, increases of 7.396 cars above the
preceding week,9,338 cars above the corresponding week in 1934 and 13.421
cars above the corresponding week in 1933.
Coke loading amounted to 5.143 cars, an increase of 298 cars above the
preceding week but a decrease of 1.710 cars below the same week in 1934.
It was, however,an increase of 1.635 cars above the same week in 1933.
All districts except the Northwestern and Central Western reported decreases in the number of cars loaded with revenue freight for the week of
May 4 compared with the corresponding week in 1934. All districts except the Southwestern reported increases compared with the corresponding
week in 1933.
Loading of revenue freight In 1935 compared with the two previous years
follows:
1935
Total
1934
1933
2,170,471
2,325,601
3,014,609
2,303,103
569.065
2,183.081
2,314,475
3.067,612
2,340,460
605,246
1.924.208
1,970.566
2.354,521
2,025.564
527,118
10,382,849
Four weeks In January
Four weeks in February
Five weeks in March
Four weeks In April
Week of May 4
10,510,874
8,801,977
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
May 4 1935. During this period a total of only 47 roads
showed increases when compared with the corresponding
week last year. The most important of these roads which
showed increases were the Southern Pacific RR. (Pacific
Lines), the Great Northern RR. and the Union Pacific
System.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED MAY 4
Total Revenue
F eight Loaded
isUroods
1935
Eastern District
Group ABangor & Aroostook
Boston & Albany
Boston is Maine
Central Vermont
Maine Central
N. Y. N. 11. & Hartford
Rutland
Total
Group 11
Delaware dr Hudson
Delaware Lackawanna lc West_
Erie
Lehigh & Iludaoa River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh & Shawmut
Pittsburgh Shawmut & North
Total
Group 0
Ann Arbor
Chicago Indianapolis & Louitiv_
C. C. C. & St. Louis
Central Indiana
Detroit lc Mackinac
Detroit & Toledo Shore Line_
Detroit Toledo & Ironton
Grand Trunk Weatern
Michigan Central
Monongahela
N. Y. Chicago & St. Louis__ _
Pere Marquette
Pittsburgh is Lake Erie
Pittsburgh is West Virginia_ _ _
Wabash
Wheeling is Lake Erie
Total
1934
1,728
3,046
7.839
1.114
2,552
10,818
610
2,321
3,199
7,838
1,071
2.588
10,798
581
27,707
Total Loads Received
from Connections
1933
1935
328
4,191
10,018
1,866
2,482
10.064
1,024
407
4,845
11,297
2,467
3,106
12,092
1,046
28,396
25,098
30,873
35,260
4,553
8,214
12,365
255
1,470
7.412
1.160
17,825
1,808
198
360
6,219
10,130
13,834
269
1,770
8,392
2,096
20,082
2,050
333
305
4,274
7,596
10.002
218
1,323
6,594
1,855
17,533
1,761
338
267
6,360
5,981
12,320
1,645
891
6,413
38
24,742
1,912
21
184
7,215
6,764
13,992
1,971
1,112
7,542
33
28,979
2,124
27
230
55,620
65.480
51,761
60,507
69,989
578
1,058
6,581
22
223
254
3,229
4,708
7,944
2,894
3,996
5,632
4,691
595
4,965
3,392
605
1,204
6.852
15
263
286
2,334
3.943
8.636
3,651
4,480
5,055
5,526
1,297
5,250
3,394
434
1.168
7,363
20
291
271
1,394
2,965
5,824
2,933
3,881
4,121
3,382
1,025
4,866
2,675
1,089
1,679
9,348
67
94
2,299
1,211
6,119
7,678
176
7,277
4,326
3,399
1,053
6.687
2,432
1.082
1.993
10,399
55
138
2,388
1,134
6,864
9,136
215
8.301
5,021
4,691
805
7,664
3,305
50,762
52,791
42,613
54,934
63,251
Grand total Eastern District___
134,089
146,667
119,472
146,314
168,500
Allegheny District
Akron Canton & Youngstown.._
Baltimore & Ohio
Bessemer & Lake 1Q•le
Buffalo Creek is Gauley
Cambria is Indiana
Central RR. of New Jersey ..._ _
Cornwall
Cumberland is Pennsylvania_ _ _
Ligonier Valley
Long Island
Penn-Reading Seashore Lines_
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
441
23,310
2,000
237
815
5,411
665
210
45
869
933
51,947
11,493
5,804
24
2,425
522
28,559
2,777
231
783
6.285
537
228
50
793
1,115
55,366
13,722
8,652
68
3,322
391
22,874
1,276
213
4,806
548
154
54
990
893
49.130
10,203
2,945
50
2,506
578
11,918
1,341
6
12
9.367
38
29
18
2,829
1,085
33,074
12,021
1,490
0
4,507
661
13,918
1.471
8
40
10,865
73
23
29
2,972
1.051
37.006
15,245
2,247
106,629
123,010
96,838
78,313
90.722
Total
Pocahontas District
Chesapeake is Ohio
Norfolk is Western
Norfolk is Portsmouth Belt Line
Virginian
Total
Southern District
Group A
Atlantic Coast LineClinchfield
Charleston & Western Carolina_
Durham is Southern
Gainesville Midland
Norfolk Southern
Piedmont A Northern
Richmond Fred. is Potomac_ _ _
Seaboard Air Line
Southern System
Winston-Salem Southbound. _ _
Total
16,393
15,211
1,459
2,347
20.792
18,520
1,504
2,942
16,687
13,027
1.341
2,425
7,263
3,677
1,090
680
8,949
4,097
1,224
701
35,410
43,753
33,480
12.710
14,971
8,832
1,060
395
119
54
1,110
444
312
7,843
18.034
144
8,623
1,131
374
153
50
1,229
464
343
8,202
18,913
141
8,377
836
402
156
40
1,440
478
317
7,199
18,471
166
4.344
1.289
823
192
100
1,047
749
3,876
3,044
10,889
636
4,311
1,619
064
468
91
1,150
1,031
3.279
3,497
11,569
617
38,147
39.623
37,332
26,969
28,596
•Previous figures. •Not available.
5,115
Total Loads Received
from Connections
1935
1934
1,642
2,800
7,100
932
2,330
9,638
656
Total hereflue
Freight Loaded
Railroads
Group 11Alabama Tennessee & Northern
Atlanta Birmingham & Coast_
All. & W.P.
-W.RR.of Ala...
Central of Georgia
Columbus dr Greenville*
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah.__ _
Mississippi Central*
Mobile & Ohio
Nashville Chattanooga & St. L_
Tennessee Central
Total
1934
1933
1935
185
612
669
3,715
201
1,729
769
280
1,551
16,357
15.697
109
131
1.642
2,693
352
172
705
619
3,249
236
1,643
810
296
1,496
16,866
16,521
102
137
1.908
2,983
382
164
722
652
3,663
166
1,429
781
361
1,351
15,459
14,152
106
145
1,903
2,861
316
124
700
1,002
2,403
215
646
1,290
428
723
9,048
3.714
467
273
1,252
2,145
510
182
660
971
2,155
199
685
1,274
370
604
8,603
3,713
472
238
1,340
2.120
567
1934
46.697
48.125
44,231
24,940
24,133
Grand total Southern District--
84,844
87,748
82,113
51.909
52.729
Northwestern District
Belt fly, of Chicago
Chicago & North Western
Chicago Great Western
Chicago Nfilw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe is Northern.
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming__
Minneapolis & St. Louis
Minn. St. Paul is 8,5. M
Northern Pacific
Spokane International
Spokane Portland & Seattle_ _ _
645
14.795
2.045
16,707
3,019
5,827
486
5,546
294
12,685
582
827
1,382
4,533
8,077
115
2,013
912
15,496
2,276
17,072
3,423
1,430
630
5,792
348
10,194
457
685
1,619
4.266
7,884
120
1,409
745
13.897
2,286
16,990
3,575
3,439
313
3,736
282
7,248
505
211
1,879
4,127
7.061
102
903
1,530
8,187
2,335
6,631
2,738
102
297
4,254
125
2,801
435
58
1,336
2.176
2,863
183
899
1,383
8,844
2,484
6,369
2,828
107
354
4,705
99
2,487
400
75
1,304
2.160
2.174
151
844
79.578
74,018
67,299
36,955
36,748
17,159
2,454
246
12,877
1,297
9,865
2,356
776
1,798
294
1,018
1,516
745
83
17.043
189
276
10,964
219
1.273
17,913
2,411
232
14,093
1,018
10,543
2,370
756
1,666
154
1,061
1,877
487
175
15,386
222
296
10.493
102
1.121
17,396
2,969
156
13,549
855
10,969
2,136
669
1,325
165
976
1.954
404
151
12,982
260
412
10,515
252
1,174
5,623
2,010
30
6,698
649
6,493
1,732
1,156
2,165
12
885
1,041
244
26
3.770
216
902
7.770
4,637
1,715
33
5,873
505
5,663
2,013
814
1,871
1,379
848
919
298
34
3,548
253
966
6.932
2
1,682
82,448
82,381
79,269
42,786
38.645
173
137
106
2,845
2,120
89
1,424
1,403
64
123
399
159
3,916
12,541
37
64
6,525
1,820
5,498
3,902
2,403
33
286
239
117
94
2,873
2.565
88
1,603
1,123
155
362
469
126
4,183
12,968
45
153
6.923
1,845
5,851
4,044
1,487
111
182
113
131
105
2,661
4,640
71
1,378
1,192
159
125
479
74
4,379
11,827
53
115
7,119
2,502
5,487
4,315
1,698
24
a
3.557
303
214
1,183
2.169
797
1,358
760
341
685
228
199
2,486
7.529
19
125
3.564
1,995
2,522
3,457
14,952
41
123
3,570
216
182
1,361
2,132
876
1,215
743
317
817
299
254
2.381
7,841
17
90
3,242
2,030
2.166
3,507
16,222
32
72
48.067
47,664
48,647
48,607
49.582
Total
Central Western District
Atch. Top. is Santa Fe System_
Alton
Bingham is Garfield
Chicago Burlington is Quincy_
Chicago is Illinois Midland
Chicago Rock Island is Paclflc_
Chicago is Eastern Illinois
Colorado is Southern
Denver is Rio Grande Western
Denver is Salt Lake
Fort Worth is Denver City-Illinois Terminal
North Western Pacific
Peoria is l'ekin Union
Southern Pacific: (Pacific)
St. Joseph is Grand Island__
Toledo Peoria is Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton is Southern
Burlington-Rock Island
Fort Smith is Western
Gulf Coast Lines
International-Great Northern....
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana is Arkansas
Louisiana Arkansas is Texas.._
Litchfield is Madison
Midland Valley
Missouri is North Arkansas
Missouri
-Kansas-Texas Lines_
Missouri Pacific
Natchez & Southern
Quanah Acme is Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas is New Orleans
Texas is Pacific
Terminal RR. of St. Louls___
Weatherford M. W. is N. IV....
WtchitayalLs is Southern
Total
o
3294
Financial Chronicle
Net Operating Income of Class I Railroads During
First Three Months of 1935 Below Similar Period
of 1934
Class I railroads of the United States for the first three
months of 1935 had a net railway operating income of
$84,773,560, which was at the annual rate of return of 1.69%
on their property investment, according to reports recently
filed by the carriers with the Bureau of Railway Economics
of the Association of American Railroads, and made public
May 6. In the first three months of 1934 their net railway
operating income was $112,696,133, or 2.24% on their
property investment. In its announcement of May 6
the Association also said:
Property investment is the value of road and equipment as shown by
the books of the railways, including materials, supplies and cash. The
net railway operating income is what is left after the payment of operating
expenses, taxes and equipment rentals, but before interest and other
fixed charges are paid.
This compilation as to earnings for the first three months of 1935 is
based on reports from 145 Class I railroads, representing a total of 238,092
miles.
Gross operating revenues for the first three months of 1935 totaled
$800,057.121, compared with 6799,672,358 for the same period in 1934.
Operating expenses for the first three months of 1935 amounted to 1626.358.362. compared with $593,742,384 for the same period in 1934, or
an increase of 5.5%.
Class I railroads in the first three months of 1935 paid $60,028,778
in taxes, compared with $62,537,112 in the same period in 1934, or a
reduction of 4%. For the month of March alone the tax bill of the Class I
railroads amounted to $20.203,275. a reduction of 5.9% under March 1934.
Fifty Class I railroads failed to earn expenses and taxes in the first three
months of 1935,of which 11 were in the Eastern District, 10 in the Southern
and 29 in the Western District.
Class I railroads for the month of March alone had a net railway operating
Income of $37.850,965. which for that month was at the annual rate of
return of 1.89% on their property investment. In March 1934 their
net railway operating income was $52,217,083. or 2.60%.
Gross operating revenues for the month of March amounted to $280.898,558, compared with $293,200,602 in March 1934, a decrease of 4.2%.
Operating expenses in March totaled 6213,278,032, compared with
$209,270,377 in the same month in 1934, or an increase of 1.9%•
Eastern District
Class I railroads in the Eastern District for the first three months in
railway operating income of $66,798,404, which was at
1935 had a net
the annual rate of return of 2.81% on their property investment. For
the same period in 1934 their net railway operating income was $73,925,476,
or 3.11% on their property investment. Gross operating revenues of
Class I railroads in the Eastern District for the first three months in 1935
totaled 1424,208.793. compared with $424,360,673 in the corresponding
period In 1934, while operating expenses totaled 1313.445,334, an increase
of 2.9% above the same period in 1934.
Class I railroads in the Eastern District for the month of March had
a net railway operating income of $26,373,970, compared with $33,345.968
In March 1934.
Southern District
Class I railroads in the Southern District for the first three months
of 1935 had a net railway operating income of 312.516,359, which was
at the annual rate of return of 1.47% on their property investment. For
the same period in 1934 their net railway operating income amounted
to 119.705.048. which was at the annual rate of return of 2.31% on their
property investment. Gross operating revenues of the Class I railroads
in the Southern District for the first three months in 1935 amounted to
1106,616.308, a decrease of 2.2% below the same period in 1934, while
operating expenses totaled $83,899,762, an increase of 7.2%.
Class I railroads in the Southern District for the month of March had
a net railway operating income of $5,878.806, compared with $8.137,274
in March 1934.
Western District
Class I railroads in the Western District for the first three months in
1935 had a net railway operating income of 15.458.797. which was at
the annual rate of return of 0.31%. For the same three months In 1934
the railroads in that District had a net railway operating income of $19.065,609, which was at the annual rate of return of 1.06%. Gross operating
revenues of the Class I railroads in the Western District for the first three
months' period in 1935 amounted to $269,232,020, an increase of 1.1%
above the same period in 1934. while operating expenses totaled $229,013.266, an increase of 8.6% compared with the same period in 1934.
For the month of March alone the Class I railroads in the Western
District reported a net railway operating Income of 15,598,189, compared
with $10,733,841 for the same roads in March 1934.
-UNITED STATES
CLASS I RAILROADS
1935
1934
$280,898,558 $293,200,602
213,278.032 209,270.377
20,203,275 21,457,164
37,850,965 52,217,083
71.37
75.93
1.89%
2.60%
-4.2
+1.9
-5.9
-27.5
157.4
157.4
157.1
157.6
158.5
159.8
159.8
2 Weeks Ago, May 3
156.8
Month Ago, Apr. 18
157.3
Year Ago,
134.2
May 18
1933 High, July 18.
148.9
Low.
Feb. 4
78.7
1934-5 High, Jan. 8'35---160.0
Low, Jan. 2'34.__.126.0
Decrease Noted in "Annalist" Weekly Index of Wholesale Commodity Prices for Week of May 14
Reflecting especially the reaction in the grains, the
"Annalist" Weekly Index of Wholesale Commodity Prices
declined 0.2 point to 126.4 on May 14 from 126.6 May 7.
The "Annalist" added:
Other commodities, lower prices for which contributed to the decline.
included steers, butter and eggs,oranges, potatoes and pig iron. Advances
that partly offset these losses were reported for hogs and lambs and the
meats, lard, silk, gasoline, rubber, lead and tin.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation 1913=5100)
May 14 1935 May 7 1935 May 15 1934
Farm products
122.7
a123.4 '
92.7
Food products
132.1
108.9
132.6
Textile products
*104.6
a104.5
114.1
Fuels
162.6
162.1
161.7
Metals
109.9
109.9
112.3
Building materials
111.5
111.5
114.2
Chemicals
98.6
98.6
99.8
Miscellaneous
81.2
80.7
89.8
All commodities
126.4
126.6
110.5
b All commodities on old dollar basis_
75.2
75.3
115.6
•Preliminary. a Revised. b Based on exchange quotations for France, Switzerland and Holland.
Slight Decreases in Wholesale Commodity Prices During
Week of May 11 Reported by United States Department of Labor
For the second week the trend of wholesale commodity
prices showed a downward tendency, Commissioner Lubin
of the Bureau of Labor Statistics, U. S. Department of
Labor, announced May 16. "The combined index of all
commodities decreased 0.2% and reverted to the level of
one month ago," Mr. Lubin said, adding:
It now stands at 79.9% of the 1926 average. Although the recent downward trend in commodity prices has brought the index 0.5% below the
high point of the current year, it Is 8% above a year ago, when the index
was 73.8. and 28% above two years ago, with an index of 62.3.
The decline in the general index was again caused by falling prices of
farm products and foods. Minor decreases, however. were also recorded for
building materials and chemicals and drugs. Hides and leather products
was the only group which registered an increase. No change in average
prices was recorded for the groups of textile products,
fuel and lighting
materials, metals and metal products, housefurnishing goods, and miscellaneous commodities. The large group of "All Commodities other than
Farm Products and Foods" also remained at the level of the previous week.
Although the downward trend in the general index during the past two
weeks has been caused primarily by the reaction in market prices of farm
products and processed foods, these two groups are still 1% and 3%.
respectively, above the general index. As compared with the group of
"All Commodities other than Farm Products and Foods," farm products are
4% and foods nearly 8% higher.
Six of the 10% major commodity groups included in the index-farm
products, foods, hides and leather products, fuel and lighting materials.
building materials, chemicals and drugs
-are above the level of the first
week of the current year, ranging from 0.1% for building materials to 7%
for farm products and foods. Miscellaneous commodities have receded
2.8% from the Jan. 5 level. Textile products are down 1.9%, and metals
and metal products and housefurnishing goods are approximately 0.5%
lower.
Compared with the corresponding week of last year, six of the 10 commodity groups show decreases. Textile products lead the list with a decline
of 6.5%. Metals and metal products are down 4%; building materials,
3%; miscellaneous commodities, 2%; and hides and leather products and
housefurnishing goods, 1%. Contrasted with these decreases over the
12 month period, farm products are up 33.6%; foods, 25%: chemicals and
drugs, 7%; and fuel and lighting materials, approximately 2%.
From an announcement issued by the Department of
Labor we take the following:
Group index numbers for the week of May 11 1935, as compared with
Jan.5 1935. and May 12 1934, are shown in the following table.
Commodity Croups
All Commodities
May
11
1935
Jan, Percent May Percent
5
of
12
of
1935 Change 1934 Change
79.9
77.9
Farm products
80.8
Foods
84.1
Hides and leather products
88.1
Textile products
68.7
Fuel and lighting materials
74.4
Metals and metal products
85.2
Building materials
84.7
Chemicals and drugs
80.7
Houseturnishing goods
82.0
Miscellaneous
58.9
All commodities other than farm products
and foods
77.5
75.6
78.5
88.8
70.0
74.1
85.6
84.6
79.1
82.3
70.9
+2.0
4
780
C
!"V'!
CVVI'"R
+5.5
-4.0
-24.8
Moody's Daily Index Approaches Year's High Level
Basic commodities advanced sharply last week carrying
the Index to 159.8 compared to 157.4 on Friday a week ago
and 160.0 on January 9, the high for the year. Unlike the
advance of last summer, which was largely in droughtaffected commodities, the recent rise from the March 18 low
for the year of 148.4 has been general, with minor exceptions,
throughout the list of commodities used in the Index.
Of the commodities comprising the index, advances have
been registered during the week by eight commodities,
namely, top hogs, wool, silver, rubber, hides, cotton, lead
and silk. No changes for the week were shown by cocoa, copper, coffee and sugar. Wheat,corn and scrap steel declined.
Fri.,
May 10
Sat.,
May 11
Mon., May 13
Tues., May 14
Wed.. May 15
Thurs.. May 16
Fri.,
May 17
eon•...oponcpci c
-1- 1- 1 -Fi+-Fil 1
1-
800,057,121 799,672,358
626,358,362 593.742,384
60,028,778 62,537,112
84,773,560 112,696.133
74.25
78.29
1.80,,
2.24.
,
%
The movement of the Index number during the week, with
comparisons, is as follows:
73.8
+8.3
1
Month of March
Total operating revenues
Total operating ezienses
Taxes
Net railway operating income
Operating rat o-per cent
Rate of return on property investment
3 Months Ended March 31
Total operating revenues
Total operating expenses
Taxes
Net railway operating income
Operating ratio-per cent
Rata ft ratnrn nn nrnnortv Investment
May 18 1935
60.6 +33.6
67.3 +25.0
89.3 -1.3
73.5 -6.5
73.0 +1.9
88.8 -4.1
87.4 -3.1
75.3 +7.3
83.0 -1.2
70.1 -1.7
70 i _n n
Wholesale food prices dropped nearly 1% during the week due to a
decline of approximately 4% in the sub-group of fruits and vegetables,
2.4% in butter, cheese and milk, 0.6% in cereal products, and 0.1% in
meats. The sub-group of other foods, including coffee, lard, and tallow,
on the other hand, was up 0.1%. Higher prices were also reported for rye
flour, rice, bacon,and fresh pork. The index for the foods group,84.1, was
25% above a year ago and 42% above two years ago, when the indexes
were 67.3 and 59.1, respectively.
Farm products, with an index of 80.8, declined 0.4% from the level of
the previous week. An increase of 1.2% in livestock and poultry was more
than offset by a decrease of 2.3% in grains and 0.7% in other farm products.
Price increases were reported for rye, cows, steers, hogs, poultry, eggs,
apples, hops, and tobacco. Average prices of barley, corn, wheat, calves,
ewes, lemons, oranges, seeds, onions, and white potatoes, on the other
hand, were lower. The level for the group as a whole is 33.6% above a
year ago with an index of 60.5 and nearly 65% above two years ago with
an index of 49.0.
Lower prices for lumber were again responsible for a decrease of 0.2% in
building materials. The subgroups of brick and title, cement, paint and
paint materials, structural steel, and other building materials were
unchanged.
Minor increases in drugs and pharmaceuticals, fertilizer materials, and
mixed fertilizers were more than offset by decreases for chemiclas with a
result that the index for the chemicals and drugs group declined fractionally.
Hides and leather products was the only group that registered an increase.
This was due to higher prices for hides, skins, and leather. The subgroup
of other leather products remained unchanged at the low point for the year,
while shoes were unchanged at their high.
A decrease of 0.7% in silk and rayon and a smaller decrease in woolen
and worsted goods was offset by strengthening prices for cotton goods and
other textile products, including burlap, raw jute, and manila hemp with
the result that the index for the group of textile products remained at 68.7.
No fluctuations were recorded in average prices of clothing and knit goods.
In the group of fuel and lighting materials a sharp drop in prices of
anthracite coal was counterbalanced by higher prices for gas and petroleum
products. Bituminous coal and coke were unchanged. The index for the
fuel and lighting materials group remained at 74.4% of the 1926 average.
A slight decline in agricultural implements was not reflected in the general
level for the group of metals and metal products. The index remained at
85.2. The subgroups of iron and steel, motor vehicles, non-ferrous metals,
and plumbing and heating fixtures were unchanged.
The index for the group of housefurnishing goods remained unchanged at
82.0. Average prices of both furniture and furnishings were stationary.
In the group of miscellaneous commodities falling prices of cattle feed
and crude rubber were offset by rising prices of paraffin wax and resulted
in the index for the group as a whole remaining unchanged at 68.9. The
subgroups of automobile tires and tubes and paper and pulp likewise were
unchanged.
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.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of May 12 1934, and
May 13 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS ENDING
MAY 11, MAY 4, APRIL 27, APRIL 20, AND APRIL 13, 1935, AND
MAY 12 1934, AND MAY 13 1933
(1926=100)
May
12
1934
May
13
1933
79.9
73.8
62.3
81.0
84.5
85.9
68.8
74.0
85.0
84.5
80.5
81.9
68.4
60.5
67.3
89.3
73.5
73.0
88.8
87.4
75.3
83.0
70.1
49.0
59.1
75.8
54.0
61.3
77.9
70.8
72.6
71.8
59.0
77.2
79.1
66.5
May
11
1935
May
4
1935
Apr,
27
1935
Apr.
20
1935
Apr,
13
1935
79.9
80.1
80.3
80.3
Farm products
80.8
Foods
84.1
Hides and leather products
88.1
Textile products
68.7
Fuel and lighting materials
74.4
Metals and metal products
85.2
Building materials
84.7
Chemicals and drugs
80.7
Housefurnishing goods
82.0
Miscellaneous
68.9
All commodities other than farm
products and foods
77.5
81.1
84.9
88.0
68.7
74.4
85.2
84.9
80.8
82.0
68.9
81.7
85.4
87.9
68.8
74.3
85.2
84.4
80.8
82.0
68.9
81.8
85.3
86.5
69.0
74.0
85.1
84.3
80.7
81.9
68.7
77.5
77.5
77.3
Commodity Groups
All Commodities
Slight Increase in Wholesale Commodity Prices During
Week of May 11 Reported by National Fertilizer
Association
The level of commodity prices was slightly higher in the
week ended May 11, according to the index of The National
Fertilizer Association. This index advanced to 78.3% of the
1926-1928 average,from 78.1 in the preceding week. During
the past five weeks the index has fluctuated in a very narrow
range, the highest point reached in this period being 78.3
and the lowest 78.1. A month ago the index was 78.3 and
a year ago 71.5. In noting the foregoing, an announcement
issued by the Association May 13 also said:
Six of the 14 component groups, including the five most heavily weighted
groups, advanced last week and two declined. Although the general level
of prices was higher,reflecting in part the effect ofinflation talk on important
sensitive commodities, the trend of prices.was mixed during the week.
In the fats and oils group,for instance, four commodities advanced and four
declined; in the foods group there were five advances and five declines; six
commodities In the grains, feeds, and livestock group advanced and nine
declined. Textile prices, however, were generally higher, with six items
in the group moving upward and only one declining. The textiles group
index was at the highest level since March 9. The foods group index
reached the highest point yet attained in the recovery which began in
early 1933.
Twenty-eight commodities in the index, including many of the more
heavily weighted items, advanced in price last week, while 24 commodities
declined. in the preceding week there were 19 advances and 27 declines;
In the second preceding week there were 27 advances and 18 declines.
The index numbers and comparative weights for each of the 14 groups
listed in the index are shown In the table below.
WEEKLY WIIOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
All croons combined
Latest
Week
May 11
1935
78.3
Pre
ceding
1Veek
80.7
69.4
89.7
67.0
68.9
87.3
78.7
82.3
84.9
72.3
94.4
65.3
76.0
101.6
78.1
Momh
Ago
Year
Ago
5.4momwm.gotamac,o0
111011
Group
c,,,cna..400m-axm , =mx
=
—w.b.cmaaocomw
Per Cent
Each Group
Bears to the
Total Index
3295
Financial Chronicle
Volume 140
71.5
69.5
54.8
68.8
70.7
91.3
81.0
84.4
85.6
49.6
93.0
64.3
76.1
92.4
78.3
71..c
Retail Food Prices Up 0.8 of 1% During Two Weeks
Ended April 23 According to United States Department of Labor
An 0.8 of 1% rise in retail food prices during the two weeks'
period ended April 23 brought the food index back to the
level of March 15 1931. Commissioner Lubin of the Bureau
of Labor Statistics of the United States Department of Labor
announced May 7. He said:
Food prices are now 17% below the lowest April average for the years
1925-1930, inclusive.
Seventeen of the 42 foods included in the index accounted for the increase
in the index. Ten foods fell in price and 15 showed no change.
There were price advances in four of the six commodity groups into which
these foods are classified, the cereals and dairy products showing the only
price declines.
Increases occurred in 43 of the 51 reporting cities. The greatest increase,
4.1%, was reported for Richmond. Negligible decreases were reported for
eight cities scattered throughout the five geographical areas.
The current index, 125.2 (1913=100.0). is 8.0% higher than on Jan. 2
1935, and 16.7% higher than a year ago. It is 22.9% lower than in April
1926, the April peak for the past 10 years.
Cereals moved downward 0.1 of 1% due to decreases in the prices of corn
products.
Meat prices rose 1.7%. All items in this group, with the exception of
leg of lamb and sliced ham played a part in this advance. Meats are now
higher than at any time since January 1931.
Dairy products fell 1.2% due to a break of 3.5% in butter prices.
Eggs advanced 3.8% and are 28% higher than at this time last year.
Fruit and vegetable prices showed a gain of 4.3%. This increase is
largely due to a seasonal advance in the price of potatoes, which amounted
to 11.1%. Cabbage prices, which have been higher than at any time
since June 1927, fell 3.5%. The upward movement in onion prices was
retarded. Oranges advanced 5.5%.
Miscellaneous foods showed an increase of 0.1 of 1%. Lard prices
remained unchanged, after registering an increase of 28% since Nov. 6
1934. Other fats and oils continued their price advance.
INDEX NUMBERS OF RETAIL PRICES OF FOOD
(1913=100.0)
1933
1934
1935
1930
Apr.9 Jan. 290G. 23 July 17 Apr. 24 Apr. 15 Apr. 15
Apr. 23 2 Weeks 3 Mos. 6 Mos. 9 Mos. 1 Year 2 Years 5 Years
Ago V
Ago
Apo
Ago
Ago
Ago
Ago
All foods
Cereals
Meats
Dairy products
Eggs
Fruits dr vegs_
5.4!email mode
125.2
151.1
154.3
114.4
87.2
136.0
1111 1
124.1
151.3
151.7
115.8
84.0
130.3
1111 .11
119.8
151.3
135.4
114.4
108.7
108.3
99.3
115.4
151.8
126.4
105.4
109.0
108.4
96.4
109.9
147.7
120.5
100.8
76.2
119.0
90.8
107.3
144.0
112.6
99.0
68.1
130.5
88.4
90.4
112.8
98.8
88.7
53.3
95.3
83.3
151.2
160.3
183.3
138.9
100.0
206.4
125.0
In reporting the foregoing, an announcement issued by the
Department of Labor, continued:
Prices used in constructing the weighted index are based upon reports
from all types of retail food dealers in 51 cities and cover quotations on
42 importance food items. The index is based on the average of 1913 as
100.0. The weights given to the various food items used in constructing
the index are based on the expenditures of wage earners and lower-salaried
workers.
The following table shows the percentages of price changes for individual
commodities, covered by the Bureau for April 23 1935. compared with
April 9 and March 26 1935, April 24 1934, April 15 1933 and April 15 1930:
CHANGES IN RETAIL FOOD PRICES, APRIL 23 1935 BY COMMODITIES
I
Per Cent Change-April 23 1935 Compared with
1934
1935
Commodities
Apr. 9
(2 1Veeks
Ago)
All foods
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
Dairy products
Butter
Cheese
Milk,evaporated
Milk, fresh
Eggs
Fruits and vegetables
, Bananas
Oranges
Prunes
Raisins
Beans, navy
Beans with pork, can'd
Cabbage
Corn, canned
Onions
Peas, canned
Potatoes, white
Tomatoes, canned
Miscellaneous foods_ _ _ _
Coffee
Lard, pure
Oleomargarine
Salmon, red, canned
Sugar
Tea
Veg.lard substitute....
Mar. 26
(4 Weeks
Ago)
1933
1930
Apr. 24
(1 Year
Ago)
Apr. 15
(2 Years
Ago)
Apr. 15
(5 Years
Ago)
+38.4
+17.2
+0.8
+2.8
+16.6
-0.1
0.0
-1.2
-1.9
0.0
-0.6
0.0
0.0
0.0
+1.7
+3.0
+1.9
+2.0
+1.9
+2.5
+2.8
0.0
+0.3
-0.5
+1.8
-1.2
-3.5
-0.4
0.0
0.0
+3.8
+4.3
-0.9
+5.5
0.0
+1.0
+1.7
0.0
-3.5
0.0
+3.7
0.0
+11.1
0.0
+0.1
-0.4
0.0
+0.6
-0.5
0.0
+0.3
+1.8
-0.1
0.0
-1.2
-1.9
0.0
0.0
0.0
0.0
0.0
+3.0
+4.8
+3.1
+3.4
+3.4
+3.5
+3.8
0.0
+1.3
-0.2
+4.4
+1.8
+5.4
-0.4
0.0
0.0
+7.5
+11.4
-3.5
+12.3
0.0
+1.0
0.0
0.0
+16.9
0.0
+16.4
-1.1
+17.6
0.0
+0.5
-1.5
+0.5
+1.6
0.0
+1.9
+0.5
+3.7
+4.9
+3.8
-5.6
+18.6
+6.4
+1.3
+6.4
+14.9
+1.2
+37.0
+52.5
+61.8
+42.3
+38.5
+34.7
+19.8
+4.2
+47.5
+29.6
+39.0
+15.6
+35.1
+10.2
+9.0
+7.2
+28.0
+4.2
-1.8
+18.4
0.0
+4.2
+7.0
+6.1
+137.1
+14.2
+88.9
+6.7
-25.9
-0.9
+14.4
-2.6
+82.5
+56.0
-1.4
+1.9
+6.8
+16.8
+33.9
+29.7
+2.4
+50.0
+61.3
+9.0
+45.6
+37.5
+9.9
+58.1
+60.7
+65.0
+48.5
+51.7
+45.7
+38.8
+29.1
+82.8
+50.3
+88.2
+29.0
+53.1
+23.8
+25.9
+17.8
+63.6
+42.6
-3.1
+30.2
+28.41
+8.81
+38.6*
+9.4*
+107.5
+33.0
+165.6
+38.6
+25.0
+23.5
+21.4
-2.2
+138.0
+58.5
+14.8
+7.8
+13.6
+20.7
-5.8
-5.7
-9.6
-3.8
+2.0
-19.5
-13.5
-11.5
-15.8
-17.5
-19.0
-14.8
-14.8
-15.5
-22.3
-23.2
-10.1
-19.7
-9.7
-17.7
-19.1
-27.8
-21.5
-15.0
-12.8
-34.1
-28.1
-46.1
-37.6
-18.2
-48.3
-21.3
-15.3
-16.2
+51.8
+7.3
-51.2
-16.7
-19.1
-35.5
+11.9
-25.0
-34.0
-12.7
-5.0
-8.6
3296
Financial Chronicle
Decrease in Business Activity During April Shown by
Monthly "Annalist" Index
Business activity showed a further decline during April
as a result of decreases in the daily average output of leading
industries, said the "Annalist" in issuing its monthly index
of business activity. It continued:
Averagedally'freight-car loadings, pig iron production and cotton consumption showed contrary to ;seasonal decreases, and average daily steel
Ingot production, electric power:production and silk consumption recorded
greaterithan'peasonal,decllnes. There was a further increase in average daily
automobile:production, but the gain was less than seasonal. Average daily
zinc production, after allowance for seasonal variation, increased slightly.
illfAs,a, result of these decreases The "Annalist" index of business activity
declined 2.3 points. The preliminary figure for April Is 79.0. as compared
with 81.3 for March, 83.0 for February and 83.8 for January. The combined index has now declined 4.8 points from the year's high of 83.8 for
January. Whether the decline since January is the start of another minor
cycle rernains,,to be seen. It is interesting to note, however, that since the
Fall:of 1932,the:formation of the:curve of the combined index has been very
regular. The:amplitude of fluctuations:has varied, but the number of months
between each peak is:approximately the same. We have had minor cycles of
approximately nine months in length. The length and the extent of the current decline.pay largelyidepend ,on the rapidity with which the Government gets its works relief program under way.
ligTable I gives the combined index and its components, each of which is
adjuster:IT:or seasonal variation and, where necessary, for long-time trend,
for the last three months. Table II gives the combined index by months
back to the beginning of 1930.
TABLE I. THE "ANNALIST" INDEX OF BUSINESS ACTIVITY
AND COMPONENT GROUPS
April
February
63.4
58.1
50.9
:97.8
78.9
:93.9
_66.8
61.4
54.4
98.3
82.5
124.8
70.1
115.2
102.1
67.2
*79.0
Freight car loadings
Steel ingot production
Pig iron production
Electric power production
Cotton consumption
Wool consumption
Silk consumption
Boot and shoe production
Automobile production
Lumber production
Cement production
Zinc production
Combined index
March
43.1
64.6
*81.3
_67.3
68.4
58.1
99.2
90.1
111.1
68.2
116.2
102.1
53.5
39.8
65.9
83.0
68.3
TABLE II. THE COMBINED INDEX SINCE JANUARY, 1930
1935
1934
1933
1932
1931
193
83.8
83.0
81.3
*79.0
January
February
March
April
May
June
July
August
September
October
November
December
73.1
76.7
78.9
80.0
80.2
77.2
73.2
71.2
66.5
70.5
71.5
78.8
63.0
61.6
58.4
64.0
72.4
83.3
89.3
83.5
76.4
72.3
68.4
69.5
70.1
68.1
66.7
63.2
60.9
60.4
59.7
61.3
65.2
65.4
64.7
64.8
81.4
83.1
85.1
86.4
85.1
82.8
83.1
78.9
76.3
72.6
72.2
72.1
102.1
102.5
100.5
101.8
98.5
97.1
93.1
90.8
89.6
86.8
84.4
83.9
_
*Subject to revision. :Based on an estimated output of 7,749,000,000 kilowatthours, as against a Geological Survey total o 7,973,000,000 kilowatt-hours in March
and 7,443,000,000 in April, 1934. :Based on an estimated output of 477.550 cars
and trucks, as against Department of Commerce total of 451,805 cars and trucks in
March and 373.108 cars and trucks in April 1934.
Increase from March to April in Department Store
Sales Reported by Federal Reserve Board
Department store sales increased from March to April by
considerably less than the estimated seasonal amount. The
Federal Reserve Board's index, which makes allowance for
differences in the number of business days,for usual seasonal
movements, and for changes in the date of Easter, was 74 in
April, on the basis of the 1923-25 average as 100, compared
with 82 in March and 75 in February. In an announcement
issued May 11 the Board further said:
Total dollar volume of sales in April was larger than a year ago by 12%
reflecting chiefly the influence of the later date of Easter this year and of
the larger number of working days. The aggregate for the first four months
of this year was 3% larger than for the corresponding period a year ago.
PERCENTAGE CHANGE FROM A YEAR AGO
April *
Federal Reserve Districts
Jan. 1
to
April 30*
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Franctsx,
+8
+6
+16
+13
+21
+12
+11
0
+11
+5
+14
+22
-4
-2
q%•••01
+12
Number of
Reporting
Stores
Number
of
Cities
+3
+5
+5
+8
52
53
28
27
55
37
63
38
42
16
22
80
26
27
12
10
25
23
28
21
20
11:
10
26
+3
513
238
o
+3
+7
+4
+7
o
* April figures preliminary; in most cities the month had one more business day
this year than last year.
Retail Prices Unchanged from April 1 to May 1 Accord
ing to Fairchild Publications Retail Price Index
For the first time since October, retail prices have shown
no change for one month as compared with the previous
month, according to the Fairchild Publications Retail Price
Index. After declining for six consecutive months, prices on
May 1 showed no change as compared with April 1, although
showing a decrease of 3.5% under May 1 a year ago. Prices
have been sagging steadily since the April 1 1934, high. An
May 18 1935
announcement issued May 13 by Fairchild Publications
also said:
The decline in piece goods quotations during April of 1.6% was sufficient to offset the fractional increases, particularly in home furnishings and
infant's wear. Women's apparel showed no change during the month.
fhe decrease in the index as compared with a year ago has been largely
due to the lower prices recorded for both piece goods and women's apparel.
The other three major subdivisions showed only fractional changes as compared with a year ago. Each of the major five groups declined as compared with the high.
The unfavorable textile situation is reflected in the lower prices during the
month as compared with the previous month. The decline in silk items,
in particular, has been note-worthy. Most of the items included in the
home furnishings group showed gains. Floor coverings, particularly, continued their recent upward trend.
THE FAIRCHILD PUBLICATIONS RETAIL PRICE INDEX
JANUARY 1931=100
Copyright 1935, Fairchild News Service
May 1
1933
Composite index
Piece goods
Men's apparel
Women's apparel
Infants' wear
Home furnishings
Piece goods.
Silks
Woolens
Cotton wash goods
Domestic:El.
Sheets
Blankets A: comfortables
Women's apparel.
Hosiery
Aprons & house dresses_
Corsets and brassieres
Furs
Underwear
Shoes
Men's apparel.
Hosiery
Underwear
Shirts and neckwear
Hats and caps
Clothing,incl. overalls
Shoes
Infants' wear.
Socks
Underwear
Shoes
Furniture
Floor coverings
Musical Instruments
Luggage
Eleo. household appliances
China
May 1
1934
Feb. 1
1935
Mar. 1
1935
Apr. 1
1935
May 1
1935
69.4
65.1
70.7
71.8
76.4
70.2
89.4
85.5
87.9
91.4
93.9
88.2
86.8
85.8
87.4
87 9
93.9
88.2
86.6
85.8
8..4
87.8
93.4
88.2
86.3
85.1
87.3
87.7
93.6
87.9
86 3
83.8
87.4
87.7
95.8
88.1
57.4
69.2
68.6
69.6
82.2
104.8
66.8
82.4
108.2
66.6
82.6
108.2
65.5
82.2
107.7
64.9
82.0
107.7
650
72.9
96.6
96.8
96.6
98.0
96.8
97.3
96.9
96.6
96.6
96.6
59.2
75.5
83.6
66.8
69.2
76.5
79.4
103.6
95.2
98.9
88.3
83.2
75.9
102.4
92.4
89.9
85.1
81.7
75.7
102.3
92.2
90.0
84.9
82.0
75.2
102.3
92.2
89 5
84.8
82.3
75.2
102.4
92.2
89.6
84.9
82.2
64.9
69.6
74.3
69.7
70.1
76.3
87.0
932
87.5
80.8
89.1
90.3
87.2
92.4
86.6
81.6
87.1
90.0
87.2
92,3
86.5
81.3
87.2
89.9
86.9
91.9
86.2
81.9
86.9
90.0
86.7
92.2
86.5
81.9
87.0
74.0
74.3
80.9
69.4
79.9
50.6
66.1
72.5
81.5
97.0
93.6
91.1
96.4
99.1
59.9
79.9
77.4
91.5
96.6
93.5
91.5
93.2
101.1
60.0
76.5
77.8
00.6
96.6
92.9
90.6
93.4
101.6
60.0
76.9
78.0
90.2
96.8
92 8
91.1
92.8
101.2
59.4
76.2
78.4
90.4
06.8
03.4
91.1
93.2
101.7
58.5
78.7
78.6
91.8
90.0
•Revised.
Sales of 25 Chain Store Companies Show Increase of
17.02% for April 1935
According to a compilation made by Merrill, Lynch &
Co., 25 chain store companies, including two mail order
companies, reported an increase in sales of 17.02% for
April 1935 over April 1934. The compilation further showed:
Sales of chain stores for the months of March and April separately are
not readily comparable with the corresponding months of last year because
Easter this year came in April while last year Easter was in March. Therefore, to compare the sales, the months of March and April was taken together,showing that sales of 25 chains, including two mall order companies,
increased 10.40% over the corresponding two months of 1934. Excluding
the 2 mail order companies, 23 chain store companies for the same period
showed an increase in sales of 4.96%.
1935
1934
$146,147,047
51.006,290
$128,996,073
44,603,406
+13.29%
+27.80%
25 Companies
$203,153,337
$173,599,479
+17.02%
Sates
-4 Months
23 Chain store companies
2 Mall order companies
$524,499,014
189,361,033
$498,177,704
156,261,253
+5.28%
+21.18%
25 Companies
8713,860,047
5654.438 987
#0.0701.
Sales
-April
23 Chain store companies
2 Mail order companies
P.C. Change
Following is the percentage of change of the groups for
April and four months of 1935 over the corresponding periods
of 1934:
April
4 Months
7 Grocery chains
8 5-and-10 cent chains
3 Apparel chains
2 Drug chains
2 Shoe chains
1 Auto supply chain
+10.38%
+16.31%
+15.24%
+11.27%
+2.80%
+28.40%
+8.53%
+1.11%
+4.00%
+10.72%
+10.62%
+23.57%
Total 23 chains
2 Mall order companies
+13.29%
+27.80+
+5.28%
+21.18%
Total 25 chains
+17.02't'.
+9.07%
Electric Output in Latest Week Shows Gain of 3.5%
Over Like Week a Year Ago
The Edison Electric Institute, in its weekly statement,
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended May 11 1935 totaled 1,701,702,000 kilowatt hours.
Total output for the latest week indicated a gain of 3.5%
over the corresponding week of 1934, when output totaled
1,643,433,000 kilowatt hours.
Electric output during the week ended May 4 1935
totaled 1,698,178,000 kilowatt hours. This was a gain of
4% over the 1,632,766,000 kilowatt hours produced during
the week ended May 5 1934. The Institute's statement
follows:
PERCENTAGE INCREASE OVER 1934
Major Geographic
Regions
Week Ended
May 11 1935
Week Ended
Week Ended
Week Ended
May 4 1935 Apr. 27 1935 Apr. 20 1935
2.2
4.5
6.1
8.0
3.1
13.6
16.0
Total United Staten_
2.5
5.4
7.3
5.4
5.5
13.3
19.0
x0.6
0.7
2.0
2.4
4.6
12.2
x9.1
x0.3
4.3
5.3
3.3
6.1
13.8
x12.3
R5
New England
Middle Atlantic
Central Industrial
Wait Central
Southern States
Rocky Mountain
Pacific Coast
4.0
0.3
1.7
x Decrease.
DATA FOR RECENT WEEKS
Week of-
1935
1934
Weekly Data for Previous Years
-Hours
In Millions of Kilowatt
P. C.
Ch'ge
1933
Mar. 2_ _ _ 1,734.338.000 1,658,040,000
Mar. 9_ _ _ 1,724,131,000 1,647,024,000
Mar. 16___ 1,728.323,000 1,650,013,000
Mar.23_ 1,724,763,000 1,658,389,000
Mar.30_ 1,712,863,000 1,665.650,000
Apr. 6- 1.700,334.000 1,616,945,000
Apr. 13- 1.725,352.000 1,642,187,000
Apr. 20- 1.701.945,000 1,672,765,000
Apr. 27_ 1,673,295,000 1,668,564,000
May 4___ 1.698.178.000 1,632,766,000
May 11__
.1.701.702.000 1.643.433.000
+4.6
+4.7
+4.7
+4.0
+2.8
+5.2
+5.1
+1.7
+0.3
+4.0
4-3.5
1932
1931
1930
1929
1,423
1,391
1,375
1,410
1,402
1,399
1,410
1.431
1,428
1,436
1.468
1.520
1,538
1,538
1,515
1,480
1,465
1,481
1,470
1,455
1.429
1.437
1,664
1,676
1,682
1,689
1,680
1,647
1.641
1,676
1,644
1,637
1.654
1,744
1,750
1,736
1.722
1,723
1.708
1,715
1,733
1,725
1.698
1.689
1,707
1.703
1,687
1,683
1,680
1,663
1,697
1,709
1,700
1,688
1.698
DATA FOR RECENT MONTHS
Month of-
3297
Financial Chronicle
Volume 140
1935
1934
January---. 7,762,513,000 7,131,158,000
7,048,495,000 6,608,356,000
February
March
7,198,232,000
April
6,978,419,000
7,249,732,000
May
7,056,116,000
June
July
7.116,261,000
August
7,309,575,000
September..6,832,260,000
October
7,384,922,000
November
7,160,756.000
December_
7,538,337,000
Total
R5 fiR4 124 non
%
Change
+8.9
+8.7
____
____
____
____
____
___
____
____
____
____
1933
6,480,897,000
5.835,263,000
6,182,281,000
6,024,855,000
6,532,686,000
6,809,440.000
7,058,600,000
7.218,678,000
6,931.652,000
7,094,412,000
6,831,573,000
7,009,164,000
1932
7.011,736.000
6,494,091,000
6,771,684,000
6,294,302,000
6,219,554,000
6.130.077,000
6,112,175,000
6,310,667,000
6,317,733,000
6,633.865,000
6,507,804,000
6.638,424,000
110 000 501 000 77.442.112.000
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric> light and power Industry and the weekly figures are
based on about 70%.
Business Conditions in Boston Federal Reserve District
-March Level of General Business Activity Below
February
The Federal Reserve Bank of Boston states,in its"Monthly
Review"of May 1,that"during March the level of general
business activity in New England was slightly lower than
in February, when allowance for customary seasonal changes
had been made, although an increase of 1% was recorded in
the number of persons employed in Massachusetts." Continuing, the Bank said:
Department store sales in this District during March were approximately
15% lower than in the corresponding month a year ago, but the earlier date
of Easter had considerable influence upon March sales last year, while in
1935 this influence came in April. . . .
Production of boots and shoes in New England during March was estimated to have been about 4% less than in the corresponding month last
year. Since production during January was about 10% above the January
output a year ago and during February in bqth 1934 and 1935 production
was in approximately the same volume, total production of boots and shoes
during the first quarter of this year was about 1 % larger than in the
first quarter a year ago.
During the first quarter of 1935 the amount of raw cotton consumed by
New England mills was approximately 240,700 bales, while in the similar
period a year ago the mills consumed 273,800 bales, a difference of about
33.000 bales, or 12%. . . . Consumption of raw wool by mills in this
District was greater in March and in the first quarter of 1935 than in the
corresponding periods a year ago.
Retail sales of 1,009 concerns in Massachusetts during March 1935.
amounted to $19.927,291, or 11.5% less than the total of $22,525,914
for March 1934. Large decreases occurred in three of the major groups,
general merchandise, apparel and coal. Of the total number of concerns,
54% reported a gain. 62% a decrease and 4% reported no change.
Business Conditions in Cleveland Federal Reserve District
-Little Change Noted in Industrial Activity
in Late March and First Three Weeks of April
"Industrial activity in the Fourth (Cleveland) District
in late March and the first three weeks of April," said the
Federal Reserve Bank of Cleveland,"was little changed from
the preceding four-week period. Increases in some lines
were offset by declines in others, particularly when allowance
is made for seasonal variations," the Bank stated. In its
"Monthly Business Review" of April 30 the Bank also had
the following to say:
On the whole, however, the results offirst quarter operations were reasonably satisfactory and compared very favorably with the corresponding period
of 1934. In the case of automobiles it was thought that the first quarter
increase was largely an early spring seasonal expansion, but the fact that
retail demand has held up so well that factories have increased assembly
schedules in each week of April indicated something more than an early
seasonal improvement.
Strike threats caused production of rubber tires and bituminous coal to
Increase sharply in March, and inventories of these products at the beginning of April were somewhat abnormal. Tire stocks in hands of manufacturers on March 1, the latest figure available were 7.5% larger than a
year ago and represented 3.5 months' supply in terms of current consumption. With the strike threat at least temporarily removed and the need
for maintaining large stocks no longer exalting, tire prices were sharply
reduced by the granting of largo discounts first to fleet owners and then
generally in an effort to reduce stocks. These discounts were somewhat
reminiscent of former tire price wars.
In the coal industry, extension of the existing wage agreement to June 16
was followed by a very sharp drop in coal production (about 70%) in the
first week of April. Some recovery occurred in the following'week, but
large coal stocks above ground, built up in anticipation of the strike, retard
production which in March was higher than since March last year when
output was abnormally high. . . .
Retail sales generally, as reflected by reports from department stores in
leading cities of the district, were 8% smaller in March than a year ago,
but when allowance is made for seasonal variations and fluctuations in the
Easter date, the index of daily average sales was higher than since 1931.
Preliminary reports on April sales were not encouraging. In the first
quarter dollar sales, with no allowance for Easter, were 0.2% larger than
in the same period of 1934. and current retail prices were slightly under a
year ago. . . .
Employment in this section increased more than seasonally in March and
further improvement was indicated by reports covering the first half of
April. In Ohio the employment index was 5% higher in March than a
year ago. Payrolls showed a larger increase because of the higher wage
rates and also the increase in the number of hours worked.
Business Conditions in Richmond Federal Reserve
-Trade Reported at Seasonal Level
District
Tire Federal Reserve Bank of Richmond, in its "Monthly
Review" of April 30 (compiled April 20) said that "the lateness of Easter this year retarded business in several lines in
March, but if this adverse influence is taken into account,
trade last month was up to seasonal level." The Bank
continued:
Employment conditions appear to have become somewhat worse on the
whole between the middle of March and the middle of April, due to restrictions in operations in textile mills and some other scattered industrial plants.
which more than offset seasonal increases in employment in construction
and farm work. Coal production in March on a daily basis showed an
increase over production in February, perhaps due to increased demand from
such customers as the automobile industry. Textile mills in the Fifth District. especially those manufacturing print cloth, curtailed production about
25% on April 1, and plan to continue the restriction in output two months,
unless there is a marked change in the market for cotton textiles. . . .
Very little tobacco was marketed in March in the Fifth District, and all
markets closetfor the season during the month. Manufacturing of tobacco
held up in March, cigarette production exceeding that of March 1934, but
cigar and smoking tobacco production was less. Retail trade as reflected
in department store sales was in less amount than in March last year, but
was better than seasonal average in consideration of Eastern dates last year
and this. Wholesale trade in three of five lines for which data are available
was below the volume of trade last year, but all lines showed increased
sales over February. . . .
Winter crops are in good condition, and there is plenty of moisture in
the ground to promote growth of spring crops. Spring planting is backward in most of the district, due to wet and cold weather, but the delay is
not yet serious. Cold weather in the first half of April damaged peach and
some other fruit prospects, but apparently did not do serious harm to apples.
Fertilizer sales have been good in the district, and farmers have been
financially able to acquire a number of mules and some new machinery.
Increase of 1% from March to April in Cost of Living
of Wage-Earners Noted by National Industrial
Conference Board
After a temporary halt in March, the cost of living of
wage-earners advanced again, rising 1.0% from March to
April, according to the National Industrial Conference
Board. "The increase," the Board said, "was due to substantial rises in food prices and rents; on the other hand,
clothing prices and coal prices declined. The cost of living
in April was 6.1% higher than a year ago, and 16.4% higher
than in April 1933, when the low point during the depression
was reached. It was 16.0% lowbr than in April 1929."
The Board on May 13 further announced:
Food prices rose 2.5% from March to April; they were 16.2% higher than
in April 1934 and 38.0% higher than in April 1933, but 17.7% lower than
in April 1929.
Rents have increased 1.2% since March,7.8% since Apri11934,and 7.3%
since April 1933, but they were 25.4% below the April 1929 level.
Clothing prices continued their downward trend which has been noted
since last September; they declined 0.8% from March to April and
were 3.2% lower than a year ago. Since April 1933, however, there has
been an increase of 24.2% and since April 1929, a decline of 23.7%.
Coal prices decreased seasonally from March to April. 1.9%. to a level
approximately the same as a year ago but 5.0% higher than in April 1933
and 8.0% lower than in April 1929.
Sundries did not change in cost since March. In April they were 0.6%
higher than a year ago and 4.1% higher than in April 1933, but 6.6% lower
than in April 1929.
The purchasing value of the dollar was 120.2 cents in April as compared with 121.4 cents in March 1935. 139.9 cents In April 1933 and 100
cents in 1923.
Item
Food
Housing
Clothing
Men's
Women's
Fuei and light
Coal
Gas and electricity
Sundries
Relative
Importante in
Family
Budget
33
20
12
5
30
Index Numbers at
thv Cost of Living
(1923=100)
Ayr. 1935
85.4
68.7
75.4
79.1
71.8
86.0
84.1
89.8
93.0
P.0 Inc.(+)
or Dec.(-)
frcmt
3far. 1935 to
Mar. 1935
April 1935
83.3
67.9
76.0
79.4
72.6
87.1
85.7
89.8
03.0
+2.5
+1.2
-0.8
-1.1
-1.3
-1.9
Weighted average of all items 100
83.2
82.4
+1.0
Purchasing value of dollar
120.2
-1.0
121.4
Based on food price indexes of the United States Bureau of Labor Statistics
Marcus 12 1935 and average of Apr.9 1935 and Apr. 23 1935.
Lumber Movement Declines Due to West Coast Strike
Production at the lumber mills during the week ended May
11 1935, dropped to the lowest point since January and was
3298
Financial Chronicle
23% under last year's week; new business was below that
of the preceding four weeks and shipments were less than
during the preceding seven weeks. The drop was due to
the strike in West Coast mills, nearly all other regions showing appreciable gains. In the West Coast region, production dropped 53% and orders 44% from their high record of
the previous week. Total new business booked in all regions
was 54% production and 28% above that of the corresponding week of 1934. These comparisons are based upon telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations of 1,010 leading hardwood and softwood mills. In the
week ended May 11, these produced 134,365,000 feet;
shipped 189,792,000 feet and booked orders of 206,534,000
feet. Revised figures for the preceding week were mills,
1,039; production, 190,506,000 feet; shipments, 266,582,000
feet; orders received, 253,450,000 feet. The Association's
report further showed:
All regions but Northern Pine and Northeastern Hardwoods reported
orders above production during the week ended May 11. Total softwood
orders were 58% above output; hardwood orders, 4% above hardwood
production. Total shipments were 41% above production. All regions
but West Coast, Southern Cypress and North Central Hardwoods reported
orders above those of corresponding week of 1934. Total softwood orders
were 26% above those oflast year's week; hardwood orders were 55% above
in similar comparison.
Unfilled orders on May 11, as reported by 1,255 mills were 827,256,000
feet and gross stocks, 4,364,075,000 feet. Identical softwood mills reported
unfilled orders on May 11 as the equivalent of 28 days' average production
and stocks of 132 days' production, compared with 27 days' and 150 days'
on similar date of last year.
Forest Products carloadings totaled 27,378 cars during the week ended
May 4 1935. This was 602 cars more than during the preceding week;
2,380 cars above the same week of 1934 and 7,959 cars above corresponding
week of 1933.
Lumber orders reported for the week ended May 11 1935, by 847 softwood mills totaled 195,781,000 feet; or 58% above the production of the
same mines. Shipments as reported for the same week were 178,326,000
feet, or 44% above production. Production was 124,035,000 feet.
Reports from 190 hardwood mills give new business as 10,753,000 feet,
or 4% above production. Shipments as reported for the same week were
11,466,000 feet, or 11% above production. Production was 10,330,000
feet.
Unfilled Orders and Stocks
Reports from 1,255 mills on May 11 1935. give unfilled orders of 827.256,000 feet and gross stocks of 4,364,075,000 feet. The 738 identical
softwood mills report unfilled orders as 657,664,000 feet on May 111935.
or the equivalent of 28 days' average production, compared with 635,237,000 feet. or the equivalent of 27 days' average production on similar
date a year ago.
Identical Mill Reports
Last week's production of 745 identical softwood mills was 122,765,000
feet, and a year ago it was 162,088,000 feet; shipments were respectively
176,441,000 feet and 141,096,000; and orders received 192.967,000 feet, and
152,750,000 feet. In the case of hardwoods, 177 identical mills reported
production last week and a year ago 10,100.000 feet and 10,005,000 feet;
shipments 11,260,000 teet and 9,300,000 feet and orders 10,638,000 feet
and 6,858,000 feet.
Further Decline in Farm Exports During March
Reported by Bureau of Agricultural Economics
Farm exports in March were 45% of pre-war volume,
according to the Bureau of Agricultural Economics, United
States Department of Agriculture. This compared with
75% in March a year ago, and with 67% in March two
years ago. An announcement issued May 6 by the Department of Agriculture continued:
Exports of cotton, it is stated, were the smallest in a decade. During
the nine months ended March 31, cotton exports totaled 4,068,000 boles
compared with 7,176,000 bales in the corresponding period of 1933-1984.
The Bureau points out, however, that the decrease in value was less than
that in volume, on account of higher prices this season.
Foreign countries took 1,502,000 bushels of United States wheat and
flour—practically all in the form of flour—in March. This was 17% of
the pre-war volume. Total exports of wheat and flour for nine months
ended March 31 were 17,632,000 bushels, or 36% less than in the corresponding period of 1933-1934.
Exports of fruits, dairy products and eggs increased in March compared
with February, with March a year ago, and with March two years ago.
Farm Income During First Quarter of 1935 Above Same
Quarter of 1934 According to Bureau of Agricultural Economics
Farmers in 32 States received more income from sales of
principal farm products and Government rental and benefit
payments in the first quarter of 1935 than in the same period
in 1934; farmers in 15 States received less, and income of
farmers in Texas was about unchanged, according to the
Bureau of Agricultural Economics, United States Depart,ment of Agriculture. A gain of 12% is reported for all States
combined. An announcement issued May 8 by the Department of Agriculture further said:
Largest increases this year over last were in Indiana and surrounding
States where feeding conditions have been relatively more favorable this
Year, and where the increase in rental and benefit payments was largest.
Heaviest decreases in income were in North Dakota where wheat marketings
were greatly reduced, and in Maine where potato prices were less than onethird those of a year ago.
The bureau says that in all regions except the South Atlantic and South
Central States income in the first quarter of 1935 was higher than for any
similar period in the last four years. In the South Atlantic States receipts
were below either the first quarter of 1934 or the first quarter of 1932. In
the South Central States receipts were below 1934 and above 1932.
New England States, except Maine. show an increase of 12 to 20% In
Income the first quarter of this year compared with last, due chiefly to
higher prices of dairy products. There were moderate gains in the Middle
Atlantic States where larger income from dairy products more than offset
reduced income from crops.
May 18 1935
East North Central States enjoyed a marked increase in income the first
quarter of this year, largely because of heavier feeding of livestock during
the past winter. Supplies of feed grains were reduced by last summer's
drought in this area, but much less so than in other principal feeding areas.
Also, hog prices the first quarter of this year averaged more than twice
those of a year ago; marketings of higher priced cattle were larger than usual,
and rental and benefit payments were considerably increased this year
over last.
West North Central States show a marked variation in percentage change
in income. North Dakota farmers bad less income despite higher wheat
prices; Nebraska had less income from wheat and corn, about the same income from livestock as a year ago, and larger rental and benefit payments.
Other States in this area had somewhat larger incomes despite the sharply
reduced crop production. Higher prices of hogs.and dairy products more than
offset smaller marketings, and rental and benefit payments were larger.
Maryland. Delaware and West Virginia are the only States in the South
Atlantic group to show increased income in the first quarter of this year.
The decrease in the remaining States is attributed to less money from
tobacco and cotton due to earlier marketings. In Kentucky and Tennessee,
higher tobacco prices maintained the income from tobacco despite smaller
production; income from livestock feeding was increased; and rental and
benefit payments were larger.
In the remaining South Central States, except Texas and Oklahoma, income was somewhat less this year than last on account ofsmaller marketings
of cotton and smaller rental and benefit payments. In Texas and Oklahoma, increased income from livestock marketings and emergency sales of
livestock to the Government about offset the reduced income from crops.
Receipts in Western States, except California, Utah, and Nevada were
about the same or lower this year than last. Montana. Idaho and Arizona
had smaller receipts, but Utah and Nevada had larger income. California
Income was 37% more than in the first quarter last year, due largely to
marked gains from citrus fruits and truck crops.
Automobile Financing During March 1935
• A total of 269,989 automobiles were financed in March
on which $100,041,834 was advanced,compared with 187,566
on which $69,873,418 was advanced in February,the Department of Commerce reported on May 3.
Volume of wholesale financing in March was $149,002,399,
as compared with $108,656,597 in February.
Monthly statistics on automobile financing, based on data reported to
the Bureau of the Census by 456 identical organizations, are presented
in the first table below for January to March 1935. January to December
1934 and July to December 1933; and in the other table for 282 identical
organizations for January to March 1935 and January to December 1934
and 1933.
AUTOMOBILE FINANCING
Retail F naming
Yea?
and
Month
Wholesale
Financing
Volume
in Dollars
Total
Number
of Cars
Volume
in Dollars
Summary /or 456 Identical Or ntrations.•
1935
-January
$96,059,710 159,094 $59,105.814
108,656,597 187,568
* February
69,873,418
149,002,399 6269,989 100,041.834
March
New Cars Financed
Number
of Cars
68,464
82.570
120,059
Volume
in Dollars
137,194,801
44,410.740
63,927,339
Total(3 months). 9353,718.706
1934—
236,577,358
January
62,551,490
February
March
104,597.190
616,649 8229,020,866
109,997 936,533.359
132.485
47,823,890
195,196
72.520,725
38,691
54.455
86,880
819,841,711
30.223.621
47,838.975
Total(3 months). $203,726,038
437,678 9156,677,974
177,026
$97.904.307
244,537
273.320
269,658
265,147
245,799
190.236
196.440
162.783
133.103
110,988
125,354
128,794
123,552
109,302
80.853
80.003
63,749
46,013
April
May
June
July
August
September
October
November
December
122,967,484
125.529,739
104,422.741
92.069.05
86,746,755
56,848.511
46.495841
30,556,373
37,951,278
91,849,961
103.794.93:
103,456,111
99,630,68'
91,618.661
70.303,36)
71,501,31'
58,085,294
46.262.60:
271,093 $145,532,880
61,458,602
69,801,775
70.900.335
67,034,990
59,822.255
44,599.299
44,130.425
34,861.719
25,598.662
Total (year)
5907,314.729 2.418,699 $893,174.91: ..045,434 5576,112,369
1933 c—
July
58.973.704 194,552
68.522.87:
86,926
44.698.187
60.705.795 211.708
August
74.813,72.
94.613 48,860.024
September
52.276.214 184.998 65.665,511
42.166.003
80,928
October
39,776,604 172.432
60,316.106
73.002
37.940.369
November
18.364.889 135,584
46,063,578
27.077.214
51,356
December
17,060.916 108,606
35,217,934
33,729
18,486.989
Summary for 282 Identical Orga nizattons d
1935—
January
$93,830,358 149,583 $56,151,991
66,193 $35,936,838
106,054,455 176,585
* February
66.418.983
42,779,415
79,808
145.519.467 e254,429
March
95,149.152 115.869
61,695,115
Total(3 months). $345,404,280
1934—
935,879,064
Janus/ y
61,513,896
February
102,775,967
March
580,597 9217,720,026
Total(3 months) $200,168,927
409,773 $149,017,564
171,498
$94,907,700
231.735
259.120
255.449
251.611
233,154
179.886
185,414
153.261
124,184
107.925
122.155
125,073
120.017
106.041
79,179
77,502
61,769
40.505
59,772,079
67.991,000
68.842,089
65.092,674
58,028,789
43.240,804
42.737.846
33.784,399
24,761,098
April
May
June
July
August
September
October
November
December
Total (year)
1933—
January
February
March
Total(3 months).
April
May
June
July
August
September
Detober
November
December
Total (year)
121,060,526
123,691,003
102,706,220
90.294,039
85.107.739
55,586.456
45.363,306
29,729.762
36,530.495
101.700
124.349
183,724
534.437,380
45,377.552
69,202,632
87.998,227
99.591.058
99,113,597
95,484,543
87.700,286
67,209,428
68,224.126
55,303,319
43.789.120
261,670 1140,411,368
34,428 919,189,736
52.772
29.290.038
84.300
46,427.926
1890,238,5632,283,587 $853,431,268 1.014.684 5559,167,458
30,133,915
27,514,654
27,700,336
92.083
87,512
101,456
31,280,101
29,188,663
33,546,689
35,546
32,609
38,329
18.327.630
16,842.415
19,463.540
$85,354.905
281,051
394,015,453
106,484
554.633,585
40.840.508
55.005.590
56.937.618
57,866.453
59,613,121
61.127,428
38,962.531
17.703,226
16,572.650
132.088
168,328
185,286
182.244
198.911
173.770
162,140
126,855
100,457
45.337,026
58,192,788
65,514,154
65,152,510
71,186,944
62,538,790
57.502,969
43.889,055
33,124,069
55,571
75,025
84,358
84.282
91,617
78.379
70.669
49,719
32.467
28,225,885
37,475,257
43,004.318
43.333,572
47.290,779
40,887.086
86.790.012
26.278.194
17.794.238
8479.984,028 1,711,130 3596.453,758
728,571 9375,712.921
advices received by Lamborn & Co. Under date of May 11
the firm also announced:
Retail Financing
Year
and
Month
Used Cars Financed
Number
of Cars
Volume
in Dollars
Summary for 456 Iderttic at Organizas tons. II
1935—
$20,650,382
January
87,177
24,107.645
101,294
•February
34,258,713
144.777
March
Unclassified
Number
of Cars
Volume
tri Dollars
3,453
3,702
5.153
$1.260,431
1,355,033
1,855.782
Total (3 months)
1934—
January
February
March
333,248
$79,016,740
12,308
$4,471,246
71.607
$15,864.436
16.510.453
23,274,757
2,699
2.747
3,947
889.816
1.406,993
Total (3 months)
251,259
129,281
143.073
135.875
136.726
131.905
108,057
112.425
95.786
83.892
$55.649,646
28.859,676
32.156,212
30,679.003
30.805.120
30.153,258
24.452.047
24,011.360
22,103,212
19,652,395
9,393
4.268
4.893
4,987
4.869
4.592
3.526
4.012
3.268
3,198
53,124.021
1.531.685
1,836,948
1,870.772
1,790,577
1,643,153
1,252.022
1,359.532
1,120.383
1.011.546
1,326,259
3300.521.929
47.006
316.540.819
103.554
112.917
100.285
95.947
22.538.097
24.580.709
22.231.578
4,072
4.178
8.805
3.483
2.678
2,598
1,288.608
1.372,992
1,287.934
1,052.633
870,099
797.666
3.453
3,702
5,153
$1,260,431
1,355,033
1.855,782
April
May
June
July
August
September
October
November
December
Total (year)
1933 c—
July
August
September
October
November
December
75,283
104.369
21,323,104
81.550
18,116.265
72,279
15,933,279
Summary for 282 Identis al Organize, ions d
1935—
$18,954,622
January
79,937
93,275
22.284,535
* February
133,407
31,598,255
March
306.619
572.837.412
12308
$4471246
64,575
68.830
95.477
$14,420,432
15.197,698
21.367,713
2.699
2.747
3,947
889,816
1,406.993
Total (3 months)
228,882
$50,985,843
9,393
$3.124,021
119.542
132,072
125.389
126,725
122,521
98,181
103.900
88.224
76,481
26,694.463
29,763,110
28,400,756
28.601,292
28,028.344
22,707.602
24,126.748
20,398.557
18.016,476
4.268
4,893
4,987
4,869
4.592
3.526
4.012
3.268
3.198
1,531.685
1.836.948
1.870,772
1.790.577
1,643.153
1.252.022
1.359.532
1.120.363
1.011,546
1,221,917
$277,723,191
47,006
816,540.619
54,234
52,796
60,625
12,173.577
11,725.419
13,335,403
2.303
2,107
2,502
778.894
620,829
747.746
167,655
$37.234,399
6,912
$2,147,469
73.267
89,260
96,741
16.106,512
19,428.060
21,181.515
20.542.189
22.535,753
20.392.629
19.665.186
16.740.762
14,532,165
3,250
4,043
4,187
4,032
4,133
3,780
3,473
2.678
2.598
1.004.629
1,289.471
1.328,326
1.276.749
1,360.412
1,259.075
1.0%7,771
May
June
July
August
September
October
November
December
Total (year)
1933—
January
February
March
Total (3 months)
Argil
May
June
July
August
September
October
November
December
93,930
103,161
91,611
87,998
74.458
65.392
3827.212
870.099
797.668
$12,381,667
39.086
Total (year)
8208,359.170
943,473
•Revised.
a Of these organizations, 37 have discontinued automobile financing. b Of this
number,44.5% were new cars,53.6% were tised cars, and 1.9% unclassified. c Data
prior to July not available. d Of these organizations, 24 have discontinued automobile financing. e Ot this number, 45.6% were new cars, 52.4% used cars, and
2.0% unclassified.
World Coffee Stocks March 1 Below Feb. 1 According to
New York Coffee and Sugar Exchange
World stocks of coffee, including interior stocks in Brazil,
decreased 270,830 bags, or about 1% during February,
totaling 25,632,872 bags on March 1, against 25,903,702
on Feb. 1, according to the New York Coffee and Sugar
Exchange. This is the smallest March 1 stock since 1929.
The Exchange said on May 10 that 19,156,000 bags of the
total were in interior warehouses in Brazil, of which 11,114,000 bags were pledged against the 1930-40 coffee loan, 1,050,000 bags owned by the National Coffee Department in
addition to the pledged stocks and 6,992,000 bags owned
privately awaiting shipment to ports.
April Consumption of Beet Sugar in United States
Reported Above Year Ago
Beet sugar consumption in the United States as measured
by distribution showed an increase of 24,127 long tons, raw
value, in April 1935, compared with the same month of last
year, according to B. W. Dyer & C.,sugar economists and
brokers, from a report released by the United States Beet
Sugar Association. A total of 152,137 tons were consumed
during April 1935 compared with 128,010 tons in April of
1934. Total consumption for the first four months of 1935,
the firm said, amounted to 522,597 tons compared with
473,624 tons for the same period of 1934, an increase of
48,973 tons.
Sugar Consumption in 14 European Countries September 1934 Through March 1935 Reported 3% Above
Like Period of 1933-34
Consumption of sugar in the 14 principal European countries during the first seven months of the current crop year,
September 1934 through March 1935, totaled 4,316,391
long tons, raw sugar value, as against 4,188,893 tons consumed during the similar period last season, an increase of
127,498 tons, or a little over 3%, according to European
The 14 countries included in the survey are Austria, Belgium, Bulgaria,
Czechoslovakia, France, Germany, Holland, Hungary. Irish Free State,
Italy. Poland, Spain, Sweden, and the United Kingdom.
Sugar stocks on hand for these countries on April 1 1935 approximated
4,411,509 tons as compared with 4,090,420 tons on the same date last year.
an increase of 321,089 tons or approximately 7.8%•
Sowings of sugar beets for these countries during the current season are
placed at 3,486,600 acres as against 3.652,200 acres last season, a decrease
of 165.600 acres, equivalent to 4.5%. Last year's acreage yielded a beet
sugar crop of 6,405,000 long tons, raw sugar value.
$827.212
Total (3 months)
1934—
January
February
March
April
3299
Financial Chronicle
Volume 140
Entries of Sugar into United States Against Quotas
Under Jones-Costigan Sugar Act Totaled 1,898,320
Short Tons During First Four Months of 1935—
Report of AAA
The quantity of sugar entered for consumption in the
United States during the first four months of this year from
Cuba, the Philippines, Puerto Rico, the Virgin Islands, and
Hawaii totaled 1,898,320 short tons, raw value, without
polarization and final out
-turn adjustments. This quantity
has been charged against the 1935 quotas for the areas indicated, the Sugar Section of the Agricultural Adjustment
Administration announced May 6. The report covering
entries of sugar from Jan. 1 to May 1 shows that the quantity
entered represented 42.6% of the total 4,454,019 tons admissible from those areas under the quotas established for
1935 by general sugar qu ota regulations, saries 2. The
quotas for 1935 weee given in our issue of Jan. 12, page 222.
Such quotas, the announcement of May 6 said are subject to
change under the Jones-Costigan Act if consumption increases, and certain pending changes in the quotas were
announced by the AAA on April 6 1935, as the outcome of an
investigation of importations of sugar from the various
producing area in the so-called "basic" years.
The quotas of raw direct-consumption sugar admissible
into the United States for 1935 from the Philippine Islands
and Puerto Rico have been filled, the Sugar Section announced May 15, adding:
-consumption sugar is raw sugar which is used in certain •
Raw direct
products without further processing. The quota of this type of sugar admissible in 1935 from the Philippine Islands was 9,996 short tons raw value,
and the quota of the same type of sugar for entry from Puerto Rico was
9.590 short tons raw value.
Under the quota provisions of the Jones-Costigan Act, when the quota
for any type of sugar for any area is filled, no more of that type of sugar can
enter the United States from that area during the current calendar year unless it is stored in bond in accordance with special regulations of the AAA.
The report for Jan. 1 to May 1 is the fourth such to be
issued; a previous report, covering the first quarter of 1935,
was given in these columns of April 27, page 2774. As to
the latest report issued May 6 the announcement by the
AAA also said:
In addition to giving the record of sugar entries from the areas mentioned
above, the report presents a summary of the quantity of sugar entered and
certified for entry from all foreign countries.
This report includes all sugars from Cuba, the Philippines. Puerto Rico.
the Virgin Islands, and Hawaii recorded as entered and certified for entry or
certified for entry upon arrival from those areas prior to May I 1935. The
statistics pertaining to full-duty countries include, in addition to the sugar
actually entered before May 1 1935, all quantities certified for entry.
Including quantities in transit on May 1 1935, prior to that date.
The figures are subject to change after final outturn-weight and polarization data for all importations are available.
The status on May 1 1935. of the principal quotas established under
general sugar quota regulations, series 2, for 1935. is as follows: x
-96 degree equivalentl
(Tons of 2,000 pounds
Area
Qanlity of
Sugar Which
May be Admitted
for 1935 z
Amounts
Charged
Against
Quotas
Balance
Remaining
1,857,022
918.352
779,420
893.884
5,341
Total
723,503
453,929
422,985
297,903
1,133,519
464,423
356,435
595,981
5.341
4.454.019
Cuba
Philippines
Puerto Rico
Hawaii
Virgin Islands
1.898.320
2.595.699
z Under General Sugar Quota Regulations, series 2
In addition to the sugar charged against the quotas for Cuba and the
other insular areas, a large part of the sugar which may be admitted from
full -duty countries was entered or certified for entry during the first four
months of the year. The following table shows, In pounds, the amount of
sugar which may be admitted in 1935. the amount charged against quotas
during January, Feoruary, March and April,and the amount which may be
admitted during the remainder of the year from the areas specified:
(Pounds
-96 Degree Equivalentl
Area
Belgium
Canada
China
Czechoslovakia
Dominican Republic
Dutch East Indies
France
Germany
Haiti
Hong Kong
Mexico
Netherlands
Peru
United Kingdom
Unallotted reserve
Quantity Which
Afro Be Admitted
for 1935
194,462
372,795
53.252
173,975
4,406,150
139,670
116
77
608,950
137,117
3,985,518
143,952
7,343.561
231,700
600,000
Charged
Against
Quota
194,462
372,795
53,252
173,975
4,406,150
131,005
116
77
608,950
137,117
1,484,187
143.952
7,343,561
231,676
377,220
Balance
Remaining
8,665
2,501,331
24
222,780
18,391,295
Total
2.732.1100
15.654 495
x This does not give effect to pending readjustment of quotas teferred to In the
1935.
press release of April 6
3300
Financial Chronicle
The announcement of the AAA. of April 6, as to certain
pending changes in the off-shore areas, was reported as
follows in Washington advices to the "Wall Street Journal"
of April 8:
A reallotment of the 1934 and 1935 sugar quotas to off
-short areas will
be made by the AAA,adjustments for both years to be made in 1935 shipments.
The AAA announced preliminary findings of a more detailed investigation of consumption of sugar from the various areas during the base
period, 1930 to 1933, on the basis of which "it is contemplated that, following final vertification of the results of the investigation,the present quota
regulations will be revised to give effect to the necessary adjustments."
Under the total adjustments for both years, Hawaii will be allowed to
ship 66,173 short tons more Into the United States this year than under
the present quota for that territory, while Cuban shipments will be cut
55.844 short tons. Puerto Rico will be allowed an increase of 7.394 tons,
while the Philippines and the Virgin Islands will be cut 17,468 and 255
short tons, respectively.
Total amount of sugar to be allowed into the United States will remain
the same for both years.
Results of the AAA's investigation which will be used as the basis for the
readjustments in the quotas, are as follows:
1934
Stort Tons x
Cuba
Philippine Islands
Territory of Hawaii
Puerto Rico
Virgin Islands
Raw Value z
1,901,752
1,015,186
916,550
802,842
5,470
1,873,498
1,006,348
950,003
806,583
5,341
Total
4,641.800
4,641,800
Quotas established in general sugar quota regulations, series 1. 1934. z Quotas
on basis of current investigation.
1935
Short Tons z
Cuba
Philippine Islands
Territory of Hawaii
Puerto Rico
Virgin Islands
Total
Raw Value z
1,857,022
991,308
894,992
783,959
5,341
1,829.432
982.678
927,685
787,612
5,215
4,532.622
May 18 1935
with a view to bring new crop contract prices to a more satisfactory level.
To protect the near crop months, the pool manager will demand and
take delivery of actual cotton against May and July contracts, if such
action shall become necessary to protect the contract against undue depression.
The trade is further advised that while efforts will be made to legitimately improve the market price for cotton, nothing will be done to bring
about any abnormal market situation. It will be the purpose to promote
orderly marketing in accordance with sound principles.
Mr. Johnston pointed out that on March 9 middling
%-inch cotton was quoted on the 10 designated spot markets of America at 12.21c. per pound; on March 14, following the break of March 11, this price had declined to 11.46c.,
and went as low as 11.37c. Since that time there has been
a substantial recovery which has carried the spot market
to an average of 12.41c. per pound. Pool cotton may now be
sold at a price sufficiently above 12c. per pound to take
care of accrued carrying charges.
Census Report on Cotton Consumed and on Hand,
&c., in April
Under date of May 15 1935 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles and imports and
exports of cotton for the month of April 1935 and 1934.
Cotton consumed amounted to 462,844 bales of lint and
70,268 bales of linters, compared with 481,135 bales of
lint and 66,754 bales of linters in March 1935 and 512,594 bales of lint and 67,479 bales of linters in April 1934.
It will be seen that there is a decrease in April 1935 when
compared with the previous year in the total lint and linters
combined of 46,961 bales, or 8.09%. The following is the
statement:
4,532,622
APRIL REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES
[Cotton in running bales, counting round as half bales, except foreign, which is
In 500
-pound bales)
Cotton Consumed
During-
z QUOI11.9 established in general sugar quota regulations, series..2, 1935. z Quotas
on basis of current Investigations.
$10,803,196 Paid to United States Sugar Beet and
Sugar Cane Producers Co-operating in Sugar
Adjustment Programs, According to AAA
Adjustment payments totaling $10,803,196 have been
paid to date to Continental United States sugar beet and
sugar cane producers co-operating in the sugar adjustment
programs, the Agricultural Adjustment Administration
announced May 9. Payments made to date are the first
adjustment payments on the 1934 crop, the Administration
said, adding:
The first 1934 payment on the sugar beet program is at:the rate of
a
ton of beets on each producer's estimated production, based on average
yields and actual planted acreage. The first 1934 sugar cane payment is at
the rate of $1 a ton of sugar cane on each producer's base production. The
final adjustment payments on the 1934 crop, the rate of which depends in
part Upon the returns received from the sale of the crop, will be made when
producers have complied with the terms of their contracts regarding acreage
for the 1935 crop and other requirements. Sugar cane compliance work Is
near completion in Louisiana and preparations for this work are well underway for the sugar beet districts.
The payments made to date by States are:
California
$1,057,082 South Dakota
112,494
Washington
19,822 Minnesota
87,482
Utah
736.688 Wisconsin
84,234
Colorado
2,287,312 Michigan
435,915
Wyoming
98,524
610,725 Indiana
Montana
641,544 Ohlo
116,274
Kansas
104,162 Idaho
617,995
Nebraska
840,238 Louisiana
2,952,698
Year
After the market decline of March 11 the policy of selling stocks from
the cotton pool and replacing these stocks with futures contracts was
discontinued. Recently, according to Mr. Johnston, the demand for certain
grades of cotton has become strong because of limited amounts of these
grades in the hands of the mill and the trade. The cotton pool will supply
these demands for cotton on the prevailing basis, replacing the sales of
actual cotton with futures contracts in order to maintain the net position
of the pool.
In announcing that sales of spot cotton would be resumed,
Mr. Johnston made the following statement:
Beginning at once, cotton will be sold to the trade at the prevailing
basis and in accordance with the usual terms with which the trade is
familiar. These stocks will be sold in limited quantities when the cotton
is intended for immediate consumption or export. Against all sales, the
pool manager will simultaneously purchase futures contracts, distributing
these purchases at his discretion through the months of May, July and
December 1935 and January and March 1936.
It will be the purpose to conduct these transactions without market
disturbance ; to bring the futures contracts as nearly as possible to a
level with the prevailing spot market, and to raise contract prices for
the months of October, December, January and March (new crop months)
Cotton
Nine
In Con- In Public Spindles
Months suming
&orate
Active
Ended Establish- 'tat Cons- During
April April 30
ments
presses
A rOil
(bales) (bales)
(bales)
(bales) (Number)
United States
{ 1935 462,844 1,096,871 1,060,946 7,201,695 23,853.816
1934 512,594 4.457,741 1.584,620 7,094,302 26.485,114
Cotton growing States__
1935 374,013 3,283,801 823,307 7,018,160
1934 406,318 3,551,011 1,233,018 6,748,217
1935 68,321 642,655 188,841 165,360
1934 91,008 776,478 291,480 248,326
I 1935 20,510 170,415
48,798
18,175
1 1934 15,268 130,252
60,122
97,759
New England States
All other States
Included Abort
,
Egyptian cotton
Other foreign cotton
Amer.
-Egyptian cotton.,_
Not Included Above
Linters
1935
1934
1935
1934
1935
1934
6,827
8,552
4,07'
3,964
1,145
1,154
67,723
83,785
26,337
32,819
7,200
9,965
24,804
33,182
15,760
18,710
8,420
7,573
f 1935 70,268
1 1934 67 479
538,491
.585827
251,759
Rfic 57/
17,022.690
17,995,616
6,150,150
7,772,682
680,976
716,816
24,289
27.637
10,612
9,963
3,402
951
54,296
/7 755
Imports of Foreign Cotton (500-/b. Bales)
Country of Production
April
1935
Egypt
Peru
China
Mexico
British India
All other
Total
Country to Intch Exported
Cotton Producers' Pool to Resume Sales in Limited
Amounts-Sales to Be Replaced with Futures
Contracts
Following repeated requests from mills and merchants
for certain grades of cotton for immediate consumption,
Oscar Johnston, manager of the 1933 Cotton Producers'
Pool, announced May 8 that beginning immediately limited
amounts of pool cotton would be available to the trade.
The announcement issued in the matter by the Agricultural
Adjustment Administration said:
Cotton on Hand
Apri 30
-
5,887
117
100
1935
1934
2,903
53
7,448
25
1,682
23
2,955
136
58,612
1,064
3,058
1,595
18,427
741
74,881
3,435
16,073
1,425
15,846
760
9,060
12,269
83.497
112,420
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for Linters)
April
9 Mos. End. April 30
1935
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
9 Mos. End. April 30
1934
45,819
26.846
26,270
19,569
21.016
9,547
53,214
75,071
14,265
20,545
10,993
1934
1935
1934
70,095
607,936 1,125,962
16,324
682,849
318,841
36,708
570,378
397,455
49,909
273,569 1,192,662
13,662
243,011
202,218
5,017
108,417
68,630
51,963
394,486
519,889
112,424 1,284.211 1,564,344
5,511
105,133
217,708
23,090
207,203
177,669
1,891
52,122
6.637
Total
323,155
386,594 3.895.785 6,484.605
Note-Linters exported, not included above, were 15,657 bale. during April in
1935 and 15,452 bales in 1934; 146,032 bales for the nine months ending April 30 In
1935 and 128,140 bales in 1934. The distribution for April 1935 follows: United
Kingdom, 4,089; Netherlands, 929; Belgium, 384; France, 3,651; Germany, 2.964
Italy, 178; Canada, 784; Japan, 2,478; South Africa, 200.
WORLD STATISTICS
The world's production of commercial cotton, exclusive of linters, grown in 1933.
as compiled from various sources was 25,451,000 bales, counting American In running bales and foreign In bales of 478 pounds lint, while the consumption of cotton
(exclusive of linters in the United States) for the year ending July 31 1934, was 25,324.000 bales. The total number of spinning cotton spindles, both active and idle,
Is about 157,000,000.
Petroleum and Its Products-Administrator Ickes
Moves to Bar Two Companies from Government
Business-Texas to Seize "Hot Oil" Stocks
A. J. Byles Asked Minimum Federal Regulation
Oil Allowable Increased-Pennsy Grade Crude
Prices Cut-Production Exceeds United States
Quota
Administrator Ickes on May 12 disclosed that he had
requested all Government organizations to refuse bids on
Volume 140
Financial Chronicle
petroleum products by the Texas Co. and the Continental
Oil Co. because of alleged violations of labor provisions of the
National Recovery Administration petroleum code.
"That both of these companies have failed to comply
with decisions of the Petroleum Labor Policy Board, approved by the Administrator, which established violations
by them of Section 7-A of the National Industrial Recovery
Act as embodied in Article 11, Section 7 of the petroleum
code, is the basis upon which this request is made.
"The Texas Co. was found to have illegally imposed a
company union upon its employees at its West Tulsa refinery
against the wishes of employees; while the Continental Oil
Co. in its operations at Hominy, Okla., was found to have
illegally discharged several of its employees for union activities."
Governor Allred Monday signed the two acts passed by the
Texas Legislature late last week designed to stop "hot oil"
production and increase revenues of the State enforcement
bodies by raising oil taxes. The latter act increases a former
tax of A cent a barrel to 3-16 cent a barrel, the increased
revenues to provide funds for employing oil field enforcement
staffs for the Railroad Commission, the Attorney-General
and State Labor Department.
Designed originally to stop movements by truck of "hot oil"
products in intra-State traffic through fines and confiscation
of the seizures, an amendment was added to the first
act which provided for the confiscation of an estimated total
of 3,000,000 barrels of "hot oil" already in storage in East
Texas. The measure defined "hot oil" and products as
any and all oil and oil products manufactured from petroleum
produced in violation of Railroad Commission allowables,
or in violation of Railroad Commission regulations.
At the same time he signed these bills, Governor Allred
disclosed that Laten Stanberry, chief of the oil and gas
division of the Commission, had notified him that no East
Texas refinery was running on "hot oil." One was opened
on May 12, Mr. Stanberry said, but it was quickly closed
and its operator and his employees jailed.
The Railroad Commission has set hearings for May 24
at which new rules and regulations authorized under the
laws will be enacted, with Attorney-General McGraw announcing that he intends to act immediately under his
increased authority. He added that with "hot oil" stocks
in East Texas rising rapidly in recent weeks, the seizure and
sale of this oil at this time will mean more than $1,000,000
revenue for Texas.
A total of more than 350,000 barrels of crude oil stored in
earthen pits in the East Texas area was washed away last
Saturday and Sunday by a Sabine River flood. The
Attorney-General's department has obtained a Court order
prohibiting storage of oil in open earthen pits, and has a
temporary restraining order against such storage in power
against two producers. Oil control and other State agencies
were planning to eliminate the fire hazard caused by the
washing of the crude into the Sabine River,it was announced.
A new permanent proration plan will be worked out for
the Panhandle district, the Railroad Commission announced
Wednesday following receipt of protests from operators in
that area. One plan under consideration proposes that 90
days after the completion of a well the potential given by the
Commission is to be cut 12
on all wells 500 barrels and
under. It provides that wells with a potential of 500 barrels
and up to 3,000 barrels are to be cut on a graduated scale up
to 60%.
Under the terms of a State Supreme Court ruling handed
down in Austin Wednesday, hundreds of oil and gas lease
holders of State public school lands will have to pay into the
State treasury 50% of all back and future rentals, bonuses
and royalties. The decision was in a case in which Magnolia Petroleum sought to compel the State Land Commissioner to reinstate a lea:se which he had forfeited because the
company had failed to pay the State one-half of this income.
A total of approximately $1,500,000 will be collected on
outstanding leases immediately under the decision which
held that the State has title to all minerals in 3,900,000 acres
of public school lands, forfeited and repurchased from the
State under the Act of 1925, and is entitled to 50% of the
rentals, bonuses and royalties.
The petroleum industry is responding "wholeheartedly"
to the American Petroleum Institute's stand for a minimum
of Federal regulation and supervision, Axtell J. Byles,
President, told delegates attending the midyear meeting of
the Institute at Tulsa in mid-week.
"We are not opposed to some governmental aid," he
continued. "We favor the Government's help in conservation measures, but believe that the Connally bill provides
necessary regulation and do not feel that more is needed."
Opposition to Federal regulation of the industry was
voiced by Walter C. Teagle, President of the Standard Oil
Co. of New Jersey, in the company's annual report.
"Proposals continue to be made contemplating the more
or less complete regimentation of the industry under Federal
control, the conversion of the industry to public utility
status by Congressional fiat, and the like," he said. "It
is believed that such measures are unsound both legally
and economically, and that the petroleum industry presents
no problem which requires a departure from established
constitutional principles or justifies its being singled out
for treatment different from that accorded to other great
private businesses.
3301
"We look to our stockholders to support us in our conviction that the public welfare will best be served by the
preservation of private ownership and private management,
with open competition and the minimum of governmental
domination," he concluded.
Administrator Ickes Thursday increased the June allowable production of crude oil 89,800 barrels daily to 2,651,000
barrels, against 2,561,200 barrels in May in order "to permit
higher gasoline allowables to balance the seasonal increase in
demand." Most changes in State allowables were increased,
Texas being given an increase of 26,500 barrels in its quota,
and California being lifted 18,500 barrels.
Changes in the allowable for June by States compared
as follows:
Arkansas. up 400 to 30,700 barrels; California. up 18.500 to 512,700:
Colorado, up 100 to 4,000; Illinois, off 300 to 10,700; Indiana. up 300 to
2,300; Kansas. up 5.900 to 154.300; Kentucky, up 200 to 14,700; Louisiana.
up 20,100 to 132,300; Michigan, up 2,500 to 36.800; Montana, up 300 to
11.300; New Mexico. up 3,500 to 55.000; New York, off 900 to 11,000;
Ohio, no change, 11.300; Oklahoma, up 14,000 to 514,200; Pennsylvania.
off 1,800 to 42,700; Texas, up 26,400 to 1.059,300; West Virginia, no
change, 11,000; Wyoming, up 600 to 36.700.
Reductions of 15 cents a barrel in Bradford and Allegheny
grade crude and 10 cents in other Pennsylvania grade crude
oils was posted Wednesday, the first reduction to be posted
this year. In announcing the cut the South Penn Oil Co.,
the Tidewater Pipeline Co. and other buyers notified Bradford and Allegheny producers that takings under the ratable
contracts are to be reduced to 90% of the stipulation. For
several months, the buyers have been taking the full 100%
allowed under the contracts.
Under the new price schedule, Bradford and Alleghany
are posted at $2.20 a barrel, effective May 16; Pennsylvania
grade in Southwest Pennsylvania pipelines, $1.92; in Eureka
lines, $1.87, and in Buckeye lines at $1.77.
The United States cannot afford to waste its known reserves
in competitive drilling or "uneconomic" production methods
if it is to maintain its pre-eminience as a world producer,
the"Lamp," house organ of the Standard Oil Co. New Jersey,
says in its current issue. While this country still leads as an
oil producer, its position is rapidly becoming less important.
The 1934 contribution of the United States to the world
output of approximately 60% was the lowest in 28 years,
it was pointed out.
"An interesting factor," the organ continued, "is the
appearance for the first time of Iraq, though its bulks small
on the 1934 production chart. The famous pipe line from
Kirkuk to the Mediterranaen was not cbmplete until the
latter part of the year, but in 1935 the output of Mosul
oil fields will be something to watch.
"While the slash in the United States' share in world oil
markets was inevitable with the imposition of the oil import
tax in June 1932, the present trend should give the industry
something to think about," the magazine pointed out.
Spurting 125,700 barrels, daily average crude oil production in the United States for the week ended May 11 of 2,619,800 barrels was 58,600 barrels in excess of the Federal allowable of 2,561,200 barrels, reports made public by the American Petroleum Institute disclose. A year ago, output was
2,522,950 barrels for the like week.
Oklahoma and California led in the upturn, showing gains
of 64,250 and 56,600 barrels, respectively. Production of
522,850 barrels in the former State compared with a quota
of 500,200 barrels, while California output of 513,300 barrels
compared with an allowable of 494,200. Texas was 600
barrels under its quota at 1,032,300 barrels despite an
increase of 7,300 barrels.
Crude oil price changes follow:
May 15—A reduction of 15 cents in Bradford and Allegheny grade
crude and 10 cents a barrel in other Pennsylvania grade crude oils was
posted, effective May 16. Under the new schedule. Bradford and Allegheny are posted at 162.20 a barrel; Pennsylvania grade in southwest
Pennsylvania pipe lines at $1.92; in Eureka lines at $1.87, and in Buckeye
lines at $1.77.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A.P. I. degrees are not shown)
$0.70
Bradford, Pa:
$2.35 Smackover, Ark., 24 and over
1.00
1.15 Eldorado, Ark., 40
Lima (Ohio Oil Co.)
1.00
Corning,Pa
1.37 Rusk, Tex., 40 and over
.87
1.13 Darst Creek
Illinois
1.02
1.03 Midland District, Mich
Western Kentucky
1.35
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst Mont
.81 Santa Pe Springs. Calif.,40 and over 1.34
Hutchinson, Tex.,40 and over
1.10
1.03 Huntington, Calif.. 26
Spindietop Tex. 40 and over
2.10
.75 Petrolia. Canada
Winkler.Tex
REFINED PRODUCTS—STANDARD OFIINDIANA SEEKSITO
BAR STANDARD OF JERSEY FROM ITS MARKETING TERRITORY—SOCONY ADVANCES GAS IN METROPOLITAN
NEW YORK—JUNE GASOLINE ALLOWABLE RAISED—
MOTOR FUEL STOCKS INCREASE
Feature of the week in refined petroleum markets was
the suit filed by the Standard Oil Co. of Indiana against
the Standard Oil Co. of New Jersey in Federal District
Court in St. Louis seeking to bar the latter company from
offering refined petroleum products for sale under the
name of "Esso" in the 14 States in which Standard of
Indiana markets its products.
Pointing out that for 40 years it has sold petroleum
products under the trade names "Standard," "Soco," "So"
and others, and that it has expended millions of dollars in
advertising to identify its products with the consuming
public, Standard of Indiana charged that Standard of
3302
Financial Chronicle
Jersey, in placing the name "Esso" on its stations and
products in St. Louis is seeking to take advantage of its
advertising work.
Standard of New Jersey has proceeded to "appropriate,
without expense, fraudulently and unfairly, the good -will,
reputation, celebrity and public confidence which the
plaintiff has built up," Standard of Indiana contended in
its bill. The bill pointed out that the term "Esso" is
merely a spelling of the letters "S" and "0" (ess and o),
and whether spelled out as "esso" or written as the letters
S-0, are identical in sound and meaning and that they are
the initials of Indiana Standard's trade mark.
Standard of Indiana also filed an objection to the fact
that Standard of New Jersey is using red, white and blue
as colors for its buildings, equipment and containers-the
same color as it uses. While the suit is aimed primarily at
the St. Louis situation (Standard of Jersey recently opened
three service stations in that city), Standard of Indiana
explained that it is seeking a restraining order for the 14
States in which it operates.
In the sixth consecutive advance since early in April,
Socony-Vacuum Oil Co. Tuesday posted an increas3 of 0.3
cents a gallon in the retail price of gasoline in Greater New
York, Long Island and Westchester County. The advance,
effective May 15, lifted the service station price in Manhattan to 18.3 cents a gallon, State and Federal taxes included. The same level prevailed in Long Island but
Brooklyn was 0.5 cent a gallon lower. The increase brought
the cumulative markup since April 10 when the movemen.
started to 2.8 cents a gallon.
The company also lifted the tank-car price of gasoline
X cent a gallon in New York City, which brought it to 63
4
cents a gallon for branded gasoline. The ocean terminal
quotation at Bayonne, N. J., held unchanged at 64 cents.
The advance was necessary to bring prices in line with the
level maintained by Standard Oil Co., New Jersey, and
covers the cost of moving the gasoline into New York City
and nearby points for distribution.
Other markets continued strong although the anticipated
advance in the Gulf Coast market has failed to develop as
yet. In the Midwest, the bulk gasoline market is strong
with kerosene also in good shape in Chicago, due to well
sustained demand for fuel for tractors planting late spring
5
crops. Low-octane gasoline is well held at 4/i to 43 cents
4
a gallon, with regular posted at 53A to 534 cents a gallon,
refinery.
An increase ot 1,070,000 barrels in the June gasoline
allowable ordered by Administrator Ickes Wednesday lifted
the total for next month to 37,490,000 barrels from the
current 36,420,000 barrel level. Refinery gasoline inventories should be reduced 2,000,000 barrels during the
month, the Bureau of Mines and Petroleum Administrative
Board advised Administrator Ickes in recommending the
increased allowable.
"This order shall cease to be effective on June 16 in the
event that legislation extending the effective period of the
National Industrial Recovery Act is not enacted," Mr.
Ickes ruled.
Stocks of gasoline showed a contra-seasonal advance of
858,000 barrels to 53,880,000 during the week ended May 11,
reports to the American Petroleum Institute indicated.
In the previous week stocks dropped nearly 2,000,000
barrels. Reporting refineries operated at 69.6% of capacity,
against 66.6% in the previous week, with daily average
runs of crude oil to stills rising 114,000 barrels to 2,371,000
barrels.
• Representative price changes follow.
May 14-Socony-Vactium Oil Co. advanced retail prices of gasoline
0.3 cents a gallon in Greater New York, Long Island and Westchester,
effective May 15. The company also lifted New York City tank car
prices SI-cent to 6% cents a gallon, refinery.
May 17
-Atlantic Refining Co. increased tank car prices of gasoline
li-cent a gallon at Philadelphia to 63 cents, refinery, for featured brand.
,
1
Gasoline, Service Station, Tax Included
zNew York
Cincinnati
5.183
$ 176
Minneapolis
5.185
zBrooklyn
Cleveland
178
185
New Orleans
.21
Newark
168
Denver
Philadelphia
.20
16
Camden
168
Detroit
18
Pittsburgh
17
Boston
165
Jacksonville
.205
San Francisco
185
Buffalo
Houston
182
.17
St. Louis
.169
Chicago
.172
Los Angeles
18
Not including 2% city sales tax.
Kerosene, 41.43 Water White, Tank Car, F.O.B. Refinery
New York
I North Texas.S.0335-.0314 I New Orleans_$.04
(Bayonne)
20.05 1 Los Angeles_ .0455-.05 I Tulsa
.03'15-.04
Fuel 011, F.O.B. Refinery or Terminal
N. Y.(Bayonne)
California 27 plus D
Phila., bunker C____51.15
Bunker C
$1.15-1.25
$i.i5
Diesel 28-30
1.89 New Orleans C. .85- .90
Gas 0 I. F.O.B. Refinery or Terminal
N.Y.(Bayonne),
Tulsa
Chicago.
$02)5-.0211
27 plus_ _S.04 -.041I
32-36 GO_ _S.0215-.0215
U. S. Gasoline, (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard 011N. J.,
New York
Chicago
$.0534-.0534
Motor, U. S
Colonial-Beacon .$.0615 New Orleans_ .0534
1.0615
Socony-Vacuum
Texas
.0615
.0615 Los Ang.,ex
.0434-.0434
Tide Water 011 Co
Gulf
.0614
0634 Gulf ports__ _ .0515
Richfield 011 (Calif.) .061I
Republic 011
.0835 Tulsa
.0554-.0514
Warner-Quinlan Co- .0614
Shell Eaxt'n Pet__ .0834
Crude Oil Production Rises 125,700 Barrels During
Latest Week
The American Petroleum Institute estimates that the
daily ave age gross crude oil production for the week ended
May 11 1935 was 2,619,800 barrels. This was a gain of
125,700 barrels from the output of the nrevious week, and
May 18 1935
was also above the Federal allowable figure of 2,561,200
barrels which became effective May 1. Daily average
production for the four weeks ended May 11 1935 is estimated at 2,566,400 barrels. The daily average output for
the week ended May 12 1934 totaled 2,522,950 barrels.
Further details as reported by the Institute follow:
Imports of petroleum at principal United States ports (crude and refined
oils), for the week ended May 11, totaled 966.000 barrels, a daily average
of 138,000 barrels, compared with a daily average of 152.142 barrels for
the week eneded May 4 and 141,893 barrels daily for the four weeks ended
May 11.
Receipts of California oil at Atlantic and Gulf Coast ports (crude and
refined),for the week ended May 11, totaled 176,000 barrels, a daily average
of 25.143 barrels, compared with a daily average of 16,714 barrels for the
week ended May 4 and 16,071 barrels for the four weeks ended May 11.
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 2,371,000 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, 34,949,000 barrels of finished gasoline; 5,970.000
barrels of unfinished gasoline and 96,426,000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and in pipe lines amounted to
18.931,000 barrels.
Cracked gasoline production by companies owning 92.5% of the potential
charging capacity of all cracking units, averaged 497,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
Federal
Aaual Production
Agency
Allowable Week End. Week End
Effective
May 4
May 11
May 1
1935
1935
3klahoma
Kansas
Week
Ended
May 12
1934
458,600
144,700
510,350
145,750
546,350
129.660
54,900
58,600
23,50(
151,100
48,250
446.750
43,250
62,000
59,950
58,350
23,900
152,050
48,750
444,350
43,000
62,600
55,700
57,000
27,100
143,400
49,700
470,350
52,950
46,750
136,000
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not Including Conroe)
522,850
145,850
62,100
58,050
25.550
151,150
48,450
445,600
42,300
63,150
500.200
148.400
Total Texas
Average
4 Weeks
Ended
May 11
1935
135,650
135,950
119,400
1,032,900 1,032,300 1,025,000 1,028,900 1,022,350
North Louisiana
Coastal Louisiana
23,050
105,150
Total Rocky Mt. States
25,550
57,350
128,200
129,000
126,150
82,900
30,300
106,200
34,300
31,300
106,350
39,900
31,500
107,650
4C,000
30,800
106,550
39,950
30,650
99,350
30,700
36.100
11.000
3,900
Wyoming
Montana
Colorado
23,100
103,050
112,200
Total Louisiana
Arkansas
Eastern (not incl. Mich.)
Michigan
23,350
105,650
33,750
10,200
4,850
34,300
10,700
5,05(
34,450
10,500
4,950
31,700
7,100
3,200
51,000
48,800
50,050
49,900
42,000
51,500
494.200
New Mexico
California
50,95)
513,300
50,900
458,700
50,750
477,300
46,200
492,800
Total United States.. _
2,561.200 2,619,800 2,494,100 2,566,400 2,522,950
Note
-The figures indica ed above do not Include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS. WEEK ENDED MAY 11 1935
(Figures in thousands of barrels of 42 gallons each)
Daily Refining
Capacity of Plants
District
East Coast__
Appalachian.
Ind., Ill., Ky
Okla. Kans.
Missouri_
Inland Texas
Texas Gulf__
La. Gulf_ _ _
.
No. La.
-Ark
Rocky Mt__
California__
Patengal
Rate
Crude Runs
to St its
Stocks a Stocks
Stocks
of
of
of
b Stocks
FinUnof
Gas
Reporting
Daily P. C. ished finished Other
and
Aver- Oper- Gino- Gaso- Motor
Fuel
Total P. C. age
ated
line
line
Fuel
Oil
612
154
442
612 100.0
146 94.8
424 95.9
428 69.9 16,437
98 67.1 2.101
385 90.8 9,429
453
330
617
169
80
97
852
384
160
595
163
72
60
789
258
105
489
101
40
44
423
84.8
48.5
96.4
96.4
90.0
61.9
92.6
67.2 5,613
65.6 1,354
82.2 6,458
62.0 1,205
55.6
243
73.3 1,020
53.6 10,020
885
316
809
720
220
1,696
205
28
101
990
246
130
50
8,838
686
4,225
410 4,012
805 1.805
285 9,006
3,206
___
299
200
791
50
2,855 63,558
Totals week
May 11 1935
May 4 1935
3,806 3,405 89.5 2.371 69.6 d53,880 5,970 5,030 96,426
3.6041 3.405 80.5 2.267 68.8 c53 0'22 5 077 A owl on 678
a Amount of unfinished gasoline contained in naphtha distillates. b ES Imated.
Includes unb ended natural gasoline at refineries and plants: also blended motor
fuel at plants c includes 34,782,000 barrels at refineries and 18,240,000 barrels at
bulk terminals, in transit and pipe line,. d Includes 34.949.000 barrels at refineries
and 18,931,000 barrels at bulk terminals, in transit and pipe lines.
April Anthracite Shipments 63.12% Above Preceding
Month but 0.11% Below April 1934
Shipments of anthracite for the month of April 1935, as
reported to the Anthracite Institute, amounted to 4,168,364
net tons. This is an increase as compared with shipments
during the preceding month of March of 1,613,104 net tons,
or 63.12%, and when compared with April 1934 shows a
decrease of 4,746 net tons,or 0.11%. Shipments by originating carriers (in net tons) are as follows:
April
1935
Reading Company
Lehigh Valley RR
Central RR.of New Jersey
Delaware Lackawanna d4 Western RR.
Delaware & Hudson RR.Corp
Pennsylvania RR
Erie RR
New York Ontario & Western Ry
Lehigh & New England RR
Total
March
1935
April
1934
936.078
673,929
403,374
614.896
496,155
420,884
285,698
201.051
136,299
517,311
427,578
224.082
442,145
252,283
301,718
192,116
127.272
70,755
960,802 1,220.234
851,799
558,416
368,253
408,772
544,906
672,631
498,103
599,185
421,151
558,750
486.379
412,394
211,251
270.704
199,834
287.154
March
1934
4.168.364 2.555.260 4.173.110 6.355.608
Financial Chronicle
Volume 240
3303
colliery fuel and coal shipped by truck from established operations. Does not
include an unknown amount of "bootleg" production. f Average weekly rate for
the entire month. p Preliminary. r Revised. s Alaska, Georgia, North Carolina and South Dakota Included in "other Western States."
March World Lead Production Higher
World lead production during March totaled 128,169 short
tons according to figures recently released by the American
Bureau of Metal Statistics. During the preceding month
Steel Rate Is Off but Scrap Advances Again
February
-a total of 125,554 tons were produced while during
March 1934 output reached 127,938 short tons.
The May 16 issue of the "Iron Age" stated that steel
The average daily world output during March 1935 was production and scrap prices have again moved in opposite
estimated at 4,134 short tons. This compares with 4,484 directions, output declining from 45 to 443% of capacity
tons daily in February and 4,140 tons daily in March last and the "Iron Age" scrap index rising from $10.58 to $10.67
year.
a ton. Swelling export demand, rather than domestic marThe following table gives in short tons lead production ket conditions, accounts for the strength of scrap. Pittsof the world allocated so far as possible to country of origin burgh and Chicago prices are unchanged but at Philadelphia,
of the ore.
closest to seaboard, the market for heavy melting steel has
been lifted 25c. a ton. The "Age" further stated:
March 1935
Feb. 1935
March 1934
United States
Canada
Mexico
Germany
Italy
Spain
a Other Europe
Australia
Burma
Tunis
b Elsewhere
30,118
13.962
14,403
11,684
4,181
10,110
15,700
16,931
6,675
2,205
2,200
25.103
12,347
17.120
11,541
3,144
8,047
16.200
19.201
6,675
2,976
3,200
31,379
13,302
17,267
10.624
4,127
8,484
15,300
17,033
6,698
2.024
1,700
World total
1281110
r195 AM
197 028
a Iricludes Belgium, Russia, Great Britain, Poland, France, Austria. Czechoslovakia and Yugoslavia: partly estimated. b Partly estimated. c Revised.
Soft Coal Production Up 5.3% in Week-Anthracite
Continues Decline
The Weekly Coal Report of the United States Bureau of
Mines stated that the total production of soft coal during
the week ended May 4 is estimated at 5,086,000 net tons,
an increase of 256,000 tons, or 5.3%, over the output in the
preceding week. This is in comparison with 6,174,000 tons
produced during the corresponding week in 1934.
Production of anthracite in Pennsylvania during the week
ended May 4 is estimated at 909,000 net tons. Compared
with the output in the preceding week, this shows a decrease
of 180,000 tons, or 16.5%. Production during the week
ended May 5 1934, amounted to 1,361,000 tons.
During the calendar year to May 4 1935 a total of 135,564,000 net tons of bituminous coal and 18,582,000 net
tons of anthracite were produced. This compares with
132,530,000 tons of soft coal and 24,178,000 tons of hard
coal produced in the same period of 1934. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Week Ended
May 4
1935 c
Apr. 27
1935d
Calendar Year to Dale
May 5
1934
1935
1934 e
1929
Bltum. coal: a
Total period_ 5,086,000 4,830,000 6,174,000 135,564,000 132,530,000 183,819,000
Daily avge_ _ 848.000 805,000 1,029,000 1,289,000 1,259,000 1,734,000
Pa.anthra.:
Total period_ 909,000 1,089,000 1,361,000 18,582,000 24,178,000 25,491,000
Daily sage_ _ 151,500 181,500 226,800
177.800
231,400
243,900
Beehive coke:
Tote. period_
13,000
14,400
14.900
357,300
478,800 2,151,500
Daily avge__
3.339
2,167
2,483
2.400
4,475
20,107
a Includes !Ignite, coal made into coke, local sales and colliery fuel. b Includes
Sullivan County, waahery 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(NET TONS)
[The current weekly estimates are based on railroad carloadings 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.)
IVeek. EndedStale
Apr. 27
1935 p
Apr. 20
1935 p
Apr. 28
1934 r
Apr. 29
1933 r
Apr. 27
1929
April
Arerage
1923 f
2,000
s
Alaska
2,000
2,000
a
a
Alabama
352,000
172,000 188,000 104,000 145,000
412,000
Arkansas and Okla_
9,000
11,000
58,000
11,000
16,000
70,000
Colorado
63,000
78,000
56,000
163,000
54,000
184,000
Georgia & N. Caro_
1,000
a
a
8
1,000
1,000
Illinois
890,000 1,471,000
466,000 590,000 623,000 471,000
Indiana
196,000 224,000 224.000 191,000
277,000
514,000
Iowa
44.000
61,000
38,000
51,000
100,000
26,000
Kansas & Missouri_
72,000
69,000
99,000
62,000
71,000
138,000
Kentucky:
Eastern a
488,000 622,000 615100 394,000
799,000
620,000
Western
79,000
230,000
88,000 101,000 105,000
188,000
Maryland
26,000
22,000
22,000
45.000
27,000
52,000
Michigan
2,000
9,000
7,000
15,000
9,000
22.000
Montana
26,000
30,000
34,000
49,000
34,000
42,000
New Mexico
24,000
17,000
20,000
50,000
21,000
59,000
North & So. Dakota
23,000
17,060 1118,000
818,000
32,000
/116,000
Ohio
218,000 347,600 322,000 253,000
416,000
766,000
Penna. bituminous_ 1,145,000 1,400,000 1,695,000 1,312,000 2,737,000 3,531,000
Tennessee
59,000
55,000
80,000
88,000
83,000
121,000
15,000
Texas
13,000
17,000
13,000
13,000
20,000
Utah
30,000
38,000
27,000
64,000
39,060
70,000
Virginia
162,000 196,000 186,000 139,000
234,000
249,000
Washington
20,000
45,100
19,000
19,000
23,1.00
35,000
West Virginia:
Southern_ b
1,121,000 1,339,000 1,443,000 1,053,000 1,796,000 1,256,000
Northern_c
276,000 369,000 514,000 352,000
672,000
778,000
61,000
Wyoming
85,000
106,000
63,000
71,000
116.000
*
a
Other West. Stateed
s3,000
*4,600
s6,00C
Total bitutn. coal 4,830,00(1 5,887,000 6,307,000 4,893,000 9,285,000 10.836,000
Penna. anthracitee_ 1,089,000 1,320,000 1,485,000 677,000 1,816,000 1,974,000
Grand total
5919,0007,207.0007,792.0006.570,000 11,101.000 12,810,000
* lees than 1,000 tons.
a Com taken from under the Kentucky mountains through openings in Virginia
Is credited to Virginia in the current reports for 1931,, and she figures are therefore
not directly comparable with former years. b Includes operations on N. & W.;
C. & 0.: Virginian: K. & M., and B. C. & G. and on the B. dc 0. in Kanawha,
Mason and Clay Counties. c Reet of State, Including Panhandle District and
Grant, Mineral and Tucker Counties. d includes Arizona, California, Idaho and
Oregon. e Includes Sullivan County, washery and (hedge coal, local sales and
Operating trends in steel centers, notwithstanding the decline of one point
in the national average,are both conflicting and uncertain. The Pittsburgh
rate has been lifted one point to 36%, but the gain, which was due mainly
to the rolling of the Erie rail order, is regarded as temporary. In the
Chicago district, where farm equipment output is threatened by a fresh
outbreak of strikes, the ingot rate is off 134 points to 52%. In the Cleveland-Lorain area there has been a further recession of two points to 43%,
and in the South operations have dipped 535 Points to 50%•
In the Valleys, where production is unchanged at 51%.and at Cleveland,
operations may be lifted before the end of the week by the release of orders
that have been under suspension because of labor difficulties in the automobile industry. Events alone can disclose how sharp this rebound will
be, since it is believed that part of Chevrolet's prospective business was
lost to competitors during the strike period. It is perhaps significant that
recent steel releases from both Ford and Chrysler have been larger than
anticipated.
A strike at an Eastern shipyard is holding up work on seven Navy vessels
and one oil tanker, representing a total value of about $40,000.000. A
walkout in the Gogebic iron range which was scheduled for May 13 failed
to take place. Petitions opposing the strike were signed by 96% of the
miners employed by the Oliver Iron Mining Co., Steel Corp. subsidiary.
The filing ofiron and steel prices next Tuesday(May 21)for third quarter
delivery is expected to disclose few, if any, deviations from current quotations. The view that price schedules will be generally reaffirmed rather
than advanced is supported by the extension of present prices of rails and
track spikes to Sept. I for deliveries until Dec. 31.
Tin plate mills are maintaining production at 80 to 85%. Leading can
manufacturers are still planning for a peak year in packing. Domestic
business in beer cans is now being supplemented by foreign demand for this
new type of container. Sheet and strip mill operations are only moderately
lower at 55 to 60% and 45% respectively. Pipe mills, benefiting by a
gradual improvement in home building, are running at 40 to 45%. Coldfinished bar makers are booking increased business from manufacturers of
machine tools and business machines.
Structural steel awards of 6,700 tons compare with 10.200 tons in the
previous week and 15,250 tons a fortnight ago. New projects total 18.125
tons as against 6,000 tons a week ago. A Wabash Railway bridge will
require 8,000 tons, while the Manhattan approach of the 38th St. tunnel
under the Hudson will call for a total of 5,000 tons, including reinforcing
bars and miscellaneous steel items. New sheet steel piling Projects. at
12,000 tons, embrace 9,000 tons for the Fort Peck, Mont.. dam and 1.700
tons for a sea wall at Monroe, La.
Construction steel awards to date this year, including structural steel,
plates, piling and reinforcing steel. total 401,063 tons as against 468,987
tons in the corresponding part of 1934. Large Federal-aid projects, however, are now being pushed to the contracting stage.
Railroad buying continues to lag far behind that of a year ago, though
it is hoped that the Supreme Court's decision in the pension case will cause
carriers to adopt a more liberal attitude toward purchases. The Delaware.
Lackawanna & Western has ordered 850 tons of tie plates.
Discounts on cap and set screws have been advanced. Boat spikes have
been placed on a nail base, reducing quotations 10 to 20c. per 100 lb.
The "Iron Age" composite price for finished steel is unchanged at 2.124c.
a lb. Adjustments for the freight surcharge have brought the pig iron
composite down to $17.83 from $17.90 a ton.
THE "IRON AGE" COMPOSITE PRICES:
Finished Steel
May 14 1935. 2.124o. sib.
(Based on steel bars, beams, tank plates.
One week ago
2.1240.1 wire, rails, black pipe, sheets and not
One month ago
2.124o. rolled strips. These products make
One year ago
2.199c. 85% of the United States output.
Low
High
2.124o. Jan. 8
1935
2.1240. Jan. 8
2.008c. Jan. 2
1934
2.1990. Apr. 24
I.867c. Apr. 18
1933
2.0150. Oct. 3
1.926c. Feb. 2
1932
1 9770. Oct. 4
1.9450. Dec. 29
1931
2 037c. Jan. 13
2.018c. Dec. 9
1930
2.273c, Jan. 7
2.273c, Oct. 29
1929
2.3170. Apr. 2
2.217c. July 17
1928
2.2860. Dee. 11
2.212c. Nov. 1
1927
2.402c. Jan. 4
Pig Iron
May 14 1935. $17.83 a Gross Ton
Based on average of basic iron at Valley
One week ago
$17.90 furnace and foundry irons at Chicago,
One month ago
Philadelphia, Buffalo, Valley and
17.90
One year ago
Birmingham.
17.90
Low
High
$17.83 May 14
1935
$17.90 Jan. 8
1934
16.90 Jan. 27
17.90 May 1
13.56 Jan. 3
1933
16.90 Dec. 5
1932
13.56 Dec. 6
14.81 Jan. 5
1931
14.79 Dec. 1.5
15.9a Jan. 6
1930
15.90 Dec. 18
18.21 Jan. 7
1929
18.21 Dec. 17
18.71 May 14
1928
18.59 Nov. 27
17.04 July 24
1927
17.54 Nov. 1
19.71 Jan, 4
Steel Scrap
May 14 1935, $10.67 a Gross Ton
[Based on No. 1 heavy melting steel
One week ago
$10.58
quotations at Pittsburgh. Philadelphia
One month ago
10.42
and Chicago.
One ycsar ago
11.67
High
Low
1935
$12.33 Jan. 8
$10.33 Apr. 23
1934
13.00 Mar. 13
9.50 Sept. 25
1933
12.25 Aug. 8
6.75 Jan. 3
1932
8.50 Jan. 12
6.42 Ally 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 8
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov. 22
The American Iron and Steel Institute on May 13 announced that telegraphic reports which it had received indi-
Financial Chronicle
3304
cated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 43.4%
of the capacity for the current week, compared with 42.2%
last week, 44.0% one month ago, and 56.6% one year ago.
This represents an increase of 1.2 points, or 2.8%,from the
estimate for the week of May 6. Weekly indicated rates
of steel operations since May 7 1934 follow:
1934
May 7
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug 6
56.0%
56.6%
54.2%
56.1%
57.4%
56.9%
56.1%
44.7%
23.0%
27.5%
28.8%
27.7%
26.1%
25.8%
1934
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept. 10
Sept. 17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
22.3%
21.3%
19.1%
18.4%
20.9%
22.3%
24.2%
23.2%
23.6%
22.8%
23.9%
25.0%
26.3%
27.3%
1934
Nov. 19
Nov. 26
Dee. 3
Deo. 10
Dec. 17
Dec. 24
Dec. 31
1935
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
39.2%
43.4%
47.5%
49.5%
52.5%
52.8%
50.8%
1935
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
49.1%
47.9%
48.2%
47.1%
46.8%
48.1%
44.4%
43.8%
44.0%
44.6%
'
43.1,
42.2%
43.4%
"Steel of Cleveland, in Its/summary of the iron and steel
markets, on May 13 stated:
Notwithstanding a sharp decline in automobile output, and7due7mainly
to recent awards for Government projects, steelworksioperations last week
reversed the recent trend andjadvanced ji-point to 44 %.
That Chevrolet not only expects to get back into'production shortly.
but also to recoup some of its loss, islindicated by releases to manufacture
materials and parts, with instructions to hold them ready for immediate
shipment.
This, in itself, however, was not a!determining factor, as sheet and strip
output showed further recessions; full-finished sheets down 2 points to
58%;strip. 3 to 44. Total automobile assemblies for the week were 87.000,
compared with 110,000 In the preceding week, lowest since the week ended
March 9. General Motors' was off about 18,000 units; Ford, 5.000.
Little change was noted in the labor situation as it ipertained to iron
and steel. Strike threats were aimed at somelEasternIshipyards and at
the Lake Superior iron ore industry, and even one or two of the steel plants,
but in general steelmakers considered ,these demonstrations as a gesture to
coerce Congress on the Wagner andj130-hour labor bills. In industries
unhampered by labor difficultiesjproduction has been going along at a fairly
steady rate. Tin plate mills increased operations 5 points to 80%. Tractor
plants are working on heaviest schedules since 1929.
are confronted with one of the most difficult price problems
-what to do May 21 for third quarter. Penalized
since they adopted a code
by freight surcharges. affecting as many as five tons of raw materials for
one ton of some finished steel products, they feel they would be justified
in at least a moderate increase.
But after four months' operations In the profit zone, they now face the
the prospect of slowly-declining activity until the Government's work gets
under way in the fall-unlike last year when steelworks operations at this
time were at a strong 60%.
If prices are advanced, it is believed relatively few products will be
adjusted, and not sufficiently to cause much speculative buying. Consumers undoubtedly would be determined to hold off to see if the pricecontrol provision in the code is abolished when National Recovery Administration expires June 16.
Under the first allotment made by the President's Advisory Committee.
$400,000,000 of the $4,800,000,000 works relief money has been set aside
for highways and grade crossings, tending to promote early action on many
projects. Last week only 7.625 tons of structural shapes were awarded.
Erie railroad placed 20,000 tons of rails and accessories. Rail purchases
this year have amounted to 182,995 tons, little more than two-thirds tonnago in the same period in 1934, when the Government was urging loans on
the carriers. Domestic freight car orders last month, 350. brought the total
for four months to 1,180. compared with 20,707 in the first four last year.
Despite short-range fluctuations, steel ingot production for four months
this year, 11,013,306 gross tons, holds its 12% gain over the comparable
period in 1934, this percentage being almost indentical with the increase the
full year 1934 showed over 1933. Daily average output in April. 100,243
toms, as well as the total for the month, 2,606,311 tons, was 7.9% below
March.
Steelworks operations in the Chicago district last week advanced 134
points to 5234; New England. 16 to 46; Buffalo, 3 to 30; Wheeling. 2 to 81.
Pittsburgh was down 1 to 36; Cleveland. 3 to 51; eastern Pennsylvania.
34-point to 28. Youngstown was unchanged at 50; Detroit, 82; Birmingham. 5414.
"Steel's" iron and steel price composite is up 4c. to $32.34 due to freight
surcharges and scrap; the scrap index has risen 29c. to $10.29, while the
finished steel composite remains $54.
r1Steelmakers
Steel ingot production for the week ended May 13 is
placed at 45% of capacity, according to the "Wall Street
Journal" of May 16. This compares with 44% in the
previous week and 46% two weeks ago. The "Journal"
further stated:
U. S. Steel is estimated at 41%, against 40% in the week before, and
42% two weeks ago. Leading independents are credited with 48%. compared with 48% in the preceding week and 4934% 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 x
1931
1930
1929
1928
1927
x Not available.
45
59
3455
+ 55
+2
+2
+1
46
-- 55
76
9755 + 55
843l -1
RI)
-I
U. S. Steel
41
45
2955
+1
+2
+2
+1
48
80
10055 + 55
-1
89
-2
87
Independents
48
70
40
45
72
95
80
73
+2
+3
+1
-1
-1
-1
Lead Price Raised 10 Points in Week-Zinc Higher
Foreign Copper Active
"Metal and Mineral Markets" in its issue of May 16 said
that despite the more or less strained relations between
politicians and business men, the market for major nonferrous metals continues to give a rather good account of
itself. The volume of business booked in the last week was
satisfactory, and prices ruled firm. Lead quotations were
May 18 1935
raised 10 points in the last seven days, and zinc moved up
five points. Copper producers here were favorably impressed
by the activity in the foreign field. Silver moved higher,
following the address by Secretary Morgenthau on the
American dollar. In his talk he said little about the metal,
but stated that "we are also endeavoring to restore silver to
greater usefulness as a monetary metal." Metal and
Mineral Markets"further added:
Foreign Copper Strong
Trading in copper abroad again was active, and prices moved higher
almost daily in the week that ended May 15. Compared with a week ago,
"Metal and Mineral Markets" export quotation scored a net gain of 30
points. Prices, as in previous weeks, covered a wide range daily. May 15
witnessed a substantial volume of selling in London that was generally
attributed to profit taking. This was easily absorbed at only a moderate
recession from the high for the week. Sales on May 15 were reported at
prices ranging from 8.05c. to 8.15c.. c.i.f, usual ports of destination.
Domestic demand for copper products improved, based on sales of the
metal. Sales of"Blue Eagle" copper for the week totaled 8.293 tons, against
5,416 tons in the preceding week. Brass business has been less active than
earlierlin the year, but the slack seems to have been taken up by moderate
expansion in other lines that consume copper. Current business in copper is
better than trade experts predicted. The price continued on the basis of
9c., Valley.
United States deliveries of copper averaged slightly more than 37,000 short
tons a month over the first quarter of the current year. Canada's consumption of copper in the same period averaged 2,000 tons a month.
According to the Dominion Bureau of Statistics, Canada produced
37,828.906 lb. of copper during March, which compares with 33.467,014 lb.
In February and 33,480,418 lb. In January. Production of copper In Canada
during the first quarter of 1935 totaled 104,776,368 lb., against 81,863.027
-March period
lb. In the same period last year and 62,037,925 lb. in the Jan.
of 1933. Output for March of this year establishes a new high monthly
total for Canada.
Deliveries of copper for consumption outside of the United States and
Canada averaged 82,231 metric tons a month during the first quarter of the
current year, based on figures compiled by the American Bureau of Metal
Statistics. This compares with a monthly average for all of 1934 of 77,34.5
metric tons by the same group of countries, and an average of 62,625 metric
tons during 1933. Deliveries abroad, by countries, in metric tons, follow:
Average per
Average Last
Month 1934 Three Months a
18.612
18,293
,.
.
17,340
18,416
8.113
5.217
9,374
10,720
1,113
764
1,492
1.142
718
1,130
443
168
549
903
3.061
3.098
1,207
1.175
8.000
8.000
1,900
1,900
-82.231
77,345
Totals
a Monthly averages in most Instances refer to the first three months of
1935.
Lead at 3.85c., New York
Sales of lead during the last week showed improvement and encouraged
producers to advance prices on two occasions. On May 13 sellers announced
a five point advance, establishing the price at 3.80c., New York, and 3.65c..
St. Louis. These prices held until May 15, when another five point advance
brought the New York quotation to 3.85c., and St. Louis at 3.70c. Both
revisions were first announced by St. Joseph Lead, American Smelting &
Refining Co.'s published quotation for common desilverized load was
advanced on May 13 to 3.80c., New York, and to 3.85c. on May 15.
,
Demand was chiefly for Juno shipment lead, though a fair tonnage of
metal for delivery.this month was included in the tonnage sold. Sales for
the week exceeded 5,000 tons. Corroders, battery makers, and sheet and
pipe manufacturers were the most active buyers.
Great Britain
France
Germany
Italy
Japan
Austria
Czechoslovakia
Hungary
Netherlands
Poland
Sweden
Switzerland
Other Europe
Elsewhere
Zinc at 4.25c, Asked
Buying of zinc was not quite so active as in the preceding week, but sufficient business was booked to make sellers take a very firm view of the
market. The labor difficulties in the Tri-State district disturbed some producers and served further to strengthen the situation. Sales for the week
that ended May 15 totaled around 5,000 tons. Virtually all of the business
was booked on the basis of 4.20c., St. Louis, On May 15's quotation there
was some confusion. Most sellers advanced to 4.25c, asked early in the
day, but there wore others who continued to book business on the old
basis. Later in the day, however, the market was 4.25c. asked all around.
Tin Market Quiet
Except for some moderate trading on the first day of the week, the
market showed little change. The trend was slightly upward in London,in
sympathy with other metals. Opposition to the McReynold bill is growing
in local tin-importing circles.
Chinese tin, 99%, was quoted nominally as follows: May 9th, 49.400.;
10th, 49.55c.; 11th, 49.65c.; 13th, 49.65c.; 14th, 49.65c.; 15th, 49.80.
Emergency Crop Loans Issued to Over 250,000 Farmers,
According to Norman Monaghan of FCA
Over 250,000 farmers have received emergency crop loan
checks during the past 30 days, according to a statement
Issued in Washington, D. C., May 8, by Norman Monaghan,
Chief of the Emergency Crop and Feed Loan Section of the
Farm Credit Administration. Mr. Monaghan said:
The regional offices have set a new record for handling a peak number
of farmers' applications within a short time, having made most of the
loans within 24 to 48 hours after the applications were received. Within
a little over a month after the fund was made available by Congress, the
largest part of the demand for emergency crop loans has been handled.
During time closing days of April loan checks were going out at the rate
of over 20,000 a day, and the peak has now probably passed. The volume
has declined to about 10,000 daily. The emergency loans are being used
to meet the maximum number of needs, especially in the middle strip of
States through the drought area.
The emergency crop loan fund appropriated by Congress
in March is being used to make loans to farmers who do
not have other sources of credit.
Financial Chronicle
Volume 140
3305
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 May 15, as reported by
the Federal Reserve banks, was $2,485,000,000, an increase
of $14,000,000 compared with the preceding week and of
$3,000,000 compared with the corresponding week in 1934.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On May 15 total Reserve bank credit amounted to $2,473.000.000. an
Increase of $7,000.000 for the week. Phis increase corresponds with an
Increase of $64,000,000 in member bank reserve balances and a decrease of
$2.000.000 In Treasury and National bank currency, offset in part by an
Increase of$9.000.000 in monetary gold stock and by decreases of $2,000,000
In money In circulation, $37,000,000 in Treasury cash and deposits with
Federal Reserve banks and $12,000,000 In non-member deposits and other
Federal Reserve accounts.
Relatively small changes were reported in holdings of discounted and
purchased bills and industrial advances. An increase of $11,000,000 in
holdings of United States bonds was offset by decreases of $10,000,000 in
holdings of Treasury bills and $1,000,000 in United States Treasury notes.
Beginning with the week ended Oct. 31 1934, the Secretary
of the Treasury made payments to three Federal Reserve
banks in accordance with the provisions of Treasury regulation issued pursuant to subsection (3) of Section 13-B of
the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown m 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 May 15, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 3340 and 3341.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
May 15 1935 were as follows:
Increase (+) or Decrease (—)
Since
May 8 1935
May 16 1934
May 15 1935
$
7,000.000
5,000,000
2,430,000,000
Bills discounted
Bills bought
U. S. Government securftles
Industrial advances (not including
19,0110.000 commitments--May15)
Other Reserve bank credit
+1.000.000
—27,000,000
—1,000.000
4-1.000,000
27,000,000
5.000,000
1-6,000.000
4-27,000.000
4-2,000,000
Total Reserve bank credit
2,473,000.000
Monetary gold stook
8,737,000,000
Treasury and National bank currency _2,534.000,000
4-7,000,000
4-9,000,000
—2,000,000
4-984.000,000
4-154.000,000
--2,000,000
4-64,000,030
+1,128.000.000
eral Reserve banks
2,901,000.000 --37,000.000
Non-member deposits and other Federal Reserve accounts
526.000,000 --12,000,000
--181.000,000
Money in circulation
Member bank reserve balances
5,494,000,000
4,822,000,000
Treasury cash and deposits with Fed-
4-150,000,000
4-41.000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance
of 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 fully guaranteed both
as to principal and interest by the United States Government. This new style, however, now shows only the loans
to brokers and dealers for their own account in New York
and outside of New York, it no longer being possible to get
the amount loaned to brokers and dealers "for account of
out-of-town banks" or "for the account of others," these
last two items now being included in the loans on securities
to others. The total of these brokers' loans made by the
reporting member banks in New York City "for own account," including the amount loaned outside of New York
City, stood at 26,000,000 on May 15 1935, remaining
the same as the previous week.
May 15 1935
Reserve with Federal Reserve Bank
Cash in vault
1,749,000,000 1,679.000,000 1,264,000,000
45,000,000
42,000,000
37,000.000
Net demand deposits
Time deposits
Government deposits
7,171,000,000 7,090,000,000 5,969,000,000
628,000,000 627,000,000 675,000.000
429,000,000 457,000.000 561,000,000
Due from banks
Due to banks
71,000,000
73,000,000
78,000.000
1,923,000,000 1,867,000,000 1,594,000,000
Borrowings from Federal Reserve Bank_
Loans on investments—total
May 16 1934
Loans and investments—total
7,605,000,000 7,630.000,000 7,022,000,000
Loans on securities—total
1,591,000,000 1,584,000,000 1,663.000.000
To brokers and dealers
In New York
Outside New York
To others
769,000,000
57,000,000
765,000,000
769,000,000
57,000,000
758,000,000
725,000,000
46,000,000
892,000,000
Chicago
1,543,000,000 1,571,000,000 1.432,000.000
Loans on securities—total
199,000,000
283,000.000
2,000,000
27,000,000
174,000,000
19,000,000
43,000,000
221.000,000
25,000,000
17,000,000
245,000,000
Accepts, and commercial paper bought
Loans on real estate
Other loans
203,900,000
2,000,000
24,000,000
173,000,000
To brokers and dealers
In New York
Outside New York
To others
249,000,000J
26,000,000)
16,000,000I.
312,000,000
U. B. Government direct obligations
737,000,000
Obligations fully guaranteed by United
States Government
80,000,000
Other securities
240,000,000
760,000,000
Reserve with Federal Reserve Bank_ 612,000,000
Cash in vault
35,000,000
588,000,000
35,000,000
Net demand deposits
Time deposits
Government deposits
547,000,000
79,000,0001 290,000,000
238,000,000J
405,000.000
40,000,000
1,571,000,000 1,559,000.000 1,294,000,000
454,000,000 453,000,000 365,000,000
31,000,000
34,000,000
28,000,000
Due from banks
Due to banks
245,000.000
509.000,000
224,000,000
509,000.000
187,000,000
401,000,000
Borrowings from Federal Reserve Bank.
CompleteReturns of the Member Banks or the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business May 8:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on May 8shows decreases for the week of
$171,000,000 in total loans and investments, $171,000,000 in net demand
deposits, $17,000,000 in time deposits and $71.000.000 in Government
deposits, and an increase of $24.000,000 in reserve balances with Federal
Reserve banks.
Loans on securities to brokers and dealers in New York declined 562.000.000 at reporting member banks in the New York district and at all reporting
member banks; loans to brokers and dealers outside New York declined
$5,000.000 each in the Boston and Chicago districts and $14,000,000 at all
reporting member banks; and loans on securities to others declined $8,000.000 in the New York district, $6,000,000 in the San Francisco district and
$21,000,000 at all reporting banks. Holdings of acceptances and commercial paper bought in open market and real estate loans showed little
net changes for the week; and 'other loans declined $19,000,000 in the
New York district. $5,000,000 in the Boston district and $19.000,000 stall
reporting member banks, and increased $5,000,000 in the Cleveland
district.
Holdings of United States Government direct obligations declined $71.000,000 in the New York district, $9,000,000 in the San Francisco district
and $6,000,000 in the Philadelphia district, and increased $30.000,000 in the
St. Louis district, $14,000,000 in the Boston district, $12,000.000 in the
Dallas district and $11,000,000 in the Chicago district, all reporting member
banks showing a net reduction of $25,000,000 for the week; holdings of
obligations fully guaranteed by the United States Government declined
$3,000,000; and holdings of other securities declined $35,000.000 in the
New York district and $25,000,000 at all reporting member banks.
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 $1,253,000.000 and net
demand, time and Government deposits of $1.457,000.000 on May 8, compared with $1,233.000,000 and 51.421.000,000. respectively, on May 1„
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 May 8 1935. follows:
Increase (+) or Decrease (—)
May 8 1935
Loans and investments—total_
hfay 8 1935
May 16 1934
U.S. Government direct obligations......-3,198.000,000 3,221,000.000 2.738,000,000
Obligations fully guaranteed by United
States Government
257,000,000 260,000,00011,052,000,000
Other securities
1,012,000,000 1,039,000,000f
CONDITION OF WEEKLY REPORTING MEMBER BANES IN CENTRAL
RESERVE CITIES
New York
May 15 1935
May 8 1935
Accepts, and commercial paper bought-- 200,000,000 202,000,000)
Loans on real estate
128.000,000 128,000,0001,569,000,000
Other loans
1,219,000,000 1,196,000,000)
Loans on securities—total
To brokers and dealers
In New York
Outside New York
To others
Accepts, and com'l paper bought
Loans on real estate
Other loans
_18,518,000,000
may 1 1935
Since
May 9 1934
—171,000.000 +1.189,000,000
3,015,000,000
--97,000,000
-539,000,000
819,000,000
170.000,000
2,026,000,000
—62.000.000
—14,000,000
—21,000,000
—54,000,000
—1,000,000
—484.000.000
386,000,000
962,000,000
3,215,000.000
—1,000,000)
—1,000,0001
—19,000,000
—5.000,000
Financial Chronicle
3306
May 8 1935
8
U.S. Govt. direct obligations
7,299,000,000
Obligations fully guaranteed by the
United States Government
706,000,000
Other securities
2,935,000.000
Reserve with Fed. Res. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
3,556,000,000
273,000,000
Increase (+) or Decrease (—)
Since
May 9 1934
May 1 1935
—25,000,000 +1,050,000.000
—3,000,0001 -1-683,000,000
—25,000,000J
+24,000,000
+12,000,000
+863,000,000
+29,000,000
.-171,000,000 +2,443,000,000
14,651,000,000 4
+69,000,000
—17,000.000
4,539,000,000
—71,000,000 —153,000,000
876,000,000
1,792,000,000
4,354,000,000
Borrowings from F. R.banks
•May 1 figures revised. (Boston district).
—80,000,000
—159,000,000
+228,000,000
+679,000.000
—6,000,000
Leon Fraser, Retiring as President of Bank for International Settlements, Urges International Currency Stabilization as Step to Aid Recovery—
Blames British Monetary Policy and United States
Silver Program for Prolonging Uncertainties
International currency stabilization should be the first
step taken to aid world recovery, Leon Fraser, President
of the Bank for International Settlements, declared in
the bank's annual report which he transmitted to the general assembly in Basle, Switzerland, on May 13. Mr. Fraser, who is retiring as head of the institution, said that
under present world conditions a general return to gold
would act to raise rather than to lower prices. The report
sharply criticized the silver policy of the United States,
but at the same time blamed the British monetary policy
as the chief factor prolonging international currency uncertainties.
Mr. Fraser based his contention that a return to gold
would result in rising prices on such factors as the large
current annual gold production, the nominal gain in monetary gold stock serving as a credit base as a result of revaluation, and the present low levels of world gold prices.
A wireless dispatch to the New York "Times" from Basle
summarized other principal features of the report as
follows:
The report also gives figures showing that the world's foreign debt load
has been reduced 60% since the end of 1930 as regards shorter-term obligations, and "in very substantial degree" as regards long-term ones, while
conversions have lightened the domestic long-term debts.
"There can be very little hope of a return to freer trade as long as the
present monetary uncertainty prevails," Mr. Fraser says. "The cause of
the evil must be removed before the evil itself can be overcome."
He stresses that stabilization preceded tariff reductions in post-war
recovery. During the year, he reports, the world "disorder has become
Intensified." Among the reasons he stresses are French and American
gold hoarding, the American silver policy, the devaluation of the belga
and, above all, the British pound policy. He not merely rejects the main
tenets of British policy but makes a detailed technical criticism of it to
show that a currency lacking in gold points is peculiarly "vulnerable."
He shows in an unusually vivid graph how in every year since 1931 the
pound's level has sunk.
The report, which is Mr. Fraser's farewell to the World Bank, is the
strongest and most informative on the world situation that has been
issued. The growth of the bank's function as a center of world information is reflected in the fact that the report devotes 57 pages and 20
tables and graphs to world problems against 36 pages, five tables and
no graphs last year, and no world tables and graphs in the 1931 report,
the first one.
The contents further reflect the development of the bank's unrivaled
sources of confidential information and of its own independence of view,
which in a number of respects not merely shares the generally critical
attitude of central bankers toward commercial bankers, but is more
liberal than any of its members, whose own secrecy it criticizes.
It is noteworthy that Mr. Fraser and the bank reach the same conclusion as Harold Butler, and the International Labor Office announced in a
recent report that national efforts toward recovery now, to quote Mr.
Fraser, "threaten to become topheavy," while the world disorder has
worsened. Both use unemployment as a yardstick, Mr. Fraser saying
Many Jobless Remain
"When the internal improvement made in some countries with depreciated
currencies is summed up it will be found that the number of unemployed
Is still twice as high as in 1927 and 1928, when these countries, under
the regime of the gold standard, enjoyed the advantage of stable foreign
exchange rates."
It is noteworthy that Mr. Fraser also shares the view of the Economic
Committee of the League of Nations that the world problem is really the
problem of an Anglo-Franco-American agreement. After pointing out that
now 23 currencies are kept in a stable relation to gold, against the same
number tied to sterling, Mr. Fraser says:
"For practical purposes, the main problem in bringing about further
exchange stability in the world has reduced itself to the question of
achieving a stable relation between sterling on the one hand and the
dollar and French franc linked to gold on the other."
The report includes an illuminating study of the American silver
policy, its effects and prospects, concluding:
"Had there been any genuine demand for silver internationally, as there
is for gold, there would have been no need for the adoption of special
action in the United States to help silver. The policy pursued may somewhat reduce the demand on the gold market, and may supplement the
already high gold reserve cover for the purpose of internal expansion,
but there is no evidence to justify a conclusion that such a policy would
produce a fundamental change in the monetary position of silver as looked
at from the international point of view."
Silver Purchase Policy
According to the report the United States has now gone only a fourth
of the way she needs to go to bring silver to $1.29 an ounce. The report
holds that this is likely to involve her acquiring 1,100,000,000 ounces
beyond the 317,000,000 acquired in 1934, which is nearly double the 1934
• world production. It stresses that the American policy has resulted in
the first real price declines experienced for generations in China, where
May 18 1935
they "consequently will have to be followed by far-reaching readjustments in many fields."
Among the other facts and figures with which the report is studded
the following stand out:
Excluding Russia, the world gold coverage "as a result of currency
depreciation" rose from 48% in 1929 to 70% at the end of 1934.
The rise of American costs and prices while those in Great Britain
remained stationary has now wiped out the difference between the two
levels that existed during the World Economic Conference, which the
British have been urging as a reason against stabilizing at a rate of
$4.86 to the pound.
"On the gold basis the present British price level is about 15% below
the previous lowest point ever recorded since 1800," says the report.
"Though the gold value of world trade has sunk 60% since 1929, the
volume is down only 25% and still equals that of 1913.
"In 1934, for the third year in succession, the production of gold
created a new record, attaining an amount estimated at 27,100,000 fine
ounces. Russia nearly doubled her production and is now the world's
second gold producer, a result being that Russia has reduced her shortterm foreign debt from 2,300,000,000 Swiss francs [$643,590,000] to an
almost negligible amount.
"Gold now hoarded on private account throughout the world is estimated
to total 7,000,000,000 Swiss francs ($2,163,100,000)), of which half the
hoard, excluding the Orient is held in London bank vaults largely for
foreigners.
"Heavy American capital withdrawls from Europe continued in 1934
attaining 209,000,000 marks ($84,039,000) in Germany."
$60,000,000 of Bonds Offered by Canada—Issue
Reported Over-subscribed
An offering of $60,000,000 of Dominion of Canada bonds,
for which the subscription books were opened on May 15,
was announced on May 16 by the Canadian Finance Department as having been over-subscribed. The offering was
announced on May 14 by E. N.Rhodes, Minister of Finance,
according to Ottawa advices to the New York "Sun" of
May 14, which also said:
Investors will have the Choice of two maturities, 8
-year bonds due June 1
1943. or 20
-year bonds due June 1 1955. The 8
-year bonds will carry
interest coupons at rate of 2,J.6% and be sold at 99.50 and interest, yielding
2.57%. The 20
-year bonds will carry interest coupons at 3% per annum
and be sold at 98.50 and interest, yielding 3.10%. The 8
-year bonds are
noncallable and the longer-term issue:callable at par on June 1 1950, or any
Interest payment data thereafter. Proceeds will be used for general
purposes of Government.
Sir Josiah Stamp Says United States Is in Economic
Josiah
Jam Because It Sought to Combine Reform with
Recovery—Economist Dealers Unbalanced Budget
May Be Psychologically Wrong
Because the United States is attempting to combine reform
with recovery, it has resulted in an "economic jam," Sir
Josiah Stamp, British ecanomist and railroad magnate, said
on May 11 in an article copyright by the North American
Newspaper Alliance. Americans, seeking the answer to the
questions of "rescue, recovery and reform" in 1933, failed
to take into account the correct timing of the measures, and
instead tried to do all these things at once, he contended.
Reform, which might better have waited until recovery had
had occurred," he said, "has cluttered up the program and
has made it more difficult of accomplishment." Further
extracts from Sir Josiah's article are given below:
T..
The greatest economic danger in the United States and Great Britain
to-day, according to my observations is psychological. This lies in the
fostering of the theory that the people should look to the Government for
support. There is also a new form of economics justly called the "think
up a number" theory. You think what you would like men to get and then
try to give it to them. More and more promises are made to the People
until they become educated to the belief that all such gifts, and more,
can be delivered.
Americans are not naturally Socialists. People In this country believe in
the individual motive in economics. But there is widespread belief here
In the idea of "priming the pump." Our British experience has been that
you must preserve a substantial differential between the wages of men on
relief projects and the wages of men employed by Private industry if you are
to lead public relief work Into the growth of private business.
In England we have found men on the dole computing the difference
between their dole payments and what they would get in private work.
I heard recently of a man contrasting $15 in dole payments with $18 for
private work, and figuring: "What's the use of working for $37"
As for the unbalanced budget of the United States Government at present
—that would not worry me particularly. But there are two aspects to the
situation. An unbalanced budget may be mechanically correct, but it may
at the same time be psychologically wrong. You can continue your
unbalanced condition longer than European nations because your People
are not so easily alarmed, but when your public psychology does change—
the moment you do lose—great is the fall thereof.
It is essential that you should know how long this program is to last
and what it is for. You will run great risks if the program is long and
indefinite.
Speakers in 5 Nations Appeal for World Peace in International Broadcast—Program Honors Jane Addams
—Disarmament Held Most Important Step
.Kn international radio broadcast, in which prominent
"
citizens in five countries spoke in the cause of world peace
and friendship, was held on May 3in honor of Jane Addams,
welfare worker, under the auspices of the Women's International League for Peace and Freedom, which was celebrating its twentieth anniversary. Mrs. Harold L. Ickes, wife
of the Secretary of the Interior, opened the program. One
of the speakers was Mme.Krupskaya, wife of Nicolai Lenin,
first head of the Russian Soviet Union, who spoke from
Moscow, and who declared that complete' disarmament is
the only guarantee of peace. A dispatch of May 3 to the
Volume 140
Financial Chronicle
New York "Herald Tribune" described other parts of the
program as follows:
Mme. Krupskaya was introduced from Washington by Alexander A.
Troyanovsky, Soviet Ambassador. and her words were translated at Moscow by Mme. Maxim M. Litvinov, wife of the Soviet Commissar for
Foreign Affairs.
The speakers in London included Viscount Cecil, who reported that a
poll of all citizens over eighteen in Britain was showing that 97% favored
the League of Nations and 93% wanted general reduction of arms and
opposed manufacture of arms for profit. Arthur Henderson, President
of the Disarmament Conference, also in London, warned of the danger of
"slipping back into the policy and methods which resulted in the great
war," such as bigger and more destructive armaments. They were introduced by Sir Ronald Lindsay, British Ambassador.
Tokio Prince Asks Peace Efforts
Hirosi Saito, Japanese Ambassador here, introduced Prince Tokugawa,
President of the Japanese-American Society in Japan, who called for the
co-ordination of all peace movements. Jules Henry, Charge d'Affaires of
the French Embassy here, introduced Senator Paul-Boncour, former
Prime Minister of France, who said: "Dark clouds appear on the horizon:
the disarmament conference has failed; treaties are being torn up: the
armament race is being started again." He called for action to head it off.
Norman Davis, American Ambassador at Large, and Josephine Roche,
Assistant Secretary of the Treasury, also spoke, and Miss Addams con• cluded the program, congratulating the Women's League for its aid in
trying to substitute law for war.
Belgium to Convert Government Bonds to Interest
Basis of 4%
The Belgium Government announced on May 11 a conversion operation placing all Government bonds on a 4%
interest basis. In United Press advices from Brussels, May
11, to the New York "Sun" of that date, it was also stated:
Holders of bonds whose issues bear a higher interest yield than the new
Government rate will be compensated partially by a bonus on the basis of
the difference between the interest on their present coupons and the new
official level.
Bondholders will not be compelled to accept the conversion, but all
bonds, which have not been converted and stamped by the Central Bank
of Belgium before next Friday will be refused trading privileges on the
Bourse.
Stability of the new bonds will be insured by a Government fund of
1.000.000,000 Belgian francs (approximately $33,850.000).
The Government operation will pare the interest on 22 issues. Most of
the bonds thus affected were issued after 1919, only 2 issues prior to that
time having been placed at a rate greater than 4%.
"Financial and Economic Review" of Amsterdamsche
Bank, N. V., of Amsterdam, Holland
The forty-third issue of the "Financial and Economic Review" of the Anisterdamsche Bank, N. V., of Amsterdam,
Holland, published quarterly by the •bank's statistical department, was issued recently. The "Review" contains a
detailed report on all circumstances that have been of influence on the financial and economic conditions of Holland
during the first quarter of the year 1935. It is, moreover,
usually preceded by an article written by some authority
on the subject dealt with. This time an article has been
Inserted written by C. J. P. Zaalberg, managing director of
the Society for the Promotion of the National Shipping
Interests (B. E. N. A. S.), Ltd., and member of the Economic Council of the Netherlands, entitled "Merchant Shipping in the Netherlands."
China Protests Against United States Silver Policy—
Reported as Causing Severe Drain on Reserves
The Chinese Ministry of Finance said on May 12, according to Associated Press advices from Shanghai, that the silver
purchasing policy of the United States is causing a severe
drain on China's silver reserves and a sharp contraction of the
nation's currency and credit. The advices, appearing in
the New York "Times" of May 13, continued:
China's economic welfare has continued to decline since the world depression and "especially since the American silver policy raised silver above
general commodity prices," said an official report on the two preceding
fiscal years. signed by Dr. II. H. Kung, Finance Minister:
It painted a generally gloomy picture of China's finances. Dr. Kung
disclosed that the National Government had reached "the unfortunate
position" of being forced each year to depend upon its borrowings to meet
current expenditures.
He said military expenses took virtually half the Government's revenues.
There was a deficit of nearly 100.000.000 Mexican dollars for the fiscal year
1932-33 and of nearly 150,000,000 Mexican dollars for the 1933-34 period.
Dr. Kung said he feared an even higher deficit for the current fiscal year.
Exports of Silver Prohibited by Italian Decree
Exportation of silver from Italy in any form whatever was
prohibited by a decree published May 13 in the official gazette,
said Associated Press advices, May 13, from Rome, which
continued:
Travelers going abroad will be permitted to take out not more than 50
lire (about $4)in silver. Sending out of the metal In ingots,lumps, powder
or pieces, such as jewelry and money, is strictly forbidden.
Embargo on Gold and Silver Exports in Monetary and
Ingot Form Lifted by El Salvador
El Salvador returned on May 12 to a theoretical gold
standard when Congress lifted the embargo on the export of
gold and silver in both monetary and ingot form, said
United Press advices from San Salvador, May 12, which
added:
The ruling was accompanied by an explanation that reserves of the central
bank of El Salvador are now considered sufficient to support all of the
country's outstanding paper currency.
3307
.Exports of currency or metals, it was ruled, should be handled through
the central bank, which will deduct 5% for the benefit of the National
University. The university will Invest this money in bonds of the mortgage bank.
Pact Gives Chile Advantage Over United States in
Exports of Copper to France
A Franco-Chilean pact concluded on May 15 gives Chile
a distinct advantage over the United States in exports of
copper to France. Adviees from Paris (United Press) May
15 further reported:
Under the agreement Chilean exports of copper will pay a 2% import
tax, against a 4% tax for United States exports.
Up to 50,000 tons of copper can be exported by Chile to France through
the compensation office, which means Chilean sellers can dispose of the
copper as they see fit. Copper shipments above 50.000 tons must have
10% of exchange value set aside for buying French goods exportable to
Chile.
Both French and Chilean officials expressed satisfaction over the accord
and it was believed it might be the beginning of a series of similar trade
agreements.
Dr. R. Prebisch Appointed Manager of Central Bank of
Argentina
The Argentine Information Bureau has announced the
appointment of Dr. Raul Prebisch as Manager of Argentina's
new central bank. Dr. Prebisch, it was stated, was Secretary of Finance of Argentina under the late President
Uriburu, and was recently employed by the Banco de la
Nacion.
The appointment of Ernesto Bosch as President of the
institute was noted in our issue of May 11, page 3131.
New York Stock Exchange Amends Constitution in
Accordance With Suggestions of SEC—Nominating
Committee Enlarged—Arbitration Also Affected
The Governing Committee of the New York Stock Exchange, at a meeting held May 14, adopted four amendments
to the constitution of the Exchange in line with the suggested
10-point program of reform for securities exchanges recently
submitted to Cong ess. The amendments were submitted
,
to the membership and will be effective in two weeks unless
rejected.
The first amendment increases the Nominating Committee
from five to seven members, and the second requires the
Nominating Committee to select 21 members as condidates
for election to the next Nominating Committee. As to the
other two amendments, the Exchange said:
Amend Article X, Section 1, Second, the first paragraph. This amendment makes all claims and matters of difference between members and
registered firms subject to the jurisdiction of the Arbitration Committee;
allows appeals to the Governing Committee irrespective of the amount
involved in the claim, and allows members of the Arbitration Committee,
as well as the parties ten days or such longer time as the Arbitration Committee may grant in which to file notice of appeal.
Amend Article XI. This amendment allows a non-member complainant before the Committee on Business Conduct to appeal to the Governing
Committee and provides that on all appeals a special advisory committee
chosen by the appellant shall examine the record and give an advisory
opinion thereon to the Governing Committee. .
L
Charles R. Gay Elected President of New York Stock
Exchange
Succeeding
Richard
Whitney—
E. H. H. Simmons New Vice-President—Three
Independents Elected to Governing Committee
At the annual election of the New York Stock Exchange
held May 13 Charles R. Gay, senior partner of Whitehouse
& Co., was elected President, to succeed Richard Whitney,
retiring President, and Benjamin H. Brinton was elected
Treasurer. Both were unopposed for office. Of four in •
dependent eandidates for the Goverring Committee, three
were looted, along with seven of the ten nominees named by
the Nominating Committee of the Exchange in the official
slate. Those elected to the Governing Committee,for a term
of four years, follow:
Edward C. Fiedler
W. Allston Flagg
Robert W. KeelIps
Warren B. Nash
Winton G. Rossiter
David W. Smyth
Robert L. Stott
Bertrand L. Taylor, Jr.
Alfred E. Thurber
Richard Whitney
William McC. Martin Jr. was unopposed as a member of
the Governing Committee' a term of one year. The
for
Messrs. Flagg, Keelips and Taylor were the independent candidates, defeating E. Burd Grubb, former President of the
New York Curb Exchange; John W. Hanes and H. Terry
Morrison, regular nominees. John F. Murray, an independent candidate, was also defeated. In addition to those
elected to the Governing Committee, eight office partners of
member firms were elected Governing members, a new class
of officers instituted at the suggestion of the Securities and
Exchange Commission. They are:
Governing Members
For the Term of Four Years: Howald S. Davis, Gayer G. Dominick.
For the Term of Three Years: Robert A. Drysdale, Henry Rogers
Winthrop.
For the Term of Two Years: Dr. Herman B. Baruch, Robert Voss
White.
For the Term of One Year: Nelson I. Asiel. Paul H. Davis.
Also elected were Allen L. Lindley and William B. Potts
as members of the Gratuity Fund of the Exchange for terms
of five years and two years, respectively. Upon his election,
Mr. Gay issued a brief statement as follows:
3308
Financial Chronicle
I am deeply conscious of the honor conferred upon me by the members
of the New York Stock Exchange. It shall be my duty to administer its
affairs with the thought always in mind that it is a national institution
providing a market place vital to the welfare of industry and of the public.
During these past weeks. I have received many hundreds of letters. I
have been gratified by the temperate attitude manifested by these correspondents and have endeavored to answer them all in a spirit of frankness. I shall at all times be glad to receive inquiries regarding the exchange and constructive suggestions and criticism will be welcomed and
answered promptly.
At a special meeting of the Governing Committee held
May 14, E. H. H. Simmons. a former President of the Stock
Exchange for six years, was elected Vice-President, and
R. W. Keelips, Assistant Treasurer. Incident to the election of Mr. Simmons, President Gay issued the following
statement:
At my request Mr. E. H. H.Simmons has accepted the post of VicePresident of the New York Stock Exchange, to which post he was elected
to-day by the Governing Committee. After serving for six years as President of the New York Stock Exchange. It is asking a great deal of Mr.
Simmons to accept the Vice-Presidency. His consent reveals the nature
of his exceptional,devotion to the best interests of the Exchange.
During the years of his Presidency he fostered unity and harmony among
the membership and maintained cordial and effective relations with the
press and the public. These two purposes, namely, accord within the
Stock,Exchange and eclear public understanding of its functions, it is my
sincere:desire to continue.
The Exchange is fortunate indeed in securing as its Vice-President a man
ofrecognized ability as a leader, of mature judgment and of rich experience.
A report issued May 14 of the tellers appointed to receive
and count the votes at the annual election May 13 showed
that a total of 1,181 votes were cast with one defective.
Mr. Gay received 1,131 votes for the Presidency, and Mr.
Brinton, 1,152 for the office of Treasurer. The votes for the
candidates for the Governing Committee were cast as follows:
For Members of the Governing Committee for the Term of Four Years
Warren B. Nash
1,034
964
Edward C. Fiedler
842
Winton G. Rossiter
W. Allston Flagg
860
David W. Smyth
597
637
E. Burd Grubb
Robert L. Stott
371
916
John W. Hanes
Bertrand L. Taylor, Jr.__-_
918
Robert 1V. Keelips
898
562
Alfred E. Thurber
820
H. Terry Morrison
298
Richard Whitney
1,146
John F. Murray
For Member of the Governing Committee for the Term of One Year
1,132
William McC. Martin, Jr
Changes in Amount of Their Own Stock Reacquired by
Companies Listed on New York Stock Exchange
The monthly list of companies on the New York Stock
Exchange reporting changes in the reacquired holdings of
their own stock, was made public on May 15 by the Exchange.
A previous list was given in our issue of April 20, page 2620.
The latest list was made available as follows by the Exchange:
March effectives are the $43,000,000 Swift & Co. 1st mortgage
sinking fund 33 % bonds, and the $45,000,000 Pacific Gas
4
& Electric Co. 1st and refunding mortgage 4% bonds.
Continuing, the Commission's announcement of Aprili17
said:
r110
Of the total gross proceeds of new issues declared effective during March
1935. $5,295.000 were registered for the "account of others," $5.000 are
reserved for subsequent issuance, and $135,000 are to be issued for various
assets, leaving $124,580,787 to be presently offered for sale by the issuers.
The net proceeds from these issues, as estimated by the issuers, will amount
to $119,431,792 and the cost of selling and distributing is expected to total
$5,148.995 (4.1% of the gross proceeds).
Forty per cent of the month's total, as measured by gross proceeds, has
been registered by the utilities group, through three bond issues totaling
$52.175,000; 35% of the total proceeds was registered by eight companies
in the manufacturing group with securities totaling $45,135,638; and 19%
was registered by five investment trust issues totaling $24,257,406.
The issuers, according to their registration statements, expect to sell
97.6% of their offerings through various underwriters and agents, 2.0%
directly to the public and 0.4% to their own security holders.
Of the $119,431,792 estimated net proceeds, the companies expect to use
$85,955,500 (72.0%) for the refunding of outstanding bond issues; $7,811.027 (6.5%) for the repayment of other indebtedness; $22,211.927 (18.6%)
for the purchase of investment securities: $1,665,012 (1.4%) for the purchase of plant and equipment, real estate, 5tc.: $366,098 (0.3%) for organization and development expenses; and $389.678 (0.3%) for miscellaneous and unstated purposes. There will remain, according to the issuers'
estimates, a balance of $1,032,550 (0.9%) available as working capital.
In addition to the new security registrations, nine statements calling
for deposit of outstanding securities and offering new securities in exchange
for existing securities, became effective in March. Seven were "reorganization" statements calling for $15,651,000 par amount of various issues having
an estimated market value of $2,711,413. Two were statements offering
$633,000 par amount of securities in exchange for certificates of deposit
with an estimated value of $322.467.
Appended are Tables I to VII. giving in detail the statistics of March
effectives:
TABLE I
The types of new securities included in 24 registration statements which became
fully effective during March 1935:
Type of Security
Adams Express Co. (corn.)
Advance Rumely Corp. (corn.)
American Agricultural Chemical Co.(Del.) (corn.) American Crystal Sugar Co. (pfd.)
American Chain Co.(pfd.)
American Woolen Co. (Pfd.)
American Zinc, Lead and Smelting Co.(pfd.)
Atlas Powder Co.(pfd.)
Barnsdall Corp. (corn.)
Bristol-Myers Co. (corn.)
Bucyrus Erie Co.(pfd.)
Case Company (J. I.) (pfd.)
Century Ribbon Mills, Inc. (pfd.)
City Stores Co. 1corn.)
City Stores Co. Voting Tr. Ctfs. for Common)____
City Stores Co. Class A)
City Stores Co. Voting Tr. Ctfs. for Class A)
Commercial Investment Trust Corp. (corn.)
Congress Cigar Co., Inc. (corn.)
-Diamond Fibre Co. (corn.)
Continental
Detroit Edison Co. (corn.)
Duplan Silk Corp. (corn.)
General Motors Corp. (corn.)
Hat Corporation of America (MI.)
International Agricultural Corp. (corn.)
Kress Sz Co.(S. H.) (corn.)
Lehigh Portland Cement Co.(PM)
Libbey-Owens-Ford Glass Co. (corn.)
Mack Trucks, Inc. (corn.)
Madison Square Garden Corp. (capital)
National Dairy Products Corp. (corn.)
North American Co. (corn.)
Outlet Co. (pfd.)
Safeway Stores, Inc. (corn.)
Safeway Stores, Inc.(6% pfd.)
Safeway Stores, Inc.(7% pfd.)
Sharon Steel Hoop Co. (Corn.)
Standard Oil Co.(Indiana), )capital)
Standard Oil Co.(New Jersey), capital)
Sterling Products (Inc.), (capital)
Texas Corp. (capital)
Tide Water Associated Oil Co. (corn.)
United Dyewood Corp. (pfd.)
United States Gypsum Co. (corn.)
United States Leather Co. (prior preference)
Waldorf System, Inc. (corn.)
Wheeling Steel Corp. (corn.)
Wheeling Steel Corp. (pfd.)
Shares
Shares
Previously Per Latest
Reported
Report
502,022
502,023
72,205
73,905
4,998
5,004
3,220
6.320
16,064
17,364
16,400
16,600
4,928
5,028
15,873
17,965
134.182
134,482
5,836
9,836
6,371
6,363
None
28,175
800
760
None (New)589
None
5,625
None
6
None
1,083
170.480
168,305
36,200
38,000
48.800
48,600
3,819
3,665
88,325
88,425
677,039
620.104
3,697
3,793
None
13,951
1,958
2,758
21.713
23,971
23,500
16,400
16,600
18,300
42,960
47,960
8,652
8.662
27,412
27,411
645776
21,055
21,056
270
200
1
1,562
None
6,641
64,380
47,434
5,618
8,818
20,087
20,033
500,602
500,676
367.470
367,495
14.460
14,420
60,409
59,409
9,012
8,812
33,491
32.991
15,149
15,154
1,724
1.869
$130,015,787 of New Securities Effective During March
Under Securities Act of 1933
New securities with estimated total gross proceeds of
$130,015,787 representing 27 issues registered in 24 statements became fully effective during March 1935, under the
Securities Act of 1933, the Securities and Exchange Commission announced April 17. This compares with $36,318,133
registered in eight issues (seven statements) in February
1935 (revised figures), and $24,717,219 registered in 29 issues
(23 statements) in March 1934. Effective new issues for the
first three months of 1935 thus total $177,378,325 registered
in 53 issues in 44 registration statements. Included in the
No. of
Issues
No. of
Units
Gross
Amount
13
4
6,881,830
305,743
$10,744,406
768,471
8.3
0.6
5
5
3,266,469
21,827,910
96,675,000
16.8
74.3
_.
__-
Common stock
Preferred stock
Certificates of participation, warrants. &a
Mortgages and mortgage bonds
Debentures
Short-term notes
Total
27
5130.015 757
Per Cent
of Total
100.0
TABLE II
Group classification of issuers of new securities that became fully effect ye during
March 1935:
The following companies have reported changes in the amount of reacquired stock held as heretofore reported by the Committee on Stock List:
Name
May 18 1935
No. of
Statements
No. of
Issues
Gross
Amount
Per Cent
of Total
5
1
8
5
1
11
$6,445,231
157.512
45,135,638
4.9
0.1
34.7
5
5
24,257,406
1
-__
3
1
1
-3
1
345,000
18.7
_
0.3
52,175,000
1,500,000
--40.i
1.2
24
Group
27
$130.015.787
100.0
Extractive industries:
Gold and silver mines
Oil and gas wells
Manufacturing companies
Financial and Investment companies:
Investment trusts
Others
Merchandising
Real estate
Transportation and communication_
Electric light, power, gas and water_
Miscellaneous
Total
TABLE III
Break-down of gross amount of fully effective new securities to net proceeds, indicating amounts not intended to be offered for sale by issuers and various selling
and other expenses, March 1935:
Item
Per Cent of
Gross Offered
for Sale by
Issuers
Amount
Gross amount of effective securities
$130,015,787
Not intended to be offered for sale by Issuers:
$5,295.000
Registered for "account of others"
5,000
Reserved for subsequent Issue
135,000
To be issued for tangible & intangible assets
Total not intended to be offered for sale
by Issuers
5,435,000
Gross amount of securities Intended to be
offered for sale by Issuers
124,580,787
Selling and distributing expenses:
Commission & discount to underwriters.&e. 4,154,779
Other selling and distributing expenses__ _ .0994,216
100.0
3.3
0.8
Total selling and distributing expenses....
5,148,995
4.1
$119,431,792
05.9
Net proceeds
•Includes $1,650 securities Issued against "other selling and distribut ng expenses."
TABLE IV
The uses to which the Issuers intend to put the net proceeds of new issues declared
fully effective during March 1935:
Items
Organization and development expenses
Purchase of:
Real estate
Plant and equipment
Securities for investment
Intangible assets
Total purchase of assets
Increase of working capital
Repayment of indebtedness:
Bonds and notes
Other debt
Total repayment of indebtedness
Miscellaneous and unaccounted for
Total
Amount
Per Cent
of Total
$366,098
$2,000
1,643,012
22,211,927
20,000
0.3
0.0
1.4
18.6
0.0
23,876,939
1,032,550
$85.955,500
7,811,027
20.0
0.9
72.0
6.5
93,766.527
389,678
78.5
0.3
$119,431,792
100.0
Financial Chronicle
Volume 140
TABLE V
Contemplated channels of distribution of securities, fully effective March 1935.
intended to be offered for sale:
Gross
Amount
Item
5505,178
2,513,953
To own security holders
To public directly by issuer
To public through various underwriters and agents
Per Cent o
Net After
Comm. & Disc. Total Cross
0.4
2.0
5505,178
2,333,263
121,561,656
117,587,567
97.6
5124,580,787
Total
.S120,426,008
100.0
• Represents net after commissions and discounts but before other selling and
distributing expense of $994,216.
TABLE VI
The types of securities included in nine registration statements for reorganization
and exchange.Issues which became fully effective for issue during March 1935:
Exchange Issues •
Reorganization Issues
Type of Security
No. of
Issues
a Approx. No. of
Par
Amount Mkt. Val. Issues
a Approx.
Par
Amount MD. Val.
$
Common stock
Preferred stock
Certificates of participation, warr'ts,
dze
Mortgage & mortgage bonds
Debentures
Short-term notes_ _ _
Certifs. of deposit
Voting trust ctfs
2
7
15.651,000 2,711,413
322,467
2
633,000
322,467
15,651,000 2.711,413
7
Total
633,000
* Refers to securities to be issued In exchange for existing securities.
x Represents actual market value and (or) 1-3 of face value where market was
not available.
TABLE VII
Croup classification of original Issuers of securities for which reorganization and
exchange* statements because fully effective during March 1935:
Exchange Issues •
Reorganization Issues
Group
No. of
Issues
Called
Agriculture
Extractive industries_
Manure Industries__ _
Financial ez inv. cos_ _
Merchandising
Real estate
Construction
Transport'n dc communication
Service
Elec. light, power, gas
and water
Foreign, miscell
Total
Par
Amount
a Approx. No. of
Markel
Issues
Value
Par
Amount
Approx.
Markel
Value
$
-1
4,844,000
29
220,000
184,800
413,000
1
137,667
633,000
322,467
5,544,000 1,834,706
1
1
4,850,000
413,000
472,290
In making public the above list the Commission stated:
266.750
137,667
15,651,000 2,711,413
2
A report covering new securities effective during February
was given in our issue of March 30, page 2122.
Filing of Registrations Under Securities Act of 1933
The Securities and Exchange Commission announced,
May 13, the filing of 16 additional registration statements
under the Securities Act. The total involved is $81,393,720,
of which $76,418,490 represented new issues. The Commission said that the total includes the following two issues
(referred to in our issues of May 11, page 3135, and May 4,
page 2953, respectively):
This total includes a $50,000,000 issue of first (collateral) mortgage
sinking fund bonds, 4% series, of the National Steel Corp. (Docket 2-1413,
Form A-2, included in Release No. 362).
This total also includes an issue of $15,000,000 of 41
/
2
% debentures of
the National Distillers Products Corp (Docket 2-1402, Form A-2, included
in Release No. 356).
The securities involved, the Commission announced, are
grouped as follows:
Type of Issue
Commercial and industrial
Investment trusts
Voting trust certificates
Certificates of deposit
Total
$73,968,490
2,450,000
4,020.230
955,000
The Securities (Nos. 1401-1416, inclusive) for which registration is pending, as announced by the SEC on May 13,
follow:
American Radio & Television Corp. (2-1401, Form A-1), of New York
City, seeking to issue $00,000 shares of $1 par value common stock, to
be offered at par. Joseph LaVia, of Astoria, Long Island, is President,
and Stone & Co. of New York is the underwriter. Filed May 1 1935.
Keeneland Association (2-1403, Form A-1), a corporation of Lexington,
Ky., engaged in conducting horse races, seeking to issue 3,500 shares of
$100 par value preferred stock, to be offered at par, and 3,500 shares of
no par common stock, to be offered at $1 a share. II. P. Headley, of Lexington, is President. Filed May 2 1935.
Francis W. Wheeler, et at (2-1404, Form F-1), of Boston, Mass., seeking
to issue voting trust certificates for the first preferred, second preferred
and common stock of the Seattle Gas Co. The certificates will represent
47,250 shares of no par $5 first preferred stock, 27,556 shares of no par
second preferred stock, and 23,830 shares of no par conimon stock. These
shares have an aggregate market value of $4,020,230. Filed Slay 3 1935.
American Discount Co. of Georgia (2-1405, Form A-2), of Atlanta, Ga.,
seeking to issue 4,000 shares of 6%, cumulative convertible preferred
70
stock, to be offered at $52 a share, and 18,294 shares of no par value
common stock, reserved for conversion of this issue and former issue of
preferred stock. Courts & Co., Clement A. Evans & Co., and the Equitable
Co., all of Atlanta, are the underwriters. Glenn B. Ryman, of Atlanta,
Is President. Filed May 3 1935.
In no case does the act of filing with the Commission give to any
security its approval or indicate that the Commission has passed on the
merits of the issue, or that the registration statement itself is correct.
32
• Refers to securities to be issued in exchange for existing securities.
x Represents actual market value and (or 1-3 of face value where market was not
available.
No.of
Issues
11
2
1
2
3309
General Reserves Corp (2-1406, Form A-1), of New York City, seeking
to issue 5,000 shares of $30 par value preferred stock, to be offered at
par, and 25,000 shares of $1 par value common stock, to be offered at $2.50
a share. Horace S. Pope, of Riverside, Conn., is President. Filed
May 3 1935.
Gage Protective Committee (2-1407, Form D-1), of St. Petersburg, Fla.,
seeking to issue $355,000 of certificates of deposit for first mortgage gold
bonds of the Soreno Hotel Co. of St. Petersburg. The market value of the
bonds during the 15 days prior to the filing of the statement was $248,500.
Filed Slay 4 1935.
J. Edward Jones (2-1408, Form C-1), of New York City, seeking to
issue 1,000 shares of participation trust certificates in producing oil
royalties of the J. Edward Jones Royalty Trust, series M, each share to
be offered at $100. Filed May 4 1935.
Noteholders' Protective Committee for Holders of First Mortgage 5%
Real Estate Gold Notes of Huckins Hotel Co., Formed Under Noteholders'
Protective Agreement Dated April 1 1935 (1-1409, Form D-1), of St. Louis,
Slo., seeking to issue certificates of deposit for $600,000 of first mortgage
5%% real estate gold notes. Filed May 4 1935.
A & K Petroleum Co. (2-1410, Forgo A-1), of Oklahoma City, Okla.,
seeking to issue 118,898 shares of $5 par value class A common stock to be
offered at $5 a share, and 125,000 shares of $5 par value class B stock to
be reserved for conversion. Robert S. Kerr of Oklahoma City is President,
and NV. Earl Phinney & Co. is the underwriter. Filed May 6 1935.
American Participations, Inc. (2-1411, Form 0-1), of Springfield, Mo.,
seeking to register an additional issue of three types of investment contracts in a unit type of investment trust, to a total of $2,350,000. Walter
N. George, of Springfield, Mo., is President. Filed May 6 1935.
Temescal Water Co. (2-1412, Form A-2), of Corona, Calif., seeking to
issue $700,000 of first mortgage 5% sinking fund bonds, series A, due
1960. Barnes, Lester & Co., of Los Angeles, is the underwriter, and Joy
G. Jameson, of Corona, is President. Filed May 6 1935.
The Glidden Co. (2-1414, Form A-2), of Cleveland, Ohio, seeking to
register 104,000 shares of no par common stock, to be offered to shareholders at $22 a share, and 40,000 shares of no par common stock, to be
offered to officers and employees at a minimum price of $22 a share,
provided two-thirds of the shareholders release their pre-emptive rights.
The net proceeds of the issue are estimated at $3,172,800 and are to be
used to reduce bank loans of $4,985,000, and bankers' acceptances of
$428,173.94, and for working capital. Filed May 7 1935.
Oklahoma County Trust (2-1415, Form A-1), of Tulsa, Okla., seeking to
issue $7,500 shares of no par units of beneficial interest in a trust to own
working interests in certain oil and gas mining leases, to be offered at $10
a unit. W. E. Brown, of Tulsa, is President of the trust. Filed
April 8 1935.
United Standard Oilfund of America, Inc. (2-1416, Form A-1), of Jersey
City, N. J., seeking to issue 2,000,000 shares of 25c. par value common
stock, to be offered .initially at not to exceed $1.10 per share. Lucian A.
Eddy, of New York, is President. Filed May 7 1935.
The last previous list of registration statements appeared
in our issue of May 11, page 3134.
Registration with SEC of $25,000,000, 10-year Convertible Debentures of American Rolling Mill Co.
An issue of $25,000,000 10-year convertible debentures of
the American Rolling Mill Co. has been registered with the
Securities and Exchange Commission on Form A-2 under
the Securities Act of 1933, the Commission announced,
May 14. Approximately $5,000,000 will be used for new
plant and equipment and $1,625,000 will go to working
capital. The balance of net proceeds will be used for
refunding purposes. The Commission's announcement said:
The interest rate of the issue has not been determined, nor has the
amount to be underwritten by the group of firms listed as principal
underwriters. Those firms are W. E. Hutton & Co., Edward B. Smith ds
Co., the First Boston Corp., Brown Harriman & Co., Inc., Kidder, Peabody & Co., Field, Glore & Co., and the Lee Higginson Corp., all of
New York City.
The prospectus of the company describes the purpose of the issue, in
part, as follows:
(a) $13,665,300 to redeem on or about July 15 1935, the entire outstanding
Issue of 5% convertible notes, due Nov. 1 1938, of the company. The amount
necessary to redeem said convertible notes
includes
$13,332,000 principal. $333,300 premium and 5138,875 accrued interest.
(b) $3,659,250 to advance to Sheffield Steel Corp., a wholly owned subsidiary of
the company, to be applied to redeem on Sept. 1 1935 the entire outstanding issue of
first mortgage 5i % gold bonds, series of 1928, due Mazch 1 1948, of Sheffield
Steel Corp. The amount necessary to redeem said bonds on said date, excluding
S15,000 principal amount thereof held in the treasury of Sheffield Steel Corp., includes $3,485,000 principal, $174,250 premium, and $95,837.50 accrued interest.
(c) Approximately $5,000,000 for the construction of a wide cold reduction mill
and miscellaneous equipment, and
(d) Approximately $1,625,000 to increase working capital. Any of such proceeds
not actually applied to any such purpose will be used for general corporate purposes.
It Is estimated that approximately $3,500,000 of the net proceeds will be used
for the construction of the proposed wide cold reduction mill and that approximately
51,500.000 will be used for miscellaneous equipment, which it is contemplated will
include widening of a hot strip mill and possible additional stand, box-annealing
equipment, light gauge cold reduction mill and other equipment.
George M. Verity is Chairman of the Board of Directors. The offices
of the company are in Middletown, Ohio. The company is also registering
1,000,000 shares of $25 par value common stock to be reserved for
issuance on the conversion of the convertible debentures being offered.
The consolidated total assets of the corporation and its subsidiaries were
$107,803,776.19 on Dec. 31 1934.
SEC Promulgates Form for Registration of Certificates
of Deposit Issued by a Committee
The publication of Form 14 for certificates of deposit
issued by a committee was announced May 13 by the Securities and Exchange Commission. This form will be applicable to approximately 65 deposit committees whose securities are listed on the various national securities exchanges,
the Commission said, adding:
The form is divided into four parts. The four parts of the form are
headed: (1) General Information, (2) Original Issuer, (3) Provisions of
3310
Financial Chronicle
the Deposit Agreement, and (4) Plan of Reorganization. Part 1 asks
general questions as to the identity of the members of the committee,
their position in the securities of the company, the expenses of the committee, and the present stage of the call for deposits. Part 2 seeks
general information regarding the original issuer of the securities. Part 3
asks questions as to the rights of depositors, such as the right of withdrawal. Part 4 includes questions as to the terms under which the plan
may be declared operative.
The first of these parts must be filled out by all committees. The
other parts of the form may be omitted if there is a registration statement under the Securities Act or the Securities Exchange Act in effect,
with respect to information which is analogous to that required by the
form.
There are also required to be filed two financial schedules giving information concerning the receipts and disbursements, and the assets and
liabilities of the committee. These schedules must be certified. The form
also requires that the plan of reorganization be submitted as an exhibit.
There is also an instruction book similar to that which accompanies
all other forms of the Commission under the Securities Exchange Act.
Copies of the form and the instruction book may be obtained from the
office of the Commission in Washington.
Form Published by SEC for Filing of Securities of
Corporations Engaged Primarily in Business of
Investing or Trading in Securities
The Securities and Exchange Commission announced
May 16 the publication of Form 15 and an accompanying
book ofinstructions. Thisform is to be used by corporations,
the business of which is primarily that of investing or trading
in securities,for the registration of their securities on national
securities exchanges. A further form will be published for
the filing by unincorporated investment enterprises such as
Massachusetts trusts. The announcement of the Commission further said:
Except for the requirementgas to the financial data, this form follows
closely Form 10. The deviations from Form 10, other than in the financial
data,relate principally to the questions concerning the business and property
of the issuer. These have been changed so as to conform to investment
companies.
The financial requirements, however, differ essentially from those contained In Form 10. This was necessitated because of the difference in the
nature of the operations of a financial company as contrasted with an
Industrial company. In the first place, it is provided that financial statements of subsidiaries may not be consolidated with those of the company
registering, unless the subsidiary is itself an investment company.
Further. It is not required that the balance sheet show a differentiation
between current and fixed assets, as being unnecessary for an issuer of the
kind in question.
It is required that the balance sheet show, as to all marketable securities,
both cost and market. Reasonable flexibility, however, is permitted as to
the manner in which the cost and market shall he shown. Reserves, if
established, for the depreciation as well as the appreciation of investments,
are to be shown separately in the balance sheet. If reserves for depreciation
are not established, it is required that an indication be given of the adjustment necessary to reflect such depreciation in the surplus account. Earned
surplus must be segregated. The balance as of Jan. 1 1925, however. may
be accepted as shown in the books.
There must be made in the profit and loss statement a clear differentiation
between income from dividends and interest and capital gains and losses.
kA schedule containing a complete itemized list of all portfolio holdings is
required. Permission is granted, under certain conditions, to carry a part
of these holdings in a miscellaneous Item without enumeration.
Rule Revised by SEC Respecting Confidential Data
Filed Under Securities Exchange Act of 1934
The Securities and Exchange Commission announced
May 15 that it has revised its Rule UB2 relating to the
treatment of confidential data filed under the Securities
Exchange Act, The Commission stated:
The rule as revised eliminates the necessity of filing copies of such data
with the exchanges on which the securities are listed, but provides for
filing additional copies with the SEC. It also provides that upon determination of the Commission that it is not in the public Interest to keep
such data confidential, the additional copies filed with the Commission
will be forwarded to the exchanges.
Upon such determination by the Commission, a 10-day period shall
elapse before the information is made available to the public. During
that period the person requesting confidential treatment may notify the
Commission that he intends to seek review of the Commission's determination. Upon such notification, the Commission will withhold the information from the public for a period of 60 days, or until the petition for
review has been disposed of.
When the Commission denies a request for confidential treatment of
material filed with an application for registration of securities, permission is granted to withdraw all papers within 10 days.
Opening of Regional Office of SEC at Fort Worth, Tex.
That its regional office in Fort Worth, Tex., would open
on May 13 was announced by the Securities and Exchange
Commission on May 11. 0. H. Aldred has been appointed
regional administrator. Personnel numbers approximately
eight, including, among others, an oil royalty expert.
Federal Reserve Bank of Minneapolis Reduces
Rediscount Rate from 2% to 2%
Following the action taken last week by the Federal Reserve Banks of Dallas, Richmond, Kansas and Cleveland
(noted in our issue of May 11, page 3136), the Federal
Reserve Bank of Minneapolis, effective May 14, lowered its
rediscount rate from 23'% to 2%. The reduction was announced on May 13 by the Federal Reserve Board. The
24% rate of the Minneapolis Bank had been in effect since
Jan. 8, this year, at which time it was reduced from 3%.
May 18 1935
Receiverships of Eight Insolvent National Banks
Terminated During March—Report of Comptroller
of Currency
The Comptroller of the Currency, J. F. T. O'Connor, announced May 13 that hereafter monthly statements would
be issued showing the receiverships closed during the
month. During the past two years monthly statements were
issued showing the opening of conservatorship banks. The
last conservatordhip bank was opened in February 1935.
During the month of March 1935, the Comptroller's report said, the receiverships of eight insolvent National
banks were finally closed, reducing the number of National
bank receiverships to 1,539 as of the close of business
March 31 1935. The eight banks were listed as follows:
The First National Bank of Ansonia, Ohio, was placed in receivership
on Aug. 15 1933, and all depositors and other creditors were paid 100%
principal with interest in full at the legal rate, amounting to an additional
dividend of 5.776%. Total payments to creditors, including offsets allowed,
aggregated $85,534, and the stockholders received $7,210, together with
the assets remaining uncollected.
The First National Bank of Beason, Ill., was placed in receivership on
Sept. 29 1933, and all depositors and other creditors were paid 100%
principal, with interest in full at the legal rate, amounting to an additional
dividend of 5.413%. Total payments to creditors, including offsets allowed,
aggregated $102,636, and the stockholders received $3,934, together with
the assets remaining uncollected.
The Kosse National Bank of Hesse, Tex., was placed in receivership on
Sept. 18 1933, and all depositors and other creditors were paid 100%
principal, with interest in full at the legal rate, amounting to an additional
dividend of 10.84%. Total payments to creditors, including offsets
allowed, aggregated $24,314, and the stockholders received $5,368, together with the assets remaining uncollected.
The Farmers' National Bank of Trafalgar, Ind., was placed in receivership on Sept. 23 1931, and all depositors and other creditors were paid
100% principal, with interest in full at the legal rate, amounting to an
additional dividend of 6.95%. Total payments to creditors, including
offsets allowed, aggregated $107,643, and the stockholders received $1,669,
together with the assets remaining uncollected.
The First National Bank of Blythe, Calif., was placed in receivership
on Aug. 12 1931, and disbursements, including offsets allowed, to depositors
and other creditors aggregated $232,436, which represented 61.61% of the
total liabilities at date of failure. However, secured and preferred
creditors received a considerable portion of these disbursements, and
dividends paid unsecured depositors amounted to 9.42% of their claims.
The First National Bank of Sanborn, N. Dak., was placed in receivership on April 10 1929, and disbursements, including offsets allowed, to
depositors and other creditors amounted to $71,871, which represented
91.23% of the total liabilities at date of failure. Unsecured depositors
In this case received dividends amounting to 86% of their claims.
The First National Bank of Malvern, Iowa, was placed in receivership
on Dec. 10 1926, and disbursements, including offsets allowed, to
depositors and other creditors aggregated $228,221, which represented
82.32% of the total liabilities at date of failure. Unsecured depositors
received 73.76% of their claims.
The First National Bank of Berwyn, Okla., was placed in receivership
on Nov. 6 1930, and disbursements, including offsets allowed, to depositors
and other creditors amounted to $38,434, which represented 78.90% of
the total liabilities at date of failure. Unsecured depositors received 30.7%
of their claims.
Deposit Insurance Law Chief Factor in Aiding Banking
Rehabilitation, According to Comptroller of Currency O'Connor—Says Position with Respect to
Credit Expansion Possibilities Was Never so Strong
Banking recovery in the United States during the last
two years has been due in large part to the enaction of
legislation providing for deposit insurance, J. F. T. O'Connor, Comptroller of the Currency, told a meeting of the
North Carolina Bankers Association at Pinehurst, N. C.,
on May 10. Mr. O'Connor's speech dealt largely with banking conditions in North Carolina, but he also reviewed banking activities in the nation as a whole, and cited statistics
which he said showed that by the end of the second year
of the Administration the rehabilitation of the national
banking system was practically completed.
"Depositors," Mr. O'Connor said, "have regained confidence in the nation's banks, and have manifested this
confidence with an enthusiasm surprising to the most optimistic. Deposits are increasing rapidly, and the general
average of deposits per bank is now higher than at any
other period in the history of the country. The position
of the nation's banking system with respect to possible credit
expansion, therefore, has never been so strong, and our
banks represent a powerful factor in the restoration of the
industrial and commercial life of the nation."
Summarizing the work of the Administration in banking
rehabilitation, Mr. O'Connor said, in part:
The most pressing problem confronting the Roosevelt Administration was
the
rehabilitation of the National and State banking systems. An Emergency Bank Act was passed without a dissenting vote, and under
this Act,
funds were made available to strengthen the capital structure of banks
and to provide for a wide distribution of dividends.
The success of the program is eloquently attested by the phenomenal
recovery of the National banks from their very low state in March 1933.
Since that date the number of active National banks, including savings
banks and trust companies in the District of Columbia, increased from
4,522 to 5,467 on Dec. 31 1934, and deposits in these banks
increased
during the same period from $16,315,586,000 to $$21,676,303,000, or a
net gain of 945 active banks and of $5,360,717,000 in deposits.
Meanwhile,
only one National bank failed during the year 1934, as compared
with 161
suspensions in 1930, 409 in 1931, and 276 in 1932.
Deposits in National banks on Dec. 31 1934 exceeded by more than one
billion dollars deposits in these banks on June 30 1926, which is now
currently referred to as a .,ormal year, and the total is now fast approaching the peak reported for Dec. 31 1928. This striking evidence
of recovery
Is also true with respect to all banks in the country.
Volume 140
Financial Chronicle
Mr. O'Connor pointed out that insurance of deposits has
been made compulsory for all banks which are members of
the Federal Reserve System. He then added:
As of Oct. 1 1934 the insurance system embraced 5,450 National banks
and 969 State banks which are members of the Federal Reserve System.
The benefits of insurance, however, were extended to such State banks as
might voluntarily apply, and there were included in the insurance system
as of Oct. 1, 7,706 banks which had voluntarily applied, making a total
of 14,125 insured banks. In these banks the Federal Deposit Insurance
Corporation has an insured deposit liability of $16,452,433,000, representing the deposits of 51,245,242 depositors, 98.39% of whom are insured
In full.
Guaranty Trust Co. of New York Attacks Administration's Banking Bill—Says Measure Would Aid
Inflation and Place Politicians in Control of
Nation's Banking System—Other Criticisms of
Bill Made in Financial Circles
The Administration's banking bill which was approved
May 9 by the House of Representatives (as referred to in
our issue of May 11, page 3141), would, if enacted into law,
place control of the Federal Reserve banks in the hands of
political appointees and would remove "the last barriers
to inflation," the Guaranty Trust Co. of New York said in
a pamphlet which was sent to stockholders on May 13.
This statement, signed by William C. Potter, Chairman of
the Board, was regarded as the opening of an intensive
campaign against the measure by bankers.
Mr. Potter said that the principles of the bill are "fundamentally at variance with the original conception of the
functions of our Federal Reserve System and of central
banking in general," and if the measure were enacted in its
present form "the consequences would run through the
entire economic fabric of the nation." One of the most
dangerous features of the bill, the statement said, is that
which would permit National banks to make long-term real
estate loans up to 60% of their time deposits or 100% of
their capital funds. Extensive real estate loans, the bank
pointed out, have been one of the primary causes of past
bank failures.
The result of the bill, the statement continued, would be
to increase the danger of inflation by removing some of the
existing checks to credit expansion and substituting political control.
Mr. Potter's letter followed a speech on May 11 by
George C. Cutler, Vice-President of the Guaranty Trust Co.,
in which he told the New York State Bankers Association
that Title II of the bill would place the country's money
structure in the control of politicians and the Government
The "vice" of this control is two-fold, he said, and added:
First, it enables the Government to get money altogether too easily and
removes a much-needed brake upon extravagance; and second, instead of
having the Board (Federal Reserve Board) operate a somewhat complicated
credit structure pursuant to sound banking practices, the product of long
experience, it will be operated to conform to changing political theories
primarily formulated to get votes.
Leaving aside for the moment the ideal system and leadership which I
do not believe to be politically possible to-day, we can strive for one or
two objectives. First, we can seek to scrap Title II entirely, which would
leave a political Board without the greatly enlarged powers of the bill;
or, two, we can set up a system of checks and balances, which is fundamental in our system of Government, and particularly highly desirable in
this case.
The Hartford, Conn., Chamber of Commerce on May 10
telegraphed to President Roosevelt and several members
of Congress a denunciation of the banking bill. Its provisions, the telegram said, are "revolutionary in character
and make sweeping and fundamental changes in our Federal
Reserve System which are dangerous and unwarranted."
A press release issued by the Guaranty Trust Co. on
May 13 quoted from its communication sent to stockholders
on that date, in part, as follows:
For some time there has been a general drift of the Federal Reserve
System from a reserve banking institution, whose primary interest was
serving the credit needs of business and agriculture, into a credit reservoir for the Government. Already the Federal Reserve banks hold
$2,430,000,000 of Government obligations, contrasted with some $34,000,000 of commercial and industrial paper. The provisions of this bill
would open the way for the further extension of credit to the Government
by the Reserve banks.
The bill would make the credit policy of the Federal Reserve System
subject to the dictation of a Board consisting entirely of political appointees. Subject to the 40% reserve requirement, this Board would
have complete control over the issue of Federal Reserve notes, which constitute the most important part of the country's circulating currency. Its
present emergency power to raise or lower the reserve requirements of
member banks would be broadened and made permanent. It is important
to observe that this sweeping extension of political control over the banking
system would occur at a time when the Government is under great
political pressure by advocates of inflation, when the Federal budget is
far out of balance, and when the Treasury depends largely on the banks
for its current funds.
Inflationary Possibilities
It would perhaps be unfair to imply that it is the deliberate intention of
the sponsors of the bill to convert the Federal Reserve System into an
agency of inflation. But the result of the bill would be to increase the
danger of such a development by removing some of the existing checks to
credit expansion and substituting political control. In practice, the
assumption of control over any central bank by any Government, particularly at a time of financial pressure on the public treasury, has repeatedly
resulted in the subjection of banking policy to the fiscal needs of the
Government, and the eventual outcome has been outright inflation, with
Its attendant debasement of currency and credit. This is the fundamental
objection to Government control of central banking.
3311
The most sweeping extension of political influence would come about
through the additional powers of the Federal Reserve Board to dictate the
policy of the entire system in open market operations, including the
purchase and sale of Government securities. At present no Federal Reserve
bank can be compelled to participate in open market operations against
Its own will; but no Reserve bank can engage in such operations except
in accordance with an open market policy approved by the Federal Reserve
Board. The Board, therefore, now has legal power to affect the open
market operations of the Reserve banks only in a negative way through the
exercise of the veto power.
General Charles G. Dawes Has Settled Personal Liability as Stockholder of Closed Chicago Bank,
According to RFC Attorneys
General Charles G. Dawes, Chairman of the Board of the
City National Bank of Chicago, has settled his personal
liability claimed by the Reconstruction Finance Corporation in its suit to collect $14,000,000 from stockholders of
the old Central Republic Bank and Trust Co. by paying the
bank's receiver $6,800, it was disclosed on May 7 by RFC
counsel as arguments were made against the dismissal of
the suit in the Chicago Federal Court. Attorneys opposing
the Government in its suit charged that the Government
was seeking to impose unjust discrimination against the defendants under the Illinois law of double liability of bank
shareholders. Associated Press advices from Chicago May 7
noted the proceedings on that date as follows:
Harold Rosenwald, Associate Counsel for the RFC, told of the Dawes
payment protesting dismissal of the suit.
"General Dawes may have paid his personal stockholders' liability, but
we represent the Dawes company, with its stockholders, and with a liability that may run to $1,000.000." Harold Beacom, whose law firm has
led the fight against the RFC suit, declared.
rho RFC counsel also argued that the stockholders' liability was part
of the security considered by the RFC in granting the Central Republic
Bank two loans totaling $80.000,000.
Officials said the hearing on motion to dismiss the RFC suit would
Probably be concluded to-morrow.
New York State Mortgage Commission to Get Control
of 21 Concerns—To Assume Rule of Title Companies Now Under Jurisdiction of Superintendent
of Insurance
The State Mortgage Commission, headed by Wendell P.
Barker on May 13 took steps to assume control of all underlying properties on which certificates were issued by the
twenty-one title companies now under the control of Louis
H. Pink, newly appointed Superintendent of Insurance
of the State of New York.
The Commission on May 10 served notice in the matter of the New York
Title & Mortgage Co. and the Bond & Mortgage Guarantee Co. When
the Commission on May 13 served notice on Mr. Pink of its intended action of completed the steps necessary in taking over the certificated mortgages of all companies under the aegis of the State Insurance Department,
which has been acting as rehabilitator since August 1933.
Under the first operation the Commission assumed control of underlying
properties amounting to $509,963,526 which with the May 13 total will
reach $271,940,580, making a grand total of $781,904,106.
The notice served May 13 concerned the following companies:
State Title & Mortgage Co. of Brooklyn.
Title & Mortgage Guaranty Co. of Sullivan County.
Westchester Title & Trust Co.
Union Guarantee & Mortgage Co.
National Title Guaranty Co. of Brooklyn.
Lawyers Mortgage Co.
Hudson Title & Mortgage Co. of White Plains,
Hempstead Bond & Mortgage Guarantee Co.
Fidelity Title & Guarantee Co. of Mount Vernon.
Mortgage & Title Co. of America, in Brooklyn.
Mortgage Guarantee & Title Co. of New York, in Brooklyn.
Lawyers Title & Guaranty Co.
National Mortgage Corp.
Title & Mortgage Guarantee Co. of Buffalo.
Mineola Bond & Mortgage Guaranty Co.
First Mortgage Guaranty & Title Co. of New Rochelle.
Home Title Insurance Co., Brooklyn.
Long Island Title Guarantee Co., Brooklyn.
Lawyers Westchester Mortgage & Title Co., White Plains.
Greater New York-Suffolk Title & Guarantee Co., of Jamaica.
Lehrenkrauss Mortgage Sr Title Guarantee Co. of Brooklyn.
The Commission also served notice on the State Superintendent of Banks
In regard to the certificated mortgages issued by the Nassau-Suffolk Bond
& Mortgage Guarantee Co., Mineola, the Westchester Bond & Mortgage
Corp.. Mount Vernon, and the Guaranteed Mortgage Co. of New York
Books to Close May 23 on Tresaury's Exchange Offering
of 27 % Treasury Bonds of 1956-60 for Called First
A
Liberty Loan Bonds—$1,541,000,000 of Liberties
Tendered to May 11 for Bonds and 1M% Notes
Announcement was made on May 14 by Henry Moigenthan, Jr., Secretary of the Treasury, that the subscription
s
books for the Treasury's offering of 23/% Treasury bonds of
1955-60, issued only in exchange for called First Liberty Loan
bonds, will close at the close of business May 23, with subscriptions placed in the mail before midnight May 23 being
considered as having been entered before the books closed.
The bonds, originally issued at par, have, as indicated in
our issue of May 11, page 3136, been issued at 100M since
May 8.
Included in this refunding operation of the Treasury was
an issue of 1%% Treasury notes of Series A-1940, issued
also only in exchange for the called First Liberty Loan bonds.
Of the Liberty bonds called for redemption June 15 1935 in
amount approximating $1,933,000,000, Secretary Morgenthau announced May 12 that $1,541,000,000 of 80% had
Financial Chronicle
3312
been tendered up to May 11 for the new bonds and notes.
The Secretary's announcement follows:
Secretary of the Treasury Morgenthau announced to-day that subscriptions aggregating $678.000,000 had been received up to the close of
business Saturday (May 11) for the 2% Treasury bonds of 1955-60.
offered only in exchange for First Liberty Loan bonds of any series. With
863,000,000 of the First Liberty Loan bonds exchanged for Treasury notes
of Series A-1940, the total of Firsts exchanged to date is approximately
$1,541,000,000. or about 80% of the outstanding First Liberty Loan.
The Treasury's intention to close the books for the issue
of 2Y
8% Treasury bonds on May 23, was made known in
the following announcement issued May 14 by the New
York Federal Reserve Bank:
ih
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
[Circular No. 1543 May 14 19351
Subscriptions Books to Close May 23 1935
Treasury Bonds of 1955-60
On Offering of United States of America 2
In Exchange for First Liberty Loan Bonds
To all Banks and Others Concerned in the
Second Federal Reserue District:
Following is a copy of a statement which we have received from the
Treasury Department regarding the closing of the subscription books for
the current offering of Treasury bonds of 1955-60:
Secretary of the Treasury Morgenthau announced to-day (May 14) that
the subscription books for the current offering of 24% Treasury bonds of
1955-60, in exchange for First Liberty Loan bonds called for redemption on
June 15 1935, will close at the close of business May 23 1935. Subscriptions placed in the mail before 12 o'clock, midnight, Thursday, May 23.
will be considered as having been entered before the close of the subscription books.
As announced, about 80% of the outstanding First Liberty Loan bonds
have already been exchanged. The subscription books are being kept
open for the additional period in order that all holders of the called bonds,
and particularly the small holders, may have ample opportunity to take
advantage of the exchange offering.
The subscription books at this bank for the offering will close accordingly.
GEORGE L. HARRISON,
Governor.
Tenders of $160,256,000 Received to Offering of $50,000,000 or Thereabouts of 272-Day Treasury Bills—
$50,256,000 Accepted at Average Rate of 0.143%
Of tenders totaling $160,256,000, $50,255,000 were accepted to the offering of $50,000,000 or thereabouts of 272
day Treasury bills, dated May 15 1935, maturing Feb. 11
1936, Secretary of the Treasury Henry Morgenthau, Jr.,
announced May 13. The tenders were received at the
Federal Reserve banks and the branches thereof up to 2 p. m.
Eastern Standard Time, May 13. Reference to the offering
was made in our issue of May 11, page 3136. In his announcement of May 13 Secretary Morgcnthau said:
The accepted bids ranged in price from 99.902. equivalent to a rate of
about 0.130% per annum, to 99.889, equivalent to a rate of about 0.147%
per annum, on a bank discount basis. Only part of the amount bid for at
latter price was accepted. The average price of Treasury bills to be issued
is 99.892 and the average rate is about 0.143% pre annum on a bank discount basis.
The average rate of 0.143% compares with previous rates
at which recent issues of Treasury bills sold of 0.152%
(dated May 8); 0.153% (dated May 1); 0.169% (dated
April 24), and 0.176% (dated April 17 adn April 10).
New Offering of Two Series of Treasury Bills in Amount
of $100,000,000 or Thereabouts—Both to Be Dated
May 22 1935—$50,000,000 of 133-Day Bills Offered
and $50,000,000 of 273-Day Bills
The Secretary of the Treasury, Henry Morgenthau, Jr.,
announced on May 16 a new offering of Treasury bills in
two series, both to be dated May 22 1935, to the aggregate
amount of $100,000,000 or thereabouts. One series will be
133-day bills, maturing on Oct. 2 1935, to be offered in
amount of $50,000,000 or thereabouts, and the other series
-day bills, maturing Feb. 19 1936, also to be
will be 273
offered in amount of $50,000,000 or thereabouts. The face
amount of the bills of each series will be payable without
interest on their respective maturity dates.
Tenders to the bills will be received at the Federal Reserve
banks, or the branches thereof, up to 2 p. m., Eastern
Standard Time, Monday, May 20, but will not be received
at the Treasury Department, Washington. Both series will
be sold on a discount basis to the highest bidders. Secretary
Morgenthau requested that the bidders specify the particular
issue for which each tender is made. An issue of bills in
amount of $75,168,000 will mature on May 22. In his
announcement of May 16 Secretary Morgenthau said:
The bills will be issued in bearer form only, and in amounts or denominations of $1,000. $10,000. $100,000, $500.000. and $1,000,000 (maturity
value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the lace amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on May 20 1935,
all tenders received at the Federal Reserve banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices for each series will follow as soon as possible thereafter, probably on
May 18 1935
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.
Any tender which does not specifically refer to a particular series will be subject
to rejection. Those submitting tenders will be advised of the acceptance or
rejection thereof. Payment at the price offered for Treasury bills allotted
must be made at the Federal Reserve banks in cash or other immediately
available funds on May 22 1935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
The Treasury has, since the beginning of April, sold bills
in amount of $50,000,000 weekly. As to the increase to
$100,000,000 in the instance of the bills dated May 22,
special advices from Washington, May 16, to the New York
"Times" of May 17, said:
Beginning May 22, the Treasury will market $100,000,000 in bills weekly
for an indefinite period in order to refund maturities of $75,000,000 and
to supply $25,000,000 each week in new money to the general fund.
It is believed that in this way sufficient money will be made available.
In addition to tax payments and other receipts, to handle comfortably all
current expenditures until June 15.
On the latter date it is now indicated that a substantial offering in notes
or bonds, or both, will be made to replenish the Treasury's supply of cash
necessary for future financing of the relief program. There will also be an
exchange offering on June 15 to refund about $416,000,000 of Treasury
notes, which mature on that date.
Except for the sale of short-term Treasury bills on a discount basis and
of the so-called "baby bonds," there has been no sale of Government
securities for cash since December 15, when the Treasury offered $900.000.000 in bonds and notes. Other bond and note offerings since that time
have been for the conversion of outstanding securities.
The Treasury has held down its new cash financing since that date in
order to leave the way free for the large refunding operations later. From
February 27 to April 3 it sold weekly $100.000,000 of Treasury bills to meet
weekly maturities of $75,000,000 and apply new cash, but on the latter date
dropped the total of these issues to $50,000.000 a week.
Work Balance 762,158,988
That step has called for the payment each week of $25,000,000 out of the
general fund to meet maturing bills in excess of the new ones marketed.
Since that time the general fund's working balance has declined rapidly
and on May 14 was only $762,158,988. In addition to this, however, the
Treasury can employ temporarily money deposited by banks for the retirement of national bank notes.
Treasury Sold $21,990,000 of Government Securities
During April
Net market sales of Government securities for Treasury
investment accounts for the calendar month of April, 1935,
amounted to $21,990,000, Secretary Morgenthau announced
May 16.
During March,as noted in our issue of April 20, page 2627,
the Treasury purchased $41,049,000 of securities.
Federal Deficit $2,768,461,126 for First Ten Months of
Fiscal Year—Compares with $3,334,444,123 Year
Ago—New Treasury Financing Before June 15
Believed Unlikely
Treasury expenditures for the first ten months of the current fiscal year were $2,768,461,126 above receipts in the
same period, as compared with a deficit of $3,334,444,123
in the similar period of the preceding fiscal year, it was revealed by figures made public on May 2. The gross public
debt at the end of April totaled $28,668,106,390, as against
$26,118,280,752 on April 30 1934. Despite the large Treasury deficit, it was believed that the Treasury is not likely to
seek "new money" in the open market before June 15. A
dispatch of May 2 to the New York "Times" from Washington discussed the state of Federal finances in part as follows:
More than a month ago the Treasury found its cash balance much
higher than necessary, so a portion was employed in the retirement of
securities, with a consequent reduction in the debt. A portion of the Fourth
Liberty Loan was paid off in cash without recourse to borrowing.
Officials pointed out that it was necessary to carry a largo cash balance.
now about $1,934.000.000, because of uncertainty as to demands for
emergency purposes.
Total expenditures of the Government for the ten-month period were
$5,859,078,116, compared with $5.822,427,211 in the same period last year.
The mergency expenditures were $2.893.538,327, compared with $3,230.588,750; the general expenditures were $2,065,539,789, as against $2.591.838,460.
Trust funds, increment on gold and silver selgniorage showed an excess
of receipts over expenditures of $167,336,743 for the ten-month period.
as against $834,263.433 last year.
The general and special funds showed receipts of $3,090,616.990, as
compared with $2,487,983,087 for the first ten months of 1934.
During the ten months there were new issues in the public debt amounting
to $10,755,376,934, as against $9,140,411,957 in retirements. The principal new issues were $3,256,300,000 in bills. $3,722.146,900 in notes and
$2.879,686,950 in bonds.
Various Securities Retired
The chief retirements were 32.667,139,000 in bills, $1,520,875,800 in
certificates of indebtedness, $1,023,519,450 in First Liberty bonds and
$2,995,751,950 in Fourth Liberty bonds.
The Treasury's principal receipts for the ten months were summarized
as follows:
1935
1934
Source—
(10 Morzths)
(10 Months)
Income taxes
$822,230,464
$805,278,951
Miscellaneous internal revenue
1,382,626,208
1,220,485,201
Processing taxes
443,089,984
270,014,048
Customs
284,837,439
271,556,232
Panama Canal tolls
20,915,207
21,169,210
Seigniorage
55,958.873
130,501
Emergency expenditures for the ten months were listed as follows:
Emergency
1934
1935
(10 Months)
(10 Months)
Source$61,231,052.65
$132,635,835.50
Agricultural Adjustment Administration
49,170.381.76
61,345,731.29
Farm Credit Administration
35.054,891.30
Federal Farm Mortgage Corp
36,410,087.31
35,544.836.49
Federal Land banks
152.732.491.97
974,083,196.52
Relief Administration
Federal Emergency
683,238,722.75
11.032,870.98
Civil Works Administration
260,691,922.49
343,651,570.24
Emergency Conservation Work
79,305,130.75
Department of Agricultural Relief
Public NVorks
$5,959,241.72
$28,420,362.71
Tennessee Valley Authority
24,489.000.00
74,312,460.46
Loans to railroads
63.915,210.10
88,990,247.53
I,oans, grants to States, municipalities, 3‘c
197,052,329.39
280,393,102.93
Public highways
14,442.351.40
20,443,784.39
Boulder Canyon project
52.444,727.97
125,024,930.78
River and harbor work
3,266,518.90
Subsistence homesteads
98,951,345.29
271.239,822.11
All other
270,800.00
21,920,736.09
Federal savings and loan associations
50,000.00
3,738,193.13
Emergency housing
1,339.919,773.99
326,658,460.93
Finance Corporation
Reconstruction
149,795,632.67
497,850.35
Federal Deposit Insurance Corporation
4.767,888.21
10,032,627.38
Administration for Industrial Recovery
52,893.538,427.46
Total
53,230,588,750.97
Receipts of Newly Mined Silver by Mints and Assay
Offices from Treasury Purchases-Totaled 686,929.75 Fine Ounces During Week of May 10
In accordance with the President's proclamation of Dec. 21
1933, which authorized the Treasury Department to absorb
at least 24,421,410 fine ounces of newly mined silver annually,
the Department during the week of May 10 turned over
686,929.75 fine ounces of the metal to the various mints.
A statement issued by the Treasury on May 13 showed that
of this amount 499,829.57 fine ounces were received at the
Philadelphia Mint, 182,088.j8 fine ounces at the San Francisco Mint, and 5,012 fine ounces at the Mint at Denver.
The Treasury's statement of May 13 indicated that the
total receipts from the time of the issuance of the proclamation and up to May 10 were 35,480,000 fine ounces. Reference to the President's proclamation was made in our issue
of Dec. 31 1933, page 4441. The weekly receipts are as
follows (we omit the fractional part of the ounce):
Week Ended- Ounces
19341,157
Jan. 5
547
Jan. 12
477
Jan. 19
94.921
Jan. 26
117.554
Feb. 2
Feb. 9
375.995
232,630
Feb. 16
322,627
Feb. 23
Mar. 2
271,800
Mar. 9
126,604
832,808
Mar. 16
369,844
Mar. 23
Mar. 30
354,711
569,274
Apr. 6
10,032
Apr. 13
Apr. 20
753,938
436,043
Apr. 27
May 4
647,224
600,631
May 11
503,309
May 18
May 25
885,056
June 1
295.511
June 8
200,897
206,790
June 16
•Corrected figures.
Week Ended- Ounces
1934380.532
June 22
64,047
June 29
•1,218,247
July 6
230,491
July 13
115,217
July 20
292,719
July 27
118.307
Aug. 3
254,458
Aug. 10
649,757
Aug. 17
376,504
Aug. 24
11,574
Aug. 31
264,307
Sept. 7
353,004
Sept. 14
103,041
Sept. 21
1,054.237
Sept.28
620,638
Oct. 5
609.475
Oct. 12
712,206
Oct. 19
268,900
Oct. 26
826,342
Nov. 2
359,428
Nov. 9
1,025,955
Nov. 16
443,531
Nov. 23
'359,296
Nov. 30
Week Ended1934
Dec. 7
Dec. 14
Dec. 21
Dec. 28
1935
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar.22
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
May 3
May 10
Ounces
487,693
648,729
797.206
484,278
467,385
504,363
732,210
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
Silver Transferred to United States Under Nationalization Order-5,311 Fine Ounces During Week of
May 10
Announcement was made by the Treasury Department on
May 13 that 5,311 fine ounces of silver were transferred to
the United States during the week of May 10 under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Total receipts since the order of Aug.9 (given in our columns
of Aug. 11, page 858) was issued, amount to 112,733,192
fine ounces, the Treasury announced. During the week of
May 10 the silver, according to the Treasury's statement,
was received as follows by the various mints and assay
offices:
Fine Ounces
1,727.00
1,137.00
997.00
434.00
627.00
389.00
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended May 10 1935
5.311.00
Following are the weekly receipts since the order of Aug.9.
was issued:
Week Ratted- Fine Ozs.
1934
33,465,091
Aug. 17
26,088.019
Aug. 24
12.301,731
Aug. 31
4 144.157
Sept. 7
3,984,363
Sept. 14
8.435.920
Sept. 21
2,550,303
Sept.28
2.474,809
Oct. 5
2.883,948
Oct. 12
1,044,127
Oct. 19
746,469
Oct. 26
7.157,273
Nov. 2
3.665,239
Nov. 9
336,191
Nov. 16
Week Ended- Fine Ozs.
1934
261,870
Nov. 23
86,662
Nov. 30
292,358
Dee. 7
Dec. 14
444,308
692,795
Dec. 21
63,105
Dec. 28
1935
309,117
Jan. 4
535.734
Jan. 11
75.797
Jan. 18
62,077
Jan. 25
134,096
Feb. 1
33,806
Feb. 8
45.803
Feb. 15
Week Ended- Fine Ozs
1935
Feb. 22
152.331
Mar. 1
38,135
Mar. 8
57,085
Mar. 15
19,994
Mar. 22
54,822
Mar. 29
7,615
Apr. 5
5,163
Apr. 12
6,755
Apr. 19
68,771
Apr. 26
50,259
May 3
7,941
May 10
5,311
$424,913 of Hoarded Gold Received During Week of
May 8-$27,413 Coin and $397,500 Certificates
Receipts of gold coin and gold certificates during the week
of May 8 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Depart-
3313
Financial Chronicle
Volume 140
ment on May 13, amounted to $424,912.94. 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
May 8 amount to $123,225,135.65. Of the total received
during the week of May 8, the figures show S27,412.94
was gold coin and $397,500 gold certificates. The total
receipts are shown as follows:
Receired by Federal Reserre BanksWeek ended May 8 1935
Received previously
Total to May 8 1935
ReceVed by Treasurer's Office
Week ended May 8 1935
Received previously
Gold Coin
$27,412.94
30,285,986.71
Gold Certifitatet
$389,700.00
90,130,930.00
830,313,399.65
890,520.630.00
$261,506.00
$7,800.00
2,121,800.00
$2,129,600.00
S261.506.00
Total to May 8 1935
Note-Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
•
May 22 Proclaimed National Maritime Day by President
Roosevelt in Memory of Savannah Sailing
President Roosevelt on May 15 issued a proclamation establishing May 22 as National Maritime Day, in commemoration of the sailing on that date in 1819 of the steamship
The Savannah from Savannah, Ga., on the first successful
transoceanic voyage under steam propulsion. The text of
the proclamation follows:
Whereas, on May 22 1819. the steamship The Savannah sailed from
Savannah, Georgia, on the first successful transoceanic voyage under
steam propulsion, thus making a material contribution to the advancement
of ocean transportation; and
Whereas, Public Resolution 7, Seventy-third Congress, approved May
20 1933, provides, in part: That May 22 of each year shall hereafter be
designated and known as National Maritime Day, and the President is
authorized and requested annually to issue a proclamation calling upon
Day
the people of the United States to observe such National Maritime
by displaying the flag at their homes or other suitable places, and governof
ment officials to display the flag on all government buildings on May 22
each year."
Now, therefore, I, Franklin D. Roosevelt. President of the United
States of America, do hereby call upon the people of the United States to
observe May 22 1935 as National Maritime Day by displaying the flag
at their homes or other suitable places and to direct government officials
to display the flag on all government buildings on that day.
President Roosevelt Signs Treasury-Post Office Department Appropriation Bill
The $905,000,000 Treasury-Post Office Department
appropriation bill was signed by President Roosevelt on May
14. In reporting the signing of the measure, Associated
Press advices from Washington, May 14, said:
Signing of the measure gave several hundred employees of the Internal
Revenue Bureau about 24-hours in which to take examinations for reinstatement. They were retired last December under terms of the McKellar
act which required about 1,200 employees of the Treasury Department,
including the old prohibition force, to take special examinations.
Several hundred failed or declined to take the tests on the ground their
civil service status was not in doubt. They were automatically dropped from
the pay roll December 1. The present bill gives them back pay up to May
15, and allows those who have passed the required examinations to continue
on duty.
Rural Electrification Administration Created by President Roosevelt-Morris L. Cooke Named to Head
New Agency, with Broad Powers to Develop Electrical Distribution Throughout United States
President Roosevelt, in an Executive Order issued on
May 11, created a Rural Electrification Administration with
broad powers to construct, or assist in the building, of
electrical generation, transmission and distribution facilities
throughout the rural United States. Two days later (on
May 13) the President sent to the Senate the nomination of
Morris L. Cooke of Pennsylvania to be Administrator of the
Rural Electrification Administration.
The President's order allocated for the administrative expenses of the new body the sum of $75,000, and said that
future allocations will be made for definite authorized projects. It was indicated that the rural electrification development would begin in Virginia and Indiana.
The Executive Order conferred on the PEA power to
"initiate, formulate, administer and supervise a program of
approved projects with respect to the generation, transmission and distribution of electric energy in rural areas."
The Administrator was authorized to acquire "by purchase
or by the power of eminent domain any real property or any
interest therein and improve, develop, grant, sell, lease (with
or without the privilege of purchasing) or otherwise dispose
of such property or interest therein."
The complete text of the Executive Order is given below:
By virtue of and pursuant to the authority vested in me under the
Emergency Relief Appropriation Act of 1935, approved April 8 1935 (Public
Resolution No. 11, 74th Congress), I hereby establish an agency within
the Government to be known as the "Rural Electrification Administration,"
the head thereof to be known as the Administrator.
I hereby prescribe the following duties and functions of the said Rural
Electrification Administration to be exercised and performed by the
Administrator thereof to be hereafter appointed:
To initiate, formulate, administer and supervise a program of approved
projects with respect to the generation, transmission and distribution of
electric energy in rural areas.
In the performance of such duties and functions, expenditures are hereby
authorized for necessary supplies and equipment: law, books and books of
reference, directories, periodicals, newspapers and press clippings; travel
expenses, including the expense of attendance at meetings when specifically
authorized by the Administrator; rental at the seat of government and elsewhere; purchase, operation and maintenance of passenger-carrying vehicles'
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Financial Chronicle
printing and binding, and incidental expenses; and I hereby authorize the
Administrator to accept and utilize such voluntary and uncompensated
service and, with the consent of the State, such State and local officers and
employees,and appoint, without regard to the provisions of the Civil Service
laws, such officers and employees, as may be necessary, prescribe their
duties and responsibilities and, without regard to the classification act of
1923, as amended, fix their compensation; provided, that in so far as practicable, the persons employed under the authority of this executive order
shall be selected from those receiving relief.
To the extent necessary to carry out the provisions of this Executive Order
the Administrator is authorized to acquire, by purchase or by the power
of eminent domain, any real property or any interest therein and improve,
develop, grant, sell, lease (with or without the privilege of purchasing),
or otherwise dispose of any such property or interest therein.
For the administrative expenses of the Rural Electrification Administration there is hereby allocated to the administration from the appropriation
made by the Emergency Relief Appropriation Act of 1935 the sum of
$75.000. Allocations will be made hereafter for authorized projects.
FRANKLIN D. ROOSEVELT.
The probable activities of the new Government agency
were discussed as follows in a Washington dispatch of May 11
to the New York "Herald Tribune":
Three methods of electrifying rural United States are open to the new
administration:
Through direct Federal operations.
Through loans to or in co-operation with State or local agencies or local
co-operatives.
In collaboration with existing utilities.
It is believed that all methods may be used. Where satisfactory agreements can be negotiated with existing utilities for the extension of their
lines, it is believed that this method will be resorted to. The failure of
many companies to pursue rural electrification more aggressively is attributed to the fact that they are afraid that they will not begin to get an
adequate return on the additional investment for several years—until
after consumption has been built up. The Federal Government is prepared
to take a longer risk and may assist private utilities in doing so.
The second plan, of using State or local agencies, is the one which Public
Works Administration authorities have been working toward. Several
States have passed legislation authorizing the creation of State or local
rural electrification authorities and local co-operatives. Under such arrangements, a rural project might be built by a State or local authority
with the aid of Federal funds, or it might be built by the Federal Government and leased, when completed, to the State or local body.
Direct Operations Planned
To what extent direct Federal operations will be resorted to is expected
to depend on the lack of other means of getting the job done quickly.
In so far as it is economical, it is anticipated that the work will be concentrated on the building of rural distribution lines. However, where
electricity is not available from existing sources at a low enough price,
resort may be had to the construction of generating and transmission
facilities. Such generating units would be small, perhaps of the Diesel
type.
President Roosevelt Defends AAA Against "Lies" of
Its Critics—Tells 4,500 Farmers Visiting Washington that Government Will Continue Crop Restriction Policy—Denies Program Contemplates
Destruction of Crops
.The Government plans to continue the Agricultural Adjustment Administration program of crop restriction, despite
the "lies" of its "high and mighty" critics, President Roosevelt on May 14 told a delegation of 4,500 farmers who came
to Washington from 25 States to thank him for benefits
received under the AAA and other New Deal policies.
Speaking from the south portico of the White House, the
President asserted that the Government was still with the
farmers "who were once forgotten men." Recalling the
fact that it was almost exactly two years ago that the law
was enacted, he said that the farmers had ample evidence
of the benefits that had come as the result of the Administration of this law.
"Because your cause is so just," he said, "no one has the temerity to
question the motives of your 'march on Washington.' It is a good omen
for Government, for business, for bankers and for the city dwellers that
the Nation's farmers are becoming articulate and that they know whereof
they speak."
In speaking of gains made under the AAA, the President
compared the sheriff's sales, the six-cent cotton and the
35-cent wheat of 1932 with conditions as they are to-day.
He denied that the AAA program contemplated the destruction or the plowing under of crops.
The complete text of President Roosevelt's address to
the farmers is given below:
I am glad to welcome you to the National Capital. We can think of
this occasion as a kind of surprise birthday party, for it was just two years
and two days ago that the Agricultural Adjustment Act became a law.
And I well remember the fine group of representatives of farmers from every
part of the Union who stood around me on that occasion when I signed
the Act.
In record time you and thousands of other farmers took hold and set up
the machinery to control your own affairs and put the new law to work.
I remember, too, the many high and mighty people who said you could
not do it—that It was no use for you to try—intimating clearly that their
only remedy to improve your situation was to let the Sheriff's sales go on.
That was the old and very familiar way—the high and mighty balanced
farm production with demand. Those people did not understand and
many of them do not understand to day, that, if the farm population of
the United States suffers and loses it purchasing power, the people in the
cities, of necessity, suffer with them.
One of the greatest lessons that the city dwellers have come to understand in this past two years is this: Empty pocketbooks on the farm don't
turn factory wheels in the city.
Go back for a minute to the spring of 1933—when there was a huge
carry over of almost 13,000,000 bales and a price, because of that carry-cent cotton means
over. of 6 cents a pound. You and I know what 6
to the purchasing power of the cotton belt.
May 18 1935
There was a huge carry-over of tobacco and the price of tobacco during
the preceding six months was the lowest on record for many years. Wheat
with a carry-over of nearly 400,000,000 bushels and a price of 35 cents on
the farm; corn, with a price of 15 cents a bushel on many farms; bogs,
selling at 3 cents a pound.
You and I know what that meant in the way of purchasing power for
40,000.000 People.
When we came to Washington we were faced with three possible Programs. The first involved price-fixing by Government decree. This was
discarded because the problem of over-oprduction was not solved thereby.
The second was a plan to let farmers grow as much as they wanted to
and to have the Federal Government then step in, take from them that
portion of their crop which representated the exportable surplus and, in
their name, on their behalf, dump this surplus on the other nations of the
world.
That plan was discarded because the other nations of the world had
already begun to stop dumping. With increasing frequency they were
raising their tariffs, establishing quotas and clamping on embargoes against
just that kind of proposition.
Therefore, we came to the third plan—a plan for the adjustment of totals
in our major crops so that from year to year production and consumption
would be kept in reasonable balance with each other to the end that reasonable prices would be paid to farmers for their crops and to the end that
unwieldy surpluses would not depress our markets and upset the balance.
We are now at the beginning of the third year of carrying out this policy.
You know the results thus far attained. You know the price of cotton,
of wheat, of tobacco, of corn, of hogs and of other farm products to-day.
Further comment on the successful partial attainment of our objective up
to this time is unnecessary on my part. You know.
I want to emphasize that word "adjustment." As you know, a great
many of the high and mighty—with special axes to grind—have been deliberately trying to mislead people who know nothing of farming by misrepresenting—no; why use a pussyfoot word—by lying, about the kind of
a farm program under which this nation is operating to
-day.
A few leading citizens have gone astray from ignorance. I must admit
it. For example: The prominent city banker who was driving through
up-State New York with me four or five years ago in the late Fall. Everything was brown. The leaves were off the trees. We passed a beautiful
green field. He asked me what it was. I told him it was Winter wheat.
He turned to me and said: "That is very interesting. I have always wondered about Winter wheat. What I don't understand is how they are
able to cut it when it gets all covered up with snow."
The other was the editor of a great metropolitan paper. 11.3 visited me
down in Georgia when the cotton was nearly grown but before the bolls
had formed. Looking out over the cotton fields, he said to me:
"What a great number of raspberries they grow down here!"
Raspberries was right. At 4ji cents a pound for cotton, his mistake
was, perhaps, a natural one.
I was speaking of adjustment. It is your duty and mine to continue to
educate the people of this country to the fact that adjustment means not
only adjustment downward, bur adjustment upward.
If you and I agree on a correct figure for a normal carry-over it means
that if we have a bumper corp one year we will, by mutual consent,reduce
the next year's crop in order to even up that carry-over.
At the same time, if we get a short crop in a given year, you and I agree
to increase the next year's crop to make up the shortage. That is exactly
what we are doing to-day in the case of wheat.
It is high time for you and for me to carry, by education, knowledge
of the fact that not a single program of the AAA contemplated the destruction of an acre of food crops in the United States, in spite of what you
may read or be told by people who have special axes to grind.
It is high time for you and me to make clear that we are not plowing
under cotton this year—that we did not plow it under in 1934 and that
we only 'plowed some of it under In 1933 because the Agricultural Adjustment Act was passed after a huge crop of cotton was already in the
ground.
It is high time for us to repeat on every occasion that we have not wastefully destroyed food in any form. It is true that the Relief Administrator
has purchased hundreds of thousands of tons of foodstuffs to feed the needy
and hungry who are on the relief rolls in every part of the United States.
The crocodile tears shed by the professional mourners of an old and
obsolete order over the slaughter of little pigs and other measures to reduce
surplus agricultural inventories deceive very few thinking people, and
least of all the farmers themselves.
The acknowledged destiny of a pig is sausage, or ham, or bacon or pork.
In these forms millions of pigs were consumed by vast numbers of needy
people who otherwise would have had to do without.
Let me make one other point clear for the benefit of the millions in
cities who have to buy meats. Last year the nation suffered a drought
of unparalleled intensity. If there had been no Government program—
if the old order had obtained in 1933 and 1934—that drought on the cattle
ranges of America, and in the corn belt would have resulted in the marketing of thin cattle, immature hogs and in the death of these animals
on the range and on the farm.
Then we would have had a vastly greater shortage than we face to-day.
Our program has saved the lives of millions of head of livestock. They
are still on the range. Other millions are to-day canned and ready for
this country to eat.
I think that you and I are agreed in seeking a continuance of a national
policy which on the whole is proving successful. The memory of old
conditions under which the product of a whole year's work often would
not bring you the cost of transporting it to market is too fresh in your
minds to let you be led astray by the solemn admonitions and specious
lies of those who In the past Profited most when your distress was greatest.
You remember, and I remember, that not so long ago the poor had
less food to eat and lass clothes to wear, and that was at a time when you
had to practically give away your products. Then the surpluses were
greater and yet the poor were poorer than they are to-day when you farmers
are getting a reasonable, although still an Insufficient price.
I have not the time to talk with you about many other policies of your
Government which affect the farm population of the country. I have
not the time to go into the practical work of the Farm Credit Administration which, in all of its ramifications, has saved a million farms from
foreclosure and has accomplished the first great reduction in exorbitant
interest rates that this country has ever known.
Because your cause is so just no one has the temerity to question the
motives of your "march on Washington." It is a good omen for Government.for business,for bankers and for the city dwellers that the nation's
farmers are becoming articulate and that they know whereof they speak.
I hope you have enjoyed your stay in Washington. Seeing your government at first hand, you may have a better idea why its efforts at times
seem lumbering and slow and complicated.
On the other hand, you may have seen that we are moving faster and
accomplishing more practical results than you have been led to believe
by the high and mighty gentlemen I have spoken of.
Volume 140
Financial Chronicle
I want to thank you for your'patience with us. I want to pledge our
whole-hearted co-operation as you go forward.
We also quote from a Washington dispatch of May 14
to the New York "Times" regarding other activities of the
farmers in Washington on that date:
Prior to visiting the White House, the farmers heard themselves described as "lost men" who had found themselves through the assistance
of "a great President." They heard Secretary Wallace and Chester A.
Davis, AAA Administrator, condemn critics as "privileged classes" who
wanted to keep the farmer in want and destitution, and they heard their
own members assail the "big fellows" who sought to wreck the AAA
program.
Two sessions were held in Constitution Hall during the day, both amid
the most colorful scenes staged in the Capital in many years. Leaders
roused delegates to cheers that brought merriment and also embarrassment
and individuals interjected provoking remarks.
"Come here, you razorbacks," a farmer from Arkansas shouted to his
delegation.
"We got no Governor, but we are here," a Georgian shouted.
Some one asked where Huey Long was,and the reply was a series of boos.
Secretary Wallace Hurls Tariff Charge
President Roosevelt was not alone in applying epithets to his critics.
Secretary Wallace declared that "damnable lies" had been circulated about
Iowa by individuals who would protect high tariffs. He said that persons
in his home State had been raised in the belief that their fathers had died
in'the Civil War because the fight was to protect the tariff, "which they
put next to God."
President Roosevelt Plans Forceful Argument in Vetoing Patman Bonus Bill, White House Announces—
Hopes Congress Will Sustain Veto
— President Roosevelt intends to veto the Patman "green.
back" bonus bill in the most forceful language he can command, it was announced officially at the White House on
May 16. This announcement, issued by Stephen Early, a
Secretary to the President, was made after rumors had been
circulated that the President, for political reasons, would
not be displeased if Congress should override his veto, when
given. Mr. Early explained that not only will Mr. Roosevelt veto the bill, but he hopes that the veto will be sustained.
"I will say as definitely as I can," Mr. Early stated,"that
the President is not interested in the bonus question because
of political reasons or political expediency. He will veto
the bonus bill and- his message on it will present as forceful
an argument as he can on the subject."
The Patman bonus bill was sent to the White House
yesterday (May 17), after Vice-President Garner had completed the final formality of affixing his signature to the
measure. The President planned to write his veto message
over the week-end,an it was thought that he would returned
the vetoed bill to Congress on Monday. The bill will first
to to the House, where Administration leaders believe it
will be overriden. The most severe test is expected in the
Senate, around the middle of next week.
The rumors regarding the President's attitude on the
bonus issue arose most strongly after it was intimated that
Vice-President Garner had told some Senators that Mr.
Roosevelt would not be displeased if the Senate failed to
sustain his veto. Other Administration advisers, including
Jesse Jones, Chairman of the Reconstruction Finance Corporation, and Marriner S. Eccles, Governor of the Federal
Reserve Board, have recently made statements in which
they expressed their belief that payment of $2,000,000,000
in new currency as the soldiers' bonus would not impair the
Nation's credit position.
Meanwhile Senators and Representatives favoring the
Patman bill delayed in sending it to the White House this
week in the hope that their forces would gain sufficient
strength to enable them to override a veto. Compromise
proposals,in the event that a veto is sustained, have also been
suggested. These were discussed as follows in United Press
Washington advices of May 15:
An attempt will be made to jam a compromise bill through Congress as
an amendment to some routine appropriation measure if the Senate sustains
the expected veto of the inflationary Patman bill, it was learned tonight.
Veterans' leaders in Congress are prepared to sponsor a plan to give the
President an alternative of three ways of paying the bonus.
A group of veterans' leaders which Is directing the bonus strategy met
late to-day in the office of Senator Elmer Thomas (Dem., Okla.) without
reaching an agreement on the next move. The conferees said, however,
that they generally favored a plan which would give President Roosevelt
an opportunity to study the measure over the week-end.
"There will be no opportunity for a vote to override the veto before the
middle of next week," said Senator Thomas.
He declined to discuss reports of the proposed compromise and insisted
it was not revived at to-day's meeting. From other sources, however, it
was learned that various factions interested in the payment of the adjusted
service certificates have revived the compromise turned down last week
when Senator Thomas and his colleagues chose to make a straight-out
fight for the Patman measure.
Alternatives Outlined
The proposal favored by Senator Bennett C. Clark (Dem., Mo.), who is
engaged in behind-the-scenes maneuvers and who offered the Vinson
plan as a substitute for the Patman bill in the Senate, would permit the
President to pay the bonus: By a bond issue. By issuance of currency.
By taking part or all of the $2,250,000,000 out of the $4,000,000,000 work
relief fund.
Senator Clark declared such a compromise would win at least six more
votes than the Patman bill on the question of overriding a veto. Private
polls indicate a veto of the Patman bill would be sustained in the Senate
by three votes.
Senators Thomas and Pat McCarran who are directing the strategy for
the Patmanites, were said to-night to feel that they would be able to muster
their full strength early next week to attempt to override the certain White
House veto of the measure.
3315
The passing of the Patman bonus bill by the Senate on
May 7 was noted in our issue of May 11, page 3139.
President Roosevelt Determined that Utility Holding
Company Bill Pass in Original Form, According
to T. N. McCarter—Head of Edison Electric Institute Tells Savings Bankers President Has "Obsession" on Subject.
The public utility industry has been "singled out for
destruction as part of a plan of national recovery," and
President Roosevelt has an "obsession" in this respect,
Thomas N. McCarter, President of the Edison Electric Institute, told more 4-han 1,000 savings bankers, members of
the National Association of Mutual Savings Banks, at their
annual convention in New York City on May 8. Mr. McCarter spoke in place of Frank R. McNinch, the Chairman of
the Federal Power Commission, who was forced to cancel
a scheduled address because of illness. He declared that,
so far as he is able to learn, the President is determined
that the Rayburn-Wheeler bill providing for the elimination
of utility holding companies shall pass Congress in its
original form. He urged his audience to exert every effort
to prevent the passage of this measure.
Mr. McCarter's remarks were reported as follows in the
New York "Times" of May 9:
"I cannot understand," he asserted, "why an industry like this should
be suddenly singled out for destruction as a part of a plan of national
recovery. It has been my duty to confer with the President on more than
one occasion with reference to this situation. Far be it from me to speak
disrespectfully of Congress and much less of the President of the United
States, but I don't think I am overstating it when I say that, for some
reason unknown to me, the President has an obsession on this subject.
It is a condition of mind that even many of his closest associates in
Washington do not understand.
"After heaping burden after burden on the public utility industry and
taking away right after right, there has now gone to the extent of introducing into Congress the Rayburn-Wheeler bill [to abolish holding companies and to give the Federal Power Commission extensive powers over
utility operating companies).
"I have nothing on which to predicate a definite statement, but my
belief is that the bill will be greatly modified from the form in which it
has been introduced, either in the House or in the Senate, before it is
passed."
Report Backs Opinion
The bankers interrupted Mr. McCarter's observations with applause.
They had heard an earlier committee report that said the outcome of the
Rayburn-Wheeler hill was uncertain.
"I am confident," Mr. McCarter continued, "that the opposition which
developed during the hearing on the bill converted the majority of the
members of the Congressional committees to the point where they are not
In sympathy with the bill as written. But those of us who have practical
experience in politics know that states of mind disappear when the
political lash or the threat of defeat in the- next election makes an
appearance,
"So far as I know, the President is still completely determined, and so
far as he can control, the bill will pass in its original form as introduced.
No one objects to reasonable control. We have been under control generally for 25 years. But why the public utility industry should be singled
out for destruction is beyond my comprehension. Gentlemen, we must not
have that bill passed in Washington."
Senator Thomas Introduces Resolution Urging President Roosevelt to Take Lead in International
Currency Stabilization—Asks World Conference
When Dollar Adjustment is Completed
A resolution "requesting" President Roosevelt to suggest
to other nations the advisability of preparing for early
concerted action in stabilizing currencies, and asking him
to summon a world conference when the value of the dollar
had been satisfactorily adjusted and regulated, was introduced in the Senate on May 14 by Senator Thomas of Oklahoma. This resolution followed Secretary of the Treasury
Morgenthau's radio address in which he said that when the
rest of the world is ready•to seek stabilization "Washington
will not be an obstacle." The text of Mr. Morgenthau's
speech is contained elsewhere in this issue of the "Chronicle."
Senator Thomas's resolution, however, stated that the
United States "can and should take the lead in this necessary
movement." A Washington dispatch of May 14 to the New
York "Herald Tribune" quoted from the resolution as
follows:
President Roosevelt, under the Thomas resolution, would be requested
to take steps toward the "adjustment and regulation of the dollar" so
that it may serve the best interests of the people, with proper consideration
being given to the following conditions:
"The amount ofthe annual total tax bill ofour several units of government.
"The amount of the annual total public and private interest items.
"The amount of the consolidated or massed debts, public and private,
owed by the several units of government, corporations and the people
jointly and severally."
Senator Thomas,an ardent inflationist and also a friend ofsilver,included
In his resolution the mandate to the President to suggest "the advisability
of considering the use of both gold and silver at an agreed and fixed ratio
as a form of specie to be secured and held as the basis of the currencies"
of the nations.
Naval Appropriations Bill Increased by $11,690,000 in
Senate Committee—Measure as Favorably Reported
Carries Total Allotments of $459,606,846
The Senate Appropriations Committee on May 9 favorably
reported the Navy appropriation bill of 1936 totaling $459,606,846, and providing for the construction of 24 new vessels. The Committee amended the House bill in several
Important particulars, including an increase of $11,690,000
3316
Financial Chronicle
in the item for new building. In this action, the Committee
followed recommendations of the Navy Department for the
development of a treaty navy on the basis of the VinsonTrammell authorization approved by the last Congress.
The bill, as reported to the Senate, allots $100,000,000 for
the construction of two cruisers authorized in 1929, and one
aircraft carrier, 15 destroyers and six submarines authorized by the Vinson-Trammell measure. The House appropriation for new construction was only $88,310,000, while
the Senate Committee recommended that $11,690,000 of the
unexpended balances of other Navy appropriations for the
current fiscal year be made available for new building.
Other details of the bill as reported by the Committee
were outlined as follows in a Washington dispatch of May 9
to the New York "Herald Tribune":
The recommendation of Claude A. Swanson, Secretary of the Navy, as
presented to the Committee by Admiral Land, said:
"The department had planned and the Bureau of the Budget approved
an expenditure of $23,380,000 for commencing 24 new vessels in 1936.
The Committee recommended half of this amount, $11,690,000, to the
House and reduced the total for construction and machinery by this sum
to $88,310,000.
"This cut will mean a slowing down in the construction of these vessels,
particularly those allocated to navy yards. This will necessitate a delay in
the completion of construction of these vessels and there will be a
delay in their joining the fleet.
"In view of the fact that the 1936 appropriation for 'increase of the
Navy' is the first appropriation made by Congress subsequent to the VinsonTrammell bill, it would appear to be a very undesirable precedent for this
Congress to cut in half the estimate prepared by the Navy Department and
approved by the Administration. It is recommended that the total of
$88,310,000 be increased by $11,690,000 to $100,000,000."
Detailed Testimony Withheld
The testimony taken by the Committee and made public to-day showed
that Admiral William H. Standley, chief of naval operations, appeared in
behalf of the original amount. Details of the testimony were withheld
from the print of the hearings as an "off-the-record" statement "concerning the international aspect, and effect of making it optional whether or
not construction be begun immediately upon passage of the bill on 24
ships or only half this number."
The bill as reported to the Senate actually increased the total appropriation by only $1,801,585. Of that amount, $748,807 was in increased pay
for enlisted men.
Another item of increase was $530,600 for operation of aircraft because
the Navy will have more planes in service next year.
Another change which, like the ship construction amendment, does not
Increase the total of the bill is a recommendation that the Bureau of
Aeronautics be allowed to enter into contracts for new planes up to an
authorized limit of $8,180,000 instead of $5,000,000. This would permit
the Bureau to purchase 25% spare parts instead of 10% as proposed by
the House.
Senate Votes to Extend NIRA to April 1 1936—Ignores
President's Wish for Two-Year Continuation in
Approving Clark Resolution—Senator Harrison
Warns House Leaders to Take Similar Action
7
-Point NRA Program Has Executive Approval
Despite a demand by President Roosevelt that the National Industrial Recovery Act be continued for a two-year
period, the Senate, without a record vote, on May 15 approved the Clark joint resolution which would continue
the Act only until April 1 1936. The resolution would
modify the NIRA in several important particulars after
the expiration of the present law, on June 16. The resolution would prohibit price-fixing in codes, except those for
mineral and natural resource industries, and would prohibit codes of fair competition for industries that are
entirely intra-State. The President would be directed to
review codes now in effect in order to determine whether
they comply with the resolution within 30 days from
June 15.
The text of the resolution as approved by the Senate
follows:
JOINT RESOLUTION
To extend until April 1 1936 the provisions of Title I of the National
Industrial Recovery Act, and for other purposes.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Section 2(0) of Title I
of the National Recovery Act is amended by striking out "at the expiration
of two years after the date of enactment of this Act," and inserting in lieu
thereof, "on April 1 1936."
Section 2. In the application of Title I of such Act after the date of
enactment of this joint resolution and until April 1 1936, the following
amendatory revisions shall apply:
(1) No price-fixing shall be permitted or sanctioned under the provisions
of any code; except that provisions for the regulation of prices under
governmental control may be continued in codes for those mineral natural
resource industries in which prices are now fixed pursuant to the provisions of any code and which the President finds to be so affected with
a public interest that such regulation is necessary and proper in the
public interest.
(2) No code of fair competition shall be applicable to any person whose
business is wholly intra-State.
Sec. 13. The President shall review or cause to be reviewed for compliance with the requirements of this joint resolution every code in effect
on the date this joint resolution takes effect. In order to afford reasonable opportunity of such review, such codes are hereby continued in
effect (subject to cancellation or modification pursuant to the provisions
of this joint resolution) for a period of 30 days after June 15 1935,
unless previously reviewed and superseded; but no such code shall continue in effect after the expiration of such 30-day period unless the
President has reviewed such code and has approved it and finds that
the code in the form so approved conforms to the requirements of this
joint resolution.
Before the Senate vote was taken, Senator Harrison
warned leaders of the House against attempting to extend
May 18 1935
the NIRA for two years. He said that as a conferee he
would never agree to such a plan but would fight it
desperately.
The probable length of extension of the NIRA was still
in doubt late this week, in spite of the Senate's action, since
President Roosevelt on May 16 approved a seven-point
program providing for a two-year extension of the Act.
This program is expected to be presented to the House as
a substitute for the Clark resolution. The program, as
made public by the NRA on May 16 with the President's
endorsement, is as follows:
1. Two-year exten ion. This tImels necessary to obtain the co-operation
ofindustry inithe formulation of codes, with assurances to management and
labor of reasonably permanent conditions. It is necessary to maintain an
adequate personnel in the NRA; to work,out problems of code administration; to strengthen enforcement through judicial approval of methods, and
to prevent thelentire breakdown of labor and fair trade:practice provisions
by chiselers who are already at work undermining the standards of fair
competition. The extension of NRA for a few months will bring rapid
deterioration and disintegration of the whole industrial recovery program.
2. Adequate period for the revision of codes—three to six months.
3. Improved statement of legislative policies and standards to give additional guidance and authority for administrative action.
4. Jurisdiction of NRA limited to industries engaged in or substantially
affecting inter-State commerce. This will prevent the NRA from taking
in too much territory,and will strengthen its legal authority.
1115. Provision for voluntary codes and adequate authority for imposition
of limited codes. Voluntary codes to encourage improved business practices, including appropriate labor provisions. Limited codes to insure
minimum wages, maximum hours, prohibition of child labor, and Section
7-A.
0. Definite authority and standards for the NRA to prevent unfair competitive practices, especially those tending to monopoly and destruction
of small enterprises.
7. Methods of code-making and enforcement should be further defined,
with enforcement primarily through injunction or cease and desist orders,
and with provision for adequate protection of individual rights and small
enterprises through opportunity for hearing and judicial review, and public
control of all compulsory processes.
We quote, in part, from a Washington dispatch of
May 14 to the New York "Times" describing the Senate
action on the resolution:
Mr. Richberg, acting Chairman of the National Recovery Administration,
used the words "complete folly" as he spoke at a mass meeting of NRA
workers to-day relative to the policy of Congress extending the agency for
only a brief time. His views were supported later in the Senate by Senator
La Follette, Progressive, and Senator Shipatead, Farmer-Labor, the only
Senators to raise their voices in support of President Roosevelt's two-year
continuation program.
Despite the expressed attitude of the President toward the Clark
resolution, Senate leaders, including the Democratic leader, Senator Robinson, and Mr. Harrison, have insisted since a conference with Mr. Roosevelt
10 days ago, that he will approve the measure if passed by both branches.
Senator Harrison said that a new NRA bill would have taken weeks to
enact and that it would be best to await the next session "and more clearly
write a law that can be sustained by the courts."
Senator Long said that he would vote for the extension, "not because I
like the NRA but because it dehorns it and gums it up." Senator Borah
stated that he had a "tacit understanding" with Senator Harrison to
support the resolution if it remained in its present form.
"I will vote for the resolution, but, like the Senator from Idaho, I do
not want to be understood as favoring extension of the NRA for a single
minute," said Senator Glass. "If I could I would terminate it right on
the spot, but I'll vote for the resolution because it perhaps is the best
thing we can get."
Criticizing the Finance Committee for reporting the Clark resolution
instead of a two-year extension. Senator La Follette said:
"If the resolution becomes law I venture the prediction that the NRA
Is as dead as a doornail. Anyone who is familiar with the administration
of the NRA knows that, due to uncertainty, because of the approaching
termination of the present contract, June 16, and the legislative policy
of Congress, there has been a proems of rapid disintegration in NRA.
"If that uncertainty is permitted for the next 10 months, there won't
be enough left of NRA to wad a shotgun. It is better for the country
and for everybody else to permit the NRA to expire June 16 than to pass
this pusillanimous resolution."
Senator Nye Introduces Bill Imposing Huge War Taxes
—100% Levy on Net Incomes Above $10,000-99%
on Corporate Returns Above 6%—Offered as
Amendment to McSwain War Profits Bill
A bill proposing an automatic wartime tax of 100% on
personal net incomes in excess of $10,000 a year, and 99%
on corporate returns of above 6% was introduced in the
Senate on May 3 by Senator Nye as the first of a series of
measures to be proposed by his Munitions Investigating
.
Committee to take the profits out of war.
The following further advices regarding the bill are from
the Washington advices, May 3, to the New York "Times":
The bill was offered as an amendment to the McSwain war profits 1)111,
already passed by the House, and the Munitions Committee said in its report
that "it expects this anti-war profits bill to be passed."
The Committee "felt compelled" to substitute its bill for the McSwain
measure, the report said, because it believed that war profits could be
curbed not by trying to fix prices "but by checking in its incipiency the
thing which produces war profits, and that is war inflation." . . .
Price-Fixing Is Provided
Besides imposing several income taxes, the Munitions Committee bill
provides for a draft of industrial management, control of commodities,
control of finances and a grant of power to the President to fix prices,
profits, wages and other rewards essential to war industry.
The burden of the bill, however, both in subject matter and in volume—
it is 219 pages long—Is the tax section. Speaking with all emphasis on
the tax title, Senator Nye insisted that it was the major weapon to fight
excessive war profits in the future.
"Under this bill individual incomes will be taxed so that no person will
be permitted to retain more than $10,000 for himself," he said. "This
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Financial Chronicle
does not mean that no man will be permitted to earn a large salary. He
will be entitled to all reasonable deductions, including deductions to pay
interest and real estate and other taxes. The highest amount he can hold
on to, after paying all his income taxes, will be $10,000.
"Corporations will be taxed 15% on the first 2% of their earnings, 25%
on everything from 2 to 6%, and 99% on everything over that.
"A Bill to End War Inflation"
"This is a bill to prevent profiteering and to protect the country from
war inflation and its evil consequences.
"The whole question of drafting man-power, drafting labor and capital,
has been omitted from this particular bill because the committee is considering the War Department bill for mobilizing the man-power and
capital resources for war purposes, and these questions will be dealt with
In the report on that bill.
"The bill Is voluminous because it is a revenue Act, along with other
things. We have tried to provide a war revenue Act without disrupting
the existing Treasury administration of income tax oollection. Hence we
have taken the existing revenue Act and woven into it our new rates and
new controls, so that, in the event of war, the Treasury could shift to the
new revenue plan with the least embarrassment."
Senate Passes Wagner Labor Disputes Bill 63 to 12—
Amendment Defeated to Prevent Coercion of
Workers—House Committee Favorably Reports
Similar Measure
The Wagner labor disputes bill, designed to bring about
Industrial peace, was passed by the Senate on May 16 by a
vote of 63 to 12. The bill, which provides for the creation
of a permanent labor relations board to supervise employee
elections; establish collective bargaining on the basis of
majority rule, and give the board power to enforce its
decisions in court, was sent to the House, where a somewhat similar measure is pending. As to the rejection of an
amendment to the bill before its passage, Washington advices, May 16, to the New York "Herald Tribune" of May 17
said:
Encouraged by the suggestion that passage of the bill to-day would
mean a recess until Monday (May 20), Senators fairly raced through its
provisions, pausing only to defeat an amendment offered by Senator
Millard E. Tydings, Democrat, of Maryland.
This proposal, to write into the bill a provision prohibiting "coercion or
intimidation from any source" in the selection of representatives for collective bargaining, proponents of the bill said, would have served to
nullify the purposes of the measure. It was defeated, 50 to 21.
Except for the Residence of Senator Daniel 0. Hastings, Republican, of
Delaware, Senator Tydings stood almost alone in behalf of his amendment,
which has been advocated particularly by the automobile manufacturers.
Senator James Couzens, Republican, of Michigan, whose questions indicated
that he, too, believed the Tydings program should be adopted to prevent
competition among various unions for members, voted for the amendment,
but later voted for passage of the bill.
The vote on the bill, 63 to 12, was cast as follows: For
the bill: 63, Democrats 49, Republicans 12, Farmer-Laborite 1, and Progressive 1; against the bill, 12, Democrats 4
and Republicans 8. Special advices from Washington,
May 16, to the New York "Times" of May 17, in reporting
the passage of the bill by the Senate, stated:
Although President Roosevelt has not declared himself directly on the
Wagner bill, its sponsors say he will sign it after passage by the House,
which they confidently predict. Senator Wagner, William Green, President of the American Federation of Labor, and others were said to-night
to be seeking a special rule to speed the bill through the House.
Mr. Green asserted in a statement that the Senate's action would cause
"general rejoicing" among workers, and that under the bill "working
people may organize free from intimidation or coercion on the part of
employers, may be represented by those of their own choosing in collective
bargaining, and by a majority vote may select their own bargaining
agency."
The bill went through the Senate with unexpected speed, as it was only
brought to the floor on Tuesday, and debate upon it did not begin until
yesterday. Opponents of the social legislation program seemed to feel
they were unable to stop the mass progress of these proposals and that
the Wagner bill was just another unit in the program.
Charges Made by Opponents
Charges were made by Senators Hastings and Tydings that the bill, if
unamended, would result in coercion to join one particular labor union,
but the name of this union was not specifically mentioned on the floor.
However, there was no mistaking that the speakers meant the American
Federation of Labor.
While the ratio of strength for the bill in this roll-call was far greater
than in the vote on the Tydings amendment, only seven Democrats and 18
Republicans stood with Mr. Tydings for his recommendation, while 42
Democrats, eight Republicans and Senators La Follette and Shipstead were
pitted against him.
His amendment would have written a provision prohibiting "coercion or
Intimidation from any source whatsoever" into the clausep permitting
employees to organize for collective bargaining. He argued that it was
only fair to insert this language in the bill.
He met with determined objection from Senators Wagner and Walsh,
who said that the amendment had been unanimously beaten in the Labor
Committee, and that to include it would thwart genuine efforts at collective bargaining by making organization moves susceptible to accusations
that coercion or intimidation was being used against workers by certain
unions.
When the vote came on the Tydings amendment the.chair ruled that
not enough Senators demanded a roll-call. Mr. Tydings protested, but the
amendment was beaten in a viva voce vote. However, Senator Hastings
announced that if a roll-call were not yielded, he would speak at length.
Senator Johnson pleaded that in fairness to Mr. Tydings, a roll-call should
be held, and he was successful.
An account from Washington, May 16, by the Associated
Press reported as follows the principal features of the
measure:
The principal features of the Wagner labor bill would:
Establish a permanent labor relations board of three members, a sort of quasi
judicial body with power to order by secret ballot or otherwise an election to deter
3317
mine collective bargaining representatives. Any orders promulgated by it after
an election would be reviewable by the courts.
Lay down five unfair labor practices, and forbid employers from:
1. Interfering with, restraining or coercing employees in the exercise of their
rights, guaranteed In another section, to organize and bargain collectively through
representatives of their own choosing.
2. Dominating or interferring with the formation or administration of any labor
organization or contributing financial aid or other support to it. This is what is
called the company-dominated union ban.
3. Encouragaing or discouraging membership in any labor organization by discrimination in regard to hire or tenure of employment or any term or condition of
employment.
4. Discharging or discriminating against an employee for filing charges or giving
testimony under the proposed Act.
5. Refusing to bargain collectively with the representatives of their employees,
subject to the provisions of another section providing that bargaining representatives
chosen by a majority of employees in a particular unit shall represent all the employees of such unit exclusively in bargaining on pay, wages, hours and other conditions. A minority would be allowed to present "grievances."
The last action on the House measure was taken on May 9,
when the House Labor Committee voted unanimously to
report the bill favorably. According to United Press advices
from Washington, May 9, the bill as reported by the House
committee would place the Labor Board under jurisdiction
of the Labor Department, as recommended by Secretary
Frances Perkins.
The Senate Committee on Education and Labor reported
on the Senate bill on May 12, its report being made public
the next day. This report is said to declare that "the time
has come for a clean decision" to withdraw the governmental guarantee of collective bargaining contained in Section 7-A of the Recovery Act 'or implement it by effective
legislation.'" The following further advices regarding the
Senate Committee report are from Washington dispatches,
May 3, to the New York "Times":
In expressing its approval of the measure as necessary because Section 7-A
had broken down and because inadequate enforcement powers had been
granted the National Labor Relations Board, the report contended that,
in the opinion of the Committee, the bill was "a logical development of a
philosophy and a consistent policy manifest in many Acts of Congress
dealing over a period of years' with labor relations."
In its analysis of the bill the Committee gave its view on provisions
bitterly attacked by the employers—the closed shop, financing of so-called
company unions, coercion of employees and majority rule.
The Committee inserted a provision making it an unfair practice for an
employer "to refuse to bargain collectively with the representatives of
his employees."
In explaining its refusal to include in the bill a provision to baa
coercion "from any source" when employees carry out their right of selforganization, the Committee pointed out that it was the "employer" who
was prohibited from interfering with the right of his employees to
organize.
The corresponding right of the "employers," it was said, was that
they, too, should be free to organize without interference on the part
of the employees, and "no showing has been made that this right of
employers to organize needs Federal protection against employees."
The Committee attached to the second unfair labor practice the proviso
that subject to rules published by the National Labor Relations Board, "an
employer shall not be prohibited from permitting employees to confer
with him during working hours without loss of time or pay."
In two respects the bill was said to narrow the existing law regarding
closed shop agreements. While to-day "an employer may negotiate such
an agreement even with a minority union, the bill provides that an em
ployer shall be allowed to make closed shop contracts with with a labor
organization that represents the majority of employees in the appropriate
collective bargaining unit covered by such agreement when made."
Objections voiced to the bill were referred to in our issue
of April 13, page 2453.
Banking Unification Needed for Proper Control of
Currency and Credit, Governor Eccles Testifies—
Tells Senate Committee Title ll of Proposed Law
Should Be Enacted—Clashes with Senator Glass
on Government Authority over Central Banks
Unless unification of the banking system of the United
States is brought about, the effectiveness of proposed legislation designed to control the country's credit and currency
needs will be distinctly limited, Governor Marriner S. Eccles
of the Federal Reserve Board told the Senate Banking and
Currency Committee on May 10. Governor Eccles was testifying in his first appearance before the Committee on
behalf of Title II of the proposed Banking Act of 1935.
He asserted that no central bank exists to-day which is
not controlled by the Government of the country in which
It is situated. This statement was challenged by Senator
Glass, heading the subcommittee which was conducting the
hearing. Senator Glass said that he had been told that
instead of Prime Minister MacDonald directing the Bank
of England what to do, it was the Bank that issued the
Instructions. Mr. Eccles at another time assured Senator
Glass that he did not favor Father Coughlin's proposal for
a "central bank" because "it was not a practical arrangement."
Mr. Eccles criticized the action of the House of Representatives in eliminating from the Administration's bill a
provision which would force all banks which are members
of the Federal Deposit Insurance Corporation to join the
Federal Reserve System by July 1937, and said that this
should be restored, wit'. the modification that all banks
with deposits above $500,000 must join the System within
a year of entering the deposit insurance plan.
Governor Eccles read a long prepared statement in which
he defended the provisions of Title II of the Banking Act
of 1935, and said that it would provide for "public" and not
"political" control. In summarizing the reasons on which
the proposed changes in the banking laws are based he
said:
3318
Financial Chronicle
Perhaps the best way to explain the reasons for the changes proposed
in this bill is to ask you to consider what kind of a system would be
devised, if a plan for such a system were to be formulated at the present
time. It would be considered desirable that all banks carrying deposits
subject to check be members of the system. It would also be deemed
desirable that the banks be supervised, but in a country the size of ours
it. would be undesirable to centralize in Washington all operations pertaining to individual banks. What would be done is to provide for regional
Reserve banks with a large degree of local autonomy in dealing with
their local member banks. It is equally clear that national monetary
policies would have to be under public, not pricate or banker, control.
Such policies would be placed under a body appointed by the President
and confirmed by the Senate. Provision would be made to insure as far
as possible that the controlling body •be composed of the best talent
available and that it be in a -position to resist pressure to pursue policies
for undesirable purposes. To this end both authority and responsibility
would be concentrated in that body; its members would be made financially independent; high qualifications for membership and an objective
toward which policy should be directed would be laid down. That body
would be entrusted with sufficiently effective instruments of policy to
make the system responsive to changing conditions, and would be given
discretion in the regulation of bank operations.
The system, which I have ventured to suggest would be established if
a new plan now being formulated, differs little from the Federal Reserve
System with the changes proposed in the Banking Bill of 1935. We
propose to facilitate entrance of non-member banks into the Federal
Reserve System. We propose to increase the regional autonomy of the
Reserve banks in matters pertaining to local credit administration. We
propose to increase the authority and responsibility of the Federal Reserve
Board in matters pertaining to national monetary policies; to lay down
new qualifications for future Federal Reserve Board members; to grant
to future members pensions and higher salaries. In these ways we hope
to make a position on the Board more attractive to outstanding men. We
suggest a specific objective of monetary policy. We propose that the
system's organization be made more amenable to Federal Reserve Board
policy; that the banking system be made more responsive by making it
safe for the banks to meet the changing nature of the community's requirements for loans, and by liberalizing the provisions in respect to real
estate loans; and, finally, we propose the removal of various impediments
to effective policy, such as collateral requirements for notes.
A Washington dispatch of May 10 to the New York
"Times" quoted from other portions of Governor Eccles's
testimony before the Committee as follows:
Mr. Eccles's statement that there was no central bank not under control of its Government was interrupted by Senator Glass, who said:
"On the contrary, I heard a man in New York, who is thoroughly
familiar with the British system, say that the Premier of England would
not dare tell the Bank of England what to do, but rather the Bank of
England tells the Premier what to do."
Mr. Eccles retorted:
"There is a very responsive co-operative relationship between the Chancellor of the Exchequer and the Bank of England."
To substantiate this statement, he read from a declaration by Viscount
Snowden, former Chancellor of the Exchequer, that no important step was
ever taken without consultation between the Bank of England and the
Government.
"Are you in favor of a Government central bank?" asked Senator Glass.
"No, not in the sense of transfer of ownership and creation of one bank,"
was the reply.
"Do you favor Father Coughlin's central bank proposal?"
"No," Mr. Eccles answered rather sharply.
"Well, why not?"
Coughlin Plan "Not Practical"
"Well, it is not a practical arrangement," said Mr. Eccles. "Ownership is not a vital matter. It makes no difference whether the Government or the banks own the stock. It seems to me that those charged with
management are more important than who owns the stock."
"If it is a central bank, it ought to be a bank and have proprietary
interest," Senator Glass answered.
Senator Couzens entered the discussion, asking:
"Assuming your bill had been in force in 1928-1929, what procedure
would you have taken?"
The Reserve Governor said he could not answer this "rather broad
question." Mr. Couzens insisted, however, that the question "seems important to me." Then Mr. Eccles said:
"I think the Banking Act of 1933 would have been more effective than
this bill. It provides control over speculation, margins and collateral
loans—it seems to deal directly with the situation."
"Then most of those abuses have been remedied by the Banking Act
of 1933," Senator Couzens commented ironically.
"In so far as speculation goes, the 1933 Act takes care of it," Mr.
Eccles said.
He wished to continue with his prepared statement, but Senator Glass
asked for a reply to Mr. Couzens's question.
"The efforts of the two former Secretaries of the Treasury (Mr. Glass
and Senator McAdoo, who also joined in the questioning) seem to me to
estop an answer to my question," Senator Couzens put in, but Mr. Glass
said he was only trying to elicit the answer.
Senator Townsend suggested that Mr. Couzens was entitled to a reply.
Finally, Mr. Eccles said the bill did not propose any new activity along
the line of controlling speculation.
Hastings Resolution Intimates Administration Aided
Farm "March" on Washington—Sharp Debate in
Senate and House on Government's Policies
Charges that the Federal Government had financed and
directed this week "march" of more than 4,000 farmers to
Washington were made on May 15 in a resolution introduced
in the Senate by Senator Hastings of Delaware. On the
same day, in the House, Representative Fish declared that
the cotton farmers were "following the New Deal Pied Pipers
in a dance of death toward vanishing world markets and ruin
and desolation for the South." Meanwhile many members of
the farmers' delegation that had heard President Roosevelt's
address in May 14 sat in the galleries of the Senate and
House and applauded as Administration leaders assailed the
critics of the President and of the Agricultural Adjustment
Administration.
May 18 1935
Senators Lewis and Connally made a sharp attack on
Senator Hastings' resolution, which called upon Secretary
of Agriculture Wallace to furnish all correspondence concerning the farm march and all available information as to its
financing. No action was taken immediately on the resolution but Mr. Wallace denied that the Government had any
connection with inspiring the "march."
United Press Washington advices of May 15 summarized
the day's debate in Senate and House as follows:
Republicans in Congress counter-attacked to-day against President
Roosevelt's charge that influential citizens are lying about the Administration's farm program.
"rho President's speech," said Senator Daniel 0. Hastings (Rep., Del.)
"reminds me of a small town bully."
"The President lost his head—and that is the mildest term that can be
applied," said Representative Hamilton Fish (Rep., N. Y.), who represents
the district in which Mr. Roosevelt's Hyde Park estate is situated.
The speakers referred to the President's address yesterday to 4,500farmers
who came here to indorse the AAA's crop program, and assembled on the
White House lawn to hear Mr. Roosevelt say that "high and mighty persons
are lying about our agricultural program."
"The President's speech,"said Mr.Hastings,"reminds meof the small town
bully, who boldly and courageously calls his opponents foul names when
he has his own crowd about him to protect him."
James Hamilton Lewis.senior Senator from Illinois and Democratic whip
of the Senate, defended Mr. Roosevelt.
"The President is to be congratulated," he said,"May his tribe increase
and his performances multiply. I pay tribute to him for yielding to the
popular impulse to call slanderers of the Government that which they are—
liars. Certain liars have been attempting to convince the nation that we
are on the verge of inflation and others are guilty of seeking to mislead the
people about the Administration's labor policies."
Senate Committee Approves Measure to Appropriate
$25,000 for ICC Investigation of Railroads
A resolution sponsored by Senator Wheeler, alloting funds
for an investigation of the railroads, was approved May 15
by the Senate Audit and Control Committee after the
measure had caused a long deadlock. The resolution was
reported in amended form to the Senate with the recommendation that the $25,000 appropriation requested be
granted. The inquiry cannot 'begin, however, until the
resolution is approved by the Senate.
The approval of this resolution on April 8 by the Senate
Committee on Interstate Commerce was noted in the
"Chronicle" of April 20, page 2629. A Washington dispatch of May 15 to the New York "Journal of Commerce"
recorded the action of the Audit and Control Committee
as follows:
Sponsored by Senator Wheeler (Dem., Mont.) the measure already had
received the indorsement of the Interstate Commerce Commission of which
he is Chairman, but ran into a storm of opposition when submitted to the
Audit and Control Committee for approval of the $25,000 appropriation.
Several hearings were held by the Committee before approval was given
during which Chairman Jesse H. Jones of the Reconstruction Finance
Corporation and Chairman Joseph P. Kennedy of the Securities and
Exchange Commission testified in executive session. They were said
to be divided as to the necessity for the inquiry.
U the resolution meets with the approval of the Senate. Chairman
Wheeler said to-day that his Committee would begin open hearings sometime next fall. Preliminary work in the inquiry would be conducted in
the meantime by the ICC and other agencies of the Government which
were directed in the amended resolution to assist the Committee.
Senate Interstate Commerce Committee Reports Modified Utility Holding Company Bill—Provisions Still
Regarded as Drastic—House Group Unable to
Agree on Several Features, and Changes are
Indicated
The Senate Interstate Commerce Committee on May 15
made public its report on the Wheeler-Rayburn utility holding company bill. Senator Wheeler, Chairman of the Committee, indicated that he plans to bring the measure up for
consideration as soon as is practicable. It is expected that
the bill will be considered before the social security legislation. As reported by the Interstate Commerce Committee,
the bill is a substitute for the original measure which was
introduced in the Senate on Feb. 8 as an Administration
proposal. While the bill in its present form contains some .
modifications, its provisions are nevertheless regarded as
most drastic.
Leaders in the House of Representatives were reported
on May 15 as having decided to speed action on the utility
control bill, although it was believed that some features of
the measure may be considerably changed in the House.
The bill is now before a subcommittee of the House Interstate Commerce Committee, which has been unable to agree
on some features—notably as to whether to indorse outright
dissolution of holding companies or the regulation of such
concerns.
The report of the Senate Committee on May 15 said that
the purpose of the measure is the breaking up of unwieldy
and concentrated political and financial power in the hands
of unnecessary holding companies and the bringing of savings to consumers. Quotations from the Committee report
are given below, as contained in a Washington dispatch of
May 15 to the New York "Times":
Referring to Title I, which contains the dissolution requirement, the
committee said:
"The title requires that a holding company be permitted to hold only a
single system of operating companies in order to break down dangerous
and unnecessary nation-wide financial interlockings in the essentially local
operating utility business; to break down the concentration of the economic
and political power now vested in the power trust; to reduce utility enter-
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Financial Chronicle
prises to a size and power which can successfully be regulated by local and
Federal regulatory commissions; to rearrange the relationships between
operating and holding companies on a functional basis so that intelligent
regulation is possible; to confine the operations and the interest of each
public utility system to a given region so that the system will have to work
out a modus vivendi with the population of that region.
Called "Breeder and Bad Relations"
"Private utilities, with their legalized monopolies, are chartered to serve
public ends. A far-flung, disjointed system is independent and absentee
so far as any particular community in its system is concerned. Its management has the problems of no one community for its exclusive consideration.
"It derives a great portion of its power and its profits from outside
sources over which the community has no control. It can never be successfully regulated by the community it serves. It is a breeder of bad
public relations."
Recognizing the constitutional limitations upon the powers of the Senate
and the exclusive right of the House to start tax legislation, the committee
stopped just short of providing encouragement of holding company structure readjustments by taxation, but suggested that existing revenus laws
should be amended in this regard.
In the consideration of this matter the committee recommended that
income as well as stamp and transfer taxes be utilized.
Way for Rate Action is Seen
As for the gradual integration of existing utility systems along more
economic and regional lines which the bill seeks to accomplish, the report
said that with consolidations limited to companies in a single territory,
there would be opportunity "for the territorial raids at fantastic Prices
with which for fifteen years competing holding companies' systems disturbed the operating business."
"Essentially local systems will tend to operate utilities rather than to
play with high finance; and essentially local enterprise is far less likely to
accumulate a disproportionate amount of political and economic Power."
said the report.
Replying to arguments of opponents of the bill that prospective company
reorganization would further carry down security values, the committee
said:
"As a matter of fact the valuation which the market places on holding
company securities to-day is but a rough calculation or prediction of the
break-up value of an interest in the holding company's conglomeration of
interests in operating properties.
"During any process or reorganization under this title the market appraisal of values is likely to be more accurate and reliable than at present
because of the focusing of attention upon the down-to-the-rail assets which
make up the real value of holding company securities."
Rather than demoralizing the market, for securities of operating companies, the net effect of changes resulting from the bill would be to strengthen the market on utility securities generally, the committee held, "by
replacing holding company securities with sound operating company
securities."
In explanation of the holding company dissolution mandate, the report
said it was "simply a requirement that within five years(with certain permissible extensions) the presently existing holding companies must choose
either
"(a) To turn themselves into investment trusts by making legal arrangements which will deprive them of control of the management of operating
companies, or (b) to rearrange or reduce their holdings in operating companies, so that each holding company will control the management of only
a single system of operating companies, which single system is not mixed
up with any extraneous businesses such as real estate, hotels, and operations in foreign countries, and is either predominantly intrastate, or geographically and economically integrated in contiguous States, the laws of
which will not permit merger into a single operating system."
Report on Personal Income Tax and Crediting Device
Prepared for Interstate Commission on Conflicting
Taxation
There has been issued by the American Legislators' Association, with headquarters in Chicago, a research report,
prepared for the Interstate Commission on Conflicting Taxation, on "The Personal Income Tax and the Crediting Device." Regarding the study, the following summary has
been made available:
The purpose of the Personal Income Tax and the Crediting Device is to
examine the applicability to individual income taxes of a crediting plan
similar to the one now employed in the field of death taxation. The
report is divided into four parts. The first examines the conflicts between
Federal and State personal income taxes and considers some of the important problems which would be raised by adoption of the crediting
scheme. Among these issues are the scope of the credit, the limitations
and restrictions on State freedom of action, the measures of administrative
economy, the probable influence on rate and exemption conflicts, the effect
of the stability and elasticity on State income tax revenues, and the extent
to which double taxation as between different States would probably be
eliminated.
The effectiveness of the crediting plan in eliminating double and conflicting taxation depends on the degree of State uniformity required for
sharing in the Federal credit. In Part II the consequences of the various
possible prescriptions which might be incorporated in a Federal statute
are examined. Among these possibilities are uniform methods of dealing
with the allocation of income between States, the results of unifying administrative procedure, the possible requirements respecting definitions of
income, and the results which would flow from uniform rate prescriptions.
The particular type of uniformity which has received most generous support, it is pointed out, is that having to do with allocation of income
among the several States with particular reference to the desirability of
eliminating double taxation.
In the third part the authors examine the statistical consequences for
the Federal Government and the various States of adopting alternative
possible crediting plans. It is shown that the distribution of the benefits
of the crediting device would be erratic and that complete absorption of
credits by the taxpayers of certain States would be impractical. Finally,
the consequences favorable to crediting a flat proportion of the Federal tax
and to crediting various proportions depending on the size of the income
are analyzed.
The fourth part of the study is predicated on the assumption that no
possibility of adopting the crediting device, without replacing the Federal
revenue which would he lost, exists at the present time. The chapter is
devoted to examining the alternatives available:
3319
(a) Eliminating the exemptions or credits now allowed, for example,
for corporation dividends, interest on governmental obligations, salaries of
public officials and employees, and earned incomes.
(b) Reducing the personal exemptions.
(c) Increasing the rates.
It is shown that the method of providing personal exemptions in 1934
resulted in a revenue loss of approximately 25.2% of the total revenue,
and that still more revenue could have been raised by a disappearing
exemption consistent with the theory on which exemptions are based. The
consequences of revision to secure greater income tax revenues without
unduly severe rates are examined.
Secretary of the Treasury Morgenthau Advocates
Government Ownership of Federal Reserve Bank
Stock—Urges Central Bank to Control Credit and
Currency—Avoids Answering Questions on Inflation and "Sound Money" Before Senate Committee
Secretary of the Treasury Morgenthau yesterday(May 17)
expressed his belief that the Government should own all of
the stock of the Federal Reserve Banks, and at the same time
advocated the creation of a central bank which would enable
the Government to exercise rigid control of credit and currency. Testifying before a subcommittee of the Senate
Banking Committee on the Administration's Omnibus Banking Bill, the Secretary strongly indorsed the measure, including Title II, which would establish Government control over
the open-market operations of the Federal Reserve System.
Mr. Morgenthau refused to answer questions dealing with
inflation or "sound money," explaining that the pending
Patman bonus bill precluded his discussing these subjects
at the present time.
Associated Press Washington advices of May 17 summarrized the Secretary's testimony in part as follows:
Senator Glass asked Mr. Morgenthau whether he had "any substantive
reason to supposa that the proposed open market committee composed
entirely of Federal Reserve Board members would operate more effectively
than the one now estaolished by statute." The present board is selected
by governors ot the reservt; districts, with its action subject to the board's
approval.
Mr. Morgenthau hedged, commenting that "these various instruments
of credit I believe should all be centered in one place. They should all be
centered in Government authority."
After repeated efforts to get the Secretary to reply Mr. Glass observed:
"You didn't answer my question, but you answered it sufficiently for
me to conjecture what your real judgment was."
Mr. Morgenthau grinned, then laughed, and members of the committee
laughed with him as they recalled that Martiner S. Eccles, governor of the
Federal Reserve Board, had advocated in the bill the concentration of the
credit control authority in the board.
Mr. Morgenthau refused to define inflation or sound money for Senator
McAdoo, Democrat, of California, a former Secretary of the Treasury.
He said the fact that the bonus bill was pending before the President prevented him from talking on that subject.
"Do you consider United States notes, with a 40% gold reserve, sound
money?" Mr. McAdoo asked.
"I'm not very smart on those things," Mr. Morgenthau replied. "A
bill is pending before the President that involves greenbacks, and I'd rather
not answer."
Mr. McAdoo said his questions did not involve the bonus bill and when
Mr. Morgenthau said there were "a lot of experts down at the Treasury to
discuss the theory of money," the Californian said:
"I'm talking about actualities."
"I can't talk," Mr. Morgenthau replied, "and that ends it."
At the start of the hearing, Mr. Glass asked:
"As Secretary of the Treasury you've had the cooperation of the existing
open market committee?"
"I've been in the Treasury about a year and a half," Mr. Morgenthau
replied, "and it so happened that the week I came in was:the last week the
committee purchased any securities.
"I have gotten along extremely well with the committee. I have no
complaint to make as to their attitude. They have played a very unimportant role in the last year and half. They have turned over securities_as
they became due and reinvested them."
"Haven't they put any of your securities on the market?" asked Mr
Glass.
"They've invested about two and half billions and kept them constant.
There have been times when I thought they might have shown a little more
courage toward long-term securities, but they evidently thought the shorter
term ones better. As the securities became due they invested in the short
term."
"Isn't that good business?" Mr. Glass asked.
"It hasn't proven to be," the Secretary said. "Investors in longer term
securities have made money out of them."
The Secretary said he tavored the "same supervision over credit that the
Government has over inspection of banks."
Getting back to open market policies. Senator Couzens, Republican, of
Michigan, asked if it was not possible under existing law for the open
market policy to run into "very definite conflict."
"Yes," the Secretary replied.
"And the purpose of this bill is to avoid that conflict?" Mr. Couzens
asked.
"Couldn't the Federal Reserve System under the bill be used to finance
the Government?" Mr. Glass queried.
"I'll have to take your word for that," Mr. Morgenthau said.
Pressing further his elaboration on how independent the board he proposed should be of political control, Mr. Morgenthau said it should be
subject to removal only by impeachment.
Secretary of State Hull Indorses Idea of World Currency Stabilization—Statement Says Secretary
Morgenthau's Offer Prepares Path for Revival of
Trade
Secretary of State Hull, in a statement issued on May 15,
said that the speech made by Secretary of the Treasury
Morgenthau on May 13, when he remarked that the United
States would welcome °once ted action for world currency
3320
Financial Chronicle
stabilization, "pointed toward the direction toward which
the world can look for further improvement of its affairs."
International monetary stabilization and reciprocal negotiations for removing foreign trade barriers are complimentary, Mr. Hull said.
The text of Mr. Morgenthau's speech is given elsewhere
in this issue of the "Chronicle." Mr. Hull in his statement
said that exchange fluctuations have created a state of confusion in world markets, he believes this confusion "to be
only a transient condition incidental to the re-establishment
of a new and better balanced stability." Mr. Hull's statement was as follows:
The speech delivered by the Secretary of the Treasury on May 13 was
timely, clarifying, and pointed in the direction toward which the world
can look for a further general improvement of its affairs.
The fluctuations of exchanges have created a state of confusion in world
markets, but I believe this confusion to be only a transient condition incidental to the reestablishment of a new and better balanced stability.
That international trade has been able to maintain even its present reduced volume during this period of difficulty shows that this trade satisfies genuine needs, but it has not been able to regain previous volume, and
this is one of the reasons why most governments to-day still face such
grave problems of unemployment and of business depression.
Our effort to rebuild American foreign trade is being carried steadily
forward—with the necessary safeguards against currency fluctuations.
Signs are not lacking that other governments,finding other methods unsatisfactory, are now disposed to direct their policy in the same direction.
All progress made in extending world trade makes it easier to regularize
currency relationships. Correspondingly, all progress in this direction
makes it much easier and safer for governments to arrange for an extension
of trade.
These movements supplement each other. As trade grows and currencies
approach a condition of stability, the rigid control over exchanges, which
many governments now exercise can be lessened or abolished.
These exchange controls were imposed in many instances with a view of
protecting the value of national currencies. Experience seems to show
that while they may serve this purpose during critical periods, it is at the
hindrance of trade interests.
Experience also seems to show that their use to gain trade advantage is
short-lived and at the expense of other countries which in turn take steps
to counteract that advantage. The progress of trade agreements and the
expansion of foreign trade are intimately related to progress made toward
a greater measure of exchinge stability and a better balance of prices.
Leon Fraser Praises Morgenthau Stabilization Pronouncement—Retiring Head of Bank for International Settlements Says Responsibility for Delay
Belongs to Great Britain
Secretary of the Treasury Morgenthau's statement regarding the willingness of the United States to join with other
Nations to aid currency stabilization is "a splendid exposition of the American Government's attitude on monetary
matters" and "places the responsibility of the delay where it
probably belongs,namely,the Government of Great Britain,"
Leon Fraser, retiring President of the Bank for International
Settlements, said on May 15. Mr. Fraser issued a formal
statement in which he commented on Mr. Morgenthau's
speech of May 13, and in which he declared that the United
States should not yet definitely stabilize or abandon its liberty
of action on the chance that other Government's might
follow. Mr.Fraser's statement was as follows:
I consider Mr. Morgenthau's statement a splendid exposition of the
American Government's attitude on monetary matters. He has correctly
emphasized the solidity of the dollar. which,in my judgment,is the strongest
currency in the world.
While I am not in agreement with some of his inferences that look like
economic nationalism, I unreservedly share his view that the United States
should not yet definitely stabilize or abandon its liberty of action on the
mere chance other Governments may follow.
Contrarily, stabilization should come by mutual agreement between
leading powers who must tie their hands when we tie ours.
In publicly stating Washington is not unwilling to stabilize and will
not be an obstacle when other governments are ready. Mr. Morgenthau
has made the most constructive contribution toward bringing stabilization
to a head, thus opening the way to a general rise in prices and real world
recovery, that has been made by any one.
Europe has had erroneous ideas about the American position, and Mr.
Morgenthau's speech clears the air and places the responsibility for the
delay where it probably belongs, namely. the Government of Great Britain.
Ir Issuance of the text of the Morgenthau speech through
the Bank for International Settlement was noted as follows
in a dispatch from Basle, Switzerland, to the New York
"Times" on May 15:
His statement-was made for World Bank officials, who had asked their
former President's opinion on the Washington move.
This followed an unprecedented step by the United States Government,
which transmitted through its Paris Embassy the text of the Morgenthau
speech to the World Bank for the information of Europe's Central Bank
governors, apparently thinking they were still here for the meeting of the
Bank for International Settlements.
The full text served very largely to reverse the unfavorable effect which
brief press summaries caused yesterday among the few bankers then still
here.
Text Sent to Member Banks
Had it been released here simultaneously with delivery in Washington
It would have reached most of the governors while they. were together.
It undoubtedly would have improved the atmosphere and stimulated much
in the way of exchange of views. Its lateness, therefore, is much regretted
here.
J. W. Beyen. alternate to President Trip and in charge of the World
Bank during the President's absence, set another precedent to-day by
ordering prompt distribution of the Morgenthau text to all twenty-seven
member-central banks, along with with Mr. Fraser's comment.
This is the first time the Bank has served as a distributing centre for
State documents of this kind.
May 18 1935
Ogden1L.1 Mills Challenges Statements of Secretary
Morgenthau on Gold Policy—Former Treasury
Head.Terms Abandonment of Gold Standard "Disastrous"— Criticizes Failure to Mention Balanced
Budget
The abandonment of the gold standard by the United
States in April 1933 was "unnecessary and disastrous" and
the country has "not begun to pay the full consequences of
the step taken at that time," Ogden L. Mills, former Secretary of the Treasury, said on May 14 in a statement replying
to the radio address of the preceding day by Secretary of
the Treasury Morgenthau. Mr. Mills said that the facts
failed to support Mr. Morgenthau's charge that the retention of the gold standard by the Hoover Administration was
"economic suicide."
The text of Secretary Morgenthau's radio speech is given
elsewhere in this issue of the "Chronicle." Mr. Mills, referring to Mr. Morgenthau's statement that gold was flowing
heavily out of the country early in 1932, asked wh,y the
Secretary did not mention the "great inflow of gold during
the latter part of 1932." He said that Mr. Morgenthau's
expressed willingness to participate in international currency
stabilization could be regarded as "distinctly encouraging,"
but added that he was disappointed no mention was made
of "one of the indispensable elements of permanent stabilization—a balanced budget."
A part of Mr. Mills' statement is given below:
Any one listening to or readindMr. Morgenthau's statement was led to
no other conclusion than that, beginning with England's abandonment:of
the gold standard, the process/above described was continuous, with constant and uninterrupted loss of gold exerting unremitting pressure, and that
the obstinate refusal of the administration then in power to abandon the
gold standard at once was the underlying cause of the eventual panic and
of the events that preceded it.
What are the facts? From the end of September 1931, to the end of
June 1932, we did lose some $800,000,000 in gold, due principally to
the withdrawal of short-term balances of the French Government and
of the Bank of France.
By July 1932. however, so effective were the policies pursued by the
administration, such as unflinching adherence to payment of gold on demend, the securing of the Glass-Steagall measure and the determined
efforts to bring the budget into balance, that the movement had definitely
spent itself.
From July 1932, to January 1933, gold flowed back into this country
uninterruptedly, in an aggregate amount of over $550,000,000. In fact,
taking the year 1932 as a whole, our monetary gold stock increased rather
than decreased. During all of the summer and early fall of 1932 trade,
business, prices and employment all turned upward. In other words, the
fight for the dollar and returning confidence had done the trick.
Why did Mr. Morgenthau, in what purports to be a recital of facts, fail
to tell the American people of the great inflow of gold during the latter
part of 1932, of the actual increase in monetary gold stocks during that
calendar year and of the sharp upturn in business during the summer of
1932? Because these facts completely destroy his case.
United States Will Stabilize Currency When Other
Leading Nations Are Also Ready, Secretary of the
Treasury Morgenthau Asserts—Credits Devaluation with Sharp Gains in Foreign Trade and
Recovery—Warns This Country Can Devalue
Further if Others Do
That the United States is prepared to stabilize its currency whenever other leading nations are prepared to enter
into an agreement for world stabilization, but it will not
stabilize before such a time and lose the benefits already
gained by the Administration's monetary policies was declared on May 13 by Secretary of the Treasury Henry
Morgenthau Jr., in a radio address on "The American Dollar." Mr. Morgenthau's speech was interpreted as indicating that the United States is ready at any time to
listen to stabilization proposals from Great Britain or other
countries, but that it will not make the first move in this
direction.
The Secretary defended devaluation of the dollar by the
Roosevelt Administration, and asserted that this action
has aided in reviving American foreign trade. He declared
that the United States now has the "soundest currency" in
the world, and said that although this country does not
intend to engage in a competitive currency devaluation race,
Its "hands are untied" and "we can go either way."
Mr. Morgenthau did not discuss the Administration's
silver-buying policy in as great detail as some had expected,
although he said that the Treasury is seeking to restore
silver to greater usefulness as a monetary metal. The
Administration gold embargo and gold seizure, he contended, rescued the United States from chaos, protected the
country through the most trying recovery period, and is
now acting as "the spearhead" of further recovery.
After remarking that the United States was the thirtyfirst nation to abandon gold, he pointed out that Belgium
had only recently taken a similar step. In his discussion
of possible stabilization measures, one of the most significant passages in the speech was:
The world should know that when it is ready to seek foreign exchange
stabilization, Washington will not be an obstacle. Our position was that
of an innocent bystander who suffered untold losses in a fight that he
did not start and from which he could not escape. Why should we be
singled out and admonished that the moral duty to restore order is
primarily ours?
The Secretary quoted from a compilation based on statistics supplied by 29 leading American manufacturing concerns, and said that these were evidence that American
foreign trade bad recovered under the Administration's
Financial Chronicle
Volume 140
monetary depreciation. Export sales of these companies,
he pointed out, last year were 59% above 1932, while their
employees in the same period had been increased by 204,000,
or 34%. The same companies had an aggregate net loss of
$121,000,000 in 1932 and a profit of $128,000,000 last year.
Other figures showed that the foreign trade of the United
States increased in both physical and dollar volume in 1934
as compared with the two preceding years, and also represented a greater proportionate part of the world's trade.
The complete text of Secretary Morgenthau's address is
given below:
The American Dollar
It is my purpose, to-night, to state a few simple facts which, I hope,
will contribute to a clearer understanding of the monetary policy of the
United States. I shall not enter into complicated discussion of the theory
of money. I shall nierely tell you what has been done, why, and the effect.
In order to examine the record in logical sequence, it is necessary to
review, briefly, the background of our present problems. Foreign trade
has, from the beginning, been an important factor in the business of the
American people. During the 18 years immediately preceding the outbreak of the World War, we exported $31,000,000,000 worth of merchandise, almost all of which was paid for with goods and services that we
received. The net gold movement to us was relatively small, amounting
to $174,000,000. Foreigners invested in the United States, during those
18 years, $2,000,000,000; Americans invested abroad $1,000,000,000. At
the outbreak of the World War the American people owed the world
$3,000,000,000 more than foreigners owed us. That was what the ledger
showed on July 1 1914.
With the beginning of the World War a tremendous change took place.
From July of 1914 to the end of 1922 we exported $47,000,000,000 worth
of merchandise. Much of this was paid for with goods, services and gold,
but there remained due us a balance of $19,000,000,000, for which we
took mostly promises to pay.
Now note the contrast. In the previous 18-year period, with our country
one of the world's attractive fields for capital investment, we drew in
about $1,000,000,000 net from abroad, but when we became a creditor
nation, the net outflow of capital reached $19,000,000,000 in the eight
years between the beginning of the World War and the end of 1922.
Nor did we stop there. We continued to export more than we imported,
thus accumulating an additional $2,500,000,000 of net foreign investment
by the end of 1929.
If we deduct from the grand total of our loans and investments abroad
all of the loans and credits that foreigners have here and then examine
the status of our net foreign investment, we find that an amount equal
to two-thirds of it is to-day in partial or complete default.
There you have the background, from an American point of view, when
In 1931 things headed toward a crisis all over the world. Credit and currency difficulties which had been spreading throughout Europe came to a
head in the spring of that year. On Sept. 21 1931 Great Britain suspended
gold payments. Norway, Sweden and Denmark followed within a week.
Japan acted in December. Other nations either went off gold or took
equivalent action to control their foreign exchange.
As the nations went off gold, the value of their currencies in international
exchange dropped sharply, and our customers found it difficult to get
dollars with which to pay for American products. They could trade with
each other to some extent, but they bought from us only what they could
not do without. The physical volume of world export trade dropped about
one-fourth from 1929 to 1932, but our exports dropped almost one-half
In the same period.
During 1932 England increased her share of the world trade by 16%
over the previous year, and Japan by 29%. To say that we merely shared
In world-wide misfortune is not entirely accurate, because our share
Included an additional penalty for remaining on the old gold standard.
While total world export trade declined, those countries which promptly
went off gold increased their share of what remained.
Some of the countries became alarmed because they could see the bottoms
of their gold bins. They and others exerted pressure to have foreign credits
called home. Sometimes these credits responded by going in the other
direction just as fast as they could travel. Gold was stampeding from
country to country, always leaving the place where it was needed, and
rarely doing its new hosts any good.
In January of 1932 gold began to leave the United States in alarming
amounts. This was fair notice to all concerned that our turn was next.
The panic was knocking at our door, but nothing effective was done to
avert it. Europeans knew that we could not maintain our currency at
the old gold level without a further ruinous deflation of our prices, trade
and industrial activity. Facing that crisis, the previous Administration
stubbornly refused to take action, evidently under the impression that that
was a proud achievement, when it was obviously economic suicide.
Foreigners had left here more than $1,000,000,000 to enjoy our high
interest rates and prospects of quick profits. Seeing what was happening,
they judged that it was high time to take this money home. They did so,
and the panic was on. We could not offer them their defaulted paper
when they called for their money. We could not even offer them their
paper that was not in default. We had let them have the money on longterm loans, and they had short-term loans here. Our long-term paper was
not due, while their short-term loans could be collected and their stocks
sold. They could demand gold for every dollar due, and that is what they
did. Thus it happened that, in the first six months of 1932, we witnessed
the incredible spectacle of gold going out of the world's greatest creditor
nation on every ship—nearly all of it to nations that were in our debt.
Still nothing effective was done to avert the disaster.
Stupendous as the gold movement was, we could not ship fast enough
to meet the demand, and speculators took advantage of the situation to
sell the dollar. They were not all foreigners, either. However, the
citizenship of these snipers is not important, since their dominant trait
is an utter lack of patriotism or loyalty to any nation. They would sell
civilization itself short if they could, and for all they knew at that time,
they might have been doing so.
Our loss of gold, added to the calamity of declining trade, falling commodity prices, and widespread unemployment caused bewilderment and
then panic. The disaster swept over our country with the fury of a
hurricane. Within a few months our financial structure was in a state
of collapse. In the month of February 1933 and up to the time President
Roosevelt took office, about $500,000,000 in gold and nearly $2,000,000,000
in currency were withdrawn from our banks. They were closing, not
Individually, but by whole States at a time. That was the situation when
this Administration came into office. On taking his oath, Mr. Roosevelt
assumed both the duties of President and receiver for a concern—the
richest on earth, but on that tragic day face to face with insolvency.
3321
We were headed for disaster unless the run on the banks could be stopped
and our gold reserves reassembled.
Both objectives were promptly
achieved. The President's proclamation closed the banks, ending the run,
and the gold was ordered into the custody of Uncle Sam under penalties.
Those two acts met the domestic emergency. An embargo on gold exports
was declared and that ended the outward flow. This effectively took us
off the old gold standard and the dollar began to adjust itself to the
realities of the world situation.
In going off gold, we were not the first; we were the thirty-first. The
operation was completed in January of 1934, when the dollar was revalued
and set at 59.06% of its former gold content. Since that time we have
enjoyed the soundest currency in the world. It is, in fact, so sound that
we find gold flowing back into this country to take refuge in our dollar;
not to pay balances, but to find safety. Some of the same sharpshooters
who personally conducted the flight of gold from this country during
1932 and the first two months of 1933 are now bringing it back.
But let us return to the record and see what our new dollar did for our
foreign trade. I shall take all three of the commonly used yardsticks
and apply them.
First, measured in physical volume, the United States increased its
export trade during 1934 as compared with both 1932 and 1933.
Second, measured in dollar value, the United States increased its foreign
trade in 1934 as compared with 1932 and 1933.
And finally, measured by percentage share in the physiaial volume of
total world trade, we again show an increase over both 1932 and 1933.
This is the more remarkable because the volume of our agricultural
exports was declining.
In 1934 we shipped one-third less cotton than in 1932, but we got 7%
more money for it.
We also got a higher price for our wheat, but the drought can account
for most of the increase.
Our wheat exports have also been affected by quotas and embargoes.
Some of our former customers prefer, for reasons of national policy, to
grow their own wheat, regardless of price.
Because of these unusual factors, I cannot trace with accuracy and
fairness the full effect of our monetary policy upon agricultural exports.
A better test is offered by manufactured goods.
The physical volume of all our finished manufactures exported in 1934
increased 37% compared with 1932; semi-manufactures increased 47% in
the same period.
To be concrete, let us take a specific article, such as the automobile.
In 1930 we exported 238,000 cars. In 1932, with our country one of the
very few remaining on the old gold standard, we exported 65,000 cars.
In 1933, under the Roosevelt monetary program, our exports shot up to
107,000 cars. Last year they more than doubled; they came right back
to where they had been in 1930.
During the disastrous period of declining sales, the world still wanted
American automobiles but it could not get the dollars to pay for them.
Nothing startling developed in the way of foreign competition; our dollar
prices had not gone up, and quality remained just as gold, or improved.
We simply had an interim during which we could not sell because the
dollar was too high in relation to other world currencies ; this Administration lowered the gold content of the dollar and the foreign market is
being restored to our automobile manufacturers with such rapidity that the
benefits are already nation-wide.
Some people have been telling you that there simply could not be any
benefit in restoring trade by bringing our money into reasonable relation
with the other moneys of the world. I decided to get the answer to that
question from the manufacturers themselves. They ought to know best.
I asked the executive heads of 29 large representative firms whose products
are a crow-section of our industry to tell me:
First, whether they are getting any more foreign trade.
Second, whether employment in their plants has increased.
Then I examined their published reports to find out whether they were
making any profits. Here are the combined answers:
To the first question, whether they are getting any more foreign trade,
they answer "yes." In 1934, which was the first full year under the
Roosevelt monetary program, their export sales were 59% greater than
in 1932.
To the second question, whether the number of their employees has
increased, they also answer "yes." Two hundred and four thousand more
men and women were working in their plants during 1934 than in 1932,
an increase of 34%.
To the third question, whether they are making any money, the answer
is again "yes." Their combined loss in 1932 was $121,000,000; their
combined profits for 1934 were in excess of $128,000,000. These figures
include their losses and earnings on domestic sales also.
Domestic
sales followed substantially the same course as their foreign sales. When
foreign sales hit rock botton, so did domestic sales; and when foreign
sales recovered, under the Roosevelt monetary program, domestic sales
recovered with them. So there you have the testimony of the best qualified
witnesses.
Under the monetary policy of this Administration they lifted themselves
out of a deficit in excess of $100,000,000 to earnings in excess of $100,000.000, and employment increased by more than 200,000.
There are many indications that world trade will continue to increase.
Our monetary policy in relation to foreign trade is not intended to capture
business, but merely to protect our normal share. So far from engaging
in a competitive devaluation race with the other nations, we hold out to
them a currency of such steadiness that the normal tendency may very
well be for the rest of the world to move gradually toward practical
exchange stabilization. If that can be achieved, the final step should
come easily and almost of its own accord. Unless somebody rocks the
boat that would be the natural course.
In estimating the future of our foreign trade in relation to our monetary
policy, we may as well face the question whether we wish to sell abroad
vast quantities of goods that the buyers cannot pay for unless we lend
them the money. Of course, if we want more paper there are plenty of
international bankers to arrange the details. We felt rich on that paper
during the roaring twenties. Now we know better.
In place of paper, under the operation of our new monetary policy, we
have been receiving large shipments of gold and silver. Some of it came
to settle trade balances, and some represents capital seeking refuge in
our sound currency. Various economists will tell you that this policy
is likely to end our foreign trade; that first we strip the world of gold and
then our foreign trade dies. But we are not stripping the world of gold.
We have more gold than ever before, but the world supply of monetary
gold is also increasing rapidly. Production now proceeds at the rate of
about $1,000,000,000 annually, and will continue to increase. The great
nations are restoring their reserves. Meanwhile, percentages of the total
held by the various nations show no alarming changes. We had 41.7% of
all the monetary gold in 1922, and now we have 38.8%. France had 8.4%
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in 1922 and now she has 24.8%. Great Britain lost gold heavily before
she suspended gold payments in 1931, but since then has increased her
share from 5.2% to 7.2%.
With increasing gold production, and hundreds of millions of dollars
worth of the yellow metal being brought out of hiding, surely some of it
can be used to pay balances. We are also endeavoring to restore silver to
greater usefulness as a monetary metal. It is the money of a large part
of the world's population.
Objection to our course is sometimes based upon the assertion that we
would bring vast quantities of the world's gold and silver here, only to be
locked up in the United States Treasury—the phrase commonly used is
that the gold and silver thus become sterile. At least, however, it goes to
swell our monetary reserves. Loans in default are not very good backing
for currency; indeed, they might, without undue asperity, be described as
also sterile. It we must choose between the two, this Administration elects
payment of international balances in monetary metals.
You have heard the argument that we should stabilize by declaring that
we will not change the present gold content of the dollar. Some even
go so far as to say that the other nations would certainly follow, if we
took the lead. If we launched out alone on such a course, it would put us
right back where we were in 1932, and offer a tempting invitation for
the others not to follow, but again to take advantage of our disadvantage.
We realize the importance of world prosperity, and will evade no opportunity to asst in that direction, except the ever-present opportunity to
donate prosperity at our own expense.
In conclusion, I should like to summarize this statement by saying:
First, you have an absolutely sound dollar.
Second, the monetary policy of this Administration rescued us from
chaos; held the fort through the most trying period of our recovery program, and is now the spearhead as we advance steadily toward our goal.
Third, of the great trading nations that revalued their currencies, we
were the last, until quite recently, when Belgium joined us.
The world should know that when it is ready to seek foreign exchange
stabilization, Washington will not be an obstacle. Our position was that
of an innocent bystander who suffered untold loss in a fight that he did
not start, and from which he could not escape. Why should we be singled
out and admonished that the moral duty to restore order is primarily ours?
Before we make any commitments, we must be sure that we will not lose
what we have just regained. We are not unwilling to stabilize. However, if the great trading nations elect to continue under the present absence
of rules we are no longer at a disadvantage. We revalued our currency
no more than was necessary, and we can go either way. Our hands are
untied.
The Treasury Department on May 13 issued the following data, to which reference is made in Secretary Morgenthau's radio address of May 13:
DOMESTIC SALES, EXPORT SALES, PROFITS AND EMPLOYMENT,
1931-34 SUMMARY OF REPORTS FROM 29 COMPANIES
Value
Value
PerCent Pubof Esof Do%
',Nate %
port
Total % Export fished
to Profile
to
Sales
of
Sales
of
Sales
(ildf.S) 1931(MEM 1931 (111111.8) 1931 Total (MUM
No.
of Employees
as of
%
Dec. 31 of
(1,000) 1931
77.4
677 100.0
1931 __ 3,475 100.0 264 100.0 3.739 100.0 7.1
87.4
121.0x 692
68.6 2,561 68.5 7.1
1932 -__ 2,380 68.5 181
732 108.1
39.1
79.2 2.780 74.4 7.6
1933 ___ 2,571 74.0 209
128.1
796 117.6
1934 ___ 3,220 92.7 287 108.7 3,507 93.8 8.2
* Profit before dividends. x Dells t.
Reports from the following companies are Included in this tabulation
National Supply Co. of Delaware.
Allied Chemical & Dye Corp.
Pepperell Manufacturing Co.
Allis-Chalmers Mfg. Co.
Remington Rand, Inc.
American Rolling Mill Co.
Sherwin-Williams Co.
Anaconda Copper Mining Co.
Socony-Vacuum 011 Co.
Armour & Co.
Standard 011 Co. of California.
Bethlehem Steel Corp.
Sterling Products, Inc.
Burroughs Adding Machine Co.
Swift & Co.
Cannon Mills Co.
Texas Gulf Sulphur Co.
Chrysler Corp.
Underwood Elliott Fisher Corp.
General Electric Co.
United States Rubber Co.
Ingersoll-Rand Co.
United States Steel Corp.
International Business Machines Corp.
Westinghouse Electric & Mfg. Co.
International Harvester Co.
Youngstown Sheet & Tube Co.
Johns-Manville Corp.
National Cash Register Co.
The following comment on Mr. Morgenthau's speech was
contained in a Washington dispatch of May 13 to the New
York "Herald Tribune":
Certain questions in the forefront of financial minds concerning the
future monetary policy were left unanswered.
Silver—Only mention of importance: "We are also endeavoring to
restore silver to greater usefulness as a monetary metal." No mention of
the situation caused by raising the domestic price of silver and no indication of what to expect in the future:
Gold—No indication whether there will be more devaluation. Officials
suggest that that hinges on the stabilization outlook.
Debt—No mention of how the mounting Government debt is to be taken
care of and no indication of any immediate plan to begin balancing the
budget nor of the prospect of new taxation.
B. M. Anderson Says U. S. Currency Is Unsound—Also
Assails Banking Bill Provisions—F. M. Law Criticizes Measure, but Says ABA Wishes to Help
Congress
Benjamin M.Anderson Jr., economic advisor of the Chase
National Bank of New York, testifying before the Senate
Subcommittee on Banking and Currency on May 16 at a
hearing on the Administration's Omnibus Banking Bill,
declared that the present currency of the United States is
unsound. The best step toward world recovery, he said,
"would be to restore confidence in the gold content of the
currency of Great Britain and the United States." He
added that even if this country alone should stabilize its
currency it would be a great economic stimulant. Mr.
Anderson said that the theory behind the banking bill represents "chiropractic economics," and added that bank credit
cannot be substituted for a periodic readjustment of the debt
structure.
Francis M. Law, former President of the American
Bankers Association, told the Committee on May 14 that
although the Association is not advocating any material
May 18 1935
change in the banking statutes, "if Congress decides that
Title II is necessary, we want to do something to help
Congress." Mr. Law's testimony was summarized as
follows in a Washington dispatch of May 14 to the New
York "Herald Tribune":
The subcommittee to-day, in its slow process toward consideration of
the measure, already passed by the House, heard Mr. Law protest against
the set-up of the open market committee, under the House bill, and against
delegating to it the powers in reference to open market operations, rediscount rates and reserves requirements. It also heard a somewhat similar
protest, stressing, however, compulsory Government financing and use of
"untried theories," from Edward E. Brown,President of the First National
Bank of Chicago, and a statement from the National Association of Credit
Men, with 18.000 members. that 75% of the membership was opposed to
changes in Title I and more particularly in Title II.
Stressing particularly the opposition to making the Federal Reserve
Board the only power in determining open market policy, as the House bill
does, Mr. Law said that the advisory committe of governors chosen by the
Federal Reserve Banks "will have no real authority." He submitted the
following reasons for placing the regional governors on the Committee with
full right to vote:
It is "going too far" to suddenly shift and give all the power to the
Federal Reserve Board on open market operation, when now it is vested
entirely in the 12 regional bank governors.
Federal Reserve Banks are owned by member banks and the funds used
In open market operations are the reserves of these member banks, with the
result that the Federal Reserve banks should have something to say as to
how they are used.
Members of the Federal Reserve Board live in Washington 12 months of
the year, while the regional governors are located in different parts of the
country and are therefore more familiar with conditions.
The principle of local autonomy is important and should be maintained.
We also quote, in part, from a Washington dispatch of
May 14 to the New York"Times"giving some of the principal
points in Dr. Anderson's testimony:
Dr. Anderson refused to concede that currency only partially backed by
gold, with no other cover, could be considered sound. He suggested a case
where our existing circulation of some 84,000,000,000 might be increased to
812.000.000,000 backed by existing gold reserves amounting to $8.000.000,000.
In this event, he predicted, all of the excess currency above the 84,000,000,0000 required for normal purposes would be turned in for redemption,
thus exhausting the gold supply and leaving the rest of the currency uncovered.
As to the Banking bill, Dr. Anderson said that the Administration now
has, under various statutes, all of the powers which it is proposed to vest
in the Federal Reserve Board, The Thomas amendment to the Agricultural Adjustment Act, the Gold Act of 1934 and the Silver Purchase Act,
he said, enable"the President to pursue any economic policy he wanted to."
,
He asked the Committee to consider the bill's statement of policy regarding the qualifications of members of the Reserve Board, to determine
whether it was not the intention, to "regulate the economic life of this
country."
He referred to the direction that the President should appoint men
"well qualified by education or experience or both to particiapte in the
formulation of National economic and monetary policy" and the proposed
objective of preventing unstabillzing fluctuations in prices, trade, production
and employment.
Government Ownership of Railroads Opposed by Representative Rayburn—Head of House Inter-State
Commerce Committee Sayes It Would Add Million
to Federal Payrolls
Sharp opposition to Government ownership of the railroads was expressed in a address last week by Representative
Rayburn, Chairman of the House Committee on Inter-State
and Foreign Commerce, who spoke before the Traffic Clubs
of America at Virginia Beach. Mr. Rayburn took issue
with some of the expressed opinions of Joseph B. Eastman,
Federal Co-ordinator of Transportation, who has frankly
said that he personally would favor Government ownership
of the carriers.
Mr. Rayburn said that although Government ownership
of the railroads may eventually come, it should be avoided
as long as possible. "Knowing the power of organized
minorities in the electorate," he said, 'I tremble fcr the
future of the Republic when I contemplate the addition of
more than a million people to the civil rolls of the Government." The New York "Herald Tribune" of May 12 summarized Mr. Rayburn's address as follows:
Mr. Rayburn contended that private ownership of the carriers under
Droner supervision of the Interstate Commerce Commission would best
serve the interest of the public and the owners of the systems. He declared it would be a great mistake to create any agency which would in any
way duplicate or interfere with the work of the Commission. And, he
averred, the Commission should continue to be as far removed from the
maelstrom and melte of politico "as legislative ingenuity can devise."
Touching on the agitation which has been heard from certain railroad
security owners who would have the Government take over the rail carriers so that they might salvage losses on securities held. Mr. Rayburn was
Pointed in his remarks. He led up tho this point thusly: "In the struggle
to readapt equipment in accordance with modern discoveries and most
economical operations, railroad managements have been somewhat handicapped by tradition and very much so by a financial structure imposed
on their present equipment. They own so much equipment of the old
type that they find it difficult to put out new sucurities and to obtain the
credit to provide themselves with new equipment.
"During the last few years the situation has been aggravated by the
prolonged depression and the great decrease in the volume of traffic incident to the depression. During these trying years the managements
have been struggling to keep their properties out of receiverships. Their
borrowings and refundings have been with a view to escaping the sheriff.
"Panic-stricken security holders have been clamoring to the Federal Government that the taxpayers relieve them of their losses. When the railroads
were prosperous these very security holders resisted every suggestion that
the taxpayers should share in the profits of the railroads, but as soon as
the railroads ceased to be prosperous these security holders became very
vocal in their demands that the losses should be shifted to the taxpayers.
Volume 140
Governor Lehman of New York Approves Bill Appropriating $300,000 for Utility Rate Investigations—
Says Companies "Stubbornly Refused" to Share
Cost
A bill appropriating $300,000 for a revolving fund to meet
expenses of the New York State Public Service Commission
in handling rate eases was signed by Governor Lehman of
New York on May 11. The Governor stated that when he
recommended passage of the measure he had said that its
enaction was necessary because some utility companies had
"stubbornly refused" to accede to the provisions of a law
passed last year imposing a share of the cost of rate investigations on them. The approval of the Fitzgerald
revolving fund bill was interpreted in some quarters as
indicating the probable approval of the $300,000 appropriation for the special legislative committee which is investigating
the utilities, and which is headed by State Senator John J.
Dunnigan.
In approving the Fitzgerald bill Governor Lehman wrote:
This bill makes an appropriation of $300.000 as a revolving fund to
enable the Public Service Commission to engage the services and pay
expenses of temporary employees to expedite investigations directed at
procuring for the public lower rates for utility services. The bill provides
that these special expenditures by the Commission shall be charged against
the particular utility company investigateo.
This measure was recommended by me to the Legislature in a special
message under date of April 9. As I here pointed out, this additional
appropriation is made necessary because most of the public utility companies have been stubbornly refusing to pay to the Commission the costa
that have been charged against them.
I am glad to be able to approve this bill which places at disposal of the
Public Service Commission an additional $300,000 to carry on its efforts to
protect the public interest.
Railroad Consolidation Held Urgent Need by Federal
Co-ordinator J. B. Eastman—Favors Government
Ownership but not at Present—Revision of Rate
Structures Also Advocated
Railroad consolidation under Government ownership and
management is desirable, but it presents certain "special
and unusual dangers" at this time, Joseph B. Eastman, Federal Co-ordinator of Transportation, said on May 9 in an
address before the Wharton School of Finance and Commerce of the University of Pennsylvania at Philadelphia.
Mr. Eastman said, therefore, that the is not advocating Government ownership now, but hopes instead that consolidation into a single system or a very few regional systems
will be possible under private control, with perhaps some
minority participation in management on the part of the
Government.
One of the most pressing needs in the transportation
field, Mr. Eastman said, is for both the railroads and the
public regulatory bodies to overhaul the rate structure with
special emphasis on the matter of costs. Already the railroads have been forced by their competitors into much ratecutting, he said. In discussing the remedies for this situation, Mr. Eastman said:
My staff has been trying to lay the foundation for such a re-examination
and revision of the freight rate structure by accumulating the necessary
data, and in a report which I expect to make public before the end of
the month, what they have found out will be presented to the world. It
will not settle the problem, for that is much too big to be settled in any
single report of this character, but I believe that it will go very far to
clarify both the issues and the facts and to point the way to the action
which will eventually have to be taken. In the process I also believe
that it will be possible to simplify the rate structure greatly, a consummation which is devoutly to be wished, because the present structure is
incredibly complex and confused. In fact, the Commission deals every
year with a large number of complaints where the sole question is whether
the actual rate which was charged on a given shipment was the rate which
should have been charged under the published tariffs.
The use of containers which can be transported on flat
cars may furnish an answer to the question of whether
service now furnished is suited to modern commercial
needs, Mr. Eastman asserted. Another possible improvement in railroad methods described by the Co-ordinator was
greater concentration on passenger business, since the automobile, although it has drawn many passengers away from
the railroads, has nevertheless "tremendously increased the
travel habit of the American people."
In his remarks on possibilities of railroad consolidation,
Mr. Eastman said, in part:
One of the great railroad needs is for greater co-operation and collective
action on the part of the individual railroads. It is the key which will
unlock the beet possibilities for the elimination of waste motion, the
reduction of expense, and the improvement of equipment, service, and the
rate structure. Here again there are three possible ways of meeting this
need. One is through a super-organization of the railroads which will
deal with and govern the matters which are of common concern, while matters of less general importance are left to the individual managements.
This plan visualizes the railroads as parts of a national transportation
system and undertakes to secure centralized handling and management
of the joint and national phases of their operations without actual consolidation of the properties. A step in this direction has been taken in the
recent organization of the Association of American Railroads, which has
been given by the individual railroads more power than has ever hitherto
been given to a central organization of the industry., I am glad that this
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Financial Chronicle
"There is now a very strong movement, particularly on the part of
owners of junior bonds of railroads, to have the Government take over the
railroads. In my judgement the consummation of that effort would be
most unfortunate, both for the railroads and the country. It would relieve the managements of the pressure to readapt their equipment so as to
meet highway competition and render that competition harmless."
step has been taken, and entertain much hope that it will be successful,
provided it has the right kind of leadership and provided it is given such
aid, support and stimulation as can be given by the Government along
the lines which I have been attempting to follow in the temporary office
of Federal Co-ordinator of Transportation. Without any personal interest
in the matter, I am confident that the Association will need such help,
because it will be far from easy to bring railroad executives who have so
long been functioning with a great degree of independence to an appreciation of the need for subordinating their apparent individual interests to
the common interest.
Mere are many, in and out of the railroad world, who think that it
will be impossible, with or without the aid of the Government, to accomplish the desired results through this first method. They see hope only in
the actual consolidation of the properties or their unification in some
other way which will bind them together by definite and legal processes.
Between those who entertain such views, there is, of course, a sharp
difference of opinion. Those who are of the conservative type wish to see
the union effected under the principles of private ownership and management. What they 'visualize is a single system or a very few regional
systems under the private aegis, but perhaps with some minority participation in management on the part of the Government. Others who are of a
more radical type wish to see the union effected under Government ownership and management.
If I had to choose between the two, I would choose the latter alternative,
but it would require an address as long as this one to tell you why. All
that I need say for present purposes is that I see, or think I see, some
special and unusual dangers in Government ownership and operation under
present conditions, and I am not advocating it now. I hope, rather, that
it will be possible to try out the first method which I have outlined to
you, under the best possible auspices and with as much help as it is
possible for the Government to give.
•
Holding Company Bill Would "Socialize" Operating
Companies, Utility Head Charges—P. H. Gadsden
Says Public Has Been Mislead as to Effect of
Rayburn Measure
The Rayburn bill designed to eliminate public utility
holding companies retains, in the form reported to the
Senate May 14, all the "destructive features of the original
draft," Philip H. Gadsden, Chairman of the Committee of
Public Utility Executives, said in a statement on May 14.
The measure, he declared, would either dissolve or dismember practically all utility holding companies, and in
addition would mean the "socialization" of the operating
companies.
Mr. Gadsden charged that the "apparently ruthless
determination to rush this bill through the Senate can only
be explained by fear on the part of its sponsors that if the
public were permitted to realize these facts the bill would not
pass." He declared that while the sponsors of the measure
have sought to give the impression that it would only effect
holding companies, it would actually have a greatly harmful
influence on operating companies as well. None of the
features of the bill, he continued, if necessary to prevent
abuses charged against the holding companies by the Federal
Trade Commission in the period 1920-29.
Mr. Gadsden said that the major consequences of the bill
would be as follows:
I. It would force a wide spread liquidation in the securities of the industry
with destructive consequences upon investors and upon general economic
recovery.
2. It would put the entire industry (not merely the holding companies)
in a strait-jacket of bureaucratic control from Washington, which will
paralize private initiative and management to such an extent that the industry will become an economic ward of the Federal Government, dependen
upon Federal order and finance.
3. In spite of the many verbal assurances that State jurisdiction over local
operating companies would be preserved, almost every term of the bill
superimposes such a thorough Federal control as largely to set aside the
State public utility commissions.
Administration's Banking Bill Assailed by Winthrop W.
Aldrich—Tells Senate Committee It Might Produce
Uncontrollable Inflation—Criticizes Three Experiments in Control of Money and Credit—Likens
Provisions of Title II to Machinery Producing
German and French Inflation
The proposed Administration's Banking Act of 1935
would transform the Federal Reserve System into "an instrument of despotic authority" and might result in an
"uncontrollable conflagration of inflation," Winthrop W.
Aldrich, Chairman of the Ohase National Bank of New
York, testified on May 15 before a subcommittee of the
Senate Committee on Banking and Currency. Mr. Aldrich
drew a close analogy between the banking machinery provided in the bill and the "machinery which was utilized
at the time of the German inflation and the French inflation, with most serious consequences to business life and
the welfare of the people."
In reading a long prepared statement, Mr. Aldrich took
occasion to discuss three Administration "experiments
which have misfired." These he listed as the purchase of
Government obligations by the Federal Reserve banks, the
devaluation of the dollar coupled with the purchase of gold
above the old $20.67 parity price, and the Government's
silver-buying policy. None of these experiments has succeeded, he said, but he termed the gold-buying experiment
the most important.
"The three efforts to accomplish a higher price level by manipulating
credit and the currency have failed," he said. "But they have left behind
them a vast amount of explosive material which some future effort may
set off. The potentialities are so vast, and the restraints so few, that
should some one of their efforts succeed the result would most likely not
3324
Financial Chronicle
be an isolated detonation but a vicious and perhaps uncontrollable conflagration."
Mr. Aldrich said the proposed banking measure is one
"not of security, but of insecurity." He stressed the fact
that he is not opposed to planning, as such, but that he
does oppose planning "if we mean experimentation with
one powerful instrument after another upon the credit and
currency of the United States, or if we mean the riding of
one superficial, simple theory after another through the
vast complex of American economic life."
The banker's analysis of the Banking Act of 1935 was
devoted almost entirely to Title II, which he said would
create political domination of the country's financial system. In summarizing his general conclusions, he said:
I have now reached the point in my discussion where I can draw some
general conclusions based upon the analysis I have already given of
Title it, section by section:
First, the principle of local self-government in Federal Reserve administration is impaired. The authority of the directors of the 12 Federal
Reserve banks is much reduced. These are men of the highest standing
in their several communities, fully representative of all the parties at
interest, and intimately aware of local requirements. They lose their
power to determine investment policies, their right to initiate discount
rate changes definitely passes out of their hands, and their authority
over the administration of the banks is largely taken away. Their power
to elect the Governor becomes merely the power to nominate, and their
nominee for Governor must be approved and frequently re-approved by
the Federal Reserve Board in Washington. The Governor, in this manner
made subject to the Reserve Board, is also made the person to whom "all
other officers and employees of the bank shall be directly responsible."
Thus the way is cleared for central domination—even for central political
domination—of the Federal Reserve banks, their policies and their personnel, with the directors occupying the impossible position of bystanders.
Second, the Federal Reserve Board or, as the case may be, the Federal
Open Market Committee which the Board is able to control, can undertake
at will to force an expansion or contraction of credit. The Reserve
banks can be forced to buy or sell Government obligations in the market
or to buy them directly from the Treasury itself. The Federal Reserve
Board can arbitrarily raise or lower the reserve requirements of member
banks. Operations of either sort, depending upon the circumstances in
which they are undertaken, may work as powerful levers on the supply
of credit, may be perfectly futile, or may produce results of great importance but entirely unpredictable. We cannot be sure that these powers
would not be used for political purposes.
Third, the standards of banking practice are lowered. Encouragement
is given to banks to make a character of loans they would not ordinarily
make in reliance upon the power of the Federal Reserve Board to change
the eligibility rules by regulation. These regulations in turn are changeable at will. It is not only the banking structure which may thus
become enfeebled. The currency itself may deteriorate, for under the
terms of the bill the Federal Reserve banks may acquire not only In an
emergency but at any other time a type of assets which world-wide
experience has proved to be unsuitable as security for the note issue.
Bonus Payment with New Currency Would Be "Calamity," Professor E. W. Kemmerer Testifies—Predicts Inflation and Flight from Dollar if Patman
Measure Becomes Law
Payment of the soldiers' bonus with new currency, as
proposed in the Patman bill, would be a "calamity," Prof.
Edwin W. Kemmerer of Princeton University, authority on
international finance, told a subcommittee of the Senate
Banking and Currency Committee on May 13. The Patman bill, he said, constituted inflation of the worst type and
might furnish the "added blow to break confidence and begin a flight from the dollar" which would result in a repetition of the disastrous inflation witnessed in Germany. Professor Kemmerer's views on the bonus were given in response
to questions after he had testified in opposition to sections of
the Omnibus Banking Bill giving the Federal Reserve Board
control over credit and monetary policies.
Referring to the Patman bill, he said that "it is one of
those propositions so preposterous that I can hardly think of
words to express myself."
Other portions of his testimony were described as follows
In Associated Press Washington advices of May 13:
Contending. in response to further questions, that the United States
should return to a statutory gold standard, he added:
/.40."If the President would make a declaration that there Is going to be no
further reduction of the gold content of the dollar; If Congress would fix
the value of the dollar at 59 cents; if Congress would say that all influences
of the;Government would be used to keep the gold standard; if the Government ;practices economy and sets up a balanced budget, you would see
such a revival of confidence as we have never seen before."
.^.!,The United States was on a kind of gold standard, but it was "administrative ratherlthan statutory."
He testified 'after Governor Eccles of the Federal Reserve Board, who
draftecrthe sections Professor Kemmerer opposed, completed his statement
on behalf of the bill with recommendations of several changes in the text
approved by the House.
Middle West Will Be Vast Desert in 300 Years Unless
Administration's Conservation Program is Followed, Dr. Tugwall Warns—Says Old Policies Must
Be Expanded in Fight to Save Forests and Soil
Unless the Administration's program for reclaiming the
rural regions of the Middle West, for conserving trees, grass
and water, and for halting the loss of rich top soil by erosion
is carried out, the plains of the Middle West will be a vast
desert three hundred years from now, Rexford G. Tugwell,
Under-Secretary of Agriculture, predicted in a speech May
15 at Albany on the celebration of the fiftieth anniversary
of conservation in New York State. Mr. Tugwell,who is
director of the rural phase of the new relief program, said
May 18 1935
that he would battle to the limit to carry out this plan without the loss of vital objectives.
Mr. Tugwell explained the purposes of the Rural Settlement Administration, which was created to improve farm
management by co-ordinating and enlarging the work of
agricultural colleges. "The most serious difficulty of all,"
he said,"will arise because the classic terms of conservation—
the acquisition of forests, their protection from fire and their
development, the building of dams for flood control and
irrigation—must, if we are to progress from where we are,
be expanded into more controversial areas."
Work-Relief Division of Applications and Information
Gives Regulations for Seeking Allotments from
$4,000,000,000 Fund—Text of President Roosevelt's
Executive Order Creating 3 Groups to Administer
Program—Allocations of $1,091,802,000 Recommended to President
The Division of Applications and Information, one of the
three bodies created by President Roosevelt on May 6 to
supervise the operation of the $4,000,000,000 work-relief
program, announced on May 11 the rules of procedure
under which application for work relief funds would be made.
This Division, which is headed by Frank C. Walker, said
that all allotment applications will come through existing
agencies of the Federal Government and will reach the
Division itself only after "thorough examination and review." In order to facilitate handling, the projects were
divided into the following four groups:
1. Federal Projects—Those which originate in departments or agencies
of the Federal Government and are entirely financed by it.
2. Non-Federal Projects—Those planned by Individuals, public bodies
or political subdivisions and financed by loan or grant or both. Applications on these will come through the Public Works Administration and
Its State directors.
3. Work Relief Projects—Those financed and carried out by the Works
Progress Administration. These originate among the various political
subdivisions of the country and the applications will come through the
Works Progress Administration and its local and State offices.
4. Administrative Expense Projects—Those which originate within the
Federal departments and agencies and which provide for administrative
expenses In planning, preparing and carrying out projects.
The probability that spending of the huge work-relief fund
would begin almost immediately was forecast yesterday
(May 17) in Washington,following the action of the Advisory
Committee on Allotments the preceding day in recommending
to President Roosevelt the allocation of a total of $1,091,802,200 in a varied list of projects. The Committee approved projects that are designed to transfer about 875,000
persons from relief rolls to Government payrolls. The plans
call for the following expenditures:
Highways and grade-crossing elimination
Slum clearance and housing
Rivers and harbors
Rural resettlement
Wisconsin recovery plan
Colorado River project in Texas
Passamaquoddy power for Maine
New York sewage plant
Nineteen public works projects
Alaska roads
Miscellaneous
Total
0 82
80
S : 00:
249
102,188,500
100,000,000
100,000,000
20.000,000
10.000.000
7.500.000
L20
4846:05003
189,200
51.091.802.20
Reference to the creation of the three divisions to administer the work-relief fund was contained in the "Chronice" of May 11, page 3138. The complete text of President Roosevelt's Executive Order creating these bodies
follows:
Executive order establishing the Division of Applications and Information, the Advisory Committee on Allotments. the Works Progress Administration, and for other purposes:
By virtue of and pursuant to the authority vested in me under the
"Emergency Relief Appropriation Act of 1935," approved April 8 1935
(Public Resolution No. 11. Seventy-fourth Congress), and of all other
authority vested in me, it Is hereby ordered!as follows:
1. I hereby establish within the Government certain agencies and prescribe their respective functions and duties as follows:
(A) The Division of Applications and Information of the National
Emergency Council, to be under the general supervision of the executive
director of the National Emergency Council. Such division shall receive
all applications for projects, cause the applications to be examined and reviewed, obtaining when necessary aid and assistance of governmental deparkments or agencies, and transmit such applications to the Advisory
Committee on Allotments hereinafter established. The division shall
furnish information to the public on allotments made and on the progress
of all projects as they are initiated and carried forward.
(B) The Advisory Committee on Allotments, which shall be composed
of: (Here followed a list of those on the committee).
Such committee shall make recommendations to the President with
respect to the allotments of funds for such projects covered by the applications submitted by the Division of Applications and Information as will
constitute a co-ordinated and balanced program of work under the said
act.
(C) A Works Progress Administration, which shall be responsible to
the President for the honest, efficient, speedy and co-ordinated execution
of the work relief program as a whole, and for the execution of that program in such manner as to move from the relief rolls to work on such projects or In private employment the maximum number of persons in the shortest time possible.
Tothis end the Works Progress Administration shall have tho following
powers and duties:
1. To establish and operate a division of progress investigation, and to
co-ordinate the pertinent work of existing investigative agencies of the
Government,sons to insure the honest:execution of the work relief program.
2. To formulate and, with thefapproval of the President, to require
uniform periodic reports of progress on all projects; and, where-any avoidable delay appears, forthwith to recommend to the President appropriate
measures for eliminating such delay and, similarly, to recommend the
Volume 140
Financial Chronicle
termination of projects where it develops that they are not affording the
amount of employment;warranting their continuance.
43. With the.approval of the President, to prescribe rules and regulations:
a.ITo assure that as many of the persons employed on all work projects
as:is:feasible shall be persons receiving relief: and
b. To govern the selection of such persons for such employment.
4. To formulate and administer a system of uniform periodic reports of
the employment on such projects of persons receiving relief.
5. To investigate wages and working conditions and to make and submit
to the President such findings as will aid the President in prescribing
working conditions and rates of pay on projects.
In additions to the foregoing powers and duties. the Works Progress
Administration shall:
1. Provide for the co-ordination of such data compiling projects as form
epart of the work relief program and of such portions of other research
activities as may,be necessary or useful in carrying out such program.
plb 2. 0o-ordinate all requests for opinions and decisions addressed to the
executive!departments or independent establishments of the Government
on questions affecting the administration of the act or of orders issued
thereunder.
3. Recommend and carry on small useful projects designed to assure a
maximum of employment in ail localities.
The Federal emergency relief administrator shall serve also as administrator of the Works Progress Administration.
2. I hereby direct:
(A) The Secretary of the Treasury (1) through the disbursing and accounting facilities under the commissioner of accounts and deposits of the
Treasury Department, to make provision for all disbursements from the
funds appropriated by the "Emergency Relief Appropriation Act of 1935:
subject only to such exceptions as the Secretary may authorize,and to maintain a system of accounts necessary to enable the President (a) to exercise
executive control over such funds, (b) to provide current financial and accounting information for governmental agencies concerned, and (c) to
make a complete report to the Congress concerning expenditures made and
obligations incurred, by classes and amounts; and (2) through the director
of procurement, to purchase, or to provide a system for the purchase of all
materials, supplies and equipment to be procured with the said funds.
(13) The Director of the Bureau of the Budget to pass upon all requests
forjallotment of funds for administrative expenses.
3. All permanent and emergency agencies of the Government will afford
full co-operation to the agencies herein established or designated and make
available such personnel and facilities as may aid in carrying out the provisions of the said act.
111114. The agencies established or designated hereunder are hereby authorized to prescribe such administrative procedures, and to submit for the
approval of the President such rules and regulations as may be necessary.
to carry out their respective duties and powers under the provisions of this
order.
6, Within such amounts as may hereafter be allotted by the President.
thelagencies herein established or designated are authorized to employ the
services and means mentioned in subdivision (a) of section 3 of said emergency relief appropriation act of 1935. to the extent therein provided, and,
within the limitation prescribed by such section and at the direction of the
President, to exercise the authority with respect to personnel conferred
by subdivision (b) thereof: Provided, That so far as practicable the persons
employed under the authority of this section shall be selected from those
receiving relief.
FRANKLIN D. ROOSEVELT.
The White Rouse. May 6. 1935.
Report of Operations of RFC Feb. 2 1932 to April 30 1935
—Loans Authorized During Period Totaled $9,675,609,7919 $5,116,374,670 Expended for Activities
of Corporation
Authorizations and commitments of the Reconstruction
Finance Corporation in the Recovery program to April 30,
including disbursements of $729,807,040 to other governmental agencies and $1,299,982,236.77 for relief, have been
$9,675,609,791, according to a report issued May 9 by
Jesse H. Jones, Chairman. Of this sum, $829,553,434 has
been canceled and $1,056,337,102 remains available to the
borrowers and to banks in the purchase of preferred stock
and capital notes, the report states. The relief disbursements include $299,984,999 advanced directly to States by
the Corporation, $499,997,238 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, it is noted, $5,116,374,670 was
expended for activities of the Corporation other than
advances to governmental agencies and for relief, and of this
sum $2,749,474,579, or approximately 54%, has been
repaid. From the report of May 9 we also take the following:
Loans authorized to 7.396 banks and trust companies aggregate $2,345,905.765. Of this amount $345.130.495 was withdrawn or canceled and
$142,402.848 remains available to the borrowers and $1.858.372,423 was
disbursed. Of this latter amount $1.335,666,744, or 72%, has been repaid.
Authorizations were made for the purchase of preferred stock, capital
notes and debentures of 6,828 banks and trust companies aggregating
$1.204,489.550 and 1.065 loans were authorized in the amount of $29,998.805 to be secured by preferred stock, a total authorization for preferred
stock, capital notes and debentures in 7,090 banks and trust companies of
$1,234,488.355. $95,462,319 of this was canceled or withdrawn and
$144,439,040 remains available to the banks when conditions of authorizations have been met.
Loans have been authorized for distribution to depositors of 2.601 closed
banks aggregating $1,100.790.847. $164,221.522 of this amount was
canceled or withdrawn and $131,924,495 remains available to the borrowers.
$801,644,830 was disbursed and $449,882,343 has been repaid.
Loans have been authorized to refinance 467 drainage, levee and irrigation districts aggregating $85,552,718, of which $1,984,865 was withdrawn
or canceled, and $60,031.740 remains available to the borrowers. $23,536.113 has been disbursed.
160 loans aggregating $16,222,275 have been authorized through mortgage loan companies to assist business and industry in co-operation with the
National Recovery Administration program. $9.607,947 of this amount
was withdrawn or canceled and $1,254.843 remains available to the
borrowers. $5,359,485 was disbursed and $371,780 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
3325
authorized 902 loans to industry aggregating $48,796.937. $8.449,858 of
this amount was withdrawn or canceled and $26,928,562 remains available
to the borrowers. In addition the Corporation has authorized, or has
agreed to, purchases of participations aggregating $7,270.435 of 149 businesses. $836.685 of which was withdrawn or canceled and $4,792,367
remains available.
The Corporation has purchased from the Federal Emergency Administration of Public Works 289 issues of securities having par value $86,442,050.
Ofthis amount securities having par value of 554.685,600 were sold at public
sale to the highest bidders at a premium of $1,094,484; securities having
par value of $16,474.450 were subsequently collected at par and securities
having par value of $15,282,000 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
he premiums received,together with accrued interest to the date of purchase;
Disbursements and repayments to April 30 for all purposes
were given in the report as follows:
Disbursements
Repayments
Loans under Section 5:
Banks and trust companies (incl. receivers)-51,858,112,696.39 $1,335,641,961.22
Railroads (including receivers)
458,061,572.11
71,444,278.03
Federal Land banks
387,236,000.00316,709,116.35
Mortgage loan companies
298,275,309.39
149,146,914.85
Regional Agricultural Credit corporations
173,243,640.72
173,243,640.72
Building & Loan associations (incl. receivers) 115,148.001.54
103,845,492.78
Insurance companies
89.519,494.76
68,335,174.48
Joint Stock Land banks
15.659,372.29
11,939,573.05
Livestock Credit corporations
12,817,732.81
11,562,918.84
Federal Intermediate Credit banks
9,250,000.00
9,250.000.00
State funds for insurance of deposits of public moneys
8.387,715.88
8,387,715.88
Agricultural Credit corporations
5,536,130.27
4,675,390.94
Credit unions
580,854.21
246.175.63
Fishing industry
75,500.00
Processors or distributors for payment of processing tax
14,718.08
14,150.38
Total loans under Section 5
83,431,918,738.43 $2,264.442,503.15
Loan to Secretary of Agriculture to purchase
cotton
3,300,000.00
3,300,000.00
Loans for refinancing drainage, levee and irrigation districts
23.536,112.64
29,044.09
Loans to Public School authorities for payment
of teachers' salaries
22,300.000.00
22,300.000.00
Loans to aid in financing self-dquidating construction projects (id. disbursements of
$8,733,193.40 and repayments of $462,994.84
on loans for repair and reconstruction of
property damaged by earthquake, fire and
tornado)
145,595,842.34
11,087,100.76
Loans to aid in financing the sale of agricultural
surpluses in foreign markets s
20,224,586.66
5,262,086.48
Loans to industrial and commercial businesses_
15,059,900.69
366,781.21
Loans on assets of closed banks (Section 5-E)
259,726.38
24,782.46
Loans to finance the carrying and orderly marketing of agricultural commodities and
livestock:
Commodity Credit Corporation for:
Loans on cotton
188,511,316.17
144,956,189.94
Loans on corn
124,844,960.27
122,960.614.49
Loans on turpentine
4,635,908.24
919,797.29
Others
13.839,048.16
7,333,637.82
Total loans, exclusive of loans secured
by preferred stock
$3,994,026,139.98 82,582,982,537.69
Purchase of preferred stock, capital notes and
debentures of banks and trust companies (including $22,215,260 disbursed and $1,920,247.06 repaid on loans secured by preferred
stock)
$994,588,993.90
$94,045,507.06
Purchase of stock of the Reconstruction Finance
Corporation Mortgage Co
10.000,000.00
Loans secured by preferred stock of insurance
companies (including $100.000 disbursed for
the purchase of preferred stock)
30,225,000.00
192,000.00
Total
$1,034.811,995.90
$94.237,507.06
Federal Emergency Administration of Public
Works security transactions
87,536,534.03
72,254,534.03
Total
$5,116,374,669.91 82,749,474,578.78
Allocations to governmental agencies under
provisions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan
Corporation
$200,000,000.00
Capital stock of Federal Home Loan banks
81,645,700.00
Farm Loan Commission for loans to:
Farmers
145,000,000.00
Joint Stock Land banks
2,600,000.00
Federal Farm Mortgage Corporation for
loans to farmers
55,000,000.00
Federal Housing Administrator:
To create Mutual Mortgage Insurance fund
10,000,000.00
For oth:Ir purposes
24.000,000.00
Secretary of Agriculture for crop loans to
farmers (net)
115.000,000.00
Governor of the Farm Credit Administration
for revolving fund to provide capital for
Production Credit corporations
40.500.000.00
Regional Agricultural Credit corporations for:
Purchase of capital stock
44,500,000.00
Expenses:
Prior to May 27 1933
3,108,584.40
Since May 26 1933
8,452.755.73
Total allocations to governmental
agencies
8729,807,040.13
For Relief:
To States directly by Corporation
$299,984,999.00
$2,274,441.00
To States on certification of the Federal
Relief Administrator
499,997.237.77
Under Emergency Appropriation Act, 1935 500.000,000.00
Total for relief
81,299,982,236.77
$2,274,441.00
Grand total
87,146,163,946.81 82,751,749,019.78
The loans authorized and authorizations cancelled or
withdrawn for each railroad, together with the amount
disbursed to and repaid by each are shown in the following
table (as of April 30 1935) contained in the report:
Authorizations
Canceled or
Authorized Withdrawn Disbursal
Repaid
$
Aberdeen & Rockfish RR. Co
127,000
127,000
12,000
Ala. Tenn. Sr Northern RR.Corp
275,000
275,000
Alton RR. Co
2,500,000
2,500,000
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 76,812,100 12,144,900
Birmingham & Southeast. RR. Co_
41,300
41,300
Boston & Maine RR
7,569,437
7,569,437
Buffalo Union-Carolina RR
53,960
53,960
3326
Financial Chronicle
Authorizations
Canceled or
Repaid
Withdrawn Disbursed
$
535,800
9,077
13,200
3,124,319
230,028
464,298
464,298
35,702
5,916,500
155,632
1.000 46,588.133 3,538,000
838
1,289,000
538
500,000 11,500,000
1,150,000
13,718.700
2,098,925 8,300,000 8,300,000
2.562,600
60,000
53,500
219,000 8,081,000
500,000
3,182,150
71,300
16,582,000
4,690
3,000
90,0(0
627,075
227,434
15,000
10,539
1,061,000
354,721
6,000,000 6,000,000
13,915
3,915
520,000
520,000
22,667 17,840,333
75,000
1,000,000 8,500,000
800,000
800,000
2,550,000
94,003
100,000
Authorized
$
Carlton & Coast RR. Co
549,000
Central of Georgia Ry. Co
3,124,319
Central RR.Co. of New Jersey
500,000
Chicago & Eastern Illinois Ry.Co.. 5.916,500
Chicago & North Western Ry.Co 46,589,133
Chicago Great Western RR.CO... 1,289,000
Chic. Milw. St. P.& Pac. RR. Co- 12,000,000
Chic. North Shore & Mllw. RR.Co. 1,150,000
Chic. Rock Island & Pacific Ry.Co. 13,718,700
Cincinnati Union Terminal Co_ ___ 10,398,925
Colorado & Southern Ry. Co
28,978,900
Columbus & Greenville Ry. Co
60,000
Copper Range RR. Co
53,500
Deny.& Rio Grande West'n RR.Co 8,300,000
Deny. & Salt Lake West'n RR. Co. 3,182,150
Erie RR. Co
16,582,000
Eureka-Nevada Ry. Co
3,000
Fla, East Coast Ry. Co.(receivers)
717,075
Ft. Smith & West'n Ry. Co.(rec'r)
227,434
Fredericksburg & Northern Ry. Co.
15,000
Gainesville Midland Ry.Co.(reels)
10,539
Gal. Houston az Hend'son RR. Co. 1,061,000
Georgia dz Fla. RR.Co.(receivers).
354,721
6,000,000
Great Northern Ry. Co
Greene County RR. Co
13,915
Gulf Mobile & Northern RR. Co
520,000
•
17,863,000
Illinois Central ER. Co
Lehigh Valley RR. Co
9,500,000
Litchfield dc Madison Ry. Co
800,000
Maine Central RR. Co
2,550.000
Maryland & Pennsylvania RR. Co.
100,C00
Meridian di Etigbee River Ry. Co.
1,488,504
(trustee)
6,843,082
Minn. St. P.& S. S. M.Ry. Co
Mississippi Export RR. Co
100,000
23,134,800
Missouri Pacific RR. Co
99,200
Missouri Southern RR. Co
785,000
Mobile & Ohio RR. Co
Mobile & Ohio RR. Co.(receiver). 1,070,599
25,000
Murfreesboro-Nashville Ry. Co.._
27,499,000
New York Central RR.Co
N.Y. Chic. ez St. Louis RR. Co_ __ 18,200,000
N. Y. N. H.& Hartford RR. Co__ 7,700,000
29,500,000
Pennsylvania RR. Co
3,000,000
Pere Marquette Ry. Co
10,000
Pioneer & Fayette RR. Co__ .. _
o....„ 4,475,207
Pitts. & West Virginia R
30,1.000
Puget Sound & Cascade 117. Co_
7,995,175
St. Louis-San Francisco y. Co
203,000
(receiver)
Sat Lake & Utah RR.0 .
162,600
Sand Springs By. Co
23,200,000
Southern Pacific Co
14,751,000
Southern Ry. Co
A00.000
Sumpter Valley By. Co
147,700
Tennessee Central Ry. Co
108,740
Texas Okla. & Eastern RR. Co.....
700,000
Texas & Pacific Ry. Co
30,000
Texas South-Eastern RR. Co
45,000
Tuckerton RR. Co
18,790,000
St. Louis-Southwestern Ry:Co _ _
15,731,583
Wabash Ry. Co. (receivers)
4,366,000
Western Pacific RR. Co
400,000
Wichita Falls dr Southern RR.Co_
22,525
Wrightsville & Tennille RR
744,252
600,000
6,843.082
523,528
100,000
23,134,800
99,200
785,000
785,000
1,070,599
193,000
25,000
27,499,000
18,200,000 2,688,413
221
7,699,779
600,000 28,900,000 28,900,000
3,000,000
_
10,000
4,475,207
300,000
7,995,175 2,805,175
200,000
162,600
1,200,000 22,000,000
14,751,000
246,000
100,000
23,580
147,700
108,740
100,000
700,000
30,000
5,000
6,000
39,000
81
117,750 18,672,250
790,000
15,731,583
4,366,000 1,403,000
400,000
22,525
22,525
491,834,980 6,914,556 458,061,572 71,444,278
Totms
Note-Loans to the Baltimore dr Ohio RR. Co. outstanding amounting to $64,are evidenced by collateral notes of the rallroad in the total face amount
667,200
of $64,802,100. Part of the outstanding loans was refunded by acceptance of
the railroad's five-year 434% secured note due Aug. 1 1939 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 $22,725,000 upon the performance of specified
conditions.
FCC Bars Appearance of Former Employees Until Two
Years After They Leave Service
The Federal Communications Commission on May 1
adopted a resolution prohibiting all former employees of
the Commission from appearing before it until the elapse
of two years after they leave its employ. This resolution
supplements another resolution passed in January forbidding former employees from appearance before the FCC in
matters that had been before the Commission during their
employment. Adoption of the resolution was noted as follows in a Washington dispatch of May 1 to the New York
"Times":
The former resolution had many loopholes, the Commission found, and
after a search through similar regulations of other Government bodies it
voted to-day to adopt substantially the Supreme Court rules which forbid
any former employee from appearing until two years after he has left
the court.
Adoption of the resolution followed criticism directed both at the Commission and the old l'ederal Radio Commission by Senator Wheeler when
the present Commissioners were before the Senate Interstate Commerce
Committee for confirmation.
It has the endorsement of Newton D. Baker, John W. Davis, William B.
Guthrie, Felix Frankfurter and the Presidents of some 40 Bar Associations.
Senator Steiwer Says Administration Suppresses Critical Reports of Business Advisory Council-Charges
Attacks on Holding Company Bill and Banking
Measure Were Not Made Public
Critical reports of the Busiress Advisory Council have
been suppressed by the Roosevelt Administration, Senator
Steiwer of Oregon asserted in an interview on May 11, following a White House statement of the preceding day that
the Council is entirely free to publish its reports after it has
consulted with the President or with the Government agencies
concerned. Senator Steiwer charged that the Council had
prepared unfavorable reports on the Administration's holdmg company and banking legislation, that these had not
been made public. This information, he said, he had obtained directly from one of the Council members, who
told him that the public was permitted to know only
about those portions of the Administration's program which
met with the Council's approval. Other remarks of Senator
Steiwer were given as follows in Associated Press Washington advices of May 11:
May 18 1935
The Senator said the Rayburn holding company bill and the Eccles
banking bill were two measures viewed with disfavor by the Council.
He added that there were other portions of the program on which the representatives of business alsolwere in disagreement with the Administration.
"The Council resents the suppression of those portions of the report,"
the Senator said. "and also resents the fact that only a portion of the
report was used by Administration officials as proof that business favored
the New Deal and that the recent critical action by the Uhited States
Chamber of Commerce was not representative of business."
Competent sources said to-day the Council planned to publish these and
other reports after showing them to the Government agency concerned.
Future Reports of Business Advisory and Planning
Council to Be Made Public After Submission to
President
The Business Advisory and Planning Council has full
right to make public its own reports, it was announced at
the White House on May 8, following a conference between
President Roosevelt and Harry Kendall, Chairman of the
Council. The Council was reported to have grown restive
at the thought that its findings were receiving little official
consideration. It was agreed on May 8 that reports in the
name of the Council would be withheld until the President
and other Administration officials had been consulted. A
Washington dispatch of May 8 to the New York "Herald
Tribune" discussed the future program in connection with
the Council's reports as follows:
Once the conclusions had been laid before the President, the Council
would be at liberty to make them public though without commitment of
Mr. Roosevelt in any way. It was understood that the Council, before
giving out its reports, would feel free to reconsider them in the light of
information it received in these preliminary talks with the President and
his aids.
Mr. Kendall, it is understood, agreed to this procedure as one of courtesy
to the President. Subject to the approval of the full Council, the plan
will supersede a resolution which the Council had just adopted to make
its findings available to the appropriate Congressional committees. The
resolution was adopted last week after a majority of the Council had
become apprehensive that its deliberations were going for naught. The
outlook changed when a delegation of the Council was brought to the
White House to offset the three-day barrage from the annual convention
of the Chamber of Commerce of the United States.
See Conflict with President
The conference which the President had to-day with Mr. Kendall was an
outgrowth of his endeavor to mollify the restiveness in the Council and
reassure the members that they were not wasting the time they were taking
away from their businesses to bring their judgment to bear on New Deal
problems. The uneasiness in some of the Council membership had been
renewed by the widespread impression from last week's pilgrimage to the
White House that Council members were seeking to curry the favor of the
New Deal at the expense of their business colleagues in the Chamber of
Commerce of the United States.
United States Supreme Court Not Likely to Rule on
Tobacco Control Act Until Next Year-Government
Program Contemplates Submission of Other AAA
Legislation to Tribunal First
A final decision by the United States Supreme Court on
the validity of the Kerr-Smith Tobacco Control Act will
probably be delayed until some time in 1936, according to
Washington reports on May 6. The Department of Justice
is said to have decided upon a definite program of action,
in co-operation with the legal division of the Agricultural
Adjustment Administration. Cases will be presented to the
Supreme Court in their regular order, and as a result the
1933 law involving the processing taxes and the AAA
voluntary program will first be submitted, to be followed
by cases based upon the Kerr-Smith Act and the Bankhead
cotton control Measure. A Washington dispatch of May 6
to the Raleigh, N. C., "News and Observer" discussed court
action with regard to the Tobacco Control Act as follows:
There have been five suits instituted attacking the constitutionality of
the Kerr-Smith Tobacco Control Act, but only one of them has been
decided and only two have been argued.
Reopening Appeal
Several weeks ago Judge Dawson, of Kentucky, held the Act unconstitutional and the Department of Justice is now preparing the appeal from
that decision. It is anticipated that the case will be argued before
the Circuit Court of Appeals for the Sixth Circuit at about the same time
the cotton processing tax reached the Supreme Court.
The other case which has been argued, and one in which the Government
made a much more complete record, is still being held under advisement
by Judge Johnson J. Hayes, who heard arguments in the case at Greensboro during March. In case there is also an appeal from this decision,
when made, the appeal would be heard first in the Circuit Court of Appeals
for the Fourth Circuit, thus presenting the possibility of two decisions by
two different circuit courts. The other three cases attacking the Act are
still in the pleading stage and have not yet been set for hearings in the
district courts. Two of these cases were brought in Tennessee and one in
Ohio. All three are in the Sixth Circuit and, if appealed, will go before
the same circuit court as the Kentucky case already decided by Judge
Dawson.
No case involving the constitutionality of the Bankhead Act has yet
been beard, and the first hearing of such a case is scheduled for May 28
before a district court in Mississippi.
Sr
71 Congressmen Urge President Roosevelt to Repeal
Cotton Processing Tax-Textile Manufacturers
Ask Tariff Commission to Aid in Curtailing Imports
from Japan
A petition asking the repeal of the processing tax of 4.2
cents a pound on cotton, signed by 71 Representatives in
Congress, was sent to President Roosevelt on May 15. On
the same day textile producers appeared before the United
Volume
140
Financial Chronicle
States Tariff Commission to urge action designed to curtail
imports of foreign textile products.
The Tariff Commission began its hearings on the question of textile imports on May 14. Representatives of the
domestic industry urged that the President use his authority
under Section 3 (e) of the National Industrial Recovery
Act to impose protective tariff rates against imports as
detrimental to the success of an American industry operating
under a code. Spokesmen for the industry told the Commission that production costs in the United States have advanced 66.6% since imposition of the textile code, principally
as a result of sharply higher labor costs which are not encountered by Japanese manufacturers.
A Washington dispatch of May 15 to the New York
"Journal of Commerce" summarized the testimony before
the Tariff Commission, and referred to the petition sent the
President, as follows:
Ralph E. Loper,a production cost economist, told the Commission to-day
that Japanese goods have a definite "edge" over the domestic textile product because of the former country's small production costs. Japanese
cloths, he said, may be purchased in New York for an average of 6.25c per
yard, while American mills pay production costs of 8.30c per yard for
similar cloths, not including the many interest charges and profit percentage.
Sees Prices Hit
W. Ray Bell, of the New York Association of Cotton Textile Merchants,
pointed to the injury suffered by the domestic price structure since the
sudden increase In Japanese imports by this country. More than 2,000,000
square yards of such goods have accumulated in port warehouses, he said,
and this figure is growing all the time.
Representatives of the Cotton Textile Institute appeared briefly to file
data similar to that given the President's special Cabinet Committee in the
investigation concluded by that body last week. The data is designed to
show that American mills are not in a position to combat the lower costs
enjoyed by foreign manufacturers.
In a petition signed by 71 of his colleagues, Representative Joseph W.
Martin. Jr. (Rep., Mass.). asked removal of the levy so that the textile
Industry may once again regain its industrial pedestal. The petition reads
as follows:
"The cotton textile industry in the United States is in a very critical
condition. Many mills have recently been forced to close, and many more
will close in the near future unless prompt relief is given. As a result of
the closing of these mills, many thousands of people have lost employment
and have been obliged to seek public relief in order to live.
"The seriousness of the situation is partly due to the extremely burdensome cotton processing tax. The burden of carrying this load has proved
too much for one industry, and as a result it defeats the object sought:
The recovery of the Nation.
"In view of the seriousness of the situation, we appeal to you. Mr.
President, to exercise the authority vested in you and remove this tax
from the textile industry."
Administrator Ickes Completes Plans for Decentralization of PWA—Miniature Offices to Be Opened in
Each State
Final plans for the decentralization of the Federal Emergency Administration of Public Works under the new pros
gram were completed recently when Administrator Harold L.
Ickes approved the setting up in each State miniature PWA
offices with a director and a complete staff. Simultaneously,
the Administrator ordered that the pending transfer of
approximately 175 lawyers, engineers and finance examiners,
as well as an undetermined number of trained stenographers
and clerks, to the State headquarters be accomplished as
quickly as possible. In noting this, an announcement issued
by the PWA also said:
Seizing the opportunity to speed up PWA procedure by putting trained
personnel backed by nearly two years headquarter's experience into the
field, the Administrator pointed out such action would bring closer co-operation with applicants for projects as the new program gets underway. . . .
The creation of these PWA headquarters in the States. Administrator
Ickes pointed out, does not mean an enlargement of PWA's staff. Decentralization 111 to be accomplished through the transfer of PWA employees
in Washington, not through the hiring of additional workers.
The main effect of decentralization will be the removal of the congestion
caused in Washington by thousands of applications for loans and grants
descending upon PWA's central headquarters. Under the new system,
the State headquarters will receive and examine applications and note their
recommendations. With no trained force available when PWA first was
set-up this work, of necessity, had to be done at Washington. Hereafter,
applications will be sent to PWA in Washington with examinations already
completed. In Washington they will be given a final check before being
handed on to the Division of Applications and Information and from there
to the Advisory Committee on Allotments.
Secretary of Agricultural Wallace Approves Ruling
Permitting Making of Molasses from Surplus
Philippine Sugar Cane
An administrative ruling under the Philippine sugar cane
production adjustment contract, permitting producers cooperating in the sugar production adjustment program to
convert their surplus sugar cane into molasses for sale in the
Islands and in the United States as livestock feed or for distillation purposes, has been approved by Secretary of Agriculture Wallace, the Agricultural Adjustment Administration
announced May 8. The ruling, administrative ruling No. 4
(Philippine sugar cane production adjustment contract),
applies to the 1934-35 crop and limits the amount of molasses
which may be made from surplus cane to 20,000,000 gallons,
the AAA said, adding:
Permits for converting the surplus sugar cane into molasses may be
applied for at the Manila office of the sugar section of the AAA. The
terms of sale of sugar cane and molasses are to be arranged among the
Individuals concerned, subject to review by the Secretary of Agriculture.
A similar administrative ruling has been made under the Puerto Rican
sugar cane adjustment program.
3327
19351Continental [Beet Sugar Marketing
Quota to 27 Processing Companies
Allotment of the 1935 continental beet sugar marketing
quota of 1,550,000 short tons to 27 processing companies
after the creation of a reserve for further allotment, was
announced May 13 by the Agricultural Adjustment Administration. The allotments were made by the Secretary of
Agriculture under authority of the Jones-Costigan Amendment to the Agricultural Adjustment Act. Similar allotments were made for 1934. The announcement of May 13
further said:
AAA Allots
The allotments to processors total 28,746,963 bags of direct-consumption
sugar of 100 pounds each,and the reserve for further allotment and adjustments totals 225,000 bags. The 1935 allotments, which give effect Via.
he
continental beet sugar quota as announced in General Sugar Quota
tions, Series 2,recognize the normal marketing requirements relative to new
crop sugar, as well as the effective inventories as of Jan. 1 1935.
The order making the allotments, Continental United States Beet Sugar
Order No. 6, also provides that any processor who considers himself
aggrieved because of the allotments made, may apply to the Secretary of
Agriculture for a public hearing to be held with respect to the adjustment
of such allotment.
The following are the allotments of direct-consumption sugar for 1935:
100
Name of Processor—
Pound Bags
Amalgamated Sugar Co., Ogden, Utah
1.606,781
American Crystal Sugar Co., Denver, Colo
2.428.713
Central Sugar
nc., Chicago. Ill
221,356
Franklin County
Co.,gugar Co.. Colorado Springs, Colo
198.710
Garden City Co., Colorado Springs, Colo
226,244
Great Lakes Sugar Co., Toledo, Ohio
692,101
Great Western Sugar Co., Denver, Colo
9,142,638
Gunnison Sugar Co,Salt Lake City, Utah
191.167
Holly Sugar Corp., Colorado SprIngs, Colo
4.324,688
Isabella Sugar Co., Mt. Pleasant, Mich
310.263
Lake Shore Sugar Co., Detroit, Mich
73,025
Layton Sugar Co. Layton, Utah
94.731
Los Alamitos Sugar Co., Los Angeles, Calif
159.505
Menominee Sugar Co., Green Bay, Wis
203,619
Michigan Sugar Co., Saginaw, Mich
1,464,535
Monitor Sugar Co., Bay City, Mich
413,502
National Sugar Mfg. Co.,Sugar City, Colo
94.117
Northeastern Sugar Co., Bay City, Mich
66,360
Ohio Sugar Co., Ottawa, Ohio
151,824
Paulding Sugar Co., Paulding, Ohio
164,025
Rock County Sugar Co., Bay City, Mich
70.147
Spreckels Sugar Co., San Francisco, Calif
3,111,750
St. Louis Sugar Co. Detroit, Mich
149,705
Superior Sugar Refining Co., Menominee, Mich
164.322
Union Sugar Co., Betteravia, Calif
308,704
Utah-Idaho Sugar Co., Salt Lake City, Utah
2,605.193
West Bay City Sugar Co., Bay City, Mich
109,148
rt
TVA Amendments Approved by Senate by Vote of
56 to 19—Bill Sponsored by Senator Norris Seeks
to Bolster Law—Similar Measure Before House
Committee
The Senate on May 14 adopted a series of amendments to
the law creating the Tennessee Valley Authority, designed
to meet such objections as that in which Federal Judge
Grabb of Alabama ruled that the TVA had exceeded its rights
in marketing electricity. The amendments were presented
in a bill by Senator Norris, which was approved by a vote of
56 to 19. The measure gives specific authority to the board
of directors of the TVA to "provide and operate facilities for
the generation of electric energy at all dams" and to "transmit and market such power. It also permits the TVA
Corporation to expand its bond issuing right from $50,000,000 to $100,000,000. Similar legislation is now pending
in the House Military Affairs Committee, which plans to
resume hearings on Monday (May 20).
Passage of the amendments was noted as follows in a
Washington dispatch of May 14 to the New York "Times":
Forty-six Democratic Senators voted for the amendments, together with
Senators Capper, Couzens, Frazier, Johnson, Norris, Nye, Schell and
Steiwar, Republicans; Shipstead, Farmer-Labor, and La Follette, Progressive. In the opposition were recorded Senators Byrd, Coolidge,
Dleterich, Gerry, Gore, Lonergan, Maloney, Moore and Tydings, Democrats; Austin, Barbour, Carey, Dickinson, Hale, Hastings, Reyes, Metcalf,
Townsend and White, Republicans.
Without debate, the Senate adopted a significant amendment by Senator
Logan to include the Cumberland River and its basin within the provisions
of the TVA Act.
On motion of Senator Norris, sponsor of the amendmenta, the Senate
adopted an amendment to permit the Government's experimental station
In the TVA to develop chemicals to destroy weeds.
Amother successful amendment, offered by Mr. Norris. would allow
the TVA Corporation to advise and co-operate with the Federal and State
governments in "readjusting the population displaced" by construction of
power dams, in acquiring rights of way, &c.
An amendment by Senator Couzens making all TVA expenditures conform to the "uniform system of accounting for public utilities as accepted
by the Bureau of Internal Revenue" was adopted.
NRA Should Be Completely Abolished, According to
Herbert Hoover—Former President Says it Creates
Monopolies, Crushes Small Business and Is "UnAmerican in Principle"
Former President Herbert Hoover said on May 15 that
the complete abolition of the National Recovery Administration is "the one right answer" which the House of Representatives should give to the action of the Senate in prolonging the NRA for another ten months. The former
President,in a copyright interview with the Associated Press,
declared that "we cannot build a nation's economy on a
fundamental error." The NRA, he said, has been crushing
small business, and the entire idea of governing business
through code authorities is "un-American in principle and a
proved failure in practice." He charged that the NRA has
saddled the American people with an era of monopolies, and
has failed to increase employment.
3328
Financial Chronicle
The interview with the former President, as given in
Associated Press advices of May 15 from Palo Alto, Calif.,
is quoted below:
The NRA has been crushing the life out of small business, he declared.
In response to a question as to what, in his opinion, Congress should do
with regard to the NRA, the former President said:
"In reply to your question, the one right answer by the House of Representatives to the Senate's action extending the life of the NRA is to abolish
it:entirely.al -.411
"Present NRA proposals are as bad. in many ways, as the original with
its:continuation until the next Congress; and with the Federal agents putting
pressure on State Legislatures to get them to enact State laws in support
of NRA,it is evident there has been no real retreat.
"i'his whole idea of ruling business through code authorities with delegated power of law is =American in principle and a proved failure in practice. The codes are retarding recovery. They are a cloak for conspiracy
against the public interest. They are and will continue to ba a weapon
of bureaucracy, a device for intimidation of decent citizens.
"To thecustomaryanswer ordestructivecriticism,' or the other question,
'What substitute is offered?' I suggest that the only substitute for an action
that rests on definite and proved economic error is to abandon it. We do
not construct new buildings on false foundations, and we cannot build a
nation's economy on a fundamental error.
"rho beneficent objectives of a greater social justice and the prevention
and can
of sweating, child labor and abuse in business practices should be
be better attained by specific statutory law.
agencies of Government for full enforcement
"There are already sufficient
be strengthened,
ofthe laws of the land. Where necessary those laws should
but not replaced with personal government.
should be carried out
"The prevention of waste in mineral resources
compacts.
by the States operating under Federally encouraged inter-State
wastes,
That is an American method of eradicating economic abuses and
as distinguished from Fascist regimentation.
has spread
"The multitude of code administrators, agents or committees
they have engaged in
Into every hamlet, and, whether authorized or not,
the coercion and Intimidation of presumably free citizens.
threatened with
"People have been sent to jail, but far more have been
the bureaucracy
jail. Direct and indirect boycotts have been organized by
to cure immoral business
itself. Many are being used to-day. Claiming
through 'chiseling.'
practices, the codes have increased them a thousand-fold
unfair competition,
"They have not protected legitimate business from
fair competition.
but they have deprived the public of the benefits of
people with the
"This whole NRA scheme has saddled the American
ever experienced. However monopoly Is
worst era of monopolies we have
stifle comdefined, its objective is to fix prices or to limit production or to
petition.
and it is no remedy to
"Any one of those evils produces the other two,
certain business
take part of them out. These have been the very aim of
effect
elements ever since Queen Elizabeth. Most of the 700 NRA codes
those very purposes.
were rejected by
"Exactly such schemes to avoid competition in business
the antimy administration because they are born from a desire to escape
major way,
trust laws. If the anti-trust laws had not been effective in a
not meet
there would have been no such desire to escape them. If they do
modern conditions they should be openly amended, not circumvented.
the codes have increased
"My investigations over the country show that
they
costs of production and distribution, and therefore prices. Thus
have driven toward decreased consumption and increased unemployment.
l'hey have increased the cost of living and placed a heavier burden on the
American farmer.
are
"NRA has been crushing the life out of small business, and they
crushing the life out of the very heart of the local community body. There
should be
are 1,500,000 small businessesin this country. and our purpose
to protect them.
these
"Publishers have had to resists arduously the encroachment of
American
NRA codes upon such fundamental, constitutionality guaranteed
liberties as free speech.
of
"The whole concept of NRA is rooted in a regimented 'economy
hampered
scarcity'—an idea that Increased costs, restricted production and
individuals
enterprise will enrich a nation. The notion may enrich a few
and undermine
and help a few businesses, but it will impoverish the nation
founded.
the principles of real social justice upon which this nation was
If we sub"ff the NRA has increased employment, it is not apparent.
by the coded industries as the
tract the persons temporarily employed
that the
direct result of the enormous Government expenditures, we find
when it was
numbers being employed are not materially greater than
enacted.
and
"NRA's pretended promises to labor were intentionally vague
conflict without
have never been clanfied. They have only promoted
establishing real rights.
people into
"That original ballyhoo used to hypnotize and coerce the
grandiose schemes
into acquiescence is now gone. Most of the originally
the American
now are conceded to be a violation of the spirit and the letter of
Constitution.
advantages out of
"Some business interests already have established
Even these inthe codes and therefore seek the perpetuation of NRA.
become either
terests should recognize that in the end they themselves will
instruments of a
the pawns of a bureaucracy that they do not want, or the
bureaucracy the American people do not want."
"American Mercury" Cited by New York Regional
Labor Board for Violating Section 7-A of NIRA—
Publisher Says Issue Is Right to Discharge Employee for Inefficiency
An order of the New York Regional Labor Board, directing the "American Mercury" to reinstate seven employees
and to recognize the Office Workers Union, of which they
are members, was rejected on May 13 by Lawrence E.
Spivak, publisher of the magazine. Mr. Spivak said that
the magazine could not re-employ two of the workers, who
were dismissed for alleged inefficiency on April 29. Five
other employees went on strike in sympathy, contending
the dismissals were for union activity. Mr. Spivak said
that the only point at issue was the question whether an
employer has the right to discharge an employee for inefficiency. Officers of the Regional Labor Board said that
the magazine would be cited before the National Labor
Relations Board in Washington as having violated the collective bargaining provisions of the National Industrial
Recovery Act.
May 18 1935
The New York "Times" of May 14 quoted from Mr.
Spivak's letter as follows:
Mr. Spivak's letter, addressed to Mrs. Elinore M. Herrick, Executive
Director of the Regional Labor Board, said the "American Mercury" could
not comply with the order because it was based upon erroneous findings
and because the jurisdiction of the Regional Labor Board was doubtful.
"The point at issue in this case, and the only point, is whether an
employer has the right to discharge an employee for inefficiency," Mr.
Spivak wrote. "The owners of the 'Mercury' insist that they have this
right and refuse to be coerced into renouncing it by an illegal strike,
precipitately called, and ruthlessly conducted.
"The 'American Mercury,' convinced that it has violated no law, will
continue to protect its independence as a business and as an organ of
free speech."
At her home last night, Mrs. Herrick said she had not yet received Mr.
Spivak's letter. She was annoyed by the fact that he had released it to
the press before its receipt by the Regional Labor Board, and indicated
that the Board would proceed to carry out its threat of citing the
"American Mercury" before the National Labor Relations Board.
Union Officials Threaten Renewal of Strike of National Biscuit Co. Workers—Claim Company Fails
to Adhere to Terms of Settlement
Final settlement of a strike of employees of the National
Biscuit Co., which kept 6,000 workers from their jobs since
Jan. 8, was announced on April 28 by officials of the Inside
Bakery Workers Union and Roy E. Tomlinson, President
of the company. Striking employees in both New York and
Philadelphia returned to their jobs on April 29, but a
renewal of the walkout was threatened early this week,
when union officials announced that officers of the company had failed to live up to the agreement. The union
charged that the company, since the settlement, had increased the speed of operations, had reduced payrolls and
wages, and had discriminated against strikers. The union
on May 13 filed a complaint with the llegional Labor Board
in New York.
The original settlement of the strike 'was brought about
through the intermediation of Lewis Hines, representing
the American Federation of Labor, and Charles Kutz, of
the Pennsylvania State Department of Labor. The company agreed to certain concessions. The New York "Times"
of April 29 noted the settlement as follows:
Under the settlement wage rates in force in the plants on Jan. 8, when
the strike began, will be continued. Preference in reinstatement of
employees will be given, as far as practicable, to married workers and
those with family responsibilities; length of service and proficiency also
to be considered.
The immediate needs of the company will govern the number of employees who are to return to work immediately. New employees engaged
since Jan. 8, as well as all old employees for whom work cannot be
provided at once, are to be placed on a preferential list.
The New York strike, conducted by the Inside Bakery Workers Federal
Union, was called in sympathy with the union workers in the Philadelphia
plant. At one time the number of strikers was 3,000. The strike was
marked by many picketing demonstrations and clashes with the police
and non-union employees.
Automotive Strike Ended as Chevrolet Employees Vote
to Accept Peace Terms—Radical Leaders Admit
Defeat—A. F. of L. Claims General Motors Corp.
Made Some Concessions
Thousands of automotive parts workers, who had been on
strike for more than three weeks, returned to their jobs on
May 15 as the result of a settlement negotiated on May 13
when striking employees of the Chevrolet Motor Co., at
Toledo, Ohio, voted by 732 to 385 to accept the terms arranged at a conference between officers of the General
Motors Corp. and labor leaders. The result was termed a
complete defeat for the radical members on the strike committee, who denounced the peace proposal. After Francis
J. Dillon, representative of the American Federation of
Labor, had been refused permission to speak at the strikers'
meeting on May 13, he declared that the union would be
expelled from the Federation. Later, however, he addressed
the strikers, and urged acceptance of the peace proposal,
stating that the General Motors Corp. had made important
concessions. The balloting followed his speech.
The most recent reference to the automotive strike was
contained in the "Chronicle" of May 11, page 3149. The
Automobile Manufacturers Association on May 14 issued a
bulletin summarizing the terms of settlement of the Chevrolet strike as follows:
1. Conforming with President Roosevelt's strike agreement of March 25
1934. by not recognizing any organization or agency as the exclusive bargaining agency for employees.
2. No signing of any agreement with any labor organization.
3. Conditions of employment are to be posted on Bulletin Board.
4. Meet with employees' representatives on grievances and complaints.
5. Enforcement of seniority rules established by the Automobile Labor
Board.
6. Freedom from discrimination for all shop committee members.
7. Increase of 4 cents an hour.
Associated Press advices from Detroit on May 14 noted
the end of the strike in the automobile industry as follows:
The threat of a widespread tie-up in automotive production faded today as the first of some 33,000 workers began returning to their benches
under terms of the settlement ending the three-week strike in the Toledo
plant of the Chevrolet Motor Co.
Confronted near the peak season of consumer demand with a mounting
stack of unfilled orders, Chevrolet officials bent every effort to speed into
top production the score of branch plants closed as a result of the strike.
Officials declined to say when Chevrolet output, cut from 28,700 units
to 10,000 last week by the halt in production of transmissions at Toledo,
Volume 140
Financial Chronicle
would be restored to normal, but said the Toledo plant would begin turning
out transmissions tomorrow. The other plants are expected to resume
operations as the parts become available.
Strikers in the Cleveland plant of the Fisher Body Co. voted to-day to
return to work, and an official of the A. F. of L. union in the Fisher and
Chevrolet plants in Atlanta said the strike there would be called off. The
Cleveland plant will open to-morrow.
Death of Marshal Joseph Pilsudski, Dictator of Poland
Marshal Joseph Pilsudski, dictator of Poland, died on
May 12. He was 67 years old. An official communique,
announcing the death, said that the Marshal's illness had
been chronic for several months. His health had been poor
for many years. The official proclamation paid tribute to
the Marshal's leadership in the fight for Polish independence. Although his death was not unexpected, it caused
some apprehension that it might result in a partial realignment of political influence in Europe. He died on the ninth
anniversary of the 1926 movement that made him virtual
dictator of Poland. A dispatch of May 12 from Warsaw to
the New York "Times" commented on the political aspects
of his death, in part, as follows:
Marshal Pilsudski's death left vacancies in the offices of Minister of
War and Inspector-General of the Army. General Taseus Kasprzycki was
appointed Minister of War and General Edward Rydz-Stnigly was made
Inspector-General of the Army.
The passing of the greatest man Poland has known since Prince Kosciusko
and the dictator of the country since 1926 should not, it is stressed in
official quarters, be expected to give rise to any change in Poland's
regime. He had for a few years left the Government to others and had
acted only as adviser in military and foreign affairs.
The Marshal's death was expected, and the candidates for the two important offices he held had already been chosen several weeks ago. The
question of Marshal Pilsudski's successors Is, therefore, formally settled.
The new War Minister was Under-Secretary for War and for some ti e,
in fact, had been conducting the affairs of the Ministry. He is a Pilsudski
legionary and is still in his forties. He is regarded as a non-political
officer.
The post of Inspector-General of the Army is much more important and
was created especially for the Marshal. His successor is now the most
popular officer in the army. He also served in the Pilsudski Legion
during the World War. He studied at the Academy of Arts in Cracow and
was a painter before he entered the army. He is 50 years old.
Generals Rydz-Smigly and Krasprzycki belong to a rather small group
of Pilsudski legionary officers who never left the army for politics. As
to General Rydz-Smigly's political views, it Is generally held that he is
inclined to support the radical and Left Wing of the Pilsudski pro-Governanent party.
Death of John S. Cohen, Editor of Atlanta "Journal"—
Was Former United States Senator from Georgia
Major John S. Cohen, President and Editor of the Atlanta
"Journal," Vice-Chairman of the Democratic National Committee and former United States Senator from Georgia, died
on May 13 in Atlanta. He was 65 years old, and had been
in declining health for several months. A message of
condolence was sent to his family by President Roosevelt,
who had been a close friend for many years. An Associated
Press account from Atlanta, May 13, in summarizing Mr.
Cohen's career, said in part:
He was appointed to the United States Senate by Governor Richard B.
Russell, Jr., in 1932 to fill the vacancy caused by the death of Senator
William J. Harris, and remained in the Senate until Russell was elected
nine months later. That same year Major Cohen was made Vice-Chairman
of the Democratic Committee.
Major Cohen became connected with the Atlanta "Journal" in 1890,
and for many years was active in political affairs in Georgia.
Major Cohen was an active leader in the movement which brought about
the nomination of Franklin D. Roosevelt as the Democratic Presidential
nominee at Chicago in 1932. He took an active part in the campaign and
was frequently consulted by Mr. Roosevelt and other party leaders.
Close Friend of Roosevelt
He was a warm personal friend of President Roosevelt and was always
a welcome visitor at the White House after Mr. Roosevelt went into office.
A native of Augusta, Ga., Major Cohen entered the United States Naval
Academy in 1885, after preliminary training in Richmond Academy,
Augusta, and Shenandoah Valley Academy in Virginia. He resigned from
the Naval Academy in 1886 to begin his journalistic career.
He first joined the staff of the Augusta "Chronicle" and four years later
became connected with the Atlanta "Journal" as a reporter.
In the interim he spent a year in Mexico with Captain William G. Raoul,
builder of the Mexican National Railroad, and was a reporter in 1889 on
the New York "World."
From reporter he progressed to political writer, Washington correspondent, chief editorial writer and managing editor of the "Journal" before
being elevated to President and Editor of the paper in 1917.
Senator Glass Awarded Medal for Work in Reforming
Banking System—Is One of Four Americans
Honored by Institute of Social Sciences
Four well-known Americans, including Senator Carter
Glass of Virginia, were awarded the gold medal of the
National Institute of Social Sciences in recognition of "distinguished services rendered to humanity" at the annual
dinner of the Institute in New York City on May 9. Others
honored were Cornelius N. Bliss, Dr. Harvey Cushing and
Dr. George E. Vincent, Dr. H. Parker Willis, Professor of
Banking at Columbia University, made the presentation
speech to Senator Glass, and pointed out that the award was
made to him "in recognition of distinguished services rendered to humanity as one of the leaders in the planning and
creation of the Federal Reserve Banking System, as Secretary of the Treasury, as United States Senator, and as one
who has through a long life consistently and unsparingly
devoted his abilities and energies to public service."
3329
Senator Glass, in accepting the medal, discussed the
proper behavior for a public servant, and said that the
modern interpretation calling for abject subservience to the
popular will was extremely distasteful to him. He added,
in part:
I have a distinct distaste for a modern-day interpretation of the phrase
"public servant." To me it was never intended to mean abject subservience
to the popular will, however uninformed or misdirected. I prefer to think
of a United States Senator as the representative of the sovereignty of his
State and subject every moment of his service to the promptings of his
own conscience and the preservation of his own intellectual integrity.
He has no moral right to sacrifice either to the clamor of the multitude
or to the decree of "titled consequence," wherever it may be enthroned.
Long ago I learned—indeed, I did not have to learn; it is a self-evident
proposition—that the public man who permits himself to pause long
enough to inquire whether a thing is popular or unpopular, instead of
seeking to know whether it is right or wrong, is not only useless, but
dangerous to his country.
He is a coward to begin with, and a menace always.
Dennis Chavez Appointed Senator from New Mexico
Succeed Late Bronson Cutting
— =Chavez,former Democratic member of the House
of Representatives, was appointed Senator from New Mexico
on Mly 11, to secceed the late Senator Bronson Cutting,
who as killed in an airplane crash on May 6. Senator
Cutting's death was recorded in the "Chronicle" of May 11,
page p150. Governor Tingley of New Mexico made the
appo. tment of Mr. Chavez for a period extending until the
,
s19' general election.
E. L. Thurston Appointed Special Assistant to Governor of Federal Reserve Board in Charge of Public
Relations
Elliott L. Thurston was appointed on May 7 by Governor
Marriner S. Eccles of the Federal Reserve Board as a special
assistant to be in charge of public relations. Mr. Thurston
for many years was a Washington newspaper correspondent,
and in recent months was on the editorial staff of the
Washington "Post." In reporting the appointment, Washington advices, May 7, to the New York "Times" of May 8
said:
The appointment marks a move to bring about "a better understanding
of the purposes and activities of the Federal Reserve System."
Since Mr. Eccles became Governor of the Board last November he has
arranged weekly conferences with newspaper men and has made a general
effort to acquaint the public with many developments in the System.
Mr. Thurston will be the first public relations officer of the Reserve
Board to go into action since the Federal Reserve Act was approved
in 1913.
In 1929, when Charles R. Michelson resigned as chief of the Washington
bureau to become publicity representative for the Democratic National
Committee, Mr. Thurston succeeded him.
Senate Confirms Nomination of T. W. Page for
Reappointment to United States Tariff Commission
—Tromas Walker Page of Virginia, Vice-Chairman of the
Tariff Commission, was reappointed by President Roosevelt
on May 7, and his nomination was confirmed by the Senate
May 10. He enters on June 17 next, on a new term of six
years. Commissioner Page was a member of the Taft Tariff
Board, which was discontinued in 1912, and was one of the
early appointees to the first Tariff Commission, having been
named by President Wilson in February 1918 and having
served as Vice-Chairman and later as Chairman of the
Commission at that time. He resigned in 1923. During
the interim between his resignation and reappointment to
the Commission in 1930,he was associated with the Brookings
Institution. In 1930 President Hoover named him as the
senior Democratic member of the reorganized Tariff Commission, and appointed him Vice-Chairman.
Horatio B. Hackett Appointed Assistant Administrator
of PWA
Announcement was made on May 12 by Harold L. Ickes,
Administrator of the Federal Emergency Administration of
Public Works, of the appointment of Horatio B. Hackett
as Assistant Administrator. Colonel Hackett has been for
the past 16 months Director of the Housing Division of the
Public Works Administration, to which office he has been
succeeded by Angelo Clas, formerly Assistant Director.
Elevation of Colonel Hackett to the Assistant Administratorship follows the recall to the War Department of Major Philip
B.Fleming, U.S. Corps of Engineers, who since last September has served as Acting Deputy Administrator of Public
Works.
New York State Chamber of Commerce Elects 13 New
Resident Members
Executives of a number of leading corporations were
among the 13 new resident members elected by the Chamber
of Commerce of the State of New York on May 2. The new
members elected were:
Fred Seymour, President American Gas & Power Co.
Bernard M. Culver, President Continental Insurance Co.
George IL Clifford, President Stone & Webster Service Corp.
George W. Billings Jr., President John P. Tilden, Inc.
Edward C. Bailly, Vice-President Carolina Clinchfield & Ohio Ry.
Perley Morse, Vice-President Addressograph Co.
James H. Brown, of Jacquelin & DeCoppet.
Dudley Cates, insurance.
3330
Financial Chronicle
Henry H. Egly, of Dillon, Read & Co.
Marion L. Lewis, President American Historical Society.
David S. Lobdell, of Lobdell & Co.
Edmund XL Tallman, of Hagedorn & Co.
Charles D. Morris, of Collier's.
A. G. Quaremba Elected Chairman of Committee of
Banking Institutions on Taxation
The Committee of Banking Institutions on Taxation,
which comprises representatives of National and State
banks, trust companies and private banking institutions,
held its seventeenth annual meeting at the Hotel Astor,
New York, on May 9, at which the following officers were
elected:
Chairman, A. G. Quaremba of the City Bank Farmers Trust Co.
Vice-Chairman, Edward J. O'Connor of the Guaranty Trust Co. of New
York.
Secretary, Thomas L. Pryor of the Brooklyn Trust Co.
Members of the Executive Committee, Stephen L. Jenkinson of the
Chemical Bank & Trust Co.; Daniel 0. Heckert of the Bank of the Manhattan Co.; Joseph B. Ryan of the Chase National Bank; W. B. Loery
of the Bank of New York & Trust Co., and F. K. Bosworth of the Empire
Trust Co.
The objects of this organization, it was announced, are
to co-operate in assisting in the administration of tax laws,
to disseminate among its members information pertaining
thereto, and to act as a clearing house for communications
from Federal and State tax authorities.
Illinois Bankers Association to Hold Annual Convention at Decatur May 20 and 21—M. S. Szymczak
and E. W. Kemmerer Among Scheduled Speakers
On May 20 and 21 the Illinois State Bankers Association
will hold its forty-fifth annual convention at Decatur, Ill.
The annual Association dinner will be held in the evening
of May 20, and will be addressed by G. A. Benson, Washington correspondent for the "Minneapolis Journal," on "This
Distracted World." In addition to Mr. Benson the speakers
at the convention, among others, Include:
M. S. Szymczak, member Federal Reserve Board.
Professor E. NV. Kemmerer, Princeton University.
Ronald Ransom, Executive Vice-President Fulton National Bank, Atlanta, Ga., and Chairman Committee on Federal Legislation, American
Bankers Association.
F. Lee Major, Vice-President Boatmen's National Bank, St. Louis.
E. W. DeLano, President Allegan State Savings Bank, Allegan, Mich.
C. B. Axford, editor "American Banker," New York.
Dwight H. Green, United States District Attorney for Northern Illinois.
Annual Convention of National Association of Credit
MenAto Be Held in Pittsburgh, Pa., During Week
of June 17
Initial arrangements being completed, announcement was
made May 10 by Henry H. Heimann, executive manager of
the National Association of Credit Men, that the fortieth
annual convention of the Association will be held at the
Hotel William Penn, Pittsburgh, Pa., during the week of
June 17. Wholesale, manufacturing and banking credit
executives who comprise the Association's membership of
20,000 are expected to gather from every State in the country to a total reaching 2,000 delegates. Coincident with the
annual convention, Mr. Heimann further announced, the
recently inaugurated Credit Congress of Industry, a successful feature for the past four years, will be held. This
Congress brings together credit executives of each individual industry in special conclaves for the mutual consideration of credit problems in the individual industries represented by the delegates.
Savings Banks Association of State of New York Plans
Holding Next Convention in Buffalo, Sept. 26
and 27
At a recent meeting—of-its Executive Committee it was
decided that the next convention of the Savings Banks
Association of the State of New York would be held at the
Hotel Statler in Buffalo, on Sept. 26 and 27, 1935. The
Committee has already started to work on the program to be
presented at that time. An announcement issued for release
to-day (May 18) further said:
The convention for the past few years has been held in New York City
and it was felt highly desirable by the Committee to have it this year at an
upstate point. Members of the Association are sure of a cordial welcome
from their associates in Buffalo and vicinity.
Booklet Distributed by Bank Management Commission
of American Bankers Association—Aid to Banks in
Analyzing Their Operating Costs
The Bank Management Commission of the American
Bankers Association is distributing to all members a"Manual
for Determining Per Item Costs," as booklet No. 15 in its
commercial bank management series. The purpose of the
book is to aid banks in analyzing their operating costs as a
basis for establishing equitable service charges. In a foreword
contained in the booklet, Orval W. Adams, Chairman of the
Commission, says:
Cost analyslitis of prime importance in modern banking. Through it
the bank can determine whatjpartlof the banking operation is responsible
for losses and:what must be:donejto eliminate them. The job is not ended
when this study is printed and distributed. . Cost analysis is not an end in
Itself but a means to an end. The aim is the elimination of wasteful
May 18 1935
operations and unprofitable business through analysis of accounts and the
Installation of profitable service charges.
Reopening of Closed Banks and Lifting of Restrictions
The items relating to those banks closed during the banking holiday of March 1933 and which have appeared under
the above head, will hereafter be found under "Items About
Banks, Trust Companies, &c."
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Following is the proposed transfer of memberships this
week: May 10, Charles W. MacQuoid, deceased, to Fred R.
Wolfe, at $88,000; May 11, Russell Clark to Raymond A.
Coward, at $90,000; Coll J. Turner, deceased, to Peter J.
McDermott, at $90,000; Edward L. Norton, deceased, to
Harry F. Southwood, at $95,000; May 13, Henry D. Stoddard to Leonard W. Dangler, at $105,000, and May 16, one,
at $104,000.
The membership of Stuart R. Patterson in the New York
Cotton Exchange was sold May 13 to Philip B. Weld, for
another, for $10,900, this price being $2,900 in advance of
the previous sale.
Arrangements were completed May 14 for the sale of a
membership on the Chicago Stock Exchange for $2,400, up
$200 from the last previous sale.
William D. Hutton, resident partner of the brokerage
firm of W. E. Hutton & Co., died May 12. Mr. Hutton,
who was 64 years old, had been a member of the New York
Stock Exchange from 1901 to 1928. Previous to coming to
New York, he had served with his father's firm of W. E.
Hutton & Co. from 1892 to 1901, after which he joined the
firm of his cousin, E. F. Hutton, as floor partner. In 1907
he rejoined W. E. Hutton & Co., retaining up to the time
of his death the office of resident partner.
Walter P. McCaffray, senior partner of the New York
Stock Exchange firm of Walter P. McCaffray & Co., died
May 11 at the age of 47 years. Mr. McCaffray had been a
member of the New York Curb Exchange since 1917, and
was a member of the Board of Governors since Feb. 1930.
At the time of his death he was also a member of the Exchange's Committees on Arbitration and Listing and a subcommittee on bonds.
Harvey D. Gibson, President of Manufacturers Trust Co.,
announced May 16 that James L. Fozard has been elected a
Vice-President of the bank.
r The Manufacturers Trust Co., New York, will inaugurate
a personal loan service during the early part of June. This
decision was reached by the Board of Directors at their last
meeting and was made public May 16 by Harvey D. Gibson,
President of the bank. A careful and intensive study made
during the last few months by a committee of officers has
convinced the directors that the plan is both timely and
practical. This personal loan service will be available at all
of the 56 offices of Manufacturers Trust Co. in Manhattan,
Brooklyn, Bronx and Queens, and will be extended not only
to customers of the bank but also to non-customers. Applications for loans will be considered in amounts from $60 to
$2,000. The discount rate on notes for such loans will be
6% per annum. The Modernization Loan Department of
Manufacturers Trust Co. will be consolidated with the new
Personal Loan Department, so as to bring both types of
service under the same uniform procedure.
J. F. T. O'Connor, Comptroller of the Currency, has
declared a second dividend of 20% for depositors in the
Yardley National Bank, it was announced May 16, by
George H. Younger, receiver. A dispatch in the matter
from Yardley, printed in the Philadelphia "Record," also
said:
Checks totaling about S78.000 will be available to creditors in about
three weeks. Younger said.
The dividend will bring payments made to depositors to 80%.
Pa.,
According to Chambersburg, Pa. advices, printed in
"Money and Commerce" of May 11,
E. Miller has been
elected President of the Farmers' & Merchants' Trust Co.
of that place, to succeed the late William S. Hoerner, who
held the dual position of President and Solicitor. T. Z.
Minehart was named to succeed Mr. Hoerner in the latter
capacity and B. B. Holler was chosen Vice-President to
succeed Mr. Miller, the new President.
In indicating that a fourth dividend was to be paid to
depositors of the defunct People's National Bank of Brookneal, Va., a dispatch from that place under date of May 11
to the Richmond "Dispatch", had the following to say, in
part:
G. H. Tucker, receiver for the Peoples National Bank of Brookneal,
announces that he is ready to pay the fourth dividend to the depositors.
This dividend will be 12% of the remaining amount. There have been
three other payments, the first for 15%, the second for 5%, and the third
for 10%.
Volume 140
Financial Chronicle
Announcement was made recently of the proposed consolidation of the Citizens' National Bank of Parkersburg, W.
Va., with the Parkersburg National Bank, institutions which
have long been affiliated and which have combined deposits
of more than $4,000,000. We quote further in part from a
Parkersburg dispatch in the matter, appearing in "Money &
Commerce" of May 11:
The proposed merger will form one of the largest banks in West Virginia.
Notices are being published for meetings of the stockholders of each of the
two banks, to be held June 6, for the purpose of voting for ratification of
the merger plan. . . .
Distribution of a 10% dividend to depositors of the Marion
National Bank of Marion, Ohio, was scheduled to be made
onkMayA15, according to Associated Press advices from
Marion on that date. It will amount to $79,673 and bring
the total payments to 66% it was said.
lor According
to a dispatch by the Associated Press from
Canton, Ohio, on May 7, preliminary work to a proposed
plan for reopening the Central Savings Bank & Trust Co. of
Canton was completed on that day when copies of the plan,
together with consents, were mailed to all depositors. We
quote the advices further:
The reopening, if approved, will be made possible through a loan of
$280,000 by the Reconstruction Finance Corp. Favorable action has been
taken on the loan application at Washington, and It has been forwarded to
the Cleveland Reconstruction Finance Corp. office.
• The reopening plan will enable release of40% of the deposits to depositors.
The remaining 60% would go into a mortgage company.
&mall
Liquidators of the Security-Home Trust Co. of Toledo,
Ohio, were to begin payment of a 5% dividend to depositors
on May 15, it was announced on May 13, following approval
of their application by Judge James S. Martin in Common
Pleas Court, according to the Toledo "Blade" of that date,
which also said:
The diviaend, the sixth since the bank was closed in 1931, will mean
disbursement of approximately $860,000. The payment will bring the
total return to depositors to 35%.
Payment of a dividend of 5% to creditors of the Buckeye
Commercial Savings Bank of Findlay, Ohio, was begun on
May 14. In noting the matter a dispatch from Findlay
printed in the Toledo "Blade" went on to say:
This brings the total paid to 80% since the institution closed five years
ago. Approximately $150,000 is being disbursed at this time.
That the Sharon Center Banking Co. of Sharon Center,
Ohio, had been closed for reorganization purposes, was reported in the following dispatch from Marietta, Ohio, appearing in "Money & Commerce" of May 11:
While final steps in reorganization are taken preliminary to reopening
In about two weeks, the conserved Sharon Center Banking Co. of Sharon
Center has been closed.
The Farmers' & Wabash National Bank of Wabash, Ind.,
which went into receivership a year and a half ago, on May
13 paid a 30% dividend to depositors, the payment representing $369,783.70. A dispatch in the matter from Wabash
to the Indianapolis "News" further stated:
At the time of the organization of the First National Bank—the only
bank here at present—a dividend of 65% was paid to depositors of the
Farmers' & Wabash National, out of which they agreed to invest 10%
in stock in the First National.
Payment of $31,086, or 3% to depositors of the Madison
Square State Bank of Chicago, Ill., was authorized on May
13 by State Auditor Edward J. Barrett and checks were to
be mailed May 14. This is the first return for depositors
since the bank closed June 15, 1932, and follows the compromising of $175,000 in debts of the bank during the first
three months of the year. The Chicago "News" of May 14,
authority for the above, also supplied the following details:
Receiver William L. O'Connell has wiped out $379,309 in preferred and
secured claims, but bills of $160,000 still remain. Assets of $831,000 still
In the portfolio are valued at little more than those debts, and a sell-out
loan from the Reconstruction Finance Corporation is regarded as the best
chance for any further returns. The current payment is made from funds
obtained in ordinary liquidation from assets not pledged against the bank's
'debts.
Milton J. Hayes, recently with Moody's Investors Service
and previously in the trust department of the Continental
Illinois National Bank & Trust Co. of Chicago, has become
associated with the American National Bank & Trust Co.
of that city, and will specialize in bond investment work.
The American National Bank & Trust Co. of Chicago, Ill.,
on May 15 announced that Harold E. Foreman, of the Chicago banking family of that name, would become a VicePresident of the institution, according to a dispatch by the
Associated Press from that city on the date named. Mr.
Foreman was formerly Chairman of the Board of the old
Foreman National Bank, the dispatch said.
On May 2 the First National Bank of Hominy, Okla., with
capital of $50,000, went into voluntary liquidation. The
Institution was absorbed by the National Bank of Commerce of Hominy.
3331
The First National Bank of Durant, Okla., was placed
in voluntary liquidation on April 24. The institution, which
had a capital of $100,000, was succeeded by the First National Bank in Durant.
The Mercantile-Commerce Bank & Trust Co. of St.
Louis, Mo., has announced the appointment of James M.
Decker as Assistant Vice-President. Mr. Decker assumed
his new duties in the commercial banking department of the
institution on May 15. The announcement by the bank
went on to say:
Mr. Decker is a native St. Louisan and has spent most of his business
career in that city. He was for many years connected with the firm of
McCluney & Co., St. Louis,commercial paper brokers,in their new business
and sales departments and as Manager of their credit department. In this
latter capacity he travelled extensively throughout the southwest, and is
well known in that territory. In 1932 Mr. Decker became Auditor of the
Shawnee Milling Co., Shawnee, Oklahoma,and remained in that office until
shortly before his present appointment. While in Oklahoma he was a
director of the Oklahoma Credit Men's Association.
A 20% liquidating dividend to creditors of the Lowell
Bank and the Grant State Bank, both of St. Louis, Mo., will
be paid shortly, according to an announcement on May 7
by Oscar Wibbing, Deputy State Finance Commissioner, in
charge of the liquidation of banks, after Circuit Judge
O'Malley had granted authority to make loans from the
Reconstruction Finance Corporation for the purpose of
making the distributions. In noting this, the St. Louis
"Globe-Democrat" of May 8 furthermore stated:
Judge O'Malley granted the Lowell Bank authority to borrow $250,000
from the RFO for the purpose of paying the dividend, while allowing the
Grant State Bank permission to borrow $160,000. Both banks have previously paid liquidating dividends of 30%.
M. C. Horton, Connected with the Bank of Poplar Bluff,
Poplar Bluff, Mo., since 1886 and its President for 15 years,
has been removed as head of the institution by the Board
of Directors, it was announced May 9, according to Associated Press advices from Poplar Bluff on that date, which
further stated that Ed L. Abington had been named President to succeed Mr. Horton, who will continue as a member
of the Board.
Leonard G. Miller has been appointed an Assistant
Cashier of the Mutual Bank & Trust Co. of St. Louis, Mo.,
according to the St. Louis "Globe-Democrat" of May 11,
from which we quote further as follows:
Mr. Miller has been with the bank since it opened in April of 1934.
Previously he had been a bank examiner for the Federal Deposit Insurance
Corporation, and prior to that had been engaged in the banking field here
for about 12 years.
Beginning May 16, the receiver of the First National
Bank of Mebane, N. C., was to pay a second dividend of 30%
to creditors who have proved their claims, we learn from
advices from that place on May 11, appearing in the Raleigh
"News and Observer," which added:
This distribution has been made possible by a loan obtained from the
/
2
%
Reconstruction Finance Corporation. A dividend of 121 has heretofore
been paid by this trust.
Announcement was made on May 9 that the Stanly Bank
& Trust Co. of Albemarle, N. C., would pay a dividend of
25% to its original depositors, beginning May 13. In noting
this, an Albemarle dispatch on May 10, appearing in the
Raleigh "News and Observer," added:
Approximately $16,000 will be paid out to these depositors. This is
the second dividend to be paid by the bank, each for 25%. The other
dividend was paid several months ago. The bank has sufficient assets to
pay all depositors in full, and this will eventually be done.
Effective April 15, the First National—Bank of Pampa,
Tex., with capital of $50,000, went into voluntary linuidation. The institution was replaced by the First National
Bank in Pampa.
It is learned from the Denver "Rocky Mountain News" of
May 10 that at the regular monthly meeting of the directors
of the First National Bank of Denver, CoL. on May 9, J. F.
Dawson was elected Cashier to succeed the late J. C. Houston. Mr. Dawson, who formerly was a Junior officer, has
been with the 'bank for many years. At the same meeting,
Lee C. Ashley, John B. Welborn and Clayton 0. Floyd were
appointed Assistant Cashiers, it was stated.
Application of the First National Bank in Reno, Nev., to
open a branch bank at Fallon, which was approved early
In April of this year by the Comptroller of the Currency,
resulted in the opening of the Fallon branch on May 3,
according to C. F. Wente, President of the First National
Bank in Reno. The San Francisco "Chronicle" of May 3,
authority for this, added:
H. E. Harworth, formerly with the head office of the bank in Reno, has
been selected as Manager and J. B. Koehler as Assistant Cashier.
Commercial depositors of the defunct Citizens' Bank of
Ashland, Ore., were to receive a 10% dividend, amounting
to $17,000, after May 14, we learn from Ashland advices on
May 7 to the Portland "Oregonian", which continuing said:
3332
Financial Chronicle
The payment will be the fifth in the commercial department of the
bank, now in process of liquidation, bringing totals dividends up to 60%.
Depositors in the savings department have received 65%.
The Yokohama Specie Bank, Ltd., head office Yokohama, during the second half of 1934 showed net earnings, after provision for bad and doubtful debts, rebate
on bills, &c., of 7,234,380 yen, according to the report to
stockholders received in New York on May 13. Inclusive
of 8,256,944 yen brought forward June 30 1934, the total
was 15,491,325 yen. Additions to the reserve fund totaled
1,550,000 yen and dividends 5,000,000 yen, leaving 8,941,325
yen carried forward to the next account.
THE CURB EXCHANGE
Specialties and oil stocks were in fairly heavy demand
on the Curb Exchange during the early part of the week,
but the oil shares gradually fell back as the week advanced.
On Monday and Tuesday the volume of business was
moderately heavy and the trend of the market showed a
strong inclination to move to higher levels despite the fact
that considerable realizing was apparent at all times. On
Wednesday, following a fairly strong opening, the market
turned downward though a few of the alcohol stocks showed
an inclination to hold their previous gains.
Irregular price movements due to week-end adjustments
characterized the trading during the brief session on Saturday. The volume of dealings was somewhat heavier than
the average half-day, the total transfers reaching approximately 185,180 shares. Gulf Oil of Pennsylvania was in
brisk demand and moved forward 33% points to 673%,
A. 0. Smith advanced 23% points to 693% and Syracuse
Lighting gained 2 points on a small transaction. Other
active stocks showing small gains included such market
favorites as Aluminum Co. of America, Swift & Co., Technicolor, Inc., and Electric Bond & Share.
Specialties were in good demand on Monday as the
market continued to move toward higher levels. Oil stocks
also were in demand at higher prices despite the fact that
more or less realizing was apparent throughout the session.
The best gains were registered oy Aluminum, Ltd., which
moved ahead 5% points to 31, and Singer Mfg. Co. which
surged forward 33% points to 2543%. Small gains were
also registered by Allied Mills, Aluminum Co. of America,
American Light & Traction, Creole Petroleum, Greyhound
Corp., Pioneer Gold Mines of B. C., and International
Petroleum.
The demand for high class specialties continued fairly
strong on Tuesday, but selling pressure on the public utilities
had a depressing tendency on the general list and many
active stocks among the speculative favorites were inclined
to sag. The volume of business was fairly large, the turnover for the day reaching approximately 255,000 shares.
Commonwealth Edison yielded to offerings and dipped
83% points to 67. Aluminum Co. of America was also under
pressure and dipped about 13i points. Declines were also
recorded by such market favorites as American Gas &
Electric, Electric Bond & Share, Pioneer Gold Mines of
B. C., Sherwin Williams and Technicolor, Inc.
The volume ot trading was much lowee on Wednesday,
ard wnile there was some interest displayed in the alcohol
stocks that carried a number of the more active issues to
higher levels, there were also a number of market favorites
that slipped below the previous close. Stocks showing
fractional losses included among others, American Gas &
Electric, Carrier Corp., Fisk Rubber Corp., Humble Oil
& Refining Co., Newmont Mining Corp. and American
Light & Traction.
Curb prices resumed their upward climb on Thursday,the
volume of trading reaching the highest point touched in
several months. The improvement was apparent throughout
the list and many prominent issues registered gains ranging
up to 2 or more points. Aluminum Co. of America was in
sharp demand and advanced 23/i points to 593,Dow Chemical also attracted considerable buying and gained 23% points
to 99 and Gulf Oil of Pennsylvania moved up 23 points to 72.
%
Many other outstanding stocks showed moderate gains including Carrier Corp. Creole Petroleum, Ford Motor of
Canada A, Newmont'
Mining Corp. and Sherwin Williams
Co.
Opening prices were fairly strong on Friday but profit
taking appeared as the session progressed and a goodly part
of the gains of the previous day were cancelled. Scattered
through the list were a number of preferred stocks that held
a part of their advances and closed fractionally higher. The
turnover for the day was below the preceding session. As
compared with Friday of last week, prices were higher,
Aluminum Co. of America closing last night at 583% against
51 on Friday a week ago, American Cyanamid B at 193'
against 18%, Atlas Corp. at 93/i against 93%, Canadian Marconi at 13% against 13/2, Consolidated Gas of Baltmore at
683% against 68, Distillers Seagrams Ltd. at 163 against 14,
4
Electric Bond & Share at 73% against 7, Glen Alden Coal at
against 133 , Greyhound Corp. at 47 against 46, Gulf
4
153%
Oil of Pennsylvania at 71 against 643%, Hudson Bay Mining
Smelting at 16 against 153, International Petroleum at
&
373% against 36, National Belles Hess at 1% against 13%,
Newmont Mining Corp. at 523% against 523., Parker Rust
Proof at 60 against 593 , Sherwin Williams'Co. at 963
4
against 94%,Standard Oil of Kentucky at 203% against 197
%
and Swift & Company at 157% against 15.
May 18 1935
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
May 17 1935
Stocks
(Number
of
Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Bonds (Par Value)
Foreign
Foreign
Government Corporate
Domestic
185,180 63,536.000
254,500 4,491,000
265,600 5,069,000
202,625 4,476,000
399,323 5,497,000
336,845 4,583,000
1.644,073 $27,652,000
Total
$42,000
26,000
24,000
38,000
58,000
61,000
$249,000
Sales at
New York Curb
Exchange
Week Ended May 17
1935
Total
$28,147,000 $20,914,000
$3,617,000
4,566,000
5,108,000
4,550,000
5,620,000
4,686,000
$246,000 $28,147,000
Jan. 1 to May 17
1934
Stocks—No, of shares_
1,644,073
1,155.388
Bonds
Domestic
$27,652,000 $19,852,000
Foreign government - _
249,000
642,000
Foreign corporate
246,000
420,000
Total
$39,000
49,000
15,000
36,000
65,000
42,000
1935
1934
17,818,768
33,717,315
6472,307,600
7,465,000
4,798,000
$475,311,000
17,357,000
14,573,000
$484,570,000
$507,241,000
The Berlin Sivcic Exchange
Closing prices of representative stocks as received by cable
day of the past week
May May May May May
11
13
14
15
16
Per Cent of Pa
AllgemeineElektrisitaets-Geseilsehall(AEG) 39
38
39
38
38
Berliner Handels-Geselischsts(6%)
110
111
111
111 III
Berliner Kraft U. Licht(8%)
136
135 136
136 136
Commers-und Privat-Bank AG
94
93
93
93
93
Desaauer Gas(7%)
125
125
125 126
126
Deutsche Bank und DIsconto-Gesellschaft 95
94
94
94
94
Deutsche Erdoel(4%)
108
108 110
111
111
Deutsche Reichsbahn (German Rya)pf(7%)123 123 123
123 123
Dresdner Bank
95
94
94
94
94
Farbenindustrie I GI(7%)
145
145 145
146
146
Gesfuerel (5%)
120
120 120 121
121.
Hamburg Electric Werke(8%)
129
128
130
130 130
Hapag
33 • 33
32
33
32
Mannesmann Roehren
80
80
80
80
79
Norddeutscher Lloyd
35
35
35
35
35
Reichebank (8%)
162
162 161
161
161
Rheinische Braunkohls (12%)
220 222 225 229 230
Salsdetturth (7)4%)
166169 168
Siemens & Halske(7%)
159 160
No 165 164
CURRENT
sack
May
17
40
112
134
92
129
93
114
123
93
139
124
130
34
81
36
161
229
164
166
NOTICES
—The financial advertising firm of Doremus & Co.which since its
establishment in 1903 has been located on Broad Street below the New York
Stock Exchange,announced to-day the removal of its offices to new quarters
on the twenty-first floor of the Equitable Building at 120 Broadway, New
York.
Originally affiliated with the Barron organization, Doremus dc Co.
since June 1933. has been privately owned. The present officers are William
H. Long, Jr., Chairman; G. Munro Hubbard, President, and Walter H.
Burnham, Vice-President.
—Joseph W. Hicks, Publicity Director of Byllesby Engineering and Management Corporation, was elected president of the Chicago Alumni Chanter
of Sigma Delta Chi, national honorary journalistic fraternity at the annual
meeting of the fraternity at the Palmer House in Chicago Monday. Other
officers elected were: Vice-President,Elmo Scott Watson,Editor, Publisher's
Auxiliary; Secretary, Conger Reynolds, Publicity Director, Standard Oil
Company of Indiana; Treasurer, Floyd Arpan, Editor, Northwestern University Alumni News.
—The Denver firm of Boettcher & Co., Inc., announces the opening
of a New York office at 52 Wall Street. to conduct a general investment
business, acting as principal,specializing in the purchase and sale of Western
municipals and unlisted securities. Associated with the firm in the new
office will be Carl K. Gish and John C. Blockley. Other offices of the
firm are located in Chicago and Omaha.
—Wm.C. Orton & Co. have moved to larger quarters at 37 Wall Street.
COURSE OF BANK CLEARINGS
Bank clearings this week will 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,
May 18) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
5.9% above those for the corresponding week last year. Our
preliminary total stands at $5,337,182,152, against $5,040,351,494 for the same week in 1934. At this center there is
a gain for the week ended Friday of 5.9%. Our comparative
summary for the week follows:
Clearings—Returns by Telegraph
Week Ending May 18
Per
Cent
1935
1934
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,648,377,414
218,404,852
278,000,000
173,000,000
78.392,982
69,400.000
114,648.000
84.627,907
82,379,543
60,704,443
51,245,592
23,661.000
$2,595,476,038
197,512,646
252,000,000
182,000,000
61,716,217
65,600,000
91,894,000
77,339,036
65,741,500
53,220,498
49,901,249
20,816,000
+2.0
+10.6
+10.3
—4.9
+27.0
+5.8
+24.8
+9.4
+25.3
+14.1
+14.1
+13.7
Twelve cities, five days
Other cities, five days
$3,882,841,733
564,810,060
$3.713,217,184
536,875,170
+4.6
+5.2
Total an cities, five days
All cities, one day
$4,447,651,793
889,530,359
$4,250,092,354
790,259,140
+4.6
+12.6
Total all cities for week
$5,337,182,152
$5040351494
+5.9
Complete and exact detai s for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended May 11.
For that week there is a decrease of 4.6%, the aggregate
of clearings for the whole country being $5,037,961,127,
against $5,278,504,594 in the same week in 1934. Outside
of this city there is an increase of 8.4%, the bank clearings
at this center having recorded a loss of 4.6%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
a loss of 10.9% and in the Boston Reserve District of 4.3%,
but in the Philadelphia Reserve District the totals record a
gain of 2.2%. The Cleveland Reserve District has managed
to enlarge its totals by 3.7%, the Richmond Reserve District by 5.5%, and the Atlanta Reserve District by 9.9%.
In the Chicago Reserve District there is an improvement
of 15.6%, in the St. Louis Reserve District of 11.5%,
and in the Minneapolis Reserve District of 13.0%. In the
Kansas City Reserve District the increase is 24.5%, in the
Dallas Reserve District 3.5%, and in the San Francisco
Reserve District 15.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended May 11 1935
1935
Total
111 cities
Outside N. Y. MY
1;1411
Canada
32 cities
1885.07
Dec.
1934
Federal Reserve Dints.
$
_12 616108
217,019,241
lst 'Boston
2nd New York_12 "
3,170,146,639
3rd LPhiladelphia 9 "
313,385,694
198,661,907
4th j Cleveland__ 5 "
99,664,351
5th Richmond - 6 "
106,663,599
8th lAtlanta____10 "
7th, Chicago _ _ _19 "
390,513,181
106,685,504
8th ,51. Louis_ _ _ 4 "
9th Minneapolis 7 "
82,162,493
10th KansasCity 10 "
121,071,713
40,268,876
11th Dallas
5 "
12th San Fran...12 "
191,687,926
1933
1932
$
$
$
%
226,743781 -4.3
194,464,593
218,791,219
3,556,877,289-10.9 3,226,264,304 2,968,909,634
306,644,035 +2.2
228,196,681
259,149,991
188,907,409 +3.7
143,333,620
199,382,093
93,469,998 +5.5
70,561,475
99,414,107
97,094,586 +9.9
69,101,241
85,689,512
337,826,806 +15.6
230,578,303
341,463,025
93,885,281 +11.5
79,197,848
69,503,556
72,725,511 +13.0
63,346,583
69,080,955
98,862,579 +24.5
75,602,688
98,073,034
38.891,822 +3.6
31,647,605
34.698,308
165,575,497 +15.8
146,183,841
236,489,271
5,037,961,127
1,970,207,184
5,278,504,591 -4.6
1,816,901,295 +8.4
347,669,490
317,458.629 +9.5
4,558,478,782 4,689,643,705
1,415,851,920 1,824,931,396
284,107,716
236,783.681
Week Ended 3/ay 11
Clearings at
1935
1934
Inc. or
Dec.
$
First Federal Reserve Dist rict-Boston
Me.-Bangor___687,157
478,375
133Portiand
1,572,874
1,555,594
Mass.
-Boston._ 183,714,192 199,245,065
Fall River_
608,973
751,347
Lowell
311,736
277,867
New Bedford
597,582
551,022
Springfield _
2,625,000
2,572,866
Worcester
1,219,592
1,335,923
Conn.
-Hartford.
14,643,288
9,339,924
fillNew Haven__ _
2,987,003
3,037,017
R.1.
-Providence
7,566,400
7,196,900
N.11.-Manches'r
495.444
401,881
1933
1932
+43.6
+1.1
-7.8
-18.9
+12.2
+8.4
+2.0
-8.7
+56.8
-1.6
+5.0
+23.3
501,090
849.863
170,696,762
560,541
280,977
548,096
2,303.629
1,002,693
8,134,987
2,905,234
6,253,000
427,721
423,100
2,103,025
187,023,119
668,939
382,672
620,334
3,217,458
2,282,997
7,866,880
5,768,992
7,760,300
673,403
-4.3
194,464,593
York
4,453,264
+24.9
11,856,326
753,472
+0.3
849,556
21.912,785
25,893,040
+7.0
416,125
614.514
+17.8
670,174
246,730
+4.6
-11.4 3,142,626,862 2,864,712,309
6,889,294
+3.7
5,675,931
3,580,111
+10.5
3,924.413
2,593.442
2,222,548
+5.4
459,480
326,632
+60.0
21,989,251
14,380,987
+0.5
21,825,410
26,301,283
+3.1
Total(12 cities) 3,170.146,639 3,556,877,289 -10.9 3,226,264,304 2,958.909,634
313,385.694
Fourth Feder al
Ohio-Akron.
Canton
Cincinnati_
Cleveland.....
Columbus
Mansfield
Youngstown
Pa -Pittsburgh.
306,644,035
+2.2
428,970
a2,083,548
404,365
1,008,520
247,000,000
2,324,274
2.080,245
1,627,994
1,252,623
3,023,000
228,196,681
259,149,991
39,713,827
63,716,201
8,025,500
939,799
Reserve D istrict-Clev aimde
87,671,612
84,507,399
+3.7
32,399,138
38,332,855
6,942,900
831,145
is
64,827,582
198,661,907
188,907,409
+3.7
143,333,620
199,382,093
Fifth Federal Reserve Dist
W.Va.-HuntIon
128,271
Va.-Norfolk
2,509,000
ONtRichmond
26,767,413
-Charleston
S. C.
971,069
Md.-Baltimore _
51,714,700
D.C.-Washing'n
17,573,901
115,948
1,852,010
24,961,455
714,322
52,276,639
14,539,634
ond+10.6
+34.7
+7.2
+35.9
-1.1
+20.
70,418
2,006,000
24,275,881
689,791
34,863,257
8.856,131
444,186
2,729,901
24,600,04
827,826
51,301,750
19.510,440
94,489,998
+5.5
70,561,475
99,414,107
Sixth Federal Reserve Dist rIct-Atlant a--Knoxville
Tenn.
2,678,326
2,083,645 +28.5
Nashville
12,928,046
11,289,748 +14.5
Ga.-Atlanta
35,400,000
35,600,000 -0.6
Augusta
937,583
850,838 +10.2
Macon
742,798
449,553 +65.2
Fla.-JackInville
14,506,000
11,864,000 +22.3
Ala.-131rm'ham _
15,243,425
13,787,99 +10.6
Mobile
974,96 +10.3
1,075,086
-Vicksburg
Miss.
-0.1
116,75
116,752
La.
-New Orleans
20,077,09 +14.7
23,035,603
3,284,289
8,414,511
27,700,000
837,424
514,949
7.537,069
9,354,332
929,312
89,48
10,439,87
2,611,383
10,437,230
28,800,000
747,544
526,534
9,143,485
8,362,357
731,067
124,080
24,205,852
89,101.241
85,889,512
Total (6 cities).
Total(10 cities)
41,943,850
57,957,811
9,910,700
1,177,934
99.664,354
106,663,599
Inc. or
Dec.
1934
$
$
%
Seventh Feder al Reserve D istrict-Chi cago70,824
58,016 +22.1
Iich.-Adrian __
Ann Arbor__ _ _
394,063 +33.2
524,761
75,518,679
65,665,550 +15.0
Detroit
Grand Rapids_
1,813,449
1,508,422 +20.2
Lansing
900,113 +24.9
1,123,828
3d.
-Ft. Wayne
802,930
960,552 -16.4
12,316,001: +30.4
Indianapolis...
16,064,00
South Bend...
1.053,333
1,160.706 -9.3
Terre Haute
4,031,665
3,647,373 +10.5
618.
-Milwaukee
16,671,249
14,813,139 +12.5
owa-Ced. Rap.
1,270,226
462,377 +174.7
Des Moines_
9,885,622
6,334,278 +56,1
Sioux City....
2,762,559
2,483,411 +11.2
b
Waterloo
b
b
ii.-Bloomingt'n
471,071
475,900 -1.0
253,568,455 221,678,900 +14.4
Chicago
643.095
763,716 -15.8
Decatur
2,559,496
2,577,856 -0.7
Peoria
631,221
603,415 +4.6
Rockford
1,076,718
1,023,019 +5.2
Springfield....
$
$
b
497,626
7,368,342
881,703
293,800
403.814
9,406,000
547,232
2,867,426
10,822,009
b
3,544,597
1,987,022
b
312,487
187,573,493
504,453
2.234.783
565,522
767,994
115,220
546,181
59,947,764
2,949,394
1,125,200
1,287,308
13,767,000
1,550.015
3,527,992
16,403,205
773,326
5,076,836
2,532,677
b
1,203,129
224,873,790
543,661
2,441,811
567,583
2,230,953
337,826,806 +15.6
230,578,303
341.463,025
els
Eighth Fedora I Reserve Die trict-St. Lo uisb
b
b
nd.-Evansville
60,900,000 +10.8
la-St. Louis
67,500,000
24,551,568
21,411,434 +14.7
-Louisville
:Y.
'enn.- Memphis
12,139,936
11.239,847 +8.0
b
b
II.-Jacksonville
b
494,000
334,000 +47.9
,Quincy
b
52,800,000
16,254,418
9,855,430
b
288,000
Is
59,800,000
17,769,051
10,345,442
b
588,063
93,885,281 +11.5
79,197,848
88,502,556
!Ninth:Federal .1teserve Die tact- Minn eapolls2,034,629 +4.8
1,851,318
/Ion.
2,132,486
-Duluth
52,725,481
48,598,809 +8.5
43,994,186
Minneapolis__
21,898,479
17,859,396 +22.6
12,972,795
St. Paul
0. D.
-Fargo.__
1,776,491
1,654,505 +7.4
1,452,124
I. D.
594.088
402,096 +47.7
475.742
-Aberdeen.
495,784
295,629
1ont.-BillIngs _
345,596 +43.5
2,539,684
1,830,480 +38.7
2,304,789
Olelena
&
Total(7 cities).
82.162,493
72,725,511 +13.0
63,346,583
2.102,021
46,283.970
15,918,985
1,888,410
645,958
394,551
1.847,060
.enth Federal Reserve Dis trict-Kans as City118,934
64,036 +85.7
39,744
geb.-Fremont_.
90.380
70,962 +27.4
is
Hastings
Lincoln
2,198,761
2,156,811 +1.9
1,760,529
28,959,138
19,967,519
Omaha
26,945,922 +7.5
2,144,506
Kan.
-Topeka _ _
1,490,206 +43.9
1,382,826
2,373.829
Wichita
1,647,356
1,805,677 +31.5
83,072,060
do. Kan. City_
62,691,286 +32.5
47,295,365
2,659,415 +7.2
2,413,412
St. Joseph_ _
2,850,784
595,412
:lolo.-Col. Spgs.
447,636 +33.0
_.
586,743
667,909
Pueblo
530,628 +25.9
509,194
192,972
210,596
2,260.771
23.921.711
1,394,161
3,805,081
62,079,387
2,711,084
692,427
804,844
Total(4 cities).
390,543,181
1932
1933
104,685,504
89.080.955
218,791,219
226,743,781
Third Federal Reserve Dis trict-Phila delphi a
Pa.
-Altoona..
427,536
404.167 +5.8
269,599
Bethlemen _
a410,687
Chester
299,603
257,342 ÷17371
,
276,461
Lancaster
984,648
725.645 +35.7
540,224
Philadelphia... 301,000,000 295,000,000 +2.0 219,000,000
Reading
1,135,028
1,414,328 -19.7
965,093
Scranton
1.707,906
1,878,197 -9.1
1,629,990
Wilkes-Barre..
945,571
1,398,410 -32.4
1,290,723
York..
1,189,802
965,591
1,181,946 +0.7
-Trenton
N.J.
5.695,600
3,259,000
4,384,000 +29.9
Total(5cities)_
1935
Total(10 cities)
98,862,579 +24.5
75,602,688
98,073,034
Eleventh Fede ral Reserve District
-Da lias933,528
rexas-Austin .._
670,482 +39.2
Dallas
31,416.843
30,250,692 +3.9
Ft. Worth_ _ _ _
4,683,1:26
4,689,197 -0.1
Galveston
1,517,000
1,310,000 +15.8
..a.
-Shreveport.
1,718,479
1,971,451 -12.8
737,871
23,042,361
4,442,572
1,344,647
2,080,154
949,659
24,776,742
4,500,000
1,682,000
2,789,907
31,847,605
31,698,308
Twelfth Feder al Reserve D istrict-San Fraudi sco-19,524,789
ffa.sh.-Seattle
27,270,835
21,841,886 +24.9
Spokane
6,879,000 +9.1
3.820,000
7,501,000
Yakima
579,898
252,602
396,162 +46.4
19,916.012
)re.
-Portland..
21,468,344
19,609,712 +9.5
7,829,732
Jtah-S. L. City
11,447,295
9,729,321 +17.7
2,543,013 +24.1
2,980,313
Dalif.-L. Beach_
3,156,586
2,525,877
2,758,852
2,536,787 +8.8
Pasadena
4,276,370
5,760,210
3.757,436 +53.3
Sacramento__ _
94,774,313 +13.6
82,190,054
San Francisco_ 107,682,000
1,171,448
San Jose
1,742,038
1,435,651 +21.3
939,634
1,002,669 -6.3
848,825
Santa Barbara_
1,377,234
867,819
1,069,547 +28.8
Stockton
23,157,235
5.909,000
395,312
27,207.612
9,260,411
3,137,046
3,063,225
8,276,239
150,194,880
2,361,873
1,779,438
1,927,000
Total(5 cities)._
217,019,241
Second Feder al Reserve D Istrict-New
-Albany..
N. Y.
17,749,323
14,213,202
Binghamton_ _
738,702
736,713
Buffalo
27,400,000
25,617,784
Elmira
552.414
468,860
Jamestown___
434,391
415,364
New York _ _ 3,067,753,943 3,461,603,299
Rochester
6,371,291
6,142,544
Syracuse
3,243,681
2,934,534
-Stamford
Conn.
2,824,070
2,679,191
-Montclair
N. J.
*400.000
250,000
Newark
16,424,679
16,339,653
Northern N. J26,254,145
25,476,145
Total (9 cities).
Week Ended May 11
Clearings at
Total(19 cities)
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Total(12 cities)
3333
Financial Chronicle
Volume 140
38,650,260
54,908,324
9,715,700
1,125,726
+8.5
+5.6
+2.0
+4.6
97,094,586
+9.9
86,986,766
123,071,713
40,268,876
38,891,822
+3.5
Total (12 cities) 191,687.926 165,575,497 +15.8 146,183,811 236,489,271
)rand total (111
cities)
5,037,961,127 5,278,504,594 -4.6 4,558,478,782 4,689.643,705
3utsideNew York 1,970,207,184 1.816,901,295
+8.4 1,415,851,920 1.824,931.398
Week Ended Mal/ 9
Clearings at
1935
1934
int. or
Dec.
$
Canada$
%
Toronto
102,452,086 118,658,188 -13.7
80,401:,233 +1.4
Montreal
81,493,584
Winnipeg
36,838,703
59,976,990 -38.6
Vancouver
12,983,893
14,358,067 -9.6
Ottawa
75,154,404
4,781,221 +1,569.8
Quebec
3.765,455
3,665,746
+2.7
Halifax
2,231,712
2,309,15
-3.4
Hamilton
3,538,610
3,595,676 -1.6
Calgary
4,414,874
3,936,69 +12.1
St. John
1,824,682
1,821,36
+0.2
Victoria
1,521,364
1,520,793 +0.1
London
2,737,850
2,371,775 +15.4
Edmonton
3,688,807
3,486,583 +5.8
Regina
2,958,204
4,596,112 -35.6
Brandon
320,753
312,842 +2.5
Lethbridge
390.247
353,128 +10.5
1,414,340
Saskatoon
1,271,407 +11.2
392,335
Moose Jaw
519,744 -24.5
Brantford
763.468
782,954 -2.5
Fort William _ _ _ _
688.525
531,276 +5.9
New Westminster
494.314
489,571
+1.0
Medicine Hat _ _ _
208.199
215,979 -3.6
Peterborough....
601,202
584,849 +2.8
Sherbrooke
550,601
618,103 -10.9
Kitchener
1,210,386
953,239 +27.0
Windsor
2,133,072
2,316,688 -7.9
318,421
Prince Albert--.
276,768 +15.0
Moncton
588,312
691,210 -14.9
Kingston
579,635
578,381
+0.2
397,880
Chatham
406,196
2.0
473,932
Sarnia
434,43
+9.1
659,640
643,36
Sudbury
+2.5
Total(32 cities)
347,669,490
317,458,629
+9.5
1933
1932
s
$
95,241,862
77,856,574
57.022,236
13,013,328
4,213,008
4,055,997
2,151.723
3,158,681
4,944,187
1,511.321
1,391,057
2,187,613
3,259,419
3,152,796
261,959
320,717
1,190,801
442,198
816,241
477,552
444,339
170,168
515,912
723,479
722,825
2,362,082
230,684
587,010
471,316
375,564
340,502
464,565
81,202,755
70,311,856
30,281.689
11,848,734
4,293.516
5,274,266
1,973,780
3,462,217
5.113,198
1,526,409
1,332,978
2,292,340
3,604,639
3,499,776
285,371
323,260
454,882
492,800
804,291
555,289
468.496
170,264
581,896
711,270
794,645
2,288,711
278,037
602.478
606.066
471,602
428,463
447,707
284,107,716
236,783,681
a Not included in totals. b No clearings available. c Clearing House not funocloning at presen . •Estimated.
3334
Financial Chronicle
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 11935:
GOLD
The Bank of England gold reserve against notes amounted to £192,578,474
on the 24th ultimo, as compared with £192,556,403 on the previous Wednesday.
During the week about £2,900,000 gold has changed hands at the fixing
and prices have been maintained at about the same premium over the gold
exchange parities. There has been no fresh feature, a good general demand
readily absorbing the amounts offered.
Quotations during the week:
Equivalent Value
Per Fine Ounce of £ Sterling
April 25
144s. 5d.
115. 9.18d.
April 26
1445. 910.
11s. 8.82d.
April 27
145s.4d.
lls. 8.29d.
April 29
144s. 514d.
11s. 9.14d.
April 30
144s. 8d.
11s. 8.94d.
May 1 _
145s.
lie. 8.61d.
Average
I44s. 9.33d.
11s. 8.83d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 20th ultimo to mid-day on the 29th ultimo:
Imports
Exports
British South Africa
£1,336,491 France
£169,469
British India
149,514 Norway_
8,680
Australia
148,097 Netherlands
3,000
New Zealand
68,138 Belgium
138,800
British Malaya
16,700 U. S. A
139.996
Germany
48.049 Venezuela
39,100
Netherlands
1.481,990 Argentine Republic
7.000
Belgium
35,997
France
683,039
Switzerland
592,132
China
412,236
Venezuela
15.012
Other countries
30,803
£5,018,198
1506,045
The S.S."Mooltan" which sailed from Bombay on the 27th ultimo carries
gold to the value of about £390,000 consigned to London.
SILVER
The past week has been one of abnormal activity and violent fluctuations
11 prices.
The week opened with a rise of 2 1-16d. for both deliveries, heavy speculative demand following the news that the American Treasury had raised its
buying price for newly-mined domestic silver from 71 cents to 77.57 cents
per ounce and the statement that purchases of domestic silver would continue until the price reached $1.29 per ounce.
A further rise of 1%d. on April 26 carried quotations to 363d. for cash
and 313%d. for two months delivery, which were the highest recorded since
July 1922. Although the market seemed firm even at this level, business
being done at higher rates in the afternoon, a sharp reaction followed, the
next two days seeing successive falls of 1
and 114d. on heavy profittaking sales by China. Yesterday, however, a renewal of demand by
speculators and the Indian bazaars, caused some recovery, prices being
fixed at 34 11-16d. and 347 d.: to-day there was a comparative* slight fall
4
,
to 3440. and 34 11-16d., representing a net advance for the week of
1 11-16d. and 1 Ud. for the respective deliveries.
There has been no indication of buying by the United States Treasury
In this market, which is at present dominated by speculators. Conditions
are consequently very uncertain and wide fluctuations are likely to continue.
The rapid rise in the price of silver has resulted in the Mexican Government taking measures to safeguard its currency by withdrawing from
circulation all silver coinage. A decree issued on April 27 provides for the
return of all silver coins to the Government within a period of 30 days.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 20th ultimo to mid-day on the 29th ultimo:
Imports
Exports
Anglo-Egyptian Sudan-- £12,000 Bombay-via other ports_ E174,984
British South Africa
9,840 U. S. A
464,130
Aden & Dependencies
7.327 Liberia
10,000
53,460 Germany_
British India
3,053
21,331 Other countries
Australia
1,515
New Zealand
7,498
Egypt
40.883
French Somaliland
34,966
Belgium
86,461
Syria
4,500
Iraq
5,000
Germany
2,500
Nehterlands
2,354
Other countries
9.876
£297,996
£653,682
Quotations during the week:
IN LONDON
IN NEW YORK
-Bar Silver Per Oz., Std.(Per Ounce .999 Fine)
Cash
Mos.
2
April 25
April 24
4
35d.
147 d.
71% cents
April 26
April 25
361.4d.
36%cl.
774I cents
April 27
April 26
3514d.
3514d.
804i cents
April 29
April 27
34 3-16d.
34 1-16d.
77 cents
April 30
April 29
34 11-16d.
,
3474d.
76 cents
May
34 11-16d.
April 30
76 cents
Average
35.063d.
34.9-16d.
1.
The highest rate of exchange on New York recorded during the period
from the 25th ultimo to the 1st instant was $4.84. and the lowest $4.804.
Stocks in Shanghai on the 27th ultimo consisted of about 6.700,000 ounces
In sycee, 267,000,000 dollars and 45,000,000 ounces in bar silver, as compared with about 7,400,000 ounces in sycee, 266,000,000 dollars and
45,000,000 ounces in bar silver on the 20th ultimo.
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.,
May 11
Silver, per or... 339id.
Gold, p.fine oz. 143s.4d.
Consols, 2 Li% Holiday
British 334%Holiday
W. L
British 4%Holiday
1960-90
Mon.,
May 13
Tues.,
Wed.,
Thurs.,
May 14
May 15
May 16
3414d.
3514d.
3594(1.
33)4d.
143s.6 Lid. 142s.8)4d. 142s.9d.
1423.7d.
88Li
88 5-16
89A
8856
1063(
10634
10614
10654
118
118X
1183i
11834
Fri.,
May 17
354.
1410.8d.
89)4
10634
11834
The price of silver per oz. (in cents) in :the United States
on the same days has been:
Bar N. Y. (foreign)
U. S. Treasury
LI. S. Treasury
(newly mined)
734
50.01
7334
50.01
74%
50.01
7634
50.01
7634
50.01
77
50.01
77.57
77.57
77.571
77.57
77.57
77.57
May 18 1935
BREADSTUFFS
Figures Brought from Page 3413-All the statements
below regarding the movement of grain-receipts, exports,
visible supply, &c.
-are prepared by us from figures collected
by the New York Produce Exchange. First we give the receipts at Western lake and river ports for the week ended last
Saturday and since Aug. 1 for each of the last three years:
Receipts atChicago
Minneapolis_
Flour
Wheat
Corn
Oats
Rye
Barley
bbls 196 lbs bush. 60 lbs bush. 56 lbs. bush. 32 lbs.bush 56 lbs bush 48 lbs
349,000
171,000
365,000
147,000
171,000
Duluth
Milwaukee _
Toledo
Detroit
Indianapolis.._
St. Louis
Peoria
Kansas City Omaha
St. Joseph _
Wichita
Sioux City _
Buffalo
107.000
29,000
14,000
Total wk.,'35
Same wk., '34
Same wk.. '33
333,000
366,000
402,000
400,0001
91,000!
110,0001
25,0001
16,000,
12,000, .
12,000
89,000
8,000
64,000
43,000
5,000
155,000!
123,000
187,000
396,000
54,000
29,000
105,000
5,0001
309,000,
119.000.
16,000
97,000
11,000
113,000
2,000
26,000
28,000
14,000
38,000
102,000
12,000
26,000
112,000
17,000
34,000
1,000
1,000
224,000
558.000
28,000
9,000
60,000
21,000
26.000
67,000
65,000
32,000
10,000
13,000
260,000
948,0001
2,613,0001 1,801,000
3,872,000 3,948,000
9,179.000 8,353,000
10,000
119,000
766,000
191,000 1,106.000
1,514,000
108,000
835,000
3.059,000 2,259,000 2,510.000
Since Aug.11934
14.444,000 166,069,000 154,177,000 42,385,000 11,119,00052,644,000
1933
14,118,000 180,503,000 166.331,000 59,853,000 9,417,000 44,299,000
1932
15,725.000277.008,000 167,105,000 77.441,00011,550,00040,599,000
Total receipts of flour and grain at the seaboa 1 ports for
the week ending Saturday, May 111935, follow:
Receipts at
-
Flour
Corn
Wheat
Oats
bbls 196 lbs bush 60 lbs1 bush 56 lbs bush
New York_ -122,000
108,000
Philadelphia _
2,000
22,000
1,0001
Baltimore_ __ _
3,000
7.000
15,000i
New Orleans*
139,000
15,000
Galveston_ _
Montreal _ _ _ _
Boston
Quebec
Halifax
2,000
1,183,000
60,000
19.000
Rye
Bartell
32 lbs'bush 56 lbs bush 48 Os
29,000
183,000
3,000
I
1
,
6,000
2,000
30,000
17,000
139,000
77.000
5,000
Total wk., '35
250,000 1,375,000
Since Jan. 135 4,469,000 13.100.000
155,000
224,000
46,000
139,000
4,421.000, 5.788,000 2 7
000
, 60,00 1 444,
0
Week 1934_ _
277,000 2,581,000
334,000'
120,000
9,000
23,000
Since Jan. 134 5,061,000 16,910,000 2,459,000 1,919,000
962,000
145,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bll s of lading.
The exports from the several seaboard ports for the week
ended Saturday, May 11 1935, are shown in the annexed
statement:
Exports from-
Wheat
New York
New Orleans
Montreal
Halifax
Quebec
Corn
Flour
Oats
Bushels
Bushels
Barrels
Bushels
407,000
4,000
1,183,000
Rye
Barley
Bushels Bushels
9,423
4,000
60,000
5,000
1,000
183,000
17,000
139,000
78,423
70.860
184,000
17,000
139,000
11 000
77,000
Total week 1935_
Same wr,ek 1934_ _
1,671,000
2.964_000
53.1100
90000
The destination of these exports for the week and since
July 1 1934 is as below:
Flour
Exports for Week
and Since
Week
Since
May 11 July 1
July 1 to--
1Wheat
Corn
Week
May 11
Since
July 1
Week
May 11
Since
July 1
1935
1934
1935
1934
1935
1934
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
United Kingdom_ 58,481 2,067,535
Continent
513,712
12,942
So. dc Cent. Amer_
1,000
42,000
West Indies
298,000
5,000
Brit. No. Am.Col.
63,000
Other countries__
173,564
. 1,000
Total 1935
Total 1934
831,000 30,094,000
831,000 31,108,000
7,000
298,000
2,000
47,000
9,000
8,000
1,000
9,000
848,000
78,423 3.157,811 1,671.000 62,395,000
70.860 4.053.471 2.964.000 91.046.000
05 ono
27,000
086.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 11, were as follows:
GRAIN STOCKS
Wheal
United StatesBoston
New York _ x
Philadelphia_ y
Baltimore_ z
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. LouLs
Indianapolis
Peoria
Chicago
" afloat
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
•
afloat
On Canal
bush,
14,000
116,000
93,000
249,000
207,000
456,000
959,000
Corn
bush,
Oats
bush,
Rye
bush.
42,000
119,000
123,000
31.000
443.000
53,000
238,000
109,000
19,000
408,000
1,000
88,000
455,000
432,000
13,000
Barley
bush.
27.000
17,000
9.000
2,000
22,000
465,000
151,000
2,000
13,000
36,000
291.000
94,000
931,000
283,000
614.000
131,000
3,000
730,000
10,050,000
706,000
9,000
81,000
1,589,000 1,709,000
132,000
2,000
121,000
109,000
20,000
2,000
228,000
1,687.000
294,000
26,000
30,000
686,000
523,000
114,000
4,000
19,000
5,000
4,421,000 2,753,000 2,032,000 4,514,000
792,000
300,000
31,000
704,000
252,000
5,000 1,660,000
5.309,000 2,345,000 3,088,000 1,043,000 3,021,000
654,000 1,738,000 1,339,000
2,941,000
529,000
6,000
160,000
5,000
38,000
7,000
3.502.000 1,502,000
711,000
450,000
959,000
30.000
60,000
35,000
Total May 11 1935_ _ 35,172,000 12,103,000 10,630,000 8,473,000 7,129,000
Total May 4 1935 _ 37,727,000 13,585,000 11,077,000 8,529,000 7,098,000
Total May 12 1934__ 79,398,000 50,169,000 28,187,000 10,365,000 10,414,000
x New York also has 555,000 bushels foreign oats stored in bond, 520,000 bushels
foreign oats afloat in bond, 96,000 bushels foreign rye stored in bond. y Philadelphia also has 79,000 bushels foreign rye in bond. x Baltimore also has 10.000
bushels foreign corn in bond.
Financial Chronicle
Volume 140
Note—Bonded grain not included above Barley, Buffalo, 86,000 bushels; Duluth,
201,000; total, 287,000 bushels, against none in 1934. Wheat. New York, 298,000
bushels; N. Y. afloat, 138,000; Buffalo, 4,806,000; Buffalo afloat. 248,000; Duluth,
1,060,000; Duluth afloat, 240,000; Erie, 800,000, Cansl, 1,031,000, total, 8,621,000
bushels, agalast 2,029,000 bushels in 1934.
Oats
Barley
Corn
Rye
Wheat
bush,
Canadian—
bash.
bush.
bush.
bush.
Montreal
531,000
6,001,000
211,000
676,000
2,396,000 2,597,000 2,988,000
Ft. William Se Pt. Arthur 69,986,000
Other Canadian Sc other
water points
1.824.000
372,000 1,079,000
35,602,000
Total May 11 1935._ _111,589,000
4,751.000
Total May 4 1935___111,283,000
5,052,000
Total May 12 1934,._ 99,467,000
5,032,000
Summarj—
American
35,172,000 12,193,000 10.630,000
Canadian
4,751,000
111,589,000
3,180,090 4,743,000
3.195,000 5,312,000
3,093,000 5,397,000
8,473,000
3,180,000
7,129,000
4,743,000
Total May 11 1935...148,761,000 12,193,000 15.381,000 11,653,000 11,872,000
Total May 4 1935...149,010,000 13,585,000 16,129,000 11,724.000 12,410,000
Total May 12 1934._ _178.865,000 50,169,000 33,219,000 13,458,000 15,811,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended May 10, and since July 1 1934 and July 2 1933, are
shown in the following:
Wheat
Exports
Week
May 10
1935
Since
July 1
1934
Corn
Since
July 2
1933
Week
May 10
1935
Since
July 1
1934
Since
July 2
1933
North Amer
Black Sea_ .
Argentina__.
Australia ___
India
0th. countr's
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
3.246,000 139,707,000 190,887,000
38,000
806,000
472,000 5,065,000 40,779.000
17,000 16,168,000 32,171,000
5,604,000 162,863,000 115,201.000 6,524,000182,048,000 186,014,000
1,767.000 98,412,000 78,740,000
328,000
1,048,000 38,544,000 24,348,000
340,000 37,804,000 10,277,000
Total..._
3335
Lt. S. Bonds Held. Mar. 31 1935
Bonds on Deposit
May 1 1935
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank N
(atonal Bank
Notes
Notes
Total
Held
261,418,250
11,282,200
7,160,440
8,841,000
5,206,750
2,564,000
2,066,850
10,509,900
15,000
1,177,750
3,716,500
3,109,500
6,340,000
522,000
6,712,000
330,642.140
Totals
261.418,250
11,282,200
7,160,440
8,841,000
5,206.750
2,584,000
15,000
1,177,750
3,716,500
3,109,500
6,340,000
522.000
6,712,000
25, U. S. Consols 01 1930
28, U. S. Panama of 1936
25, U. S. Panama of 1938
35, U. S. Treasury of 1951-1955
330, U. S. Treasury of 1946-1949
344a, U. S. Treasury of 1941-1943
3$0, U. S. Treasury of 1940-1943
3444, U. S. Treasury of 1943-1947
3s, U. S. Panama Canal of 1961
Is, U. S. convertible of 1946-1947
35is, U. S. Treasury of 1933-1941
334s, U. S. Treasury of 1944-1946
38, U. S. Treasury of 1946-1948
33(5, U. S. Treasury of 1943-1945
3344, U. S. Treasury of 1949-1952
21.4s, U. S. Treasury of 1955-1960
330,642.140
2,068,850
10,509.900
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits April 1 1935
and May 1 1935 and their increase or decrease during the
month of April:
National Bank Notes—Total Afloat—
Amount afloat April 1 1935
Net decrease during April
$849,257,455
24,734,935
Amount of bank notes afloat May 1 1935
Legal Tender Notes—
Amount deposited to redeem National bank notes April 1
Net amount of bank notes issued in April
$418,780,298
134,381.540
12,137,000444,919,000 449,955,000 6,881,000236,056.000 229,268,000
8824,522,520
Amount on deposit to redeem National bank notes May 1 1935._
CURRENT
NOTICES
—The formation of a new firm of municipal bond dealers—Morse Bros.
klc Co., Inc., was announced on Wednesday by Marshall Morse, Charles
Morse and Robert Morse. The firm will have its offices at 80 Broad St.
and will conduct a general municipal business, specializing in high grade
general market municipals and governments.
Marshall Morse, president of the new firm, has been assistant manager
of the municipal bond department of Lehman Brothers for the past thirteen
years. Prior to that time, he held a similar position in the New York office
of A. B. Leach & Co. Charles Morse, Vice-President, has also been associated with the municipal bond department of Lehman Brothers since 1922
suad has been the manager of their trading department for the past several
years. Robert Morse, vice-president, has been with Lehman Brothers for
the past seven years and in the last few years has been in charge of the
wholesale sales department. Edward M. Fitzpatrick, assistant treasurer
and cashier of the new firm, has been with the accounting department of
Lehman Brothers since 1928.
—Announcing a substantial increase in personnel and removal to considerably larger quarters at the same address, 120 Broadway, Louis S.
Lebenthal of Lebenthal Sc Co. said that such steps were necessary due to
the greatly increased activity of the odd-lot municipal bond market.
According to Mr. Lebenthal, the current interest in odd-lot municipals
has never been greater at any time since he and Sayra Fischer Lebenthal
pioneered in this field ten years ago. Ever since its founding in 1925.
Lebenthal & Co. has been the only organization in the United States confining its operations to this type of security. Among the new members of
the organization is George E. Lockwood, formerly a member of the firm of
Rapp & Lockwood, and prior to that an officer of R. M. Grant & Co.
Mr. Lockwood is in charge of the trading department.
—Organization is announced of a new Chicago investment firm to deal
exclusively in municipal bonds under the name of A. S. Huyck & Co.
A. S. Huyck, President, has had more than 35 years' experience in the
purchase and sale of nainicipal securities. For the past 15 years he has
been Vice-President and Manager of the municipal department of A. C.
Allyn & Co.in Chicago. He was a member of the committee which has just
recently successfully completed the refunding of the bonded debt of Miami.
Fla., totaling $29,000,000.
Associated with Mr. Huyck in the new company will be Russell Gartley,
Secretary and Treasurer who has been assistant to Mr. Huyck in the
municipal department of A. C. Allyn & Co. since 1923.
—Organization is announced of the formation of the Interstate Investment Corporation to specialize in public utility securities, headed by W. W.
Turner as president. Other officers include W. B. Egan, vice-president, and
Wilbur Helm, vice-president and secretary. These officers hold similar
positions with the Wilsey Investment Company, and both firms will maintain new quarters at 120 South La Salle Street. Chicago.
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
BRANCH AUTHORIZED
(Omitted from May 6 Report)
Capital
April 27—"First National Bank in Reno," Nev.
Location of branch: City of Fallon, Churchill County, Nev.
Certificate No. 1169A.
VOLUNTARY LIQUIDATIONS
$300,000
May 4—Labor National Bank or Paterson, N.J
Effective, March 16 1935. LW. Committee: Adrian K. Hamilton, Fred Hoelscher and James Starr, care of the liquidating
bank. Succeeded by "National Union Bank in Paterson,"
New Jersey. Charter No. 14321.
100,000
May 6—The First National Bank of Durant, Okla
Effective, April 24 1935. LW. Agents: Dial Currin and A. W.
Mason, care of the liquidating bank. Suceeded by "The First
National Bank in Durant," Oklahoma. Charter No, 14005.
40,000
May 6—The First National Bank of Rolla, N. Dak
Effective, April 23 .1.935. Liq. Agent, F. A.Foley, Rolla, N.Dak.
Absorbed by the Rollette County Bank of Rolla, N. Dak.
(Formerly the Benson County State Bank of Minnewaukan,
N. Dak.).
50,000
May 6—The First National Bank of Hominy, Okla
Effective, May 2 1935. Liq. Agent, J. L. Flint, Hominy, Okla.
Absorbed by "The National Bank of Commerce of Hominy,"
Okla. Charter No. 10002.
50,000
May 6—The First National Bank of Pampa, Tex
Effective, April 15 1935. Liq. Agent, J R. Roby, Pampa, Tex.
Succeeded by "First National Bank in Pampa." Charter No,
14207.
100,000
May 7—The Nebraska National Bank of Alliance. Neb
Effective, April 201935. Liq. Agent, H.D. Wells, Alliance, Neb.
Absorbed by the "Alliance National Bank," Alliance, Neb.
Charter No. 5657.
25,000
May 9
--The First National Bank of Percy. III
Effective, March 30 1935. Liq. Agent, C. R. Torrence, care of
liquidating bank. Absorbed by the First State Bank of Chester,
nf.
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
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circula
lion for National
Bank Notes
Apr. 30 1935....
Mar. 31 1935....
Feb. 28 1935____
Jan. 31 1935....
Dec. 311934....
Nov.30 1934....
Oct. 31 1934_
Sept. 30 1934_ _ _ _
Aug. 311934....
July 311934....
June 30 1934._
May 31 1934....
Anr. 30 1934._
$
330,642,140
478.777,490
657,937.080
677.472.540
684,354,350
690,752,650
696,720,650
700.112,950
707,112,660
718,150,910
736,948.670
750,869,320
799,699,770
National Bank Circulation Afloat on—
Bonds
Legal
Tenders
$
271,360,682
430,477,157
653,340,478
671,167,407
678,808,723
686.236,828
692,796.653
694,482,633
702,209,638
713,013,985
729,973,968
743,980,298
791.996.353
$
553,161,838
418.780,298
214,371,617
205,204,723
209,127.752
212.667,960
214,595,435
223,506,135
228,778,812
228,770,240
224,720.785
219.211,255
182,152.445
Total
$
824,522,520
849,257,455
867,712,095
876,372.130
887,936,475
898.904,788
907,392.088
917,988,768
928,988.450
941.784,225
954,694,753
963,191,553
974.148.798
82,380,123 Federal Reserve bank notes outstanding May 1 1935. secured by
lawful money, against $2,470,887 on May 1 1934.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes April 30 1935'
$553,161,838
Per
Share
Abbotts Dairies (quar.)
1st and 2d preferred (guar.)
Agricultural Insur. Co., Watertown, N.Y.(qu.)
25c
S1
75c
$2
$12
$2
7c
10c
$I
$1.%
$lq
50c
50c
American Cigar (quar.)
Preferred (guar.)
American Dock Co., 8% pref. (quar.)
American Electric Securities Corp., partic. pref._
American Factors Ltd. (monthly)
Associated Investors (guar.)
Preferred (quarterly)
Amer. Radiator & Standard Sanitary, pref.(qu.)
American Stores Co. (guar.)
American Sugar Refining (guar.)
Preferred (quar.)
American Telephone & Telegraph (guar.)
Andian National Corp.(semi-ann.)
Special
Atlanta Birmingham & Coast RR. Co.,5% pref.
(semi-annual)
Sl?
S2
When Holders
Payable of Record
June 1 May
June 1 May
July I June
June 15 June
July 1 June
June 1 May
June 1 May
June 10 May
June 29 June
June
June
July
July
July
July
June
June
29 June
1 May
1 June
2 June
2 June
15 June
1
1
15
15
26
1
15
20
20
31
19
19
21
14
5
5
15
S236 July 1 June 12
,
Atlantic & Ohio Telegraph Co. (quar.)
July 1 June 15
$I
Atlas Corporation,$3 preference, ser. A (quar.)_
75c June 1 May 15
Atlas Imperial Diesel Engine (Dela.), cl. A prof e10% June 15 June 5
Bangor Hydro-Electric, 7% Pref. (guar.)
Slq July 1 June 10
6% preferred (guar.)
July 1 June 10
Bon Ami, class A (guar.)
July 31 July 15
Class B (quarterly)
50c July 1 June 19
Boston Wharf Co.(semi-ann.)
June 29 June 1
SI
Bourjois, Inc
25c June 1 May 25
Bulolo Gold Dredging (initial)
$1.20 June 28 June 4
Niagara & Eastern Power,6.4 pref.(qu.)
Buffalo,
40c July 1 June 15
$5 preferred (guar.)
$151 Aug. 1 Julyl 15
Canada Vinegars (quar.)
40c June 1 May 15
Canadian Canners, 2d preferred
73c July 2 June 15
1st preferred (quarterly)
July 2 June 15
81
3336
Financial Chronicle
Name of Company.
Per
Share
When Holders
Payable of Record
Canadian General Electric (guar.)
75c July 1 June 15
Preferred (guar.)
8731c July 1 June 15
Canadian Western Natural Gas Lt., Heat & Pow
6
preferred (guar.)
June I May 15
$1
Canfield Oil. 7% pref. (quar.)
$1q June 29 June 20
Case (J. I.) Co.,7% preferred
103 July 1 June 12
Cayuga & Susquehanna RR. Co. (s.
-a.)
$1.20 July 1 June 20
Chesebrough Mfg. (quarterly)
$I June 28 June 7
Extra
50c June 28 June 7
Chicago Artificial Ice
$4 May 16 May 10
Chicago Flexible Shaft (quarterly)
30c June 29 June 19
Extra
10c June 29 June 19
Cin. New Orleans & Tex. Pee., pref. (quar.)--, $13i June 1 May 15
Citizens Traction Co. (Pittsburgh, Pa.). (s. a.) $1.34 May 16 May 13
Colt's Patent Fire Arms Mfg
334c June 29 June 8
Columbia Investors (liquidating)
70c May 27 May 18
Commercial Investment Trust Corp. (guar.)
50c July 1 June 5
Convertible preferred f(quarterly)
44114 July 1 June 5
Commonwealth & Southern Corp., $6 pref
75c July 1 June 6
Compania Hispano-Americana de Electricidad
(S.
-A.). series E hearerainal)
4 peseta June 1
Am dep. rec, for ser. E bearer (final)
4 peseta June 8 May 21
Consolidated Film Industries, preferred
25c July 1 June 10
Consolidated Paper (guar.)
I5c June 1 May 21
Creameries of Amer., cony. pref. A.(quar.)
8735c June 1 May 10
Detroit City Gas Co.,6% pref. (guar.)
$134 June I May 25
Detroit Edison Co. (quarterly)
31 July 15 July 1
Dominion-Scottish Investors. 5% pref
h50c June I May 20
East Tennessee Telegraph Co.(semi-ann.)
$1.44 July I June 15
Empire Power Corp. $6 cumulative preferred
$134 July 1 June 15
Essex Co. (semi-ann.)
$.3 June 1 May 17
Ferro Enamel Corp., corn. (guar.)
15c June 20 June 10
Fifth Ave. Bus Securities (guar.)
16c June 29 June 14
First Holding Corp. (Pasadena. Calif.)—
Preferred (guar.)
$134 June 1 May 20
Goodyear Tire & Rubber of Canada (quar.)........
July I June 15
7% preferred (guar.)
r$13i July 1 June 15
Gibnore Oil
15c May 31 May 16
Goodall Securities (quarterly)
50c June 1 May 27
Gold & Stock Telegraph Co. (guar.)
$134 July 1 June 29
Gorton-Pew Fisheries (quarterly)
50c June 28 June 20
Great Atlantic & Pacific Tea Co. of America—
Common,non-voting (guar.)
$1% June I May 15
Extra
25c June 1 May 15
7% first preferred (guar.)
$134,' June 1 May 15
Great Northern Paper (guar.)
25c June 1 May 15
Great Western Electro-Chemical, pref. (quar.)
$134 July 1 June 20
Green Mountain Power. $6 preferred (quar.)..
?Al 35 June 1 May 15
Handley Page,Ltd
xv,10%
May 15
10% partic. preferred reg. (extra)
=5%
May 15
Amer. dep. rec.
May 16
10% pantie. pref. reg___ xlv10%
Am.dep. rec. fro.10% partic. pref. reg.(extra) zw5%
May 16
for.
Hiram Walker Gooderham Worts, pref. (quar.)
25c June 15 May 24
Hobart Mfg. Co. class A (guar.)
3734c June 1 May 20
Home Insurance(N. Y.)(special)
$1
May 9
Illinois Central RR.,leased lines (8.-a.)
$2 July 1 June 10
Illinois Water Service, 6% pref. (guar.)
$134 June I May 20
International Harvester, corn. (guar.)
15c July 15 June 20
International Ocean Teleg. Co. (guar.)
$134 July 1 June 29
International Telegraph of Maine (s.
$1.335 July 1 June 15
-a.)
Intertype Corp. common
20c July 1 June 14
First preferred
$2 July 1 June 14
Second preferred
$3 July 1 June 14
Investment Corp. of Philadelphia (guar.)
50c June 15 June 1
Extra
25c June 15 June 1
Katz Drug (guar.)
75c June 15 May 31
Preferred (guar.)
$11 4 July 1 June 15
3
Kekaha Sugar Co.(monthly)
20c June 1 May 25
Kennecott Copper
15c June 29 June 7
Kerr Lake Mines, Ltd
rlOc June 5 May 22a
Koloa Sugar Co. (monthly)
50c May 31 May 25
Lake Shore Mines (quarterly)
50c June 15 June 1
Extra
50c June 15 June 1
Lily-Tulip Cup (quarterly)
3734c June 15 June 4
Linde Air Products,6% pref. (guar.)
$134 July I June 20
Loew's. Inc. (guar.)
50c July 1 June 14
Louisville Gas & Electric, A & B (quarteely)....- 3734c June 25 May 31
Lykens Valley RR.& Coal (8.-a.)
40c July 1 June 15
Lynchburg & Abingdon Telegraph Co.(s.-a.)
$3 July 1 June 15
Mathieson Alkali Works (guar.)
3734c July 1 June 11
Preferred (guar.)
$134 July 1 June 11
May Hosiery Mills preferred
June 1 May 22
h$1
Preferred (guar.)
$1 June 1 May 22
Metal Textile Corp. participating preferred—
Participating dividend
25c June 1 May 20
Midland Royalty Corp. $2 cony. pref
25c June 15 June 5
Minneapolis-Honeywell Regulator Co.
6% preferred A (guar.)
$136 July 1 June 20
$14 June 1 May 21
Missouri Utilities 7% pref. (quar.)
Monroe Chemical preferred (guar.)
8736c July 1 June 15
Monroe Loan Society panic. pref.(guar.)
$134 June 1 May 30
Montreal Cottons preferred (guar.)
$134 June 15 May 31
Morrell (John) & Co. (quarterly)
90c June 15 May 25
40c June I May 22
Murphy (G. C.) (guar.)
Muskogee Co. common
25c June 15 June 5
National Bisctiit (guar.)
40c July 15 June 14
35c June 1 May 20
Nat. Life & Accident Insur., Nash.. Tenn.(qu.)
National Founders Corp. $33i pref. A(MO ---- 8734c May 6 Apr. 25
National Transit
40c June 15 May 31
Neisner Bros.. Inc
25c June 15 June 1
New York Mutual Telegraph Co. (s.
75c July 1 June 29
-a.)
$234 July 1 June 14
New York & Harlem RR..corn.(8.
-a.)
Preferred (semi-ann.)
$234 July 1 June 14
Niagara Share Corp. of Md.class A pref.(qu.)
$134 July 1 June 14
New Bedford Cordage Co
25c June 1 May 14
Class B
25c June 1 May 14
7% preferred (guar.)
EN June 1 May 14
Newberry (J. J.)(guar.)
40c July 1 June 15
New York Transportation (guar.)
50c June 28 June 14
North Central RR. Co. (semi-ann.)
$2 July 15 June 29
North Pennsylvania RR. (guar.)
$1 May 25 May 20
Northwestern Telegraph Co. (s.
8134 July 1 June 15
-a.)
Ogilvie Flourpreferred (quarterly)
$j3 June 1 May 20
Ohio & Mississippi 'telegraph Co
$234 July 1 June 15
Ohio Oil Co.,6% preferred (quarterly)
$134 June 15 June 3
Oklahoma Gas & Elec. Co.,6% cum. pref. ,gu.)_ 134V June 15 May 31
7% cumulative preferred (quarterly)
;•I 4 June 15 May 31
Omnibus Corp.. preferred (guar.)
2 July 1 June 14
Pacific & Atlantic Telegraph Co.(semi-ann.)—
50c July 1 June 15
Package Machinery Co. (quarterly)
50c June I May 20
Parker-Wolverine
50c July 2 June 10
Penick & Ford, Ltd. (quarterly)
75c June 15 June I
Petrolite Corp. (quarterly)
p40c May 1 Apr. 25
Pfaudler Co., 6% preferred (quarterly)
June I May 20
$1
Philadelphia Baltimore & Washington RR.(s.
June 30 June 15
-a.) $1
Phila. Germantown & Norristown RR.(quar.)
June 4 May 20
Piedmont Mfg. Co
July I
Pioneer Mills. Ltd.(monthly)
10c June 1 May 21
Powdrell & Alexander, Inc. (resumed)
25c June 15 June 1
Preferred (quarterly)
July 1 June 15
Procter & Gamble, 5% preferred (quarterly)
June 15 May 24
Public Service Oklahoma 7% pr.lien pref.(qu.)- $134 July 1 June 20
$134 July 1 June 20
6% prior lien preferred (guar.)
Raybestos-Manhattan
25c June 15 May 31
Reeves (Daniel) (quarterly)
1234c June 15 Mai 31
% preferred (quarterly)
$194 June 15 May 31
Reliance Grain Co., Ltd., 6.35% pref. (guar.)._ $1% June 15 May 31
Rensselaer & Saratoga RR. Co.(semi-annual)
$4 July 1 June 15
RichmoncIfFredericksburg & Potomac RR. Co.
Common(semi-annual)
$2 June 30 June 22
Non-voting common (semi-annual)
$2 June 30 June 22
Dividend obligations (semi-annual)
$2 June 30 June 22
11
Name of Company
May 18 1935
Per
Share
Royal Dutch Petroleum (final)
734%
Schiff Co.,common (quarterly)
50c
Preferred (quarterly)
$134
Shell Transport & Trading (final)
1234%
Spencer Kellogg & Sons, Inc. (quarterly)
40c
Standard Brands. Inc.. common (quarterly)
25c
$7 cumulative preferred, series A (quarterly). $134
Sylvanite Gold Mines (quarterly)
Sc
Swift & Co.(quarterly)
1234c
Swiss Oil Corp
10c
Sylvania Industrial (quarterly)
25c
Teck Hughes Gold Mines
10c
Telephone Investment (monthly)
25c
Texas Gulf Sulphur (quar..orly)
50c
Texas Utilities Co.. 7% preferred (quarterly)
$194
Title Insurance Corp. of St. Louis (quarterly).- 1234c
Tunnel RR. of St. Louis (semi-annual)
$3
United Elastic Corp.(quarterly)
10c
United Gas & Electric Corp., pref. (guar.).— 134%
UniversalProducts
Upson Co.,7% preferred (quarterly)
$134
Veeder-Root (quarterly)
50c
Vermont &,Boston Telegraph (semi-annual).—
m$2
Victor Monaghan Co., 7% preferred (quer.).-- $132
Viking Pump,common (special)
25c
Preferred
60c
Virginia Electric & Power,6% pref. (quar.)
$134
Ward Baking, 7% cumulative preferred
50c
Warren RR (semi-annual)
$1
Ware River RR., guaranteed (semi-annual)
$3
Werthan Bag, preferred (quar.)
$1
Prior preferred (quarterly)
$1
Western Auto Supply, A & B
25c
Western New York & Penna. By. Co.(s.
-a.)
West Jersey & Seashore RR.(semi-annual)
6% special preferred (semi-annual)
$I
Wilson & Co.. old $5 cumulative class A
6214c
Wolverine Petroleum (special)
Woolworth, F. W. & Co., Ltd. (England),
Amer. dep. rec. 6% pref. reg. (semi-ann.)--- me3%
If
When Holders
Payable of Record
June 15 May 311
June 15 May 31
June 29 June 15
July 1 May 24
July 1 May 24
June 29 May 23
July 1 June 1
July 1 June 15
June 15 June 5
July 2 June 10
June 1 May 20
June 15 June 1
June I May 21
May 31 May 21
July 1 June 15
June 24 June 6
July 1 June 15
June 29 June 19
Apr. 15 Apr. 10
June 1 May 18
July 1 June 15
July 1 June 20
June 1 May 20
June 15 June 1
June 20 May 31
July 1 June 15
Oct. 1 50ct. 5
June 30
July
May 1 Apr. 30
May 1 Apr. 30
June 1 May 20
July 1 June 29
July 1 June 15
July I June 15
June I May 15
May 20 May 15
June 8 May 14
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Acme Gas & Oil, Ltd
2c
Affiliated Products (mthly)
Sc
Agnew Surpass Shoe Stores, pref.)quar.)
Albany & Susquehanna RR. (8.-a.)
$4
Alexander & Baldwin, Ltd.(guar.)
$11
Allegheny Steel
25c
7% preferred (quarterly)
Allegheny & Western Ry.(semi-ann.)
Industries
Allen
50c
$3 preferred (quarterly)
75c
Allied Laboratories, Inc.(guar.)
10c
Convertible preferred (quar.)
8734c
Aluminum Mfgs.(guar.)
Quarterly
50c
Quarterly
50c
7% preferred quarterly
Siq
707 preferred quarterly
SI
7% preferred quarterly
It
Amalgamated Leather preferred
h50c
American Arch Co.(guar.)
25c
American Business Shares
2c
American Capital prior preferred (guar.)
$1%
American Chicle (quarterly)
75c
Special
50c
American Envelope.7% pref. A & B (guar.)._ _ _ $131
7% preferred A & B (quarterly)
$1%
American & General Securities.class A (quar.)
734c
$3 preferred (quarterly)
American Hardware Corp.(quar.)
25c
Quarterly
25c
Quarterly
25c
American Home Products Corp.(monthly)
20c
American Paper Goods(quarterly)
50c
Quarterly
50c
,
$
7 preferred (quar.i
7 preferred (quar.
11
1
7 preferred (quar.
$1
American Republics Corp. (initial)
1 c
American Smelting & Refining let pref.(quar.)_ $13(
2d preferred (quar.)
h$434
American Steel Foundries, preferred
50c
American Thread Co..Inc..5% prof.(8.-a.).-- 1230
American Tobacco Co., common
11
Common B
$1
Amoskeag Co.,common
7
Preferred (semi-annual)
$234
Archer-Daniels Midland (quar.)
25c
Extra
25c
Armstrong Cork (special)
1234c
Artloom Corp., preferred
h$14(
Art Metal Works (quarterly)
10c
Asbestos Mfg. Co.,$1.40 cony. pref.(quar.)
35c
$1.40 convertible preferred (quar.)
35c
$1.40 convertible preferred (quar.)
35c
Associated Dry Goods, lit preferred
h$3
Atlantic Refining Co.(guar.)
25c
Atlas Powder (quarterly)
50c
Automatic Voting Maehine Co (quar.)
1234c
Automotive Gear Works,Inc.,cony.pref.(qu.)_ 41 XC
Avon Geneseo & Mt. Morris RE
334% gt.d. preferred (semi-ann.)
$1.45
Baldwin Co.6% pref. A (quar.)
$134
Bamberger (L.) & Co. preferred (quiz.)
$14
Bandini Petroleum (monthly)_
5c
Bangor & Aroostook RR.Co .common
62c
Preferred (quarterly)
Bankers Nat.Investors Corp.(Dela.)(quiz.)
60c. preferred (quarterly)
I5c
Class A & 13 (quarterly)
32c
Baton Rouge Elec. Co. $6 pref.(guar.)
$1
Bigelow-Sanford Carpet preferred (quar.)
Blackstone Valley Gas & Electric (8.-a.)
Bloch Bros. Tobacco,6% preferred (qUar.)--$134
Blue Ridge Corp.. $3 cony. pref. (quar.)
o75c
Borden Co.. common (quarterly)
40c
Boston dr Albany RR.Co
1234
Boston & Providence RR.(quiz.)
$2.125
Quarterly
$2.125
Quarterly
$2.125
Boston RR. Holding Co.4% pref.(semi-ann.)..
$2
Boston Warehouse & Storage Co.(quar.)
$134
Brach (E. J.) SE Sons
25c
Bridgeport Machine Co. preferred
141
Bristol-Myers (quarterly)
50c
Extra
10c
British Match (final)
41
0e
Brooklyn Edison (quarterly)
Brooklyn-Manhattan Transit, pref. (quar.)..__
Brooklyn Tel.& Messenger (guar.)
Brooklyn Union Gas (quarterly)
$1
Brown Shoe Co.. common (quarterly)
7
Buckeye Pipe Line (quarterly)
75c
June 29 June 15
June 1 May 15
July 2 June 15
July 1 June 15
June 15 June 5
June 12 May 31
June 1 May 16
July 1 June 20
June I May 20
June I May 20
July 1 June 25
July 1 June 25
June 30 June 15
Sept.30 Sept.15
Dee. 31 Dec. 15
June 30 June 15
Sept.30 Sept.15
Dec. 31 Dec. 15
July 1 June 19
June 1 May 20
June 1 May 15
June 1 May 15
July 1 June 12
July 1 June 12
Aug. 1 July 25
Nov. 1 Oct. 25
June I May 15
June I May 15
July 1 June 15
Oct. 1Sept.16
Jan. 1 Dec. 14
June 1 May 14a
Aug. 1
Nov. 1
June 15
Sept.15
Dec. 15
June 30 June 10
June I May 10 •
June 1 May 10
June 20 June 15
July 1 May 31
June 1 May 10
June 1 May 10
July 2 June 22
July 2 June 22
June I May 21
June 1 May 21
June 1 May 16
June 1 May 15
June 21 June 11
Aug. 1
Nov. 1
Feb. 1
June 1 May 7
June 15 May 21
July 10 May 31
July 2 June 20
June 10 May 20
July 1 June 26
June 15 May 31
June 1 May 15
May 20 Apr. 30
July 1 May 31
July 1 May 31
May 25 May 10
May 25 May 10
May 25 May 10
June 1 May 15
June 1 May 18
June I May 15
June 29 June 25
June 1 May 6
Tune 1 May 15
June 30 May 31
July 1 June 20
Oct. 1 Sept. 20
Jan. 2 Dec. 20
July 10 June 29
June 30
June 1 May 11
May 31 May 20
June 1 May 10
June I May 10
May
July
June
July
June
June
31 May 10
15 July I
1 May 21
1 June 3
1 May 20
15 May 28
ra
Name of Company
Per
Share
Burroughs Adding Machine Co
15c
Cables & Wireless Holding, Ltd.
-Amer. dep. rec.. 5345 pref
434%
Calamba Sugar Estate (quar.)
40c
California Packing
3734c
Campbell. Wyaut & Cannon Foundry
2uc
Campe Corp.. common (special)
20c
Canada & Dominion Sugar, Ltd.(guar.)
r37 35c
Quarterly
r37hc
Quarterly
r37 Xc
Canadian Foreign Investment (guar.)
40c
Preferred (quar.)
$2
Canadian-Hydro Electric, pref. (quar.)
r$1
Canadian Oil Cos.. Ltd.,8% preferred (guar.)
$2
Carnation Co.,7% preferred (quarterly)
$1X
7% preferred (quarterly)
$153
Carolina Telep. & Teleg. (guar.)
5234
Catawissa RR. Co., 1st preferred (8.-a.)
x$1 X
2nd preferred (semi-ann.)
x$1 X
Caterpillar Tractor (quarterly)
25c
Extra
25c
Central Arkansas Public Service Corp.—
Preferred (guar.)
131%
Central Mississippi Valley Electric Property
6% preferred (quar.)
$134
Central Tube
5c
Centrifugal Pipe Corp.(guar.)
Quarterly
Century Ribbon Mills. pref.(quar.)
Champion Coated Paper, preferred (guar.)
Special preferred (quar.)
Champion Fibre 7% preferred (guar.)
Chartered investors,Inc.,$5 pref.(quar.).. $134
Chesapeake & Ohio. preferred (semi-ann.)
$331
Chestnut Hill RIt. Co. (quar.)
75c
Chicago Corp.,43 cony. preferred
h25c
Chicago Junction Rys.& Un. Stkyds. Co.(qu.)
$234
6% preferred (quarterly)
$1 X
Chicago Mail Order (guar.)
25c
Extra
1234c
Chicago Yellow Cab (quarterly)
25c
Chrysler Corp. (quarterly)
25c
Extra
25c
Cincinnati Northern RR. (semi-ann.)
$6
Cincinnati Union Terminal, preferred (quar.)
$134
Preferred (guar.)
$1 X
Preferred (guar.)
$1 Y
Citizens Gas Co.of Indianapolis 5% pref. (mi.). $14
City Ice & Fuel (quarterly)
50c
634% preferred (quarterly)
!
$134
Clark Equipment
20c
Preferred (guar.)_
$131
Clearfield & Mationing RIt.(s.
-a.)
$134
Cleveland Electric Illuminating, pref. (guar.)
$1X
Cleveland & Pittsburgh Ry.7% guar.(quar.)...... 8734c
7% guaranteed (guar.)
87 c
7% guaranteed (guar.)
87c
Special guaranteed quar.i
SOC
Special guaranteed quar.
50c
Special guaranteed guar.
50c
Climax Molybdenum Co. (guar.)
Sc
Quarterly
Sc
Quarterly
Sc
Coast Counties Gas & Elec. 15t pref.(quar.)
$1A
Coca-Cola (quarterly)
Class A (semi-ann.)
$1%
Coca-Cola International Corp.(guar.)
$4
Class A (semi-annual)
$3
Colgate-Palmolive-Peet (quarterly)
1234c
Preferred (guar.)
5134
Collins & Aikman Corp. preferred (guar.)
$111
Columbian Carbon Co. (quarterly)
Columbia Pictures Corp.. pref. (guar.)
75c
Columbus & Xenia RR.Co
$1
Commercial Credit Co.. class A cony. (quar.)-75c
Class A convertible receipts
75c
8% preferred B (quar.)
50c
8% preferred B receipts
50c
7% let preferred (guar.)
433ic
7% 1st preferred receipts
4334c
% 1st preferred (quar.)
Si"
6% 1st preferred receipts
Compo Shoe Machinery Corp., common
1234c
Compressed Industrial Gases (guar.)
50c
Confederation Life Assoc.."Toronto- (guar.)
Si
Quarterly
$1
Quarterly
$I
cengoleum Nairn (quarterly)
40c
Connecticut Light & Power, 634% pref. (guar.) $134
54% preferred (guar.)
Sla
Connecticut & Passumpsic Rivers RR.(e.
-a.)--Connecticut Power (quarterly)
6234c
Consolidated Cigar Corp., preferred (quarterly)- 5134
Consolidated Diversified Stand. Seem'. (e•
25c
-a.)
Consolidated Gas of N. Y
25c
Consumers Glass Co., 7% pref. (guar.)
$134
Consumers Power Co —
$5 preferred (quarterly)
$1
607 preferred (quarterly)
Si
preferred (quarterly)
51.6
707 preferred quarterly)
513i
607 preferred monthly)
50c
607referred monthly)
50c
8.6 preferred (monthly)
55c
6.6 preferred (monthly)
55c
Continental Casualty Co.(Chicago)(quar.)-_15c
Coperweld Steel (guar.)
1234c
uarterly
1234C
Quarterly
12Xc
Corno Mills (quarterly)
25c
Corrugated Paper Box, Ltd., 7% Prof
51r
t
Crow's Nest Pass Coal Co., Ltd
Crown Cork International Corp.,class A
h25c
Crown Cork & Seal Co., lac.,common (4113
25c
Preferred (quar.)
68c
Crown Zellerbach preferred A & B
h75c
Crum & Forster,8% Preferred (guar.)
$2
Crum & Forster Insurance Shares A & B (guar.)I5c
A & B extra
10c
Preferred (guar.)
$1.
Cuneo Press. preferred (quarterly)_
81
Cushman's Sons. $8 pref. (guar.)
$2
7% preferred (quarterly)_
Si 3,i
Dallas Power & Light. 6% prof. (monthly)
50c
Deere & Co.,7% preferred
h20c
Delaware dc Bound Brook RR. Co.(quar.)
52
Delaware RR Co. (semi-ann.)
SI
Denver Union Stockyards, 7% pref. (quar.)- - - $
Deposited hank Shares. A stock (semi-ann.)
231
Detroit Hillsdale & Southwestern RR.(1.-a•)- $2
Semi-annually
$2
Detroit Paper Products Corp. (guar.)
25c
Dexter Co. (quarterly)
20c
Diamond Match Co.(quarterly)
25c
Extra
20c
Participating preferred (extra)
20c
Dictaphone Corp
50c
Preferred (quar.)
$2
Dome Mines, Ltd.(quarterly)
50c
Extra
$2
Dominion Textile (guar.)
81 X
Preferred (quar.)
$1 X
3337
Financial Chronicle
Volume 140
10.
$1mc
$15
$1.
$1.1
When Holders
Payable of Record
June 5 May 3
June 4 Apr. 23
July 1 June 15
June 15 May 31
May '20 May 4
June I May 15
June I May 15
Sept. 1 Aug. 15
Dec. 1 Nov. 15
July 1 June 15
July I June 15
June 1 May 1
July 1 June 20
July 1 June 20
Oct. 1 Sept.20
July 1 June 24
May 22 May 11
May 22 May 11
May 31 May 15
May 31 May 15
June I May 15
June I May 15
May 25 May 15
Aug. 15 Aug. 5
Nov. 15 Nov. 6
June I May 20
July 1 June 20
July I June 20
July l I June 20
June 1 May 1
July 1 June 7
June 4 May 20
June I May 15
July 1 June 15
July 1 June 15
June 1 May 10
June 1 May 10
June I May 20
June 29 June 1
June 29 June 1
July 31 July 21
July 1 June 20
Oct. 1 Sept.20
Jan. 1 Dec. 20
June 1 May 20
June 29 June 15
June 1 May 15
June 15 May 28
June 15 May 28
July I June 20
June I May 15
June 1 May 10
Sept. 1 Aug. 10
Doc. 1 Nov. 9
June I May 10
Sept. I Aug. 10
Dec. 1 Nov. 9
June 30 June 15
Sept.30 Sept. 15
Dec. 30 Dec. 15
June 15 May 25
July 1 June 12
July 1 June 12
July 1 June 12
July 1 June 12
June 1 May 6
July 1 June 5
June I May 20
June I May 17
June I May 15
June 10 May 25
June 29 June 10
June 29 June 10
June 29 June 10
June 29 June 10
June 29 June 10
June 29 June 10
June 29 June 10
June 29 June 10
June 1 May 20
Juno 15 May 31
June 30 June 25
Sept. 30 Sept. 25
Dec. 31 Dec. 25
June 15 June 1
June I May 15
June I May 15
Aug. 1 July 1
June I May 15
June I May 15a
June 15 June 1
June 15 May 10
June 15 May 31
July 1 June 15
July 1 June 15
July 1 June 15
July 1 June'15
June 1 May 15
July 1 June 15
June 1 May 15
July 1 June 15
June I May 15
May 31 May 15
Aug. 31 Aug. 15
Nov.30 Nov. 15
June 1 May 21
June 1 May 16
June I May 10
May 22 May 10a
June 6 May 22a
June 15 May 31a
June 1 May 16
June 29 June 19
May 31 May 21
May 31 May 21
May 31 May 21
June 15 June I
June 1 May 20
June 1 May 20
June 1 May 20
June I May 15
May 20 May 15
July 1 June 15
June 1 May 20
July 1 May 15
July 5 June 20
Jan. 6 Dec. 20
June I May 10
June 1 May 16
June 1 May 15
June 1 May 15
June 1 May 15
June 1 May 17
June 1 May 17
July 20 June 29
July 20 June 29
July 2 June 15
July 15 June 29
Name of Company
Per
Share
Holders
Payable of Record
Dunlop Rubber Co., ordinary registered
zw8% May 21 Apr. 27
American dep.rec. for ordinary registred
zw8% May 28 Apr. 26
Eastern Gas & Fuel Assoc.,6% pref.(guar.). -- $134 July 1 June 15
51.125 July 1 June 15
434% preferred (quarterly)
25c May 25 May 9
Eastern Utilities Associates tquar.)
East Mahanoy RR.(semi-ann.)
$134 June 15 June 5
Eastman Kodak (guar.)
$134 July 1 June 5
5134 July 1 June 5
Preferred (guar.)
East Penna. Bit. Co.(semi-ann.)
5134 July 16 July 6
East Shore Public Service Co.,$634 pref.(guar.) $134 June 1 May 10
$1% June 1 May 10
$6 preferred (quarterly)
El Dorado Oil Works (guar.)
37Mc June 1 May 20
50c June 1 May 20
Extra
Elgin National Watch
15c June 15 June 1
Elizabeth & Trenton RR. (semi-ann.)
$1 Oct. 1 Sept. 20
5% preferred (semi-annual)
$134 Oct. 1 Sept.20
$1.61 July 1 June 20
Elmira & Williamsport RR.,7% pref.(s.
-a.)
El Paso Elec. Co.(Texas),6% pref.(guar.)- —
$13.4 July 15 June 28
25c June 1 May 21
Ely & Walker Dry Goods (guar.)
First preferred (semi-annual)
$335 July 15 July 3
Second preferred (semi-annual)
$3 July 15 July 3
Emerson's Bromo-Seltzer50c July 1 June 15
8% preferred (guar.)
Empire & Bay State Telep..4% gtd.(quar ---$1 June 1 May 22
9% guaranteed (guar.)
$1 Sept. 1 Aug. 22
$1 Dec. 1 Nov. 21
4% guaranteed (guar.)
Empire Capital Corp. class A (guar
10c May 31 May 20
Empire Power Corp. participating preferred 50c May 20 May 13
Eppens, Smith & Co., semi-annual
$2 Aug. 1 July 27
3734c June 1 May 25
Equity Corp. $3 cony. pref. (Initial)
Erie & Pittsburgh RR. Co.7% gtd. (quar.)........ 8734c June 10 May 31
8734c Sept. 10 Aug. 31
7% guaranteed (guar.)
87ra Dec. 10 Nov.30
7% guaranteed (attar.)
June 1 May 31
Guaranteed betterments (guar.)
80c Sept. 1 Aug. 31
Guaranteed betterment (guar.)
80c Dec. 1 Nov.30
Guaranteed betterment (quar.)
Ever-Ready (Britain) (final)
25%
50c June 1 May 15
Faber, Coe & Gregg (increased)
Fajardo Sugar Co., common (resumed)
$134 June 1 May 15
734c June 27 June 6
Falconbridge Nickel Mines
Farmers & Traders Life Ins.(guar.)
$234 July 1 June 11
$234 Oct. 1 Sept.11
Quarterly
50c July 1 June 15
Faultless Rubber (quarterly)
Federal Light & Traction, pref.(quar.)
$134 June 1 May 15
$134 July 1 June 20
Filene's (Wm.), Sons pref. (quar.)
Firestone Tire & Rubber Co., pref.(guar.)
$134 June 1 May 15
Fisher Flouring Mills.7% prof.(guar.)
5133 July 1 June 15
15e June 1 May 15
Fishman (M. H.)
$13( July 15 June 29
7% series A & B preferred (quar.)
1234c June 1 May 21
Fitz Simons & Connell Dredge & Dock (qu.)
$134 June 1 May 15
Flordia Power Corp.,7% pref. A (guar.)
87 Xc June 1 May 15
7% preferred (quarterly)
25c July 1 June 15
Florsheim Shoe Co.,class A (guar.)
25c Oct. 1 Sept.16
Class A (quarterly)
1234c July 1 June 15
Class B (quarterly)
1234c Oct. 1 Sept.15
Class B (quarterly)
Food Machinery Corp. of N. Y.50c June 15 June 10
634% preferred (monthly)
50c July 15 July 10
634% preferred (monthly)
50c Aug. 15 Aug. 10
634% preferred (monthly)
50c Sept.15 Sept.10
% preferred (monthly)
634
r50c May 28 May 8
Ford Motor Co. of Canada, Ltd.. A & B
Fort Wayne & Jackson RR.,534% pref.(8.-a.)_. $254. Sept. 2 Aug. 20
1131% June 1 May 17
Franklin Simon,preferred (guar.)
25c June 1 May 15
Freeport Texas (quarterly)
$134 Aug. 1 July 15
6% preferred (quarterly)
July 1 June 25
Fuller Brush Co.,7% preferred (guar.)
$13,4 June 1 dMay 23
General Cigar, preferred (quarterly)
25c June 12 May 16
General Motors Corp., common (guar.)
$1 31 Aug. 1 July 8.
$5 preferred (quarterly)
$231 July 15 July 1
Georgia RR.& Banking (guar.)
20c May 25 May 23
Gilmore Gasoline Plant No. 1 (monthly)
40c July 1 June 15
Glens Falls Insurance Co.(guar.)
Globe Democrat Publishing preferred (guar.)— $1 31 June 1 May 20
25c June 1 May 15
Globe Underwriters Exchange
40c June 10 May 31
Golden Cycle (guar.)
60c June 10 May 31
Extra
$1 July 1 June 1
Goodyear Tire & Rubber Co. 1st pref
h50c July 1 June 21
Goodyear Tire & Rubber (Calif.), pre_ _
I 34'70 July 1 June 20
Gottfried Baking Co., Inc., preferred (quar.)
134% Oct. I Sept.20
Preferred (quarterly)_
$3 June 29 June 27
Grace(W. R.)& Co., pref.6% (semi-annual)
$3 Dec. 30 Dec. 27
6% preferred (semi-annual)
$2 June 30 June 10
-a.)
Rapids & Indiana Ry.(s.
Grand
h3734c June 1 May 10
Grand Union 53 cony. preferred
$2 May 20 May 10
Greene Cananea Copper Co.. corn.
$3 June 19 June 13
Greene RR.(semi-ann.)
$13.1 July 1 June 15
Greening (B.) Wire Co., pref.(guar.)
$1,' July 1 June 21.
Greyhound Corp., preferred (guar.)
$134 June 15 May 31
Gulf State Utilities Co.,6gef.(guar.)
$134 June 15 May 31
$534 preferred (quarterly)
75c June 1 May 15
Hackensack Water Co.(semi-ann.)
4331c June 30 June 17
7% preferred A (quar.)
15c June 1 May 15
Hale Born. Stores (guar.)
25c June 1 May 15
Hancock Oil of Calif., A & B(guar.)
1234c June 1 May 20
Hanes(P. II.) Knitting (guar.)
1234c June 1 May 20
Class B (guar.)
25c June 1 May 15
Harbison-Walker Refractories Co
July 20 July 8
$1
Preferred (guar.)
June 1 May 15
Hardesty (R.)Mfg.Co..7% pref.(guar.)
$1
Sept. 1 Aug. 15
$I
7% preferred (quarterly)
$134 Dec. I Nov. 5
7% preferred (quarterly)
20c May 28 May Si
Hawaiian Agricultural (monthly)
15c May 20 May 15
Hawaiian Electric Co (monthly)
20c June 15 June 5
Hawaii Conseil. Ry.,7% pref. A (guar.)
7% preferred A (quarterly)
20c Sept. 15 Sept. 5
20c Dec. 15 Dec. 5
7% preferred A (quarterly)
$134 July 1 June 15e
Hazel-Atlas Glass Co
25c June 15 June 1
Hazeltine Corp. (quar.)
10c May 31 May 24
Hibbard, Spencer, Bartlett & Co.(mo.)
10c June 28 June 21
Monthly
50c June 1 May 15
Hires Chas. E.) Co., class A common (guar.)- rl% May 20 May 3
Hollinger Congo!. Gold Mines (monthly)
SI May125 May 20
Homestake Mining (monthly)
$2 May 25 May 20
Extra
5134 June I May 15
Hoover & Allison Co_,. 7% pref. (guar.)
Horn Sc Ilartart (N. Y.) preferred (guar.)
5134 June 1 May 11
Hutchinson Sugar Plantation (monthly)
10c June 3 May 27
Imperial Chemical Indus.(London) (final) —rev
June 8 Apr. 12
Imperial Life Insurance (guar.)
July 2 June 29
Quarterly
Oct. 1 Sept. 30
$3
Quarterly
Jan. 2 Dec. 31
$3
Imperial Oil (semi-annual)
25c June 1 May 23
Special
373ic June 1 May 23
Indianapolis Water Co
5% cumul. preferred series A (guar.)
$131 July 1 J11.1113 12a
Industrial P Power Securities Co.(guar.)
15c June 1 May 15
Extra
10c June 1 May 15
Ingersoll-Rand
50c June 1 May 6
Inland Steel Co
50c June 1 May 15
International Harvester, pref. (guar.)
June 1 May 4
Si
International Milling, original serial pref. (qu.)_
Si
June 1
Series A preferred (guar.)
June 1
Si
International Mining Corp
15c June 20 June 1
International Nickel Co. of Canada (guar.)
15c June 29 May 31
707 preferred (quarterly)
$151 June 29 May 31
7% preferred $5 Par (guar.)
854c June 29 May 31
International Petroleum (semi-annual)
r75c June 1 May 23
Special
r50c June 1 May 23
International Safety Razor Corp.(guar.)
60c June 1 May 15
Interstate Hosiery Mills (guar.)
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
3338
Financial Chronicle
Per
Share
May 18 1935
When Holders
Payable of Record
Per
When Holders
Name of Company
Share Payable of Record
Iron Fireman Mfg.(quar.)
Nova Scotia Light & Power.6% pref.(quar.)--- $134 June 1 May 15
25c June 1 May 10
Quarterly
Ohio Oil Co.(quar.)
25c Sept. 2 Aug. 10
15c June 15 May 20
Quarterly
Ohio Power preferred (quar.)
25c Dec. 2 Nev. 9
$1% July 1 May 9
Ironwood & Bessemer By.& Light Co.—.
'Ohio Public Service Co. 7% pref. (monthly)__.. 58 1-3c June 1 May 15
7% preferred (quar.)
$1% June 1 May 15
60/ preferred kruonady)
50c June 1 May 15
Jantzen Knitting Mille. preferred (quarterly).— $15j June 1 May 25
5% preferred (monthly)
41 2-3c June 1 May 15
Joliet & Chicago RR.gtd. coal.(quar.)
Ohio State Life Insurance (quar.)
$1% July 1 June 20
$2% May 31 Apr. 18
Kalamazoo Vegetable Parchment (quar.)
Onomea Sugar Co. (monthly)
15c June 30 June 20
20c May 20 May 10
ly
Ontario & Quebec Ry (semi-ann.)
15c Sept.30 Sept. 20
$3 June I May 1
it
t
frly
15c Dec. 30 Dec. 30
Debenture (semi-ann.)
2%% June I May 1
Kansas Oklahoma & Gulf Ry. Co.—
Oshkosh Overall preferred (quar.)
50a June 1 May 20
Series A 6% cum. preferred
3% June 1 May 20
Parker Pen Co. (quar.)
15c June 1 May 15
Series B 6% non-cum. preferred
3% June I May 20
Parker Rust Proof(quarterly)
75c May 20 May 10
Series C 6% non-cum. preferred
1%% June 1 May 20
Patterson-Sargent (quarterly)
25c June 1 May 15
Kaufmann Department Stores, Inc., pref. (qu.) $13 July 1 June 10
Preferred (semi-arm.)
35c May 20 May 10
Kelvinator Corp. (quarterly)
12)5c July 1 June 5
Pender (D.) Grocery Co. A (quar.)
87 Ac June 1 May 20
Kendall Co., cum. partic. pref. (quar.)
313. June 1 May 10a
Pennsylvania Gas & Electric. class A
3734c June 1 May 20
Cum. partic. pref. (poetic. div.)38c June 1 May 10a
7% preferred (quarterly)
3144 July 1 June 20
Kentucky Utilities, 7% junior pref,(resumed)
$7 preferred (quarterly)
50c May 29 May 17
$14; July 1 June 20
Keystone Steel et Wire
50c June 1 May 20
Pennsylvania Power Co.. $6.60 pref. (mo.)- 55c June 1 May 20
Klein (1). Emil)& Co.. Inc.(quar.)
25c July 1 June 20
$6 Preferred (quarterly)
$1% June 1 May 20
Extra
12%c July 1 June 20
Pennsylvania State Water Corp.. $7 pref. (qu.) $1%; June I May 20
Knabb Barrel Co.,Inc., pref.(s.
-a.)
75c June 1
Peoples Telephone,"Butler, Pa."
Kroehler Mfg. Co., 7% pref. (quar.)
7% preferred (quarterly)
$11 June 29
$1% June 1 May 31
7% preferred (quarterly)
$1% Sept.30
Pepper (Dr.)(quarterly)
20c June I May 15
$1% Dec. 31
7% preferred (quarterly)
(Quarterly
20c Sept. 1 Aug. 15
Class A preferred (quar.)
Quarterly
$1% June 29
20c Dec. 1 Nov. 15
Class A preferred (quar.)
Phelps Dodge (special)
$1% Sept.30
25c June 15 May 20
Class A preferred (quar.)
Pala., Germantown & Norristown RR. Co.,
$1% Dec. 31
Kroger Grocery & Baking (quar.)
40c June 1 May 10
Quarterly
$13-' June 4 May 20
6% preferred (quarterly)
Philadelphia Suburban Water Co., pref.(quar.)
$1% July 1 June 20
$1)5 June 1 May ha
7% preferred (quarterly)
$1% Aug. 1 July 19
Philadelphia & Trenton RR.(guar)
$2% July 10 June 30
Lake Superior District Power Co..7% pref.(qu) $1% June 1 May 15
Quarterly
$234 Oct. 10 Sept.30
Phillips Petroleum
$1% June I May 15
60/ preferred (quar.)
25c June
May 3
Landers, Frary & Clark (quar.)
Phoenix Finance Corp.,8% pref. (quar.)
37%c June 29 June 20
50c July 10 June 30
Quarterly
37%c Sept.30 Sept.20
8% preferred (quarterly)
50c Oct. 10 Sept.30
373.c Dec. 31 Dec. 20
8% preferred (quarterly)
Quarterly
50c Jan. 10 Dec. 31
Phoenix Hosiery Mills, 1st preferred
Landis Machine. 7% preferred (quarterly)
$1% June 15 June 5
87Sec June 1 May 18
7% preferred (quarterly)
Pillsbury Flour Mills (quar.)
$1% Sept. 15 Sept. 5
40c June 1 May 15
Pioneer Mills Co. (monthly)
$14 Dec. 15 Dec. 5
7% preferred (quarterly)
10c June 1 May 20
Pittsburgh Bessemer & Lake Erie (s-a)
Lanston Monotype (quarterly)
$1 May 31 May 21
75c Oct. I Sept. 14
6% preferred (s-a)
Lehigh Coal & Navigation (s.
-a.)
25c May 31 Apr. 30
$1% June I May 15
3734c June 1 May 15
Pittsburgh Ft. Wayne & Chicago Ry. (guar.).- 51% July 1 June 10
Lehn & Fink Products (quar.)
30c June 15 May 31
uarterly
Libbey-Owens-Ford Glass (quarterly)
$1% Oct. 1 Sept. 10
uarterly
40c June 1 May 1
Life Savers Corp. (quar.)
Jan. 2 Dec. 10
7% preferred (quar,)
Liggett & Myers Tobacco (guar.)
$1 June 1 May 1
$1% July 2 June 10
$1 June I May 1
7% preferred (quar.)
Common B (quarterly)
$134 Oct. 8 Sept. 10
25c June I May 24
Lincoln Stores (quarterly)
70/ preferred (quar.)
$1% Jan. 7 Dec. 10
Pittsburgh Youngstown & Ashtabula RR.—
$134 June I May 24
Preferred (quarterly)
15c June I May 15
70/ preferred quar,
Link Belt
June 1 May 20
$134 July 1 June 15
7 preferred quar.
79
Preferred (quar.)
Sept. I Aug. 20
50e June 10 May 24
7% preferred quar.
Little Miami RR. Co. spec. gtd. (quar.)
Dec. 1 Nov. 20
Plymouth Fund
Original capital
$1.10 June 10 May 24
June 1 May 15
Pollock Paper & Box Co., pref.(quar.)
Little Schuylkill Navigation RR. Coal Co.,
June 15 June 1
Preferred (quarterly)
Semi-annually
$1.10 July 15 June 14
Sept. 15 Sept. 1
Preferred (quarterly)
Loblaw Groceterias, Ltd.,class A & B (guar.).-- r25c June 1 May 10
Dec. 15 Dec. 1
Ponce Electric 7% pref.(quar.)
$2 July 1 July 1
Lock Joint Pipe, preferred (quar.)
July 1 June 14
Oct. 1 Oct. 1
Portland & Ogdensburg By.,End.corn.(qu.
Preferred (quar.)
$2
May 31 May 20
Potomac Electric Power 534% pref. (quar.)
$2 Jan. 1 Jan. 1
Preferred (quar.)
June 1 May 15
6% preferred (quar.)
50c Aug. 1 July 18
Loose-Wiles Biscuit Co., common
June 1 May 15
Prentice Hall (quarterly)
134 July 1 une 180
1st preferred (quar.)
June I May 20
134 Oct. 1 ept. 18
Preferred (quarterly)
1st preferred (quar.)
June I May 20
June I May 17
preferred (guar.)
Protective Life insurance (s.
Lord & Taylor Co., 1st
$134
-a.)
$3 July 1 July 1
-a.)
Public Electric Light 6% pref. (quar.)
Louisville Henderson & St. Louis fly. (s.
$4 Aug. 15 Aug. 1
$14 June 1 May 22
Public Service Co. of Colorado
$234 Aug. 15 Aug. 1
Preferred (semi-stun.)
7% preferred (monthly)
$134 June I May 4
Ludlow Mfg. Associates (quar.)
58 1-3c June 1 May 15
6% preferred (monthly)
Lunkenheimer Co.. 6)5% preferred (quarterly)- $134 July 1 June 20
50c June 1 May 15
$134 Oct. 1 ept.20
6 Ye% preferred (quarterly)
41 2-3c June 1 May 15
50/ preferred (monthly)
Public Service Corp.of N.J..6% pref.(mthly)..
$134 Jan. 1 Dec. 21
6%% preferred (quarterly)
50c May 31 May 1
50c June I May 10
Purity Bakeries (quarterly)
Macy (R. H.) & Co.(quar.)
25c June 1 May 20
Quaker Oats, preferred (quarterly)
Magnin (I.) & Co.,8% preferred (quarterly)— $135 Aug. 16 Aug. 5
$134 May 31 May 1
$115 Nov. 15 Nov. 5
Rainier Pulp & Paper, $2 class A
6% preferred (quarterly)
h50c June 1 May 10
I5c June 1 May 8
Rapid Electrotype (quarterly)
Manhattan Shirt (quar.)
60c June 15 June 1
75c July 1 June 14
Reading Co. 1st preferred.(quar.)
Mapes Consolidated Mfg.(quar.)
50c June 13 May 23
40c June 1 May 15
Reliance International Corp. preferred
May Dept. Stores (quar.)
50c June 1 May 20
433jc June 1 May 31 ' Reno Gold Mines (quarterly)
McClatchy Newspapers,7% pf.(qu.)
3c July 2 May 31
4334c Sept. 1 Aug. 31
Extra
7% preferred (quarterly)
2c July 2 May 31
43%c Dec. 1 Nov. 30
Reynolds Metals (quarterly)
25c Juno 1 May 15
7% Preferred (quarterly)
r20c June 15 May 15
Rich's Inc.. 634% pre/erred (quar.)
McColl Frontenac Oil (quar.)
$1% June 29 June 15
10% June 1 May 1
McIntyre Porcupine Mines
Rike-Kurnler (quar.)
25c June 11 May 21
50c June 1 May 15
7, preferred (quar.)
7.,
McWilliams Dredging (quar.)
$1% July 1 June 25
25c June I May 15
Rio Tinto, 5% preferred (final)
Special
2s. 6d.
Rochester Gas & Electric 7% pref. B (qu.)
Metal Textile Corp., participating pref. (qu.)— 8134c June 1 May 20
June 1 May 10
15c June 1 May 6
6% preferred C & D (quarterly)
Mid-Continental Petroleum
$1% June I May 10
$3 July 1 June 20
Rolland Paper Co., preferred (quar.)
Midland Grocers,6% pref. (8.-a.)
$154 June 1 May 15
June 1 May 25
Royalite Oil
Gas Light.7% pref. A (quar.)
Milwaukee
75c June 7 May 23
Aug. 1 July 15
Rubber Plantations Investment Trust
Mine Hill & Schuylkill Haven RR.Co.(8.-a.).
5%
15c Aug. 1
Ruud Mfg. Co.(quar.)
Monogram Pictures Corp.(quar.)
10c June 15 June 6
15c Nov. 1
Safety Car Heating & Lighting
Quarterly
$1 July 1 June 14
15c Feb. 1
St. Louis Bridge Co.,6% lst pref.(5.-a.)
Quarterly
$3 July 1 June 15
25c June 15 May 25
3% 2nd preferred (5.-a.)
Monsanto Chemical (quarterly)
$13.4 July I June 15
ye July 1 June 20
St. Louis Rocky Mountain & Pacific RR. Co.
Montgomery Ward class A
% July 1 June 20
Preferred (quarterly)
Class A (quar.)
July 20 July 5
$134 July 1 July 1
Preferred (quarterly)
Moore Dry Goods(quar.)
Oct. 21 Oct. fsa
Savannah Elec. & Power Co.8% deb. A (quar.)
Quarterly
$134 Oct. 1 Oct. 1
July 1 June 14
$134 Jan. 1 Jan. 1
Quarterly
July 1 June 14
734% debenture B (quar.)
7 0 debenture (quar.)
$134 July 1 June 20
Morris 5& 10c to $1 Stores.Inc..7% pref.(qu.)
July 1 June 14
$134 Oct. 1 Sept.20
634% debenture D (quar.)
July 1 June 14
7% preferred (quarterly)
$1 June 1 May 27
Seaboard Oil of Delaware (quar.)
Morrb Plan Insurance Society. (quar.)
June 15 June 1
$1 Sept. 1 Aug. 27
Extra
ly
June 15 June 1
$1 Dec. 1 Nov. 28
Second Investors Corp. (R. I.)—
ttlirter
u irtmrly
$3 prior preferred (quarterly)
20c May 31 May 21
75c June 1 May 15
Motor Finance Corp.(quar.)
Secord (Laura) Candy Shops (quar.)
50c May 25 May 15
75c May 31 May 15
Motor Products
Shamokin Valley & Pottsville RR.(s.
-a.)
50c Aug. 10 Aug. 1
Aug. 1 July 15
Quarterly
1235c June 10 May 20
Shenango Valley Water Co.,6% pref.(quar.)_
$1% June 1 May 20
Motor Wheel Corp
Sherwin Williams, pref. (quar.)
134% June I May 16
$134 June 1 May 15
Muskogee Co.,6% cum. pref. (quar.)
June 28 Jun 20
Singer Mfg., Ltd., ord. reg
us0
Mutual Chemical Co. of Amer..6% pref.(qu.)Apr. 19
Amer. dep. rec. for ord. reg
Sept. 28 Sept. 19
6% preferred (quarterly)
Apr. 26
w5
Sioux City Stockyards Co.3134 part pref(quar.) 3
$134 Dec. 28 Dec. 19
6% preferred (quarterly)
734c Aug. 15 Aug. 14
Sc May 20 May 10
3734c Nov. 15 Nov. 14
$134 participating preferred (quar.)
Mutual Telep. (Hawaii)(monthly)
Smith (S. Morgan) Co. (quarterly)
Nashville & Decatur RR.,74% guaranteed(qu) 9334c July 1 June 20
$1 Aug. I Aug. 1
Quarterly
Si Nov. 1 Nov. 1
National Automotive Fibre—
June 1 May 15
Somerset Union & Middlesex Light Co.(5.-a.) _
$2 June 1 May 15
$7 preferred (quar.)
Southern California Edison Co., Ltd—
7% preferred
h$$10151
Preferred series A 7% stock (quar.
43 , June 15 May 20
$134 May 31 May 17
i
c
National Biscuit Co., preferred (quar.)..
Preferred series B 8% stock (quar.)
25c June 15 May 31
373.4c June 15 May 20
National Bond & Share Corp. (quar.)
Standard Coosa-Thatcher Co..7% pref.(quar.)_ $1
50c June 1 May 15
National Container (quarterly)
July 15 July 15
Standard Oil of California
50c June 1 May 15
Preferred (quarterly)
25c June 15 May 15
Standard Oil of Indiana (quar.)
30c July 1 June 5
25c June 15 May 15
National Dairy Products (quar.)
Standard Oil Co.. Inc.(N. J.). $25 Par (sea.)-$134 July 1 June 5
Preferred class A & B (quar.)
50c June 15 May 16
-a.)
$100 par value shares (s.
$134 June 15 May 31
National Lead, preferred A (quar.)
$2 June 15 May 16
Standard Oil of Kansas (quarterly)
20c June 1 May 6
41c
National Power & Light Co.,corn.(quar.)
Stein (A.) & Co., preferred A (quar.)
National Short Term Security. pref
173-4c May 20 May 10
$1% July 1 June 14
Sterling Products, Inc. (quar.)
95c June 1 May 156
Nebraska Power,6% preferred (quar.)
113.4 June 1 May 14
Strawbridge & Clothier, 6% pref. A (quar.)
51% June 1 May 16
7% preferred (quarterly)
$134 June 1 May 14
Sun Oil Co., common
25c June 15 May 25
Newberry (J. J.) Co., preferred (quarterly)- - $134 June 1 May 16
Preferred
50c Aug. 15 July 31
$1% June 1 May 10
1900 Corp. class A (quar.)
Susquehanna Utilities Co.,6% pref.(quar.)_
June 1 May 20
50c Nov. 15 Oct. 31
"A" (quar.)
Tampa Gas Co..8% Pref. (guar.)
June 1 May 20
Norfolk & Western Ry.(quar.)
$2 June 19 May 31
June 1 May 20
7% Preferred (quar.)
AdJ. preferred (quar.)
$1 May 18 Apr. 30
'
$134 June 1 May 15 *4 Telephone Investors Corp. (monthly)
June I May 20
North American Edison Co. pref. (quay.)
Tennessee Electric Power Co..5% Pref.(quer.).
Northam Warren.cony. pref.(quar.)
July 1 June 15
75c June 1 May 15
6% preferred (guar.)
Northern Pipe Line (semi-ann.)
25c July 1 June 14
July 1 June 15
7% preferred (quar.)
July 1 June 15
Northern RR.Co.of N.J.4% gtd.(quar.)
$1 June 1 May 20
7.2% preferred (quar.)
July 1 June 15
4% guaranteed (quar.)
$1 Sept. 1 Aug. 20
40/ guaranteed (quar.)
6% preferred (monthly
Si Dec. 1 Nov. 21
June 1 May 15
8% preferred (monthly
July 1 June 15
North Penne RR. Co. (quar.)
$1 May 27 May 20
7.20/ preferred (month 1)
15c June 10 May 31
June 1 May 15
North River Insurance(quar.)
7.2% preferred (monthly)
Sc June 10 May 31
July 1 June 15
Tex-O-Kan Flour Mills. pref.(guar.)
thwestern Public Service, 7% Preferred
h8734o June 1 May 21
June 1 May 15
Tide Water Power Co , $6 pref.(quar.)
h76c June 1 May 21
June 1 may 10
6% preferred
Teo Roofing. Inc.. $2 preferred
July
8734c July 1 June 21
Norwalk Tire & Rubber, pref.(quar.)
Name of Company
e
1
2
sia
M
3339
Financial Chronicle
Volume 140
Per
Share
Name of Company
When Holders
Payable of Record
Per
Share
Name of Company
IN%
When Holders
Payable of Record
Timken Roller Bearing (quar.)
25c June 5 May 17
Extra
25c June 5 May 17
Tobacco securities Trust—
Amer. dep. roc, for ord. reg
xto5% May 22 Apr. 26
Toburn (Gold Mine) Ltd
2c May 21 Apr. 25
Toledo Edison Co.7% pref.(monthly)
58 1-3c June 1 May 15
6% preferred tinonthlY)
50c June 1 May 15
5% preferred (monthly)
41 2-3c June 1 May 15
Trinidad Leaseholds. Ltd., ord. reg
5% May 18 May 7
Twin Bell Oil Syndicate (monthly)
£2 June 5 May 31
Underwood Elliott Fisher Co. (quar.)
50c June 29 June 12a
I Preferred (quar.)
$194 June 29 June 12a
Union Pacific common
$I A July 1 June 1
UnlonlTank Car Co. (quarterly)
30c June 1 May 17
United Biscuit Co. of America, corn. (quar.)_- 40c June 1 May 6
United Gas Improvement (quar.)
25c June 29 May 31
(guar.)
SI A June 29 May 31
United Light & Rys.(Dela.),7% pref. (mo.) 1-3c June 1 May 15
6.36% preferred (mo.)
53c June 1 May 15
6% preferred (mo.)
50c June 1 May 15
7% preferred (mo.)
58 1-3c July 1 June 15
6.36% preferred (mo.)
53c July 1 June 15
6% preferred (mo.)
50c July 1 June 15
United New Jersey RR.& Canal (quar.)
$295 July 10 June 20
United Oil Trust Shares series It reg
15c June 1
Series H bearer
15c June 1
United States Freight Co (quar.)
25 June 1 May 21
United States'Gypsum (quar.)
25c July 1 June 14
Preferred (guar.)
$1 A July 1 June 14
United States Petroleum (s.
-a.)
lc June 15 June 5
Semi-annually
lc Dec. 15 Dec. 5
United State. Pipe & Fdy Co., common (quar.)_ 123.c July 20 June 29
Common (quar.)
12Ac Oct. 20 Sept.30
Common (quar.)
12 Ac Jan. 20 Dec. 31
let preferred (guar.)
30c July 20 June 29
let preferred (quar.)
30c Oct. 20 Sept. 30
let preferred (quar.)
30c Jan. 20 Dec. 31
United States Playing Card (quar.)
25e July 1 June 20
Extra
25c July 1 June 20
United States Steel Corp., pref
h
of 1% May 29 May 3
United States Suicar Corp., pref.(Soar.)
SI 4 July 5 June 10
Upper Michigan Power & Lt. Co.,6% pf.(qu.)- $1
Aug. 10 July 31
6% preferred (quarterly)
SI A Nov. 10 Oct. 31
6% preferred (quarterly)
$195 Feb 10 Jan. 31
Utica Clinton & Binghamton By.—
Debenture stock (semi-ann.)
$2 A June 26 June 16
Debenture stock (semi-ann.)
Dec. 26 Dec. 16
Utility Equities Corp., $59i priority stock
June 1 May 15
Vanadium-Alloys Steel Co
25c June 20 June 10
Van Itaalte 1st preferred (quar.)
$1 A June 1 May 16
Venezuelan Oil Concessions (final)
6A%
Vermont & Boston Telephone isenn-ann.)
$2 July 1 June 15
Vick Chemical. Inc. (quar.)
50c June 1 May 16
Extra
10c June 1 May 16
Virginia Coal dr Iron (quarterly)
25c June 1 May 15
Vogt Mfg. Co
25c June 1 May 15
t The New York Stock Exchange hag ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock was
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
Correction. e Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated dividends. 1 Payable in preferred stock.
m Vermont & Boston Teleg. corrected—previously reported as Vermont
& Boston Telep.
,
o Blue Ridge Corporation 1 2 of one sh. of corn. stk., or at the opt, of
the holder 75c cash. Holders desiring cash must notify the corp. on or
before May 16. 1935.
p Petrolue Corp. incorrectly announced as the Petroleum Corp. in the
May 4th issue.
q C. I. T. declares the usual quar. div. on the cony. pref. stock, opt. ser.
of 1929. at the rate of 5-208ths of one sh. of coin. stock, or, at the opt. of
the holder, in cash at the rate ol $1.50 for each cony. pref. share.
r Payable in Canadian funds, and in can case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S. funds. o A unit. to Less depositary expenses.
z Less tax. u A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business May 15 1935,
in comparison with the previous week and the corresponding
date last year:
'United
68
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAY 11 1935
Clearing House
Members
Surplus and
Undivided
Profits
• Capital
Bank of NY & Trust Co_
Bank of Manhattan Co.
National City Bank__ __
Chemical Bk & Trust Co
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Exch Bank Tr Co..
First National Bank__
Irving Trust Co
Continental Bk & Tr Co_
Chase National Bank_
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Ilk & Tr Co
S
6,000,000
20,000,000
127,500,000
20,000,000
90.000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7.000,000
8,250,000
Net Demand
Deposits.
Average
5
5
124.713,000
10,469.000
25,431,700 351.072.000
e41,262,700 a1,058,821,000
48,608.700
372,056,000
177,131,600 b1,111,074,000
287,451,000
10,297,500
641,188,000
61,517,600
16,350,200 193,422,000
424,409,000
e89,006,600
57,726.000
412,213,000
3,649,000
34,578,000
64,815,900 c1,444,246,000
3.469,200
45,684,000
62,871.100 6713,922,000
7,988,500
14,805,000
7,537,900
61,789,000
248,860,000
21,361,500
60,046,000
7,758,600
e5,229,300
56,398,000
Time
Deposits,
Average
$
6,383,000
29,456,000
151,134,000
17,589,000
55,070,000
106,591,000
29,062,000
21,133,000
8,637,000
5,294,000
2,046,000
66,576,000
352,000
18,843,000
293,000
3,340,000
19,246,000
1,538,000
38,363,000
Totals
614 0.6.6 nnn 799 A59 con 7 ASA 7.62 non 5c0 0445 nnn
• As per official reports National, March 4 1935 State, March 30 1935; trust
Companies, March 30 1935. e As of March 30 1935.
Includes deposits in foreign branches' a $200,411,000; b $64,236,000; c $80.761,000: d $24,520,000.
Vulcan Detinning. preferred (quar.)
Preferred (quar.)
Waialua Agricultural
Washington Ry.& Electric Co. (quar.)
5% preferred (quar.)
Welch Grape Juice Co.7% pref. (quar.)
Wesson Oil & Snowdrift Co., Inc.—
Convertible preferred (guar.)
Western Cartridge, 6% pref. (quarterly)
Western Maryland Dairy, pref. (quar.)
Western Public Service Co.$1 A pref. A (quar.)_
$6 preferred B (quarterly)
Westvaco Chlorine Products (quar.)
Wheeling Electric 6% pref. (quar.)
Whitaker Paper Co., pref.(guar.)
Whitman (Win.), preferred
Wilcox Rich, cony. A
Williamsport Water Co., $6 pref. (quar.)
Wilson & Co.. Inc., common
Winsted Hosiery (quar.)
Quarterly
Woolworth (F. W.) Co.(quar.)
Woolworth (F. W.) Ltd. (England)—
American deposit receipts ord. reg. (interim)_
Wrigley (Wm.)Jr. Co.(mthly.)
Monthly
Monthly
Monthly
Monthly
Worcester Salt
Zions Cooperative Mercantile Ins. (quar.)
Quarterly
1
%
60c
$3
$1
31A
July
Oct.
May
June
June
May
20 July
19 Oct.
31 May
1 May
1 May
31 May
10
10
21
15
15
15
$1
S13.
Slid
37 Ac
$1.A
be
$1.96
$13
$14
h62Ac
Slid
12Ac
S1.95
$195
60c
June 1 May 15
May 20 Apr. 30
July 1 June 20
June 1 May 13
June 1 May 13
June 1 May 15
June 1 May 9
July 1 June 20
June 15 June 1
June 29
June 1 May 20
June 1 May 15
Aug. 1
Nov. 1
June 1 Apr. 23
ru:30%
25c
25c
25c
25c
25c
50c
50c
50c
June 22 May 17
June 1 May 20
July 1 June 20
Aug. 1 July 20
Sept. 2 Aug. 20
Oct. 1 Sept.20
June 29 June 20
July 15
Oct. 15
May 15 1935 May 8 1935 May 16 1934
Assets—
8
Gold certificates on hand and due fr am
$
$
_ 2,147,063,000 2,125,695,000 1,512,576,000
U. S. Treasury,:
1,806.000
1,0,51,000
1.884.000
Redemption fund—F. R. notes
65,520,000
67,332,000
62,876,000
Other cash
_ 2,214,389,000 2.194.078,000 1,577,336,000
Total reserves
2,344,000
Redemption fund -F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligati ms
1,406,000
1,887,000
3,381,000
direct & (or) fully guaranteed
.-2,206,000
2,396,000
11.450,000
Other bills discounted
4,093,000
Total bills discounted
Bills bought in open market
Industrial advances
•-
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
3,802,000
14,831,000
1,814,000
6,182,000
1.807,000
6,165,000
2,099,000
113,215,000
468,467.000
162,636,000
Total U. S. Government securides.
110,080,000 148,619,000
468,911,000 393,045,000
165,327,000 240,091,000
744,318,000
744,318,000
Other securities
Foreign loans on gold
781,755,000
40,000
Total bills and securities
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended May 10:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MAY 10 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Other Cash Res. Dep., Dep. Other
Disc, and Including N. F. and Banks and
InvestmeMs Bank Notes Elsewhere Trust Cos.
Manhattan
Gram National
Trade Bank of N. Y
Brooklyn—
People's National
$
23,443,400
4,058,805
$
91,800
179,870
$
2,487,200
775,403
4.126.000
01.000
775.000
Gross
Deposits
$
$
1,356,600 23,786,700
123,975 4,197.926
310.000
4 gm Ann
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc, and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County...
United Stated
Brooklyn—
Brooklyn
irlave CountV
Cash
Res. Dep.. Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.
$
52,727,400
7,064.238
12,449,116
18,470,300
28,870,000
61,234,899
$
8
*7,105,800 8,323,600
737,896
115.612
419.004
*794,553
779,000
*2,908,300
534,300
*7,746,000
24,180,289 16,201,022
86,989.000
28 1RR4AC
2,633,000 30,115,000
9 974 4577 0 010 RS4
$
2,570,700
1,521,940
62,541
460,000
Gross
Deposits
$
57,759,000
y7,722,809
'11,853,638
k17,761.400
434,543,300
73,128,892
57,000 105.504,000
•Includes amount with Fedora Reserve as follows: Empire, $6,016,200: Fiduciary, $341,602; Fulton. $2,716,700; Lawyers County, 57,031,903.
756,407,000
756,092.000
Gold held abroad
Due from foreign hanks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
271.000
3,769,000
157,026,000
11,780,000
30,656,000
1,198.000
276,000
4,494,000
6,613.000
105,768,000 128,764,000
11,724,000 11,441,000
28,707,000
72,432,000
Total assets
798,725,000
_ 3,174,298,000 3.101,139,000 2,598,853.000
F. R. notes in actual clrculation____
650,083,000 647,258,000 635,691,000
F. R. bank notes in actual circulation net
40,198.000
Deposits—Member bank reserve ace't__ 2,044,960,000 2,003,074,000 1,462,481.000
U. S. Treasurer—General aceoun ___
2,257,000
22,741,000
20,880,000
Foreign bank
6,938,000
576,000
5,740,000
Other deposits
187.723,000 189,643,000 143,164.000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
_ 2,241,878,000 2,219,337,000 1,628.962,000
154,082,000 106,516,000 126,946.000
59,375,000
59,378,000
59,654,000
49.964,000
___
49,964,000
45,217,000
6,064,000
6,064,000
7.500,000
4,737,000
7,500,000
5,125,000
5,351,000
57,448,000
Total liabilities
.3,174,298,000 3,101,139,000 2,598,853,000
Ratio of total reserves to deposit and
F. R. note liabilities combined.,_
69.7%
76.6%
76.5%
Contingent liability on bills purch used
for foreign correspondents
3,000
812,000
3,000
Commitments to make industrial advances
7.329.000
7.346.000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bent notes.
These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
rests to 59.08 cents, these certificates being worth lees to the eztent of the difference the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
3340
Financial Chronicle
May 18 1935
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, May 16, showing the condition of the
twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System as a
whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events and Discussions.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
MAY 15 1935
May 15 1935 21fay 8 1935 May 1 1935 Apr. 24 1935 Apr. 17 1935 Apr. 10 1935 Apr. 3 1935 Mar, 27 1935 MAy 16 1931
ASSETS
$
$
I
$
$
$
I
S
$
Gold ctfs. on hand & due from U.S.Treas.1 5.791,839,000 5,765,819.000 5,750,844,000 a5730265,00 5,682,857,000 5,592.822,000 5,593,721,000
0
5,567,025,000 4,583,812,000
Redemption fund (F. R. notes)
20,063,000
20,061,000
20,522,000
17,983,000
16,881.000
17,007,000
30,165,000
17,625,000
14,708,000
Other cash •
235,981,000 237,661,000 244,515,000 249,610.000 228,205,000 237,245,000 236,131,000 253,500,000 236,520,000
Total reserves
6 047,883,000 6,023.541,000 6,015,881,000 a5997858,000 5.927,943,000 5,847,134,000 5,847,477.000 5,835,233,000 4,850,497,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
5,275,000
3,531,000
3,124,000
2,639,000
3,321,000
3,074,000
3,304,000
6,655,000
5,960,000
4,705,000
26,546,000
4,698,000
26,410,000
3,539,000
3,285,000
3,332,000
3,329,000
2,818,000
3,201,000
3.406,000
2,985,000
6,378,000
6,824,000
6,661,000
6,019,000
4,696,000
26,444,000
4,696,000
26,206,000
5,302.000
26,163,000
5,307,000
21,256,000
4,415,000
3,263,000
6,298,000
28,104,000
6,391.000
7,678,000
34,402,000
5,304,000
21,073,000
5,306,000
20.785,000
5,501,000
333,542,000 322,337,000 *321.839,000 382,906,000 383,461,000 384,105.000 392,493,000 391,942,000 406,190,000
1,541,653,000 1,543,136.000 *1530779,000 1,466,266,000 1.487,332.000 1,488,666,000 1,492,666,000 1,494,703,000 1,233,599,000
555,160,000 564,772,000 .577,857,000 581.060,000 560,060,000 557,660,000 545.660.000 543,660,000 790,367,000
Total U. S. Government securities- 2,430,355.000 2,430,245,000 2,430,475,000 2,430,232.000 2,430,853.000 2,430,431,000 2,430,819,000 2,430,305,000
2,430,156,000
U. S. Government securities
-Bonds
Treasury notes
Certificates and bills
Other securities
Foreign loans on gold
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
F. R. notes in actual circulation
F. R. bank notes In actual circulation_
546,000
2,468,261,000 2,467,313,000 2,467,993.000 2,467,958,000 2,468,979,000 2,463,013,000 2.463,587,000 2,464.074,000 2,470,605,000
, 694,000
16,506,000
582,111,000
49,690,000
44,077,000
699,000
17.147,000
446,015,000
49,634,000
42,479,000
702,000
702,000
18.982,000
57,800,000
541,743,000 •488,763,000
49.616,000
49,616,000
40,274,000
39,921,000
705,000
16,057,000
549.846,000
49,617,000
39.685,000
700,000
702,000
702.000
15,933,000
15,313,000
15.973,000
434,605,000 471,759,000 446,072,000
49,615,000
49,533.000
49,524,000
44,019,000
43,016,000
42,173,000
3,135.000
20,430,0011
501,044,000
52,595,000
185,430,000
9,209,222,000 9.046,828,000 9,135,191,000 9,062,615.000 9.052,832,000 S.855,019,000 8,891,387,0008,853,753,000 8,089.011,000
3,154,374,000 3,160,066,000 3,161,879,000 3.145,805,000 3,178,871,000 3,169.329,000 3,174,531,000
3,130,572,000 3,061,279,000
63,752,000
-Member banks' reserve account 4,822,322,000 4,757,608,000 4,721,320,000 4,719,309,000 4.601,203,000 4,236,830,000 4,192,954,000
Deposits
4,285.129,000 3,694,493,000
34,693,000
50,969.000
U. S. Treasurer-General account__
76,209,000
56,874,000 205,419,000 393,068,000 473,679,000 393,138.000
45,074,000
18,733,000
Foreign banks
15,470,000
15.378,000
23.967,000
22,319,000
17,817,000
17,360,000
4,649,000
20,053,000
248,418,000 261,866,000 260,677,000 264,102,000 248.596,000 206,422,000 213.075.000
Other deposits
220,746,000 246,981,000
Total deposits
5,124,166,000 5,085,913,000 5,073,584,000 5,084.252,0004.977.537.000 4.904,137,000 4.897,068,000 4
,919,066,000 3,991,197,000
Deferred availability items
577,046.000 448,016,000 547.076,000 505,349,000 549,980,000 435,255,000 474,539.000
Capital paid in
146,660,000 146,669,000 146,666,000 146,908,000 146,957,000 146,966,000 146,953,000 458,986,000 501,685,000
146,202,000
Surplus (Section 7)
144,893,000 144,893,000 144,893,000 144,893,000 144,893,000 144,893,000 144,893,000 146,921.000 138,383,000
144,893.000
19,939,000
Surplus (Section 13-11)
19,939,000
19,209,000
14,924,000
14,924,000
14,820,000
14,809.000
14,366,000
Reserve for contingencies
30,810,000
30,808.000
30.806,000
30,806,000
30,807,000
30,805,000
30,805,000 30.802,000
22,532,000
10,434,000
All other liabilities
10,524,000
11.078,000
9,681,000
8.863,000
8,814,000
7.789,000
8,145,000 163,981,000
Total liabilities
9,209,222,000 9.046,828,000 9,135.191.000 9062,618.000 9.052,832,000 8,855,019,000 8.891.387,000
8,853,751,000 8,089,011.000
Ratio of total reserves to deposits and
73.1%
F. It. note liabilities combined
73.0%
73.0%
73.1%
72.4%
72.7%
72.4%
68.8%
72.5%
Contingent liability on bills purchased for
16,000
foreign correspondents
16,000
20,000
27,000
40,000
48,000
70,000
3,622,000
98,000
18,515,000
Commitments to make industrial advances
18,040,000
17,051.000
16,908,000
16,687,000
16,315,000
16,252,000
15,732,000
Maturity Distribution of Bills and
Short-term Securities$
3
$
$
$
S
S
$
$
1-15 days bills discounted
5,008,000
3,851,000
4,191,000
4,582,000
4,586,000
3,982,000
4,168,000
25,118,000
5,533,000
15-30 days bills discounted
168,000
621,000
641,000
176,000
238,000
211,000
245,000
3,502,000
244.000
31-60 days bills discounted
938,000
997,000
1.042,000
1,530,000
718,000
698,000
783,000
3,037,000
170,000
61-90 days bills discounted
319,000
290,000
344,000
390,000
1,014,000
1,035,000
1,093,000
2,499,000
1,639,000
Over 90 days bins discounted
222,000
201,000
160,000
146,000
105,000
93,000
102,000
246.000
92,000
Total bills discounted
6,655,000
5,960,000
6,378,000
8,824,000
6,661,000
6,019,000
6,391,000
34,402,000
7,678,000
1-15 days bills bought in open market_ _ _
282,000
403,000
338,000
247,000
3,703,000
4,077,000
497,000
928,000
208,000
16-30 days bills bought in open market...
420,000
444,000
291,000
381,000
265,000
242.000
3,674,000
204,000
4,042,000
1,009,000
31-60 days bills bought In open market
257.000
489,000
727,000
559,000
624,000
472,000
435,000
529,000
2,994,000
61-90 days bills bought In bpen market....
3,594,000
3,578.000
3,509,000
607,000
364,000
661,000
3,934,000
527,000
Over 90 days bills bought In open market
Total bills bought In open market
4,705,000
4,698,000
4,696,000
4,696.000
5,302.000
.5,307,000
5,304,000
5,306,000
1,243,000
304,000
356,000
252,000
24,391,000
1.318,000
292,000
337,000
278.000
24,185,000
1,424,000
81,000
515,000
300,000
24,124,000
1,358,000
264,000
431.000
347,000
23,806,000
1,527,000
374,000
394,000
360,000
23,508,000
948,000
883,000
492,000
340.000
18,593,000
885,000
774,000
473,000
5(54,000
18,377,000
508.000
652,000
1,118,000
501,000
18,006,000
Total Industrial advances
26,546,000
26,410,000
26,444,000
26,206,000
26,163,000
21,256,000
21,073,000
40,257,000
1-15 days U. S. certificates and bills
48,851,000
48,965,000
41,690,000
41,078,000
37,080,000
33,252,000
16-30 days U. S. certificates and bills_ _
41,103,000
40.903,000
40,256,000
48,881,000
48,765,000
41,690,000
41,078,000
31-60 days U. S. certificates and bills_ __ _ 221,534,000 220,087,000 193,048,000 257,519,000 264,351.000
89,784,000
89,021,000
189,680,000 189,060,000 120,495,000 113,295,000 109,325,000 290,856,000 291,059,000
61-90 days U. S. certificates and bills
Over 90 days U.S. certificates and_bills_ - 1,937,781,000 1,931,314,000 2,028.711,000 1,968,847,000 1.967,334,000 1,971,021,000 1,975,509,000
28,250,000
37.078,000
90,571.000
270,013,000
2,004,393,000
21,325,000
70,981,000
62,210,000
34,430,000
604,421,000
2,430,305,000
790,367,000
1-15 days industrial advances
18-30 days industrial advances
31-60 days industrial advances
61-90 days industrial advances
Over 90 days industrial advances
Total U. S. certificates and bills
1-15 days municipal warrants
15-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
2,430,355,000 2,430,245,000 2,430,475,000 2,430,232,000 2,430,853,000 2,430.431,000 2,430,819,000
5,501,000
20,785,000
506,000
5,000
35,000
Total municipal warrants
546,000
Federal Reserve Notes
Issued to F. R. Bank by I'. R. Agent__ _ 3,420,316,000 3,421,419,000 3,424,484,000 3,440,945,000 3,442,878,000 3,445,917,000 3,433,5513,000
Held by Federal Reserve Bank
265,942,000 261,353,000 262,605,000 295,140,000 264,007,000 276,588,000 259.025,000 3,408,581,000 3,337,686,000
278,009,000 276,407,000
In actual circulation
3.154,374.000 3.160,066,000 3,161,879.000 3,145.805,000 3.178,871,000 3,169,329,000
3,174.531.0003.130,572,000 3,061,279,000
Collateral Held by Agent as Security for
Notes Issued to Bank
Gold ctfs. on hand & due from U.S. Treas. 3.288,479,0003.286,575,000 3,284,979,000 3,289,979,000 3,292,979,000 3,259,979,000 3.249,169,000
3,287,679,000 3,021,771,000
By eligible paper
5,091,000
4,390,000
4,682,000
5,124,000
4,974.000
4,257.000
4,552.000
5,842,000
16,440,000
U. S. Government securities
226,500,000 225,000,000 232,100,000 218,100,000 212,100,000 240,103,000 246,100,000 203,100,000
341,300,00(1
Total collateral
3,520,070.000 3,516,369,000 3,521,761000 3,510,203,000 3,510,053,000 3,504,338,000 3,500,631,000 3.496.621.000 3.379.511.000
"Other cash" does not include Federal Reserve notes.
•
• Revised figures.
•These are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks
when the dollar was devalued from 100 cents to 59.06 cents
on Jan. 31 1984, these certificates being worth lees to the extent of the difference, the difference itself haying been appropriated as ptoflt
by the Treasury under the
provisions of the Gold Reserve act of 1934
3341
Financial Chronicle
Volume 140
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 15 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of-
Total
New York
Boston
Phila.
Chicago
Cleveland Richmond Atlanta
St.Low Minneap. Kan. City
Dallas
San Fran.
$
$
$
$
$
a
s
RESOURCES
$
$
$
5
$
$
old certificates on hand and due
from U. S. Treasury
5,791,839,0 390,598,0 2,147,063,0 284,811.0 437,737.0 178.052.0 115,069,0 1,317,931,0 152,138,0 137.867,0 206,591,0 90,631,0 333,351,0
807,0
1,363,0 3,358,0
629,0
386.0 2,890.0
,edemption fund-F.R. notes
1,806,0 1,554,0 1,589,0
2,407,0 1,279,0
20,063,0 2,015,0
Sher cash..•
235,981,0 24,649.0
65,520,0 33,467,0 10,212.0 11,613,0 12,322,0 24,685,0 12,080,0 12,154,0 11,202,0 5,651,0 12,426.0
Total reserves
6,047,883,0 417,262.0 2,214,389,0 319,832,0 449,538.0 191,028,0 130,749,0 1,345,023,0 165,497,0 150,650,0 218.600,0 96,848,0 348,667,0
Ills discounted.
Bee. by U. S. Govt. obligations
22,0
direct ac (or)fully guaranteed
88,0
112.0
4,0
50.0
263.0
155,0
434,0
1,887,0
306,0
160,0
50,0
3,531,0
Other bills discounted
22,0
75,0
249,0
51,0
2,206,0
144,0
62,0
166,0
8,0
10,0
3,124,0
131,0
Total bills discounted
6,655,0
565,0
4,093,0
450,0
ills bought in open market_
odustrIal advances
t„ S. Government securities:
Bonds
Treasury notes
Certilleates and bills
4,705,0
26,546,0
346,0
2,203.0
1,814,0
6,182,0
475,0
3,444,0
333,542,0 20,125,0
1 541,653,0 100,405,0
555.160,0 37,148.0
Total U.S. Govt. securities_ 2.430,355,0 157,678,0
Total bills and securities
110,0
174,0
446,0
1.317,0
58,0
169,0
1,110,0
113,216.0 21,915,0 26,364,0 14.054,0 11,690,0
468.466,0 106,458,0 136,250,0 72,635,0 60,263,0
162,636,0 38.747,0 50,411,0 26,874,0 22,294,0
14,0
50,0
97.0
557,0
2,186,0
326,0
174.0
4,035,0
81.0
558,0
65,0
2,011,0
127,0
1,007,0
512,0
206.0
122,0
1,808.0
329.0
685,0
42,339,0 13,329.0 14,847,0 13,386,0 17,609,0 24,668,0
251,818,0 69,385,0 40,943,0 68.218,0 39,319,0 127,493,0
89,686.0 25,486,0 14,921,0 25,240,0 14,547,0 47,170,0
744,318,0 167,120,0 213.025,0 113.563,0 94,247,0
383,843.0 108,200,0 70,711,0 106,844,0 71,475,0 199,331.0
2,468,261,0 160,792,0
758,407.0 171,489,0 214,898,0 117,946,0 95,852.0
386,644,0 108,853,0 72,837,0 108,075,0 73,917,0 200,5.51,0
53.0
694.0
367,0
16,506,0
582,111,0 59,548.0
49,690,0 3,168,0
44,077,0
529.0
67,0
26,0
271.0
72.0
25,0
271,0 1,410,0 2,186,0
3,769,0
993,0
157,026.0 42.298,0 55,357,0 46,128,0 17,233.0
11,780,0 4,595,0 6,629.0 3,028.0 2,325.0
30,656.0 4,446,0 2,146,0 1,241,0 1,735,0
4,0
19,0
18,0
49,0
85,0
5.0
380,0 1,170,0
2,013,0 1.330,0 1,148,0 1,469,0
86,064,0 24,292,0 13,090.0 32,730.0 20,309,0 28,036,0
4,955,0 2,628,0 1,580,0 3.448,0 1.685,0 3,869.0
771,0
256.0
626,0
263,0
896,0
512.0
/tie from foreign banks_ ___
ad. Res. notes of other banks_
rneollected items
tank premises
'
,11 other resources
Total resources
9,209,222,0 641.719,0 3.174,298,0 543,003,0 730,045,0 361,583,0 248,912,0 1,825,555,0 302,861,0 239,935.0 364.604,0 193,853,0 582,854,0
LIABILITIES
'.R. notes In actual circulation- 3,154,374,0 261,821,0
650,083,0 235,352,0 313,289,0 149,650,0 125,644,0
786,464.0 138,491,0 104,713,0 120,253,0 47,282,0 221,332.0
)eposits:
Member bank reserve account 4,822,322,0 290.144,0 2,044,960,0 226,425,0 320,990,0 147,003,0 85,048,0 898.751,0 112,688,0 100,639,0 196,829,0 110,146,0 288,699,0
U. S. Treasurer-Gen. wet
34,893.0
316,0
2,257,0 1.125,0 2,623.0 3,048.0 2,751,0
5,211,0 2,889,0 3,872,0 5,049,0 1,408,0 4.144.0
Foreign bank
448,0
503,0
485,0 1,306,0
6,938,0 1.848,0
1.773,0
691,0
672,0
2,165,0
560,0
18.733,0 1.344,0
Other deposits
1,955.0 16,987,0
248,418,0 3,415,0 187,723,0 4,309,0 3,901.0 2,539.0 4,492,0
2.795,0 11.502,0 7.524,0 1,276,0
Total deposits
908,922.0 127,639,0 112,483,0 203.657,0 113,994,0 311,136,0
5,124,166,0 295,219.0 2.241,878.0 233,707,0 329,287.0 153,281,0 92,963,0
)eferred availability Items
Iapital paid In
lurplus (Section 7)layplus (Section 13-b)
Ussery° for contingencies
Adi other liabilities
Total liabilities
577,946,0 59,824,0
146,660,0 10,761.0
144.893,0 9,902,0
19,939,0 2.165,0
30,810,0 1,648.0
10,434,0
379,0
87,574,0 26,195,0 13,708,0 31.241.0 22,235.0 26,791,0
3,127,0 4,030.0 4,031,0 10,824.0
12,779,0 3,999,0
21,350.0 4,655,0 3.420,0 3,613.0 3,777.0 9,645.0
939,0
695,0
1,391,0
547,0 1,003,0
775.0
5,325.0
891,0 1,211.0
819,0 1,363,0 2,041,0
270,0
216,0
232.0
390,0
1,750,0
444,0
154.082,0 39,851,0 55.443,0 44,276,0 16,726,0
59,376,0 15,124,0 13,126,0 5,035,0 4,448,0
49,964,0 13,470,0 14,371,0 5,186,0 5,540,0
754,0
6,064,0 2.098,0 1,007,0 2,501,0
7.500,0 2,996,0 3,000,0 1,416,0 2,600,0
5,351,0
405,0
522,0
238,0
237,0
9,209,222,0 641,719.0 3,174,298.0 543,003,0 730,045,0 361,583,0 248,912,0 1,825,555,0 302,861,0 239,935,0 364,604,0 193,853.0 582,854,0
tatlo of total res, to dep. & F. R.
note liabilities combined
::ontingent liability on bills purchased for torn correspondents
Iommittments to make industrial
advances
73.1
74.9
76.6
68.2
70.1
63.1
59.8
79.3
62.2
16,0
1,0
3,0
2,0
2,0
1,0
1.0
2,0
1,0
18,515,0
2,709,0
7,329.0
489,0
1,467,0
724,0
501,0
1,650.0
1,354.0
75.0
67.5
59.9
1.0
69.4
.
1,0
65.5
1,0
339.0
160,0
1,718,0
•"Other Cash" does not Include Federal Reserve notes. b Less than $500.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at-
Total
Boston
Nets York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Aftnneap. Kan. Cfte
SenFran.
Dallas
Federal Reserve notes:
5
$
Issued to F.R.Bk.by F.R.Agt., 3,420,316,0 277,699,0
Held by Fed'i Reserve Bank___ 265.942,0 15,878.0
S
S
2
$
5
743,588,0 249,207,0 328,545,0 160,575,0 143,546,0
93,505,0 13,855,0 15.256,0 10,925,0 17,902,0
S
$
S
$
S
$
818,304,0 144,047,0 109,061,0 128,524,0 53,207,0 264,013,0
31,840,0 5,556,0 4,348,0 8,271,0 5,925,0 42,681,0
In actual circulation
3,154,374,0 261,821,0
Collateral held by Agent as security for notes Issued to bks:
Gold certificates on hand and
due from U. S. Treasury.-- 3,289,479,0 301,617,0
Eligible paper
5,091,0
565,0
U. S. Government securities
226,500,0
650,083,0 235,352.0 313,289,0 149.650,0 125,644,0
786,464.0 138,491,0 104,713,0 120,253.0 47,282,0 221,332,0
788.706,0 227,000,0 314,715,0 131,340,0 82,685,0
110,0
152,0
2.598,0
435.0
324,0
22,000,0 15,000,0 30,000.0 65,000,0
827,346,0 107,632,0 107,500,0 130,000.0 51,675,0 218,263,0
511,0
196,0
79,0
13,0
50,0
58,0
2,500,0 51,000,0
38,000,0 3,000,0
791,304,0 249,435.0 329,825.0 161.492,0 148,009,0
827.404,0 145,645,0 110,550,0 130,079.0 54,686,0 269,459.0
Total collateral-
3,520.070,0 302,182,0
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 obtain ed. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES. BY DISTRICTS. ON MAY 8 1935
(in Millions of Dollars)
Federal Reserve District-
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St.Lottis Minneap. Kan. City
Dallas
Saniran.
18,518
1,165
8,507
1,078
1,206
348
349
1,974
588
345
589
431
1,938
Loans on securities-total
3,015
200
1,765
188
166
50
47
240
58
33
48
43
177
To brokers and dealers:
In New York
Outside New York
To others
819
170
2,026
12
30
158
785
59
921
15
13
160
6
160
1
49
3
44
2
30
208
.,,Dg
2
31
2
3
43
1
1
41
2
18
157
Acceptances and comm'i flavor bought
Loans on real estate
Other loans
386
962
3,215
44
89
276
204
245
1,339
26
70
173
5
73
149
7
16
77
2
11
128
37
31
322
6
8
99
22
13
110
3
25
110
21
346
328
U. S. Government direct obligations_
Oblige, fully guar. by U. B. Govt....
Other securities
7,299
706
2,935
366
14
176
3,420
297
1,237
292
56
273
603
24
186
121
20
57
90
19
52
959
95
290
MC....1, N.f.
..
COO
MO
'0
.
N
140
10
51
249
27
120
170
39
41
637
74
355
Reserve with Federal Reserve banks-.
Cash In vault
3,556
273
245
70
1,779
55
144
13
179
20
70
12
30
7
648
45
NO
47
,
61
5
112
11
63
9
163
17
14,651
4,539
876
982
313
61
7,584
1.043
483
758
307
54
757
456
39
244
140
8
205
133
26
1,841
601
47
,
f.t..O
NO.
V..
259
126
4
505
168
19
315
124
43
1,792
4,354
111
212
156
1,934
180
266
132
202
94
104
81
87
321
630
O.
OW
.
Loans and Investments-total
90
119
208
288
129
128
777
961
73
......1
200
203
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
_-
Financial Chronicle
3342
Orr
alt
Ottnimarric
-
May 18 1935
qr
Sinanrid
United States Government Securities
Bankers Acceptances
(1..firratirig'
PUBLISHED WEEKLY
NEW YORK HANSEATIC CORPORATION
CamAao Orrics-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OFricE-Edwards & Smith. 1 Drapers' Gardens, London, E. C.
37 WALL ST., NEW YORK
WILLIAN B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
United States Treasury Bills-Friday, May 17
Rates quoted arc for discount at purchase.
1111111
1
1
1
11111
100.8
11111
1.11111
1 llllllll 1
1
1
107.25
105.21
101.12
Asked
1936...
1936_
1935...
1940._
1939...
1938...
1935._
1938_
1936_
Bid
154%
155%
154%
154%
254%
25.6%
254%
254%
251%
_
Asked
Int.
Rate
Maturity
Apr. 15
June 15
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept. 15
1936...._
1938_
11135....
1937...
1937._
1938_
1936._
1937_._
Bid
Asked
254% 102.25
254% 105.29
3%
100.31
3%
104.22
3%
105.1
3%
106.2
34% 103.26
.
354% 106.2
00000000
OWONO...ON
June 15
Sept. 15
Aug. 1
Mar, 15
June 15
Sept. 15
Deo. 15
Feb. 1
Dee. 15
Int.
Rate
,000000
ONN..MM0
Treas. 35ks, 1940.-107.25 to
Treas. 314s, 1944-46.105.21 to
Treas. 254s. 1955-60_101.12 to
Home Owners' 2345
1939-49
100.8 to
Maturity
.,00000
1
1
2
2
Bid
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, May 17
Figures after decimal point represent one or more 32ds of
a point.
c00000cc
100.28 to 100.29
4 lot 4348 1932-47
5 4th 4 Yis 1933-38_ _.100.10 to 102.10
105.28 to 105.28
1 Treas. 434-3545
12 Treas. 45. 1944-54- -111.12 to 111.13
2 Treas. 3540, 1943-47_107.2 10 107.2
0 1 c c7,
00000000
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
I
1,, 0
10201
001140(2021,04,
MMMMMV.
MCOMMCOMMMM
0
.000000)C00=
,0001.
Bond Prices May 11 May 13 May 14 May 15 May 16 May 17
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%
."-..N
"
S.
Asked
";.'
Pe.60 • • • • • • • •
aa.
OwCwEg =0
9" 8
4.
Daily Record of U.
101
101.2 100.30 100.30 101
IHigh 101
First Liberty Loan
/
354• bonds of 1932-47_1 Low_ 100.30 100.30 100.30 100.30 100.30 100.30
100.30 100.30 100.30 100.30
Close 100.30 101
(First 3%s)
42
45
9
6
3
140
Total sales in $1,000 units__
Converted 4'7 bonds of IEligl
.
1932-47 (First 4s).- - - LowClose
_ -_ _
_ -__
___
___
___
__
Total sales in $1,000 units__
101.1 101.3 101
100.31 100.31
-Converted 454% bonds {High 101
100.31 100.31 100.31
1932-47 (Fcrst 4%;s) Low_ 100.31 100.31 101
of
101
100.31 100.31
Close 100.31 101.1 101
15
74
32
14
12
36
Total sales in $1,000 units_ __
High
Second converted 454%
____
____
____
____
____
____
bonds of 1932-47 (First Low_
Second 4548)
____
_ -__
_ -__
__
__
__
Total sales in $1,000 units_ __
___{High 102.11 102.12 102.12 102.12 102.13 102.11
Fourth Liberty Loan
1933-38_ Low_ 102.11 102.11 102.11 102.11 102.12 102.10
,
4% 70 bonds of
Close 102.11 102.12 102.11 102.12 102.12 102.11
(Fourth 448)
33
20
21
6
38
28
Total sales in $1,000 units_ __
High 116.11 116.17 116.17 116.18 116.16 116.15
Treasury
Low. 116.10 116.16 116.17 118.15 116.15 116.12
4%11,1947-52
Close 116.16 116.17 116.17 116.18 116.16 116.12
5
18
55
2
4
7
Total sales in $1,000 units_ __
____ 111.16 111.16
High 111.11 111.20 111.17
____ 111.16 111.14
Low 111.11 111.14 111.15
4s, 1944-54
Close 111.11 111.14 111.15
____ 111.16 111.16
2
114
49
13
4
Total sales in $1,000 units_ _ _
____ 106.4 105.30
High 105.31 106.5 106.9
Low_ 105.28 105.29 106
-___ 106.2 105.28
454ti-33(5, 1943-45
Close 105.28 106.5 106.2
____ 106.2 105.30
73
104
261
_ __
32
126
Total sales in $1,000 units_ __
High 109.24
____ 110
109:29 110
109.27
Low_ 109.22
____ 109.30 109.29 109.30 109.26
334s, 1948-56
____ 109.30 109.29 109.30 109.27
Close 109.24
80
__
6
26
3
Total sales in $1,000 units_ __
4-.
High 107.4 107 6 a107.3 170.10
____ 107.4
107.2
Low.. 107.3 107.6 a107.3 107.6
_
3545. 1943-47
Close 107.3 107.6 a107.3 107.10
____ 107.4
15
4
10
9
9
Total sales in $1,000 units....
High 103.26 103.30 104
104
103 29 103.26
.
Low_ 103.20 103.21 103.26 103.28 103.27 103.21
3s, 1951-55
Close 103.20 103.28 103.28 103.30 103.29 103.25
184
77
79
29
71
33
Total sales in $1,000 units_ __
High 103.24 103.26 104
103.28 103.27 103.23
Low_ 103.19 103.19 103.24 103.25 103.23 103.20
3s, 1946-48
Close 103.22 103.26 103.24 103.25 103.23 103.23
262
89
12
183
26
48
Total sales in $1,000 units__ _
High 107.24 107.25 107.29 107.29 108
107.27
Low_ 107.22 107.24 107.29 107.28 107.28 107.27
354s, 1940-43
Close 107.22 107.25 107.29 107.28 108
107.27
29
2
21
II
19
6
Total sales in $1,000 units _ __
High 107.26 107.26 107.31 107.28 107.30
Low. 107.26 107.26 107.31 107.28 107.29
1941-43
354s,
Close 107.26 107.26 107.31 107.28 107.29
3
12
38
1
200
Total sales in $1,000 units....
High 104.25 105
105
104.28 104.27 104:24
1.0w_ 104.22 104.28 104.31 104.28 104.26 104.23
354s. 1946-49
Close 104.24 105
104.31 104.28 104.27 104.23
338
56
4
1
17
11
Total sales in $1,000 units...
High 104.24 104.31 105
104.29 104.28 104.24
Low_ 104.20 104.26 104.25 104.25 104.26 104.20
334s. 1949-52
Close 104.24 104.31 104.25 104.26 104.28 104.20
100
68
86
115 1,360
8
Total sales in $1,000 units.....
High 107.29 107.31 108.1 108
108.2 107.28
1.0w_ 107.25 107.29 107.30 107.30 107.30 107.28
354s, 1941
Close 107.29 107.31 107.30 107.31 107.30 107.28
167
4
101
37
212
12
Total sales in $1,000 units....
High 105.26 106
106.4 106.1 106.2 105.29
Low.. 105.24 105.27 105.29 106
105.29 105.25
83ill, 1944-46
Close 105.25 106
106
106.1
106.2 105.27
67
333
371
151
440
30
Total sales in $1,000
units__- 101.13 101.16 101.20 101.17 101.17 101.14
High
Low_ 101.11 101.12 101.13 101.14 101.13 101.11
2345, 1955-60
Close 101.13 101.16 101.13 101.16 101.15 101.13
427
518
37
78
545
630
Total sales in $1,000 units__
Federal Form Mortgage
Hig
-h 103.21 103.28 103.29 103.29 103.30 103.26
Low_ 103.21 103.24 103.29 103.27 103.28 103.24
133.(s, 1944-64
Close 103.21 103.28 103.29 103.29 103.28 103.26
12
4
1
10
11
16
Total sales in $1,000 units.....
High
____ 101.31 102
102
102.1
101.30
Federal Farm Mortgage
Low
101.26 102.18 101.29 101.30 101.27
1944-49
3s,
Close
__ 101.31 101.29 102
101.30 101.30
147
__
5
16
357
18
Total sales in $1,000 units_ __
High 102.7 102.5 102.6 102.5
_____ 102.5
Federal Farm Mortgage
Low
102
102
102.2 102.3
____ 101.31
3a, 1942-47
Close 102.1
102.5 102.2 102.4
____ 101.31
46
12
24
35
10
Total sales in mow um/J.__
High
------------100.30 100:30
Federal Farm Mortgage
Low_
____
____
____ 100.30 100.30
2545, 1942-47
Close
------------100.30 100.30
..._ -_ _
__
__
I
1
Total sales in $1,000 units__ _
{High 100.28 100.29 100.31 100.27
______ 100:29
Home Owners' Loan
Low_ 100.28 100.27 100.27 100.27
___ 100.27
45, 1951
Close 100.28 100.28 100.27 100.27
____ 100.29
20
6
24
4
_ __
5
Total sales in $1,000 units....
High 101.29 101.30 102
102
10i
101.28
Home Owners' Loan
Low_ 101.22 101.24 101.27 101.27 101.29 101.26
3a, series A, 1952
Close 101.23 101.30 101.27 101.31 101.29 101.27
70
214
60
22
53
28
Total sales in $1,000 units.....
High 100.13 100.13 100.15 100.14 100.15 100.13
Home Owners' Loan
Low_ 100.7 100.10 100.11 100.13 100.13 100.10
254s, series B. 1949
Close 100.8 100.13 100.12 100.13 100.15 100.10
90
110
51
55
83
57
Total sales in $1,000 units__
a Deferred delivery sale.
Bid
May 22 1935
May 201935
June 5 1935
June 121035
June 19 1935
June 26 1935
July 3 1935
July 10 1935
July 17 1935
July 24 1935
July 31 1935
Aug. 7 1935
Aug. 14 1935
Aug. 211035
Aug. 28 1935
ient 4 1055
1.4',,
, tzczzalam..444;!.'w
'
5
llllll
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 32nds
of a point.
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
May 17 1935
Stocks,
Railroad
State,
Number of and Miscell. Municipal a•
Bonds
Shares
ForeignBonds
$4,803,000
8,564,000
8,337,000
7,883,000
10,832,000
8,944,000
$1,034,000
1,305,000
1,545,000
1,881,000
1,852,000
1,779,000
8 264 005 849.363.000
39.396.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
634,660
1,125,110
1,207,805
1,053,130
2,421,700
1,821,600
Sales at
New York Stock
Exchange
Week Ended May 17
1935
1934
-No,of shares..
6,600,054
Stocks
8,264,005
Bonds
Government
$11,066,000 $12,482,200
State and forelgP
9,197,000
9,396,000
Railroad & industrial _
49,363,000 47,977,000
Total
United
States
Bonds
Total
Bond
Sales
$2,378,000
1,638,000
1,601,000
681,000
3,672,000
1,096,000
811 (100
nnn
$8,215,000
11,507,000
11,483,000
10,445,000
16,356,000
11,819,000
too 595
nnn
Jan. 110 Map 17
1935
1934
89,942,134
191,624,485
$355,383,000
151,505,000
709,014,000
$244,097,300
302,118,000
1,157,651,000
$69,825,000 $69,656,200 $1,306,802,000 $1,703,866,300
CURRENT
NOTICE
-A. C. Allyn and Company, Chicago, announce the appointment of
Thomas L. Grace as manager of their municipal department.
-James Talcott, Inc., has been appointed factor for Neo-Ped, Inc..
Jersey City, N. J., manufacturers of soft-soled slippers.
-Lester M. Newburger of Newburger, Lbob & Co. has been elected
to membership on the Chicago Board of Trade.
-Gertler & Co., Inc., have prepared for distribution a circular regarding
the financial position of the City of Detroit.
FOOTNOTES FOR NEW YORK STOCK PAGES
• Bid and asked prices, no sales on this day.
Companies reported In receivership.
a Deferred delivery.
n New stock.
r Cash sale.
s Ex-dividend.
y Ex-rights.
u Adjusted for 25% stock dividend paid Oct. 1 1934.
13 Listed July 12 1934; par value 10s. replaced .£1 par, share for share.
24 Par value 550 lire listed June 27 1934; replaced 500 Ilre par value.
ss Listed Aug. 24 1933; replaced no par stock share for share.
ie Listed May 24 1934; low adjusted to glve effect to 3 new shares exchanged tor
1 old no par share.
• Adjusted for 66 2-3% stock dividend payable Nov. 30 1934.
"Adjusted for 100% stock dividend paid April 30 1934.
a Adjusted for 100% stock dividend paid Dec. 31 1934.
44 Par value 400 lire; listed Sept. 20 1934; replaced 600 lire par value.
41 Listed April 4 1934; replaced no par stock share for share.
42 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!
21 Pittsburgh Stock
1 New York Stock
12 Cincinnati Stock
22 Richmond Stock
New York Curb
12 Cleveland Stock
14 Colorado Springs Stock
St. Louis Stock
New York Produce
a Salt Lake City Stock
New York Real Estate 11 Denver Stock
vi San Francisco Stock
Baltimore Stock
5, Detroit Stock
1, San Francisco Curb
Boston Stock
17 Los Angeles Stock
a San Francisco Mining
Buffalo Stock
a Los Angeles Curb
Callfornia Stock
Seattle Stock
5, Minneapolis-St. Paul
is New Orlean ,Stock
'Spokane Stook
Chicago Stock
Philadelphia Stock
21 WashIngton(D.C.)Stock
Chicago Board of Trade
Chicago Curb
•
3343
Volume 140
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
sales in computing the range for the year.
No account is taken of such
y uvs y A
HIGH AND LOW SALE PRICES
-PER SHARE. N07' PER CENT
Saturday
May 11
Monday
May 13
Tuesday
May 14
Wednesday
May 15
Thursday 1
May 16
Friday
May 17
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Rowe Jan. 1
-share Lots
On Basis of 100
Lowest
$ per share $ Per share $ per share $ per share $ per share $ per share Shares
Par 3 per share
Vo par 32 Apt 3
3712 3712 3712 3612 3712
210 Abraham & Straus
36
3712 *35
*35
3
6
36
*35
•11312 114 *11312 1133 11312 11312 11212 11212 *112 1133 *112 1133
4
Preferred_
4
4
20
100 110 Jan 10
Preferred Called
100 111 Mar 4
618 613
64 614
8
6
16,200 Adams Express
618 63
6 12
Ps 7
63
8 63
414 Mar 15
4
No par
873 873 *8714 90
.873 90
4
4
4
*8714 90
*87
20
*87
Preferred
90
90
100 843 Jan 2
4
3112 3114 31 12 3114 3114 3114 323
*31
31
31
3218 1,500 Adams Millie
8 32
No par 2814 Mar 27
8 1114 115
1114 114 11 18 113
8 1114 1112 113 115
8
8 11112 1178 7,300 Address Multigr Corp
8 Jan 12
10
812 812
818 84
8
818
8 2,600 Advance Rumely
758 8
814 83
74 84
412 Mar 18
V. par
8
8
814 814 x84 818
84 8,8
818 84 1,100 Affiliated Products Ina ___No par
84 84
83 Jan 15
4
130 132
131 13512 12938 134
129 130
129 1303
1303 133
4
4 9,700 Air Reduction Inc
8
No par 1043 Mar 18
*7
8
1
475
1
*7
8
1
7
8
7
$
1
14 4,000 Air Way Eleo Appliance No par
1
1
h Apr 3
1714 1712 1718 173
8 17
8 1718 173
1718 17
8
173
8 1712 1813 20,200 Alaska Juneau Gold Min
10 155 Mar 13
__ 190 ._...._ 190 .____ /90 •_ 189 *____ 189
•_ 190
Albany & Susquehanna
100 186 Apr 10
*234 27
8 *23
4 27
8
27
8 27
8 *23
4 24 •23
4 27
8
300 A P W Paper Co
23
23
4
Na par
2 Jan 4
7
8
1
1
1 18
1
1
1
1
14
1
1
118 3,700 tAllegtiany Corp
4
3 Mar 30
No par
4
312 378
4
*312 4
.3
/ 372
1
4
33
4 4
*312 418
Fret A with $30 warr
800
238 Mar 21
100
25
8 25
*212 318
8
23
4 23
4 *23
312 312 *312 418
4 3,2
600
Prat A with $40 warr
2 Mar 27
100
*3
414 *3
8 414 *2.8 4
.25
8 4.4 .25
414
*3
414
200
4
Pref A without warr
13 Mar 28
100
*9
11
123 123
4
*912 12
1214 1214 1112 1112 *10
12
300
65 Apr 2
8
2% prior cony pref__No par
26
26
2614 2612 *2413 2612 .2512 2612 *253 26,
4
2 264 2658
500 Allegheny Steel Co
No par 21 Jan 12
Allegheny & West 8% Ltd_ _100
1:18E8 148 - 14618 1473 147- 1, 712 147- 15058 1497 1517 1493 1513 12,700 Allied Chemical & Dpa___pie par 125 Mar 18
4
C
8
8
3
4
12314 12314 12414 12414 12414 12412 12114 12114 12413 1243 1243 1247
4
4
8
1,500 Preferred
100 123 Apr 20
8 18h 193
187 193
8
187 1914
8
1912 2012 34,100 Aills-Chalmers Mfg
8 18h 1918 187 2058
8
Ns par 12 Mar 13
1814 1814 1814 1814 *18
1814 1814 184 184 183
4 1,600 Alpha Portland Cement No par
4 1814 183
14 Mar 13
318 318
318 318
318 318
27
8 318
34 338
3
312 3.000 Amalgam Leather Co
24 Mar 14
1
*28
3112 *29
30
30
30
30
30
3014 31
3012 3012 1,000
7% preferred
50 2614 Mar 15
6614 67
663 67
8
663 675
68
4
68
8 67
70
6912 704 17,000 Amerada Corp
No par 4812 Jan 11
51
*52
51
5312 5213 5312 53
52
5312 51
49
50
1,300 Amer Agri° Chem (Del) No par 42 Apr 4
263 265
8
8 2513 264 255 264 2558 2614 26
8
2614
253 2612 8,800 American Bank Note
4
10 1312 Jan 12
4
*63
6414 613 6212 *62
63
62 62
62
6214 6212 63
260
Preferred
50 43 Jan 11
•25
2512 .25
26
*2512 257
8 257 257
26
26 12 28
4
1,300 Am Brake Shoe & Fdy_No par 21 Mar 29
a 26
8
•122 1237 122 122 •121 122
122 122
124 124
124 12412
210
Preferred
100 119 Jan 8
123 1243 1233 125,4 1243 12512 1254 1267 12512 12634 15.300 American Can
122 124
4
4
8
4
25 110 Jan 15
163 163
•163 166
162 162 *1634 165 *1634 165
100
16312 16312
Preferred
100 1514, Jan 4
147 1514 143 15
2
1514 1514
4
1412 1512 1518 157
8
1512 1618 5,400 American Car & Fdy
10 Mar 13
No par
36
3614 3614 363
4 354 3614 3512 364 3612 3712 3712 3814 2,800
Preferred
100 2512 Mar 13
114 115 *115 12
*11 13 1214
8
8
115 114 115 115
8
*115 12
8
8
8
300 American Chain
8 Jan 30
No par
7918 *73
*71
773 *7213 77
4
78
78
.7212 77
*751 79
100
7% preferred
100 38 Jan 11
•8313 85
843 85
4
84
85
85
85
84
844 86
86h
1.500 American Chicle
No par 65 Feb 8
33 .30
*30
33
*30
33
Am Coal of NJ (Allegbany Co)21 30 Mar 26
*30
33
33 .30
*30
33
*23
4 35
8 *214 358 *23
4 33
.318 358 *358 314
200 Amer Colortype Co
38
s
318
23 Mar 14
10
2318 2318 2312 233
4 2312 234 2313 23.8 24
2412 2418 26
6,600 Am Comm, Aloohol Corp... 20 224 Mar 18
117 1214
8
124 1318 134 137
1313 1212 13
123 1358 29,200 American Crystal Sugar
4
8 13
612 Feb 5
10
11214 11912 119 12014 118 118
109 112
1114 117
112 1143
4
1,940
7% preferred
8
100 575 Jan 2
14
13
4
14 13
13
4 lh
13
4
17
14
13
4 9,100 Amer Encaustic Tlling___Ne pa
17a
8
13
2
112 Mar 15
43
4 5
512 512 *43
4 518 *114 54 •5
5
5
514
500 Amer European Seee____No par
23 Apr 2
4
3'
4
34 4
314 414
33
4 34
34 44 16,100 Amer & For'n Power
34 4
Mar 13
No par 2
20
213
4 21
22
193 21
1918 1911 20
19
20
Preferred
2014 6,000
14 Mar 15
No pat
63
4 818
712 84
714 714
63
2nd preferred
713 74
74
713 8,
34 Mar 14
4 5,400
Na per
163 1914 1712 1834
4
*15
1712 18
18
171 .17
18
16
$6 preferred
2,100
12 Mar 30
Ni par
10
10
*10
101
.913 101_ .913 10
912 10
*10
104
500 Amer Hawaiian S S Co
10
84 Apr 18
414 414 *4
*4
414
412 .4
418 *418 41
100 Amer Hide & Leather_ _No par
•118 5
214 Mar 13
•23
2331 2312 25
247 25
8
247 25
255
2
8 25
25
25
2,200
Preferred
100 17 Mar 13
3114 3114 33014 313
8 3114 3112 3118 311s 3112 311 314 3173 2,700 Amer Home Products
/
4
1 X 294 Apr 12
37
8 4
4
4
4
4
4
418
34 4
372 37
8 2,500 American Ice
312 Jan 2
No par
3614 3 1 *3511 3658 3512 351., 3514 3558 3514 3514 3512 3512
61
500
8% non-cum pre!
100 287 Jan 2
s
714 714
718 74
71s
714
7
74
7
7
712 6,500 Amer Internal Corp
7'2
412 Mar 18
No par
---- - - - ---- - - ---- - - -- - ---- - - ---- - - --- -- t Am L France & Foamite_Ne par
3 Feb 11
8
.214 2,13
214 /
14
2 4 - -,
,
28
28 i
,
,3, 1
8
280
•23 1
4
Preferred
12
lh Mar 13
100
12
1218 1214
1214 1218 1318 123 1314 1314 1414
133 144 10,200 American L000motive____No par
8
9 Mar 13
38
38
39
39
383 41
4
*42
444 45
4612 45
46
1,800
Preferred
100 32 NIar 19
21 12 213
4 2112 213
4 214 215
8 213 223
4
223 223
3
8
4 2214 227 11,000 Amer Mach & Fdry Co___No par
181251111'13
*853 83
4
812 83
818 813
812 83
813 83
4,
812 84 2,800 Amer Mach & Metale__No par
44 Apr 4
*84 9
.1.853 9
•814 9
.84 8'1
814 812
Voting trust ctfs
500
84 84
No par
412 Apr 4
193 20
195 195
8
8 1914 20
1918 191
194 204
193 20h 6,500 Amer Metal Co Ltd
1312 Mar 15
No par
•1110 104
105 105 .103 106 .100 106 .106 107
107 107
400
6% cony preferred
100 72 Jan 2
*26
3014 •25
3014 *25
30
.619
30
2914 2914 *25
100 Amer News. N Y Carp__ No par 224 Jan 3
30
35
418
33
33
4 418
33
4 37
8
358 34
4
24,400 Amer Power & LIght____Ne pa
33
8 34
1 12 Mar 13
26
277
8 257 275
8
8 2512 263
4 24
25
233 26
2418 253 16,000
8
$6 preferred
No pa
1018 Mar 13
217 2312 22
8
233
8 214 2212 197 204 194217
8
s 2012 2114 20,300
$5 preferred
84 Mar 13
No pa
8 1414 1413 1418 1412 143 154 15
134 144 144 143
3
153 65,000 Am Rad & Stand San'y
8
No pa
1012 Mar 13
4
.1483 14934 150 150
1497 150
8
150 150
14812 14813.1484 150
110
Preferred
100 13412 Mar 1
2018 2053 2012 203
4 193 205
4
8 194 20
194 203
23.660 American Rolling MIII
4 2018 21
15h Mar 18
2
75
.73,2 75
75
*7312 7514 733 7412 7413 75
4
76
77 2 1,500 American Safety Rasor __No pa
,
66 Mar 14
83
8 84
712 8
8
8
8
8 12
8
83
8
734 818 4,900 American Seating v I e___No pa
412 Mar 12
23
223 223
4
4
.223
4 223 223
4
4 2211 2212 2212 24
*2312 24
120 Amer Shipbuilding Co___No pa
20 Mar 14
454 46
8
8
4412 4534 437 45i8 437 4518 444 4558 45
4718 49,800 Amer Smelting & Refg___Ne pa
315* Apr 3
13813 13812 41373 1373 .1377 13812 1381/ 1381 .137 138
.138 140
4
4
8
Preferred
500
10 121 Feb 4
112 112
*11112 112
112 112
11112 11112 *112 113
112 11213
900
2nd preferred 6% cum
10 103 Feb 14
733 *72
4
73
73
73
73
7218 7214 724 721
7112 7112
900 American Snuff
2
63 Janie
137 137 .137 138
137
•135
138 138 *137
_ •137
--80
Preferred
100 125 Feb 20
1312 1414
134 1334
14
1414 14
1418 14 -- -8
147
1412 143 16,800 Amer Steel Foundries____No par12 Mar 14
*9112 9312 9212 9212 933 935
4
9412 9412 '923 95
4
*914 95
120
Preferred
100 88 Feb 4
8 3512 3518 3558 353
3512 3612 3518 357
3634 367 3714 2,800 American Stores
4 36
8
3313 Apr 4
No pa
4 6313 61
634 633
6313 6358 633 64
64 64 1
4
643 65
3,700 Amer Sugar Refining
5512 Mar 30
10
13912 1384 139
0 13813
13812 1383 139 139
139 139 •138 13913
4
700
Preferred
10 12613 Jan 3
4 2212 223
2212 2212 2212 223
4 224 22,
2 22
2214 213 22
2,800 Am Sumatra Tobacoo----No pa
1812 Jan 29
1183 11914 11712 1183 1165 11814 11714 12018 11912 12058 11914 121
4
8
29,565 Amer Telep & Teleg
10
987 Mar 18
,
84
8314 8312 *83
8312 8414 8414 8412 84h 86
85
8512 6,500 American Tobacco
2
7212 Apr 3
811
86
8514 81114 86
8618 86
4
863
4 863 88
863 873
4
8 9,900
Common Maas B
2
74h Mar 21
13812 139 013714 140 813714 110 *138 140 *138 139
.1374 140
200
Preferred
100 12918 Jan 18
*4
44 *4
44
414 .4
44 438
44 *4
44 43
8
400 tAmiType Founders
No par212Mar 18
14
1413 1412 1412 133 1334 1312 157
143 15
4
8 1612 161
4
/
4
980
Preferred
100
9 Mar 15
. 114 114 113 12
8
103 113
2
1118 111
4 11
111a
11
1112 9,400 Am Water Wke & Elec___No par
74 Mar 13
62
63
634 6312 64
.62
6312 634 82
041
623 623
4
4 1,400
1s8 preferred
No par 48 Mar 19
4 63
8 61
63
8 612
612 67
8
63
4 7
7
714
7
714 4,800 American Woolen
No par
47 Mar 13
1
404 41
4012 41
4113 4218 42
423
42
4414 4358 414 8,700
Preferred
100 3512 Mar 18
a
3
4
3
4
7
8
7
8
"4
78
7
8
1
7
8
I
400 tAm Writing Paper
1
NI Mar 29
33
358
II*338 33
3
4
4
,2
33
4
4
4
312 3
44
1,800
Preferred
No par
214Mar 15
1.3'
1/ 412
37
8 37
8 *33
4 4
4
4
412 43
4
4
47
2 1,700 Amer Zino Lead & Smelt___100
3 Mar 13
4,314 38
38
38
*3713 42
•40
42
41
4312 44
4412
Preferred
700
25 31 Mar 20
1514
1514 153
8 1514 151
153 1718 174 18 213.100 Anaconda Copper Mlning
8 1518 153
Iii',
50
8 Mar 13
*21
21
2113 21
21
2212 232
22
21
21
2313 25
1,800 Anaconda Wire & Cable_No par
1618 Apr 1
1314 14
14
125 1318 1212 1314 1314 14
8
14
134 14
4,100 Anchor Cap
12135107 15
No par
104 107
108 108 .107 108
10312 10312 102 102
101 101
140
$6.50 cony preferred
No par 101 May 15
7
618 613
4 612 *6
6
4 *53
.6
63
7
7
65,
1,000 Andes Copper Mining
10
314 Mar 21
14423 4234 4012 1112 103 4012 403 4018 4014 41,
4
8
8
4 404 424 5,000 Archer Daniels Midrd-No par 38 Jan 16
8
•11812 1217 119 120 •120 12014 *120 1204 •120 12014 .120 120,
20
7% preferred
4
100 11814 Jan 4
110134 102
102 102 a102 102
102 102
103 1034 10312 10312 1,200 Armour & Co (Del) yref
100 97 Apr 3
40358 33
4
33
3 33
34 37
8
34 4
33
4 1
34 414 31,300 Armour of Illinois new
5
314 Apr 3
4 6212 6212 6212 6312 3,100
SRN
60
5858 59
6014 6012 623
36 cony pref
No par 5512Nlay 1
101
*9712 101
99
99
4..9712
100 100
*9712 100
*974 101
Preferred
400
100 85 Jan 2
pr58'4,
For footnotes see page 3342.
Highest
1933 to Range for
Apr 30 Year 1934
1935
Hieh
Low Low
$ per share 'per sh $ per share
35
43
30
3712Nlay 16
111
89
89
114 Apr 5
11112 Mar 6
44
714 Jan 2
6
11
- -73
65
7014 /85
89h Apr 15
18
3478
1412
3312 Jan 2
6
8Muy 17
6h
1133
117
83
4May 9
318
753
358
44
83 Feb 11
8
44
Osf
8018
13512May 13
9114 113
3
172 Jan 7
4
13
8
34
x204 Jan 9
155
8
185
8 237i
205
187 Apr 25 170
196
2
2h
77
1
312 Jan 8
14 Jan 7
1,
4
54
,
14
438
1611
23
8
7 Jan 4
2
4
1451
612 Jan 2
63 Jan 5
s
13
4
37
s 143
1
123M ay 14
--2311
13
2612May 13 -- 14
lb
981,
83
82
1517
811ay 16 10712 1184 160',
12712 Feb 27 117
12218 130
2012May 17
103
8
103
8 233
1
2014 Jan 5
114
1112 20,,
73
218
24
312May 17
2114
26
45
33 Apr 22
27
39
703
4Nlay 17
555a
573 Feb 16
4
20
254 48
114 261
273
4May 9
1118
3413
64145107 10
40
501
1913
2958 Jan 8
1912 38
122
96
88
125 Apr 17
8May 16
80
1267
9014 1143
4
168 May 3 120
1261 1521
/
4
337
12
10
2014 Jan 9
32
561
2512
453* Jan 9
413 1214
4
1312 Apr 24
14
40
8518 Apr 26
19
4312
4Nlay 17
4614 705
863
22
351
20
30 Mar 28
2
35
8Nfay 17
218
61
3314 Jan 3
203
4
203
4 821
612
8:May 14
612 131
137
45007 14
32
1203
6'2 725
3 Jan 3
14
1,
s
5
23
512May 13
4
6
101
3-- 131
54 Jan 3
2
233 Feb 14
8
30
Ilh
118
813 Jan 7
64 17
,
37
8
25
20 Feb 14
II
1014
814
1012 22
,
13 Jan 10
312 101
214
53 Jan 5
4
17h 421
17
253 Jan 3
4
24h
3213 Feb 11
253
4 361
3
44 Jan 17
3
10
255
373 Feb 16
4
253
4 651
712Nfay 16
412
43
4 11
3
4 11
34 Jan 18
h
6 Jan 18
13
4
314 10
9
1413 38
,
203 Jan 9
4
32
3513 741
5612 Jan 9
12
2334 Jan 3
123
8 2P
3
34 10.
93 Apr 26
3
913 Apr 26
412 10
203 Apr 25
4
124
127
8 27,
91
63
63
107 May 17
203
301sMay 7
4
21
34.
112
418Nfay 11
3
12
1018
277
8Nfay 11
113
8 29
84
2312May 11
913 26
92
17
1618 Jan 7
10
150 May 10 10713 11112 137
131/ 28
124
24 Jan 7
7712Nfay 17
335
8
36 ' 4
15
2
858May 10
24
7
15
2614 Jan 7
175
8 30
2812
4718Nlay 17
304 51
125
71
144 May 8
100
57
117 May 6
7114 109 2
4854 71
43
74 May 10
138 May 15 106
106
127
1018
1814 Jan 9
1018 26
52
9412 Apr 26
5978 92
37
44 4
43 Jan 9 1 3318
4512
704 Feb 16
46
72
14012May 6 102
10312 129 18
11
243 Jan 3
s
1384 24
121 May 17
984 10018 125
634
6514 85
86 May 18
67
89
647
88 May 16
8
4
13912 Apr 8 105
10714 1303
3
13
24
63 Jan 18
4
194 Jan 18
7
7h 28
74
/
1
12
/ 27
1
4
z144 Jan 10
/
1
64135107 10
48
54
80
914 Jan 2
44
7
1718
38
83
3512
4518 Jan 3
lh Jan 18
4
1
1
24
612 JUL 18
24 17
47 Apr 25
8
3
Pa
9
3812 50
4112Nfay 17
31
18 May 17
8
10
17
25 May 17
914 18
758
175 Jan 4
131s 24
1318
8
109 Apr 26
84
106
80
7 Slay 17
418 10
318
423
4May 11
214
2614 39
121 Apr 6 106
117
.10
10614 Feb 23
64
64 103
7
618 Jan 3
314
34
6
703 Jan 10
464 71
4614
8
10612 Feb 4
54
85
3114
New York Stock Record-Continued-Page 2
3344
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
May 11
Monday
May 13
$ per share
.414 412
*414 512
.
____ 7312
*8
4 9
89
088
*5312 57
•33
36
4034 414
*76
7714
23
234
*314 312
9534 7
253 264
4
397 4112
2
01103 11114
4
111 111
9512 6
20
2014
*552 6
*3614 3712
$ per sha(e
412
412
*414 5
*7312 _ _.
9
84 90
90
.53
57
.31
36
414 4212
76
764
2314 24
312 4
7
7
253 26
4
415 4312
8
111 111
111 111
.50. 6
194 213
2
*57
2 54
*3614 3712
Tuesday
May 14
Wednesday
May 15
$ per share $ per share
*41, 43
8
453 45
8
*41- .5
4
*414 5
*72 - . *72 . _
9
-9
87
8 - -72
8
*88
91
.89
91
0
53
57
*5312 57
*31
36
*31
36
4134 4214 4118 4212
7614 7613 7614 763
4
234 24
234 2414
4
4 14
412 412
*512 812 *512 813
257 2614 264 264
8
43
44
42
4212
11114 11112 11133 11112
111 111 *111 11153
*512 614
*512 6
207 2114 2012 2012
2
53
4 53
4 *53
4 57
8
*3614 3712 •3614 3712
Thursday
May 16
Friday
May 17
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
May 18 1935
Range Macs Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Ran ye for
.tpr 30 Year 1934
1935 ---Low Low
Hioh
$ per share $ per eh
$ per share $ per share Shares
Par $ Per share
452 472
44 43
1,000 Arnold Constable Corp
83 Jan 3
3
4 Mar 6
5
27
3
5
5 May 16
100 Artloom Corp
5
34 Mar 15
*513 514
No par
312
*72
_ __ *72 . _ _ ___
Preferred
70 Apr 25 7012 Jan 22
100
633
4
9
812 -9
4,400 Associated Dry Goods
94
1
713 Mar 13 1353 Jan 8
714
90
90
*88
90
100 804 Apr 3 95 Jan 24
200
6% lat preferred
44
•5312 57
5612 5613
100
7% 2d preferred
100 48 Mar 12 70 Jan 18
36
033
36
*33
36
Associated 011
25 293 Feb21 33 May 10
4
26
4218 4312 4113 4314 46,600 Atch Topeka & Santa Fe__1)0 353 NIar 28 5552 Jan 7
4
354
7814 8012 803 81
3.000
Preferred
8
100 6653 Mar 28 8613 Jan 5
5314
24
2412 2312 2414 10,600 Atlantic Coast Line RR
100 1913 Apr 3 3714 Jan 4
1912
0452 5
*412 512
620 At 0 & W I SS Lines____No par
3 Mar 6
7 Jan 7
3
*512 81
*513 813
Preferred
100
100
912 Jan 19
6 Mar 5
6
263 28
4
263 273 30,800 Atlantic Refining
4
25 213 Mar 12 28 May 16
4
2
2112
43
4412 4314 4312 10,700 Atlas Powder
4
No par 323 Apr 3 4412May 16
18
111 11114 111 1113
270
Preferred
3
100 10611 Jan 2 112 May 2
/
4
75
111 111
111 111
Pre( called
160
111 Apr 30 111 Apr 30 Ill
*54 6
.512 6
4 Mar 13
Atlas Tack Corp
No par
7 4 Jan 8
3
4
20
7,100 Auburn Automobile
2214 2112 22
No par 15 Mar 18 294 Jan 7
15
1,000 Austin Nichols
No par
57
2 6
512Nfay 6 14 Jan 2
613 634
4
37
37
37
Prior A
38
140
No pa
3512Nlay 7 63 Jan 2
2752
34 3 2
7
372 4
33
4 37
33
4 4
3
372 4
33
4 4
12,100 Aviation Corp of Del (The)____5
3 Mar 13
553 Jan 3
3
13
4 17
,1
17
3 2
2
23
2
212 3
3
3 14
112 Feb 26
3
No par
314 43,500 Baldwin Loco Works
053 Jan 9
112
9
9 331 10
11
1014 123
8 13
143
4 1412 154 13
7,900
712 Apr 3 263 Jan 21
Preferred
14
100
4
712
103 11 I 1112 1152 1114 113
4
4 1112 1152 1152 117
3 1114 117 18,600 Baltimore & Ohio
8
712 Mar 13 147 Jan 7
100
2
7 12
1438
133 13531 14
2
1338 14
133 137
4
2
Preferred
133 1414 1352 14
4
3,400
100
94 NIar 13 177 Jan 7
2
918
.1073 110 *1074 11112 x10612 10612 *10612 109 *10612 108
4
20 Bamberger (L)& Co pref
108 108
100 100 4 Feb 21 109 May 4
3
86
4012 403 404 40
.3912 4012 *4(.,
2
40
4012 4013 4012 4013
600 Bangor & Aroostook
50 3812 NIar 12 424 Jan 2
2914
*114 116 *114 116 *114 116 .11314 116 *11314 116 *11412 116
Preferred
100 10614 Mar 18 115 May 8
9112
4
412
412 412
43
4 43
4 *438 41. *43
8 412 044 47
500 Barker Brothers
No par
2
314 Feb 25
5 3 Jan 22
3
214
35
37
37 12 3712 3612 37
3612 3714 37
6S9% cony preferred
100 3212 Jan 15 403 Jan 22
4
37
480
.36
3712
14
934 94
94 924
9, 1014 10, 10,
2
8
2 10'8 1053
3
54 Mar 6 1053Nfay 16
5
97 103 101,600 Barnmdall Corp
8
57
2
40
40
*3812 4012 *3814 4014 *3812 4013 3912 404 40
700 Bayuk Cigars Inc
4013
No par 3712 Mar 14 4953 Jan 7
23
*11218 120 .1103 115 *11034 115 01103 115 *110 115
4
4
114 114
lot preferred
10
100 1073 Jan 11 115 May 16
4
80
*1614 1652 163 1612 *163 167
2
2 1613 164 1632 1612 1,000 Beatrice Creamery
3
3 1612 167
4
25 153 Mar 29 19 Mar 1
84
*106
_ 010638
.
_ 01063
2 _ - •1063
_ *1063
Preferred
4 _ _ ...__
4
100 10012 Jan 5 1053 Apr 30
3
55
8212
*82 123-*1064 8212 - - .8112 --- .8113 8'112 82 - 2 82
8'212
500 Beech-Nut Packing Co
- -12
82
}i- -12
20 72 Feb 2 8312 Apr 23
54
125 13
8
1252 123
4 1213 1252 123 125
2
2 1212 123
4 3,700 Belding Hemingway Co__No par 114 Mar 18 1312 Feb 23
4 1214 123
7
088
90
*7614 90
•77
90
*81
90
90
85 Apr 26 11712Nfar 7
90
300 Belgian Nat Rys part pref
90
90
833
4
1453 1514 144 1512 143 15
147 15
8
4
3
144 154 144 15 4 22,900 Bend!' Aviation
2
5 117 Mar 13 1712 Jan 2
93
4
1714 1712 1712 17
17
1713 17
1712 17
1712 1712 1733 8,100 Beneficial Indus Loan____No par
1513 Mar 13 173 Jan 7 3 12
3
*3612 37
36 2 363
,
4 36, 3612 36, 3612 363 37
2
4
1,800 Best & Co
2
3653 37
No par 34 Jan 30 3814 Feb 19
21
263 263
3
4 263 2714 2614 27
8
254 263
2
8 26
2712 273 2814 44.100 Bethlehem Steel Corp
No oar 2153 Mar 18 343 Jan 8
3
214
68
683
4 674 674 6612 673
2 66
66
693
66 12 70
2 4,000
69
7% preferred
100 553 NIar 18 773 Jan 9
4
4
443
2
19
193 *1814 1912 19
4
650 Bigelow-Sant Carpel Inc__ No par
4
143 Mar 10 2614 Jan 22
3
19
1914 193
4
2 1812 1972 123 197
1434 %
1153 113
4
1112 113
4
113 124 9.500 Blaw-Knox Co
4
1114 1152 1114 1114
1112 12
95 Mar 14 137 Jan 8
2
No par
2
6
*17
2012 017
193 .17
4
2012 *17
Bloomingdale Brothers_No par
20
*17
18 Feb 16 2314 Jan 21
20 4 *17
3
203
4
16
Preferred
111 111
50
*11014 111 011014 111
*11114 11312
111 111
14_*
100 10314 Jan 22 111 Apr 25
65
*4112 43
4412 463 5212 53
4112 4112 43
4
100 2814 Mar 13 5812Nlay Ili
5812 56
690 Blumenthal & Co prof
573
4
28
818 83
84 813
2
814
84 83
858
84 812
3
813 812 6.500 Boeing Airplane Co
5
613 NI ar 18 10 Jan 2
64
5512 55
*54
55 2 543 5512 55
3
55
4
3
55
5 4934 Mar 13 597 Jan 8
563
2 5514 55 4 7,200 Bohn Aluminum & Br
2
333
4
*9512 9614 96
96
96
9612 96
96
9512
95 2 9512 95
3
270 Bon Aml class A
No par 90 Jan 31
98 Mar 18
08
2412 243
2 233 2412 x237 2412 233 24
4
4
2
2314 237
2 23
2312 11,600 Borden Co (The)
15 21 Mar 29 3 3,8 tan 17
23
, 45 ,y 7
5
1 8,2
1
3412 344 3412 347
2 3412 344 3412 347
354 3612 13,000 Borg-Warner Corp
2 3453 36
10 284
*33
4 54 0453 53
Boston & Maine
4 *43
4 552 •4343 552 *452 53
4 *45
8 55
100
712 Jan 4
8
3 4 Mar 27
3
33
4
3
4
3
4
*12 1
•12 113
•12 1
•12
1
100 :Botany Cons MIlis class A___50
53 Mar 5
*12 1
14 Jan 9
52
8 10
4
95
3 931
2
912 93
10
52 74,000 Bridgeport Brass Co
1014 107
4
914 952
93 107
No par
813 Apr 30 107
2Nlay 15
30
30
303
.1
307
3014 31
2 2914 297
2 2912 301 293 3033 56,900 Briggs Manufacturing___No po
2412 Feb 7 31 May 13
/
4
4
614
327 33
8
33
3414 3412 35 4 36
3613 367
3
8 3612 3612 4,700 Briggs & Stratton
37
2318 Jan 17 37 May 15
No par
1014
3112 3113 303 3114 31
3114 304 3118 31
3112
4
3112 315
8 2,300 Bristol-Myers Co
5 30 4Nlay 13 3814 Jan 10
3
25
0114 2
*114 2
13
2 112
112 112
13 Apr 18
3
14 212 1,000 Brooklyn & Queens Tr___No par
2
212
312 Jan 5
14
1412 141. 1412 1413 1514 1514 *17
19
18
19
20
Prefern d
2012 1,100
1413May 2 317 Jan 3
No par
2
15
*39
393- 3813 3831 38
1
395
8 5,800 Bklyn Nfanh Transit
3852 3814 383
8 39
No par 3612 Mar 15 444 Feb 19
2 3918 397
254
97
9714 9714 97
97
97 97
97
97 97
97
97
600
36 preferred series ANo par 90 Jan 4 9714May 10
6914
57
57
564 57
57
56
5614 56
5614 5614 *55
5612 1,900 Brooklyn Colon Gas
No par 43 Mar 18 5812 Apr 25
43
5913 5912 5913 60
594 59
593 604 59
4
1,100 Brown Shoe Co
59
x58
58
53 Mar 11 6014Nlay 14
No par
41
*12314 125
125 125 .12314 ____ *12314 ____ *124
____ *124
Preferred
____
10
100 124 Feb 14 12514 Apr II 117
414 414
432 432 *43
4 5
44 Mar 6
43
4 43
4 *44 47
400 Bruns-Balke-Collender___No par
2 •452 47
672 Jan 9
2
4
6
64
6
63
2
4 7
4
614 652
7 May 17
652 67
6,700 Bucyrus-Erie Co
3
612 63
63
44 Mar 14
10
312
123 1213 124 1212 1212 123
3
4 5,200
4 1214 1212 1212 1252 1214 123
Preferred
812 Mar 15 13 Jan 3
5
6
8214
4 79
400
82 82
793
77
82
4 8012 85
793
8114 82
7% preferred
100 624 Mar 22 85 May 14
47
353 34
313 352
52
3
53 34
33
4 32
3 Mar 15
/
1
4
7
312 3
353 37
2 4,800 Budd (E CI) Mfg
No par
514 Jan 2
3
26
2614 253 28
2712 2619 273
4
27
2 27
27
260
2612 27
7% preferred
100 23 Mar 14 33 Jan 22
16
34 44
414
4
4
4 14
4 14
4
412 43
2
414 412 21,900 Budd Wheel
412Nlay 17
No par
212 Nfar 21
2
*4
414
4 412 *33
2 033
331 37
4 418 *33
2
4 412
37
8 37
300 Bulova Watch
No par
3545103 13
,
47 Jan 16
2
212
.1112 117
117 1214 113 113
2
113 1152 114 1114 1114 1114
2
2
4
4 1,800 Bullard Co
814 Mar 13 15 Jan 2
No par
412
*114 218 •114 214 *114 214
0114 212 *1 14 234
114
114
100 Burns Bros class A
No par
24 Jan 25
1 14Nlay 14
1
ClassA vie
8
13
4
4 .13
No par
"8 13
12 Mar 28
*3
8
13
4
*12 24
8
*33
13
8
*3
2
13
112 Jan 23
12
*53
Class 11
100
No par
24 Mar 20
3
4
3
138 Feb 7
4
*13
1"
"8
3
4
12
"8
*12
3
4
12
1
Class B ctfa
par
12 Feb 8
14
No
5 Feb 20
8
3
4
*18
3
4
*1
*18
/
4
3
4
*N
3
4
3
4
*18
5
;
*34
*412 44
412 412
590
52
7% preferred
53
2 5
43
4 612
97 Jan 23
3 Mar 16
4
534
32
5
100
514 53
2
3
4
1614 1612 163 1612 164 1612 1614 1652 163 174 1653 1714 14,500 Burroughs Add Mach____No par
3
1314 Mar 14
1732Nlay 16
1012
132
114
13
114 .114
3 13
8 1,200 :Bush Term
133
114
114 •114
*112
No par
54
114
1 Apr 8
313 Jan 21
*512 614
100
0512 94
6
Debenture
*512 94 *512 6
6
*513 6
514 Apr 3 1013 Jan 22
100
2
250 Bush Term Bi gu pref ctfe
.11
1112 1134 12
14
Mar 28 2212 Jan 21
11
1114
011
11
104
1212 1114
100 10
412
*212 214
218 23
218 214
2 3,100 Butte Copper & zinc
212 214
212 214
212 24
234 Apr 26
14 NIar 12
8
1 12
200 :Butterick Co
7
8
5 Apr 3
8
*3
4
No par
13 Jan 3
4
3
4
7
8
53
4
3
4
*3
4
7
8
*3
4
5,
7
8
"4
7
8
8
2
8 6,400 Byers Co(AM)
4
4
1513 1552 153 163
2 153 163
1512 154 153 164 157 16
4
113 Mar 14 2053 Jan 7
2
No par
113
8
4912 52
60
4812 4813 *4612 55
Preferred
4912 *4913 56
*4912 534 *47
100 32 Mar 14 60 Jan 5
32
34
3412 3352 3414 6,700 California Packing
3512 353
35
4 3512 354 35
3512 34
3353May 17 4212 Feb 18
No par
1653
1
7
3
1
12 Feb 19' 14 Jan 3
78
1
1
78
112
1
1
1
11
/
4
Da 7.700 Callahan Zino-Lead
12
0
11,300 Calumet .32 Hecla Cons Cop___25
33
4 4
213 Mar 13
2
412 Jan 7
34 37
,
31* . 312 34
3 2 312
3
332 33
4
'213
113 13
2
713 Mar 13 1312Nlay 17
10
127 1312 13,700 Campbell W de C Fdy____No par
1114
8
1052 1112 11
1114 105 1114
8
6
8 1012 1012 1,700 Canada Dry Ginger Ale
3
8 1012 1012 103 1012 1014 105
2
83 Mar 27 1652 Jan 7
4
1052 10 4 107 105
3
5
83
4
50
53
100 Canada Southern
*50
50
52
*50
52
*50
100 50 Apr 9 53 Feb 4
52
.50
52
.50
44
113
8 1114 114 32,500 Canadian Pacific
8 10, 103
2
8 1012 107
4 1012 1112 11
94 Mar 18
103 105
8
1334 Jan 9
25
93
2
1,000 Cannon Mille
3014 Apr 5 36 Jan 10
3212 323 323
*3113 3214 32
4
No par
3112 32
4
4
32
32
*313 32
2214
8
8
2,100 Capital Adrninis al A
712 8
1
44 Mar 21
/
1
7 3 73
3
5
*712 812
8
75
8 75
818May 10
8
712 7 8
41
/
4
39
Preferred A
39
3812 39
190
39
39
383 39
4
.10 3212 Feb 25 39 May 10
3812 3812 03852 39
26
87
87
50 Carolina Clinch & Ohlo Ry_100 8214 Feb 27 87 May 17
87
87
*84
•84
87
*85
084
87
.85
87
60
13
9112 *89
Mar 20 92 May 4
Stpd
9113 *89
9112 *89
100 85
9112 *89
*89
9112 *89
91
70
4
5712 583
589 603 19,800 Came (2 I) Co
8
4 5812 61
100 453 Mar 18 63 Feb 18
4
597
2 5712 59
5
504 5912 59
35
,
420
98
98
Preferred certificates
9812 9712 98
100 8312 Apr II 993
99 .95
9912 993
4 991 9912 99
4Nlay 11
587
2
4812 493
4 4814 494 14,900 Caterpillar Tractor
4714 48
4714 48
4714 48
x4714 48
3012 Jan 16 41/7
No par
2May 17
15
3
2218 2514 2413 25 2 33,600 Celanese Corp of Am
1912 Apr 26 353 Jan 7
8
No par
2214 215 22
223
213 2214 22
8 22
4
2
17,
8
17 Apr 3
252
8
253 314 2,100 :Celotex Corp
No par
4
238 2 8 •212 23
23
2
3
0218 212
2
2
452 Jan 18
11
/
4
8 2,200
04 Mar 8
Certificateg
212 25
7
No par
2
*2
214
2 23
214 214
2
2
23
2 14 *17
2 24
312 Jan 18
1,180
1114 Mar 20 254 J1111 18
203 22
4
Preferred
3
100
20
21
207 21
3
20
203 *1912 20 8 2012 21
2
213
2214 Feb 13 29 May 8
4 2814 2812 3,300 Central Aguirre Aeso__No par
*2814 2812 2812 285
3
8 2813 2813 283 2812 2812 283
183
4
400 Central RR of New Jersey _ _100 34 Mar 18 554 Jan 4
*4012 42
40
42
•3913 42
*39
42
42
40 40
.39
34
200 Century Ribbon Mills_No par
612 Apr 3 123 Jan 16
*73
2 84
3
3 9
•65
3 712
,
67
2 67
713 7 2 *73
2 .653 712
512
Preferred
100 9614 Mar 14 10912 Jan 2
.101 115 .101 115 *10113 115 *10119 115 *102 115 *102 115
75
50,100 Cerro de Pasco Copper_No pen
2 5833 60
4
2
3852 Jan 15 633 Apr 25
573 583
4
8 5653 584 563 587
2 564 5812 583 597
4
233
4
352 Mar 13
419 412
043
8 47
45
2 452
2 *45
8 44
652 Jan 7
4 5 4 2,800 Certain-Teed Producti___No par
,
412 44
43
25
8
77 preferred
2912 2912 303
750
29
28
100 23 Mar 12 3314 Jan 23
29
4
29 .28
28
28
29
30
105
3
5
100 Checker Cab
44 Mar 27
5
5
814 .5
7
73
4 *5
81 1 •5
812 05
652 Jan 7
05
43
3
38 Mar 12 4472 Jan 4
3,000 Chemapeake Corp
4212 4212 4212 423 434 434 437
3
Na par
2 43 4 44
4
4112 4112 42
2912
4352 4418 17,800 Chesapeake & Ohio
25 3712 Mar 12 45 8 Jan 7
3
423 4312 424 433
2 43 4352 434 44
4
4252 43
374
*3
4
21.,
*3
4
112 *1
1 Apr 26
:Chia & East III Ry Co
100
212 Jan 12
07
2 112
112
112
*4
*4
112
1
6% preferred
14 Mar 7
100
253 Jan 8
112 *14
112 *114
112
112 *114
112 •114
14
•11.1
152 *14
2
100
3 Feb 28
7
214 Jan 7
8 1,100 Chicago Great Western
N
4
N
7
8
*3
4
3
7
8
31
*3
4
3
4
3
4
31
53
Preferred
800
14 Feb 28
2
2
24 24
2
*14 2
100
412 Jan 4
2
0134 2
•13
4 2
152
2
I Mar 30
1
50 :Chic Ind & Louis, pref _ _ _100
*114
2
.
2 Apr 13
1
2
*1
2
•1
.1
2
*1
I
14 Mar 29
1
2,500 Chic Milw SIP & Pao__ _No par
1
1
1
3 Jan 3
1
7
8
1
7
8
33
7
8
7
8
7
8
is
4 Mar 29
11, 112
Preferred
13
100
44 Jan 4
8 6,900
11,
8
1,
2
13
112
2 133
34
13
8
1,
2
13
8
13
252 Mar 29
100
5
314 3 8 8,700 Chicago & North Western
553 Jan 7
258
312 352
33 34
3
31 i
33
3
314 3
4
313 314
Preferred
105 Jan 8
100
63
8
4 7
4
6
412 Mar 14
6 32
0.53
614 614 2,800
4 6
634 6,
412
63, 7
734,Nfay 17
45 NIar 14
2
3
7
712
63
4 7
7
712 7 4 9,500 Chicago Pneumat Tool___No par
352
63
7 14
4 63
4
64 714
Cony preferred
3012 32
No par 20 Mar 13 3414May 16
3414 3312 3412 14,800
3112 3212 32
31
327
2 314 33
144
11
800 :Chicago Rock 121 & Pacific_ 100
1 Mar 12
I
153
14
252 Jan 9
1,
8
11
/
4
1,
*14
8
114
114
11 *11
/
4
1'8
212
23
2 213 1,900
2
2
•15
2
8
14 14
17
2
44 Jan 9
14 2
153 Mar 30
7% preferred
100
14
2
1.300
112 Mar 13
6% preferred
2
100
4 Jan 10
13
4
13
4
13
4
134
4
14
0153 13
112
14
134 2
.
115
- --- ---- ---- ---- --- - --- - ---- ---- ---- ---- ---- -- -- ----- ChM St Paul Minn & Om......100
Preferred
100
314
---- ---- ---- ---- --- - ---- ---- ---- ---- -9812 11
Chicago Yellow Cab
Vs par
*8
10 Feb 20 1112 Jan 3
11
.8
ii
08
11
11
08
11
94
For footnotes see page 3342
$ per share
3
8
/
1
4
4
1013
633
4 7012
714 1814
46
go
38
644
294 4013
4314 .-733
-4
7013 90
2414 544
5
16
74 24
2113 35,
4
354 5512
83
107
1
13
1612
64
314
16
14
573
2
1652
65
33
4
413
1614
123
4
15
8612
3512
9513
24
1612
57
2
23
89
1014
55
58
87
2
9512
93
4
1212
26
2412
547
2
1914
6
17
88
28
684
4412
76
16,
19
:
7
103
4
16
643
4
34,
2
371
/
4
1027
2
46 15
115
612
38'2
10
453
4
10912
19114
100
7653
1514
127
237
3
1912
40
4912
82
40
164
26
109
5614
1114
684
94
383
21 1
:
514
4
194
3
12
19
26
333
314
2814
8212
46
45
11814
4
312
0
51)
3
16
2
272
54
1 52
5
8
1
12
4
1012
24
23
4
518
112
138
134
40
1834
12
'284
6
1212
4812
107
8
'2853
583
263
4
74
70
35
567
2
'23
174
14
1
3115
183
4
53
512
82
3014
314
1712
412
34
394
1 18
153
112
312
154
2
313
312
53
4
352
1414
13
/3
23
2
2
11
4
4
98
2833
'27 33
37,
2
84
/
1
5814
444
97
8012
Ill
1254
107
8
94
1413
75
74
44
53
3
612
15'2
6
41 2
312
212
1512
21932
34
912
21
314
44
324
,
6772
4438
13
4
653
1572
2912
56,2
184
38 4
10,
4
30
85
924
864
93
384
4472
54
4
2232
3243
92
1232
11013
4112
754
35
1612
487
2
485
8
7
8
54
1178
7
812
1314
15
28
97
2
283
4
814
952
8
612
113
4
116
3345
New York Stock Record-Continued--Page 3
Volume 140
,
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
May 11
Monday
May 13
Tuesday
May 14
Wednesday
May 15
Thursday
May 16
Friday
May 17
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Singe Jan. 1
On Basis of 100-share Lots
Lowest
Highat
July 1
1913 to /tangs for
Apr 30 Year 1934
1935
Low Low
High
$ per share 5 per sh $ per share
Par 5 per share
$ per share 5 per share $ per share $ per share $ per share $ per share Shares
15
1914 304
/
1
3
10 2512 Mar 12 29 4 Feb 18
27
274 2612 27
27
27 274 27 2713 1,400 Chickasha Cotton 011
27
*2612 27
312 mar 15
334 111
/
4
3
/
1
4
414 4
712 Jan 7
414 *418 414
414
414 *4
No par
500 Childs Co
/
1
4
41 414
/
4
4
4
1014 1758
9
9 Feb 23 1772May 17
25
17
920 Chile Copper Co
1612 1714 1612 1612 1614 1712 1712 1778
1612 1612 17
s
2614
2914 603
2 4412 4514 444 4552 453 494 4818 4914 199,700 Chrysler Corp
437 4414 4312 447
5 31 Mar 12 4932May 16
4
1413
1714 2438
No par 20 Jan 14 24 Apr 20
2358 2372 3,300 City Ioe dr Fuel
5
2334 233
4 2312 234 2312 2312 234 2312 23 4 237
87 9212
6338
100 87 Jan 10 100 May 3
100 100
Preferred
270
4
4
994 995
4 9918 991:
9932 9932 993 100 *973 100
21
/
4
12
5 Apr 16
314
2 Apr 30
14
5
/
1
800 City Stores new
4
418 414
41
4
/
4
44 41 *313 44 *34 412
*312 41
/
4
4
834 218
612
No par 1214May 15 15 Jan 18
134 1214 1214 1314 1314 1314 1314
500 Clark Equipment
1232 1238 *12
13
13
704 78
60
50 80 Mar 26 83 Apr 9
Cleveland & Pittsburgh
4
*8038 83 *8052 83 "8058 8314 *753 8314 *7534 8314 *753 83 4
4
8
2478 45
22
*2612 28
27 27
600 Cluett Peabody & Co--No par 24 Mar 22 2813 Jan 7
28 28
2612 27
*2712 28
2534 26
95
115
90
Preferred
125 128 •125 128 *125 128
100 11212 Jan 7 124 May 7
*125 128 *125 128 *125 128
95
/ 161 12
1
4
No par 18178 Jan 2 209 Apr 22 85
700 Coca-Cola Co (The)
20712 20712 20712 20712 2071: 20814 207 20814
*207 20812 *207 208
7 55
504 57
4512
No par 538 Apr 20 5738 Mar 8
Class A
2,200
55
5512 5514 5512 5578 554
55
56
55
*54
314 314
200
_ 404
_ *404
- -- - _ - Coca Cola Internat Corp-No par
_ *404
- *404
__ *404
*404
9
5s 1812
9
16
/ 1578
1
518 154 -- - 15% -154 161- 5578--- 10:800 OolgaSe-Palmolive-Peet- No par 1538May 10 1814 Jan 7
/
1
/
1
2 1618 164
153 -- 8 153* 1
8 155
8812 10212
88
100 101 Jan 3 10512Mar 15
100 8% preferred
10412 105 10418 10418 *10378 1041:
*10412 105. *10412 105 *10412 105
10
2812
9
9 Mar 13 1534 Jan 7
No par
1214 13
12
1214 12
9,800 Collins & Alkman
114 12
111 1214 12
/
4
117 13
8
94
74
693
4
100 6984 Mar 13 87 May 14
Preferred
85
75
86 87
*86
90
83 83
85 . 180
86
87 z85
5
9
5
7 Feb 15
12
834 Jan 10
No per
7
*7
712
7
7
140 Colonial Beacon 011
7
7
7
7
7
*7
712
512 Jan 21
34
8
/
1
4
14
12 Mar 13
2
218 6,200 tOolorado Fuel & Iron---No par
218 23*
118 118
11 118
/
4
11 214
/
4
14 118
1012 32
5
5 Mar 14 284 Jan 21
100
Preferred
1114 1113 1,800
878 144 1034 13
812 812
7
8
*012 712
/
1
4
108
4
184 40
/
1
/
1
4
100 1054 Feb 28 19 Jan 8
*1434 16
*143 16
4
110 Colorado & Southern
1412 *1412 1612
14
/ 14
1
4
/ 14
1
4
*1434 16
13
3314
7
*101 14
/
4
7 Feb 26 1512 Apr 25
100
*1018 14
80 4% let preferred
12
12
13
14
*11
14
*10
13
11
30
65
8
Ps Mar 9 13 Jan 8
100
*7
954 *8
*614 10
4% 2d preferred
100
93
"614 16
9 4 10
3
954 9 4
3
4
45
58
7714
4 82 8234 8112 83
8212 8412 283
823 823
4
8 6,900 Columbian Carbon v So --No par 67 Jan 15 x8572May 16
857
2 8454 857
2112 417
1718
4
5114 534 5212 5432 54
5514 5354 5452 12,900 Columb Pict Corp v I 43--No par 3414 Jan 16 5514May 16
504 5014 494 51
338
6
/ 191
1
4
/
4
64 7
7 4 Jan 10
8
638 634
612 7
38 Mar 13
5
614 612
65
4 64 31,200 Columbia Gas & Elec__No par
614 652
52
7834
354
100 3512 Mar 13 88 May 11
6712 6712 68 68 *68
Preferred series A
6812 674 68
68 68
1,100
67 68
41
71
31
56
56
100 31 Mar 15 61 May 17
63 *61
65 *61
57 60 *61
5% preferred
110
61
61
63
* 4014
1114
181
4572 45 454 4412 4514 4434 46
10 3912 Jan 2 4714 Feb 20
4518 4578 21,300 Commercial Credit
4432 4472 45
2312 301
22
/
4
25 29 Jan 5 3212May 14
3214 3214 3214 3212 3218 324 324 323 r3214 3214 2,470
7% lst preferred
32 32
8
38
53
32
4May 13
Class A
50 524 Jan 7 593
/ 6,100
1
4
583 5912 5913 5934 593 594 594 5912 594 5954 r5912 59
4
8
23
24
304
Preferred B
25 2912 Jan 3 33 Jan 25
/ 2,880
1
4
3212 3212 3212 3232 3214 3238 3218 3214 321 324 r3238 32
9112 110
100 10978 Jan 2 11814May 13 85
1173 11712 11758 11814 11712 11818 11714 11712 11714 11814 r118 11818 2,250 64% Mat Preferred
2
32 May 2 32 May 2
_
. *3178 3212 *314323* *3218 3212 *324 3212
7% 1st pref stock receipts*313 -- *32
5758May 2 5918May 15
597
Class A stock receipts
5912 5918 *5918 5978 *5918 6032
200
8583 - 4 "5914 - ; *59 60
4 583
32 May 2 32 May 2
Pret B stock receipts
*317 32 *3212 ____ *32 324 *314 3218 *3212 3212 *3218 3218
4
*1163 ___ *11612 _ - *11754 - - •11754 ---.. -4
*1161
4- *117
64% 1st pref stock receipts_ 11714May 2 11714May 2
/ 61
1
4
35
8May 17 32 2214
Pio gar 5614 Feb 7 665
Comm Invest Trust
854
1
- 4 6518 - / 6414 6512 64% - 6
66 6 / 7:100
1
4
8478 - 864 65 68
65
114
91
8412
No par 111 Mar 13 11512 Jan 29
8
1127 1127 *112,2 113 11214 1124 1124 11214 1123 1125 *11254 1135s
Conv preferred
500
4
4
15
153
4
/ 364
1
4
/
1
8
19% 2014 203 214 203 21
4
2014 203
8
4 2012 2112 207 2112 82,700 Commercial Solvents„-No par 174 Mar 13 234 Jan 7
5 Mar 6
4
1
34
8
3
4
11 Jan 2
/
4
No par
118 114
1
114
1'8 14
14 114
118 14 17,300 Commonwith & Sou 14 114
2112 823*
1788
No par 2918 Jan 4 4512May 10
/
4
444 427 441 4114 4214 42 43
/
1
45 4518 44
56 preferred series
42 4314 6.400
:gt
: 9
5
131
/
4
5
578 Mar 18 10 May 17
9
9
*7
10
300 Conde Nast Pub.; Ino___No par:
*814 10
*9
10
10
10
22
3538
8
3414 3372 34
34
3418 3414 34
34
333 3414 34
4
344 6,000 Congoleum-Nairn Inc____No par 27 Mar 15 347 Jan 2i 1814
714 1412
714
9 Feb 7 1478May 161
No par
12
8
•114 123
/
1
4 117 1218 12
12
144 *1213 14
12
12
1.800 Congress Cigar
32
61
/
1
4
4Mar 1 42 Jan 4I 23
34
35
34
34
*3012 34
3412 35 *36
230 Connecticut Ry & Ughting-100 233
394 3614 3614
55
58
100 41 Apr 2 49 May 9l 41
*4614 48
49 49
Preferred
*4612 49
10
*4614 495* *4612 49 4 *4612 498
3
8
514 1384
514
7 Mar 14 104 Jan 9
No par
3,100 Consolidated Cigar
758 758
758 7 8
5
758 77
8
712 7h
812 9
754 84
31
75
3014
100 62 Mar 28 74 Jan 24
Preferred
*60
71
*60
71
*5314 71
*5814 71
*594 71
/
1
*5914 71
4514 747:
454
100 71 Apr 2 82 Feb 28
*73
75 *73.75
Prlor preferred
75 75
80
76
76
78
78 *78 80
70
49
4514
100 73 Mar 28 80 Mar 6
75
*72
*6014 75 *72
Prior pref ex-warrants
10
75
75 *72 75
75
75 *72
61
/
4
/
1
15*
14
74 Jan 111
3 4May 17
3
1
414 414
41 43
/
4
8
418 412
4
44
314 34 5,300 Consol Film Indus
4
414
10
/ 204
1
4
73
4
No par 1514May 11 2218 Feb 15
157 164 157 1612 153 16
8
1512 16
Preferred
2
154 1612 144 1572 7,900
4
1812 474
8
157
8
No par 1572 Feb 20 247 Apr 25
233
4 223 2358 2212 231s 2212 2358 225: 23'2 71,300 Consolidated Gas Co
2412 2412 23
4
z71
95
No par 724 Feb 23 9014 Apr 25 z71.
92
9312 944 93 94
Preferred
92's 2,700
92
923
4 92
93
921: 92
112
4
/
1
4
112
214 Jan 18
112 Mar 12
2
2
*13
4 2
200 Consol Laundries Corp--No par
•172 2
*13
4 2
*134 2
*13
4 2
612
714 144
612 Mar 13 1012May 17
No par
9
914
87
2 912
9
9
914
914 1014 101s 10's 135,000 Consol 011 Corp
914
108
1121s
100 10812 Feb 5 112 Jan 28 103
11012 11012 *11012 111 *11012 111 *11012 11014 1107 1107 11012 11012
300 8% preferred
s
8
24
24
83
4
5 May 14
24 Jan 25
100
438 43
4
43
4 434
484 434 2,700 Consol RR of Cuba pref
434 44
412 5
44 5
12
24
118 Jan 5
'Mar 12
No par
12
/
1
4
/
1
4
3
4
3
4
5
8 2,800 Consolidated Textile
/
1
4
/
1
4
/
1
4
/
1
4
/
1
4
/
1
4
/
1
4
414
618 1314
913 Apr 30 135* Jan 10
20
10
1012 1012 1052 10
1014 1014 1014 1012 1034 1014 1014 2,200 Container Corp class A
2
34 34
/
1
312 312
23
8
53*
312 312
518 Jan 9
338May 9
3[2 352
312 352
C18,88 B
No par
312 31
2,800
*54 54
5
44
412 Mar 13
/ 143
1
4
8
611 Jan 7
4
512 54
512
512 *513 512
1,900 Continental Bak class A- Ns par
514 6
57
8 6
7
8
2
/
1
4
1 Jan 3
58 Apr 1
No par
/
1
4
Class B
5,300
*3
4
%
7
3
4
3
4
3
4
7
8
8
4
7
8
3
4
3
4
34
4414 84
4414
511 5112 5212 5212 5212 5218 *5218 5212 5212 5312 *521: 5314
/
4
100 4614 Jan 28 64 Feb 19
Preferred
800
37
4May 17
56% 6412
20 6234 Jan 15 763
74
7414 75
75
7414 7472 744 747
753 765 12,300 Continental Can Inc
4
4
2
2 745 76
6
1134
6
912 Apr 22
7 Jan 15
5
*84 834 *814 852
812 81s
812 858
4 3,400 Oont'l Diamond Fibre
812 84
8 4 83
5
23 s 3614
5
20
3412 3478 3414 3478 3412 344 34
2.50 28% Mar 13 35 may 10
34% 5,900 Continental Insurance
344 346
8 34
/ 35
1
4
8
4
23*
154 Jan 8
54
84 Jan 2
No par
1
112
112
112
14 114
14 1 14
118 114 15.600 Oontlnental Moto:*
14 114
1554 2284
1214
5 154 Mar 14 2234May 17
204 2014 204 2114 20 4 2114 2112 2112 2114 2213 22
223 55,200 Continental OH of Del
4
3
404
4012 51
4312 4352 *4334 44
110 Corn Exchange Bank Trust Co 20 4134 Mar 11 4813 Feb 14
44
44
*4334 4414 *44
4414 4414 441
/
4
651 8442
554
25 82 Feb 6 7478May 16
721 733
4
4 7212 7312 7312 7358 734 74'z 7384 748 7212 735 10,200 Corn Products Refining
8
15012
135
100 149 Jan 2 163 May 3 133
Preferred
*164 166 *16334 166 *163h 166 *16334 166 *158 166
•16497
398
314
678 Jan 3
418 Mar 13
58
4 6
43 - ; 431
4 43
No par
4
512 6
5
54
84
54 55 13,600 Coty Inc
23
28
3814
2
Cream of Wheal Ms
No par 3578 Jan 15 397 Mar 4
3658 364 3652 3614 3652 3652 364 364 364 365
8 4,300
8 3652 367
8
1712
7
No par 124 Jan 15 1634May 14
153 153
4
4 157 16
1614 163
18'z 154 16
4 16
154 1614 3,300 Crosley Radio Corp
183
4 3814
1834
2May 16
33
314 33
No par 231:Mar 14 337
3312 327 3314 3212 3318 33
8
33
3312 8,500 Crown Cork & Seal
337
32
3512 444
/
1
*46
4678 48% 467
No par 4313 Jan 4 4734 Apr 20
$2.70 preferred
467 4678 *46
200
4612
4678 *4814 461 *46
47
84
*76
80
7612 7612 *77 80
20 Crown W'mette Pap 188 pfNo par 744 Mar 13 86 Jan 11 37 40
80 80
*80 83 •79
84%
/
1
4
3
/
1
4
6
314
532 Jan 10
34 Mar 18
34 3 4
3
Crown Zellerback •t c
No par
3
34 3 4
4
4l4
/
1
414 438 2,900
4
/ 438
1
4
3
3% 37
s
17
14
38
/
1
4
•19
103
8 08 20
3
19
20
1914 1812 l8z 19
20 2012 2.700 Crucible Steel of Amerioa____100 14 Mar 15 2514 Jan 7
71
44
30
100 4713 Apr 12 88 Jan 2
*5714 60
*57 80
*5712 60
200 Preferred
*58 60
59 59
57 57
/
1
4
3
/
1
4
3
4
13 Feb 19
8
1 Jan 28
No par
Ps 11
/
4
13
8 11
/
4
112 11
/
4
14 1'2
112 112 6,100 Cuba Co (The)
112 112
314 1012
3
5 Jan 5 10 May 15
63
4 7
100
7
834
84 93
9
914 94
81: 812
10
730 Cuba RR 8% pref
24
812May 13
34
97
s
638 Jan 2
10
814
81 812
/
4
24,000 Cuban-American Sugag
77
8 812
712 3
8
75
4 84
8
84
201 85
/
4
14h
,
7512 764 76 803
No 404 Jan 3 80 4May 13
4 78
Preferred
7934 7714 79
7814 79
784 7912 3,830
3518
37
525*
4012 4012 *4018 41' 4012 404 4012 41
50 40 May 3 4713 Jan 2
1,500 Cudahy Packing
4118 414 401: 41
1312 29
/
1
4
134
2112 2214 2212 2234 211 22l4 2212 2212 214 2232 6,900 Cattle Pub Co (The)
2138 22
No par 15 Mar 15 2278 Jan 8
/
4
434 953*
3818
:Mar 14 10212May 17
4
4
891
No pa
10114 1013 1013 10214 10134 10214 10132 102
Preferred
10178 102 10154 10212 3.500
24
814
2
3 Jan 2
2 Mar 12
212 252
24 252
1
212 252
212 258
212 252 9,500 Curtise-Wright
212 26
8
38g
514 1214
814 812
614 Mar 15 1018 Jan 2
1
818 812
84 838
Clan A
81 812
/
4
814 82 10,400
818 84
754 91
/
1
73
/
1
4
8
Cushman's Sons 7% pref ___100 73 Mar 23 83 Feb 8
*78 833 *77 83 *77
8338 *77
/
1
8318 *80 834 •8012 8338
6412 go
64
*624 70 *6314 70 *633 70
No par 84 Apr 22 x7014May 17
4
70 27014 701
*6334 70
: preferred
110
70
11
94
214
2012 21
21
191 21
/
4
No par 16 Mar 13 22 May 14
22
211 2112 2112 21% 2118 2134 12,200 Cutler-Hammer Inc
/
4
8
/
1
4
8
512
814 Feb 14
64 64 *512 7
618May 10
*512 7
5
*54 7
100 Davega Stores Corp
*512 7
*512 7
1018 34%
104
Mar 18 31 Feb 18
4 2814 287
2812 2852 2814 283
3
No par 22 4
4 285 293
2 2832 283
4
4 29 2952 12,200 Deere & Co
1014
1914
104
/
1
*2412 2472 x2478 2512 2472 25
*2412 25
20 19 Jan 15 26 May 8
2412 243
25
25
Preferred
4 2,100
36
734
2834 283
4 294 301
100 23':Mar26 434 Jan 7 2312
2934 3052 30
11,100 Delaware & Hudson
31
307
2 3012 314 30
11
14
333*
1414 143
13
/ 14
1
4
8 144 143
/
1
1434 14,000 Delaware Lack & Western___50 11 Mar 13 1918 Jan 7
1434 154 14
8
8 143 147
3
/ 1314
1
4
14
04 Jan 8
212 212
112 Feb 27
212 234
23
234 284
700 Deny & Rio Or West prat __100
23
4
25
4 23
4
*17
8 23
55
8312 84
8012 8012 7914 791
80 80
100 65 Mar 13 82 May 10
80 80
1,300 Detroit Edison
4
80 80's 793 80
45
Detroit 111118dale & SW RILCo100 45 Apr 20 45 Apr 20
- - - --- - - -- ---- - - -- -5
7
4
8 Jan 17
234May 1
*114 Detroit & Mackinac Ry Co100
512 *1'8 1
12 •iFs *I; i
'i18 '
Y
51
*Ira 1
*8
13
1212May 1
*8. *8
112
10
124
8 Jan
*8
*8
13
13
5% non-cum preferred__ _100
*8
13
13
29
554
20
42 42 *42
/ -/
1
4
*42
45
1
4
/
1
8
44 *4212 44
400 Devoe & Raynolds A_No par 36 Mar 22 503 Jan 2
4212
42 424 *40
99
117
8912
*11612 12034 *11612 1203 *11612 118 *1171s 118 *11718 118
100 11412Mar 8 11718May 17
181 preferred
11612 11718
70
21
21
3238 3212 3214 321 132
2812
No par 2612 Jan 2 3212May 4
317 3178 2,700 Diamond Match
/
4
3218 3214 311 32
321
2
40
40 *397 401. z40 40 *40 4012 40 40
2814 541
27
/
1
4
Participating preferred
25 3438 Jan 7 4112May 3
300
*39 40
25
4
43
4314 423 43
32
RN
43
4314 434 424 4312 10,900 Dome Mines Ltd
4338 4258 43
No par 3418 Jan 15 4312May 17
11
23
814
812 812
8
814 Apr 8 123 Jan 28
87
2 9
812 8'2
*812 9
84 852
83
8 8 4 2.700 Dominion Stores Ltd
5
No par
4
2532 2534 253 2614 254 26's 26
2672 2612 2758 27
1414 28%
114
4MaY 17
2754 49,200 Douglas Aircraft Co Inc No par 1712 Mar 12 273
8
20
21
21
22
814
22
20
2034 211
20's 2012 2112 2112 22
3,300 Dresser(SR) Mfg cony A No par 1313 Mar 15 22 May 11
117
k
813 81
*8
812
784 8
*714 734
812MaY 11
8
812 1,100
74 8
3
5
34
63 Mar 18
8
No par
Convertible clans B
14
/
1
/
1
4
Is Jan 9
*1
/
4
1
/ Jan 9
1
4
Duluth 58& Atlantic
100
*14
1
*14
I
*14
12
*14
1
*14
12
21:
az
12 Feb 13
toMay 4
100
*14
3
4
h
Preferred
*58
3
1
*14
*3
8
3
*I4
3
4
3
1
*14
3
4
$
1184
3
54 Jan 18
3
/ *3
1
4
*3
312 *3
3
3
34 34
/
1
/
1
*314 312
3 Mar 6
I
200 Dunhill International
3
/
1
4
1312 23
13
/
4
•1314 17 .131 15
*1213 17
*1258 17 *1212 15 *1212 15
Duplan Silk
No par 13 Apr 17 174 Jan 3
100 110
•1053 114 *10534 114 *107 114 *107 114 *107 114 '
4
92
3107 114
100 103 Mar 20 103 Mar 20
Preferred
9912 10014 9918 10038 994 997
A
103%
9912 100 100 1014 991s 1003 86,600 DuPont deNemonts(E.I.)&00.20 8658 Mar 18 10114May 16 21 594
12812 12819 12814 1281 1284 1284 128 s 12858 128121283*
*12812 129
1284
,
100 12878 Feb 8 131 Apr 22 10414 115
800 6% non-voting deb
107
*112 11212 112 112
90
85
112 112
11214 1121 112 11214 112 112
100 104 Feb 18 11212May 10
490 Duquesne Light Id pret
*15 20 *15
30
20 9712 .
21
13
. *1712- -- 1712 1712 •1811 10 Durham Hosiery Mills prof-100 1712May 16 23 Mar 5
*514 512 "512 55
512 2
5'4
538 *5
414 12 4
8
34
8 Jan 7
3% Mar 13
514 58
584 --- 1,500 Eastern Rolling MIlls___No pa
53
4
142 143 143 1444 142 14314 6.100 Eastman Kodak (N J)
1383 1403 14014 14314 14212 144
4
4
79
11612
6512
--No par 11012 Jan 16 146 Apr 27
152 154 *150 152
152 152
120
147
152 152 *152 15434 152 152
100 141 Jan 4 155 Mar 26 120
150 6% cum preferred
2
183 181 187 194 194 197
8
/
4
1834 1912 194 1978 1912 194 7,500 Eaton Mfg Co
1218 2212
10
8
No par 163 Jan 15 2078 Feb 18
1914
412 412 *414 47
47
*44 47
2
2 *44 47
814 Mar 27
*44 5
8 5
6
34
7114 Jan 4
No par
300 Elth,gon Send
313*
2078 2138 214 2172 2158 223
15
1138
2214 224 2214 234 2234 2312 52.400 Elea Auto-Lite (The)
5 1911 Mar 13 29 Jan 3
111 111
111 111
80 110
75
111 111 *11034 11114 111 11114
111 111
Preferred
100 107 Jan 23 112 Apr 26
200
412 412 *414 418
438 432
458 5
414 412
3
712
478 514 17.100 Electric Boat
618 Jan 7
3 2 Mar 15
7
3
3
564 6 4
,
41
/
4
9'8
6
/ 84
1
4
*614 64
618 Apr 3
813 84 2,400 Elec & Mug Ind Am shares
/
1
64 632 *614 61
838 Feb 18 38 512
/
1
3
2
/ 34
1
4
/
1
2
/ 234
1
4
24 2
/
1
/
1
4
314
234 278 16,400 Electric Power & Light __No par
234 3
214
94
14
Ds Mar 15
314May 13
135 117
2
1214 14
658 21
1014 113
1112 12
11
131
3
4 12
3 Mar 13 1472May 13
No par
1254 28,400
Preferred
104 123
4 1259 1359 1012 121
10
107
2 1158 1272 1114 1154 19,200
12 4
3
6
212
212 Mar 13 1352May 13
No par
$13 preferred
For footnotes see page 3342
e
New York Stock Record-Continued-Page 4
3346
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
May 11
Monday
May 13
Tuesday
may 14
Wednesday
may 15
Thursday
May 16
Friday
May 17
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Raged SUM Jan. 1
Oa Baia of 100-sbare Lots
Lowest
$ per share i per share $ per share $ per share 8 per share $ per share Shares
Par $ per share
44
4412 4412 441 437 44
44
/
4
43 4 441 44
3
/
4
8
Nova, 39 Mar 21
434 4318 1,300 Elea Storage Battery
/
1
14 Mar 29
*3
8
8
4
*12
/
1
4
*12
3
:Elk Horn Coal Corp----No par
4
*12
3
8
*12
5
8
*12
3
4
*7
2 I
*3
4
*3
4
118
1
1
118
300
7
8
118
5 Apr 1
3
8
6% part preferred
50
7
6018 604 *593 6014 604 6014 6018 601 60
/
1
4
/
1
/
4
4
700 Endicott-Johnson Corp
50 523 Jan 16
6012 *6014 6012
*12712 130 *12612 129 *12612 129 *12612 129 *127 129
129 129
20
Preferred
100 125 4 Jan 10
3
23
4 24
3
234 2 8 *218 27
11 Mar 16
/
4
7
8
2i8 27
8 *218 2 8 *218 23
600 Engineers Public, Serv__-No par
7
4
*2512 26
28
2614 244 24
/
1
/ *233 244 233 233
1
4
4
/
1
4
800
85 cony preferred
No par 14 Mar 19
4 2414 2414
26
26
27
27
*24
2512 *24
25 *23
25
*23
25
No par 1412 Feb 7
300
$534 preferred
2638 2718 273 273
27
4
4 261S 28
/ 2712 *2718 27 4 2714 2714
1
4
900
86 preferred
No par 1512 Mar 19
3
5
5
/
1
4
5
5
5 Jan 7
512 5
5
/ 512
1
4
513 5
/ 4.000 Equitable Office Illdg__-No par
1
4
*514 512
*81 838
/
4
833 8
/
1
4
85
8 8
/
1
4
814 8
100
7 Mar 20
/
1
4
/
1
4
84 9
7.900 Erie
3
8
53 87
8
103 1118 103 113
4
812 Mar 26
4
8 113 115 *103 1114
8
8
4
First preferred
100
3,500
95
8 Os
93 11
4
100
634 Mar 12
714 7 8
3
*713 8
7 4 7 8 *73
3
7
4
8
600
Second preferred
*712 812 *712 8
*6218
__ *6218
__ *6218
*621 *6218
8
50 6912 Feb 18
*6218 ---- . - ___ Erie &Pittsburgh
12 12 *1178 12
111 12
/
4
117 "f1 8 113 12
8
-71112 117
4
8
1,500 Eureka Vacuum Clean
5 1013 Mar 19
1512 1512 16
167
8 16
163 *1614 163
4
4 163 163
8
4 1614 163
3,400 Evans Products Co
5 15 May 7
4
*218 3
*214 3
.218 3
*214 278 *214 27
2 Apr 30
10 Exchange Buffet Corp___No par
8
27
8 28
7
4.11 17
/
4
8 4,112 18
4 4.112 134 *112 14 *112 14
8
$Mar 26
20 Fairbanks Co
25
/
1
/
1
13
4 11
/
4
4 Mar 19
*55
8 63
8
5 4 614
3
61 612 *57
/
4
8 6
/
1
4
460
Preferred
100
63
8 6
/ *57
1
4
8 6
22
2234 22 22
22 8 23
7
213 213
4
4 214 214 21
2214 3.100 Fairbanks Morse & Oo-No per 17 Jan 11
/
1
/
1
100 72 Jan 17
*95
90
95
96
*9312 96
*9312 96
220
Preferred
93 93
96
97
533 Mar 15
1013 1114 10
15
10
10
/ 1118 11
1
4
1114 107 113
6,900 Federal Light & Trao
8
8 11
11
40
Preferred
No par 48 Jan 8
*75
99
/ *71-- - *73
1
4
997 *73
8
75
75
75
75 12 7512
62 6412 62 62
64 64
6212 6513 64 64
800 Federal Mtn & Smelt Co--100 40 Apr 3
64 64
Preferred
100 54 Apr 1
*72
88
•75
86
*75
*75
86
*75 86
86
*75
86
6
6
-No par
3 4Mar 23
1
6
6 14 *6
6
6
/ 2,800 Federal Motor Truck...
1
4
6
/
1
4
6
6
6
614
*234 318 *213 318 *212 312 *212 3
/ *212 3
1
4
Federal Screw Worke__-No par
2 8 Mar 14
3
*212 3
78Feb 25
1
1
*1
118 *1
118
1
1
300 Federal Water Serv A__No par
114
118 118 131
*18
18
/ *18
1
4
185
8 1814 185 *18
8
185
8 1814 1812 18
183
4 1,500 Federated Dept Stores_ -No par 161 Mar 29
/
4
3414 3414 33
/ 34
1
4
34
3438 34
3434 3414 3412 3358 3412 1,900 Fidel Phan Fire Ins N - _2.50 28'2Mar 14
..
18
70 Filene's(Wm)Sons Co___No par 16 Apr 9
Y*17
18
*17
18
*17
18
*17
18
317
18
18
420
111 111
100 10614 Mar 6
111 111
111 III
110 11018 110 110 *110 111
644% preferred
8 1418 1414 14
*1418 143
/ 15
1
4
8 14
/ 143 1514 5,600 Fireetone Tire & Rubber
1
4
4
10 1318May 2
141 1418 143
/
4
/ 94 8 947 *9413 943
1
4
Preferred series A
*9314 94
93 8 94
945
8 9412 94
5
8
4 2,000
100 844 Apr 8
3
x94
47 47
47 12 47
/ 47
1
4
/ 4712 47
1
4
/ 475
1
4
8 4738 47 4 47
3
/ 47
1
4
/ 3,900 First National Storee____No par 45 4May 6
1
4
3
300 Floreheim Shoe class A___No par 19 Feb 21
*22
23 *22
23
21
22 *20
21
*20
21
no
21
3I8
3
3
1.200 tFollanabee Bros
4 3
3
No par
214 Mar 6
'3
318
313 318
2 4 2 4 *23
3
3
341 3413 35
/
4
/
1
3414 3413 35
3512 344 35
3514 34
/ 3412 2,400 Food Machhzery Corp
1
4
No par 2014 Jan 15
147 143
8
4 14
/ 151
1
4
15
151
5.200 Foster-Wheeler
9 8 Mar 15
7
15
1514 15
1518 14 4 15
3
No par
Preferred
69
70
70
73
73 73
430
No par 60 3 Mar 15
3
*7212 7412 7112 723
4 70
71
77
8 77
8 *712 77
8
713 713
4
8
83
8
600 Foundation Co
713 7
/
1
4
7 4 73
3
No par
4 4 Mar 13
3
*245 243
8
4 243 2518 2514 25 8 2518 2518 2518 26
20
263
4 4,100 Fourth Nat Invest w w
4
4
3
1 193 Mar 21
1212 1212 12
8
4 11
8
853 Mar 15
123
8 113 1214 115 113
4
111 1014 123 17,600 Fox Film claw A
/
4
No par
45 45
*4112 44
413 4314 413 413 2414 4112 *40
4
4
4
/
1
45
170 Fkin Simon & Co Inc 7% pf--100 3014 Apr 2
2234 23 8 2318 237 x23
2312 2238 2312 24
7
2412 2378 2414 15,800 Freeport Texas Co
10 1714 Mar 18
8
___ *115
___ ....
_ . Preferred
100 114 Mar 18
__ 115
_ *115 _ _ *115
_-- 115
"115-*17
2012 203 /03
4
- 2018 2018 20 4
20
170 Fuller (GA) prior pref___No par 15 Mar 13
21 "
2112 2112 2112
434 Mar 13
*75
8 8
*8
93
4 *84 95
/
1
8 •814 9
8
50
86 2d pre
814 *014 83
4
Nova?
1
1
1
1
*1
11 *1
/
4
118
1
118
1
1
1,700 Gabriel Co (The) el A
No par
I Mar 13
814 814 *814 9
8
838
73
8 78
200 Gamewell Co (The)
5
74 74
3
No par
7 Mar 30
3
74 8
3
7
/ 714
1
4
714 814
714 714
8
814 19,300 Gen Amer Investors
718 714
512 Mar 13
No par
71 7 8
/
4
3
*90
91
*8912 91
91
91
*8912 92
90 4 92
3
*9014 93
Preferred
400
No par 84 Jan 10
/
1
4
34 4 343
1
8
4 347 35
4 337 3412 8,000 Gen Amer Trans Corp
8
5
8
3518 3514 347 3512 3313 353
5 32 3Mar 12
16
163
8 155 1718 17
8
181 171 18
/
4
4
/
4
17
/ 1812 1818 18
1
4
/ 26,300 General Asphalt
1
4
10 118 Mar 15
812 812
818 812
812 83
4
83
8 83
4
8 2 84
8
/ 83
1
4
4 3,800 General Baking
7 3 Mar 29
3
5
•12914
__ *12814 _ __ *130 - .*130 _ . 130 131
130 130
110
88 preferred
No par 116 Jan 10
6 _"614
61 6
6 18
6
614 638 4,000 General Bronze
5
514 Mar 4
/ 614
4
6'3
6
-618
414 412
4
4 4 5,000 General Cable
3
No par
2 Mar 20
314 314
314 314
3
/ 314
1
4
314 4
No par
4 Mar 28
7
/ 9
1
4
/
1
4
8
/ 10
1
4
7,900
3 618
614 8
Class A
*53
4 814
61 614 *57
/
4
34
34
*3514 38
4612 40
3514 36
37
41
43
4313 1,800
100 19 Mar 14
/118 cum preferred
7
1
/ 55
1
4
5314 537
2 538 54
5414 5413 54
55
5512 55
/ 55 4 3,200 General Cigar me
1
4
3
No par 50 Mar 25
141 141
141 141 *141 145 *141 145 *141 145 •142 145
20
7% preferred
100 12718 Jan 2
244 2478 2413 247
/
1
8 247 2538 25
8
2532 2518 26
2512 26 157,800 General Electric
No par 20 Jan 15
/
1
4
Smola!
10 11 Jan 2
343 3518 -----3514 353
4
343 35
4
8 34
/
1
/ 3512 344 3514 10,900 General Foods
1
4
No par 3214 Mar 15
No par
14 Feb 25
3
8
12
12
5
8
12
12
*3
8
12
*3
8
12
12
12 14.400 Gen1 Gas & Elea A
1412 *12
*12
143 *12
4
1412 *12
1412 *12
1412 *12
Cony prof aeries A____Ne par 10 Mar 15
1412
____ 15 •____ 15 *____ 15 e____ 15 *____ 15 *____ 15
$7 prof Maw •
No par 11 Mar 5
e_
16 *___ _ 16 *___ 16 *___ 16 *___ _ 16 *___ 16
3
No par 15 4 Jan 15
88 pref class A
601 *50
*50
6012 *51
6012 ---- 604 *46
/
1
6012 *524 6012
Gen teal Edison Elea Cory
554 Apr 20
655 66
8
65
/ 66
1
4
65
/ 65 4 *6512 653
1
4
3
4 6512 66
*6522 66
1.900 General Mills
s
No par 597 Feb 6
/
1
11712 11712 *117 117 4 1173 117 8 *1174 118
3
4
7
118 118 *117 118
600
Preferred
100 116 Jan 3
8
8
8 32
333
8 3258 3312 206,600 General Motors Corp
3114 313
4 315 3214 3218 325 x317 323
8
10 265 Mar 13
3
11614 11614 11614 117
1167 1161 11614 1164 116 11614 11612 11612 1,600
8
/
4
$5 preferred
No par s10712 Jan 4
*13
/ 15
1
4
*1318 15
No par 10 Mar 20
*131 1312 *1318 15
/
4
131318 15
*1318 15
Gen Outdoor Adv A
334 4
800
Common
*33
4 4
No par
3 Jan 9
14
4 37
4 4
*33
4 37
8 *33
*3 4 3 2
8
7
33
/ 277
1
4
2734 28
28
/
4
2912 2,240 General Printing Ink
263 2818 2758 281 27
4
/
1
4
263 27
8
No par 17 Feb 5
1041 1043 411043 105 13104 4 105
/
4
/ 104 105
1
4
10412 105
4
3
190
No par 9312 Jan 22
*10213 104
$6 preferred
/
1
4
11 2
/
4
178 2
3,200 Gen Public Service
13
4 17
8 .112 17
No par
lla Mar 13
*13
4 2
15
8 14
/
1
24
23
23 233
*22
223
4 223 223
4
4 22
/ 223
1
4
4 223 23
4
4 3,200 Gen Railway Signal
No par 1538 Mar 13
Preferred
100 80 Jan 2
*92 100
*92
98
98
99
*96
9912
70
*92 100
*92 100
1
138
15
8
11 15
/
4
8
112
112 9,300 Gen Realty & Utilities
3 Apr 2
4
11 11:
/
4
11* 14
/
1
8
113 15
22
23
2212 221 22
/
4
/ 2312 3,000
1
4
$6 preferred
4
2312 24
22
/ 233
1
4
23
No par 143 Mar 20
4 22
1938 193
Never 16 Jan 30
/
1
4
4
8 1914 20
/ 20
1
4
/ 2114 6,400 General Refractories
1
4
*19
19
/ 180 1938
1
4
/ 2114 20
1
4
Voting trust certif5.-No par 164 Jan 15
*19
1912 19
1912 1914 1912 19
193
4 194 20
/
1
/ 2014 203 10,900
1
4
4
22
20
20
20
20
2112 21
410 Gen Steel Castings prat ..,No par 14 Apr 13
*17
183
4 187 19
8
19
14
1512 1412 154 35,800 Gillette Safety Razor
No par 12 Mar 14
15
/ 16
1
4
/
1
16
165
8 16
/ 16
1
4
165
8 15
8412 80
84
84
No par 70 Jan 4
8014 814 4,600
/
1
Cony preferred
/
1
4
87
8712 8612 8714 8414 86
No par
2 Mar 13
/
1
4
/
1
4
3
3
1,200 Gimbel Brothers
38 38
3
3
314 3 8 *313 314
3
3
34
/
1
318 3
100 18 Mar 27
Preferred
26
/ 275
1
4
8 2712 277
8 2738 2758 2612 261 *24
263
8 2613 2712 2,000
No par 23 8 Feb 7
2818 2714 28
273 28
3
2734 2818 273 283
4
28
8
7.100 Glidden Co (The)
8
8 273 28
Prior preferred
100 1047 Jan 2
8
270
*107 1084 10712 109
/
1
10812 10812 108 109
/
1
4
108 10812 1073 107
4
/
1
4
5
118 Apr 26
13
4 17
8
17
8 218
218 23
8 8.600 200bel (Adolf)
15
8 11
/
4
13
4 11
/
4
13
4 13
4
No par 143oMay 2
15
155
8 1518 153
5
153 153
8
8 1514 16
8 153 15 8 15 8 15 8 13,400 Gold Dust Corp v to
8
5
3
*114 117 *115 117 *115 117 *11514 117 *11514 117
11514 1151
/
4
100
SO cony preferred
No par 11112May 3
938 9,400 Goodrich Co(B F)
No pa
7 Mar 13
/
1
4
8
7
822 81
83
4 8
85
8 83
4
83
4 938
/
1
4
83
4 918
/
4
4612 463
Preferred
100 40 Mar 15
4 47 47
4714 48
4714 47
/ 473 483 *4712 4812 2,000
1
4
4
4
4Mar 13
193 20,800 GoodyearTlre&Rubb_..Nopar 153
4
183 19
4
1813 19
4
8 19
183 193
4
8 184 1918 183 197
/
1
80 80
80
1,000
1st preferred
No par 70 Apr 11
80
80
*75
78
7714 773
4 79
7914 80
2 Apr 4
/
1
4
35
8 418
4
/ 414 3,500 Gotham Silk /108(1
1
4
NO par
38 3 4
3
3
312 313
414 414
314 314
Preferred
*22
23
2638 27
29
270
100 20 Apr 3
22 22
*213 2314 24
8
29'2 27
1
11Mar 21
/
4
8
14 17
/
1
8
13
4 17
8 4,300 Graham-Paige Motors
11
/
4
13
4 17
8
13
4 13
14 17
/
1
17
8
014 Mar 19
8
8
8
818
818 814
818 8 8 5.300 Granby Cans M Sm & Pr____100
3
818 814
818 814
27
8 3
2
/ 28
1
4
7
23
4 24
3
2 4 2 4 2.400 Grand Union Co tr Mfg
3
3
1
214 Mar 15
23
4 27
8
27
8 3
18
1818 1614 1738 163 17
15 4 151e 1512 5,800
3
Cony pref series
No par 15 May 16
8
1512 1612 15
*2234 24
.2314 24
2414 2514
/
4
*223 24
4
*223 24
4
2314 24
300 Granite City Steel
No par 181 Mar 29
3218 3212 32
34 341 3414 3512 34
/
4
35
6.800 Grant (W T)
No par 26 Mar 26
325
8 3314 35
9 Mar 19
14
11
1118 11
1112 114 1112 1178 3,400 Gt Nor Iron Ore Prop
/
1
No par
11
11
11
11
11
61,100 Great Northern pref
9 8 Mar 12
5
13
132
8 1312 1418 133 1414 13 8 1412 1438 1518 143 15
7
8
100
4
293 30
4
293 3012 30
4
315 15,100 Great Western Sugar--No par 265 Jan 15
8
8
/ 3012 3012 313
1
4
8 313 314 31
8
/
1
Preferred
•133 138 •133 138 *130 138 *13012 137 *130 137 •130 137
1(10 119 Jan 2
Green Bay &Western RR Co-100 21 Apr 12
25
*19
25
*19
25
3119
25
*19
25
•19
25
*19
f
100 34 Feb 6
*29
58
*40
58
*48
54
180 Greene Canalise Copper
*42
57
50
55 •50
75
214 212
1 Feb 1
2'g
21 23
/
4
212 234
214 214 7,700 Guantanamo Sugar
4
21
4 214
No par
4113 4314 42
Preferred
35
3514 3514 41
42
40
/ 40
1
4
/ *36
1
4
330
100 19 Feb 16
39
/
1
4
100 Gulf Mobile & Northern
4 Mar 7
100
*353 5
/ *33
1
4
4 5 8 *33
3
4 58 *33
3
4 5
/ *412 5
1
4
/
1
4
514 514
0 Apr 3
*10
1012 *10
11
*1012 11
1212 1212
800
Preferred
100
10
/ *11
1
4
13
11
Gulf States Steel
*16
17
*17
19
*1412 19
*133 17
4
*14
1758 *133 18
4
No par 12 Mar 29
20
Preferred
56
*59
62
*59
62
*59
68
100 48 Mar 29
56
59
59
*60
68
300 Hackensack Water
2712 2712 *2758 2814 *273 2812 *273 2812 x28
4
28
•27
2814
25 2114 Jan 15
4
34
3312 3312 3313 *3312 34
*3212 334 .33
/
1
33
3312 •33
25 30 Jan 18
40
7% Preferred class A
33
4 3
/
1
4
33 4
7
34 4
3
3
/ 34
1
4
No par
34 Mar 13
3
353 3 4
3
3
53 3 4 6,600 Hahn Dept Stores
3
69
7038 69
/ 69
1
4
/ 6912 7014 701 7013 69 4 693
1
4
69
3,000
Preferred
100 55 Jan 15
/
4
3
4 69
412 412
*412 5
418 412
414 413
413 4
/ 2,200 Hall Printing
1
4
4 Mar 19
414 438
10
1,100 Hamllton Watch Co
/
1
7
7
No par
64 Apr 30
714
7
7
8
8
*613 714 *7
7
78
7
6912 *69
80
*69
80
Preferred
*68
6912 *69
80
1369
80
*69
100 63 Jan 4
310 Hanna (M A)00 87 pt --No par 101 Jan 2
105 10512 10512 106 *1057g 10614 *106 10614 106 10614 106 106
19
1914 19
/ 1912 20
1
4
1034 2014 3,100 Harbi8on-Walk R.eiran___No par 16 Mar 15
1914 1914 *19
193 x19
8
Preferred
100 993 Jan 7
4
*112 117 *11012 117 *11012 117 *11013 117 811012 117 *11012 117
54 Feb 8
9
9
8
/ 914
1
4
87
2 9
/ 3,700 Hat Corp of America ol A.--1
1
4
8 8 87
7
8
918 9
/
1
4
9
/ 9
1
4
100 81 Feb 6
94
95
*9414 95
/
1
4
820
*9413 95
947 9512 96
8
994 *961 99
/
1
/
4
64% preferred
18 Apr 27
3*
4
/ 1,700 Havana Electric Ry Co ,.No par
1
4
38
.14
5*
7
8
/ 1
1
4
*3
4
/
1
4
*3
*14
40
Preferred
212 Apr 17
5
100
34
3
33
4 5
*514 6
514 514 *3
*3
33
4 *3
For footnotes see page 3342.
May 18 1935
Highest
July 1
1933 to Range for
Apr 30 Year 1934
1935
High
Low Low
i per share $ per sh
4912 Jan 7 ' 7
7 33 8
14
/ Jan 10
1
4
138 Jan 10
5
8
6012May 16
45
132 Apr 23 112
278 Jan 4
11
/
4
2612May 6
101
/
4
27 May 13
11
2912May 6
12
8May 17
5
57
14 Jan 4
7
/
1
4
174 Jan 4
1
8
/
1
4
13 Jan 7
634
70 Feb 2
50
125 Feb 19
3
63
3
23 Feb 21
14
3
2
5 Jan 18
2 Jan 19
14
5
8
9 3 Jan 18
3
312
25 3 Apr 22
3
4
/
1
4
101 Apr 22
25
1138May 16
4
7512May 17
33
72 Apr 26
40
84 Apr 20
60
6 Apr 22 IS 2
/
1
4
/
1
4
412 Jan 7
1
14 Jan 7
/
1
/
1
4
205 Jan 7
3
1618
343
4May 15
2014
23 Jan 8
/
1
4
16
11114May 6 z85
184 Jan 7
/
1
1312
947
8May 16
6712
58 Jan 7
46
23 May 9
125
3
2
6 8 Jan 7
7
3512May 13 27 1014
17 Jan 2
/
1
4
8
/
1
4
4414
77 Jan 2
104 Jan 7
/
1
43
4
263
4May 17
163
8
1312 Jan 2
814
48 May 7
20
20 Jan 2
1714
12018 Jan 22 11312
24 Jae 25
1212
12 Jan 24
4
/
1
4
213 Jan 3
1
9 Apr 22
/
1
4
7
814May 16
512
92 May 16
6412
3814 Jan 5
253
4
187 Jan 9
3
113
4
914 Feb 19
6
/
1
4
131 May 16 100
718 Jan 8
6
43
4May 17
2
10 May 17
4
4612May 16
14
6314 Jan 8
2414
141 May 8
97
26 May 16 6 16
1118 Jan 3
11
355 Apr 23
8
28
5 Jan 14
8
4
15 Apr
514
1612 Apr
63
4
18 Apr
7
4
611 Feb
/
4
75 54
66 8 Apr 2
3
Si
1184 Apr 2
/
1
10012
822258
3414 Jan
11712May
84
1312May 1
814
4 Mar 21
3
/
1
4
2912May 17
1012
105 Apr 30
611
/
4
23 Jan 3
8
11
/
4
30 Jan 7
1533
100 May 4
80
134 Jan 10
7
4
243
4May 10
10
2114May 16
812
20 4May 17
3
714
32 Jan 22
14
163
8May 11 5 712
8713May 8
45
/
1
4
37 Jan 4
8
24
/
1
27
/
1
4May 13
1312
29 Apr 22
12
10914 AM 27
803
8
4 Jan 25
/
1
4
11
/
4
18 Jan 7
144
/
1
117 Apr 10
961
/
4
117 Jan 7
8
7
/
1
4
544 Jan 8
/
1
2613
267 Jan 7
8
153
4
92 Jan 10'534
7
/
1
5 Jan 3
/
1
4
212
60 Jan 3
20
314 Jan 3
112
8 Apr 25
/
1
4
4
5 Jan 7
214
293 Jan 3
4
17
2514May 17
181
/
4
3512May 16
25
1278 Jan 7
74
3
17 Jan 7
/
1
4
95
8
323
8May 6
25
140 May 4
99
21 Apr 12
21
55 May 16
18
23
4May 13
/
1
4
4314May 14
714
6 Jan 6
4
15 Feb 18
8
24 Jan 8
12
67 Jan 11
2514
28 May 9
197
3
333 Apr 20
4
26
3
/
1
4
614 Jan 13
707
8May 9
18
7 Jan 2 9 314
/
1
4
9 Jan 8
/
1
4
3
/
1
4
75 Jan 23
20
10' Apr 18
77
2014May 17
12
111 May 6
82
9 8May 17
3
112
997
8May 16
144
/
1
ta
1 May 15
5
/
1
4May 16
2
/
1
4
$ per share
52
84
/
1
4
1
/
1
4
1
34
3
45
63
120
128
2
83
4
101e 2312
11
2412
13
2512
5
10 8
3
93
8 2/
4
1
4
143
4 2814
9
23
50
68
7
143
8
2714
9
3
1012
1
23
8
3 4 1212
3
7
183
4
30
7713
4
1114
341
8 62
52
107
62
98
2
/
1
4
84
3
2
63
8
1
4
20
31
23
/ 3513
1
4
23
30
87
106
13
2514
/
4
711 9214
53
6914
15
25
2
17
/
1
4
104
215
3
812 22
55
80
614 171
/
4
17
/ 2712
1
4
814 171
/
4
20
63
2112 50
/
1
4
11312 16012
14
334
5
195
8
11
/
4
45
8
8
20
5
/ 1112
1
4
73
87
30
433
3
12
2312
Ills 143
3
100
1084
6
1018
2
/
1
4
61g
414 12
144 33
/
1
27
593
4
97
1274
16
/ 2514
1
4
11
123
4
28
361
/
4
88
1
04 19
21
11
22
13
624
/
1
50
51
644
/
1
103
118
2458 42
89
/ 109
1
4
84
2
21
314
653
101 2512
/
4
734 9
6
2
5
/
1
4
2313 45
/
1
4
90
10112
1
3 11
6
10
264
/
1
104 233
/
1
3
20
10
1753 484
812 14 2
7
47
72
253
61
/
4
1614 30
153
8 283
3
83
10712
333
94
23
16
96I, 120
18
8
513 62 4
5
8
181 413
/
4
64
8614
3
/ 113
1
4
4
3812 714
113
412
4
133
3
4
84
5
23
40
21
311
/
4
28
40 2
5
8
/ 154
1
4
/
1
12
/ 3212
1
4
25
3514
102
1184
18
SA
714
6
12
1514
47
204
27
3
/
1
4
254
/
1
3ii
59
34
31
164
/
1
35 4
3
42
83
2614
31
8
/
1
4
6313
94
7
353 117
2
25
63
84
1015
4
13
241
4
87
100
112
7
/
1
4
193
4 92
3
8
14 ,
3
84
Volume la‘
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
May 11
Monday
May 13
Tuesday
May 14
Wednesday
May 15
Thursday
May 16
Friday
May 17
$ per share $ per share $ per share $ per share $ per share 5 per share
218 214
214 214
214 238
214
214
218 23aJ
214 214
99
9912 9812 9812 99
99
99
99
983 99
4
99
9912
136 136
136 136 .136 139 0136 140
140 140 *1367 14518
8
.155 160 •155 160 .155 160 *155 160 *155 160 0155 160
183 183
8
8 183 1812 183 183
8
4
4 1814 1858 1812 1812 18
183
4
787 787
8
7912 80
8 78
7913 7714 78
773 793
4
4 783 793
8
4
12714 12714 12713 12712 *127_ 126 127
125 125
123 12412
080
8112 8112 8112 8114 11
-14 81
81
8012 8112 0815 83
8
11012 1104 0110 1103 1103 1103 *110 110. 1103 1104 1104 1103
4
8
8
18
8
4
838 83
8
812 87
8
83
8 85
8
812 834
854 914
83
4 914
83
8
8 858
8
*77
8 814
77
8 778
818 818
8
8
*396 420 *401 415
412 412
401 401 *401 410 '401 410
3614 3614 364 365
8 3618 3612 3618 3614 3614 3654 3
8
614 367
1314 1358 1314 1312 13
133
8 1314 14
133
4 13
1313 1414
62
6112 6112 *61
*60
62
06112 62
62
06112 62
62
"1612 163
4 16
16
16
1614 154 16
8
4 1612 165
1612 165
27
8 3
3
3
24 3
23
4 27
8
27
8 3
27
8 27
8
*51
513
4 504 5112 51
5214 5012 5112 5113 527
8 52
5314
*318 314
31s 318
34 34
318 314
38 3 4
,
,
34 318
*712 812
8
8
8
8
8
8
818 84 "8,
4 9
8
818
73
4 8
8
818
77
8 8
7 8 85
7
8
814 858
15
8 13
4
112 153
112 15
8
112 158
112
15s
15
8
112
107
8 11,
4
1114 113
4
113
8 117
8
11 2 12 8
,
,
1134 1214
1158 1214
*17
1712 173 173
1712 17
8
8 173 18
8
1812 1812 18
18
049
50 50
.51
04914 5112 "5014 5112 *50
5113 5113 5113
*5
7
0558 7
0512 6
6
6
6
6
'512 6
*218 318 0218 27
8 .25
8 27
8 •23
8 273
23
4 23
4 *27
8 3
2514 253
4 2514 2518 253 2538 25
8
2514 25
273
8 263 2714
8
8713 88
85
85
86
8712 833 85
4
8412 86
8412 85
*124
__ *124
_ __ .124
_ •12A
_ 0124
*124
_
62
63
6112 12 26112 6214 6112 12
62 64
6312 144
314 314
314 33
8
314 314
33
8 3i2
33
8 4
378 418
512 5
4
512 6
53
4 53
4
6
6
6
6
*53
4 6
*13
1312 1318 1318 13
13
123 127
4
2 1212 13
1213 1314
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
-share Lots
On Basle of 100
Lowest
par $ per share
Shares
1,600 Hayes Body Corn
8
2
15 Mar 18
1,800 Hazel-Atlas Glass Co
25 85 Jan 2
400 Helms (0 W)
25 127 Jan 5
Preferred
100 14213 Jan 10
1,500 Hercules Motors
No par 11 Jan 8
2,700 Hercules Powder
No par 71 Mar 12
260
57 cum preferred
100 122 Feb 9
800 Hershey Chocolate
No par 7314 Apr 4
Cony preferred
600
No par 104 Jan 25
5,300 Holland Furnace
No par
53 Mar 15
4
500 Hollander & Sons (A)
65 Mar 29
8
5
200 Homestake Mining
100 338 Feb 5
4,900 Houdaille-Hershey CIA __No par 307 Mar 14
8
Class B
43,900
612 Mar 13
No par
200 Household Finance part pf___50 49 Jan 2
1,400 Houston 011 of Tex tern ctts__100
94 Nfar 15
2.800
Voting trust Mrs new
112 Mar 13
25
10,600 Howe Sound • t o
5 43 Jan 15
1.400 Hudson & Manhattan
100
23 Feb 27
4
Preferred
400
100
612 Nfar 14
16.600 Hudson Motor Car
614 Mar 26
No par
7,300 Hupp Motor Car Corp
10
3 Apr 5
4
16,900 Illinois Central
100
912 Mar 14
800
9% pref series A
100 15 April
100
Leased lines
100 40 Mar 21
110
RR Sec etre series A____1000
414 Mar 30
100 IndIan RefInIng
218 Mar 16
10
13,200 Industrial Rayon
No par 2312May g
3,10 Ingersoll Rand
No par 6012 Mar 13
__
Preferred
100 109 Jan 7
8,200 Inland Steel
No par 464 Mar 22
6,100 Inspiration Cons Copper
212 Feb 27
20
3,400 Insuranshares Ctrs Inc
1
4 Mar 1
8,100 /Interboro RapIdTran•I a _100
83 Mar 15
4
Certificates
No par
'24 318 *212 - .18 *212 34 "212 3
34 *212 318 *212 - .
318
Internat Rye of Cent Amer _ _100
233 Mar 28
*218 3
*214 3
*214 3
02 4 3
*214
3
'214 3
Certificates
'to par
214 Apr 26
,
.97 125
8
8 *93 125
4
8 *93 103
4
4
93
4 93
4 *914 11
4
93
4 93
Preferred
100
50
99e Stay 10
17
8 17
8 *17
8 214
218 218 *2
214
212 212
25
8 258
600 Intercont'l Rubber
112May 1
No par
.434 5
478 .5
5
518
.5
518
5
57
8
53
4 57
8 3,700 Interlake Iron
414 Mar 7
No par
35
8 34
34 3 2
,
312 312
33
8 3
,2
35
8 353
23 Mar 14
4
No par
314 312 1,500 Internat Agricul
.34
367 *35
8
3612 .3512 3614 3512 3512 36
3618 3512 353
Prior preferred
800
4
100 31 Mar 14
178 17812 179 1793 1777 178
4
8
17912 17912 180 18412 18012 182
2,500 lot Business Machlnes___No par 14912 Jan 15
434 43
4
43
4 5s
,
518 512
5
514
I
514 53
352 Mar 12
3
514 512 6,400 Internat Carriers Ltd
2714 283
4 273 2813 275 2814 273 28,
4
8
4
8 28
8
297
8 294 297 16,700 International Cement__ Ito par 227 Mar 15
8
415 417
8
8 4112 42
41
4258 42
8 4213 433 22,600 Internal Harvester
424 4113 435
4
No par 3418 Mar 18
149 149
•146 150
147 149 "147 1485 •147 14858 •147 148
8
1,100
Preferred
100 135 Jan 2
13
4 2
2
218
2
218
178
17
8
14 2
2
2
3,100 lot Hydro-El Sys al A
25
14 Mar 15
*212 25
8
212 23
4 0212 27
8 *23
4 24 *23
4
27
8
500 lot Mercantile Martne___No par
27
8 3
218 Apr 3
2818 2814 2838 29
285 29
8
28
2812 285 2914 285 293 66,600 lot Nickel of Canada__No par 2214 Jan 15
8
8
8
127 127 "125 127 *125 1263 0126 1263 126 127
4
4
500
126 126
Preferred
100 125 Feb 8
__ ____ ___ ____
Internal Paper 7% pref
100
13
4 17
8
2
23
8
214
214 "13
4 2
•13
4 ----1
,100 Inter Pap & Pow el A____No par
14 Nfar 15
*414
1
,
47
8 1
1
.3
4
1
1
1
1
03
4
300
Class B
1
No par
%Mar 13
5
4
3
4
3
4
3
4
3
4
3
4
3
4
1,10C
5
4
Class C
3
4
3
4
3
4
3
8May 7
5
4
No par
83
8
818 914
63
4 77
813 83
8
8
4
811 878 11,700
Preferred
814 84
412 Mar 13
100
22
22
22
22
2113 22
*2112 22
22
2312 2234 233
4 4,600 Int Printing Ink Corp___No par 2112 Jan 15
10318 10318 10313 104
104 104
104 104
105 105
140
105 105
Preferred
100 9812 Jan 2
34
3514 36
3.51, 3512 "345 3512 1,400 International Salt
36
3614 3614 36
36
8
No par 29 Jan 21
46
46
46
46
46
4612 47
4618 46[4 4614 463 47
8
2,700 International Shoe
No par 4214 Mar 19
•1912 231 1 "19
22 '1712 22
*18
22
*1914 22
20
20
100 International Silver
100 17 Mar 19
*6712 693 *674 69,2 "6712 693
8
69 69
6712 68
4 68 68
100
7% preferred
100 6012 Mar 21
8
818
73
4 8
7 8 74
5
75
8 73
8
73
918 77.100 Inter Teton & Teleg
4 818
4
No par
553 Mar 13
"912 97
8
912 93
4
93
4 934 *913 93
4 *95
8 93
4
1,300 Interstate Dept Stores
93 1014
4
No par
878May 8
"71
81
"71
81
.71
81
"73
81
"7512 8012 "75 2 8018
Preferred
,
100 71 Slay 9
85
8 858 *8
914 *8
9
0
814 9
9
95
8
912 95
8 1,400 Intertype Corp
No par
618 Mar 13
*2812 2914 2914 2914 .2878 2912 287 287
8
8 287 287
8
8 2914 2913
700 Island Creek Coal
851ay 15
I 287
*116 119 .116 119 *116 119 "116 119
10
116 116 *116 117
Preferred
1 110 Jan 22
*55
5531 553 56
4
*553 5638 5618 5618 564 564 57
8
500 Jewel Tea Inc
No par 49 Mar 13
57
50
503
4 4914 504 4912 5018 49
4934 4912 5158 503 5158 21,200 Johns-Manville
4
No par 3812 Mar 13
124 125 .121 12412 *123 124 *123 124 *123 124 *121 124
150
Preferred
100 11712 Mar 15
*13314 175 *13314 175 *13314 175 *13314 175 *13314 175 *13314 175
Jollet dr Chia RR Co 7% gtd.100 130 Feb 19
56
56
57
4 61
5934 613
57
611_
57
59
1,280 Jones & Laugh Steel pret_100 50 Apr 4
6058
57
•1173 _ _•118
8
__ .118 _ __ "118
*118
Kansas City P & L pt ser BNe par 11514 Mar 20
_
_ -- '118
__
*518 - 4
535 4 _- ,
,
54
54 ,
012
55 .- _8 53
4
53
4 54 -618 2,300 Kansas City Southern
6
33 Mar 13
4
100
"812 912
812 87
8 *813 93
9
1,100
812 918
5
Preferred
9
94
9
658 Mar 12
100
1118 1114
11
11
113 1112 *1118 1114
113 115
8
8
8 113 1218 3,000 Kaufmann Dept Stores $12_50
4
712 Feb 6
19, 1912 194 197
2
8 194 1914 193 197
8 1912 1912 1912 195
4
8 2.000 Kayser (J) & Co
4
5 153 Jan 17
.35
49
*35
49
*35
49
*35
49
49
49
.45
100 Kelth-Albee-Orpheum pret__100 34 Mar 7
60
*58
34
12
5
8
13
8
114
3
112
8
118
13
8
14 43,900 Melly-Springtleld,Tire
1 14
5
4 Apr 4
*75
8 8
77
8 814
9
14
1318 133
4
1212 1318 13,000
1314 14
6% preferred
6 Apr 4
No par
•1312 1514
1312 1414 5133 14
4
1314 1312 1312 1312 1312 1312
600 Kelsey Hayes Wheel conv.cIA__1
6 Jan 25
12
12
1212 1212 •12
123
8 123 123
8 1214 1214 11
8
1218
Class B
900
1
314 Mar 1
15
145 15
8
15
143 147
1418
8
1418 145
8 1414 15
8 14
24,600 Kelvinator Corn
No par
14 May 15
*90
92
90 90
*90
92
92 .9112 943
92
*904 92
20 Kendall Co pt pt set A
4
No par 84 Mar 21
19
193
8 1914 1912 1913 194 1914 193
8
4 197 207
8 203 21
8
86,500 Kennecott Copper
No par
133 Mar 13
4
13
13 '13
133
4 133 133 '1212 1412 143 143
4
4
4
4
144 1,5
500 Klmberly-Clark
No par
10 Mar 5
*314 418 '3 3 412 .34 41. .312 412
,
412 47
412 412
8
400 Kinney Co
3 Mar 19
No par
3012 3012 2812 2813 2812 281; 2838 2838 '2812 3014 294 2918
110
Preferred
No par 23 Mar 29
217 22
8
217 22
8
2158 22
217 223
8
215 22
8
8 2218 223 14,600 Kresge (831 Co
8
10 194 Mar 13
•10614 10612 10612 106(2 108 109
109 109
109 109
10812 101)
190
7% preferred_..
100 10312 Apr 26
*2
4
'2
4
*2
4
33
4
*112 33
4 '2
Kresge Dept Stores
33
4 *214
No par
3 Mar 18
*56
6712 •5
6
6712 *56
6713 "60
6713
6712 *61
6712 "61
Preferred
100 42 Jan 11
8
647
8 647 647 *623 65
.61
8
8
*61
65 '63
65
*634 65
100 Kress (S II) & Co
No par 5612 Apr 5
233 2412 233 24
4
4
235 2378
8
2278 233
4 2214 23
2314 12,900 Kroger Oroc & Bak
23
No par 2214May 16
2158 *1814 22 .18
*19
22
1812 185 •1713 19
17
8
1712
70 Laclede Gas Lt Co St Louis _100 12 Mar 22
*285 303
8
.2914 44
4 2913 30
30
30
30
30
293 30
4
220
5. preferred
,
100 194 Mar 27
2612 2612 2618 2638 26
2614 26
2614 26, 26,
4
4 2614 26'z 2,700 Lambert Co (The)
No par 24 Apr 5
518 5 8
,
5
5
518 518 *518 6
*514 6
518 53
8
400 Lane Bryant
5 May 13
No par
97 103
8
'10
1058
8 1014 1014 *10
8 1118 113
1012 1014 113
8 5.600 Lee Rubber & Tire
84 Mar 14
5
8
143 147 •1418 15
4
"14
15
*14
15
1412 15
15(8 1Slj
900 Lehigh Portland Cement
50 104 Mar 14
4
*99 10014 983 91) "985 10014 •9858 100, "9853 100
8
0985 100l4
4
8
20
7% preferred
100 893 Jan 3
4
758 712
7
7 14
Pa
738
738 758
7
54
Vs
712 758 2,300 Lehigh Valley RR
5 Mar 13
• 5
15
8
14 '113 14
13
4 1 4 "15
4
178
,
112 15
8
8
13
2
1,100 Lehigh Valley Coal
112 Mar 13
No par
612 613
6
64
612 73
754 3,500
4
712 731
7 2 758
,
50
51253ay 1
735
Preferred
774 774 7718 777
8 7714 777
8 775 773
8
4 78
7918 784 787
7.700Lehman Corp (The)
No pa
6713 Mar 28
4
4 153 153 /1518 1512 15
1512 153
4
15
1514
15
1518 151
2,400 Letin & Fink Prod Co
6 1412 Mar 21
2612 2612 26
2612 2614 2612 253 2612 2618 2718 2612 275 12,700 Libby Owens Ford Glas5
8
8
No par 2112 Mar 30
2212 227
8 2212 2212 22
223
8 217 217
8
8 214 217
8 2214 223
4 2,600 Life Savers Corp
6 21 Mar 14
1074 10812 109 109 .108 109
10812 109
10812 10813 10813 10812 2,400 Liggett & Myers Tobacco-__26 9414 Apr 5
8
109 1097 109 109 4 x108 10813 108 109
,
1073 10918 108 109
4
8,200
Series B
26 9334 Apr 4
16714 16714 1674 16714 .16612 16713 1671 16714 *166 16714
"16714 170
:
400
Preferred
100 15112 Jan 30
•1714 18 .174 1818 174 1712 17
175
8 1734 1734
1734 177
8
1,600 Lily Tillp Cup Corp____No par 167 Mar 13
8
•1612 1758 "1612 1712 18
18
*1812 1914
1914 1914
19
1914
400 Lima Locomot Works____No par
1312 Mar 14
2314 2312 233 2312 2312 2312 2338 2312 2378 24
8
237 24
8
2,400 Link Belt Co
No par
1713 Mar 13
293 307
8
8 303 317
4
8 31
3112 307 3114 305 314 295 3012 11,400 Llnuld Carbonic
8
8
8
No par 2412 Mar 13
3914 30,
3 387 39,
8
3958 4014 393 4012 397 403 35,600 Loew4 Incorporated
4 3914 40
4
8
8
No par 3114 Feb 7
.10618 10612 *10614 10612 10612 10612 10612 10612 *10614 10612 10612 10612
300
Preferred
No par 102 Feb 1
118
14 '118
114
114
114 '118
114
114
114
14
114
1,400 Loft Incorporated
No par
1 Mar 15
13
4
IN
*15
8
13
4
*15
8
13
4 '112 13
4
113 IN "112
13
4
500 Long Bell Lumber A_No par
114 Mar 12
343 313
4
4 344 3112 34
3412 34
3413 3412 343
3412 34
4 2,100 Loose-Wiles Biscuit
25 33 Apr 25
•12713 129 .1263 129
4
127 12714 *12634 12812 1263 1263 .1263 12812
4
4
4
130
7% 1st preferred
100 126 Jan 30
214 2112 2114 2112 214 2138 2118 2114 214 2112 194 214 14.600 Lorillard (P) Co
10 18'2 Mar 26
138 133 '134 139 *136 139
•134 139
138 139
139 139
190
7% preferred
100 124 Apr 5
'118 14
14
118 01
118 *I
118 .1
14
7
8
1 18
700 Louisiana 011
No par
oe Mar 13
1112 1112 .104 12
*10
*1014 11
11
11
11
70
Preferred
9
4 94
100
714 Mar 15
17
164 17
1714
167 17
8
1612 163
17
4 17
17
17
2,500 Louisville Gas & El A___No par 103 Mar 18
8
39
39
39
3958 393 40
4
393 4012 41
4113 4012 411. 3,200 Louisville &Nashville
8
100 34 Mar 29
161 1612 1614 1614 016
8
1614 1614
163
8 1612 1634
163 1638
4
1.700 Ludlum Steel
1
123 Mar 26
4
0105 109 *106 109
10712 10712 '10614 109
108 109 .105 110
300
Cony preferred
No par 904 Jan 4
*43
44
*43
4312 4312 4312 *4312 44
4312 4312 434 4312 1,000 MacAndrews & Forbes
10 40 Jan 24
"12612 ____ '12612 ____ 130 130 *128 130 *128 130
130 130
6,-, preferred
20
100 113 Feb 8
100
11
,
For too notes see page 3342.
3347]
Hiehest
July!
1933 to Range for
Apr 30 Year 1934
1935
11198
Low Low
•
$ Per share $ perch
312 Jan 2
15
8
9912Nlay 11
65
94
140 May 16
155 Apr 16 120
514
1912 Apr 25
40
80 May ii
128 May 3 10418
44
813 Jan 19
4
11412 Apr 16
80
4
914 Jan 7
618
11 Jan 2
412 May 14 200
4014 Apr 17 8 7
147 Apr 22
8
212
62 May 17
43
94
173 Jan 2
4
33 Jan 4
3
112
56 Apr 26
20
512 Jan 21
23
4
1312 Jan 21
612
123 Jan 7 31 6
4
2
37 Jan 7
3
4
958
1714 Jan 7
2334 Jan 4
15
574 Jan 10
40
10 Jan 4
4,
4
23
4May 10
218
33 Jan 7 34 134
45
88 May 13
127 May 9 105
6412'May 17
26
418May 17
213
2
6 May 13
154 Feb 19
54
5
43 Jan 25
8
2
5 Jan 3
214
65
8
1812 Jan 10
3 Jan 7
15
8
4
7 Jan 7
5 Jan 2
112
423 Jan 25
4
10
18412May 16 1254
35
65 Jan 8
8
8
183
33 Jan 7
8
2314
437 Jan 2
2
152 May 9 110
274 Jan 9
114
3 18 Feb 20
2
2938May 17 31 145
8
13012Mar 14 101
814
3 Jan 8
14
5
8
13 Jan 7
8
12
14 Jan 19
12 Jan 7
412
2412 Mar 1
9
105 Apr 29
65
3614May 14
20
47 Slay 16
38
17
28 Jan 4
40
75 Jan 3
97 Jan 10
s
553
1234 Jan 7
23
4
847 Jan 7
2
1614
958May 16
43
4
38 Jan 8
203
4
85
12012 Apr 9
57 Jan 7
26
573 Jan 7
8
3612
125 Jan 4
87
130 Feb 19 115
73 Jan 23
45
118 Apr 15
977
8
Vi Jan 7
32
4
1012 Apr 2
65
8
1218May 17
614
12
20385lay 1
41 May 16
15
23 Jan 17
8
32
14 May 14
5
15 May f3
212
1338May 10
112
1814 Jan 9" 64
95 Jan 29
55
21 Slay 17
133
4
15 May 17
93
8
5313 Jan 3
214
38 Jan 23
12
22451ay 16
1014
9914
113 Apr 9
4 Jan 17
2
65 Mar 9
12
273
8912 Jan 7
4
283 Jan 2
4
19
21 Jan 12
12
31 Jan 24
1914
2812 Jan 8
193
8
9 Jan 3
418
124 Jan 7
518
1758 Jan 7
9
73
100 Apr 27
5
1112 Jan 7
112
24 Jan 4
4
1212 Jan 23
7918May 16
584
1112
174 Jan 25
21
323 Jan 2
4
155
2413 Apr 22
8
101 May 13
714
8May 11
7314
1097
16712May 4 123
194 Apr 25
1414
1312
2412 Jan 5
1112
24 slay le
3178May 13
1618
4012May le
1912
68
10812 Apr 5
1
13 Jan 2
4
1
212 Feb 14
3614 Feb 20
33
130 Arr 16 116
2112May II
1434
139 Apr 25
9812
34
14 Jan 7
1412 Jan 8
6
17145lay 13
1018
4712 Jan 7
34
184 Jan 8
712
10/ Slay le
50
48 Feb 19
21
130 May 13
875
8
2013
3 147 "a"
14
64
74
967
8
101
145
12312 153
614 12,8
59
814
III
12654
4812 734
83
10518
43
4 104
54 13
310 /43012
11
34
24
84
43
64
1212 294
212
553
354 5714
4
1218
9
2614
2414
6l,
17
8
135
8
21
488
4
712
24
193
8
4912
105
3414
24
24
512
812
2
212
753
24
4
2
15
131
44
183
8
234
110
218
2
21
1153
4
10
2
7
8
5
8
812
714
$87
8
50
66
24,
4
43
4
3214
734
1163
4
56
67
2
43
8
1712
1212
7
63
3
223
4
57
8
1114
613
3714
164
1218
374
467
8
137
918
6
29,
4
130
25
613
312
23
4
247
8
9
2512
66
106
21
32
38
504
19
45$4
59
84,2
712 1784
312 163
8
2152 8112
55
8 10
243
4 38
90
1101 ,
,
33
5712
39
664
101
121
135
140
45
77
977 11412
8
65
8 193
4
10,4 27 2
,
6
1058
1374 1812
20
3712
1
44
5
20
3
10
23
8
712
114 21,
4
8518 94
16
2318
97
8 1814
3
74
1312 41
133
3 2214
101 x114
212
74
19
55
36
6512
2314 3353
20
6312
27
60
2214 3183
5
14 4
,
1412
7
11
20
73 5
3 90
94 2114
212
5
5
163
8
6414 78
1112 23,2
224 437
8
1718 24
73
110
744 111 14
129
152,3
16
2612
1514 36 4
,
1112 194
164 354
2 37
207
72
105
112
3
1
3
3314 1448
4
1193 1284
4
153
4 2212
102 z130
3
4
33
3
714
2312
12
21
373
4 62,2
84 191 2
60
97
30
424
95
111 14
2018
33
New York Stock Record-Continued-Page 6
3348
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
May 11
Monday
May 13
Tuesday
May 14
Wednesday . Thursday
May 15
May 16
Friday
May 17
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
May 18 1935
July 1
1933 to Range for
Apr 30 Year 1934
1935 ----Low Low
Highest
IIlob
----$ per share $ perch $ per share
281 Jan 8
/
4
203
4
411
22
/
4
441 Jan 2
/
4
3012
3514 6288
212
712 Apr 26
24
/
1
7
31 May 17
1214
154 12314
/
1
2 Jan 4
7
8
11
/
4
412
7
/ 333*
1
4
197 Jan 23
8
4
7
2
/
1
4
384
214May 14
1
858May 14
11
/
4
914
3
5 8 Jan 19
7
3
812
3612 Feb20
20
41
14
22 Feb 1
103
4
10 4 291
,
/
4
143
1012 204
8May 16
10
/
1
2 May 13
118
33
8
1
512 Jan 14
418
41
/
4
51
8
5
/
1
4
0
61 Jan 24
/
4
5
12
11 Jan 8
/
4
12
23
8
5 Jan 8
2
2
8,4
7 Jan 28
3
3
12,
4
214 Jan 8
414
7
2
1
12
2559 Jan 23
17
32
111 Jan 3
/
4
6
/
1
4
8
/ 194
1
4
/
1
94 Jan 7
/
1
214
4
121
/
4
32 Jan 8
2312
231 401
/
4
/
4
150 Apr 1 10512 110
136
44 Jan 22
454
/
1
23
30
712May 15
314
41
/
4
83*
43 Mar 22
8
/
1
4
10
36
8
4212 Mar 22
9
32 4
,
97 May 10
49
921
/
4
27
334May 16
/
1
24
32
22
13 Jan 3
112 1212
3
4
121 Jan 3
11
/
4
/
4
114
121
/
4
78 May 4
/
1
4
312
5 2 63
,
87 Apr 23
4
8
4
1012
2859
451 Mar 4
/
3812 5012
4
110 May 11
6714
79
9518
8 Jan 2
/
1
4
311
414
959
45 Mar 4
,
114 42 4
/
1
912
15 Jan 3
/
1
4
1718
1
84
9112May 17
6
912 9259
47 May 17
1712
26
42
3
5 Jan 22
/
1
4
312 11
3812 Jan 23
203
4
24
52
27 May 8 6 22
2512 332
4
32 Mar 5 81 83
4 x2012 25
/
1
4
2814
18
2814 Jan 3
21
43
8Nlay 17
212
27
8
612
al, 1424
018
133
45fay 17
137 Jan 8
2
612 211
/
4
612
94 May 9
44
44
8559
'201
/
4
9014May 17
36
65
110 Mar 14 , 68
87
107
5 Jan 2
14
112
172
51
/
4
42 Apr 22
15
151 41
/
4
/ Jan 7
1
4
/
1
4
14
11
/
4
158MaY 6
Ws
1
4
as
2 Jan 21
1
1
14
51
/
4
3 Jan 14
11
/
4
112
712
147
8May 16
1013
614 Jan 7
258
438
14
- -72
14)2 Jan 7
12
3418
6
3 Jan 4
1 14
112
6
4 Jan 7
93*
212
1,
2
1812 Jan 3
1034
121 221
/
4
/
4
77 May 6 ,11 24
611
/
4
39
3013 Jan 7
1514
20
35
/
1
4
68 Feb 25
341
/
4
37
6314
65 Apr 26
71
58
553
4
1 18Nlay I
3
2
112
14
12
159
6
28% Apr 22
1584
151 4484
/
4
111 Jan 7
/
4
614
61 1612
/
4
1212 Jan 22
3
/
1
4
514
151
/
4
61 12May 13
10
1218 48
154 Jan 24
/
1
25,
4
10
13
94 Apr 22
/
1
359
3
/ 1132
1
4
3112May 17
33
1312
14
1912 Jan 7
11
124 3214
/
1
2712 Jan 8
/
1
14
194 26
714 Jan 7
87
2
3
31
/
4
8 Apr 25
/
1
4
514
514
1359
3014 Jan 7
2214
2572 4959
151 May 3 12912 131
14812
184 Jan 3
/
1
/
1
12
234
12
1718 Feb 9
111
/
4
13
1814
/
1
4
1
41 Jan 17
/
4
37
2
343 Feb 16
4
3
2818
5
2914 Jan 3
/
4
16
311
16
29 Feb 18
10
Ms 3272
172 Slay 15
17(1
8714 135
16113 may 16 122
122
146,
s
136 Apr 5
991 10012 121,2
/
4
9 Apr 21
41
/
4
659 15,2
'J3
1 Jan 10
34
3
8
14
12 Jan 2
1
2
1
5012 Jan 9
33
341 5859
/
4
101 May 16
/
4
21,8
9
10
33
(1912May 15
3312 60
1138 Jan 4
2814
9
18 4
,
283 Feb 14
8
4
612 3014
15
5312May 16
31
4972
117 May 7
112
100
80
6 Feb 27
6
25
4
8 Jan 3
41
/
4
512
13
2814 Jan 4
1112 283
4
11 12
2114 Jan 7
1214
188
2 45'4
13 Jan 4
261
/
4
6
9
25 Jan 7
4359
16
97
8
313 Jan 22
2
8
884
25
20
8 Jan 11
5
4
124125114y 3 101
108
139
120
11414 Mar 14 112
112
Ranee Smcs Jan. 1
-shard Lots
On Basis of 100
Lowest
5 per share 3 per share $ per sha(e
per share $ per share 5 per share Shares
Par $ per chars
2159 22
215 2212 213 2l3
8
4
2159 217
211
/
4
8 213 22
,
4
/ 2218 22 8 6,200 Mack Trucks the
1
4
/
1
No par 204 Mar 29
g 353 36
3.112 357
4
/ 3818 3512 361
1
4
361 361 35
/
4
/
4
353 373
4
4 8,200 Macy (R H) Co Ins
No par 3012 Apr 1
7
7
.718 714
789
67a 68
719
Vs 718
67
8 718 1,200 Madison Su Gard v 1 c-No par
5 Jan 2
/
1
4
297 30
8
21178 30
293 30
4
*2038 2078 30
4,900 Magma Copper
307
8 30
31
10 18 2 Jan 16
,
*7
8
1
47
,8
1
119
188
1
400 Mallinson (H R) & Co-No par
1
7
8
7
8
e7
s
4Slay 10
1
3
.8
9
9
9
*8
9
9
9
10
11
230
7% preferred
7 Mar 14
1059 11
100
.118
13
4
11 11
/
4
/
4
/
4
/
4
11 214 *11 21 .11 2
/
4
/
4
17
8
17
8 2,100 2Manati Sugar
/ Feb 6
1
4
100
3
8 2,140
8
*53
4 614
/
1
4
712 83
/
4
61 7
/
4
74 7
'2
Preferred
714 81
100
4 Jan 7
83* 83
*3
37
8 *3
4
*3
4
*3
*314
4
4
*314 4
3 Apr 29
Mandel Bros
No par
*29
32
*29
32
*29
32
*28
50 :Manhattan gy 7% guar___100 29 Apr 23
32
*28
32
31
31
173 173
8
8 1714 1712 1612 17
1614 1612 1612 17
16
1714 4,700
Mod 6% guar
100 1314 Mar 15
14
*13
14
1312 13
/ 14
1
4
*1312 14
14
143 *133 14
8
4
900 Manhattan Shirt
26 10 Mar 28
15
8
2
2
11 11 *11 2
/
4
/
4
/
4
159
.11 2
/
4
*114
2
400 Maracaibo 011 Explor___No par
1 Feb 23
4
43
4 43
453 459
4
4
/ 43
1
4
43
4 43
4
4 1,600 Marancha Corn
5
412 Mar 23
43* 459 *412 43
*5 8 51
3
5
/ 51 2
1
4
/
4
514
5
/ 512
1
4
512
51 512 8,700 Marine Midland Corp
/
4
5
6
/ 512
1
4
514 Apr 1
*1* 1
(
"2
1
Market Street Ry
*12
1
100
12 Jan 31
"2
*12
7
3
3
4
•12
3
4
*1
43
4 *112 43
43
4 *1
4 *1
43
4 *114 43
Preferred
100
24 Jan 2
/
1
4 *1 14
43
4
*43
4 5
.43
4 5
*43
4 5
*43
4 5
*43
4
Prior preferred
5
*459
100
33 Mar 1
4
5
*3
2nd preferred
4 214
100
*3
4 214
1 Mar 15
*3
4 214
*1 21
/
4
*3
4
/
4
13
4
*3
4
13
4
24
233 2414 24
4
*24
2414 24
24
24
24
24 14 2412 1,200 Marna-Rockwell
No par 20 Mar 13
788
71 7
/
4
/
1
4
63 Mar 14
4
73
8
712 818 9,000 Marshall Field & Co
No par
71 71
/
4
/
4
71 73
/
4
8
713 712
7
7
7
*6
*6
7 4 *6
3
7
7
7
7
7
401 Martin-Parry Corp
6 Mar 29
No par
283 291) 283 2914 288 2912 287 293
4
o
4
2 2812 303* 2314 3012 8,700 Mathieson Alkali Works_No par 233 Mar 14
4
*14514 14912 .14514 14912 *14514 14912 *14514 14912 *14712 14912 *14712 14912
Preferred
100 138 Jan 2
4112 413
, 42
43
43
4312 x43
43
43 43 12 42
/ 4312 2,300 May Department Stores
1
4
/
1
10 354 Mar 29
*65
8 61
/
4
6
/ 6
1
4
/
1
4
61 714
79
/
4
513 Jan 30
714 712
No par
4. 00 Maytag Ca.
788
718
712
411 4159 42 42 18 4112 411 *4112 42
/
4
/
4
42
42
4214 42
No par 33 Jan 15
1,100
Preferred
*37
/ 41
1
4
*3712 41
*39
403 *3712 41
4
Preferred ex-warrants No par 3212 Jan 7
41 13 4112 *3712 42
10
*95
96
96
96
96
9612 9612 9612 97
96
97
97
400
Prior preferred
No par 8413 Jan 4
*3012 3112 3114 3112 311 32
/
4
/
1
32
3212 3212 334 3214 33
3,700 McCall Corp
No par 28 Mar14
10
/ 11
1
4
1012 11
11
11
107 11
8
1012 11
1014 1012 9,100 McCrory Stores claesA No par
714 Apr 3
/
4
/
4
4
101 101 103* 101 10
/
4
93 10
1018
9 4 10
Class B
3
/
1
4
812 Apr 3
No par
918 959 2.200
*6518 751 *65
/
4
7518 *6518 75 .71
75
*73
75
*72
7518
Cony preferred
100 5714 Feb 5
838 812 *812 9
818 812 *73
4 87
4 83*
8 •73
4 87
400 McGraw-Hill Pub Co__ _No par
714 Mar 26
8 *73
443
4412 443
4 41
4 44
443
4 434 44
/
1
4312 4438 443 443
8
4 4,900 McIntyre Porcupine MInes____5 364 Jan 15
/
1
1153 116
4
113 114
113 1137 112 11282 113 11414 114 1143
4 2,500 McKeesport Tin Plate___No par 9012 Jan 15
8
63
3 612
*612 6
4
/
1
4
63
2 612
63* 63
612 652 3,300 McKesson & Robbins
63* 614
5
614 Apr 11
3514 - 3514
4 35
36
3512 3512 38
35
3514 353
*3512 36
1,000
Cony prof series A
50 33 May 2
4
1012 1012 1012 115
4
4
812 Apr 1
* 113 1214 113 1212 113 1212 113 1214 15,400 McLellan Stores
2
No par
*75
8712 8712 88
89
/ 8959 *90
1
4
944 *901 9112 9112 9112
/
1
/
4
500
6% cony prat ser A
100 8511 Mar 13
464 464 454 457
/
1
/
1
/
1
8 4684 4614 4612 4612 4613 46% 47
47
1,500 Melville Shoe
No par 41 Jan 2
3
/ 3
1
4
/
1
4
33
4 33
4
3,2 3
1
3 Mar 12
/ *3,
1
4
2 3
3
/ 414 2,800 Mengel CO (The)
1
4
/
1
4
3
/ 31
1
4
/
4
27
27
28
29
23
2714 2714 *27
251 27
300
/
4
/
1
4
100 20 Mar 20
2734 27
7% Preferred
02738 2812 *2714 2812 *2714 2813 *2714 30
*2714 23
March & Min Transp Co_No par 22 Apr 12
*2714 23
:1018 3014 30 30 12 293 30
301 31
/
4
4
2913 2912 23
/ 31
1
4
5,200 Mesta Machine Co
5 2412 Jan 15
8
*273 2712 *273 2712 273* 2738 2714 2714 273 273
8
8
8 273 2712 1,300 Metro-Goldwyn Pict pref_ _27 27 Mar 9
8
/
1
5
212 Mar 13
418 44 5,700 Miaml Copper
32 3
,
31 31
/
4
'2
33
4 414
/
4
3
'2 312
3
'2 31
/
4
1259 13
121 1312 1312 133* 19.600 MId-Continent Petrol
/
4
127 13
8
127 1318
8
12
/ 13
1
4
912 Mar 15
10
8
/
1
*1114 113
1114 111 2,600 Midland Steel Pr>d
/ 1012 113
1
4
/
4
8 1012 1114 101 104 104 10
/
1
No par
/
4
814 Mar 12
89
*89
90
8312 89 89 14 8818 8)
87
/ 90
1
4
12 8912 9112
8% cum let prof
800
100 8018 Mar 6
8(i
88
/
4
853 8759 87
4
/ 881 88 88
1
4
88 3 8914 89
4
/ 9014
1
4
1.400 Minn-Honeywell Regu.__No par 58 Jan 15
*108 110
110 110 *108 110 *108 110 .108 110 .103 10)
20
8% prat series A
100 105 Jan 9
48 4
,
/
1
4
412 45
8
4
/ 459
1
4
43
8 412
412 41 4,400 Mina Moline Pow Imp! __No par
/
4
43* 4
37 Mar 15
/
1
4
8
8
41
*33
4012 404 40 40 14 41
407 *40
/
1
41
401 41
/
4
1,600
Preferred
No par 31 Mar 14
14
*13
14
"8
800 (Minneapolis & St Louis ____100
*1
/
4
*18
14
Is Mar 4
/
1
4
1,
/
1
4
14
14
*11
/ 13,, *118 13
4
3 *1,2
13
2 •11g
13
4 *113 13
4 *112
Minn S1 Paul & SS Marle_100
13
4
3 Apr 24
4
*11 2
/
4
*Iss 2
*11 2
/
4
2
2
*13
4
2
*13* 2
103
1 Mar 6
7% preferred
100
*112 2
11 13
/
4
4 *14 11
/
1
/
4
11 11 *1 12 2
/
4
*112
/
4
2
100
4% lamed line cafe
11 Mar 29
/
4
100
1314 1414 14
8 1512 16%
*123 131, 1318 1314
15,
4
1534 163* 17,500 Mission Corp
103 Apr 9
8
No par
232 27
3
314
3
312 332 3,600 Mo-Kan- l'exas RR
32
,
312 3%
2 Mar 13
/
1
4
No par
313 314
7
7
7
714
71 7
/
4
8May 7
Preferred series A
100
/
1
4
57
712 73*
73
4 3.700
712 74
1
714
13
3
13
3 1%
13*
112 113
.114
112 *114
13*
13
3 1,100 :Missouri Pacific
112
1 14 Mar II
100
2
2
/
4
11 11
/
4
11 11 *11 2
/
4
2
/
4
2 18
/
4
2
Cony preferred
2 18 2,800
100
112 Mar 30
4 15
15
15. 15% 15
12
143 143
4
4 4,500 Mohawk Carpel Mills
1559 1514 1513 1513 153
20 10 Mar 13
14
34 731 7534 74
74
74
7418 7418 7418 7414 7312 73
/
4
7512 3,30C Monsanto Chem Co
10 55 Feb 29
204 27
/
1
/
4
264 261 Ms 243
4 26
/
1
/
4
/
4
2859 2818 2712 251 2712 52,350 Mont Ward & CO Ino..---No par 211 Mar 12
4
8
591 *5712 5918 *5713 5318 *573 5912 5912 5312
*51
/
4
5912 *57
100 Morro! (J) & Co
No par 567 Apr 9
*64
68
*64
68
*64
65
/ "64
1
4
6512 .64
657 *64
8
Morris & Esoes._
6512
50 6112 Apr 18
78
1
1
1
1
1
kl
1
1
1
3
4
3
4
32,900 Mother Lode Coalition ___No par
14 Apr 4
*6
20
20
.6
.6
20
20
*6
*6
23
*6
20
Moto Meter Gauge & Ea
1
3
263 2759 2612 2712 22714 273
4
4 263 271g 27
283* 2712 271s 8,400 Motor Products Corp.
1713 Mar 18
-No par
102
91
/
4
93
8 912
914 9 2
/
1
938 912 x912 94 2,900 Mator Wheel
,
71 Mar 12
/
4
914 914
5
3
3
3
84
9 4 93
4
8 1018 1013 2,700 Mullins Mfg Co__
93 103
4
912 9 4
9
912
7 Mar 13
912 9 4
No par
60
5912 5912 61
59
6114 60
/
1
61
6112 584 60
60
920
Cony preferred
No par 364 Jan 11
/
1
/
1
*14
/
1
143
4 144 1459 *14
1412 *134 144 1412 141 144 15
/
1
/
4
/
1
1,200 MunsIngwear Inc
11 Apr 3
No par
7
/ 81
1
4
814 10,300 Murray Corp of Amer
/
4
73
4 8
/
4
7
/ 7
1
4
1171 81
8
/
4
/
1
4
/
4
10
7
/ 81
1
4
43 Mar 13
4
3514 3614 36
4 373 373
3612 363 373
4
14
4 38
4
3834 3) 3982 1,900 Myers F & E Bros
No par 30 Jan 12
1314
1318 137
8
1312 131 1312 13
13
131 1418 23,900 Nash Motors Co
/
4
131 13
/
4
/
4
No par
12 Apr 27
19
19
*1713 20
*19
81712 20
.1712 197 *1712 20
20
8
30 Nashville Chats & St Louis __100 14 Mar 14
53
4 5
53* 57
/ *54 51
1
4
/
1
6
4
4 6
*57
1
8
1,400 National Aetna
412 Mar 13
572 57
818
8 8
8
77
8 8
/
1
4
8 8 18 2,300 National Aviation Corp.__No par
61 Feb 26
/
4
*714 818 .75* 7
8 2518 2618 23
/
4
/
1
263 27
4
261 264 2512 263* 2518 257
2312 27,700 National Biscuit
10 2214 Apr 1
100 ups Mar 7
.151 151
151 151 *15012 154 *15012 154 21433 143% *1481 153
4
400
4
7% sum prof
1584 143 1559 141 151 1514 151
/
4
15
154 15
4
/
1
1412 15
4 6,000 Nat Casa Regime
/
4
1312 Mar 14
No par
144 1512 1518 1512 17,700 Nat Dairy Prod
1514 144 15
/
1
/
1
113 15
4
144 1518 15
/
1
12 Mar 21
/
1
4
No par
13
4
11 218
/
4
1I Mar 7
13
8
11 11
/
11
4
/
4
11 13
/
4
/
4
11 5,000 :Nat DepartmentStores No par
/
4
4
11 17
/
4
2:3
2312 22
4 22
233
4 23 23 13 1.230
Preferred.
2459 23
2359 2312 231
100 17 Apr 2
24
243* 2413 248 2413 243
4 2114 245* 2412 2514 25
251 30,400 Natl Distil Prod
3
No par 2318May 2
*2212 2512 2512 2512 2512 2512 25
2512 *2318 2512 .2318 2512
500 Nat Enam & Stamping
No par 2312 Mar 18
170 170
*168 173
17014 17014 172 172 *171 173 *170 173
300 National Lead
100 145 Jan 18
100 150 Jan 18
*10014 16212 *160 16112 *160 16112 *18014 16112 16112 16112 *16014 165
100
Preferred A
.131 135 *130 135 *133 135 *134 135
134 134 *134 135
10
Preferred B
100 1211 Jan 26
/
4
814 812
814 812
814 812
818 8%
84 8%
/
1
84 813 8,400 National Pow az Lt
/
1
4 Mar 15
/
1
4
No par
.7,
1
*7
8
I
"8
1
67
1
"8
1
*7
8
1
Nat Rys of Mel 1st 4% 24_100
/ Apr 10
1
4
*38
14 Mar 19
"8
2d preferred
12
*3
8
I.?
'2
*3
8
12
*as
82
*3
5
12
100
493
4912 5012 491.2 5018 49
4 493 50
4
4914 5088 4912 5038 14,900 National Steel Corp
8
25 403 Mar 13
/
4
1518 153* 14
4
153 161 153 153
4 4,600 National SUODIY of Del
4
/
4
/
1
/ 144 1514 151 157 1614
1
4
8
9 Mar 13
25
.6212 63
68
6912 683 683
/ 62
1
4
4
2,580
/ 623
1
4
4 67 67
4 6459 68
Preferred
100 36 Mar 20
14 914
14
*918 912
918 918
3,400 National Tea Co
93 10
4
No par .2814 Mar 13
914 4
9
/ 1018
1
4
9
3
/
4
4
2512 2512 *2514 2612 *2512 261 *2512 263* 25 4 253 .2512 267
8
200 Nelmner Brat
No par 22 Mar 12
53
5312 53 53
2
527 53
*503 5273 *503 53
2
528 527
1,300 Newberry Co (J J)
No par 4312 Jan 2
113 113
*11214 116 *11214 116 *11214 116 211524 1151 11214 113
4
100
7% preferred
100 109 Jan 25
/
1
*34 7
/
1
*313 7
*35
8 7
*34 7
/
1
7
.34 7
:New Orleans Texan & Mex__100
*33*
4 April
612 612
6
612 614
6 18
6
814 612
614
614
659 1,900 Newport Industries
41 Mar 12
/
4
1
2038 204 21
4 2153 21% *20
3
2114 2112 213 213
2112 1,100 N Y Air Brake
/
1
21
1811 Mar 12
No par
161 1673 167 173
/
4
2 1632 1712 171 17
2
/ 163* 1712 53,600 New York Central
1
4
3 16% 173
/
4
1214 Mar 12
No par
*734 8
834
81 812
/
4
814 814
4
8
7
/ 8
1
4
73
1,400 N Y Chic & St Louis Co
4 73
6 Mar 12
100
1514 1513 153
15
*123 131 13
4
4
/
4
/ 144 143 15
1
4
4
/
1
143 153
4
4 4.100
2
Preferred series A
97 Mar 12
100
33* *114 358 *1,4
New York Dock
33s '1,
2 Mar 14
/ *114
'114 3 2 *114 3
1
4
4
,
31
100
2
57
200
*512 659 *412 784 .412 784 *53* 5
Preferred
/
1
4
100
5
/ 5
1
4
4 Mar 29
/ *51/4
1
4
4
121 121 *121 1227
.118 1243 *118 126 .11.73 125 *11812 124
4
50 N Y & Harlem
*
50 112 Mar 11
*120 130 .120 130 *120 130 *120 130 *120 130 *120 130
Preferred
50 11414 Mar 14
200 IN Y Investors Inc
NO Oar
12
12
"8
3
3 Jan 31
8
"8
8
'2
*1
"8
/
4
'2
"8
'2
3
8
1 Jan 3
2
*99 ____ .99 ____ *99 _ _ _ *99
*99 100
N Y Lackawanna & Weatern_100
____ *99 100
i478 5
41
4 5
43
4 5
5
5 12
5
84 Jan 4
/
1
514
2 Feb 26
/
1
4
100
43
4
512 5,800 N Y N II & Hartford
83
4 83
4
/ 9
1
4
83
4 8
/
1
4
8
3,600
81 9
/
4
913 912
812 9
Con. preferred
/
4
6 Feb 26 141 Jan 7
100
358
500 NY 0Hari° dk Western
8 *314
6 Jan 19
/ '314 334 *312 37
1
4
31 382 .1359 3
/
4
3 8 33
,
8
100 *23g Mar 15
200 NY Railways pref _ __ ._No par
I Jan 9
*1
/
4
Is mar 20
12
12
*14
12
*14
12
5
8
*3
8
12
5
8
*14
83* 9
83
4 83
4
812 83
1618 Jan 7
/
4
4
618 Mar 14
83
4 9
/
1
4
9
/ 101 1018 101 6,100 NY Shiphidg Corp part stk____1
1
4
/
4
*7214 76
7% preferred
72 72 13 *7233 76
70
70
50
*7214 76
*73
74
100 70 Apr 18 87 Jan 7
743
4 7312 74
743
260 N '(Steam $6 prat
7312 7312 '74
4 7382 74
7312 7312 73
No par 70 Apr 1 85 Jan 2
92
95 .90
93
9012 901 9018 *8818 8812
90 90
/
4
81
90
$7 let preferred
No par 91) Feb 2 97 Jan 22
/
4
4
/ 391 4018 393 40
1
4
/
4
3912 397
393 39
4
4014 4012 411 14,400 Noranda Mines Ltd
3 40
4
No par 303 Jan 15 41 18May 17
*7
8
•7
1
2
1
.87
8
1
1
.
3
4
300 :Norfolk Southern
/ Mar 25
1
4
1
1
100
13 Jan 17
8
*1
/ 1
4
16912 13912 1701 171
168 170
*166 168
171 17112 17112 172
2.100 Norfolk & Western
/
4
100 158 Mar 13 1743 Jan 22
8
105 105 *1054 106 *1054 106 *1055* 106 *1051 103
*105 106
/
1
30
/
1
Adjust 4% pref
/
4
/
1
100 99 Jan 10 1054 Apr 24
1412 143
8
4 1418 147
8 131 1418 133 1418
/
4
131 1412 137 14'z 41,000 North American Co
/
4
9 Star 13 1582 Apr 21
4
No par
4914 4914 4812 483
8 4814 4812 47
2.600
43
/ 47
1
4
4712 48
/ 48
1
4
Preferred.
50 3512 Mar 15 4914May 10
3
3
312
3
3
3
3 12
3
3
3 1
3
8,700 North Amer Aviation
31g
4 Jan 23
2 Mar 13
1
8212 83
83
28212 8212 *81
83
1,500 No Amer Edison pref____No par
7914 8012
81 14
8212 81
57 Jan 3 83 May 11
*714
9
*63
4 9
*714 812 *7
*7
North German Lloyd
9
8
912 Apr 22 1018 Apr 26
*73
8 8
*921 ____ *9312 ____ *9312 9412 9312 9312 9312 9313
/
4
201 Northern Central
97
*93
50 8612 Star 29 94 Jan 26
For footnotes see page 3312.
Is
7812
278
6
24
/
1
/
1
4
618
69,
2
70
83
25
/
1
4
138
77
9
31
2
39
718
71
as
1,
4
98
83
24%
11
1082 371
/
4
412
111
/
4
/
1
4
114
9:2 2272
72
8914
73
99,2
90
1091
/
4
301 457
/
4
2
41
/
4
11
/
4
187
161
1003*
82
101 2559
/
4
45
34
24
/
1
834
ell 74,3
71
, 16
9259
81
Volume 140
New York Stock Record-Continued--Page 7
3349
Juip 1
1933 to Range for
Range Since Ian. 1
STOCKS
Sales
-PER SHARE. NOT PR CENT
HIGH AND LOW SALE PRICES
Oa Batts of 100-share Lots Apr 30 Year 1934
for
NEW YORK STOCK
1935
Friday
EXCHANGE
the
Monday
Wednesday Thursday
Saturday
Tuesday
High
Lowest
Hipbut
Week
May 17
May 15
May 18
Low Low
May 13
May 14
May 11
$ per share $ Der eb $ per share
Par
Per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares
1412 3814
1318
187 18
100 134. Mar 28 2172 Jan 7
1712 1838 1718 183o 36,500 Northern Pacific
173
18
163
4 183 1714 17
4
33
43
7
50 35 3 Jan 18 3812 Jan 3 38
8
160 Northwestern Telegraph
4
4
4
4
378 373
363 3634 383 383 *3612 3634 383 38% 363 37
4
114
15
3
412
114 Apr 6
214 Jan 4
112 112 *11 15
/
4
200 Norwalk 'tire & Rubber --No par
5 112 *138 112
112 112 *114 112 *13
29
4014
Preferred
50 x20 Mar 20 3212 Jan 3 20
60
27
/
1
*2212 243
4 234 2312 *2212 2478 *2258 2478 2412 2434 *25
9 mar 18 1418May 17
/
1
4
84
/
1
813 15 8
7
No par
1314 1318 1338 1338 1378 1358 1418 93,500 Ohio Oil Co
8
1214 1212 125 1318 13
2
7
1%
4% Jan 2
1% Mar 30
No par
2 • 238
218 238 12,900 Oliver Farm Equip
218
2
2
2
2 14
2
218 218
9
9
27%
No par 1558 Mar 15 26% Jan 2
Preferred A
2114 2078 2118 2114 2214 2112 2178 2,800
2014 2014 2118 2114 21
512 Feb 16
6%
3%
3%
3 4 Apr 4
3
4
4
334 4
1,600 Omnibus CorD(The)vto No par
*33
4 4
4 4
*33
4 4
4 *33
33
4 33
70
95
70
100 75 Jan 18 77 Feb 20
Preferred A
82
*7212 82 •76 82 *78
*7212 82 *7212 82
*7212 82
4
5% 14%
43
7% Feb 19
434 Apr 3
Oppenbeim Coll & Co_.
--No par
*614 612
*51 612 "512 612 *512 612 •612 612 *512 6
/
4
1118
1212 193
8
No par 1118 Apr 4 1812May 17
1714 167 1712 1634 1718 1678 1712 1718 1812 35,700 Otis Elevator
8
1638 163
4 16
92
92
108
100 108 Jan 7 12112May 8
40
Preferred
*12114 12112 12114 12114 *12138 12112 12138 12138 *120 12112 *120 12112
3
8
3%
7 Jan 21
/
1
4
4 Mar 14
/
1
4
No par
53
4 614
618 614 6,800 Otis Steel
014
6
6 14
57
8 6
618 614
6
7
/
1
4
9
25
100 223 Jan 18 48 Jan 21
4
Prior preferred
421 *39
/
4
42
4212 4358 43 4414 1,500
425 4258 •39
8
*4114 43
47
30
10 Outlet Co
No 1oo 38 Mar 12 45 Jan 8 28
par
44
*43
43 43
*1114 4314 *4114 4314 *4114 4314 *4114 43
1144
/
1
97
114 Mar 23 11412 Mar 23 97
/
1
4
Preferred
.11412 ____ *11413 --__ *11412 6i _ *11412 ---- *11413 ---- *11412 ____ ...._.
94
80
25 80 Mar 12 93 Apr 23 60
8 2,300 Owens-Illinois Glass CO
9118 92
904 904 91
9112 9112 915
90 4 ,
92 92
1
113
2 Jan 7
/
1
4
1 Mar 28
*130 2
10
150 Pacific Coast
15
8 15
8 *114 2
2
2
*112 214
•1
2
/
1
4
3
/ 1114
1
4
3
8 Mar 30
lstpreferred
No par
33 Jan 2
4
88 *514 67
8 *512 678 *512 7
6% *5
*458 6% *5
1
812
2
4 Jan 7
I Mar 27
No par
2d preferred
258 258
200
258 258
3
212 2 2
,
3
*23
4 3
*214 33
4
1233
125k 234
/
1
/
4May 10
26 13% Mar 8 191
19
1938 1914 1934 1958 197
4
8 5,600 Pacific Oae & Electrio
1914 19 4 183 1938 1858 19
,
2034 37
19
No par 19 Mar 18 3012May 10
2918 2912 2814 2914 2818 2812 2814 29
29
2912 8,200 Pacific Ltg Corp
30 30
1258
19
34
1258 Mar 29 21 Jan 2
No Par
2,100 Pacific Mills
13
1318 13
13
13
1314 1318 14
13
13
13
8513
89
100 70 Jan 2 95 May 17 27 6812
630 Pacific Telep & Teleg
94
9313 94
94
95
9014 9112 9112 9112 9112 9112 92
118
9914 103
100 11112 Jan 14 12712May 6
20
131 preferred
7
127 127 *12712 128 *12812 138 *130 138 *130 138 *130 138
9%
512
913 Apr 16 2 5
7 Jan 24
/
4
814 8 11
7
83
9
91 2,900 Pao Western 011 Corp--No par
8% 9
*812 9
4 834
82 9
3
23
853
4
5 Jan 7 11 258
/
1
4
37
37
No par
312 Mar 13
4
41g 414 59,800 Packard Motor Car
4
37
8 4
38 4
38 414
10% 12
/
1
4
3
10 4 Jan 9 1138Mar 8
3
5
700 Pan-Amer Petr & Trans
1114 1114 *1114 1212 *1114 1212 *1114 1230 *1114 1230 1114 1114
1214
17
3512
4
1112 1112 *10
1 1112May 14 173 Jan 11
1212
100 Park-Tilford Inc
121 *10
1212 *10
*1014 13 *1014 12
/
1
4
13
2
158 Feb 18
*7
8
4.3
4 1
3 Apr 18
4
1
118 2,000 Parmelee Transporta'n--No Par
1
1
3
4
*7
8 1
84
212
5
8
1% Jan 7
*7
8 118
38 Feb 27
*7
8
*7
8 11
7
8 1
600 Panhandle Prod & Ref-No Par
113 114 *1
114
2112
612
7
612 Mar 12 12 Jan 7
100
90 8% cony preferred
11
12
10
10
11
*858 11
*912 1034 *10
103 11
4
57
a
1%
14 333
1%
414 Jan 26
34 358
313 338
214 Mar 27
:Paramount Pub= ells
10
3
314 18,700
3
314 33
s
3 8 312
3
2
212
87
8
Apr 26
47
214 Mar 21
1
478 518
5
514
518 53
47
8 513
51
/
4
8
518 532 26,800 Park Utah CM
18
414
/
1
4mar 8
12
14 Jan 2
/
1
3
4
7
8
34
78 12,900 Pathe Exchange
No par
lg
3
4
*52
3
8
5
2
3
4
5
2
"a
43
104 243
/
1
4
/
1
4
814May 2 17 Jan 2
Preferred class A
No par
10
107
1058 1034 1013 1012 4,800
812 9
93 1014 1038 11
84
/
1
912 2112
814 Feb 28 1338May 16
8
8
133 14,000 Patina Mines & EnterDr ....No Par
8
4 1212 1213 127s 1338 13
113 1318 125 1318 1212 123
1
4%
1
1% Jan 4
1 May 14
*118 13
8 *11, 132
114
3
118
600 Peerless Motor Car
1
118
1
1
118 •11.
44%
44% 87
7612 7412 76
• No par 8413 Feb 5 7812/qay 13
76
76
1,800 Penick & Ford
76
7612 75
76
*7512 761 *75
/
1
514 744
/
1
3512
No Par 5714 Apr 3 74 Jan 8
8814 8912 693 7014 701 715
/
4
7214 71
7218 10,400 Penney (J 0)
4
674 68
8 71
10512 10812
10712 Apr 11 110 Mar 1 103
100
Preferred
100
8
.10732 1081s *1077 10312 10812 10812 *10712 1081 *108 10812 *108 10812
1%
1%
514
4 Apr 20
/
1
4
214 Mar 13
10
4% 2,200 Penn Coal & Coke Corp
438 412
43
8 438
412 413
414 414 *4
414 438
24
3
2%
7%
5 Jan 7
/
1
4
3 Mar 9
No par
/
1
4
414
414 414 *413 414
4
414
414 4
458 458 3,100 Penn-Dixie Cement
4
1214 32
10
100 18 Mar II 2513 Jan 28
Preferred series A
900
24
*2112 23 *21
2212 2212 *20
23
224 2312 24
/
1
245
8
1714
201
, 371
/
50 1714 Mar 12 25% Jan 7
/
4
2034 2114 2078 2112 2114 2134 2138 22
2178 2214 211 2214 39,800 Penney:vaola
1958 86
1012
30 Feb 5 3958 Apr 1 "
No Po
600 Peoples Drug Stores
3512 3512
3312 3358 *3212 3812 *3234 3712 *33 37 *33 35
11214
86
80
4
1141100 110 4 Jan 9 1163 Mar 28
30
3
Preferred
116 118 *1133 118 *1133 1157 *1135811482 11430
4
*1133 118
4
4
8
173
4
1914 637
15,800 People's (31 I. & 0 (0b113)
100 1734 Mar 7 3313May 13
3014 323
4 3134 3312 2913 32
29
30
2912 315
8 2912 31
2
2
8
3 Jan 7
2% Feb 26
212 212
100
/
1
4
100 Peoria & Eastern
*21 312 *23
/
4
8 353 *213 312 *213 3
/ *218 3
1
4
33
12
94
/
1
9 Mar 13 19 Jan 31
/
1
4
100
400 Pere Marquette..
12
12 *1112 13 *1012 13
1212 1212 1213 1213 *1012 18
1412
18
5113
100 1812 Mar 13 32 Jan 9
100
Prior preferred
2412 *21
2412 *21
2412 *22
244 23
/
1
23 •23
25
*21
13% 43
12
100 13 Mar 15 2412 Jan 11
Preferred
300
20
1758 175 *1712 20 *18 20
19
19
1712 1712 *17
8
9
/ 1778
1
4
914
No par 1414May 15 19% Feb 4
1,100 Pet Milk
18
1818 16
143 153
4
*17
4 141 1412 1434 1434 *1412 15
/
4
814 1412
7
5a
7% Mar 14 1112May 17
5
8,900 Petroleum Corp of Am
1118 111
103 1012 1014 1012 103 1030 1012 1012 1034 113
8
8
11%
134 187
2
25 1234 Mar 15 2038May 17
1812 183 185 19
183 19
4
8
1858 187
8 19 20
1914 2030 51,500 Phelpe-Dodge Corp
mg 37
2112
2,400 Philadelphia Co 6% Dred
35
3518 35
36
50 23 Feb 27 38 May 16
3434 35
3512 3512 3512 3514 36 '35
69
13458
3814
3813 Mar 5 60 Apr 24
No pa
300
58 preferred
*55 60 2 *55 60
,
60 60
58 58 .55 60 *55 60
/
4
2
6
4 Jan 8 1 11
2 Mar 12
_50
284
100 :Philadelphia Rap Tran Co __SO
238 *2
234
2
*2
2
*2
234 *2
234 *2
/
4
3
41 16
6 Jan 12
3% Mar 4
77' preferred
00
*372 5
*33
4 43
*378 5
*313 518 *37
518 *37,2 5
834
1%
3
/
1
4
4% Jan 9
134 Mar 21
No pa
214 238
232 232 4,200 P511* & Read 0 & I
214 238
214 214
214 238
214 214
111 48%
/
4
1018
3514 Mar 12 4834 Jan 11
1
4478 44
4514 3,500 Phillip Morris & Co Ltd
45 4514 4412 45
4414 4458 4414 4414 44
21
5
/
1
4
7
Mar 22 11 Jan 4
No par
/
1
4
200 Phillips Jones Corp
5
.4 9
83
*83
4 812 *834 9
63
4 63
4 812
4 "714 73
4 *63
48
68
747
8
100 5312 Apr 1 88 Jan 15
7% preferred
*5312 651 *5314 6512 *5314 6512 *5314 6512 *5314 651 "5314 6512
11
1383 x203
4
No par 1334 Mar 12 23 May 17
50,100 Philips Petroleum
2114 2114 2114 2112 21
23
2132 21
2138 2138 2234 22
3
412 1312
8 Jan 3
3 Mar 21
Phoenix Hosiery
*4
51
*412 5
*418 512 *412 512 *4
5
*412 5
50
84
44
Preferred
100 55 Jan 23 59 Apr 27
61
*571 64
/
4
*58 64 *58
*58
84
*58 64 *57% 64
/ Apr 3
1
4
3
4
61
/
4
1% Jan 7
:Pleroe-Arrow Mot Oar Co
5
14
/ Apr 27
1
4
58 Jan 8
%
11
/
4
*3
8
12
12
12
12
12
3
8
12
88
/
1
4
25
58
12 3,800 Pierce Oil Corp
3
/
1
4
41 10%
/
4
3 Mar 21
/
1
4
818 Apt 15
Preferred
109
434 43
4
412 412
458 458 •430 43
4
43
4 5
48 514 1,200
2
84
113 Jan 8
8
4
7
8
7
8
No par
3 Mar 14
4
1
1 , 6,700 Pierce Petroleum
78 1
1
1
3
4
7
8
*3
4
7
8
1812 3434
18
No par 31 Apr 8 35 May 10
35
35 x35
900 Pillsbury Flour Mills
*3434 35
343 343
4
4
35
35 35
34
347
704 87
/
1
72
Pirelli Co of Italy Amer shares_,. 72 Apr 17 7612 Jan 25
*
75 *7012 75 *72
75
75 *85
75 *66
75 *613
7312
Pale C C& St L RR Co----100 100 Jan 12 110 Jan 15
'80 ___ •80 -- *80 .__ *80
__ *N ____ •N 712 -- 3
1 Ef17
7 Mar 14 1012 Feb 4
100
7
*73
4 814 *712 818 *712 81 *712 .- 7% 78 - 100 Pittsburgh Coal of Pa
/
4
3
*7
818
4213
26
26
/
1
4
Preferred
100 29 Apr 23 42 Feb 4
*29
32
32
*29
32 •29
32 *29
32
*29
32 na
/
4
100 172 Feb 14 178 May 18 14114 1411 189
10 Pitts Ft W & CMG Dref
*178 179 *176 179 *173 177 *173 176
176 178 *173 --8
412 113
4
/
1
4
9 Jan 11
512 Mar 13
712 18,900 Pittsburgh Screw & Bolt__ No pa
7
7
83
4 7
7
634 634
652 63
63
4 634
4
1514 43
1514
100 2218 Mar 13 35 Jan 21
130 Pitts Steel 7% cum prat
2712 28
*2614 28
*2614 27
27
28
28
28
27
28
113
312
1
218 Jan 12
1 Mar 21
100
Pitts Term Coal Corp
178
*1
17
8 *1
13 *114 17
172 *1
8 *1
*1
17
818 1913
618
100 1014 Apr 4 15 Feb 25
6% preferred
*10
1312 *10
14
14
*10
14 *10
14
*10
14 *10
11
/
4
11
/
4
5
213 Jan 21
114Mar 20
25
158 13
4
14 134 *158 134
173 2
1,000 Pittsburgh United
172 2
4 13
4
13
244
/
1
2538 597
3
/
1
4
100 2412 Apr 4 37 Jan 7
Preferred
*29
31
*29
31
3212
220
*29
3112 31
31
*29
31
31
27
10
10
8 May 14
14
S May
100 Pittsburgh & West Virginia -.100
*814 1018 *814 8
8
8
*718 10
*718 10
*814 10
144
133
113
18 _;i_ -_7_ _;i- „7a ..;i_ --8 -;i- --. -;i- ---8 ...... Pitts Young & A sht Ry7% pf.100
..;i_
18
17
.
.
1 ..
_17
17
-8
5
1
1%
2 Jan 4
/
1
4
I Mar 21
No pa
Pittston Co (The)
7
/ 183
1
4
4
6
/
1
4
812 Mar 15 1158May 17
5
1118 113
8 1112 1138 1112 1138 1114 1114 1114 1112 1114 1118 15,700 Plymouth 011 Co
167
3
8
6
77
618 Mar 15 1112 Jan 9
8
7
/ 8
1
4
812 814 1,900 Poor & Co class B
No pa
8
8
8
3
73
4 734
814
2%
458May 10
133
158 Mar 19
414 414 *4
No pa
414
414
414 414
700 Porto Rio-Am 'Fob al A
412 412
4
4
4
3
14
14
1
112 Jan 8
Class B
14 Feb 28
No pa
112 112 *113 112 *1
100
112 *1
112 *114 11 *114 112
/
4
104 39%
/
1
/
1
4
8
53
73
8,300 Postal Tel & Cable 7% pref --100
6 May 7 18 Jan 7
8
71 71
/
4
/
4
7
714
718 730
678 7
87
8 718
1%
6%
112
318 Jan 21
7
8 11
%May 14
/
4
13* 13
No par
1
18,700 Pressed Steel Car
18 17
8
34 1
1
4
5
8 114
538 22
6%
100
612May 14 17 Jan 21
9
10
Preferred
10
10
61 814
2,300
/
4
658 8
8
8
8
8 18
3318
33% “se
7
4934 4858 4912 4878 4878 4812 4914 4858 4834 10,500 Procter & Gamble
No par 4258 Jan 12 49 8May 6
4912 4912 49
10212 117
120 120
120 120
120 12058 1204 12012 *11912 12014 1191: 1191
150
5% prof (ser of Feb 1'29)-100 115 Jan 2 12012 Mar 7 at 101
/
1
20%
25
45
8May 10
20% Mar 5 307
No pa
3014 3012 2912 3038 29
2938 2912 293
4 2958 3014 2912 3014 13,700 Pub Ser Corp of NJ
84
67
5973
No pa
6233 Feb 20 9112May 11
91
9112 904 91
9013 91
$5 preferred
/ 8930 8912 891
1
4
1,800
89 89 •88
78
9734
73
104 104
100 73 Mar 14 105 May 8
6% preferred
104 104
1,000
10112 104
101 1013 *10118 102 102 102
4
84
88
106
8May 10
100 8518 Mar 18 1165
.115 118 *113 118 *110 114
100
7% preferred
8
1127 1127 *11014 113 •11078 113
11911
99
105
131 131 *125 13012 *123 12930 *122 1293* *125 1295 *123 1283
100 100 Mar 14 131 May 11
100
8% preferred
8
7
871 10412
/
4
111 111 *111 1123 111 111 *111 112 *11114 112
--No par 99 Jan 6 112 Apr 24 83 2
*lit 112
300 Pub Ser El & Gas pf $6.
4
35
/ 5938
1
4
No par 34 Apr 30 5278 Jan 9 34
387 3914 3812 38% 3813 3958 38
8
3834 38
3958 3914 395 22,300 Pullman (no
57
613 1473
914May 17
57 Mar 21
8
8
88
No Dar
814 853
814 813
834 Ws
88 914 33,400 Pure 011 (The)
812 9
49
49
80
4 66
6912 6612 68
100 4958 Mar 18 7038May 17
87 873
7038 10,540 8% cony preferred
69 6934 69
70
70
838
8% 19%
8
117 1238 12
No par
1118 11% 113 12
8
1214 12% 1314 x1212 1318 29.000 Purity Bakeries
830 Feb I 1314May 16
412
IN
4
Vs Feb 18
4 Mar 13
518 514
No par
518 514
518 514
5
5 18
5
53
8
5% 530 83,700 Radio Corp of Amer
33
/ 54313
1
4
22
*5412 543
4 5412 55
5438 543
4
543 55
4
2,500
Preferred
50 50 Mar 18 8212 Jan 25
4 543 5434 543 55
4
13
46
4914 27,000
133
8
/
1
4612 4814 4612 4738 4638 4714 463 487
4
Preferred 11
473 48
No par 3514 Mar 12 494May 6
4
8 48
114
14
/
1
414
112 158
2 Jan 2
53
158 158
112 112
2
21 38,300 tRadlo-Keith-Orph
114 Mar 13
112 15
8
No pa
15
8 212
144 23
/
1
1938 19
1913 19
*19
19
1938 2,200 Raybestoe Manhattan-No par 1612 Mar 13 21 Jan 2 11%
1912 1858 1852 19
191
k
3518 5858
297
3214 33 *331 3434 33 33
32
32
/
4
32
33
33 33
1,300 Reading
50 297 Mar 28 43% Jan 7
2
28
3313 414
/
1
7
397 *38
2
393 *33
4
401
1s1 preferred
*38
100
3934 397 397 *38 40% *38
3
50 36 Apr 8 39 8 Feb 18
27
2913 3912
*38
38
*36
38
100
2d preferred
373 373 *35
4
38 *357 38 *357 38
8
60 33 Apr 17 3734May 14
4
3
14
3%
.
411 5
5
5
*512 538
5
5
518 51
51 51
/
4
800 Real Silk Hosier,
10
3 Apr 4
/
1
4
6 Jan 3
/
1
4
6012
204
/
1
35
*25
30 *26
*25
30
*28
35
100 2018 Apr 2 39 Jan 7
30 *26
30 *2713 30
Preferred
1
6
15
2
•114 214
Ds 112 .112 • 2
*114 21
138 132 1,400 Bela (Robt) & Co
No par
1 Mar 26
2 Jan 7
/
1
4
*114 112
▪
5/ 38%
11
4
*13
15
8 Mar 12 15 Jan 7
*13
15
*10
15 *10
15 •10
15
1st preferred
100
15 *10
13%
6
1
8 Mar 13 1114 Jan 7
9
514
534 9
34 9
3
812 9
85
3 918
918 7,300 Remington-Rand
858 9
. 71
2
2434
32
*0012 92 *90 92
92
*90
*9012 92
let preferred
92
92
300
100 7130 Jan 15 93 May 9
903
24
SO
70
8812 8813 871 89
/
4
88 89
/
4
*8612 88 *88
4
80
2d preferred
100 70 Jan 9 8934May 10
8912 881 893
128
114
*_ _ 105 •_-_ 105
Renas & Saratoga RR Co-___100 100 May 1 110 Mar 1 104
105
105 •__-- 105 •---- 105
37
2
512
2
414May 9
4
3
/ 4
1
4
338 4
378 378 7,500 Reo Motor Car
214 Mar 13
4
358 3 4
3
5
458
1018 25%
9 Mar 15 1512 Jan 7
9
13
131
1318 133
8 13
13
14
1334 1418 31,200 Republic Steel Corp
No par
131
1238 13
19
3313 8712
4430 43 4414 43
44
4334 485* 4534 4712 13,800 8% cony preferred
100 2858 Mar 18 491: Jan 21
44
43 437
/
1
4
3913 42
28 Mar 15 49 Jan 21
28
44
44
44
44
*4253 431 *4214 44
47
44
1,100 8% pref ctts of deD
4512 46
1413
a
612 612
814May 18
*612 734
7
5
512 Apr 3
/
1
4
7
7
7
7 14 814 • 4 8
800 Revere Copper 48 Brass
5
73
13
1114 2812
10 13 Apr 17 1912May 16
•13
17
1518 1518 10
1912 1858 1858 1,100
Class A
16
1612 16'2 17
90
48
180
100 75 Apr 9 92 May 16
35
91
91
Preferred
90 90
90
9014 91
91
92
91
1,86
91
1512 27%
8
4
53
2012 2053 203 203 x2012 21
21
22
22
2314 2234 2338 17,700 Reynolds Metal Co ___No par 1712 Apr 29 2412 Jan 10" 9
1 1214 Mar 20 2114May 17 41 614
2038 .114 5,600 Reynolds Spring
612 16
1712 171 1712 1712 1712 174 177 19'z 195 203
/
4
8
8
8
4914 4958 4912 493
4 4934 4934 4914 493
39% 53
2 49 5018 491.4 4978 16,800 Reynolds(R J) Tob class )3_10 4318Mar 26 5158 Jan 3
39%
827
8
554
/
1
57
10 5514 Apr 22 81 Jan 8
58
58
Class A
*5612 58
*5612 59 *5612 59
*563 59 *5634 59
4
10
*1288 141
/
4
1212 23
/
1
1212
Rhine Westphalia Eleo Power... 1312 Mar 13 134 Mar 13
*1388 1558 *123 1514 *1318 15
4
*13
1712 *1212 1414
612 312 •853 9
514 Mar 26 718May 15
No par
51
/
4
5% 13'2
*612 7
7
7
600 Ritter Dental Mfg
*7
812
612 7,8
20
20% 3318
2618 2658 2658 2614 2658 2612 2678 2734 2932 2912 30% 8,800 Roan Antelope Copper Mines_ 21% Feb 25 303
8May 17
26
90
For footnotes see page 3342.
New York Stock Record-Continued-Page 8
3350
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
May 11
Monday
May 13
Tuesday
May 14
Wednesday
May 15
5 per share S per share $ per share $ per share
0367 37
3718 3718 36% 368 37
3814
*23
4 4
*3
312 *3
312
314 314
1614 1614
153 1618 1614 1612 1658 167
4
8
1
.
7
8
1
1
1
1
1
1
•118
114 5118
114
1%
114
13
2 18
*13% 1212 *85 1212 12
8
13
•83 1314
8
*21
217
8 217 217 *14
8
217 *20 . 217
8
8
3912 40 405
39
393 4018 39
4
395
8
_ 11012 11012 110 11012 11012 11058
*110--- 112 113
*1123 113
112 112
11212 11212
*75
*77
8 8%
8
77
8 77
8
8
814
2118 24
24
2458 24
2458 24 2414
2
2
1% 2
*17
218 *17
2
1012 1018 1018 104 11
•10
104 11
65, 6514 6512 66
4
6514 6514 66
66
.3
8
12
12
12
12
12
3
8
12
.8
4
1
.3
4
1
.3
4
1
*7
8
1
333 3418 33
4
34
3412 331 3412
34
1
37
*3
*3% 4
4
*35
8
*358 37
383 393
4
8 3852 3914 39
3858 39
393
4
1158
112 112 *114
15
8
15
8
15
8
158
48
4914 4914 4912 *4514 48
*4514 4712
_ __ _ _ _ __
_
Thursday
May 16
Friday
May 17
$ per share 4 per share
3812 39
3912 3912
.23
4 33
4 *23
4
4 33
167 183
8 18
185
8
1
1
1
1
13
13
8 1%
18
*85 1314 *85 1314
2
8
217 •20
•20
2178
3914 4018 393 3912
11012 11012 11012 11012
113 11314 *113 114
814 918
9
9 14
2412 251
25% 253
4
2
218 .17g
2
11
11
105 1112
8
66
664 6614 6614
12
12
12
12
3
4
3
4
.3
4
1
333 347
4
8 337 3434
35
8 33
8 *3
35
8
4014
3958 4014 39
*158 13
4
13
4
13
4
4712 4712 .475 4912
8
__
_ _ __
_ _
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
May 18 1935
Range Since Jan. 1
On Basis of 100
-share Lots
Lowest
Highest
July 1
1933 to Range for
.1pr 30 Year 1934
1935 High
Loto Low
Shares
Par $ per share
$ per share $ per oh $ per share
4.100 Royal Dutch Co (N Y ehares)__
2912 Mar 12 3912Nlay 17
2852
285
8 3912
100 Rutland RR 7% prof
100
3 Apr 18
512 Jan 3
3
412 15
19,600 St Joseph Lead
10 101 Mar 13 1858May 17
1014
1514 277
8
1,500 1St Louis
-San Franclsco____100
1 Mar 28
2 Jan 8
11
1
45
8
1,000
lot preferred
100
212 Jan 8
1 Apr 3
1
6%
1 12
200 St Louis Southwestern
100
6 Apr 15 14 Jan 12
6
20
8
20
Preferred
100 12 Mar 4 217
8Slay 13
12
13
27
4,700 Safeway Stores
No par 3714 Mar 18 46 Jan 2
3814 57
353
4
130
6% preferred
100 1043 Mar 11 11058May 15
4
80
8414 108
220
7% preferred
100 10612 Feb 7 114 Apr 22
9018
9812 11312
3,200 Savage Arms Corp
No par
51
93 Apr 2
4
6 Jan 15
412
12,
4
19,400 Schenley Distillers corn
5 22 Mar 12 2812 Jan 3
1718
1712 387
s
1,800 Schulte Retail Stores
4
1
13 Apr 4
4
Jan 2
3
13
4
8
260
Preferred
8 Apr 4 2018 Jan 18
100
15
8
303
530 Scott Paper Co
No Dar 55 Jan 2 68 May 9
3714
41
603g
3,500 Ilgeaboard Air Line
3
8
No par
%Mar 4
7 Jan 4
2
'2
2
100
Preferred
100
3 Mar 14
4
112 Jan 5
3
4
312
1
11,700 Seaboard 011 Coot De1___No par 203 Mar 12 3578Slay 9
4
19
203
4 3814
100 Seagrave Corn
No par
312Slay 9
212
45 Jan 26
2%
558
36,400 Sears. Roebuck & Co
No par 31 Mar 12 4012 Jan 3
30
31
51 14
900 Second Nat Investors
1
118May 6
2 Jan 7
112
112
414
120
Preferred
1 40 Apr 3 4912May 13
30
52
32
-- /Seneca Copper
12
No par
12
3
5 lis gig --1s ii78 - 97
9
iiii 17; ii4 ..
ii4 - . Y2,505 Servel Inc
9
1
7% Mar 13
93 Feb 19
8
458 9
312
*712 77
758 7
714 73
4
758 71,
4,600 Shattuck (F G)
714
712
758 78
No par
714 Mar 14
914 Apr 22
6
6 44 137
8
*1012 1118 1118 1114
1118 1118 11
11
11
1112 1114 11% 3,400 Sharon Steel Hoop
No par
9 Star 14 1418 Jan 21
4
518 1314
4
4
4
4
37
4
4
4
4
4
4
4 18 1,700 Sharpe & Dohme
51 Jan 3
No par
314 Star 12
4
3%
77
8
*4614 4714 4714 4714 4714 48
47% 4718 47% 4718 *46
48
Cony preferred see A
600
7 Jan 29 481 Apr 5
No par 44
581.4 417
30
.264 30
*28
30
30
30
30 12 3012 .313 35 .313 35
4
4
20 Shell Transport & Trading_ _I2 2058 Jan 2 3012May 15
2612
19
19
83
4 8%
3
87
8
8
85
8 87
8
84 912
95 1018
8
Ws 1014 77,500 Shell Union 011
No par
512 Mar 19 1014May 17
6
512
1112
87
87% 87 87
87
873
4 87
8934 894 94
9212 93
5,200
Cony preferred
100 6318 Star 21 94 Slay 16 °452
57
89
175
173 173
8 1612 17% 16 , 17
8
8
4 167
153 164 157 167 30.100 Silver King Coalition Minee-_5
4
8
1212
2
858 Feb 15 1958 Apr 26 . 514
8
87
87
8
83
4 8%
83
4 9
83
83
858 8%
83
4 8% 4,900 Simmons Co
No par
6 Mar 15 1014 Jan 2
812 2418
6
1618 1618 157 163
8 1614 163
4 1518 1614 1518 157
8 1514 155 13,700 Simms Petroleum
8
10 1312 Mar 15 183 Jan 9
4
714
714
17,
8
1018 1014
1018 1018 1014 1012 103 107
4
8 107 11
8
1034 1118 6,000 Skelly 011 Co
25
612 Jan 15 1118May 17
6
1118
6
91
•88
88
88
88
89
"87
90
8914 8914 90 90
Preferred
600
100 60 Jan 22 90 May 17
5112 6818
42
*21
24
*21
24
*21
*21
24
24
*2112 24
*23
24
Sloss-Sheff Steel & Iron__100 13 Star 20 4378May 10
15
12
2712
3314 3314 3314 3314 32
32
*31
3314 3314 341a 34
343
4
190
7% preferred
100 24 Mar 12 3514 Apr 20
1812 42
15
1912
1812 19
19% 19% 19
174 181
8 173 18
4
18
1858 12,800 Snider Packing Corp_ __No par 1514 Apr 3 20 Feb 15
312
6% 193
4
14% 1412 14% 1458 1414 1412 1412 143
4 1412 15
15
1558 88,200 Socony Vacuum 011 CoIne____15 11 Mar 11
153
8May 17
11
1212 197
8
0111 ilii2 .111 11112 *111 11112 11118 11112 *11012 11112 111 11112
400 Solvay Am Invt Tr pret
100 10712 Jan 15 11112 Mar 27
76
86
10812
2712 273
4 27 4 28
,
4 2718 2712 273 273
2712 273
4
5,700 So Porto Rico Sugar
4 273 28
No var 20 Jan 30 28 May 13
20
20
395
8
142 142 '14014 142
*14014 142
142 142 *142 150 *14214 14312
40
Preferred
100 132 Feb 4 142 May 6 112
115
137
1512 15 4 1514 153
4 151 4 1518 1518 1518 15
3
1518 15
15% 8,800 Southern Calif Edison
25 1052 Mar 13 16 May 10
1018 2218
1018
*4
512 *4
512 *412 512
5
5
*5
.512 *5
20 Southern Dairies ClItall A__No par
512
3 May c
5 May 15
512
512 1032
114
114 *118 2
*1
13
4 *114
2
5114 2
*114 2
Class B
100
No par
114 Mar 11
114 Mar 11
1 14
112
314
15% 1614 1614 167
2 163 1758 167 173
4
4 1752 181s 17
178 73,200 Southern Pacific Co
100 123 Star 18 19% Jan 7
1472 333
123
4
4 103 11,
103 103
8 107 11,
8
4
8
8 103 1114 107 113
4
8 103 113 19,900 Southern Railway
8
s
100
75 Mar 11
8
75
1612 Jan 4
1 112 3612
14
1312 131* 133 14
1414
8
1418 1438 1414 143
4 1314 1414 8,100
Preferred
100 10 Mar 13 2052 Jan 4
10
14
41,
4
28
*25
*21
25
25
28
*21
28 "25
28
•25
100
28
Mobile & Ohio stk tr etla 100 25 Slay 11 3314 Jan 12
2512
3112 473
4
51 2 5 2 *512 6
6
6
,
'512 6
7
7
*612 7
400 Spalding (A 0)& Bros __No oar
5 Mar 14
713 Jan 8
5
6
13
52
53
53
56
56
58
60
60
62
63
r61
61
310
let preferred
100 42 Apr 2 63 May 16
304 74
3014
Spans Chalfant & Co Inc__ No par
7
1558
7
4
7212 728 733 7712 81
85
793 833
4
4 793 8012 79
4
793
4 1,100
Preferred
100 5912 Apr 3 85 Slay 14
20
66
30
43
3 412
4
412
418 414
4% 414
4,
8 458
414 4% 5,700 Sparks Withington
No Dar
3% Mar 13
53 Jan 2
4
278
27
8
8
033
4 412
358 33
4
4
4
33
4 33
4
4
4
5334 414
170 Spear & Co
No par
358May 14
7 Jan 22
758
112
2
.70
.72
73
72
80
72
*40
80 .40
80 '40
Preferred
80
10
100 65 'Mar 23 74 Jan 7
39
3012
0412
3
35
*3412 35
3614 35 35
3412 34
35 35
35
2,300 Spencer Kellogg & Sons __No par 32 Apr 3 3614:5114y 11
35
1214
15% 33%
958 958
93 27,000 Sperry Corp (The) v Sc
93
8 912
914 912
914 9,
2
9% 958
914
1
714 Star 14
93 Jan 2
4
352
552 113
8
*10
11
103
103 103
4 11
4
4 1012 1012 *10
107 *10
2
108
300 Spicer Mfg Co
No Dar
812Mar 14 123 Apr 22
M1
6
13
*3914 393
4 393 392
4 3914 393 *383 393
4
4
4
4 3812 384 *383 3912
4
170
Cony preferred A
No par 3314 Feb 14 41 12N1ay 3
18
2134 4114
59
.59
58
58 12 58
59
57
5912 5912 60
5812 60
7 Mar 27 7912 Jan 17
3,600 Spiegel-May-Stern Co
No par 43
714
19
764
1412 11%
1412 144 1412 143
4 1412 113
4 1412 15
15
1514 57,100 Standard Brands
No par
1358 Apr 30 19% Jan 3
8
1714 25%
135
127 127 *126 128
128 128 *12718 128
127 12712 126 126
Preferred
100
No par 123 Jan 3 130 Apr 9 120
12114 127
3
314 .23
24 31s
318 •
3
900 Stand Comm Tobacco
45 Jan 21
3
3
8 318
314 *27
No par
212 Star 15
212
3
8
31
37
35
8 412
37
2 41s
37
33
8 4
33
4 4
4
6,600 Standard Gas & El Co
No Dar
112 Mar 15
43 Jan 3
4
112
35
8
17
412 51g
47
g 514
43
2 5
*4
458
414 47
13 Mar 15
8 7,700
452 47
Preferred
55 Jan 10
8
No par
45
13
8 17
4
1012 11% 113 1212 11
4
123 *10
4
11
*1012 1112 11% 113
43 Star 15 1254 Jan 3
8 4,300
36 cum prior pre
No par
33
10
43
4
11% 1312 1314 144 123 1414 127 127
4
8
8 123 1312 13
4
133 11,200
4
$7 gum prior pref
6 Mar 15 16 Jan 7
No par
6
1114 3812
118
Ils •118 1%
114
13
2
114
114 *1 14
112
114 112 1,000 Stand Investing Corp
No par
118 Mar 9
%
113 Jan 7
17
%
2
*11458 115
1143 11458 114 114 *113 11414 114 114
8
114 114 14
500 Standard 011 Export pref___100 III Jan 3 116 Apr 6
9412
9612 114
3652 37
364 3718 x3612 373
4 3714 375
8 373 3818 3712 3818 55,800 Standard 01101 Calif
8
4Mar 15 3818Slay 16
No par 273
13
2614 4'2%
26
263 27
4
267 27
8
x265 27
8
265 27
8
2612 27
2614 267 28,000 Standard 011 of Indiana
25 23 Mar 15 2714Stay 9
23
2313 2714
*28
28
30
28
*2814 297 *2814 297 *283 297 .2812 293
4
8
4
200 Standard 011 of Kansas
10 2612 Apr 30 32 Feb 18
19
26
41
4514 457
4558 453
453 4614 x453 4614 4638 47% 465 47% 55,900 Standard Oil of New Jersey._ _25 353 Mar 18 4718Slay 16
4
4
8
33%
3914 50,
8
15
15
15
15
15
154 155 1618 16
8
165
8 1614 165
8 8,100 Starrett Co (The) L El____No par
1212Mar 14 1658Stay 16
6
15%
6
62
x6314 6412 647 6512 64
6358 6212 64
8
6334 6412 9,900 Sterling Products Inc
65
10 583 Jan 15 67 Air 25
4
458
4714 6612
•1%
112 *118
112
118
1,8
1'8
1'8
114
114 .114 112
300 Sterling Securities Cl A___No par
118 Star 19
17 Jan 18
3
158
1
s
*33
4 43
4 *33
37
4 43
33
4 *33
414 "33
4
33
4 33
4
700
Preferred
No par
3% Star 28
5% Jan 3
25
8
3
7
*3712 45
*3712 42
*3712 42
*363 40
4
373 373 '36
4
4
100
40
ConvertIble preferred
50 36 Mar 5 38 Apr 27
2815
80
381s
97
8 97
2
93 10
4
97 1018
8
934 07
8 10
1014 14,200 Stewart-Warner
10
1014
65 Star 6
5
1014 Apr 25
412
412 10%
412 48
43
4 5
45
8 47
45
8 43
4
43
4 472
43
4 4% 9,.500 Stone & Webster
No par
212 Mar 14
37
5 Jan 7
212
133
8
25
8 27
234 2%
23
22
4 27
258 23
4
3
23
3
22,700 :Studebaker Corp (The) new__I
214 Apr 17
3 Mar 11
214
-•-•
Preferred
100
358 Mar 8 21 Jan 3
352
-10
17
747 747
7312 75
*7312 75
*7312 743
8 731 75
75
2,200 Sun 011
75
No par 6012 Star 20 75 May 10
Slit 7414
42
119 119 *11918 120
•11812 121
11812 120
119 119
119 119
Preferred
190
100 11512 Jan 10 121 Mar 23
96
100
118
1712 1712 17
155 153
153 17
4
17% 17
1714 16
2,500 Superheater Co (The)____No par xll Apr 4 1712Slay 14 ill
16
11% 2514
27
23
4 27
4 24
258 3
23
23
4 27
8
3
2% 3
8,900 Superior 011
1
15 Jan 2
8
314
3 Aor 171
114
114
7
714
7
714
738 73
7
7
67
8 7%
8 2,300 Superior Steel
712 75
100
5 Mar 18
912 Jan 7
45
8
452 1534
414 414 *4
412 *4
412
37
8 414 '4
800 Sweets Co of Amer (The)
412
4%
4
50
358 Mar 6
514 Jan 3
3 12
318
53
4
*14
3
8
3
8
*14
•14
3
2
%
14
3
12 1,000 :Symington Co
2
.8
3
3
8
14 Apr 15
No Dar
78 Jan 4
18
212
14
138
112
*15
8 2
*134 2
114
158 *158 2
'15
8 2
Class A
500
No par
1 14 Apr 29
21 Jan 4
114
112
5%
814 814 *712 81 1
814 814
8
8
8
814
73
4 8
800 Telautograph Corp
97 Jan 9
71 Mar 26
5
7,
2
712
1558
*4% 5
.47
8 5
47
47
2 5
43
4 47
2
434 43
512 2.500 Tennessee Corp
4 Mar 15
5
512 Jan 26
....
318
318
6%
2278 2318 223 2314 2258 23
225 227
8
223 2312 2318 233 33,300 Texas Corp (The)
4
4
25 1612 Star 13 2334May 17
1612
193
2 293
2
3314 3312 3312 337
8 337 343
8 343 34 2 3414 3514 35
2
2
,
353 16,000 Texas Gulf Sulphur
4
No par 283 Apr 4 3634 Feb 19
4
4358
30
223
4
37
37
4
37
41g
4
414
4
4,8
4
418
4 12 10,300 Texas Pacifto Coal & 011
10
314 Jan 2
414 Jan 18
212
212
62
,
113 113
4 115 12% 12
8
1212 11% 12
113 1212 113 1218 37,700 Texas Pacific Land Trust
2
4
1
812 Jan 15 1212Stay 14
6%
12
6
16
16
17
16
*16
18
18
1812 1812 *14
18
600 Texas & Pacific Ry Co
1812
100 14 Apr 12 25 4 Jan 10
3
1312 4314
1312
*1418 1412 1412 15
*143 1514 1514 1512 153 16
4
"153 16
4
4
1,500 Thatcher Mfg
No Dar
1318May 8 1958 Feb 15
8
18
8
*4912 52
51
50 2 52
3
51
*497 53
*497 53
8
500
$3.60 cony prof
*498 53
No par 50 Slay 4 5512 Ayr 22
5212
385
8
59
552 558
55
8 55
512 512 .53
2 6
512 612
6
800 The Fair
6 18
No par
514 Apr 10
714 Feb 14
4
4
12%
76
76
90
*75
*75
77
•75
76
76
76
*75
Preferred
76
40
100 6118 Jan 7 82 Jan 29
83
50
45
334 33
4
3% 35
8
35
8 4
33
358 358
3,400 Thermoid Co
4 4
37
44
,
1
212 Mar 7
414 Jan 7
2%
212
1)171
*23
4 3
.24 314
24 23
4 •212 258 *212 23
4
23
500 Third Avenue
23
4
100
214 Apr 26
5 Jan 5
814
214
4
193 197g
4
103 193 2018 2014 "1918 203
4
4 203 2214 •2138 2214 1,100 Third Nat Investors
4
1
16 Mar 15 21 Jan 7
1312 2211
13
*618 63
4 *612 63
4 "64 63
4
6'4 658 *612 63
400 Thompson (2 II)
4
64 612
25
518 Jan 7
612May 17
474
47a
11
143 143
8
8 1414 1434
1458 1514 143 143
4 145 1518 1434 15
8
5,000 Thompeon Products Inc- No par 133 Mar 13 177 Jan 2
8
2
2014
10
10
2% 2 4
3
23
4 23
24 23
3
4
2
234
27
8 27
2
23
27
8 1,700 Thompson-Starrett Co___No par
15 Mar 15
8
312 Jan 7
1%
1%
512
"16
20 4 *1714 21
3
"15
21
•1514 21
*1634 21
•18
21
$3.50 corn prof
No par
17 Apr 23 2012May 4
2412
17
17
105 107
8
8 103 11
4
104 11
1058 11
1114 1114 1112 27,200 Tidewater Assoc 011
11
11 12May 17 ,7 712
No oar
75 Star 18
8
1458
9914 99% 10012 995 100
9858 9854 99
8
9912 1003
Preferred
9912 10014
8 6.200
100 84 Jan 8 10012May 14 57 433
8
64% 87
2912 *283 32
*29
4
"283 32
4
*253 32
4
283 283 *39
32
4
10 Tide Water 011
4
No par 283 Mar 20 29 May 6
41)
24
18
•104 1054 *105 10514 105 10518 1043 105
4
105 105
1043 105
4
1.100
Preferred
100 100 Feb 15 1053
4May 7
80
62
100 2
,
53
53
4
534 618
6
618
57
6
6
6
6 14
6 14 7,500 TIrnken Dation Axle
45 Mar IS
8
10
7% Jan 3
3
812
32
7
3518 3512 3518 355
8 35
3512 31338 16,900 Timken Roller Bearing___No par 283 Mar 15 36% Jan 8
x3514 36
3558 3514 36
8
Cl
24
21
538 55
8
5% 558
512 53
8
512 .558
47 Mar 12
33,800 Transamerica Corp
57
8 6
512 5
6 May 16
No par
47
2
512
812
*9
93 10% 1014 1014 10
2
958
1018 10
1014 103 1014 2,100 Transcon & Western Air Ina__ 5
2
714 Mar 2
1058 Apr 24
714
- - - -72 7
,
,2 *712 8
'64 77
93
2
77
8 77
4
8147
518 Slur 14
93
93
4 8,000 Transue & Williams St'l No par
93
4May 16
412
1 312
- -12
4
33
37
37
37
3 2 37
5
8
352 33
418 16,900 Tri-Continental Corp
4
4%
33
4 4
No par
17 Star 13
418May 16
17
8
64
3
767
8 7712 78
76
*7814 80
•7812 793
4 7912 80
8112 1,000
81
6% preferred
No par 69 Apr 4 8112May 17
5014 78
51
*3914 40
*3912 40
40
40
*395 40
8
4014 404 4014 4012
600 Trico Products Corp
No par 35 Feb 7 4212 Jan 7
4212
33
251
65
8 658
612 612
614 612
612
614 65
614
8
612 614 4,500 Truax Traer Coal
67
8May 10
No par
41s Jan 15
112
15
8
512
4% 414
414 43
43
8 *414 43
418 418
4% 412
45
8 3,100 Truncon Steel
10
312 Star 13
33
33
6 Jan 8
958
*3
312 *3
312 *3
312 *3
312 '3
312 31g
100 Twin City Rapid Trans__ No par
358
5 Feb 19
3 May 1
34
13
2
512
2112 217
8 2212 23
"213 2214 21
8
22
22
2012 21
22
Preferred
230
100 18 Mar 18 273 Feb 18
4
It
4,
s
39
•112
13
4 *112
17
8 *112
153 *112
8
112
17
112 112
15
400 then & Co
ii. Mar 43
No Dar
214 JIM 4
A
l
1
633 633
4 6312 6358 6314 6314 6312 6412 65
6512 66 66
3
1.300 Under Elliott Fisher CO NO par 53 Star 29 66 May 17
587
35
2212
"13014 1327 *13014 133 *13014 133 *13014 132 *13014 132 *130% 132
8
Preferred
100 127 Jan 18 133 Apr 5
102
95
1287s
3412 3412 *34
34
35
35
*3212 34
33
33
34
3318 1,700 Union Bag & Pap Corp_No par 30 Apr 12 5012 Jan 22
3914 607
30
8
553 563
4 553 56% 5614 567
4
8 5612 5718 57
6014 5818 5912 40,800 Union Carbide & Carb___No par 44 Jan 15 6014May 16 15 34
357
2 507
8
1914 1912 1918 1912 19% 1958 1918 1914 191 193
15,900 Union Oil California
8
1912 20
4
11%
25 143 Feb 6 20 Stay 17
1112
2011
For footnotes see page 3342.
3351
New York Stock Record-Concluded-Page 9
-PER SHARE, NOT PER CENT
HIGH AND LOWISALE PRICES
Saturday
May 11
Monday
May 13
Tuesday
May 14
Wednesday
May 15
Thursday
May 16
Sales
for
the
Week
Friday
May 17
per share $ per share
L$ Per share $ Per share $ per share $ per share
92
92
94
9612 98 2 96
98
93% 9412 9412 97
91
,
86
8618 86
86
85,
*8514 85,2 8512 8618 85
4 8512 86
*2558 253
8
2618 253 25% 253 25% 257 26
4
4
26
4 2512 25%
1312 1418 135 1414 1312 1418
8
1312 13% 1312 13% 1312 14
5% 618
6% 6%
4
63
68
63
8 63
612 6%
5 4 5%
,
*918 10
10
10
*8
1014 *914 1014 *914 1014
*918 10
225
8 21% 22
2012 2112 2038 203
.1 2014 2114 21
2114
22
114 114 *11312 1143 *11312 1143 *11312 1143
4
4
113% 113, •11312 114
2
4
g 575 59
541
573 5918
4
4
5514 543 55% 5512 56,
4 5614 577
2 4 2%
3
25
8 27
258 28
25
8 2%
23
4 3
4 3
SF 23
8
303
4 293 30 8 293 294 29
8
3018 293 303
4
3012 31% 30
3
8
10
9 4 1018
,
10
9 4 9%
,
4
914 95
8
93
4 9%
912 03
10
11
11
113
4 1014 10%
812 84
83 10
4
*83
4 9
80
80
82
, 83
84
86
*84
*76
80
88
80
*76
458 4%
2 5
*45
8 4%
4% 5
*4% 5
45
8 5
*4,
9212 91% 924 903 9214 907 923
4
9214 92,
2 92
4 9212 923
4
1318 13% 1314 1312 1314 13% 1314 1312 1318 1312 1318 1312
10112 10112 10112 101, 102 102
102 102
102 10212
2
*1013 102
8
4,2% 314 *218 314 *218 3 4
8 3 4 *218 3 4
,
*2
2 8 *25
,
,
,
33
2% 2%
23
4 23
4
23
4 312
3%
*27
8 3,8
3
/ 312
1
4
17
1612 1612 16
1612 16
183
4 18
185
8 1712 18%
*16
53
518
512
458 45
8
4% 4 4
412 4%
43
,
4 55
5%
60 60
63
63
62% 623
643 *5612 65 .5614 60
4
4
*56
5512 55,
553 5712 564 57
4
57
573
4 57
58
56
2
56
150 150 *14614 1497 *146 1497o 149 149 *146 149
*148 150
33
33
*30
34
34
34
33
*3018 33
*303 35
4
*30
114
112 112 *114
1,
2
14
,
I% 112
1% 1,
2
114
114
17
183 19% 1812 1812 17
4
16
163
4 17
1814
18% 1914
8
193 1912 1912 203
21
1812 1912 187 2018 1912 20
4 20
8
8
3
205 203
8
8 205 208 205 205
4
2012 2012 2012 2012 205 205
*52
218 *112 218 •112 218 *112 218 *112 218
*5
8
28
,
*612
7
7
7
8
8
*812 9
7
7
9
9
Par
100
Union Pacific
100
Preferred
'Jo par
Union Tank Car
United Aircraft Corp
5
United Air Lines Transp •t a_ _5
United American BosehNo par
No par
United Biscuit
100
Preferred
No vat
United Carbon
No par
United Corp
No par
Preferred
United Drug Inc
5
10
United Dyewood Corp
Preferred
100
No par
United Electric Coal
No par
United Fruit
No par
United Gas Improve
No par
Preferred
Malted Paperboard
100
4,200 United Piece DY8 Wke_No par
6ti% preferred
100
1,050
10.000 United Stores class A____No par
900
Preferred class A
No par
No Dar
2,900 Universal Leaf Tobacco
100
Preferred
60
20 Universal Pictures 1st pfd .._100
2.500 Universal Pipe & Rad
Preferred
100
620
30,100 U S Pipe & Foundry
20
1st preferred
Aro par
1,400
US Distrib Corp
No par
Preferred
100
130
United States Express
100
No par
-l000 U 8 Freight
No par
3,000 U S & Foreign Scour
800
No pa
Preferred
20
9,800 U B Gypsum
380
100
7% preferred
5
500 U S Hoff Mach Corp
5,300 U S Industrial Alcohol_ __No pi
2,700 U El Leather • I a
No Da
6,800
Class A •I a
No Da
Prior preferred •I e
600
100
No par
8,600 U S Realty & Impt
No par
30,700 1:1 S Rubber
1st preferred
100
18,100
13,500 U S Smelting Ref & Mtn
50
800
Preferred
50
100
91,500 U ft Steel Corp
100
Preferred
5,800
No par
500 U S Tobacco
Preferred
100
10
Utah Copper
10
1
4,300 Utilities Pow & LI A
2,700 Vadseo Sales
'Jo par
Preferred.
100
100
No par
10,000 Vanadium Corp of Am
5,500 Van Raalte Co Inc
5
100
320
7% 1s1 prat
2,400 Vick Chemical Inc
5
1,100 Virginia-Carolina Chem
No par
6% preferred
100
3,400
300
7% preferred
100
110 Virginia El & Pow $6 p/ --No par
Virginia Iron Coal & Coke_ __100
5% prat
100
Shares
13,400
2,600
1,900
46,000
27,700
100
6,700
40
14,400
23,000
15,300
10,900
8,000
300
1.100
6,900
25,600
1,200
. 143 -1
1 4 -5171 ;i4T2 15
‘
-15- 15
;
.
PM- 15's 15 15
8
75
8 8
8
83
8 9
8
8 14
74
,
814
84
78
80
80
*77
85
*80
85
*82
82
82
78
54
55
52
54
4
5312 541
5214 5212 5214 5312 533 55
155 156
155 155
155 157
*153 15412 *153 15412 153 155
6
8
6111 618 *512 6,
*512 618
6
618
5% 5%
4
413
4 41
41
41
41
4012 423
8
4112 413
4 41
4 427 4312
512 6
6
6
6
618 *53
612 6 8
*6
6,
4
4 6,
8
,
4
8
8
1314 13% 13% 1312 133 1312 13
13% 125 13 2 123 1318
,
65
*633 65
4
*633 65
4
65
65
65
65
634 63% 65
53
8 512
5% 5%
5
5%
514
5
5%
5
5%
5
1212 123
4 12% 125
1214 127
8 1318 13%
8 12% 123
4 1312 135
31
3214 3112 327
32
31% 32
323
8 3214 3414 3318 34-38
114 1163
113 11412 11312 11512 1133 11614 11314 11514 114 116
4
4
73
7218 7212 7212 7212 72% 7212
*7218 733
4 73
725 73
8
8
323 333* 3212 33
4
32% 33% 325 333
32% 3458 3412 35%
873 8814 8814 903
4
86% 8712 8618 8712 8712 88
4 8914 90%
4
*136 140 *136 1393 13912 1394 140 14012 1403 1403 *136 140
4
4
*154 155 2 155 155 *155
,
*155
*155
*155
*52
66% *52
664 *52
65
.52
66% *54
663 *54
4
663
4
114
19 *114
13
8 1,2
1,
4
1,4
114
14
,
1%
112
1,
2
7
8
7
8
7
8
7
8
7
8
5
8
Al
*4
5
4
5
4
3
4
3
4
22
*21
22
22
22
*22
26
*22
*22
*21
27
27
8 123 12,
8
12
1218 123
2 12
12% 13 2 1312 14
12,
2 12
,
.17
1712 1718 18
18% 183
4 18% 2014 19% 20
19
194
9812 9812 983
4 99
99
z99
99
99 101
*98
101 101
361 1 36
36
355 36
8
4
.36
x353 36
3512 3618 35% 3618
8 312
3 8 3 2 *33
,
,
34 33
8
3% 312
3% 3 2
,
34 3%
2312 2212 23
*2314 2312 23
2212 233
4 23% 2312 23
233
4
9934 *99
993
4 993 10018 •100 101
*99 101 *100 101
*99
4
98
9712 9712 *9718 9712 9612 9612 *97
*97
9712 97
97 2
,
*318 5
*3t, 5
*3% 5
*318 5
*318 5
*318 5
*20
25
25
*20
*20
25
*20
*20
25
*20
25
25
83
83
*80
8212 80 80
80
80
*77
*8012 83
80
*113 -- *113 ____ *11312
*11312 ---*11318 - - - - *11312
114
114
*138
1% •1%
.118
13
8 *114 18
114
1%
I%
212
212 *2
212
2
*2
2
218 218
212 212 *2%
• 2
19
212 *I% 212 *158 212 *13
8 21* *13
8 212 *138 212
53
5
*5
514
5 4 514 *5
,
5
5
5
*5% 512
28
2814 2712 28
2714 28
2712 28
28% 29
2714 28
1163 1163 *1163 117 *1163 117 *1163 117 *1163 117
4
4
4
•1163 117
4
4
4
4
15
8
13
4 2
17
8
11 11
/
4
/
4
2
218
,
P4 14
13
4 14
758 *618 7E, *612 75
*618 734 *618 73
4 *6%
758 *618
112 15
8
8 14
15
8
*15
8 1 4 *15
,
I% 15
*112 1% *11
4
*3212 334 323 323 *3212 3312 3212 3212 3218 32 4 323 34
4
4
,
318 31,
8
3% 312
3% 35
312 3%
3% 3%
358 38
8 2212 2212
233 23% 233 2414 *2212 233
4
8
4
4 2214 22,2 235 235
*7
8
418
1
1
1
I
1
1
7
8
7
8
1
1
518 518
5
5%
518 518
4% 518
512 618
5% 5
%
1414 14% 1614
14
•12
137 •13
8
*1112 138 *11
13% 14
245
8 2414 2514 26
26
267
8 2612 27
23
.2518 26
26
•44 4%
4% 5
*43
4 5
*43
8 5
.4% 5
43
4 5
*80
95
*80
95
*80 - - *80 -___ *80 - _
*80
95
1
•1
118
118
1
1
118 *1
1
1
I
*1
4
4
3312 3312 33% 3312 33
33
3214 321 1 323 3312 323 3312
8
77 z763 764 a753 753
77% 77% 77
4
4
4 7612 7612 *757 7612
263 27,4 2614 27
4
2618 2634 2618 2718 2614 287
8 2812 3012
2012 21
203 21
2238 2218 223
4
20% 21
4
21
4 213 223
4
4612 4758 463 473
47% 4912 48% 49%
8
46% 47
4
4 463 47
102 10214 102 10214
10012 10114 10014 101
1004 101,2 101 101
12
12
8
1214 13
1214 1214
123 12% 12% 127
8
*113 12,4
4
*3214 3331 3214 3214 333 34
3334
4
*33
333 *33
4
333 *33
4
58
57
58
58
56
58
57
57
57
5812 *5712 58
67
67
6714 6512 Ms 654 6612 6612 68
6812 6812
67
61
61
61
6012 61
6012 60 2
61
6014 00, •6014 62
,
2
4
11612 117
11612 117
115 116 *11612 117
115 115, •115 117
111 111
11012 11012 11012 111
•11014 111 *11014 111 *11012 111
*1
2
2
•1
2
•1
2
*1
2
*1
2
*I
12
•a,
4.3
8
*38
12
*3
8
12
12
12
*3
8
*3
8
•75,
75
77
*78,
8
838
8
8%
7% 8
73
4
Vs
*10
1114
114 11
11
113 •10
8
*9
11
11
•1012 11%
•112 14 •112 13
4 *112
158 *112 14
13
4 14
13
4
13
4
314 3 4 *314 312
,
33
4 3%
3 4 3%
,
314
314
34
,
33
4
4
2012 20,2 2118 2118 2203 2 ,
8 0 2 20.4 20,
4 203 2118 20% 2018
22
24
*22
25
27
*22
27
27
2412 25
*22
*20
*27
30 .27
*27
*27
30
30
30
30
*27
30
*27
18
18
4
, 18
1818
173 17 4
4
1812 18 2 19% 1912 194 193
,
644 *60
643
*67
69
*58
4 65
65% 653 6812 6812 70
4
81
: 83
4
812 812
8
8% 104 104 115
8 4 84
,
814 8%
1512 16
8
•15% 16
153 154 *153 1612 163 16% 1614 161
4
4
238 23
8
2% 218 *2
2 4 2% *214 2%
*2
23
4
214
,
818 818 *75
8 81
*818 9
918 *814 8%
8
*75
8 81
218
218 214
2% 218
2
*218 2,
4
2
4 218 *2
*13
4
4 3514 3514
*35 8 3534 *3532 353 *3514 353 *3514 35% *3514 353
,
4
43
4 43
4% 45
8
518
4 z412 458
8
45
8
4% 45
412 4%
73,
6414
59%
•1512
3714
*26
50
*8112
*1014
*23
4
4
*313
25
16
*II
*114
3,2
641j
59%
1612
3714
2834
50
82
2612
27
8
34
2512
1638
46
11
:
3%
634
59,2
*15
37
*26
50
8112
197
23
4
*32
2514
1618
45
*1 3
8
312
64
"6234 63 4 -6278
-3597
59
593
4 583
4
1612 1512 151, 16
37
35%
3712 *35
263
4 26
26
264
51
4912 51
4912
8112 82
8112
82
2018 2012 20 2 *1914
,
27
8
24
3
24 27
35
*32
35
314
253
8 243 243
8
4 2438
1658 16% 1612 •1558
45
*4414 46
4418
118 *13
14
8
112
5
312
3
312 358
For footnotes see page 3342.
- 2 634
6T4l5912 503
8
16
16
8
3712 373
28
27
52
50
811, *793
4
2112 2114
23
4
4
23
31% 34
25,
8 25
16% 1618
44, *4512
4
1%
14
312
38
5
0412
60
163
4
39
2938
5112
81 4
,
2114
314
34
26
17
49
112
34
,
STOCKS
NEW YORK STOCK
EXCHANGE
gangs Maui Jan. I
Lots
-shard
On Basis Of 100
Lowest
$ per share
8212 Mar 28
7912 Mar 14
204 Mar 13
/
1
94 Mar 13
/
1
412 Mar 13
7 Mar 29
2014May 16
113 Jan 18
46 Jan 28
11 Feb 27
/
4
203 Mar 13
4
914May 16
412 Mar 13
65 Mar 21
3 Mar 13
/
1
4
715
8Feb 6
94 Mar 18
/
1
8712 Mar 15
218 Jan 28
214 Feb 26
1412 Apr 29
312 Apr 4
46 Apr 3
51 Mar 15
13314 Feb 9
31 May 9
114 Jan 16
12 Feb 6
143 Mar 14
4
1914 Jan 7
112 Apr 9
6 Apr 9
14 Jan 2
11 Mar 14
412Niar 12
6514 Mar 26
4.012 Star 12
143 Jan 11
5 Feb 6
3518 Mar 13
312 Mar 15
712 star 16
53 Jan 22
Highest
July 1
1933 to Range for
Apr 30 Year 1934
1935
Hip*
Low Low
$ per Share $ per eh
8212
11112 Jan 10
6278
883 Jan 11
4
133
4
2618 Jan 4
818
1518 Jan 7
34
,
67 Jan 31
2
11 Apr 24
7
19
2612 Jan 9
11712 Jan 2 10414
2014
5918May 17
112
314 Apr 5
3118May 10
203
4
618
1314 Jan 7
1134May 16
23
4
50
86 May 16
3
712 Jan 9
4912
4May 14
923
1372 Apr 23
94
,
8212
103 Apr 23
1
,
3 4 Apr 22
214
5 Jan 7
/
1
4
3312 Jan 24
1418
218
712 Jan 3
6512 Jan 19
46
59 Jan 2
37
150 May 6 10814
403
4Mar 15
15
7
8
2 Jan 18
/
1
4
19 Mar 6
/
1
4
414
12
22 Jan 7
204 Apr 24
1314
1
252 Jan 3
4
10 Jan 9
14
12 Jan 4
11
1512 Jan 7
9 May 17
60
84 Jan 22
3414
55 May,14
157 May 17 110
3%
714 Feb 19
32
4512 Jan 2
318
6 Jan 7
/
1
4
7
13% Apr 23
45
6518 Apr 22
3
7 Jan 7
3 Mar 13
918
/
4
O's Mar13 171 Jan 3
1718
/
1
4
2412 Mar 14 42 Jan 7
5314
95 Apr 5 12412 Apr 25
5112
627 Jan 3 7314May 10
2
2712
/
4
27% Mar 18 401 Jan 8
6714
734 Mar 18 94 Jan 23
/
1
4May 18
813
4
1191 Jan 4 1403
/
4
8
1493 Feb 11 155 Apr 26 1245
4
40
40 Mar 22 5114May 6
21
7,
24 Apr 5
/
1
1 Mar 15
12
112 Jan 2
12 Mar 15
1914
22 May 14
1914 April
1114
213 Jan 7
4
1114 Apr 11
34
3
1114 Feb 7 2014May 15
91 Feb 20 101 May 16
54 4
,
2318
341 Jan 14 3712 Star 11
/
4
213 Star 18
17
8
452 Jan 3
10
/
4
18 Mar 15 271 Feb 1
5714
85 Jan 4 13018May 6
60
7212 Jan 4 9712May 10
4 Mar 5
312
4 Mar 5
15
15 Feb 19 1512 Feb 28
36
6312 Mar 29
83 Stay 10
50 Vulcan Detinning
10
95
Preferred
100 10914 Feb 5 110 Mar 12
-----23 Jan 8
2
I Apr 1
200 /Wabash
100
134
184 Mar 1
312 Jan 4
400
Preferred A
10
13
4
2 Jan 10
/
1
4
1 12May 8
Preferred B
100
3
712 Jan 10 6 37
418 Mar 15
300 Waldorf System
No pa
14
4,100 Walgreen Co
No pa
27 Mar 13 31 Jan 3 9 1518
10
10 114 Jan 7 120 Apr 24 9 80
63-4% preferred
114
3 Jan 7
/
1
4
114 Feb 28
3.900 Wal worth Co
No pa
5
7 4 Apr 18
,
Ward Baking class A ____No pa
5 Mar 14
114
14 Feb 18
/
1
400
114 Feb 28
Class B_
No pa
24
1,000
2812 Jan 12 35 Apr 15
Preferred
10
24
,
4% Jan 2
11,800 Warner Bros Pictures
214 Mar 15
12
/
1
250
No Dar
1412 Mar 13 244 Jan 26
$3.85 cons prat
11 Jan 2
/
4
%Star 15
1,000 Warner Quinlan
No par
212
212 Mar 15
618 Jan 7
8,100 Warren Bros
No par
7%
74 Mar 20 1614 Slay 17
/
1
900
No par
Convertible prat
1312
2,700 Warren Fdy & Pipe
No par 21 Mar 27 28 Jan 8
3
4 Mar 14
6 Jan 2
500 Webster Eleenlobr
No par
60
Preferred
100 85 Apr 29 90 Feb 18
34
180 Wells Fargo & Co
1 Jan 5
114 Jan 24
1
15
2,200 Wesson Oil & Snowdrift . No par 301 Jan 15 39 Feb 18
/
4
49
24
800
Cony preferred
No par 72 Jan 29 78 Apr
20 3
,
/
1
4
29,700 Western Union Telegrapb___100 205 Star 14 34 Jan 7
8
3
7,100 Westingb'se Air Brake_ No Dar
18 Mar 27 27 Jan 9 11 153
27%
8May 17
67,200 Westinghouse El & Mfg
324 Mar 18 497
/
1
50
77
850
let preferred
50 90 Feb 5 10214May 16
1,800 Weston Elea lostrucall___No par
/
1
4
10 Mar 18 13 Jan 2
15
70
Class A
No par 29 Jan 4 34 May 14
34
210 West Penn Elec class A___No Dar 34 Mar 6 62 Apr 24
397
8
530
Preferred
100 3972 Mar 6 70 Apr 24
36
230
100 36 Mar 14 6212 Apr 24
6% Preferred
2
250 West Penn Power prat
8812
100 10412 Jan 17 1177 Apr 25
150
783
4
100 95 Jan 2 111 May 16
6'7 Preferred
15
8
West Dairy Prod el A_ _ __No par
152 Feb 27
214 Jan 8
8May 1
Class B • t a
3
/ Jan 8
1
4
No par
12
512
9.600 Western Maryland
9 Jan 7
/
1
4
512 Mar 15
100
712
1,500
/
4
2d preferred
712 Mar 30 111 Feb 20
100
145
300 Western Paeltie
114May 3
3 Jan 7
/
1
4
100
1,100
2%
Preferred
2% Feb 26
7 Jan 7
/
1
4
100
1,500 Westvaco Chlorine Prod__ No Par
1214
/
1
163 Mar 13 234 Jan 3
4
18
120 Wheeling & Lake Erie Ry Co_100 18 Jan 3 25 May 14
21
6% non-cum preferred_ _ _ _100 25 Mar 14 28 May 9
1,100 Wheeling Steel Corp
1112
No par
1414 Mar 28 2014 Jan 21
1,600
34
Preferred
100 4612 Jan 12 70 May 16
27.200 White Motor
6 Star 15 181 Jan 3
/
1
4
6%
50
/
4
1.200 White Rk kiln Spr elf ____No Da
1312
1312 Mar 22 2412 Jan 9
800 White Sewing Machine_ __No pa
114
1% Mar 15
2
23 Jan 22
1,100
91 .1“1:124
4
Cony preferred
/
4
No pa
6 Jan 11
700 Wilcox 011 & Gas
1 Mar 14
2 Jun 8
/
1
4
100 Wilcox-Rleh Corp clam A.No par
34 Feb 5 3514May 3
22%
33.700 Wilson & Co Inc
37 Apr 3
8
318
No par
7 Jan 2
No par 2512 Feb 7 311 Jan 2
/
4
1114
Class A
-154T2663 - 6:565
4
58
$6 pret
100 58 Apr 2 75 Feb 2,
5914 601 13,400 Woolworth (F W) Co
35
10 51 Jan 15 6014May 11
1658 17
4
113
4
2,100 Worthington P & W
100 113 Mar 12 211s Jan 7
3714 3814
940
Preferred A
100 2512 Mar 13 444 Jan 23
/
1
2512
29
207
8 1,400
Preferred B
100 20 Apr 4 33 Jan 11
20
50
50
No par 3512 Mar 13 537 Apr 24
8
370 Wright Aeronautical
12
4
4
800 Wrigley (Wm) Jr (Del) No par 733 Mar 13 823 Apr 26
x8118 813
4
473
4
2114
21
4
25 173 Apr 9 24 Feb 1
1,000 Yale & Towne Mfg Co
11%
3
2 Mar 14
/
1
4
3
10
4% Jan 7
7,300 Yellow Truck & Coach al B
23
4
3414 3414
100 31125Iay 8 42 Feb 19
25
50
Preferred
2518 25% 8,500 Young Spring & Wire__ No par
18 Mar 18 26 May 16
1018
16 8 17% 7,400 Youngstown Sheet & T__ No par 13 Mar lb 211 Jan 8
,
/
4
125
8
*453 48
4
100 3812 Apr 11 56 Jan 21 13 30
51-2 preferred
400
114May 6
'Jo par
1%
112
212 Jan 8
600 Zenith Radio Corp
1'8
3 Star 15
1
3% 3%
2,100 Zonite Products Corp
41 Jan 10
/
4
3
per share
13372
90
713
4 89
4
15% 253
818
1514
314
612
8
17
21% 291
/
4
107
120
35
503
2
21
/
4
8
/
1
4
2114 377
8
914
1814
3
/ 107
1
4
2
593
4 7584
31g
. 74
59
77
1112 20,
2
86
991
/
4
152
352
138
4
30
68
2
/
1
4
81
/
4
76
54
60,4 63
11212 140
2
167
2 46,
7
2
3
414 24
1512 33
1612 19%
113
4
4
14
%
13*
11
2712
151
/
4
6
6314 78
3414 51%
115
146
652
Ws
32
84 4
,
51, 117s
7
We
45
SO
4
123
4
24
11
34,
8 6114
961 141
/
4
5412 6512
29% 597
2
6714 99,
2
140
99
126
150
4812 67
112
5
/
1
4
3
4
14
/
1
1914 2212
14
3184
612 1212
25414 98
2452 361
/
4
17
2
54
/
1
10
26
59
/ 84
1
4
80
65
9
3
52
1618 27
82
52
112
95
4%
13
2
858
2%
l%
612
4
87
2
8
2214 297
8412 11658
214
63
8
5
12
3%
114
24
36
2%
814
15
3172
1
3%
314 13%
8
28%
1312 31
7
3
65
00
54
2,4
151 35 4
/
4
,
5312 7454
2912 66%
1572 38
2772 4711
95
82
1512
6
18% 2912
4412 70
514 80
45
56812
8912 1101
/
4
783 105
4
13
4
61
/
4
/
1
4
212
71
/ 1714
4
914 23
25
2
812
41 1712
/
4
141 2712
/
4
2412 29
24
36
1112 29
57
34
15
2812
2114 3112
37
4
112
5
1114
2
54
4
2718 3418
444
9
1214 3248
- -1
471;
1312
3112
235
8
164
/
1
5412
14
23
4
28
13
12%
31
112
3,
5
5514
317
2
53
42
75
76
2212
74
,
4712
223
4
33 4
,
593
4
43
4
784
3352
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
May 18 1935
On Jan. 1 1909 the Erchange method of quoting bonds was changed and prices are now "and Interest"-except for income and defaulted bonds.
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote In the week In which they occur. No account Is taken of such sales In computing the range for the year.
r....
Week's
ill
Range or
-,.. t
Friday's
...a. Bid rt Asked
U. S. Government.
Low
Mon
First Liberty Loan-344 of '32-47____ .1 D 100.30 101.2
J D
Cony 4% of 1932-47
_
1 D 100i.31 101.3
Cone 44% of 1932-47
J D
2d cony 44% of 1932-47
_
__
Fourth Lib Loan 444% ot 1933-1938 A 0 la10 102.13
-Treasury 444s
1947-1952 A 0 116.10 116.18
Treasury 444-34s_Oct 15 1943-1945 A 0 105.28 106.9
Treasury 4/
3
1944-1954 J D 111.11 111.20
1948-1956 M 8 109.22 110
Treasury 3148
Treasury 334i
1943-1947 J D 107.2 107.10
Treasury 3a
Sept 15 1951-1955 M 8 103.19 104
Treastfry 3s
Dec 15 1948-1948 J 0 103.20 104
Treasury 34a____ June 15 1940-1943 J D 107.22 108
Treasury 3445____ Mar 15 1941-1943 al S 107.26 107.31
Treasury 34s__ __ June 15 1946-1949 1 D 104.22 105
Treasury 33.4s
1949-1952 J D 164.20 105
Treasury 3445
Aug 1 1941 F A 107.25 108.2
Treasury 348
1944-1946 _,- - 105.24 106.4
Treasury 24s
1955-1960 m S 101.11 101.20
Fed Farm Mtge Corp 334.------1964 M 8 103.21 103.30
38
Nov 151944-1949 M S 101.26 102.5
3s
Jan 15 1942-1947 1 .1 101.29 102.6
244
Mar 11942-1947 NI S 100.30 100.30
Home Owners Mtge Corp 43
1951 1 i 100.27 100.31
38 series A
1952 131 N 101.22 102
234s
1949 F A 100.7 100.15
State & City-See note below.
N
BONDS
Y. STOCK EXCHANGE
Week Ended May 17
Foreign Govt & Municipals
Agricultural Mtge Bank (Colombia)*Sink fund 68 Feb. coupon on.,1947 F A
*Sink fund 61 April coup on
1948 A 0
Akershus (Dept) ext 55
1963 M N
*AntIogula (Dept) coil 7s A
1945 J J
*External a 1 7s eer B
1945.7 1
*External a 1 78 ser C
1945 i /
'Externals f 78 ser D
1945 3 .
1
1957 A 0
4External a f 75 1s5 ser
1957 A 0
*External sec 8 1 78 2d ser
4External sec s f 7s 3d ser
1957 A 0
Antwerp (City) external 15a
1958 1 D
Argentine Govt Pub Wks 6s
1960 A 0
1959 J D
Argentine (is of June 1925
Ertl s 1 6e of Oct 1925
1959 A 0
External 816.soden A
1957 M S
External 68 series B
1958 3 D
Ertl s f 614 of May 1926
1960 M N
External •I 66 (State RI)
1960 M S
Esti 68 Sanitary Works
1961 F A
Esti 6s pub wks May 1927 ..- -1961 MN
Public Works eat' 534.
1962 F A
Australia 30
19553 1
-year 5s
1957 56 S
External 55 of 1927
1956 m N
External g 4448 01 1928
Austrian (Govt) 8 f 75
1943 .1 D
International loan 5 f 78
1957 J J
'Bavaria (Free State) 6445
Belgium 25-yr exti 6445
External s f ila
External 30-year a t 7s
Stabilization loan 7e
Bergen (Norway)5s
External sinking fund 55
4Berlin (Germany) sf 6345
'External sinking fund 65
'Bogota (City) esti s 189
'Bolivia (Republic of) exti 88._
*External secured 78
*External sinking fund is
4945 F A
1949 M S
1955 1 .1
195.5 1 D
1956 MN
1949 A 0
1960 M S
1950 A 0
1958 J D
1945 A 0
1947 M N
1958.7 J
1969 M 8
July
1Week's
July 1
1933 to
Ranee
BONDS
13
Range or
4 1933 to
&I + Apr 30
Sines
N. Y. STOCK EXCHANGE
Friday's
0 Apr 30
it
tiO
1935
Jan. 1
Week Ended May 17
..., a. Bid & Acted sIls1
1935
4,,
Low
99
100.17
99.28
Ka
100.30
104.10
97.26
101.18
99.26
98.5
93.12
97.26
98.12
98.8
94.28
101.5
97.27
99.24
100.14
98
94.27
100.20
__
94:28
94.26
9228
Low
High
100.30 106.14
lel
102.20
100.31 104.4
103
103
102.10 104.16
113.6 new
102.28 106.23
108.24 111.28
107
111.10
103.28 107.12
100.20 104.10
100.20 104.10
104.15 108.3
164.14 108.6
101.26 105.11
101.15 105.8
104.19 1C8.11
102 24 106.15
100.15 101.25
101.14 104
99.16 102.15
100.20 102.16
100.24 101
100.19 101.18
99.18 102.14
98.20 100.23
235
8 234
1
235
8 234
1
935
8 933
4
6
9
93
4 25
83
4
93
8
4
93
8
94
3
94
4
80
4
9
912
4
912
4
9
*814
95 ---8
29814 994 65
9452 9618 48
9514 964 45
945
8 96
33
9518 9614 63
9538 9618 34
95
9612 39
56
947
8 96
9458 96
26
9434 9618 39
903
4 015
8 32
121
10014 102
10118 10178 103
9512 963
8 82
1005 1005
8
5
3,
411
9312 95
183
4
1538
64
73
8
64
712
714
638
614
612
743
2
44
44
4458
44
4414
4412
4414
4412
45
4114
7752
78
734
8314
4212
3312
21
1912 32
9012 963
4
712 113
4
73 1118
8
75
8 912
714 105
8
63 1014
4
67 10
8
63
4 972
88 126
9018 9614
90
9612
963
8
90
8
904 963
9018 9612
4
90
963
90
9618
90
9614
99
9614
8412 9138
98 10412
98 10412
9218 9714
4
10038 1023
81
96
z30
104
10218
11034
10512
974
9712
26
2512
•133
4
678
453
45
8
2614
8812
864
923
4
91
6718
6214
22
2012
111
4
514
4
4
No.
246
__._
183
____
138
92
596
182
129
43
610
474
97
256
229
1.637
532
1,058
2.236
54
553
98
1
59
450
422
30
13
108
1481
10712 74
119
30
109
268
984
3
9814 26
263
8 19
27
82
1412 --,
73
8 27
512 19
55
8 83
307
8 79
1941 1 D 30
'Brazil (U S of)external 88
2412 77
*External 8 1
.64.48 of 1926
1957 A 0 23
2412 63
'External a f 648 of 1927
1957 A 0 23
*78 (Central RY)
1952 .1 D 2412 2512 38
•Bremen (State of) exti 78
1935 M S 413718 383 ---8
93
Brisbane (City) a 1 5a
1957 M 8 92
13
913
8 93
Sinking fund gold 59
51
1958 F A
20-year s 1 6s
4
1950 J D 993 100
5
Budapest (City of).6s July 15935 coupon on
1962 J D 3613 364 21
933
Buenos Aires (City) OAS B-2 ___A(155 J J 92
4 20
1960 A 0 8718 8718
External a f ils tier C-2
2
4 12
893
External s f 68 ser C-3
1960 A 0 88
•Buenos Aires (Prov) exti 65....._1961 M S 76
3
76
8 64
220
*fie stamped
1961 M S 605
1961 F A
76
76
*External 5 r 834*
6
*akin stamped
1961 F A 6114 6331 45
Bulgaria (Kingdom of)1512 16
*Sinking fund 7s July coup 0(11_967 .1 .1
8
17
17
*Sink fund 744s May coup 011_1968 MN
1
217
s
1932
1918
185
8
29
68
6812
76
•Calda.s Dept of (Colombia) 7448_1946 J J
1960 A 0
Canada (Dom'n of) 30-yr 48
1952 M N
5e
1936 F A
434e
*Carlsbad (city) 8 1 88_
1984 .1 J
*Cauca Val (Dept) Colom 7448_1946 A 0
*Cent Agile Bank (Ger) 78_ -- -1950 I'd 8
July 15 19603 .1
*Farm Loan a f 68
Oct 15 1960 A 0
*Farm Loan s t 6s
*Farm Loan Si ser A
_Apr 15 1938 A 0
*Chile (Rep)-Exti 8 1.1942 M N
78
'External sinking fund (Is__ ..1960 d 0
Feb 1061 F A
*Eat sinking fund (is
*Ry ref ext 816,
Jan 1961 .1 ./
*Eat sinking fund 6s
Sept 1961 M 11
*External sinking fund fte
1962 M 8
*External sinking fund ele
1963 M N
*Chile Mtge Bk 6445
1957 J D
*Sink fund 8448 of 1926
1961 J D
*Guar 5(So
1961 A 0
*Guar s f Os
1962 MN
*Chilean Cons Munk, 78
1960 M S
*Chinese (Ilukuang Ry) 514
1981 J D
Christiania (Oslo) 20-yr 5 f 6s
1954 M S
*Cologne (City) Germany 646_1950 Al B
Colombia (Republic of)4168 Apr 1 1935 coupon on__Oct 1961 A 0
*68 July 1 1935 coupon On.. Jan 1961 J J
*Colombia Mtge Bank 6445
1947 A 0
'Sinking fund 780! 1926
1946 M N
*Sinking fund 78 of 1927
1947 F A
Copenhagen (City) 58
1952 1 D
25
-year e 4448
1953 M N
4Cordoba (City) exti 51 7s
1957 F A
.7e
4 stamped
1957.
*External sink fund 78
1937 MN
•75 stamped
1937 _
858
8612
994
984
52
858
2912
26
2632
2718
7
5
618
618
618
64
0
73
4
94
712
74
5
22
75
22
1018
108
1135
8
10234
.513
4
10
3812
30
23013
36
133
4
1212
124
123
2
12i2
123
8
123
8
1212
1234
1218
1218
11
a45
10118
284
27
27
207
8
2118
214
86
8114
5118
46
*52
•46's
11
17
10838 130
11412 91
103
13
54 --10
2
39
31
3213 14
3214 28
3712 25
15
15
1312 180
1312 177
1312 81
1332 32
1314 40
1312 75
13
25
123
4
1
125
8 33
123
4 33
1118 27
045
1
10114
8
3012
5
273
4
273
4
2112
22
2118
91
87
5118
4712
39
25
4
5
5
70
68
1
38
293
4
4014
36
3614
2914
2558
3712
254
15
1612
18
2018
14
12
143
8
6013
5512
12
297
8
Foreign Govt. & Munk. (Con.)
Low
Cordoba (Prov) Argentina 78 ____1942 1 .1 75
Costa Rica (Republic of)
1 78 Nov 1 1932 coupon on
.
1951 M N
3514
.7. May 1 1936 coupon on
1912
1951 -__
Cuba (Republic) 5s of 1904
1944 M 0 *983
8
External 5s of 1914 sm. A_
1949 F A •95
External loan 445
1949 F A 90
Sinking fund 53.4e
9038
_Jan 15 1953 .1 J
'Public wke 544e _June 30 1945 J D 337
..__
8
•Cundinamarca 644,
1012
1959 MN
Czechoslovakia(Rep of) 88
1951 A 0 10114
Sinking fund 8s ser 13
1952 A 0 102
Denmark 20-year exti 68
1942 J J 983
4
External gold 534s
1955 F A 93
External g 4448__Apr 15
I962 A 0 8212
Deutsche Bk Am part ctf 8s
I932
*Stamped sold to Sept 1 1935
6712
Dominican Rep Cuet Ad 5449_1942 M S 70
1st ser 544s 01 0926
1940 A 0 .6112
2d seriea sink fund 5448
1940 A 0 a6118
*Dresden (City) external 78._ 1945 MN *____
Range
Since
Jan. 1
High No.
76
12
Low Low
2518
70
3514
5
1912
3
100 ---_ --__
__90
6
9234 21
42
188
103
4
5
103
30
103
9
10318 270
9978 131
92
395
6818
8312
8178
61
193
4
83
4
773
4
77
797
8
75
61
1818
1105
80
3218 3514
1818 25
14
9412 975
8
90 95
84
90
77
924
2312 42
83 143
4
8
9512 105
9512 105
983 105
4
93 101
8212 964
70
20
4812
5514
7014
9
40
66
36
6212 ___
595
8
36
06112
I.
591
8
48 ____
27
35
*El Salvador (Republic) 88 A _,,5948J .1 •52
--------36
*Certificates of deposit
.7 J 47
48
9
35
Estonia (Republic of) 78
96
19
1967 J J 94
4812
Floland (Republic) ext 138
1945 M S •10618 1063 _-__
4
70
External sink fund 644e
1023
1956 M S 102
4 37
7012
*Frankfort (City of) 816348
23
24
12
1953 M N
20
French Republic eat! 7448
1941 1 D 18114 186
14 1243
External 78 of 1924
19493 D 183 2183
5 12712
'German Government InteruaBona! 35-yr 5448 of 1930
267 210
8
1965 1 D 25
23
*German Republic exti 7s
357 108
8
1949 A 0 34
3112
*German Prov & Communal 13ks
(Cons Agrie Loan) 6448
4014 14
1958 J D 39
2312
Graz (Municipality of)
.8s urunatured coupons on
10212
_1954 M N 102
3
49
Or Brit & Ire (U K of) 5448
1937 F A 11218 11212 32 1075
8
54% fund loan 8 opt 1960
117
1990 MN a11414 0116
9538
*Greek Government if ser 7ii
3312 3412 10
1964 MN
22
10S f secured 68
1968 F A
2512 27
19
165
8
Haiti (Republic) 8 f 68 ser A
1932 A 0 8812 8312
3
67
*Hamburg (State) 68
25
1946 A 0 25
I
2018
2712
*Heidelberg (German) exti 744s 1950 -1 J *15
15
Heleingfors (City) ext 64s
8
19
1960 A 0 1023 103
6614
Hungarian Cons Municipal Loan
33
33
*7448 untnatured coupons on 1945 J J
3
25
.7s unmatured coupon on
1946 J J 3214 3258 15
255
8
'Hungarian Land M Inat 7448_1961 MN *3312 3434
2512
*Sinking fund 7448 ser B
1961 M N *3212 35 _--295
8
Hungary (Kingdom of)
40
*744s February coupon on
4014
1944 F A
5
3112
Irish Free State esti e f 5a
1960 MN 11418 115
5
92
Italy (Kingdom 01) exti 78
1951 J D 8312 8714 146
79
Italian Cred Consortium 78 A ____'37 M 8 96
96
1
8934
External sec et 78 ser B
1
1947 M 8 8212 8212
76
Italian Public Utility exti 78
30
37
837
8 91
1953 J J 77
6312
9314 108
Japanese Govt 30-yr 916348
9834 72
1954 F A 98
77
9314 10712
Esti sinking fund 5448
8
1965 M N 8612 873 125
6712
10118 119
Jugoslavia State Mortgage Bank
97 11014
31
*7e with all unmet coup
1957 A 0 31
3
23
8
957 997
8
*Leipzig (Germany) a 1 78
93
99
8
1947 F A 2373
3738
2
2938
Lower Austria (Province of)
26
38
2512 3812
*744s June 1 1935 coupon on_1930 J 0 985
8 985
8
1
50
1 13 18
4
*Medellin (Colombia) 648
1954 J D *818
94 --64
518
*612
738 *Mexican Irrig Asatng 448
1943 M N
714 --3
4
638 *Mexico (US) exti 514 of 1899 L _ _ 1945 Q .1 *---25
--4
4
638
1112
'Assenting Ce 01 1899
1945 -___ *10
478
'Assenting 58 large
•43
4
612 ___
518
28
397
2
*Assenting Si small
23
3112
044 of 1904
1954 ---------635 -- 912
23
313
4
'Assenting 4e of 1904
1954 ---614
611
5
3
24
434
3114
'Assenting 48 of 1910 large
43
4
4
4
335a 4112
5
5
*Assenting 4a of 1910 small
1
552
8718 9714
*1Treas 6,0!'13 assent (large)_ 1933 J J
73
4
73
4 15
534
8558 973
•ISmall
J J
612
a
7
46
53
4
97 10214 Milan (City, Italy) exti 044s ____1952 A 0 73
767 272
8
685
8
Minas Geraes (State of, Brazil)
.644e Sept coupon off
324 3914
163
4 60
1958 M 5 15
153
4
8.1
'645 Sept coupon off
933
4
163
4 21
1959 NI S 15
1552
82
8718
8934 *Montevideo (City of) 78
82
1952 J D 8334 377 ____
8
2714
6618 76
*External s f 614 series A
1959 M N *3314 3512
25
515 64
8
New SO wales (State) exti 58
1957 F A 9912 9934 12
733
4
67
76
External s f 5s
8 32
-- 1958 A 0 9914 995
Apr
7312
52
633 Norway 20
4
-year exti fia
1943 F A 10514 1064 36
88
20-year external 6s
1944 F A 10512 10612 27
8712
1512 185
8
30-year external 68
1023
1952 A 0 101
4 71
8318
16
40-year e t 548
19
1965 .1 D 10014 101
91
7878
External sink fund 59
1963 M 8 10014 10114 18
76
85 14
8
Municipal Bank exti 8158
1967.7 D 1004 10018 67
7712
10412 10812
Municipal Bank tittle(5*
1970 1 D 100
100
5
8012
11014 11.112 •Nuremburg (CRY) esti 65
1952 F A 2312 25
9
22
1023 10312 Oriental Devel guar 6e
4
4 8612 20
1953 M S 843
64
5012 8212
Ertl deb 5448
1958 M N 82
8312 19
5914
852 1312 Oslo (City) 30-year a 1 68
1017
8 29
1955 M N 100
73
36
584
2918 47
Panama (Rev) exti 544e
1953 .1 D *10512 --------99
2918 4634
•Ext1 98 ser A
1963 M N 455
8 5131
3
247
8
36
46
*Stamped
5.5 4
483i 29
27
12
17
Pernambuco (State of)
1012 1514
*75 Sept coupon off
1947 M 8 15
1512
1
818
1012 1512 *Peru (Rep of) external 76
1959 M S 1514
16
13
7
1012 1512
*Nat Loan esti s 1 68 1st ser _1960 .1 D
10
107 235
8
5
1012 1512
*Nat Loan exti if 68 2d 8er
1961 A 0 1018
107 153
8
43
4
103 153 Poland (Rev of) gold 68
4
8
1940 A 0 7512 8014 29
66
103 154
4
Stabilization loan 8 1 78
1947 A 0 997 10312 97
8
63
103 144
4
External sink fund g 8a
1954) .1
.1 8538 9014 154
635
8
11
143 Porto Alegre (city on
4
II
1414
.81 June coupon off
52 227 ____
1961 .1 0 815
8
1612
103 1414
4
.7448 July coupor off
8 243 _
1966 1 J •155
8
144
93 12
4
Prague (Greater City) 740
1952 FA N 10112 10112
1
7714
40
47
*Prussia (Free State) esti 6 HP.- 1951 NI S 255
8 2614 44
2412
99 1024
*External a f ga
1952 A 0 2512 2634 39
234
274 36
Queensland (State) extl a 3 7ii .._ _1941 A 0 109
109
4
94
2218 3612
25
-year external Be
1947 F A 10614 10612
3
833
4
224 37
•Rhine-Main-Danube 78 A
1950 M S 38
38
1
3518
18
2412 Rio de Janeiro (City of)
1812 2412
*88 April coupon off
1940 A 0 1513
1614
4
1312
18
2512
.
06448 Aug coupon off
1953 F A
145
8
154
8
13
86
943 Rio Grande do Sul (State of)
8
8114 9112
*85 April coupon off
1946 A 0 18
18
1
174
4434 52
*Os June coupon off
1968 J D 143
4
1512
9
1514
3834 474
r7e May coupon off
1966 Isl N
154
153
4
9
10
50
5214
*7s June coupon off
1987.7 D 16
165
8
3
153
4
46 2 5118 Rome (City) exti 648
,
1952 A 0 733
4 763
7012
4 31
70
71 12
64
64
434
6512 6512
46
62
844 96
16312 108
4
1014 1043
23
3514
16812 190
17512 190
243 3712
4
34
474
38
4838
86 10812
11014 1164
10018 119
3312 3912
251. 33
112
2412
2512
10114
8812
3612
31
1034
2912
3012
2912
323
4
38
37,
4
35
35
344 4912
10612115
79
9412
94
99
76
89
6312 85
983
4
90
774 873
8
25
43
373 4438
8
97 106
63 1014
4
5
81s
84 - 14
1- 814 11
534 5 4
3
518 8
418
7
352 7
73
4 73
4
612
84
635 854
8
15
15
1938
1912
37
42
33
3612
963 1024
4
9634 1024
10312 10714
10312 107
101 10414
9938 103
91112 1024
9934 1014
4
IIS 1013
2312 353
4
7714 864
7438 8313
99 10214
10212 10712
40
513
4
4
3612 483
1312
12
74
712
71
997
8
794
157
3
1)1
107
8
11
8012
12612
9512
18
16
99
2512
2412
22
22
10312
37
364
10618 11012
10318 109
374 4312
1512 195
8
1334 1812
16
143
4
1518
1534
7012
2312
22
21
2112
8714
For footnotes see page 3357.
NOTE-Sales of State and City occur ties occur very rarely on he New York Stock Exchange, dealings In such securities being almost entirely over tile counter.
Bid and asked quotations, however, by active dealers In these securities, will be found on a subsequent page under the general head of "Quotations for Unlisted Securities.'
New York Bond Record-Continued-Page 2
Volume 140
Weers
Juty 1
14
Range
_
s " Range or ; 1933 to
'
BONDS
Friday s
Since
,rr.5. Apr 30
N. Y STOCK EXCHANGE
4 a; Bid & Asked 235
3 1935
Jan. 1
Week Ended May 17
Low
High No• Low Low
High
Foreign Govt. &Mimic.(Cosa.)
113
924 112 13918
16
1964 MN 113
Rotterdam (City) rut! 61/
Roumania(Kingdom of Monopolies)30
/ 3612
1
4
205
8
1959 F A 3118 3278 61
•715 August coupon off
60
78
56
60 ---1953 2 J *55
Saarnrueeken (City) 82
Sao Paulo (City of, Brazil)1512 194
1512
2
18
1952 M N 18
May coupon off
.
58e
153
2 153
1418 197
8
1518
5
4
*External 634s May coupon off 1957 M N
San Paulo (State of)28 ---25
30
1518
1936 J J *25
*8.1 July coupon off
15
/
1
1212
1950 J J 2184 19
174 233
4
*External 88July coupon off
16
21
1278
6
17
1958 M S 17
*External 70 Sept coupon off
4 16
1668 .1 j 153
15
21
14
103
4
*External as July coupon ort
8414 31
7812 9114
81
1940 A 0 81
*Secured s f 72
f
52
494
35
33
44
48
Meta (Prov of) ext1 75
*Madan Landowners Assn 6e
Solomon' (City of) ext1 fie
Styria (Province of). Feb coupon off
57,
Sydney (City) 2f 5He
42
1958 .1 13 6818 7212 17
1
51
2514
1947 F A 51
1936 MN ------------117
1946 F A 9814
1955 F A *----
1971 J ,I 83
Taiwan Elec Pow e f 5342
1952 M S 72
Tokyo City be loan of 1912
External St 634, guar
1981 A 0 8218
10
*Tolima (Dept of) exti 7e
1947 MN
1657 66 N 95
Trondkjele (City) let 514e
Upper Austria (Province of)
1945.1 D *10612
•72 unmatured coupon on
1957 .1 D •100
*Ext111 Hs unmatured coups
*Uruguay (Republic) extl 85......1946 F A 4014
*External a f 65
1960 M N 3712
*External e f 62
1984 M N 3714
Vemenan Prov Mtge Bank 7p_._1952 A 0 73
Vienna (City of)- •
Wls May coupon on
1952 MN 87
Warsaw (City) external 72
1958 F A 6712
Yokohama (City) WI 82
1961 J 0 8518
8512 7412
4938 6114
/
1
4
16118 175
9812
2
99 ----
4714
75
87
9812
965 1024
8
18
6
25
2
14
58
533
4
59
812
63 4
3
7412
6612
7438
858
91
85
73
8312
10
9612
85
73
8312
124
99
95 10578
82 160
3618 4732
3414 4118
344 41
73
83
5258
41
63
8478 66
83
733
4
/
1
4
8014 87
3512 107
105'2 40
0312 36
a88'8
6
1073 ---,
101
1
50
8
1023
4 36
154
87
61
8612
8012
74
38
83
28
4115
103 10512
9312
85
8612 10014
107 108
100 103
38
6458
9912 1023
4
7314 181
1944 F A 72
4 8414 96
1949.1 D 623
23
1950 A 0 1612 18
115
8
131 58
/
4
1950
1998 A 0 *8712 88 ---:
±
1942 IR 0 a10818 a1084
1937 MN 10118 10112 58
8
.865a 917 ---_1955 _
473
4
41
13
8
62
93
834
6412 7512
5212 6614
26
13
1314
8
8412 9018
10512 10814
4
100 1013
87
973
10114
1004
6414
867
8
10812
95
1023
4
10112
10212
108
11214
1123
8
10712
112
38
10
3
567
19
107
78
9
4
192
5
62
178
167
25
176
11
80
58
/
1
4
82
62
784
65
87
92
1007
8
10112
1003
4
103
105
100
20
817
25
951 145
26
26
1
23'2
27
10
53
7
58
80
18
2012
314
27
1
1964 M S 9512 951
1939 .1 D 1034 1041 137
1057 275
1943.1 .1 105
39
4
1940 1 D 1033 104
1091 153
1995 A 0 108
6
/
4
1995 Nov 1031 1031
44
104
1995 MN 102
1955.1 D 102
102'2 12
20
103
10553 D 102
1960.1 D *10212 105
19483 D 1053 1063
4
33
1965 .1 J 10412 10412 15
8 15
8
1958 J .1 1093 1093
109'2 23
1982 M 5 109
__ ---1946.1 D *1121
9
4-4
1944 3 .1 1033 104
10
4
19443 .1 1093 110
1947 .1 D *10414
4 98
1951 3 J *923
7818
75
74
85
844
/
1
75
7518
75
744
78
8812
79
89
8714
993
4
867
*
86
95
74
Am Beet Sugar Os ext to Feb 1 1940 F A
American Chain 5-yr 62
1938 A 0
:Am & Foreign Pow deb be
2030 M 13
American Ice 2 t deb 56
195 .1 D
Amer I G Chem cony 530
1049 M N
Am Intermit Corp cony 534s_
1049 J J
Am Rolling Mill cony be
1938 M N
Am BM & R let 30-yr 5e ser A_1947 A 0
Am Telep & Tales cony 45
1030 M S
30
-year colt tr 5,1
19463 D
35
-year 51 deb 55
196 J .1'
20
-year sinking fund 534s
1943 MN
Convertible debenture 434o_.1939 J J
Debenture 5s
1965 F A
f*Am Type Founders 82 etfe
1940 ____
Amer Water Works & Electric.-Deb *8* series A
1975 MN
10
-year Se cony colt trust
1944 M El
i•Am Writing Paper let g 8s_1947 .1 .1
Certificates of deposit
'Angle-Chilean Nitrate 715
1945 MN
ViAnn Arbor lets 45
1995 Q J
Ark & Mem Bridge & Ter 55
Armour & Co (III) 1st 434s
Armour & Co.of Del 534*
Armstrong Cork cony deb bs
Atch Top & S Fe
-Gen g43
Adjustment gold 42
Stamped 4s
Cony gold 4s of 1909
Cony 4s of 1905
Cony g 42 issue of 1910
Cony deb 4Hs
Rocky Mtn Div 1st ts
Trans-Con Short L 1st 43
Cal-Aris 1st & ref 430 A
Atl Knox & Nor Ist g 5.2
Atl & Char/ A List 4;0 A
151 30
-year bs series B
Atlanta Gas L lot bs
Atlantic City 1st guar 42
40
36
42
38
--------113
4
-- ---411
/
4
-44
27 .33
92
40
2812
394 19
285
5
2
73
747
8
RAILROAD AND INDUSTRIAL
COMPANIES.
•ItAbitibi Pow & Paper lit 56_1953 .1 D 33
Abraham & Straus deb 534e
1943 A 0 105
Adarss Express ooll It 648
1948 M 5 9114
AdriatIe Elea Co ext 7.
1952 A 0 a884
Ala GI Sou lit cons A be
19433 D *---let eons &Isar B
19433 D 101
/
1
Albamy Perfor Wrap Pap 8
1948 A 0 494
Alb & Musa let guar 814s
1946 A 0 10214
tAlleghany Corp coil It 52
Coll & cony be
*Coll & cony be
52 stamped
Aileg & West let gu 4,4
Alleg Val gen guar g 42
Aille-Chalmeni Mfg deb bs
Alpine-Montan Steel 71,
8314
61
4214
40
55
5212
2712
27
3
25 4
2218
17
1
59
.Santa Fe (Prov Arg Rep) 7e
1942 M 5 59
38
1
55
55
*Stamped
321,
3714 3858 44
*Saxon Pub Wks(Germany) 78_1945 F A
7
281
/
4
1951 M N 3712 384
*Gen ref guar 634.
1
47
4212
1945 J D 47
*Saxon State Mtge lint 76
5412 ---447
8
*Sinking fund g 834*
19483 D *---Serbs Croats d, Slovenes (Kingdom)•Esummatured coupons on
1962 MN ------------1914
41
3014 3214
*Nov 1 1935 coupon on
*7,3 unmatured coupons on____1962 M N ------------17
54 __-3014 32
*Nov 1 1935 coupon on
14
80
9412
235
8
2312
912
5252
1
87
7212 104
87'2 14
10114
10014
693
4
8712
10914
957
8
10314
10214
10212
1081
1123
4
11278
109
1123
40'z
High
Low Lott
7112
93 10312
9212
78
8115
6852 8212
57
29
29
42 4
,
244 3412
/
1
241
/
4
351 47
/
4
3514
10718 10814
101
37
383 5712
4
90
75
9414
9
1940 MN 10014 10012
IBaldwin Loco Works lei 5,4
8
4
1948 A 0 1007 1013 224
Balt & 01110 1st g 4,1-- -July
4 91
Refund & gen be aeries A
1995j D 6112 643
10714 48
let gold be
-1948 A 0 106
July
51
74
1995 J D 70
Ref & gen 6s series C
963
4 60
P. L E & W Va Sys ref 4e
1941 MN 96
115
Southwest Div let 334-be
1950J II 9118 94
46
8 86
To!& Cin Div 15t ret 4e A
1959 J .1 843
110
2000 M S 6012 63
Ref & gen So series D
4
4 493 501
Cony 414s
1980 F A 453
Ref & gen M be ser F
1996 M 5 6014 637 144
- - ---Bangor & Aroostook let be
1943 1 J *1134
1048 16
- 3
Con ref 4s
1951 J J 103
41
1951 .,--- 10512 106
42stamped
3
10712
Bataylan Petr guar deb 434._
1942 11 107
65 ---1989 J D *62
Battle Crk & Slur 1st gu 32
8 10
1936 J J 10112 1015
Beech Creek tat SU 8 42
24
2d guar *55
1938. .1 10018 101
1
8.
---Beech Creek ext lit ft 334e
1951 A 0 *963
712 19
Bell Telep of Pa be series B
1948 1 3 11718 11lit & ref 5,seriesC
1960 A 0 12014 12112 38
4 15
Beneficial Indus Loan deb 62
1948 M S 11012 1103
22
1
*Berlin City Elec Co deb 8342
1951. D 22812 30
8
2618 27
1959 F A
*Deb Making fund 634e
3
2714
1955 A 0 26
*Debentures 65
1
4 363
4
*Berlin Elec El & Underg 634s-1056 A 0 363
8 30
Beth Steel let & ref Se guar A_..1942 M N 10812 1097
27
4
30
-year p m & impt s 1 52
1938 J .1 1033 104
954
8214
54
9418
59
763
8
741
/
4
81
624
3812
5212
9412
7418
10112
9458
80
88
8912
86
103
10314
82
2738
253
4
243
8
275
8
944
94
90
- ---Big Sandy 1st 45
1944 1 D
25
4 10
373
4 373
Bing & Bing deb 634s
1950 M S *10612-- 5914
89
1967 M 5 673
8 69
Boston & Maine let be A C
804
3
IVI N 6812 6912
let M be series II
1955
58
7
65
lit g 43de ear JJ
1961 A 0 63
28
7
363
4
Boston & N Y Mr Line 1s8 4s_1955 F A 35
34
3
1934 A 0 *734 10 _--Ii*Botany Cons Mills 634e
612
11 ___A 0 *7
*Certificates of deposit
i*Howman-Bilt Hotels let 71_ _1934
I
4
/
1
4
__
IIII S *434
Stmp as to pay of $435 pt red
II*13'way & 7th Av let cons 55_1943 J 0 ------------8
6812
903
4 20
1941 J .1 90
Brooklyn City RR 11858
4 14 103
Bklyn Edison Ino gen be A
1949 1 J 10714 1083
19 10212
Gen mtge 5* aeries E
1952 J J 10718 108
863
8
10712 118
1988 3 J 107
Bklyn-Manh R T see 62 A
5258
4
64
Bklyn Qu Co tr Sub con gtd 52_1941 MN 64
573
4
1941 J .1 *6812 75 ____
let bs stamped
1950 F A 1073 108
7212
43
4
Skirt Union El let g be
8
8
2 10312
Bklyn Un Gas let cone g be
1945 MN 1193 1193
/
4
1 1051
let lien & ref 62 series A
1947 M N 12412 12412
------------158
1936 J
Cony deb g 534*
93
I
i
1950 1 13
Debenture gold Se
4 10012
8
8
1957 M N 1095 1095
1st lien & ref be series B
1933 .1 ./ *102
10314 ____
Bruns & West let SU g 42
8-----Buff Gen El 434. Bailee B
1981 F A *1111
1937 M 5 10518 105'8
5
Buff Roch & Pitts gen g be
4 5912 37
1957 M N 553
Consol 434e
8 20 ____
*/Burl C R & Nor let & 2(015e-1934 A 0 *175
1
fCertiticates of deposit- 1612 1612
25
81
0 80
*Mush Terminal lit 42
..... 1952 18 434 46
/
1
•Consol be
1955 1 J 403
98 10212
607 -___
8
Bush Term Bldss bs gu tax ex
1960 A 0 *55
991k 103
5
853
8 8712
893 By-Prod Coke let 534e A
4
1945 M N
49
70
8812
I
1937 M N 10814 10814
10412 10912 Cal GI & E Corp unf & ref be
8
8 31
1940 J .1 1047 1055
8
8512 957 Cal Pack cony deb be
8 16
Cal Petroleum cony deb s I 54_1939 F A 10112 1017
10234 112
4
1938 MN 1013 10214 31
Cony deb 2 f g 530
2
10112 1057
87
8 23
73
4
*Camaguey Sugar 7s ale
1942
10212 104
22
109
A0
1962 -- 108
/
4
10712 1101 Canada Sou cons gu Ss A
8
4 15
1954 M 5 1033 1033
Canadian Nat guar 430
1111 113
2
8
/957 J .1 1105 11114 23
-year gold guar 4345
30
1113 113 2
4
7
1064 109
Guaranteed gold 4345
19683 0 10312 1044 88
8
Guaranteed g ba
July 1969 J .1 1147 11514 46
111 11814
23
118
Guaranteed g be
Oct 1969 A 0 117
4112
31
8
/
1
4
Guaranteed g 52
1970 F A 11714 117
5
1153
8
Guar gold 4345
June 15 1955 J D 115
8
63 2 817
7
8 66
1956 F A 11212 1133
Guar g 4He
80
9714
65
Guar g 430
-Sept 1951 M S 11218 113
193 26
4
1063
2 17
1940 J D 106
2012 2312 Canadian North deb guar 75
8
75 11
4
8 20
19463 .1 1225 1235
Deb guar 6145
863
4 875 158
8
6012 5712 Canadian Pao Ry 4% deb stook..____ --_
10318 22
5 102
1946
Colt It 4345
7
be equip tr etis
1944 3 .1 11114 112
873 9512
4
1045
8 80
Dec 1 1954 J D 104
Coll It g be
102 1044
Collateral trust 4134e
19803 .1 9912 100'2 199
103 1063
4
10338 10424
421 ____
1949 .1 J *35
8
1067 11112 i•Car Cent let guar g 42
8 16
19383 D 10812 1085
101 10812 Caro Clinch &0 1st Se
6
let & cons 68.ear A __Deo 15 1952 J D 10912 110
1013 weie
4
4
723
4
71
1981 3 D
Cart di Ad let gu g 4s
10012 104
1
28
28
1948 .1 D
*Cent Branch U P let II 4
100 104
11
10812 24
19433 D 108
Cent Dist Tel 1st 30-yr be
100 103
408
10412 110
t•Central ot Ga let g be----Nov 1945 F A *30
144 161g 32
/
1
1945 M N
•Conaol gold 55
10014 105
9 ____
1959 A 0 *818
10712 11012
*Ref & gen 5345 series B
912 13
812
1087 11212
*Ref & gen Se series C
1959 A 0
8
20 ____
•Chatt Thy pur money g 4s
1951 .1 D •____
110 113
25 ___
1027 104
*Mac & Nor Div let 1 52
1946 .1 J •____
8
23 ____
*Mid Ga di Atl Div pus in be 1947 1 .1 *__
105 1103
8
1948 J J___-*Mobile Div 1st 558
10 -3-- 4 15
6
Cent Hudson G & E ba
Jan 1957 M 5 106
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
Since
Jan. 1
Low
High No.
8
All Coast Line let cons 4sJuly___1952 M S 9712 997 171
8014 60
1984 i D 78
General unified 434e A
1952 M N 7112 7234 18
L & N coil gold 42____Oct
3312 11
1948 J J 31
AU & Dan 1st g 4s
1
26
1948 J J 26
2d 45
41
22
At! Gulf & W I SS coil tr be
1959 -I J 40
32
4
1937 J .1 1073 108
Atlantic Refining deb be
1
40
1949 A 0 40
Atl & Tad let guar 4e
2
944
/
1
1941 J J 94
Austin & N W let gu g be
For footnotes see page 3357
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
3353
_
I July 1
Week's
ra"
1933 to
11;
BONDS)
.. Range Or
Friday',
111. Apr 30
..„ o
3
li .„••
N, Y. STOCK EXCHANGE
..5 Bid & Asked r4caJ 1935
Week Ended May 17
NEW YORK
Private Wires to Chicago. Indianapolis and Si. Louis
951 105
/
4
9512 104
54
7712
101 10912
634 8614
/
1
9314 100
86
99 2
,
75 4 88
3
5212 76
3812 807
5
524 7612
/
1
110 11315
10014 10518
103 107
103 114
68
68
100 10212
100 101
95 95
11314 119,
2
1183 1223
4
4
10714 112
2812 44
264 3912
2512 393
8
/
1
344 4138
1054 11518
/
1
10312 10414
1025 1064
5
/
1
344 45
591 79
/
4
604 793
8
5912 74
28
403
8
83 1212
4
612 11
8
--7
9;
92
84
1067 110,
2
2
106 110
10415 1074
55
84
65
703
4
10052 109
4
1143 120
1185 125
8
_
joiTs 10
-1
108 Ill
/
1
4
884
9812
91
50
18
14
39
104
31
54
1015 10314
8
4
1083 11158
10414 107
514 703
4
1712 24
14
204
76
83
3714 51
5312 6855
773 8712
5
1023
8
85
92
9412
115
79
914
9124
9112
96 4
3
Ms
983
4
94 4
3
911
/
4
911
/
4
1024
1054
523
4
66
943
5
734
643
4
1077 10812
8
1034 1055
8
10112 103
1013 1037
4
8
24 87
8
/
4
10614 1111
1023 1043
4
2
8
10812 1135
1034 10514
1123 118
4
115 12015
11515 1197
4
113 1173
4
109 115 2
7
8
1093 1145
4
10518 10753
119 125
8112 87 8
7
9914 10318
8
10928 1125
1011 1044
/
4
/
1
4
95 10012
19
954
8914
88
2414
1035
8
39
13
63
4
7
1712
35
15
20
1001e
40
45
108 109
10712 110
71
78
2712 39
108 110
42
47
13
26
7
14
83 144
4
15 11"
20
108
25
110 4
,
New York Bond Record-Continued-Page 3
3354
N
BONDS
Y. STOCK EXCHANGE
Week Ended May 17
Wide
July 1
"et
r4
Range or
4
1933 to
z5._ ...
Frtday's
a:: Apr 30
44: Bid & AskedaS.i,
1936
Range
Since
Jan. 1
Cent III Elec & Gas let 5s
Cent New Engl let gu 48
Central of NJ gen e 5s
General 413
Cent Pac let ref git g 4e
Through Short List ffU 45
Guaranteed g be
Cent RR & 11hg of Ga coil S,
Central Steel let g a f 8s
Certain-teed Prod 5543 A
Charleston & Barb 1st 75
Chesap Corp cony 5s
10
-year cony coil be
Chet;& Ohio let con g 5s
General gold 414s
Ref & Mint 44e
Ref & impt 454s ser B
Craig Valley let be_ _May
Potts Creek Branch let 48
R & A Div lst con g 48
24 coneol gold 4,
Warm Spring V let e 58
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 17
May 18 1935
Week's
July 1
F.7,
Range or
4
1933 to
3 _,,_.
•
1
,3 Z .4pr 30
3,
3
Fridase3
-7,ci: BO & Asked el i,
, 1935
-
Low
MO No.
Low Low
High
tow
1951 F A 91
93
52
43
7112 933 Consol Gas (N Y) deb 5545
4
1945 F A 106
1961 J .1 50
53
50
7
673
50
4
Debenture 454s
1951 i D 106
1987.7 J 103
104
92
90
101 1083
4
1957 J ./ 105
Debenture be
1987.7 41 93
93
3
984 Conan! Ry non-cony deb 4.8
78
93
1954 J J 24
1949 F A 100
101
159
1353
8
974 1014
Debenture 4e
1955 J .1 *_
1954 A 0 *993 100
4
6312
9712 100
Debenture 4s.
1955 A 0*
1960 F A 75
794 193
55
6914 8118
1956 I .1 *___
Debenture 45
1937 M N 55
1
49
55
52
6512 /'Cone Coal of MO let & ref 5e 1950 J 0 373
4
1941 MN 117
118
3 100
114 118
*Certificates of depoelt
3712
1948 M S 74
763 274
8
42
6312 763 Consumers Gas of Chic gu 5e _.1936J
8
12 104
1936 J .7 *10314
103
1033 1044 Consumer, Power 1st be 0
4
2
1952 MN 1063
1947 M N 10312 105
177
94
102 1084 Container Corp let 8s
1946 J D 10312
1944.7 D 104
105
200 10112 10112 105
15
-year deb 5e with warr
2
1943 J 13 933
1939 M N 1124 113
59 104
4
1103 113
Copenhagen Telep be Feb 15 __ _1954 F A 933
4
1992 M S 116
1165
8 22
9114 11438 12018 Crown Cork Seal to t138
1947 J O 10512
1993 A 0 1094 11012 29
8312 108 1114 Crown Willamette Paper Os
4
1951 J J 1033
1995 J .1 10912 11014 52
1084 11118 Crown Zellerbach deb be w w__
84
4
1940 M S 1003
1940 J J *10672 ---- ----96
105 105
Cuba Nor Ry let 54e
1942 1 D 5018
1946.7 .1
85
1024 1024 Cuba RR 1st be g
1952.7 .1 41
1989.7 .1 1123 1123
4
4
7
904 10511 1123
4
1st ref 74s merles A
19363 13 444
1989 J . *1063
1
4--------87
10514 1063
4
let lien & tel tle ser B
1936 J 13 43
1941 M 8 *10712--------99
_ Cumb T A T let & gen 5e
8
1937 1 J 1067
Chic & Alton RR ref g as
1949 A 0
Chic Burl & Q-411 Div 354e
1949.7 J
Illinois Division ss
1949 J I
1968 M 8
General 45
let dr ref 444s set B
1977 F A
lst & ref bs ser A
1971 F A
1934 A 0
12Cbicago & East III let 8s
1•0 & E III Ry (new co) gen Se - -1951 M N
*Certificates of deposit_
Chicago & Erie 1st gold 55
5
1982 i/1- 1
1 1
Ch CL dr Coke let gu g be
1937.7 J
I•Cbicago Great west 1st 4s
1959 M S
*43 stamped
1959 ---,
(*Chic Ind & Loulay ref lis
1947.7 J
*Refunding g 5e ser B
1947 .1 J
*Refunding 45 series C
1947.7 J
1966 M N
'1st & gen be series A
•ist & gen 6s series B_Mity 1968 J .
1
Chic Ind & Sou 50
1956 1 J
-year 48
42
1033
4
1067
8
106
10414
10714
74
73
4
714
11414
10518
1914
*193
4
153
4
*1514
*13
578
512
8812
451*
1047
4
1074
107
106
10914
7418
818
73
8
11412
1053
4
20
20
153
4
18
26
578
512
883
4
18
79
8
94
96
128
9
4
6
10
18
335
87
_
1
___
__
2
2
13
3314
84
923
4
8414
77
8412
53
53
8
.518
8211
97
1912
2012
15
21
154
5
5
70
3314 e0l4
10112 10614
106 1094
108 11012
10414 1095
8
10714 11453
73
7514
53
s 94
518 9
11113 117
1033 10618
3
183 354
4
2012 34
15
2134
21
22
18
21
5
814
5
83
4
867 9212
1
Chic LA & East 1st 454s
1969.7 D *1107
-- ---Ohio M & St P gen 4s ser A
8-1989 J .7 4412 4714 121
Gen 13343 ser B May 1
4114 57
1989J J 39
Gen 44e series C_ _May 1 _.._1989J J 45
477
8 78
Gen 44s series E__May 1 --..1989 J .1 4512 474 19
4912 11
Gen 441s series F_ _May 1 ....1989J J 49
Chic 15111w St P & Pac be A
11 14
1975 F A
1212 280
534
312
'Cony sell be
4
Jan 1 __2000 A 0
23
42
41
Chic & No West gen g 31411
1987 M N
1987 MN 46
General 4e
4712 63
Stpd 4s non-p Fed Inc tax
1
48
1987 M N 46
Gen 451s etpd Fed Inc tax
7
54
1987 M N 48
1987 151 N 49
Gen be stpd Fed Inc tax
55
15
47
2
198754 N 47
4..isetamped
Secured g 64s
6112 12
1936 M N 56
let ref g 5e
May 1 _ _2037 .1 D 2212 25
31
let & ref 454e stpd_May 1 ____2037 J D 21
2314 24
let & ref 44e ser C_Nlay 1 __2037J D 1914 23
29
1949 M N
1234
Cony 4y1s series A
15
288
I i•ChIcago Railways let 58 stpd
F A
744 7412
Aug 1 1933 25% part pd
3
1988 J J 3812 4012 57
I•Chic R I & PRY gen 4/1
*Certificates of
- •3318
__ ____
11•Refunding gold deposit-142
1934 A0 1232 13
4s
.._
12
123
*Certificates of deposit
4 20
1312 45
1952 M S 1212
1•Secured 454s series A
*Certificates ot deposit.. 1112
1214
9
43
4
1960 MN
*Cony g 454s
53
8 50
99
3432
35
36
364
3618
95
8
212
3014
34
3518
36
364
41
444
1618
143
8
1418
9
10612
343
8
35
36
361s
3618
95
8
212
3014
34
354
38
363
4
41
4412
161/
144
144
9
1104
583
8
55
623
8
623
4
843
4
26
752
4812
53
53
574
6112
47
70
31
28
2
8
2212
424
3214
324
1014
10
1012
104
412
6814
3214
3213
104
10
1012
1013
412
7412
454
43
17
16
18
16
10
High No
Low Low
High
10612 43
99
105 1064
1083 195
4
99 107
88
106
1023 106
47
4
93
24
112
32
24
35 4
,
325
29 ____
8
325 324
8
25 --__
444 ---- --33 ____
44
42
29
506
10
4-1-12
4134 230
10
29
41
10414
8
103 1053
8
98
10612
3
98
101 12 1093
4
1033
4 15
9812 104
68
954 93
494
83
954
95
93 100
26
693
8
106
9
9611 10414 107
75
104
13
1013 10414
4
101
13
05
9714 1013
4
5312 163
15
37
5312
4412 110
133
4
29
4412
46
23
40
134
28
44
5
15
233 44
4
1067
8
1063 1071s 1
8
4 102
Del & Hudson let .1 ref 4s
1943 M N 7712 814 82
67
be
1935 A 0 1004 101
3
93
Gold 554s
1937 M N 9232 944 39
894
Del Power & Light let 44e
10
4
933
1971 J 1 1063 107
4
1st & ref 45is
1969 J .1 10212 103
5
88
Ist mortgage 434s
1969 .1 .1 10512 --------93
D RR & Bridge 1st g4.
7
1936 F A102 8 --------96
Den Gas dc El L let & ref s f be
85
1951 M N 10612 10612
1
Stamped as to Penns tax
834
6
1951 M N 10612 1064
*Den & R G let cone g 4s
1936 J J 2512 27
23
49
•Consol gold 43.4e
1936 J J 2612 27
8
25
*Den & R (3 West gen 5s _ __Aug 1955 F A
7
73
4 28
612
*Assented (sub) to plan)
54
612 54
513
*Ref & !rapt be ear B
1112
7
Apr 1978 A 0 1312 14
4•Des M * Ft Dodge 4s ctfs____1935 J J *23
4
3 ___
35*
Dee Plaines Val lit gu4 %kJ
1947 M 9 *
70
834
Detroit Edison be stir A
1949 A 0 10612 107
53
.
95
Gen & ref be series B
195.5. D 108
1083
1
8 19
92
Gen & ref be sedee C
1962 F A 10814 10812 11
93
Gen & ref 44e series D
8 39
1961 F A 11114 1123
854
Gen & ref be eerie, E
8
1952 A 0 1083 109
20
905
*Dot & Mac let lien s 4s
36 ___
20
1995' D .22
•lst 4s assented
*22
1995-_
*Second gold 45
_ ___
1
1118
1995 . D
Detroit River Tunnel 454s
11012 1103
2
84
1961 MN *1312--- 8
Donner Steel let ref 7s
87
1942 J J •10212 104 ____
Dui Missabe & Nor gen 5,
_ ____ 102
1941 J .1 .1063
Dul & Iron Range let 58
1937 A 0 10818 1081s 20 102
8.Dui Sou Shore & All g be
3
20
1937 J .1 3712 40
Duqueene Light 1s1 434s A---1967 A 0 105
1054 80
994
let Mg 454s series B
1957 M S 111
111
3
994
*Waal Cuba Bug 15-yr If 74s _1937 M 0 1512
1712 119
East Ry Minn Nor Div 1,1 4*
_ ____
1948 A 0 •1013
East T Va A Ga Div let be _
1966 MN 10618 10612
8-_5
Ed El III Bklyn let cons 4,
1939 .1 J 10818 10814 10
Ed Elec(N Y) let cons g bs
1995 J J
__ ____
*El Pow Corp (Germany) 634s_1950 M 8 *108-373
4 38
2
*1st sinking fund 6548
4
1953 A 0 3712 373
6
Elgin Joliet & East 1st g5,
1941 M N 108
108
1
El Paso & S W let 541
1965 A 0 95
957
8
3
Erie & Pitts g it'346 set B
1940 J J •1034 ____ __
Series C 354e
1940 J .1 *1034 -------Erie RR let cons g4. prior
4
1996 -1 J 983 10014 26
let consol gen lien g 4e
743 120
4
1996 J .
1 74
Penn coil trust sem 42
1951 F A *105
107 __
Cony 4ti series A
7214
1953 A 0 72
6
Series 18
73
3
1953 A 0 72
Gen cony 48 series D
1953 A 0 •____
68 ____
1967 M N 60
Ref & Impt be of 1927
6314 276
Ref & Impt bs of 1930
4 6314 389
1975 A 0 593
Erie & Jersey let 6 f 6s
4
1955 J J 1153 1153
4
I
1957 J J *112
Geneesee River let.153
115 ____
NY & Erie RR ext let 4s
1947 M N -----------34 mtge 454s
1938 M 8 --,___
Ernesto Breda 7e
1954 F A 79
- -381 4 21
75
Ch St L & N 053
June 15 1951 J D *9612 100 ____
96 10512
Gold 354s
8812 ___
June 15 1951 .1 D *75
6311
____
79 ____
Memphis Div 181 1 4s
59
1951 J D *75
7718 --85
54
131
257
1960.7 D 45
Chic T H & So East let Eis
8
257 55
8
41
Dec 1 _.....j960 M S 28
220
1312
Inc Hu 5(1
1312 41
4 10712 26
1983.7 J 1061
Chic Un Sta'n let gu 454s A
9334 1063 1094
8
4
1963.7 J 1073 10814
let 6s series B
8 100
1064 11014
1944.7 O 10712 108
Guaranteed g 5s
19
95
107 1083
s
8
1963.7 J 1105 1103
4 15 108
lst guar 6548 seri*, C
11053 115
Federal Light & Tr let 5o
8
933
4
1942 M S 93
8 9812 157
1952 J J 977
634
Chic & West Ind con 45
92
58 International series
9812
1942 M 3 .91
95 ____
47
82
1962 M S 10412 105
1st ref 554s series A
102 105
let lien s f bs stamped
1942, M 8 9314 94
13
1962 51 S 10412 105
7 103
let & ref 544s series C
103 105
let lien 6e stamped
1942M 8 97
973
2
7
1943 A 0 63
68
101
Childs Co deb 55
3014
513 68
4
30-year deb 6s series B
1954J D 854 86
3
1947 1 .7 9413 953 198
4
Chile Copper Co deb 58
46
79
987 Flat deb.f s 78
2
1946 J J 92
93
4
MN •____
I•Choc Okla & Gulf cons 55
1952
39 ____
38
37
4114 ('Fl,Cent & 111)12121 5s
1943 J .1 *4312 46 __
1968 A 0 10512 106
Cln C A E 1st 514, A
23
87 2 1033 10712 t•Flotida East Coast let 446
7
4
1
1959. D 504 55
18
,
1
CIn H &I. 24 gold 454*
1937 J J 10212 10212
884 10212. 103
*let & rots, series A
9
1974 M S
1214 283
8
9712 10112 103
8
2
0 I St L & C 1st g 4s__Aug 2 _ _1936 Q F 1015 1015
*Certificates of deposit
---812
1112 312
1942 MN *1024__ --__
Cln Lob & Nor lst con gu 48
82
1004 1024 Fonda Johns & Cloy 4541
1952
2020.7 1 10914 16914
CM Union Term let 454s A
3974109110 441*prootorelaim nledby owner_M N
3
*43
4
6 ____
2020J 1 11112 11214 17
let mtge 58 series B
9834 110 113
(Amended) 1s1 cons 2-45
19iii
1957 MN 1124 1127
3 32 100
1st guar be series C
1114 114
1/'Proof of claim tiled by owner_ MN
412
1
412
1940 i J *893
Clearfield Bit Coal let 4e
4 --- --6914 694
521a
1 t•Certifloates of deposit
4 J7 *312
,65 -___
8
--------7813 -___ ____ Fort St U D Co lit g
1943 J .1 *99
Clearfield & Mall let gu be
1941 .1
101
103
43-44
Ft W & Den C let g534*
1961 J D 105
10812 __
65
1993 J D 9512 9572 41
89 101
Cleve CM Chl & St L gen 4.
Framerican Ind Bev 20-Yr 74. 1942 1 .1 10718 al0718
9
1993 J D *104
108 --__
General 58 series 11
924
__
__ :•Francleco Sug let,f 754s
1942 M N 374 4414 68
•____
937
8
73
1941 .1 J
Ref &Impt 6s ser C
_5 10114
_1963.7 1 70
73
88
60
60
Ref & lmpt be ser D
8512 Gal, Hours & Fiend 1st 554s A
1938 A 0 81
82
5
1977 1 .1 6312 6714 160
Ref & impt 454n ser E
50
50
7712 Gannett Co deb 6e ser A
1943 E A 104
10112
7
1939 1 J 105
Cairo Div 1st gold 48
105
5
884 1034 1054 Gas & El of Berg Co cone 1 5s_....1940 1 D *1174 -_ ____
1991 J .1 91
Cin W & 111 Div let is
9112 18
68
8714 93
411Gelsenkirchen Mining 8s
712
7
1934 M 8 6438 (;1990 MN 934 96
28
66
St L Div let con tr 1 4s88
96
Gen Amer Investors deb Si A
8
1952 F A •1035 10412 ____
1940 51 S •1031, --------85
Apr dr Col Div let 14*
__ ____ Gen Cable let a f 554s A
1941.7 J 94
95
29
1940.7 1 ------------72
951e 954 Gen Electric deb g 34e
W W Val Div let g 418
_z
1942 F A •10512 106
Cleveland & Mahon Val g be __ ....1938 1 J 10514 1514
87
1033 105 4 'Gen Elec(Germany) 7s Jan 15_1945 J J 48
8
3
11
4814
8
_
4
1942 A 0 al1012 al1012
Cley & P gen gu 454s ger B
__ ____
os f deb 854s
1940.7 0 4812 4812
5
1942 A 0 *102
Serlee 11 354s guar
____ ____
___
__
-•20-year 5! deb 8s
1948 M N 48
4818 13
10014 1074 1074 Gen Pub Fiery deb 554e
1942 ..1 J *108
Series A 454e guar
_1939 J .1 924 95
25
1948 MN *10212 --------90
Series C 354s guar
____ ____ Gen Steel Cast 554s with warr
76
1149 J 1 z73
46
2 ____ ____
1950 A F •1023
Series D 34s guar
. ____ ___ ff•Gen Theatre, Equip deb (is_ 1940 A 0
03
4
1218 258
_ .. ____
1977 F A *103
Gen 43 let A
-is
91_ __
--•Certlficates of deposit
____
103
4
12
91
cleve Sho Line let gu 454s
1961 A 0 10312 1044
5
7312 1136i2 10512 1•0a at Ala Ry lst cons 5a
. 1985.7 J •10
143 __
3
1972 A 0 99
Cleve Union Term gu 554s
994 77
74
927 103
8
II*Ga Caro & Nor let ext 138
1934 J 1 21
21
1
1973 A 0 9112 923 132
lets I be Series B guar__
71
4
85
9712 Georgia Midland let 3s
1946 A 0 *40
43 -___
1977 A 0 8614 88
Isle f 454e series()
146
66
80
9114
.1945 1 D *1051
Coal River Sty let gu 4a
934 104 104
*Good Hope Steel& Ir sec 7e
_----1945 A 0 .3418
38 __
Colon 011 cony deb 8s
1938 J J 251 4524 10
38
38
523 Goodrich(B F)Co let 6 As
4
1947J .1 10814 1083
4 75
8
844 8412
264
1943 F A
I•Colo Fuel & It Co gene f be
6611 8412
Cony deb 68
1945 1 D 9412 953
.1 97
264 503
II•Col Indus let & coil 5s gu
1934 F A 22
154
22
34
Goodyear Tire & Rub let 68
1957 M N 104
10412 111.
1980 M N 5914
Colo & South 454s eer A
6112 16
5512
58
733 Gotham 811k Hosiery deb 68
4
1936 J O 91
9112
3
Assented 454s
_
1980 -593
4 61
5512 6512 1 f•Gould Coupler let, f 68
39
22
1940 F A
26
14
69
594
Columbia G & E deb ba-- -- May 1952 M N 874 884 143
9014 Gouv & Oewegatchle 1st be
1942 1 D •100
1013 ____
4
Debenture be
Apr 15 1952 A 0 884 89
6014
684 90
2
Or R & I ext 1st gu it 44e
1941 .1 .1 *1074
Debenture 55
Jan 15 1961 J J 8632 8812 254
68
8912 Grand Trunk of Can deb 7s
58
1940 A 0 10458 105
52
1948 A 0 110
Col & H V 1st ext g 48
110
8
10214 110
94
Deb guar 85
1936 NI S 10614 1064 37
1957 J .1 1064 10612 22
Columbus Ry P & L let 448..
73
9812 10612 Grays Point Term 1s1 ffU 5e
1941.7 D *77
1942 A 0 11214 11212
Secured conv g634
,
6
9014 10684 11212 Gt Cone El Pow (Japan) le
1944 F A 94
9412
2
Col & Tol let ext 48
1955 F A 109
1
91
109
4
1053 109
1st & gen s f 644s
1950J 1 88
9012
5
Comm'l Invest Tr deb 544e
1949 F A 111
9512 11012 1123 Great Northern gen loser A
1114 50
s
1038.7 .1 90
923 449
.1
1943 A 0 *10114
C0130 & PBABUM Riv let 48
100 101
92
let & ref 444s series A
4
1961 J ..I 993 1003
4 59
1951 .1 J •1073
Conn Ry & L let & ref 4545
4
8812 1064 1074
General 554s serlee B
1952 J J 8712 9012 31
Stamped guar 454s
1951 J J *10712 1073 804 106 1073
4
4
Generals,series C
1973 .1 J 80
8318 61
*Consolidated Hydro-Elec Works
General 4%e series D
1978.7 1 741s
78
124
1956 J .1 *281* 3512.
33
of Upper Wuertemberg 713
35
4114
General 454e series E
7814 223
1977 7 J 74
For footnote' .te page 3337.
Range
Since
Jan. 1
614
8912
79
99
1074
314
30
89
8112
90
90
69
52
99
5012
5012
82
4612
464
9014
924
80
95
68
745 9478
8
100 101
8912 1023
4
10612 107
102 104
10412 1064
10214
103
23
25
612
514
1112
23
4
166 s
-7
107,
4
3914
3958
12
11
21
234
_
iii.ii. fliA
10612 110
108, 110,2
4
10612 11238
10818 11114
26
30
26
26
1212 15
1054 11112
102 104
10714
3112
10412
Ill
108
-12
4712
110
113 2
,
74 1712
1014 1024
105 111 12
10612 1084
1234 1255
8
364 4112
364 40
10414 108
92
06
1017 1034
8
1013 1013
4
4
9712 102
70
791z
104 105
65
78
65
78
721 76
8
6212 7414
52
7413
11412 1174
11ht2 1167
2
105 1091z
75
S -34
-1
ao
et
75
59
5912
4014
8214
25
48
611
512
83
793
4
8012
634
8214
4314
505g
Vs
512
94
88
94
974
97
97
47
67
127
2
12
614
---- -- - -
3
2
83
944
943
4
15
34
312
1014
104
108
23
5
313
1014
1063
4
1104
4414
72
733
4
1034
355*
7312
46
97
324
33
3014
76
54
212
214
9
19
39
78
101
11512
5614
99
87
10512
4012
40
40
9018
54
64
613
17
20
44
83
1041 2
11712
75
103511
9514
1064
4814
4812
4818
go
94
124
12 3
18
24
40
34
8912
63
833
4
8212
8
101
9134
10158
10014
3512 443
4
8
108 1093
9212 974
10312 106
824 974
17
3634
101 101
10412 107,
2
1045s 10634
1001s 107,s
584
56
7111
6812
84
57
534
534
864
783
s
82
90
75
69
63
623
4
9412
9012
95
104
93
8612
793
4
794
Volume 140
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 17
New York Bond Record—Continued—Page 4
ff ,,ra
,
Range or
July 1
t
;
4_ 1933 to
'it
Friday's
igi Apr 30
",... Bid & Asked 41 1
6 1935
_
Range
Since
Jan. 1
N
BONDS
Y STOCK EXCHANGE
Week Ended May 17
3355
July 1
s
. P7ea'
1:
r. c
, Rang* or
a
1933 to
Friday's
ig.
n; Apr 30
" Bid & Asked el r6 1935
rr,
Range
Since
Jan. 1
Low
MOO No.
Low Low
High
11808 No. Low Low
Low
HO'
Feb .37
*Green Bay & West deb Ms A
--------Lox & East 1st 50-yr 5e gu
26
_ ---1965 A 0 .11478
8914
11318 117
3
Feb
4
*Debentures Ws B
4 21
63
1324 14 117
_-1944 A 0 132
312 63 Liggett & Myers Tobacco 75
130 134
4
Greenbrier Ry lot gu 45
1940 MN *1045
55
8814
8
1205
8 17 103
8
1951 F A 120
1157 12214
12
59
Gulf Mob & Nor let 5348B
1950 A 0 56
534 70
Little Miami ten 4s series A
60
_ ---1962 M N *1061
814 104 104
1st mtge 58 aeries C
1950 A 0 5214 5612 15
Loew's Inc deb 3 t 85
4912
50
4- 53 74
8
66
1941 A 0 1043 101
76
1034 106
I 1st ref & ter bs ____ Feb1952 4 J '_ _
Gulf & S
.
1
60 ---6614 6614 Lombard Elec 75 ear A
6118 8012
55
6118
723
4 31
1952 J D 71
Stamped
_ 1 J*
497 50
8
497 -8
55
Long Dock consol g 68
1935 A 0 *10212 104 ---9712 1017 1037
8
8
Gulf States Steel deb 5341„ _1942 J D 9514 9614
9
50
90
973 Long Island—
4
Hackensack Water let 4s
1952 J J *1067
8
9512 10512 108
8
General gold 4s
9814
1047 1053
1938 4 D *10514 1057 --_3
4
•Ilansit SS Lines 6s with warr..1939 A 0 4118
4212 65
10314
3
1949 M 13 103
31
3818 463
3
Unified gold 45
8714 1024 105
sharpen Mining as
1949 4 .1 *
60
10314
9
3612
38
4913
20-year p m deb bs
9218 10218 10312
1937 M N 103
36
36
Havana Nice consol g be
1952 F A
1
23
28
8
37
Guar ref gold 48
26
1949 M 8 1023 103
85 4 101 12 10412
3
•Deb 5348 series 01 1926
1951 M 5
534
4
612 124
613 Lorillard (P) Co deb 78
4
1944 A 0 12812 12912 12 110
12514 12912
Hocking Val let cone g 4345
1999 3 J 11412 115
20
91
13
11243 11712
4
bs
985
8 11218 116
1951 F A 1153 116
11•110e(R)& Co let 6343 ser A _1934 A 0 *33
353 _-_4
3112 42
20
Louisiana & Ark 1s1 be ser A
122
3812
19693 J 6212 86
58
8912
*Holland-Amer Line 65 (flat)
1947 M N *13
15 ____
1212
13
11112 112
15
18
Louisville Gas & El (Ky).55
86
1952 MN
10714 112
Housatonic Ry cone g be
1937 M N 70
70
1
71
70
95
2
106
Louis &Jeff Bdge Co tug 45
754 102 104
1945 M 8 106
H & T C let g be Int guar
19373 1 *1054
3
3
8
1 100
9058 1043 106
Louisville & Naehville bs
N 1073 1073
1074 10712
1937 M
Houston Belt & Term let be
1937 3 1 10214 10214
1073
4 67
8
89
101 1023
4
8812 10418 1077
Unified gold 45
8
1940 J .1 107
Houston Oil sink fund 51 4a A __ 1940 M N 9512 96
.
37
61
let refund 5345 series A
81
85
965
8
1033 10712
2003 A 0 10514 1054 18
4
Hudson Coal 1st et ba ser A
1962 J D 38
3712 79
35
35
105 _-__
447
3
let dr ref 55 aeries B
2003 A 0 *102
804 1033 107
4
Hudson Co Gas let g 5,1
1949 MN 11738 1135
8
8 10158 11334 1183
8
2 45
74
let & ref 414s serlee C
2003 A 0 10012 1013
9812 104
ilud & Manhat 1st be ser A
1957 F A
8514 8712 97
633
4
833 903
8
8
Gold 55
1941 A 0 *1084 --------9812 10614 109
Adjustment Income 55 __ __Feb 1957 A 0 29
3112 65
2812 397
8
27
- ---,
Paducah dr Mem Div 48
1946 F A
82
102 1044
1 D 107
Illinois Bell Telephone 513
10712 72 10312 107 11114
7912 80
St Louts Div 2d gold 35
3
5412
7412 8312
1980 M 8 .10414--Illinois Central let gold 413
1951 3 3 10614 810612 46
83
-- ---11445 M 5
92
103 10612
Mob & Montg 1st g 434s
1085 103'8
8
1St gold 334s
1951 1 J *10114 102
7912 3114 15
7612
58%
99 10118
77
86
South Ry joint Monon 45
1952 J 1 *1094-Extended let gold 3348
102
1951 A 0 102
106
2
2
78
1955 M N 106
80
9918 102
All Knoxv & Cin DI* 45
105 108
let gold 35 5terling
1951 M 8
__ ____
66
_ __
4412
_ *Lower Austria Hydro El 63.48_ 1944 F A *8918 9612 _-__
88
99
Collateral trust gold 45
1952 A 0 *66- ; 30
6784 --683
4 697
67
834
Refunding 48
1955 M N 6812 72
156
5618
671* 863 *:McCrory Stores deb 53413
3
1941
Purchased linen 3348
1
1952 J J 70
66
70
27
9512 97
4612
70
71
Proof of claim filed by owner_
813 9 3
4 84
Collateral trust gold 4s
1953 MN 663
4 67
6
114
523
53
4
5912 7512 McKesson & Robbins deb 534e
933 9912
4
1950 liiN 9818 99
Refunding be
77
797
1955 MN
8 84
4 32
27
7014
9
7474 9413 §I•Manat1 Sugar islet 734e
32
11
1942 A 0 233
15
-year secured 630 ff
1936 3 3 937
8 944 28
26
3112 44
82
712
90 101
*Certificates of deposit
8 4 3113
,
40-year 4315
Aug 18968 F A 47
5112 119
32
23
4212
612
818 32
4312 6313
if•Stmpd Oct 1931 coupon- —1942 A 0 22
Cairo Bridge gold 45
19503 13 •10113
1
4
2112
704
____ .2112 2112
985 10114
8
12
*Certificates of deposit
Litchfield Div let gold 3e
1951 .1 3 "795
8
4
---4
734
81
914 3012
85
ft•Flat stamped modified—_1942 ---- 2812 3012
Loulsv Div & Term g 33431 __1953 J 1 *895 /18 __—
8
22
3114 33
46512
895 924
8
712
*Certificates of deposit_
712 3114
Omaha Div let gold 3e
1951 F A *____
73 ____
6018 346
60
35
- 0 58
50
6018
I•Manhat Ry (NY)cone g 48 __lino 11 77
67
St Louis Div & Term g 33
1951 J J *
76
57
18
61
35
47
74
757
57
8
*Certificates of deposit
---- 53
Gold 3345
1951 J 1 •
44
4
27
825*
6212
83
3712 45
874
•2d 4s
2013 1 D 42
Springfield Div let g 33.4*
1951 4 J *92
4
82
1953 M 8 *8612 943
87
Manila Elec RR & Lt 5155
923 98
4
8712
Western Lines let g 45
1951 F A •77
75 ____
493
4
75
8512 8614 Manila RR (South Lines) 4s
68
7214
1939 M N *66
ill Cent and Chic 8t L & N 0—
51
687 ____
s
1959 M N •____
let ext 4s
684 70
Joint let ref 55 series A
19833 D 6012 65
58
523
50
s
5212 783 Man GB & NW 1st 330
3
52 --__
H)41 J 4 *--lat & ref 434s series C
97
1983 3 13 5434 59
4934
4934 733 Mfrs Tr Co Ws of panic in
4
Illinois Steel deb 434s
102 10114 106 10812
1940 A 0 1073 108
4
— ___
50
A I Nan2m & Son 1st 65
7114 7712
19433 D 41761
*Reeder Steel Corp mtge 65
.
1948 F A 23812 39
13
41
3712 4314 Marion Steam Shovel e f 65
231
1947 A 0 8412 654 20
70
bb
Ind Bloom & West let cot 45
1940 A 0
--- ____
5
8912 ____
60
4
7213 733
__ Market St Ry 75 ser A _April _1940 Q J
733
4
63
Ind III & Iowa 1st g 4s
19503 J *103- ,
9514 95 4
1
72
93 8 26
47
9514 _9712 Mead Corp 1st 68 with warr
1945 M N 92
7953 9312
Ind Nat Gas & 011 ref be
1936 M N 1021* 10234
5
7
85
94
102 10314 Merldionale Elec 1st 75 A
8312 98
1957 A 0 8312 85
:•Ind & Louisville 1st gu 45
1956 J J *734
1012-I 10
4
2
10
16
1953 .1 .1 1043 106
77
Matt Ed let A ref be ser C
10218 1063 ,
8
Ind Union Ity ten be ser A
1965 J J *1053
1968 m 8 105
I 96
4
1057
8 55
67
104 10614
let g 43.4* series D
957 1054 1
8
Gen & ref 55 series 18
1965 1 J *10614
I
9814 106 10618 Metrop Wat Sew & D 534*
1950 A 0 975
97 10134
8 974
6
74
Inland Steel let 434 ear A
1978 A 0 10412 1054 60
17
32
9
1033 1064 t t•Met West Side El(Chic)48 _ _1938 F A
1114
4
79
94 17
1st M 8 t 4348 aer B
1981 F A 10412 105
4 ----13848
80
1977 NI S •1
1033 10514 *Meg Internet let 42 asstd
4
t1nterboro Rap Tran 1st be
1966 4 J 9118 9314 276
3612 ____
5812
33
8114 934 •Miag Mill Mach let s f 75
33
33
1956 1 D ns
I•10-year 6s
1932 A 0 5213 55
58
1914
Michigan Central Detroit & Bay
50
85
*Certificates of deposit
1940 1 J 101
5134 513
4
3
2014
4812 62
10112 33
9314
10012 10414
City Air Line 45
14.10-year cone 7% notes
47
1932 M 5 9212 95
5712
84
95
92 ____
Jack Lana dr Sag 34s
875
4
1951 51 1 80
884 9012
*Certificates of deposit
845* 1004 10313
9214 944 92
574
82
9412
1st gold 314s
1952 M N 10314 10312 15
Interlake Iron 181 5* B
1951 M N 7512 781* 11
50
94.
9412
82
Ref OIL lmpt 4345 aerial C
7
70
72
19703 J
9312 9912
Int AgrIc Corp let & coil tr Ea—
6734 ____
613
Mid of N 4 let ext be
3
1940 A 0 *67
664 80
Stamped extended to 1942
M N 99
52
993
4 38
914 993 Midvale St & 0 coil tr ef as
1936 M S 1027 103
8
4
62
90
1023 103,2
3
Int Cement cony deb 53
1948 M N 10234 1033 100
3
74
57
8
1961 J D 9618 973 111
9712 10313 Milw El Ry & Lt 1st 65 B
7713 9813
1•Int-Grt Nor lot 68 ger A
1952 .1 J 2912 325
8 80
25
8 963
4 88
let mtge 55
2512 41
56
1971 J 3 955
75,2 97
*Adjustment 6s ser AJuly 1052 A 0
538
712 66
478 1114 •IMilw&Nor let ext 4%8(1880)_1934 J D •____
93 ____
6214
47
8
•Ist 55 series II
1639 ___ *65 ____
30
29
1956 J J 26
23
23
384
1st ext 45-se
65 4
3
55 --. 4 70
.
•let g 55 series C
1956 4 J 26
3014 20
23
23
373
4
Con ext 4 115
--60,
2
1939 rr _*____
65
6534
Internet Hydro Ni deb 65
1944 A 0 3412 37
2814
245
284 6614 Mil Spar & NW let gu 413
5
34,2
3412 53
1947 M i3 4312 46
Int Mere Marine 5 f 65
1941 A 0 5712 61
100
50
61
37
_- --__
Milw & State Line let 3345
1941 J J •20
80,
2
Internet Paper 55 ser A & B
1947 J J 70
58
72
_- 8 12
53
70
47
4
5
773 :Minn & St Louie be ctfs
4
1934 M N
5
84
Ref s f es series A
81
1955 M li 474 51
3114
355 684
8
2
1
34
212
*le'. & refunding gold 4s
1949 M 5
3
4
1
hot Rye Cent Amer 1st 55 B
7218 724
1972 M N
74
2
455*
70
*Ref & ext 50-yr 65 tier A
112
1'2 ---.12.
4
1962 1 F
1,
2
112
let coil trust 6% tt notes
7
8
1941 MN 76
7
8 118
4918
0 F
7418 81
•58
7614
112 ____
6
•Certlfleates of deposit
lot lien & ref 63.4e
1947 F A
68
68 12 13
4312
68
8112 M St P & 5.9M con g 4e Int gu___1938 J J 27
84
26 4
,
31
263 363
4
4
Int Telep dr Teleg deb g 4}fa
1952 1 J
5712 603 225
4
37
8
50
6412
1st cons Es
2
197
1978 26 2
10383 4 251s 2518
,
Cone deb 4345
42
31
5812 721*
12
3318 36
1st cone 55 gu as to lot
1939 1 4 6912 7212 343
31
404
19383 J
Debenture be
661* 445
4956 F A 63
40
5512 693
16
8
let & ref 6s eerie, A
1812 2312
1948 J 1 521.12 22 ____
Investors Equity deb be A
1947 J D 10212 1034 51
15
1712
1
80,
2
99 104
1949 M 8 1712
25
-year 5448
1714 1912
Deb be ser 13 with warr
1948 A 0 10312 1035
8
5
82
85
514 . _ 75 _
99 1033
8
1st ref 5346 series B
6712
, 13
1948 44 N .23
971 5 J 75 4 7314_ ____
Without warranta ____
1948 A 0 103
82
10318 65
99 1034
let Chicago Term et 4s
j•lowe Central 1st bs ctis
1938 4 D
--1
0
5
5
iii
5
38
5
75
-94
5
414 974 Mississippi Central let be
19433 1 94
•Ist & ref g 45
1951 M 5
158
15
8
1
1
1
14
James Frank & Clear let 4e
1959 J D 763
12
4 797
8 58
4
6653
74
8334 2•Mo-111 RR 1st be series A
1959 J J *1812 263 ____
18
30
873
3
7312 96
Mo Kan & Tex let gold 48
71
895*
1990 4 D 71
Kai A &0 R 1st gu g be
19383 J 100
100
1
99
4412
4412 110
993 10012 Mo-K-T RR pr lien be ser A
4
41
1962 J 4 41
73
Kan & M 1st gut 45
1990 A 0 101
10112
4
70
43
4012
39
97 10112
36
40-year 45 series B
36
82
1962 J J
t•IC C Ft S .4, 51 Ry ref g 4a
1938 A 0 294 327
8 81
3012
21
2034 41
Prior lien 434e series D
40,
4
3638 64
1978 J J 384 40
•Certificates of deposit
A 0 29
30
76
29
1212
29
3918
1212 36 2
1414 87
Cum adjust 5s ser A
Jan 1967 A 0 134
,
K C Pow & Lt 1st 434* ser B
1957 .1 .1 10413 --------97
20
234 37
1045 10814 I.5.10 Pac 1st & ref 53 ser A_ ____1965 F A
8
21
30
20
let mtge 4%s
1961 F A 11118 11112 10
96
201* 2012
2
11014 114
19
•Cert.ficatee of deposit
19
2714
Kan City Sou let gold 33
1950 A 0 75
753
4 56
514
1975 M 13
8912 783
612
4
8
*General 45
99
57
8
57 11,
8
4
Ret & impt 513
Apr
_1950 J J
53
56
30
557
3
53
7412
2312 175
1977 M El 21
1912
•Ist & ref 55 eerie. F
1912 30
Kansas City Term let 48
19603 J 10512 1063
4 72
8412 1053 109
1812
1812 274
8
10
20
*Certificate., of deposit
2l's
Kansas Gas & Electric 4348
1980 .1 D 104
10412 25
70 4 10014 105
3
•let A ref 53 series Cl
193
4
19 8 29 4
,
,
1978 MN 208 2312 68
•Karstadt (Rudolph) let 65
1943 M N 4
49
133
187
4
32
443
8
5
8
14,4 103
187 27
93
4
8
•CertifIcatee ot deposit
*Certificates of deposit
31
3712
8
13
26
384
60
1
*Con* gold 54*
1949 M N
314
3
14 7 s
7
*65 stamped
_1943 273
8 30
12
1912 50
2514 30
1912
•lst de ref g be series H
1980 A 0 2114 23's 81
Keith (II F) Corp let 6s
1946 M S 7614 7812 31
44
3
2112
6712 7911
105
8 21
19 2 2112
,
*Certificates of deposit
Melly-Springfield Tire 6e
1942 A 0 51
70
476
2954
4411 70
•let at ref be series I
1912
2112 2314 104
1981 F A
1912 3014
Kendall Co 5345
1948 M 5 1023 103
4
13
88
3
l84
10112 1034
195
8
195
187 27
8
*Certificates of deposit
8
Kentucky Central gold 413
1987 J J •10112 111
80
10412 1083 •Mo Pac 3d Melt at 4% July ___1938 MN *___
3
83 ____
893
3
76
80
Kentucky & Ind Term 4345
1961 J J •775* 32
73
77
85
91
Mob & Birm prior Ilen a 55
99 ____
1945 3 .5 *81
Stamped
90
1961 .1 J •92
80
95
9812
82 ____
Small
805
8
J J 8_ .... _
8053 8053
Plain
1961 .* J •I0012
93
99
99
let M gold 45
49
1
354 48
8 354
1945 J J 353
Kings County El L & P be
1937 A 0 1031* 1084
3 103
10814 1083
4
44
1
Small
447 447
8
8 444
8
J 1 447
Purchase money 65
4 118
1997 A 0 148
14812
14612 149
8818 ___
30
_
t•Moblle & Ohio ten gold 4s__1938 M
Rings County Elev 1st g 48
1949 F A 10118 1013
8 40
66
94 10212
1.
*Montgomery Div 1st g 513_ _1947 F A
12
5*__10
10
io
16
12
Kings Co lighting let be
19543 1 11312 11317
1 1003
4 110 114
•Ref & Bunt 434s
57
8 9
67 ---8
1977 51 5 5514
57
8
First and ref 645
19543 1 *12118 122
10512 118 122
*Sec 5% notes
7 ____
1938 NI 5 *512
5
4
54 912
Kinney(GE)& Co 734% notes .10363 D 10414 1043
8
6
774 10014 10412
Kresge Found'n coil tr 6s
1936 J D 10318 10318 24
67
1024 1037 Mob & Mal let go gold 45
3
1
70
79
83
1991 51 5 83
8512
I•Kreuger Jt Toll cl A 58 etre __ 1959 M S 2912 31
55
104
2614 34
Mont Cent 1st gu 68
87
19373 J 10114 10112 10
100 10212
Lackawanna Steel let 58 A
1950 M 8 1077 108
8
8
944 1013 10912
1st guar gold be
100
19373 J 100
1
7914
973 1014
3
11•Laclede G-L ref & ext 58
1934 A 0__
70
97 101 18 Montana Power let ba A
77
8
1943 4 J 1047 10514 67
9312 1053
4
58 1934 extended to 1939
A 0 9934 10118 85
90
9714 10118
5012
67
8512
Deb be series A
8812 50
1962 .1 D 86
Coll dr ref 54* series C
1953 F A 6212 7012 186
46%
5912 7412 Montecatini Min & Agrie—
Coll & ref 5343 series D
1961) F A 6118 70
43
46
69
70
Deb g 75
1937 .4 J 9212 93
15
874
89
94
Lake Erie & West let g 55
IS
1937 .1 J 10214 103
77
10114 10318 Montreal Tram 1st & ref 55
3
88
1941 J J 10018 10038
9614 101
2d gold 58
1941 J 4 89
89
2
61
85
94
Gen & ref 5155 aeries A
1955 A 0 *79
81 ____
703
8
77
793
4
Lake Sh & Mich Sot 3348
1997 1 D 994 100
26
79
974 1004
Gen & ref mf be series B
1955 A 0 *79
____ ____
723
4
•Lautaro Nitrate Co Ltd 68
1954 J j
812
038 213
44
7
103
8
Gen & ref a f 44e series C
1955 A 0 *74
76_ _ _ _
634
734 734
Lehigh C & Nay 5 f 4345 A
1041*
6
1954 1 J 104
7712 1014 105
Gen & ref e t Es series D
1955 A 0 773
1
703
4
4 773
4
74
797
8
Cons sink fund 4 343 aer C
1954 1 J 104
10414 14
80
102 106
Morris & Co let 3 f 434s
19393 J 1033 105
8
41
82
101 105
Lehigh & N Y let gu a 4s
1945 M 5 6712 6712
7
6212
64
7314 Morris & Essex 1st gu 334s
2000 J D 9114 9214 85
70
9114 9512
Lehigh Val Coal 1st & ref et 5e __.1944 F A *8734 9514 __ 7..
64
8718 974
Conatr M be ser A
1955 MN 05
96
15
77
94 102
1st & ref 5 t 58
1954 F A
573
57
8 59
80
22
Constr M 434s miles B
1955 51 N 873
33
4 89
85
85
/
1
4
854 964
/
1
1st & ref s f 133
5414 72
1964 F A 514 56
10
3112
Murray Body 1st mtg 634s
1942 J D 107
107
4
93
98 109
1st & ref a 1 55
1974 F A 54
55
4
32
54
7312 Mutual Fuel Gas let gu g 5*
1947 M N 107
10914 35
95
1033 1094
4
Secured 6% gold notes
1933 4 J 924 9412
9
73
92
984 Slut tin Tel gtdfle ext at 5% _
1941 M N 10614 1063
8
4
893
3 102 1064
lab Val Harbor Term gu 58
1954 F A 99
100
12
79
9712 104
Namm (A I) & Son—See MfreTr—
Leh Val N Y 1st gu g 434s
1941) J J 18.5
757
3
867
3
894 99
Nash Chatt & 8t L 4e sec A
1978 F A 90
90
4
78
8314 97
Lehigh Val (Pa) cons g 4s
2003 M N
32
347
8 73
304
3014 504 Nash Flo & 8 let gu g be
1937 F A •103
10614 ____
91
10218 10514
General cons 430
2003 M N
333
4 3814 81
334
33
544 Nassau Elec gu g 4s stpd
55
1951 4 J
58
46
50 4
,
5014 594
General cons 55
2003 M N
41
44
21
394
3912 60
Nat Acme 1st a f 63
1942 J D *9412 9712 ____
6512
8612 95
Leh V Term Ry let tug 58
1941 A 0 10718 10714
4
894 10512 1073 Nat Dairy Prod deb 53is
8
1948 F A 10312 1034 228
8
7474 1024 105
Inc tootnote9 see page 3357
51
New York Bond Record-Continued-Page 5
3356
May 18 1935
-7.
Week's
July
I''.: Week's
, 104y1
BONDS
::7,
Range or
Ranee or
1
1933 to
Z7
Range
4_ 1933 to
Range
BONDS
N. Y STOCK EXCHANGE
z_r•
Friday's
811144
Friday's
Apr 30
N Y STOCK EXCHANGE
Apr 30
Since
:
11'
Week Ended May 17
..1 c. Bid & Asked se.1 1935
4cr, Ma &Asked go..5 1935
Jan 1
Jan. 1
Week Ended May 17
Low
High No. Low Low
Low
Moe No. Low Low
Mob
High
*Nat RI of Ma pr lien 434s
Ore-Wash RR & Nay 4e
1957 J J
7714 101 1051
8
/
4
1981 1 J 1034 1037 121
112
•Astient cash war rot No 4 on_
Oslo Gas & El Wks at! 5s
214 6
35
8
94 100
41 2:1
/
4
6512
6
/
4
4
1983 M S 991 993
*Guar 45 Apr '14 coupon
197i
953
4 92
Steel let mtge Os ser A
693 96
4
20
1941 M El 93
11
/
4
/
4
4
/
1
4
2
/ 478 Pacific Coast Co let g 5s
1
4
*31
____
*Assent cash war rot No 5 on_
43
38
43
25
3
1946 1 D 43
1936 J .4 1063 1074 79
*Nat RR Mex pr lien 434s
Ike
4
Pacific Gaa & Et gen & ref 5a A
9412 106 109
1942 rd 1
_
_ ___
64
3
9512 1003
*Assent cash war rot No 4 on _
658 Pacific Pub Serv 5% notes
Ili 434 454 3 2
4
__
*1st consol 4s
Pac RR of Mo 1st ext g 48
1iii
99 10114
80
i
1934 F A iiii512 folits
3
*Assent cash war rot No 4 on --------3 8
9914
312
ne extended gold 5.
212 414
23
4
93
8
84
1 *9418 97 ---f
1938
4 78
Nat Steel 1s1 coll 5.
1958 A0 10512 1053
8
85
8
Pacific Tel & Tel lat be
10512 108
3 10314 1065 10712
8
1937 1 J 1067 1067
Naugatuck RR let g 4s
1954 MN ------------60
11012 11 10414 1094 113,2
Ref mtge 5s cries A
60
65
/
1
1952 M N 110
/
4
5 1011 11312 118
Newark Consol Gas cons 5a
1948 J D 11714 11712
.1 *10512 --------93
Paducah & Ills 1st s t g 4345
1051 10512
/
4
_1955
102
1
Newberry 02)Co 534% notes_1940 A 0 102
D 3812 412 13
8212 102 10514 ii•Pan-Am Pet Ca (Cal)cony 88_1940
254
3312 4312
_737 ..--8
New England RR guar be__
1945 J J *____
43
37
/ 41
1
4
8858
78
81
25
3314 4312
*Certificates of deposit
_
63 ---/
1
4
19452 J
815
Canso! guar 45
83
70
8
421 51
/
4
2718
25
f•Paramount-B'way let 5348-_-1951 1- J 5612 58
_
55
6712 18
New Eng Tel & Tel 5s A
8 11512 122
/
1
1952 2 D 12012 1204 46 1045
2712
42
*Certificates of deposit
5712
let g 430 series B
4 40
1981 MN 11514 1163
/
1
4
9914 112 118
Paramount Fam Lasky (is
1947
NJ Junction RR guar lat 4e
_
_
1986 F A 095
8212
---8812 8812
584 90
/
1
1318
80
II*Proof or claim filed by owner_ __
873 120
4
NJ Pow & Light lot 434/
6412
1960 A 0 10212 16358 48
/ 853
1
4
J D 85
94 10358
59
90
15
4 35
*Certificates of depoelt
/
1
New On Great Nor 58 A
19832 J 5112 544 27
4838 8312 Paramount Pub Corp 53.4,
48
/
1
4
1950 F A
NO & NE let rebilnipt 4341 A...,1952 J J ___
5112 --_691, 9112
89
/ 61
1
4
121
/
4
50
ii•Proof of claim filed by owner_ __ ---- 87
50
53
New On Pub Serv let 5. A
1952 A 0 71
7314 135
87
.
885
8 43
14
38
584 0112
/
1
*Certificate. of deposit
55
/ 7312
1
4
126
First & ref be series B
34
1955 J D 7112 73
144
5558 73
24 10414 133 183
Paris-Orleans RR ext •34s
1964 MS 138
New Orleans Term let gu 41
584
/
1
15
19532 J 8512 87
174 22
82
87
8
2
22
*Park-Lexington 6(4s MS- 1953 - - 22
i•N 0Tex & Ma n-o Inc 5.
1935 A 0 1612 18
29
23
3112
15
/ 2512 Parmelee Trans deb a
1
4
1214
14
1944 AM 2612 3053 50
4 2212 71
*1st ba series 13
1954 A 0 193
11812 ---- 102
1949 M S *116
1414 2914 Pat & Passaic0& E cone 5a
116 1177
14
8
144
2112 26
•lst 5s series C
1978 2811 •Paulista ay let ref s t 7a
1956 F A 20
94
93 ---89
4554
1942 M 13 *-_-19
195
8 22
•lst 434s series D
141
/
4
1958 F A
184 275
/
1
4
23
•Ist 534s series A
84
1954 A 0 20
/
4
31
144
Penn Co gu 34e colt tr A
1937 M S 010318 --------94
20
102 1021
N & C ledge gen guar 434s
4
J *1053
1945
1941 F A *10312 --------8118 100 10212
92
---Guar 3348 coil trust ser B
10212 104
N Y B & M It let con g 5s
/
4
- 8
1935 A 0 *1011 1015 ---- 101
_ ---„
835
4
Guar 130 trust call C
10112 102
/
1
4
984 101 12
/
1
19422 113
NY Cent RR cony 68
10712 177
1944 MN 106
98 102
102
102
983
8112
1
Guar 3 1144 trust etts 13
/
1
4
984 11212
1944 J D *10312--1998 F A 82
835 156
8
Canso! 4s aeries A
10212
84
991 10212
/
4
8418
3
Guar 4e ser E trust etfa
7312 87
/
1
4
1952 M N 102
/ 418
1
4
Ref &'mat 434s series A
4314
2013 A 0 5512 59
57
434 aps
82
107
1953 MN 106
10454 1074
Secured cold 41
/
4e
529
65
4812
Ref & impt 5e series C
2013 A 0 61
4012 7078 Penn-131xle Cement let 68 A
55
7112 8812
1941 M S 8614 8818 48
NY Cent & Hod my M 34411_1997 2 1 93
943
4 81
8
983 Pa Ohio & net let & ref 434e A 1977 A 0 1037 10414 19
4
73
103 10512
78
92
/
1
4
21
/
4
19422 J 911 94
87
Debenture 4e
88
9712
4 10412 10518
434s series B
1941 J J*10512__ ---, 1013
Ref & impt 434s eer A
2013 - - 554 5914 331
4 8412 Pennsylvania P & L let 434s
43
982 10558
8
7512
43
1981 A 0 1043 16514 207
26
4 88
Lake Shore coil gold 33415
64
- A 843
1998 F 110
78
/ 8914 Pennsylvania RR cons g 4.
1
4
1
9814 107 110
1943 M N 110
4 853
8 21
Mich Cent coil gold 330
85
1994 F A 843
79
1123
4
844
/
1
8
9412 108 1135
9
Canso! gold 40
1948 M N 112
N Y Chic & St L let g 48
1003 1024
8
/
1
77
3
/
4
11214 10
48 nal stpd dollar May 1. Mg M N 112
1937 A 0 10114 1011
983
8 108 11312
_
Refunding 534e series A
1974 A 0 6012 6512 275
57
4312
41812 11412 11958
Congol sinking fund 434s
77
1960 F A 1151g 11612 32
1978 M S 50
384
/
1
/ 5512 518
1
4
Ref 434, aeries C
47
60
131
107
1955 1 D 106
8
804 1045 10812
General 434/ eerie. A
128
54
1968 j D 112
4112
3-yr 6% gold notes
4358 7112
1935 A 0 53
113
87
/ 109 1151
1
4
43
General & seriee B
/
4
NY Connect lot gu 4345 A
2
4
4
9212 1064 108
1953 F A 1073 1073
104 1116
10414 71 101
/
1
Secured 614s
1936 F A 104
1953 F A 108
108
1
let guar 5, aeries B
107 104
/
1
4
99
4 40
105 1071
81
/
4
Secured gold 5.
1964 MN 10614 1063
69
N Y Dock let gold ti
19
1951 F A 66
4112
/
4
59
/ 69
1
4
9018 9714
66
Debenture g 44.
1970 A 0 9518 961 153
Serial s% notes
1938 A 0 5014 517
/
4
4212 5212
30
s 14
General 434s serlee D
1981 A 0 1031 1044 84
/
4
/
4
753
4 1001 1041
NY Edison let & ref 0%. A
56 10818 11214 11418
8
1941 A 0 1125 113
122
9112
Gen mtge 43is ser E
99 1043
/
1
4
4
19842 J 10312 104
let lien & ref 58 series B
2 10212 1063 1094 Peop Gaa L & C 1st cone Os
107
1944 A 0 107
50 100
4
/
1
1101 11614
/
4
1943 A 0 11412 115
let lien & ref 55 series C
23 102
1951 A 0 10712 108
/
1
4
/ 107 110
1
4
64
8
80
Refunding gold be
983 10612
4
1947 M S 1047 106
NY & Erie-See Erie RR
83
73.4
50
15
63
Peoria et Eastern tel eons 4.
1940 A 0 63
NY Gas El Lt H & Pow a be __
19482 D 1223 123
6 1044 1184 123
4
/
1
512
4
91a
4
6
512
*Income 4s
April ____1990 Alm
95
1134 30
/
1
Purchase money gold 48
1949 F A 113
1075 1135 Peoria & Pekin tin 1s1 534e
8
8
8312 102 10512
5
1974 F A 10514 1054
NY Greenwood I. gu g ba
1946 M N 08214 873 ---4
8214 904 Pere Marquette lat aer A Si
61
8 59
1958 J J 8412 873
75
51
91
N Y & Harlem gold 3346
. --2000 M N
98 1024
83
/
1
4
12
75
let 4s series B
1955 J 1 73
69
481
/
4
4114
1973 M N *102- - 78
983 1013
4
N Y Lack & West 45507 A
4
983 102
4
/
1
4
92
/
1
4
7612 111
lot a 4346 series C
82
46
68
1980 M El 73
1972 MN 107
43413 eerie, 15
8912 106 10458
2
/ 1075
1
4
8
MN 99
NY L E & W Coal & RR 5341-1942
7
99
Phila Balt & Wash 1s1 a 4,
94
99
7512
984 108 111 14
/
1
6
1943 MN 11114 11114
NY L E & W Dock & Inia 55_1943 .1 1 105
/ 10512 17
1
4
105 10512
87
9512 113 11812
2
General 5. series B
1974 F A 11812 11812
N Y & Long Branch gen 4e
1941 M S *10318--------9512 1011 10112
/
4
General g 434s swim C
1977 2 J 11114 1114
1084 111 12
87
1
/
4
18 1004 107 1 l 1
General 44e series 13
/
1
1981 1 D 1101 Ill
1947 M S *
_
35
NYNH&Hn-cdebas
28
28
Pala Co sec 5e aeries A
39
7912 96
6114
230
19071 D 9414 95
8 2912
El 293
Non-cony debenture 334/
2
1947 M
27
/
1
27
364 Phila Elee Co lst & ref 4348
/
1
4
3 100
10612 110
1967 MN 1064 1063
1954 A 0 29
29
Non-cony debenture 331e
9
/
1
2418
21
1st de ref 4/
2418 37
891 10414 108
/
4
1971 F A 1044 107
3112 36
Non-cony debenture 4s
1955 2 J 30
26
28
40
Phila & Reading C & 1 ref Bs
481
/
4
523 75
4
1973 1 2 6114 6512 68
31
Non-cony debenture 4e
23
1958 MN 30
265 3912
2658
393 101
4
Cony deb 6.
8
3012
1949 M 13 36
3012 534
/
1
Cony debenture 334s
2414
5
/
1
241 3858 Philippine RI let s 1 48
/
4
1956 J J 284 29
2412 10
19372 1 24
2014
2214 241
/
4
/
4
Cony debenture tis
1948 2 J 361 3812 110
/ 1033
1
4
1939 J 13 103
30
30
82
10141 104
8414
4 50
Phillips Petrol deb 534s
1940 A 0 53
544 65
/
1
Collateral trust fle
4012
10812
Pilisbui7 Flour Mills 20-yr 68
4 10214 106 10914
1943 A 0 108
4012 e3
4 24
Debenture 4,
1957 MN 223
16
45
98 10412
98
1
99
16
1952 M N 99
3014 Pirelli Co(Italy) coon,
/
1
99
lot & ref 434e ser of 1927
19672 D 324 35
2712 45
2712
Pitts C C & St L 434e A
1940 A 0 11112 1113
4
3 100
1084 112
/
1
93
Harlem It & Pt Chas lat 4e _ 1954 MN 92
12
82
87
112
Sales B 4345 guar
95
/
1
4
2
10412 112
99
1942 A 0 112
NY 0& W ref g4e
4412
116
47
40
June 1992 M S 40
Series C 434s guar
61
_ ---- 1004 106 11)9
1942 MN 108(1
/
1
General 4s
3212
32
38
3212 49
1955 1 D 36
8 _--8
1
Series D 49 guar
97
/ 1073 1083
1
4
1945 MN 1085 1085
4
4
N Y Providence & Boston 4s
1942 A 0
8118
- -----Series E 334e guar gold
894
1949 r A *100's ____ ---794 80
/
1
N Y & Putnam let coo gu 411
1953 2 D 010918__ ____
8
1993 A 0 *99--___-- 14
75
47
6614
0618
Series F 4e guar gold
8
/
4
/
4
ON Y Rys Corp Inc 6s -Jan .__1965 Apr 111 111 77
12
4
Series0 4a guar
1
0912
1957 MN 10912 11054 1 12
/ 0
1
98
4 143 --------1112 1112
8
•1nc 64 as,ented
1065 ---- 113
9818 107 10914
8
Series H cons guar 4s
1960 F A *1091 __ -.._
19652 J 8812 9212 13
Prior lien tie series A
70
/ 9212
1
4
56
1983 F A 11512 11512
Series I eons 44*
1135 117
8
99
1
10514 10912
NY & Rican Gas 1,1 6. A
1951 MN *10918
96
Series J cons guar 434s
9612 1135 11518
1984 M N *11512__ _-_8
4
218
238
1970 J 13 11312 1158 23
114
551•1 Y State Rye 434e A afe
8
1962 ---General M 5s series A
1312
4
884 11138 11618
/
1
14
6
21
/
4
218
1975 A 0 113
11 24
/
4
/
1
r-4640 series B certificates
1962,
Gen mtge baser B
113
5
8514 1111 110'4
/
4
98
46
N Y Steam fie aria A
Gen 430 salmi C
108 1111
/
4
1947 MN 10912 110
19772 J 10512 1063
104 10712
8 27
75
1940 A 0 113
let mortgage Is
1951 MN 1084 10812 17
90
113
1045 1073 Pitta Sh dg L E let g be
4
4
110 113
07
2
let mortgage 5e
/ 14
1
4
/
1
9112 10412 107
1956 MN 10614 106
1st causal gold be
/
1
4
19432 J *1124 --------1058 11014 112
19372 J 4712 5112 41
4014
NY Sum d• West let ref 5e
46
63
PIUS VA ti Char la 4s gUar
94
1943 MN *10512
10714 10714
1937 F A *3712 43 ---Id gold 43.4,
4112 52
*Pitts & W Ya 1st 41 ser A---1958 2 D •---4112
53
64
63
68 -_
/
414
1940 F A 40
7
40
375 514
311
/
4
General gold 5s
let M 434e Bales B
4
/
1
511 57
/
4
/
1
4
5134
5712 ---1958 A 0 *40
/ 100
1
4
7
Terminal lot gold 5s
1943 M N 99
9712 100
72
/
1
4
68
let M 434s sales C
47
/
4
1960 A 0 5412 561 18
47
N Y Telep let & gene f 4345
1939 M N 11118 11112 81 10218 109 11112 Pitts Y & Ash let &leer A
109
1
924 109 i0934
/
1
1948 1 D 109
4558
8 8012 49
N Y Trap Rock lot es
1946 J D 785
56
8414
la gen 5s series B
1982 F A *11114
1712 32
1712
195 134
8
N Y Westch & B let ser 24% .19461 2 177
o
60 __.Port Arthur Can & Dk es A
,
74
6114
1953 F A *73
135
-/
1
4
80 ____
1s1 mtge Oa series B
4014 4014
66
1953 F A *72
2
10714 10714
90
Niag Lock &0Pow let 5e A
1044 108
1955 A 0
Port Gen Elee let 44e Per C
1980 M S 6712 6914 77
5014 6914
374
/
4
Niagara Share(Mo) aeb 534/ __ _1950 M N 811 8212 79
6214 8212
48
6912 415 ____
434,assented
1960 ---- 67
5014 6912
73
73
•Norddeutsche Lloyd 20-yr a 168-1947 MN
33
7
Portland Gen Elea 1st 5a
63
75
98 105
1935 J 1 10418 105
75
50
364
/
1
42
6
/ 50
1
4
New 4-6%
52
/ Porto Mean Am Tob cony 64-1942 J J 525
1
4
1947 M N 49
42
504
2814
8 564 65
/
1
1950 A 0 14718 15212 18 10512 14718 171
Nord RY ext sink fund 6%.
Postal Teleg & Cable eoll 5s.
19532 2 3012 32
2514 5214
/ 410
1
4
30
1t•Norfolk South lot & ref 5s........1961 F A
12
5
1312 144 36
/
1
1912 I t•Preased Steel Car cony a 58_ 1933 1 J 433
8
4 454
/
1
344 55
3814
1957 M N
4
8
*Certificates of depoett- 1312 1312
24
13
143 Providenee See guar deb 4e
4
20
35
24
22
10
N
1414
4 47
1941 iFi- *413
3578 45
I t•Norfolk & South lst g 5e
8548 91 12
Proadenee Term let 411
8112
3
/
1
1956 M S 884 00
/
1
/ 1144 131
1
4
914 11012 11414 Pub Bay El &0 let & ref 430_1967 J D 10512 1054 19
N & W Ry 1s1 cons a 4s
1990 0 A 113
9818 10518 10912
/
1
8 16
DWI 151 lien & gen a 4s
1944 J J 10558 1053
97
/ 10514 10954
1
4
lot & ref 434e
19512 10014
4 30
97
1970 F A 10512 1073
106 107
96
10718 11
Pocah CA C joint 48
1941 2 D 107
8
/
1
4
let & ref 48
1971 A 0 1065 10714 32
4
8814 105 1083
6118
171
8 99
North Amer Co deb 5.
1961 F A 975
8114 99
Pure 011 a f 534% notes
1004 10214
4 42
1937 F A 10114 1013
87
1957 M S 95
/ 97
1
4
No Am Edison deb be see A
744 97
/
1
56
10
8 1 53‘% notes
111
1940 M S 10118 102
995 1025
4
8
82
100
7811 100
56
105
Deb 534, ser B
Aug 15 1963 F A 98
94
Purity Bakeries. I deb Si
104
1948 1 2 93
821 9134
/
4
7814
7112 9712
Deb be ser C
54
40
Nov 15 1969 M N 9418 97
125 __
North Cent gen & ref fts A
1974 M El •119
118 118
98
:•Radio-Keith-Orpheum pt pd etis
88
.48
11014 111
Gen & ref 4318 series A
1974 M S *11118
_ ___
for deb 6.& cam elk (65% pd)
4514 4514
35
40
35
1
i•North Ohio 1st guar g 5.
/ --1 41
4
4434
1945 A 0 4412 4412
2612 41
*Debenture gold 6e
1941 J 1 32
15
15
*441 52 _.....
/
4
•Ex A pr'33-Oct'33-Apr'34 epna-___
45
45
353
4
8 98
Readfng Co Jersey Cent coil 4a 1951 A 0 965
965 10012
8
73
80
•Stnapd as to sale Oct 1933. &
/
1
Gen & ref 41‘e series A
105 1081
79
1997 J J 1054 10612 17
/
4
344
/
1
'*40
*Apr 1934 coupons
42
45
43
Gen et ref 434e series B
1997 1 1 10514 1064 33
7914 10518 10412
Nor Ohio Tract & Lt 13s A
1947 M El 1083 109
Rem Rand deb 5346 with warn _1947 IS N 10314 1033
4
99 101
747
3 10454 109
55
63
4 86
76
North Pacific prior lien 4e
_ _
1011 107
/
4
10412 100
1997 4 1 1103
53411 without warranta
19471 N 4110212 104 ____
51
_
9912
_9912 10014
_
_ __
vp2 7612 Rensselaer &Saratoga 811gU
ece2
Gen lien ry & Ida 3s Jan
/
1
2047 Q F g 7312 744 112
1941 M N _
1940 A o 1544 foils ii 7412 8912 Repub I & S 10-30-yr See f
60
Ref &'mat 434e series A
2047 1 1 • 8012 8312 125
liar4 105
- -14
eV
8812 102
684
/
1
Ref & impt (Is series B
/
1
4
2047 J J P9558 9714 342
/
1
Ref & gen 534s series A
19532 J 1004 1011 24
/
4
943 10211
4
6112
82
9614 Revere Cop & Brass Os ger A
84
53
Ref & impt 5s series C
2047 J 1 •8738 90
108
1948 M 8 108
10714 10854
76
4
61
82
Ref &lama be series D
96
1011.heinelbe Linton of 7s
/ 42
1
4
2047 J 1 *8712 89
43
35
35
2612
1
1946 1 J 35
105 108
Nor RI of Calif guar g be
_ ____ 100
1938 A 0 *1081
29
2 2 29
*Rhine-Ruhr Water series 8a
25
12
29
3912
89
103 10714 *Rhine-Westphalia El Pr 7s
4067
Nor States Pow 25-yr Si A
393 2393
1941 A 0 10614 1- 8 12
4
3914 44
3614
3
4
1950 IVE N
10514 10812
93
8
1st & ref 5-yr 6s ser B
4
1941 A 0 1063 107
4 373
*Direct mtge (le_
1952 MN 373
4
3454
1
37
/ 4312
1
4
101 10118
Northwestern Teleg 434/ ext
2 100
1944 ./ J 10118 10118
37
/ 38
1
4
*Cons mtge Os of 1928
363 43
4
1953 F A
35
15
23
94
1957 MN 93
88
97
68
/
1
4
Norweg Hydro-El Nit 530
*Cons MOs of 1930 with warp 1955 A 0 37
/ 38
1
4
37
/ 4312
1
4
324
21
3214
4
Og & L Cham 1st gu g 4e
1944 M N 29
31
32
19481 J 31
5014 It•Riehtleld 011 of Calif 68
3312 147
29
25
3312
M N 30
4
4 1053 10512
1 1053
Ohlo Connecting RI lat 4,
1943 M S 10612 10612
/
1
33
*Certificates of deposit
2412 334
98
1912
10914 112
/ Rich & Meek let a),
1
4
89
6
8
Oblo Public Service 7348 A
1946 A 0 1117 11212
32
40
32
49 ___
1948 3.6 N *33
107 112
78
/
1
4
8
/
1
let & ref Is aria! B
19522 J
1947 F A 1104 111
_ __._
13.1chm Term Ry 1st gu 54
1043 10412
8
99
90
102 104
Ohio River RR let a be
1936 J D •10112
*46
*Rims Steel lot, f 7s
48
60
45
00 ____
1955 F A *100-102 10414 Rio Grande June let gu 5e
87
1937 A 0 102
3
General gold 58
102
8512 87
70
92 ____
1939 1 D 1590
1354 18
10
t•Old Ben Coal 1316,
1944 F A •1612 1712 --:alio Grande Sou 1st gold 4s--.1940 J 1 *1
1
12
4
1
109 112
99
1113
4 13
Ontario Power N F 1st 5s
1943 F A Ill
*Guar 4s (Jan 1922 coupon)....1940 J 1 *1
I
1
1
9413 110 11712 *Rio Grande West lot gold 4a--1939 J 1 72
681 784
/
4
66
4
Ontario Transmission 1st 58
8
1945 MN *1113 116 __
7218
8314 105 109
1949 A 0 2412 27
1084 33
/
1
Oregon RR & Na,corn a 4s
1948 1 13 108
*let con & coil trust 4e A
281
/
4
26
2412 474
11418 119
8 100
/ 11712
1
4
19401 1 116
Ore Short Line 1st eon/ g lie
107
Roch CldrE gen M 534s ser C.-1948 M S 107
107 109
96
2
ma 1 J up* 119
99% 11511 11912
18
Gen mtge 4345 series D
._
1977 M S
Guar stPd cons be
108 108
88
*10518 108
Gas mtge 5e series E
8912 10712 1081
- 1982 14 S •1091/4- _-- ___
8
For footnotes see page 3357.
ei
---e)
A
.ous
New York Bond Record-Concluded-Page 6
Volume 140
N
BONDS
Y. STOCK EXCHANGE
Week Ended May 17
11•11. I Ark & Louis let 44/
Royal Dutch 4s with ware
*Ruhr Chemical f 6s
Rut-Canada let gu 04*
itutland RR let con 414e
t
Ifeeks
Rang. of
Friday's
Bid & Asked
13
oz
High Wa
Lew
1934 MR
36
918
10
1945 AG 110
26
110
1948 * 0 *33
1949 .1 J 32
32
_
1941 .1
4112
St Joe & Grand DWI let 48
1947 J ..1
St Joseph Lead deb 54e
1941 MN
St Jos Ry Lt IIt&Pr 1st 58
1937 M N
St Lawr & Adr let g be
1996 J
2d gold Ss
1996 AO
St L01119 Iron Mt & Southern
•4111v &0 Div let g 48
N
1933
*Certificates of deposit
St Poor & N W let gu 58
1948 j
L Rocky Mt & P 5,8 stPd
-1955 J
t•St L-San Fran pr lien 4s A
1950 J J
*Certificates of deposit
•Prior lien 5s series 11
1950 J
*Certificates of deposit
*Con M 44s series A _____ ___1978 MS
•Ctfe of deposit stamped
10618 1061g
,
10514 105 8
10214 103
8812
*79
83
Jute 1
1933 to
4pr 30
1935
Low Low
75
758
90; 10512
3411
35
32
324
35
35
2
12
17
8314
10512
70
8414
70
607 172
8
6318
47
45
16
71
11
57
1012 90
1312 12
49
11
97 177
8
59
9
4812
52
37
37
10
812
94
,
924
734
712
St L S W let 4e- bond ctfs _1989 MN
76 8
, 7512 17
2s g 4s Inc bond ctfs
No• 1989
*51
54
let terminal & unifying 5a_ __ _1952
4812 54
65
Gen & ref g 58 ger A
1990
8
383
4 447 159
St Paul City Cable cone 5s
.1 91
1937
91
1
Guaranteed 58
1937
*91; 937
8
St P & Duluth let con g 48
1968
*10214
At Paul E Or Trk let 414e
5312
1947
1.84 Paul & K C Sh L gu 44s
A
1941
12
1212 23
eit Paul Minn & Man 5
1943
106 4 10714 52
,
Mont ext let gold 4/
1937
101
5
101
t Pacific ext gu 48 (large)
•10012
1940
St Paul Un Dep beguar
1972
11512 117
13
51
4112
3518
7
45
457
2
84
45
1115
9218
88
85
98
8 A & Ar Pass Ist gu g 48
1943 1 1 8212 8314 42
Han Antonio Publ Serv let (is __ ._1952 J I 10718 108 8 45
,
Santa Fe Prea & Phen let 68
1942 M S 112
3
112
Hello's° Co guar 614e
1948 J J *29
37
Stamped
29
29
3
Guar 5 f 614e °cries A
1948 A 0 *29
3412
Stamred
*29
35 __ -Scioto V & N E let gu 48
1989 M N *110
11312
I I•Seaboard Mr Line let g 48---1950 A 0 •12
16
•Certhleatee of deposit
•12
20
7
1§•Gold 4e stamped_
1212
1950 A 0 10
*remit, of deposit stamped
A 0 12
12
3
•Adjuetment Se
Oct 1949 F A
212
212
2
I•RefundIng 48
1959 A 0
414
512 26
•Certificatee of deposit
*212
:•Ist & eons 68 eeriee A __. ____1945 M S
518
5 8 77
,
•CerttfIcates of deposit
5
414
59
t•All & Birm 1st g 4e
934
1933 M S
94
,
5
55
70
95
35 4
,
2812
29
so
90
64
,
104
1212
1014
212
414
48
,
412
312
812
5918
*5518
4434
69
9,
4
9
13
10
88
,
8
!• eaboard All Fla fte A ctfe____1935 AO
,
38
,
•Seriee 11 certificates
1935 P A
34
Sharon Steel Hoop s f 5145
1948 FA 8912
Shell Pipe Line 5 I deb 58
1952 MN 10312
Shell Union 011 a t deb 58._
1947 MN 102 4
,
Shinyetsu El Pow let 6%e
1952 JO 8514
•§Slemens & Retake a I 741
1935• J 6718
*Debenture 8 163.4,
1951 MS 4318
Sierra & San Fran Power be
1949 FA 11012
•filleela Elea Corp a t 6%s
1946 FA
2812
Silesian-Am Corp coil tr 78
1941 P A 553
4
Sinclair Cons 0117e ear A
1937 M
102
let lien 614s Berle/ 11
1938• D 102
Skelly 011 deb 5148
1939 M
102 8
,
South & Nor Ala cons all g 55_ 1938• A *10418
(lee cone guar 50-year 58
1963 AO *113
4
37a
915
8
10418
1038
8
86e
6914
4314
111
2914
5712
10214
10214
102 4
,
63
2
45
54
40
12
2
25
66
3
37
70
44
15
_
South Bell Tel & Tel 1st e 158_1941 • J 1074
Southern Colo Power 611 A
1947 J2 9818
Ho Pac coil 45(Cent Pac coil) __ _1949 J D 6912
let 414e (Oregon Lines) A
1977 MS 7814
Gold 43.4e
1968 MS 65
Gold 448
19114 MN 8434
Gold 41414
1931 MN 64;
San Fran Term let 4s
1950 A 0 10314
So Paco( Cal 1st con gu 2 5s
1937 M N *1074
So Pac Coast let gu g 4e
1937 J J *99
So Pee RR let ref guar 4s
1955 J J 94
Reuther. It,' Ist cone g Is
1994 J J 85 4
,
Devi & gen 4e series A
1956 * 0 39 4
,
Devi Ar gen 6e
1956 A0 5212
Devi & gen 614n
1956 A 0 5512
Mom DIv let g 58
1996 J 2 *83
St Louie Div let g 48
1951 J J
East Tenn reorg lien g 58
1938 M S *10012
Mobile & Ohio coil tr 48
1938 MS 42
Sweet Bell I el let dr ref 58
1954 F A 107
1195554
!Spokane Internet let g Si
J 2654
Stand 01101 N Y deb 414s
1951 J D 103
Staten 'eland Ry let 41411
1943 J D
1 1•Stevene Hotels Ss series A__ _ _1945 2 J *1414
11•Studebaker Corp cony deb 621_ _1945 J J 40
Sunbury & Lewiston let 40
1936 J J •102
Syracuse Ltg Co let g be
1951 J D *11814
10814
9914
72
807
8
6912
69;
(19
10412
63
10
120
331
223
535
629
57
223
8712 108
234
43
55 4 59
,
8914 80
8412
7712
10112
13
4314
107; 23
1
64
,
10312 122
1612
41 4 123
,
:
1204
Fenn Cent let Os A or B
1947 A 0 *5758
enn Coal Iron & RR gen Se
1951 J J 117
tem)Copp & Chem deb Sell
.l944 M 14 100
_1944
Tenn Eleo Pow let Si ger A
1947 J D
99
rerm damn ot St L let g 414e
1939 A 0 *11114
let cons gold 58
1944 F A .1124
Gen refund s f g 413
1953 J J 10312
Texarkana & Ft H go 5145 A
1950 F A 90
'texas Corp cony deb 513
1944 A 0 1027
8
Tex & N ()con gold to
1943 .1 2 8812
Texas & Pao let gold Si
2000 J D 114
•2d Income 58
Dec 1 2000 Mar __
Gen & ref 58 aeries 13
1977 * 0 8714
Gen dr ref Si, series C
1979 AC 8714
Gen ,k ref 55 eerier! D
1980 J D 87
ex Pee-Mo l'ac Ter 54e A
1984 Ma 983
4
5812
11718
10014
10012
1117
8
third Ave Ity let ref 48
1960 2 1
5412
*Ad)Inc Its tax-ex N Y_Jan
1960 AG 20 4
,
Third Ave RR let g 58
1937 J J 10112
Toho Elea Power let 7e A
1955 MS 93%
Tokyo Elec Light Co Ltd
let 6s dollar series
1953 .1 1) 81.
Tol & Ohio Cent let gu be
1935 J 2 *1001g
Western Div let g 68
1935 A 0 100;
General gold Se
1001g
1935 J
Tol St L & W 1st 48
1950 * 0 87
Tol W V & Ohio 48 ser C
1942 M S •106I2
Toronto ham & Buff let g 45
1946 J D 101
Trenton 0 & El 1st g be
1949 M 8 *11412
Treax-Traer Coal eon,1114e
1943 51 N 90 4
,
Trumbull steel let a t es
1940 M N 10218
•tyrol Hydro-Elec Pow 7148......1955 MN
8518
*Guar am a t 78
1952 F A 8512
Ullgawa Elec Power a I 7e
1945 MS 94
Union Elec Lt & Pr (Mo) be
1957 A 0 106
Un E L & P (111) 1st g 5341 A __1954 J 2 1064
15
93
214
214
35
86
78 8
,
58
39
36
8614
26
33
1004
987
8
80
99
89
10312
6014
46
55
44
43
42
8012
100
95
6011
74
38
4612
487g
60
5314
73
41
104
614
96
9612
12
41,
s
98 4
,
103
4314
10118
60
5412
99
98
71
8414
934
64
82
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91
103
8912
115;
29
22
88
6
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88
88
88
9918
13
83
67
4
67
56
22 4
,
101 4
,
94
47
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,
8514
7014
82
100;
100 4
,
10018
88
84
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101
117 4
,
92
103
87
8512
95
10614
10812
5
--
_-
1
17
8
9
2
2
3
6
5
Range
Since
Jan 1
51
531,
so
103
82
101 8
,
35
874
4512
4,318
8912
94 8
,
994
N
BONDS
Y STOCK EXCHANGE
Week Ended May 17
3357
172
West.
Range or
/314 & Asked
JUIN 1
1933 In
Apr 30
1935
Range
Since
Jan. 1
Ilign
Low
Low Low
//428
HOS No
13 2 :•§Un1on Elev Ry (ChM)Sc
,
1945 * 0 18
18
1
13
18
1014
13612 Union 011 30-yr Sc A
May 1942 P A 11918 119; 26 105
11612 120
3(1
Deb 5s with warr
Apr 1945 J D 1021s 10218 18
92; 10218 10514
4014 Union Pac RR let & Id or 48 __1947
11212 55
2 110
1077 11312
94
8
51
let Lien & ref 4s
June 2008 MS 1053 1063
8
8012 10414 108%
8 50
Gold 4 3.4s
1987 J J 104
103 10612
10484 18
81
103 10618
1st lien dr ref be
June 201,8 MS 1131g 11314
9
11318 120
99
105; 111.4
Gold 4e
196/1 • D 10012 10134 64
9911 10314
764
96 103
United Biscuit of Am deb 85
N 1037 104
1942
8
15
1037 107
8
97
United Drug Co (Del) Se
1953 MS 918g
87
53
9312
9312 256
804 85
U N J RR & Can gen 4a
,
1944 MS *)1114 1121
9711 107; 10918
§I•United Rys At L lat g 4s
*253
8 2812
1934 .1
2712 30 4
15 4
,
,
5412 70
U Rubber 1st & ref 5s ser A
94
1947 J J
043 128
68
8
9012 9512
54
6414 United S IS Co 15
-year 6s
1937 MN *993
98
8518
99;
4
37
584
81)
7238 *Us Steel Works Corp 614e A__ 195I JD 35
2
34
35
26
43
(34 174
*Sec. 8 t 643 seriee C
D 35
5
1951
3318 4212
27
35
812 153
*Sunk fund deb 814s ser A
3312
4
3212 41
1947 J J 33
23
17n Steel Works (Burbach)78
,
9 4 18
1
1951 * 0 130
130
93 4 120 130
,
9 4 1612 *Universal Pipe & Had deb 65 __ _1936 J O 30
,
21
13
307
8 31
31;
754 1412 •Unterelbe Power & Light 6s_ __ _1953 40
33
40
8
3714 413
712 137 Utah Lt & Trac let & ref 5e
s
1944 40 86
83
60
65
88
504
Utah Power & Light 1st 5a
1944 FA
8612 8712 79
55;
897 883
2
4
64
80
Utica ElecL&PletefgSo __A950 ▪ J *116
11012 11612
109
493 60
3
Utica Gas.4 Elec ref & ext be
2 100
117 122
1957 J J 12012 1211;
351g 54
Util Power & Light 5145
3918
1947 ID
51
41
2414 4212
20 1
,
27
447
s
Debenture 58
1959 FA
36
377 180
18
8
204 38;
7814 9418
79
9412 Vanadium Corp of Am cony Is __1941 AO 76
44
66
82
59
9414
10112 102
Vandalla cons g 43 series A
1955 FA 510412
99
Cons at 4e series B
TO . 102I
-Z
1957 MN *10412
85
11 12 175 'I Vera Crus & P let go 4411
2
2
1934• J
1;
413
*114
10412 1083
4
•§July coupon off
J J
4
4
3
*114
101 103
•Vertientee Sugar is ctfe
54
1942
1212
3
33 1312
4
993 1013 Va Elec & Power be series B
4
4
8 101,
107
1954 i) 107
4 10514 1073*
113 11814
1st & ref St 5s ser A
10712 30
10714 10712
1955 A0 107
Secured cony 5 lis
1104 114
1944 J 2 a112 al1212
5 10i
7412 854 Va Iron Coal & Coke let elks _....1949 815 *57
5612 80
__
50
10084 1083* Virginia Midland gen Ifs
4
102
101 10241
91
1936 MN 102
,
108 112 8 Va & Southwest 1st gu 65
94
4
9512 96
2003 J J
757e
9712
let cons be
14
67
84
68
1958 * 0 67
55
29
32
Virginia Ry let 58 series A
,
57
1101g 113
1962 MN 111 4 112
89
3214 3214
1St mtge 4348 series B
1982 MN 10514 10514 10
8412 10412 106
'28
364
1094 115 (Wabash RR let gold 58
8912 984
95
44
57;
1939 MN 93
11
18
•2d gold 58
43
6
57; 75
193 FA 674 6312
3
9
1512 17
1st lien g term 48
5312 56
1954 22 *514
50
10
20
Det & Chic Ext let Si
9812 101
1941 2 2 •99; 101 -70
12
Des Moines Div let g 48
20
654 5512
)9392 J
4
53
45
55 8
7
212 34
Onaatta Div let g 341
4512 05
38
8 55
20
1941 A 0 517
414
9
Toledo & Chic Div g 48
58212
58
77
83
4; 8
towabash RI ref & gen 54e A _11976 M S 1412 161- 142
1214 1912
2
975
12 4
91
4
,
4 8 117
,
8
•certlficatee of deposit
13
13
13
11
17
312 10
•Ret & gen ba series B
FA
12
1614 97
14
12
1914
812 174
*Certificates of deposit
1012 1012
1414
1012
'Ref & gen 4 48 series C
11 4 1912
1978 40 13; 1612 145
,
11;
378
2; 4
•CertifIcatee of deposit
137g 1718
137
8
11
1414
5
24
'Ref & gen 58 series D
1412 1612 74
11 4 1912
,
11 4
,
1980 AG
92
80
*Certificates of deposit
1012 13
1414
1012
10318 10514 •Walworth deb 814e with warr__1935
1212
39
40
33
40
13
10214 10312
*Without warrants
40 •33
1212
3612 363
4
764 86;
*let sinking fund 68 ser A
3618 5414
, 541
64
1945 40 51 8
181e
68
76
4318 50 4 Warner Bros Pict deb Ss
,
659
65
4812 653a
1939 51 5 62
24
103; 111
Warner-Quinlan Co deb 621
3612
1939 MS 35; 3612 56
24
24
1812 3912 Warner Sugar Retin 1st 75
O 103; 104
3 104
103; 10712
1941
454 80
Warren Bros Co deb 6s
59
30
4612 51
41 81
3212 31
102 104
Warren RR let ref gu g 354s__.2000 P A
85
78
19
1017 105
a
Washington Cent let gold 48 __ _1948 QM *9114 93 4
79
1
-1 1T0 94
,
983* 102; Wash Term 1st gu 314e
1945 FA 10512 105;
2
4
10352 1053
86
1034 1045;
let 40
-year guar 48
1067 1067
94
5
1945 FA *107
a
112 11612 Wash Water Power; 1 58
5
( 2
9818 105 110
1939 J J 10914 1 W1Westchester Ltg 58 stpd old
D 119
119
8 10314 11514 11914
MO
107 110
West Penn Power set A Se
,
1 1004 10612 111 12
10712 10712
1946 11 1
82
997
a
1st Ss series E
,
11 1017
1963 MS 118 8 119
s 11414 120
6012 724
let sec be series0
19 101
10714 11112
1956 ID 10714 108
7312 8312
1st mtge 4e eer H
108
10512 10912
1961 J J *106
9014
5612 6912
5512 6912 Western Electric deb 5e
1944 * 0 1057 10612 34
941s 10412 107
8
5
6
69
Western Maryland let 48
11997572 40 934 9414 164
6112
8712 Ws
9'313 10418
1st & ref 514s series A
J J 99
9934 80
86
96 102
10714 10712 West N Y & Pa let g 58
1 2 1057 1057
2 100
1057 107
a
g
a
Gen gold 48
1943 * 0 10718 10718
4
78
102 10718
"A si- - - •
89
96
4 *Western Pee let 55 ser A
194463 MS 28
23
25
2912 17
37
85 10318
•5n Aseented
_
1946
25
2812 17
2714
3133
4
38
624 Western Union coll trust 58
J 102
2 10112 10312
1028a 38 0g14612 81
Funding & real est g 4 Ms
1950 MN
9
38
9112
82
674
8812 893
4 36
487 86
8
15
-year 6445
P A 100 e 1013a 58
100 10212
92
,
79
9211
25
-year gold 5a
3D 90
71;
8212 91N
913
4 63
78
30
-year So
88
1 998(11 MS 89
11953
80
0
9012 113
72
003
4
101 1a 103
•Weetphalla tin El Power 88_ _ _..1953 13 36; 3714
17
21
354 4312
4(1
87
Watt Shore let 48 guar
2361 J J
66
79
$2
55
7412 86,
4
107 Ill
Registered
2361 .1 .1 *7412 764
7014 823
,
2
814 94
102 10412 Wheei & L E ref 44e ser A
1986 MS 10312 10312
3
103 10412
81
Refunding 5e ()erica B
1966 MS 103 4 10334 15
10314 104
651e
,
13
18
RR 1st consol 4s
1949 MS 10714 107;
5
83
2
10214 1073
39
48
Wheeling Steel Corp let 514e
1948 J
105
104
70
28
10014 105
let & ref 44e series B
9912
1953 A0 9818 99 2 105
90
60
,
116 11918 White Sew Mach 6e with ware
_1836 .1
4318
7
877
8 90
65
90
Without warrants
1
45
66
90
8812 90
5414 63
Panic a I deb Ss
1940 MN 77
77
4212
77
64
113 1171g :'Wickwire Spencer St'l 1st 7e
_1935
9112 10014
*CU dep Chase Nat Bank
812
812
414
2
818 12
90 10012
•Ctfe for col & ref cony 7e A ___1935 MN
812 12
3114
7
8
13
10812 112
Wilk & East let gu g 5a
1942 ID
3718 38
9 33
31
48
10912 11284
10112 105
Will & S F let gold 58
1938 ID 103
10212 1043
88
10314 13
4
8312 (a614 Wilson &
Co let 5 I as A
1941 A (1 100
10918 21
953
4 10814 110,
8
10278 104N Winston-Salem S B let 4s
1980 J J 10712 10814 10
83
1043* 10812
8912 :•Wle Cent 50-yr 1s1 gen
83
U.__ 1949 J J
752
758 1312
1014
3
1014
113 120
*Certificates of deposit
912
05
8
712
7
712 1012
'Sup & Dul div & term let 48_1936 MN
412
412 73
*612
4
712
79
9311
*Certificates of deposit.
412
4
7
412 7 4
3
712
7911 9312 Wor & Conn East hat
1943 J J *27
66
7912 9312 Yo,nmete.n Nheet ct 44e
Tube So._ 1978 .1 .1
6314 "8511 913;
8912 9918
1st mtge a f 5s ser B._
1970 * 0 93
95
157
6314
8912 0914
933
4 95
108
51
687a
1888 2612
r Cash sales not included In year's range. a Deferred delivery sale not Included in
10014 103
year's range. n tinder-the-rule sale not Included in year's range. § Negotiability
884 94
Impaired by maturity. t Accrued interest payable at exchange rate of 24.8665.
72
82
7. Companies reported as being In bankruptcy, receivership, or reorganized under
10018 101
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
1003 101
4
e Cash sales in which no account Is taken in computing the range, are given below
1001a 10114
Ill. Cent. 4s 1951, May 13 at 1074.
81
91
103 103
• Friday's bid and asked price. •BondA selling flat.
101
9814
deliverynales in which n -eccount Is taken in computing the range, are
lianrred-n
11214 1173
4
given below:
70
94
100 103
Antwerp Is 1958, Slay 11 at 97.
Gen. Steel Casting 54s, May 16 at 724.
85
96
Bavaria 6545, May 16 at 294.
Slender Steel 6s, May 17 at 384.
8214 901/ Berlin City Elec. 845, May 17 at 28.
Leipzig 78 1947, May 13 at 37.
9812 Cent. 13k. of Germ.68 Oct., May 17
87
at 30. Rhine-Westphalia 75, May 14 at 394.
10514 109 a Colon 01168 1938, Slay 17 at
4
464.
San Paulo 8s 1950. May 15 at 1814.
10411 108, French Govt. 78, May 13 at
1
18314•
New York Curb Exchange-Weekly and Yearly Record
3358
May 18 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 of
the regular weekly range are shown in a footnote In the week In which they occur. No account is taken of such sales In computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last(May 11 1935) and ending the present Friday (May 17 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
Sales
for
Week
High
Par Low
•
Acetol Producta el A
com _ _20
Acme Wire v
Adams N111113 7% BM Pt 100 107 107
Aero SupPlY 511g cl A- •
•
Class
234 234
Agfa Ansco Corp coin_ _1
Ainsworth Mfg Corp- __10 25
25
14 1%
•
Air love•tors cola
Cony pref
• 1415 14%
Warrants
AlabamaGt Southern_ _50
• 60
Ala Power $7 pref
67%
$6 preferred
• 5611 60
Algoma Consol Corp
•
5
7% preferred
• 14% 1534
Allied Mille Ins
Aluminum Co common ' 5131 61%
6% preference
100 86
90%
Aluminum Goods lkifig__• 11
11
Aluminum Industries corn'
• 2415 33
Aluminum Ltd eons
C warrants
13 warrants
100 60
60
8% preferred
American Beverage corn _ _ I
14
131
American Book Co_ _ _ _100 69
69
Amer Brit & Cent Corp..
15
14
AmerCapital•
Class A corn
•
Common class B
• 19
1935
$3 preferred
American Cigar Co._ _100
100
Preferred
Am Cities Pow & Lt
23 374 39
Clam A
24 235
Clime B
Amer Cynamid clams A__10
10 1811 1931
Class 13 n-•
Amer Dist Tel N .1 corn_ •
7% tionv preferred _ _100
211 24
Amer Equities Co corn_ __1
Amer Founders Corp____1
'16
%
21
50 20
7% met merles B
6% lit pref set D.._..50
111 2
Amer & Foreign Pow war?.
Amer Gal & Elea corn_ •2451 2635
Preferred
100 10315
Amer Hard Rubber com_50
74
5
1
315
3
ALCM investors corn
Optb.a warrants
.20 1415 15
Amer Laundry Mach..
9
Amer L & Tr corn
25
104
6% preferred
25 23% 2335
Amer Maize Prod corn.....' 214 23
Amer Mfg Co corn
1
Amer Maracaibo Co
• 1235 1315
Amer Meter Co
Amer Potash & Chemical.' 184 18%
Am Superpower Corp corn •
114
1
• 54% 5555
let preferred
• 114 13
Preferred
Amer Thread Co prat__ -5
411 411
Amsterdam Trading
American shares
•
•
Anchor Pont Fenee
9
t34
Anglo-Persian Oil Co Ltd
1411 1415
Am dep rcts ord reg__El
Angostura Wupper Corp_l
54 655
Appalachian El Pow pref.' 9415 97
Arcturus Radio Tube
1
3-4
54
111
14
Arkansas Nat Gas com
•
1
Common elaaa A
1
•
455
10
4
Preferred
Arkansas P & L $7 pre!..'
Armstrong Cork corn._._' 21
23
435
5
Art Metal Works com____6
Associated Elea Industries
Amer deposit rate_
£1
A8800 Gas & Etat:1
Common
3-4
34
Class A
"16
34
$5 preferred
1,84
13.1
•
Associated Rayon corn__ •
ASSOC Telep $1.50 pref. •
Assoc Telco UM corn_
•
Atlantic Coast Fisheries_ _•
515 515
Atlantic Coast Line Co__50 27
2751
Atlas Corp common
955 10%
•
• 4911 504
$3 Preference A
Warrants
2% 355
A6188 Plywood Corp
•
335 4
Automatio-VotIng Mach
' 635 6%
Anton-Fisher Tobacco
Class A common
10 4951 53
Babcock & Wilcox Co....' 39
4051
Balowin Locomotive Works
Warrants
1
/
.1
Baumann(L)&Co7%Pfd100
Bananas Aircraft v I e___1
24 44
Bell Tel of Canada
100
Benson & Hedges com____•
Cony pref
•
Bickford, Inc corn.......
14
14
$2.50 cony pref
35
• 35
Bliss(E W) dc CO 00131.-•
53
1
5
Blue Ridge Corp com
115 1%
1
• 414 43
$3 opt cone pref
Blumenthal (S) & Co
•
945
4.51
Bohack(H C)Co cam_
•
7% let pref
100
Botany Consol Mills corn.'
34
4
•
Bouriols Inc
435
351
Borne Serymser Co__
25
Hosier Roller BearIng
6 194 20
BrasilllanTr Lt &
914
9
Bridgeport Machine
•
554 935
•
Brill Co n class B
•
Class A
111
115
Brill° Mfg Co corn
•
64 7
•
C11188 A
Brit AMC, 011 C0111:
• 1511 154
1
British Amer Tobacco
Am dap rate ord beartgEl 3015 304
t. A m deo refs ord reg__Ll
British Celanese Ltd
234 251
Am dap rate ord ref-10e
•
British Col Powi=r Cl A
100
614 634
Brown Coe% Pre?
July 1
1933 is
A pr 30
1935
Range Since
Jan. 1 1935
Shares
STOCKS
For footnotee see page 3363.
STOCKS
(Continued)
High
Low
Low
24 Feb
73.4 Mar
211
144 Apr
855 Jan
634
May
Feb 109
50 664 103
1115 Mar
7
May
5
335 Mar
2
Jan
1,500
34
Apr
5
334 Jan
Apr
184 Feb 27
5
100
34 Mar
1% Jan
yi‘
100
164 May
1214 Mar
9
200
lie Feb
14 Jan
34
Jan
Apr 40
30
30
4115 Jan 67% May
450 26
37
Jan 61
May
670 25
15 Feb
4 Feb
100 21
51
15 Mar
h Mar
164 Apr
124 Jan
515
16,800
32
Mar 614 May
6,650 82
694 Mar 904 May
759 54
1115 Apr
9% Feb
8
600
,2
74 Feb
715 Mar
17
May
Mat 33
2,300 17
Apr
7
24 Jan
24
615 Mar
Apr
5
5
504 Apr 60
May
100 37
14 Jan
1
134 Feb
100
May
57% Jan 69
10 41
% Apr
14 Feb
100
11
14
134 Apr
1
4
3-1 Jan
34
20
16% May
934
300
138
Mar 145
120
110
Jan 115
110
875
3,500
40,100
100
1,100
250
800
25.600
1,450
350
2.100
150
6,400
200
475
1,000
500
200
12,000
400
1,100
500
600
300
6,500
180
200
500
1,600
3,900
4,900
.500
234
34
124
84
7311
98
29
34
204
15
76
111
155
ll
Jan
Jan
Jan
Apr
Feb
May
Mar 39
Apr
3
Mar
Apr 204 Feb
Mar 19% May
Mar
Jan 80
Apr 11351 Apr
24 May
Feb
Mar
15 Jan
21
Apr
Jan
Jan 2015 May
3
Jan
Ma
Apr
Feb 27
Feb 103% May
735 May
Apr
311 Jan
Jan
15 Mar
Apr
Ma
1551 Jan
1051 Apr
Ma
Feb 2315 May
Jan
Apr 25
8
Feb
Apr
Mar
51 Jan
14
Jan
Ma
Mar 19% Jan
114 Jan
Ma
Feb 55% May
Jan
13
Ma
411 Apr
Jan
834
8
14
164
574
4
2
34
1014
7%
16
19
315
34
54
11
54
44
715
134
134
115
16%
8015
434
234
34
12%
7%
174
19
33.4
1134
11
1115 Jan
11 Ma
15
May
% May
9
14% May
4
May
71
Jan
, Mar
Mar
34 Feb
234 Mar
414 Jan
16% Mar
34 Mar
144
655
97
9-16
14
14
454
60
24
54
3
5714
34
34
111
2515
13
134
1214
14
44
715
4
4
5% Feb
400
3-4
8,500 534
134
100
1
300
20
31,400
1,300
20.500
300
1,500
13
Si
2
18
734
85
151
24
134
300
1,625
4811
1835
May
May
May
Jan
Apr
Apr
May
May
Jan
Apr
64 Apr
Jan
May
Apr
Jan
Apr
Jan
Jan
Jan
May
May
May
Jan
May
Apr
Mar
Feb
Mar
Apr
Jan
Mar
18
Mar
755 Mar
47
Apr
151 Mar
315 Mar
6 Jan
4
IT;;
231
235
224
34
10%
30
10%
5011
355
635
551
43% May
28
Max
60
Feb
404 May
34
131
111
22
3-4
335 Jan
3( Feb
11
21
Mar 2515 Jan
11
44 May
151 Apr
134
1,500
Jan
1044 12415 Apr 132
144 Feb
14 Jan
134
Apr
6
6
Mit
111
May
814 Feb 14
4%
100
3314 Apr 35
May
100 23
631 Jan
311 Mar
1%
1,700
2
Jan
1
Ma
1
800
May
1,600 284 354 Mar 43
945 May
251 Jan
2
7,100
11
Jan
An
7
7
Feb
Feb 65
65
40
% May
X Jan
100
316
415 Feb
355 Jan
334
800
611 Mar
Ma
6
6
2,400 16 634 164 Mar 204 Apr
10% Jan
84 Ma
8
900
935 May
351 la
4,900
34
1
May
11 Ma
34
1.4 May
1
Jan
800
Si
7
May
615 Apr
5%
300
274 Feb
Jan
224 25
1435 Mar
153.4 Feb
800 12%
400
Apr
Apr
300
24%
24%
27
264
400
2
244
334
2
Mar
2415' Mar
Apr
5
25
3151
2714
Jan
Apr
315 Jan
255i Mar
851 Jan
Week's Range
of Prices
High
Par Low
Brown k orman Distillery.
6
_1
6
Buckeye Pipe Line
aro 38% 39
Buff Niag & East Pr pref 26 20
21
• 934 9431
$5 let preferred
Bulova Watch $315 pref. •
Bunker Hill& Sullivan..10 45
47%
•
Burro Inc com
Burma Corn Am den rcts _
2% 234
Butler Brothers
615 631
10
Cable Eleo Prod•tc•
34
34
Cables & Wireless LtaA m dep rata A ord stm_ LI
Am dep rata B ord she El
3.1
Amer &p rate pref ehs 11
411
411
Calamba Sugar Estate_ _20 2115 22
Canadian Gen El 7% pf_ 50
Canadian IIydro Elea Lta
8% 1st preferred..100
Canadian India, Alcohol A•
9%
9
B non-voting
•
8
8
151
115
Canadian Marconi
1
Carib Syndicate
315 4
250
Carman & Co
Convertible Maas A
•
Carnation Co corn
• 18
18
Carolina P & L $7 pref._ •
86 preferred
•
• 164 1754
Carrier Corporation
Catalln Corp of Amer__ _1
74 8
Celanese Corp of America
7% Ist partic pre ___100 944 98
7% prior preferred ___100 105 105
Celluloid Corp corn
10
15
9
$7 div preferred
26
• 25
70
la preferred
• 70
Cent Hud GI & E v t c__ • 1114 12
Cent P& L7% pref..__100 3515 384
Cent de South West Mil
Cent States Elea corn_ _..l
•as
%
6% prof without warr 100
211
2
7% preferred
100 __ 415 415
Cony preferred
Cony pref op ser *29_ _100
211
2
Centrifugal Pipe
5
•
5
Charla Corporation new 1
1331 1311
Cherry-Burrell Corp
•
Cheeebrough Mfg
25 132 137
Chicago Mail Order
5 20X 2111
Chicago Nipple Mfg A..50
Chicago Rivet &
1514 1554
Childs Co pre(
100 2031 214
Chief Consol Mining Co_l
1
115
155
Cities Service eom
•
1455
Preferred
• 14
Preferred B
155
14
•
13
Preferred BB
• 13
Cltles Sere P & L $7 pref.'
$6 preferred
• 1251 12%
City Auto Stamping
631 655
•
City & Suburban Homes 10
Claude Neon Lights Inc..!
55
34
Cleve Elee Ilium corn...' 3111 324
Cleveland Tractor corn...' 1515 16%
Club Alum Utensil Co...'
316
316
Cohn di Rosenberger
555 515
•
Colon Oil Corp coin
34
• 2815 2934
Colt's Patent Fire Arrns_25
Columbia Gas & MaoConv 5% pref
100 5714 594
Columbia Oil & Gas vie_ _•
34
34
•
Columbia Pictures
7655
Commonwealth Edlson_100 70
Commonwealth & Southern
Warrants
•
Community P & L $6 prat• 1015 1115
Community Water Sore..'
234
211
Como Mines
1
15% z1515
Compo Shoe afachinery 1
Consolidated Aircraft _
774
I
741
Consol Auto Nferchand'g.•
•
$3.50 preferred
24 215
Consol Copper Mines_ _ 6
C,onitolO E L&P Balt corn• 6755 6815
Consol Min & Smelt L1d_25 160 160
215 215
Consol Retail Stores
50
8% preferred w w__ A00 50
Continental 1)11 of Mex
I
2
Control Royalty 011
10 .2
6114
Cont U & E 7% prior pf 100 57
Continental Securities .'
415 415
Cooper Bessemer corn ____•
234
• 23
83 prat A
341 351
•
Copper Range Co
24 3
Cord Corp
5
Corroon & Reynolds
211
2
Common
1
• 28% 2955
$6 preferred A
Coaden 011 cora
41
'is
Preferred
100
Courtaulda Ltd
AM drip rats ord reg__Ll
Crane Co corn
26 11% 15
Preferred
100 103 105
Creole Petroleum
5 1451 1734
Crocker Wheeler Elea__
635 74
115
1
Croft Brewing Co
1
Crowley Milner dc Co...'
Crown Cent Petroleum I
34
51
911 915
Crown Cork Internatl A..'
Cuban Tobacco corn etc..
• 32
32
Cuneo Pres. coin
655% preferred
100
Cued Mexican Mining 50c
2%
2
615 651
Darby Petroleum corn. __6
Davenport Hosiery Mille_•
De I favilland Aircraft Co
Am Dee Rats ord roe El
Dennison Mfg 7% pret_100 "5734 5734
4
4
Detroit Gray Iron Fdy__ _5
11‘ 14
Derby Oil& Ref Corp corn'
Preferred
•
Diamond Shoe Corp
•
4
3
Dictograph Producta
2
Distilled Liquors Corp 5 1151 12
Distillers Co LtdAmer deposit rcts____L1 2215 224
Distillers Corp Seagrame.• 1355 17
• 12% 13%
Doerder Die Casting
"4
Sales
for
Week
July 1
1933 to
Apr 30
1935
Shares Low
515
200
350 26
4,800 1451
7 66
300
1655
1,750 26
200
1,400
2.500
1,200
100
200
2,200
700
100
4,300
8.400
134
30%
611
55
lob
Mar1ea
M
Mar
Apr
11
33(
154
61
51
316
34
20
61
Mar
May
Mar
Feb
Apr
Feb
1
May
411 May
Apr
23
61
Apr
74
Mar
Jan
14 Nfar
78% j a
55
a
154 Mar
79
11
10
2%'
44
Jan
May
May
Jan
May
63.417
JanJan
5455 Jan
57
Feb
13% Mar
434 Apr
814
1835
60
63
194
g
May
May
Feb
Apr
Feb
May
90
May 110
974 Mar 105
15
25
8
May 36
A pr
70
May 80
12
854 Mar
20 1 Jan 3835
1
55
Mar
1115
Star
1
211
Mar
5
2
Mar
34
115 Mar
234
54
1431 1‘ arr
2
J ai
14%
2451 Apr 2451
115
Mar 157
15% Mar 2154
il
15
1555
1611 .an
231 Jipi
1
30
131
6
m•
14
Nitaarr
15
3-4
155
Mar
134 Mar 1315
74 Mar 1435
6.4 mar
13
(155
Jan
4
3
4 4 Apr
55
Nfar
Jan 3515
1815
64 Mari
14
55,4 .11
5,s
7
. I
As
25% ., p!.
2934
Feb
Feb
Jan
Jan
Feb
May
May
Jan
Apr
Apr
Apr
May
Apr
Feb
Jan
Apr
Feb
May
Jail
Jan
Jan
Apr
Jan
May
Apr
Apr
Jan
Jan
Apr
Apr
May
Apr
Apr
Jan
Mar
Mar
Mar
74
54
4%
155
14
475
200
400
100
200
2.200
425
81
75
634
1634
40
8
11
2,400
400
50
1
2
115
150
3-1
700
83.4
9
100
11 5
200 105
851
5,700
3.4
415
800
159
53.4
1,100
25,200 7 5..1
(IX
3,200
400
54
20
734
611
50
200
3
500
400 21)(
134
3.100
100
535
200
34
1,300
150 15
3C
34
194
6,183 9 30/4
23'4
32
Mar
Mar
384 Jan
4711 Jan
Jan
64
4 Jan
4434 May
7755 May
1115
55
24
184
1011
34
ii
/5
34
254
68.34
13214 Feb 160
5: jjjjaaaa nuna
4
'
355
255 Jan
50
3414 Mar
4 j
If
a
2
1
Feb
6155
33
8
2
331
Me r
A ab
F pr
54
M pr
A
:Jan 26
165
33(
2
4
414
ar
Jan
May
Jan
Apr
Mar
Jan
Jan
Jan
Feb
May
May
Feb
May
Mar
May
May
Jan
Jan
Apr
Jan
Jan
2%
29
4
2
Jan
May
Jan
Feb
34
14
8
6
'IS
62e
13.500
7.800 454
10 115
100
20 1215
1
29
2
234
200
400 12
100
3
5,300 • 2
100
475
600
600
900
4
'
is
3,600
400
24.900
500
1.300
Jan
May
May
May
Jan
Apr
Jan
Apr
Jan
Jan
231
11
4,900
10,100
23,400
600
Low
535 Apr
3034 Jan
.,n
1469
Jan3.4
2451 Mar
951
39
21
944
28
4951
115
24
755
1
6
134
83
27
434
334
100
Range Sines
Jan. 1 1935
10
55
1
Jan
ay
535 Njj11
14H N
12% Nuy
7% Apr
Mar
22 4 Mar
1
M ar
M
II
11,150
5
100 • 32
73.200
4,800
354
1
600
" 2%
1
900
600
534
2
100 1534
6954
8,500
'If
4%
100
------ 104
1155
7
87
104
4
1
251
34
-----25
100
700
4
13
5715
4
ft
20
1011
3
1135
300
30,100
2,400
174
84
111
51
20
954
800
145
500 114
Mar 124 Apr
15
May
Mar
Slay
Feb 106
1735 May
Mar
Mar
7.34 May
114 Jan
Feb
Apr
4
Feb
35 Jan
Feb
104 May
Star734
Jan
2
3
Mar
30
Mar
Feb 34
Apr
87
Feb 103
114 Star
215 Jan
64 May
12
44 Star
Jan
16
.Tan
May
May
Apr
Feb
Jar
Slay
ma
1511
574
4
115
20
15
7
1615
Apr
May
May
May
Feb
Apr
Jan
Apr
21
Ma
12% Ma
1035 Mar
2314
18%
1431
Jan
Feb
Jan
New York Curb Exchange-Continued-Page 2
Volume 140
1Veek's Range
of Prices
Sales
for
IVeek
Par Low
High
Dominion Steel & Coal 13 25
Dominion Tar & Chemical.
Douglas (NV L) Shoe Co
7% iref
Dow Chemical
• 9654 100
Draper Corp
•
Driver !lards Co
10 17
17
7% preferred
100
Dubiller Condenser Corp.!
1
51
Duke Power Co
10 51
5135
Durham lion el 13 com _ _ _•
Duval Texas Sulphur
•
851 1E-Eagle Pleher Lead Co
444 435
2
-0
East Gas & Fuel Aseoc
Common
3
•
3
415% prior preferred_100 64
64
6% preferred
100 4244; 444
East Statee Pow corn B.._•
$6 preferred series
754 73-1
$7 preferred series A ___•
754 735
Easy Washing Mach "B"_•
334 3%
Edison Brea Stores com....• 2951 30
Eteler Electric Corp
1
•
1
Flee Bond & Share corn
5
635 8
$5 preferred
• 4735 52
$6 preferred
• 52
5835
Elea Power Assoc com
I
335 315
Clam A
1
335 335
Elec P & L 2(1 prof A..__.°
735 935
Option warrants
135 135
Electric Shareholding
Common
1
254 234
• 60
oonv pref w w
63%
AectrographIc or o corn 1
Empire District El 8%_100 2534 28
Empire (las & Fuel Co
-6% Preferred
100 1735 17%
634% pre(
100
7°/' preferred
100 19193:5;
8%; preferred
100 21
21
Empire Power Part Stk__•
Equity Corp corn
10c
1%
135
Eureka Pipe Line
50
European Electric Corp-Clain A
10
835 835
Option warrants
Evans Wallower Lead___.•
Ex-cell-0 Air & Tool
3
8
835
Fairchild Aviation
1
735 84
Fajardo Sugar Co
100 101
105
Falstaff Brewing
1
4
435
Fanny Farmer Candy
1
835 834
Fansteel Produers Co
. 431 435
Fedders Mfg Co class
Federated Capital Corp •
Ferro Enamel Corp com_.• -1851 1834
Fiat Amer deo recta
24% 2534
Ficiello Brewery
1
'16
35
Film Inspection Mach_ •
Fire Association (Phila.) 10 61
62
First National Storee7% lat preferred ___112 114
Fink Rubber Corp
1
735 851
$0 preferred
100 SO
80
Filntokote Co al A
• 18
2034
Florida P & I. $7 pret
• 2531 28
Ford Motor Co Ltd
Am clep rcta ord cocci
8% 835
Ford Motor of Can el A _.• 2631 2734
Class B
• 29
29
Ford Motor of France
American dep rcte .100
Foremost Dairy Prod corn
Preferred
•
34
.54
Foundation Co (teen shal•
434 5
Froedtert Grain & Malt
Cony preferred
15 1431 15
Garlock Packing corn ____• 27
27%
General Alloys Co
•
1
115
Gen Electric Co Lid
Am dep rats ord regl 1335 13%
Oen Fireproofing com
•
535 535
Gen Gas & Eleo56 cony pref B
•
Gen Investment com
1
55
$6 eon, pref class B
• 154 154
7
Warrants
Gen Pub Spry $6 pref_' 314 3735
Ben Rayon Co A stock_ _•
General Tire & Rubber__25 5051 54 5
6% preferred A
100
Georgia Power $6 pref___• 6835 7034
$5 preferred
• 5235 53
Gilbert (A C) oom
•
135 231
Preferred
•
Glen Alden Coal
• 13;5 1534
Globe Underwriters 111(3_2
9
Godchaux Sugars class A _• 21
2434
Class B
•
935 10
Goldfield Consol Mines. 10
,4 916
Gold Seal Electrical
1
54
Gorham Inc class A corn •
133 preferred
•
Gorham Mfg Co
V I e agreement extended
1534 16
Grand Rapids Varnish___•
634 735
Gray Talon Pay Station...' 1335 16
Great Atl & Pao TeaNon-vol corn stock____ • 12335x129
7% 1st preterred____100 126 129
(It Northern Paper
25 20 x2135
Greenfield Tap & Die____•
415 435
Greyhound Corp
5 4635 4935
Grocery Stores Prod•t 025
31
31
Guardian Inventors
Gulf 011 Corp of Penna__26 6554 723,6
I
Hall Lamp Co
•
lIanallton (16.9 corn v t C..!
llandley Page Ltd-Ant del) rcts pret___8 sh.
5
535
Happiness Candy
•
Ilarttord Electric Light_25
!fart man Tobacco Co____•
135
I larvard Brewing Co
1
334
335
Ilaseitine Corp
•
73.4 8
Heels Mining Co
25 1035 1135
'Jalapa Rubenstein
•
1
1
ileyden Chemical
10 51
51
!fires(C El Co ci A
•
Hollinger Como'0 M___6 1535 1634
Hotly sugar Corp e0m---• 48
48
Preferred
100
lolophane Co corn
liolt (Henry) & Co cl A_.
Horn (A C) Co corn
•
2
2
1st Preferred
50
Horn& Hardart
• 24
25
7% preferred
100 10635 107
Ilud Bay Mink Smelt • 1515 1635
For footnotes see page 3363.
Shares
STOCKS
(Continued)
July 1
1933 to
A pr 30
1935
Low
2%
334
Range Since
Jan. 1 1935
Low
534 Feb
435 Jan
1,300
50
5 54
9
4
48
54
33
_7,000
1,800
214
'
331
1335
8035
55
13
9115
35
37
34
835
3%
200
235
25' 53
725 38
51
°CI
4
100
5
500
235
300
800
34
68,800
3;5
2,500 25
8.900 2614
1,000
231
400
234
175
251
600
34
235
58
38
55
4
5
3
2454
54
335
34
3734
251
254
244
55
12
2 100 xx 3655
100
900
700
100
Si
34
1
124
50
STOCKS
(Continued)
High
54 Feb
Mar
7
Apr 16
Mar 100
Slay 60
Apr 19
Mar 95
Feb
14
Jan 51%
Feb
44
Feb 124
Mar
5
Mar
Jan
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Ma
Jan
Jan
Ma
Ma
Feb
Ma
5
Jan
Jan
64
5031 Jan
31 Apr
731 Apr
Apr
44 Jan
30
Apr
151 May
May
52
May
5835 May
Jan
4
4
Jan
94 May
131 Jan
51 Star
Jan
40
6
Jan
14
Jan
235 Apr
634 May
6% Feb
23
Slay
735
-8
100" 8
50" 835
4
12,700
30
755
8
8
835
9
14
3331
300
654
100
35
300
3.4
4,900
254
1,700
244
525 59
700
234
2,600 93 244
900
15(
5
------ . 4
135
2.10
734
1544
600
54
-----54
100 al 31
(135
51
A
6
735
71
235
735
155
94
151
1055
2114
35
31,
57
Mar
Slay
Jan
Feb
Feb
Apr
May
Feb
Feb
Jan
19
May
Star
16
Ma
May
Mar 21
May
Mar 21
May
Apr 104 Apr
135 May
Jan
38
Feb
May
84 Jan
Jan
35 Jan
Feb
Apr
31 Feb
94 May
Feb
Slay
94 Apr
Slay
Jan 105
5
Apr
Jan
935 Jan
Mar
415 Slay
Mar
Mar 11
Apr
1% Jan
Jan
194 May
Feb
2531 May
Jan
35 Jan
Mar
Feb
4, Feb
May
Jan 62
60 110
112
Jan 115
Apr
5,700
1135 Jan
53-1
634 Apr
100 354 7435 Mar 88
Jan
7,900
1 134 Mar 214 May
334
1,650
1035 Ma
851
28
May
9,100
6,600
25
931
3215
3755
14%
74 Ma
254 Ma
29
May
1,000
231
35
3.4
34
Jan
34 Mar
1.4 Feb
431 May
435 May
94 Mar
131 Mar
635 Jan
200
200
300
1431
1144
51
144 Apr
20
Mu
31 Apr
1551 Feb
2831 May
14 Feb
2,800
100
951
1131 Mar
435 Jan
1335 May
6
May
554
Fe
Ma
Jan
Jan
Mar
Mar
Mar
Apr
Jan
Apr
May
Mar
Slay
Jan
Apr
Jan
Jan
Apr
Feb
Apr
------
---515E1
200
200
140
100
300
-----300
75
SOO
-3,600
300
200
500
1,300
1,700
1,900
1,200
650
451
a
11
sis
8
15
I3
Its
20
24
44
54
46
46
5634 89
35
52
50
50
1 3.4
22
24 34
10
1344
7
10
1635
7
3%
4
51
7e
14
234
164
14
1051
434
1231 Mar
515 Mar
835 Mar
15
34
17
4
3735
135
71 35
99
7015
55
235
2431
24
9
2431
10
51
1
334
1935
Jan
Jan
Jan
Apr
Jan
Jan
Jan
May
Feb
Jan
Mar
May
Apr
Jan
Mar
Jan
Apr
May
May
Apr
Feb
Slay
May
18
Jan
714 Jan
16
Slay
121
380 115
Mar 139
122% Jan r129
170 120
20
400 194
May
26
100
334
434 Mar
6
5
13,800
2015 Jan 4956
300
94
35 Feb
fie
Mar
94
fie
21,200 43
50q, Mar 7231
16 3
335 Mar
6
116
May
16
54
Jan
May
Jan
Jan
May
Apr
Jan
Slay
Jan
Feb
331 Star
554
34 Jan
5035 Jan 63%
Apr
155
315 May
311
735 Sla3.
9
Feb
1234
si Jan 1
37
Jan 52
25
25
May
1654 Apr 204
30
Jan 48
Fe
100
100
2
Jan
335
554 Fe
7
154 Apr
251
30
Ma
30
20
Fe
25
10215 Jan 107
11% Jan
1631
May
Jan
Slay
Jan
May
Feb
Apr
Feb
Slay
Slay
Jan
May
Feb
Mar
Mar
Jan
Mar
May
Slay
Slay
700
1,300
2,100
1,400
8,400
1,000
100
114
4854
94
2%
4
14
18
84
81.4
14 3.6
134
3
100
134
14
2,100 1515
50 834
18,200
73
5
7,600
50
Week's Range
of Prices
Par Low
Humble 011 & Rat
• 574
Huylers of Delaware Inc
Common
1
7% prof stamped._ _100
Hydro Electric SecurIties_•
nYgrade Food Prod
231
5
Ilygrade Sylvania Corp • 3234
Illinois P & L $6 pret
• 264
6% preferred
100
Illuminating Shares cl A_ •
Imperial Client Industries
Amer deposit rats
8%
Imperial Oil (Can) ooul)-• 1935
Registered
• 19%
Imperial Tob of Canada._5 1335
Imperical Tobacco of Great
Britain and Ireland___El 3335
Indlana Pipe Line
10
431
Indianapolis P & L635% preferred
100
Indian Ter Blum 011
Non-voting class A _ ___•
231
Class B
•
235
Industrial Finance
V t common
1
51
7% preferred
100
2
Insurance Co of N Amer_10 62
International Cigar Mach •
Internal Hydro-Elee
Pref $3.50 aeries
50
6
Internal Mining Corp___1 1315
Warrants
535
International Petroleum.• 36
Registered
International Products. _ _•
335
Internatl Safety Rasor B.'
Internat'l Utility
Class A
•
135
Class B
1
34
$7 prior pref
Warrants
Interstate Equities
Common
1
$3 cony preferred_
50
Interstate Hoe Mills
Interstate Power $7
17
Investors Royalty corn 25
Iron Fireman Mfg v t c IC
Irving Air chute
734
Italian Superpower A
•
35
Warrants
Jersey Central P & L100 5635
53.4% preferred
6% preferred
100 60
7% preferred
100 69
Jonas & Naumburg _ .2.50
14
Jones & Laughlin Steel _100 21
Kansas G & E 7% prof.
_100
Kerr Lake Minee
4
31
Kingsbury Breweries___ _1
1
Kirby Petroleum
1
215
Kirkland Lake0 M Ltd_.1
Klein(Emil)
• 16
Kleinert Rubber
10
Knott Corp corn
1
Kolster Brandon Ltd __El
Koppers Gas & CokeCo6% preferred
100 92
Kress (S II) 2nd pret 100
Kreuger Brewing
1
735
Lackawanna RR of NJ 100
Lake Shore Mines Ltd....! 5435
Lakey Foundry & Mach 1
Lane Bryant 7% Drat 100
Letcourt Realty corn
1
Preferred
• 20
Lehigh Coal & Nay
•
6
Leonard 011 Develop___25
55
Lerner Stores
_• 4831
6% pref with wart __100
common_Libby McNeil & Libby__Io
615
Lion 011 Development •
535
Loblaw Groceteriaa A_ •
Clasa
Ii•
Lone Star Gm Corp
•
535
Long Island LtgCommon
•
335
100 68
7% Preferred
Pref class B
100 58
Loudon Packing Co
•
Louisiana Land & F4olor 1
8
Lucky Tiger Combinatn_10
Ludlow Mfg Assoc
•
Lynch Corp omm
5
Common new
9 3135
•
Mangel Store.Corp
735
615% prat w w
100 - -• 294
Mapes Consol Mfg
Marconi Internal Marine
American de p receipts _ El
Nfargay Oil Corp
•
735
Marlon Steam Shovel
•
235
Maryland Casualty
135
Maas UM ASSOC 471C
1
135
Massey-Harris coin
•
455
Mavis Bottling clans A
1
316
Mayflower Aneociates
• 45
May Hosiery $4 pre
•
McColl Frontenac 011_ _ _ _• 1434
McCord Had & Mfg B •
435
McWilliams Dredging..,.' 34
• 57
Mead Johnson AC Co
Memphis Nat Gas oom 5
235
Mercantile Stores dun_ • 10%
7% preferred
100
Merritt Chapman & Scott•
131
634% A preferred - _100 10
Metal Textile prat
•
Nfeeabi Iron Co
•
e
Metropolitan Edison
56 preferred
•
Mexhaa-Ohio 011
•
Michigan Gas & 011
235
Michigan Sugar Co
• 14
Preferred
10
511
Middle States PetrolClseaA vte
•
114
ClassBvto
54
Middle Went Util corn .....•
'IC
$6 cony pref ser A w w •
Certificates of dep
•
Midland Royalty Corp
52 cony prat
•
Midland Steel Prod
•
8
Midvale Co
• 33
Mining Corp of Canada.
afinnesota Stifling & Slfg_• 153-4
allastsalppi River Fuel
Bond rights.
3359
Sales
for
Week
July I
1933 to
Apr 30
1935
High Share./ Low
12,800 2254
60
2035
24
235
34
28
6,200
275
1,100
17
10
10
3434
6
Range Since
Jan, 1 1935
Low
44
Jan
Hfcar
GO
Slay
: 1aru
24 Sr
1
S
M
S
26
Jan
134' Jan
Jan
14
3435 Jan
1
264
44
315
38
29
30
4034
2035
Apr
Jan
Jan
Jan
Jan
Mar
Slay
May
Apr
700
835
2131 63,400
2135
500
1331 2,100
1035
114
934
815 Mar
1544 Mar
1554 Slur
12
Apr
94 Jan
2131 May
2115 Slay
134 Jan
334
5
100
600
2335
34
3144 Mar
354 Mar
353 Jan
1
May
5
48
55
231
235
200
200
34
2
6455
100
50
1,900
1
134
Jan
155 Jan
135 Feb
85
411
435
Apr
Apr
Apr
24
$415
18%
2
53
29
AP
.M.,y
Ma
May
135 Feb
435 Feb
65
May
3335 Feb
351
734
2%
154
23
1
1
354 Ma
13
Jan
5
Ap
28
N1a
2935 Fe
Jar
114 Fe
935 Jan
15% Jan
635 Jan
3835 May
324 Slay
34 Jan
135 Feb
14
31
35
'
16
134 Jar
31 Jan
35
Apr
Ma
24 Mar
916 Apr
Apr
35
34 Jan
60
9'
1535
13
7
835
1
2.100
1,000
331
235
15
44
20
24,34
8
2
1454
344
55
Ns
Fe
Jan
Stay
Jan
Slay
Apr
Jan
Star
Jan
'in Feb
,
24(4 Feb
2735 Jan
19
May
214 May
15
Jan
835 May
1% Jan
31 Apr
58
6135
72
14
2235
230
40
190
500
2,100
.4
1
235
500
400
600
43
60
604
31
18
8335
35
1
14
744
15
631
14
34
Feb
May
Apr
Apr
Mar
Sim'
Jan
Apr
Mar
13,13r
Jan
Mar
Jan
Jan
58
0235
72
135
%
83 35
51
235
2.4
'fie
18
744
231
55
May
May
Slay
Ayr
Jan
Mar
Feb
Jan
Feb
Jan
May
Apr
Slay
Jan
72
Mar
1135 Apr
435 Mar
7511 Feb
Jan
48
g Ma
67
Jan
114 Ma
18
Jan
535 Star
3-4 Apr
40
Jan
91 3
4 Fe
654 Jan
335 Star
1755 Feb
17% Jan
44 Mar
96
123
5
EN
76
58
14
80
234
20
735
35
5115
9935
855
631
1855
1735
631
Apr
Jan
may
Jan
Mar
Jan
Jan
May
Jan
Apr
Jan
Mar
May
Apr
Apr
Jan
Feb
Jan
2
38
32
1034
1 NI
2
70
15
2635
1
12
27
2
48
37
20'1
435
314
89
354
2614
6
50
27
Mar
Jan
Jan
Apr
Jan
Apr
Jan
Jan
Mar
Slay
Ma
Apr
335
70
62
25
934
3,5
9435
41
3951
10
61
334
Apr
Slay
May
Slay
May
Apr
Jan
Jan
May
Jan
Jan
Jan
634
844
4
114
154
1
354
4
4034
4035
12%
334
2135
55
1 14
1035
70
44
8
34
1,
6
Jan
Feb
Mar
Jan
Feb
Mar
Feb
Fab
Feb
Apr
Apr
Jan
AD
Ma
May
Jan
Jan
Mar
Ma
Stay
81.4
735
34
1%
135
54
11
46
44
1535
71
4
36%
634
2%
13 1
5
734
135
10
34
Irs
Jan
Slay
Jan
Jan
May
Jan
Jan
May
Mar
Jan
Jan
May
Jan
Jan
Jan
Jan
Feb
May
Mar
Jan
la
35 Jan
2
/Mar
35 Mar
3
Feb
96
I
234
134
535
May
Jan
May
Apr
May
235
6
‘4
Ns
1
35
Slay
May
Jan
Apr
Jan
735
1.000
1335 3.000
535 2,100
3835 46,300
335
1,400
1%
55
200
1,000
19
500
18
94
734
55%
20
64
35
4835
6%
535
6
3935
736
3,800
600
2934
---1615
1434
435
364
60%
235
10%
131
10
1
st
93'4
150 22 54
10
44
594
8,200 I 3235
34
25
1
7
100
334
900
5,300
200 1031
40
23(
5.300
3
100
15
144
44
3,600
1,200
220
225
•
935 28,900
46
154
834
600
334
70
6035
715
234
135
135
435
42
6035
100
100
600
100 s
100
1,100
500
-----125
300
4,000 I
2,200
1,400
100
-----200
100
-1;i65
14
1
1
3
14
38
22
12
151
1234
443'
135
851
60
94
5%
34
s,
4635
74
80
234
134
551
- 1,200 If
1,300
500
35
294
235
916
'16
2,000
600
100
-----------
'I4
3-1
34
35
31
Ili
31
516
Mar
Mar
Jan
Apr
Apr
854
37
-500
75
44
18%
14
735
831
5
35
1316
12
Apr
Mar
Jan
Mar
Jan
iE-- --------
51
34
4
1 Mar
5
Jan
10
Jan
11
4035 Apr
135 Apr
May
16
'4
Feb
New York Curb Exchange-continued-Page 3
3360
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
Apr 30
for
Week
1935
Par Low
11119 Shares Low
11
634
200
Mock Judson Voehringer-• 11
1,350 304
56
Mob dr Mud Pow let prat _• 51
9
100
• 20
20
20 preferred
Molybdenum Corp v t c_ _I
114' 1234 6,100 * 24
570 56
Montgomery Ward A
• 143 1444
• 2935 2936
100 27
Montreal Lt Ht & Pow
634
_ _ __
Moore Drop Forging A_ -•
_
_
90
Moore Ltd pref A_ _ _100
Mtge Ilk of Columbia
American Shares
134
100
1
Mountain & Gulf 011
3(
K
34
34
544 6,200
5
Mountain Producere_ __In
100
Mountain(Rs Tel & Te1100
Murphy(0 C)Co
• 1.6E1' 16i-- _ 1,600 314
105
100
8% preferred
9 454
Nachman Springtilled _ _•
14
NatiBeIiasHeeicorni
_
.
;
134 _ Ki 58
134
, 3334 3434 5,200 2831
Nat Bond & Shari Corp•
National Container Corp100 10
S2 cony preferred
• 2034 22
29
Common
1
Nat Dairy Products
125 80
100 10734 10834
7% prat class A
8,900 114(
National Fuel Gas
• 164 18
1,300
National Investors cosi_l
34
34
34
1
35
$5.50 preferred
500
Warrants
34
34
34
•
1
300
1
Nat Leather um
Si
2,350 32
National P & Lid pre-_ • 634 66
25
II 244
Nat Refining Co
Nat Rubber Mach
734 84 5.160 6 2
1,700
1
Nat Service oommon
Si
34
300
Cony part preferred.. •
,
i•
55
National Steel Car Ltd _ _•
ion 2734
Nat Sugar Hinnies(
•2934 5034
9
_
Nat Tea Co 534% pf___10
634
National Tratudt _ _12.50 --834 -834 _1,200
A
1
200 I
Nat Union Radio oom
44
Si
II 3,4
• 104 1144 25,800
Natomag Ce
700
NehiCorpcom
•
44 434
31
25 2034
Nelsner Bros 7% prof _100 9644 9644
200
5
5
Nelson(Herman) Corp_ _ _5
334
100
63'
Neptune Meter alum A_ _ _•
634
35
__
Nev-Calif El Corp pfd. 11141
600
6
13.4
New Bradford 011
234
234
25 54
564 4,850 4734
New Jersey Zinc
131
14 1,300
54
New M.x&ArtiLand..1
5,500 34
53
Newmont Mining Corp_10 50
104
•
New Prooesa corn
•
34
N Y Auction corn
N Y & Foreign Investing
15
100
834% preferred
15
•
NY Merchandise
1,400 174
6434
NY & Honduras Rosario10 61
69
N Y Pr & Lt 7% prof _ _100
•
5344
$6 preferred
N 9 Shipbuilding Corp
1
436
400
834 94
Founders shares
13
•
N Y Steam Cory com
112
N Y Telep 634% pret_100 116- 117-a
a
N Y Transit
50 20
62
N Y Wat Serv 6% pfd__100 62
Niagara Bud Pow234
15
434 434 9,100
Common
5,700
Claim A opt warr
316
X
34
__ _ _
Class B opt warrants_ _ _ _ ____
Niagara Share
1,100
23.4
5
334
Class B common
334
731
Niles-Bement-Poad
• 154 1634 2,400
5,300
5
134
Niplasing Mines
234 3
135
200
•
Noma Electri•
134
54
275 3034
Nortbam Warren prof__ _• 404 424
Nor Amer Lt & Pr-1,400
Common
1
1
35
134
3
1,700
•
9
11
$6 preferred
18
North American Match_..'
No Amer Utility Securlties
34 -iK _1,000
200
234
134
Nor Cent Texas Oil Co 5
234
Nor European 011 oom_ _1
----2.5 21
54
Nor Ind Pub Ser 6% p18100 54
25 2036
100 58
58
7% preferred
Northern N Y Utilities
130 4534
.
7% let preferred_ _ _100 82 34 85
4%
900
64 64
10
Northern Pipe Lino
1,300
634
Nor Sta Pow oom clue A100 114 144
3,100
835 11 34
Northwest Engineering.._•
3,600 •• 144
Noyadel-Agene Corp.__ • 1934 2034
1110
300
25
Ohlo Braes Of el B com__• 24
4544
Ohio Edison $6 pref
600 814
100 10635 107
Ohio 0116% Orel
170 go
Ohio Power 6% pref_100 10034 1034
Ohio Public Service9034
Ist 6% preferred.. _100
634
5
011s:oaks Ltd coma
34
Outboard Motors B com •
A
500 IS
434 434
Class A cony pref
•
134
300
•
154
234
Overseas Securities
27 IX
1,400
1
234
Pacific Eastern Corp
234
2554 6,300 :sx
Pacific G & E6% leit pref211 25
13 1634
25
534% lit prof
200
• 9234 8315
Pacific Ltg $6 pref
17
54
Pacific Pub Ser. non-vot_.
,
17 14
•
lot preferred
2,200 10
28
• 28
Pacific Tin spec stk
Pan Amer Airways_ _ _ _10 3934 404 2,400 3134
54
23,200
134 2
Pantepec 011 of Venal.....•
34
1
Paramount Motor
2,300 194
41
Parke, Davis & Co
6 40
*
500 4 394
Parker Rust-Proof com_.• 60
604
100 2434
• 353.4 353.4
Pander I) Grocery A
7
Class 13
•
5
Peninsular Takla corn.. •
10 66%
82
Preferred
100 82
214
Penn SIex Fuel Co
1
134
1,900
Pertnroad Corp v t a
1
14 234
Pa Gas & Elec olase A_
•
50 7434
• 9834 9835
Pa Pr & Lt $7 pref
7234
$O preferred
•
25 4234
84
Penn Salt Mfg Co
50 84
700 4134
Pa Water &
• 6634 67
340 524
73
Peppereli Mfg Co
PowerCo--I50 69
• 21
•
Perfect Circle Co
80 9034
Pet Milk Co 7% pref _ _ _100 113 118
4
200
Philadelphia Co corn
• ;7
735
Phoenix Securities
134
1,100
1
34
Common
134
cony pref aer A___10 38
200 l6'
39
100
Pie Bakeries Inc corn
•
9
9
1
•
Pierce Governor corn
83.4
7,500
Pioneer Gold Mince Ltd_ _1 10
12
Pitney-Bowes Postage
L
234
1,600
•
Meter
534* 534
29
Pitts Bessemer & L Erie_50
2
1
Pittsburgh Forgings
60 Si
Pltteburgh & Late Erle_50 53% 57
6234
4,400 3034
Pittsburgh Plate Glass...25 60
10
Pond Creek Pocahontas_ •
1341 2% 7,900
5
Potrero Sugar corn
100
12
Powdrell de Alexander ._ • 12
For footnotes see page 3383.
'3.4
$3
Range Since
Jan. 1 1935
High
Lew
Jan
104 Mar 14
May
304 Mar 56
9
Mar 20% May
734 Jan 12% Apr
127
Jao 144% May
26% May 31% Jan
Apr
Jan 30
20
Apr
125
Jan 127
34
34
434
1054
72
112
6
134
2934
19
35
103
114
34
55
3(
44
4644
54
53.4
34
34
154
2734
9
64
m;
734
24
90
434
6%
35
2
49
1
34%
12
34
44 Apr
Feb
Feb
34 Feb
534 May
Jan
Mar 11334 May
May
Jan 102
Apr
Apr 116
84 Jan
Mar
234 Jan
May
Feb 3434 May
Mar
Mar
Feb 1084 Apr
May
Mar 18
1% Jan
Mar
Jan
Mar 86
Feb
•Is Jae
136 Jan
liar
May
Feb 66
5% Apr
Apr
934 Mar
Jan
Apr
34 Jan
Apr
3.1 Jan
1644 Apr
May
Feb
Apr 36
934 May
Apr
84 May
Feb
% Feb
May
Jan
11 34 May
4% May
Mar
May
Feb 99
8
Jan
Apr
9
Jan
May
Jan
Mar 40
234 Jan
Feb
Apr 5834 Jan
244 Jan
May
May
Mar 53
Jan 16% May
1% Feb
Feb
15
Apr
254 Jan
33
Feb
6134 Jan
5344 Jan
44
13
11334
3
4634
2234 May
35
Mar
15
Apr
3134 May
8934 Apr
61 34 Jan
60
Feb
Mar
13% Jan
1634 May
Feb
Mar
May 121
344 Feb
Apr
Apr
Feb 62
234 Mar
34 Jan
34 Mar
23.4
834
234
34
55
Ma
Mar
Janr
Jan
Mar
44
43(
244
14
2
714
32
383(
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Mar
4.534
534,
64
534
194
19
70
89
8534
Jan
Jan
Mar
Jan
May
Jan
Feb
Jan
Jan
904
944
44
4
1%
2
204
184
71
1
74
25
39
1%
344
324
55
34
7
5%
7934
734
1%
936
80%
77
7834
5334
52%
31
113
4
Apr
Feb
Mar
Jan
Apr
Mar
Jan
Jan
Feb
May
Feb
Jan
Mar
Ma
Ma
Jan
Jan
Feb
Feb
Ma
AD
Ma
Mu
Apr
Jan
Jan
Apr
Jan
Apr
Feb
May
Ma
144 Feb
274 Feb
834 Ma
2
Jan
834 Mar
Ma
5
33% Ma
234 Jan
51
Feb
464 Apr
2334 Apr
SI Jan
731 Jan
STOCKS
(Continued)
Week's Range
of Prices
July 1
1933 to
Apr 30
1935
Sales
for
Week
Range Since
Jan. 1 1935
Low
/Ugh
High Shares Low
Par Low
934 Feb
7
73
631 Slay
Power Corp of Can corn_
734 8
Jan
Mar 30
Pratt & Lambert Co_
1534 s25
•
24 Apr
1,000
Premier Gold Mining _ _ __1
14
144
134 Jan
34
4,000
Producers Royalty
1
4 Jan
he Jan
34
34
34
Properties Realisation
Jan
850 124 124 Apr 15
Voting trust 009_33 1-3e 1334 1434
600
134 Feb
54 Mar
Propper McCall Hos Millie
44
34
46
104 May
1034 May
100 11
Providence Gas Co
• 104 10%
44 Star
644 May
6% 6% 2,200
434
Prudential Investors
•
• 90
83
Apr
Jan 88
50 59
90
56 preferred
Pub Service of Colorado
Mar 77
75
Apr
75
6% lot preferred. _100
Apr
Apr 90
90
90
7% 1st preferred_ _100
May
Jan 18
8
8
30
18
Pub Baty of Indian $7 prof• 18
5 Jan 7 Apr
$6 preferred
•
100 ▪ 911
1734 Feb 32
Slay
Public Serv Nor Ill own_ • 27% 27%
▪ g
16
Feb 26
May
Common
io
Apr
7834 Apr 52
• 38
6% preferred
100
938
77
Feb
Jan 83
100
7% preferred
Public Service Okla
81
May
May 81
7% pr L pref
100
Puget Sound P & L13
Mar 27% May
2,725
preferred
• 25% 27%
73.4
$5
Mar 17% May
• 12% 1434 1,100
$6 preferred
63'34
May
54%
500 3334 3454 Mar 56
r
Pure 011 Co 6% prat _100 51
5
244 Jan
May
14
Pyrene ManufacturInz--10
127
Jan 131% Feb
*106
•
Quakor Oats corn
34 N
50 111
Feb 144
Aiaxp
6% profaned
May
100 144 144
4
Railroad Shares Corp. •
34 Mar
375
10
May
934 10
Ry & Light &Nur com---•
44
Ry & Util Invest A
1
31 Jan
34
% Jan
Rainbow Luminous Prod
400
lot Feb
'16
•
34
Class A
34 Mar
31 Mar
,
mar
Class B
•
34 M ar
34 Mar
Reiter-Foster 011
•
Raymond Concrete Pile
5
Jan
434 Jan
Common
•
Jan
17
Apr 25
$3 convertible preferred •
134 Jan
4,4
g
Raytheon Mfg vi a__ _500
1
Feb
34 Feb
ited Bank Oil Co
500
734 Jan
Feb
5
534
•
Auras(D)corn
4( May
200
7434 MarNalr
116
X
Reiter-Foster Oil
•
400
841 Jan
4
534 5%
!tillable Stores Corp
•
134
200
1% 1%
14 Jan
Reliance International A..*
34
200
1%
1%
131 May
% Feb
X
a
34
Reliance Management__ •
100
24 Jan
2
Apr
234
234
1)4
Reybarn Co Inc
10
2,000
144 Jan
44 Apr
x 34
Reynolds Investing
1
34
100
944 Apr 1244 Jan
Ries (Rix Dry Goods
• 10% 1034
200
1
Jan
7.4
44 Mar
%
Richfield 011 pref_
_ _25
Richmond Radiator Co
__- 96 Apr
100
54
34
Common
*
•
100
434 434
131 Mab
44 May
Fe r
144
7% cony preferred
Apr
85
65
Apr 85
Rochest G &E 6% D pf 100
6
9% Jan
Mar
8
Rogers-Majestic clue A •
1,100
2
2
1% Apr
2% May
Roosevelt Field. Inc
I
300
1%
1%
1
1% May
Feb
Root Refining Co
1
31
100
8% 8%
a% May
3174 MayAjap
33S
Prior pref
10
•
100
rs, May
34 Feb
Rossi& International
36
g 2,800
'
Mar
20
834
Royal Typewriter
. 1537 175
s
400 25
52
55
55
May
Ruberold Co
534 Feb
334 Apr
5
234
Russets Fifth Ave
500
144
•
1
134 May
34 Slur
55
Ryan Consol Petrol
Safety Car Heat & Light100
St Anthony Gold Mines_ _1
St Lawrence Corp corn_ •
St Regls Paper corn
io
7% preferred
100
34 Apt
164 May Salt Creel Conan! Oil_ ___1
3
Apr Salt Creek Producers_ _10
14 May Savoy 011
•
4244 May Schiff Co corn
Schulte Real Estate corn...
13( May Scoville Manufacturing_25
11
May Seaboard Utilities Shares..1
31
May Securities Corp GeneraL•
•
131 May Seeman Bros Inc
244 Apr Segal Lock de Hardware_ _•
•
34 Jan Selberling Rubber com
•
54
May Selby Shoe Co
58
May Selected Industries Inc
Common
1
85
25
Slay
25.50 prior stook
Allotment certificates__
6% May
1454 May Selfridge Prov Stores
,
Amer dep ree ___-_
11M, May
224 Jan Sentry Safety Control......
•
2654 May Beton Leather coin
8534 Apr Shattuck Dun Mining.....b
107% May Shawinigan Wat & Power_•
•
104% Slay (Meaner Pen corn
Shenandoah Corp com
1
25
90% Apr
$3 cony pref
11
May Sherwin-Williams coin_ _25
6% preferred A A_ _ _ _100
1
Jan
444 Apr Singer Mfg Co
100
244 May Singer Mfg Co Ltd
Amer dep tee ord reg..£1
214 Apr
25% Apr Smith (H, Paper Mills...
2334 Apr Smith (A 0) Corp corn__•
9334 May Smith (L C) & Corona
Typewriter•I c corn _ _ •
I
May
1
12
Apr Sonotone Corp
1
29
Slay So Amer Gold & Plat
4431 Feb Sou Calif Edison
234 Jan
5% original preferred_25
25
7% pref series A
4% Feb
Preferred B
25
41% Slay
54% Prof series C_ _ _25
644 Jan
37
Feb Soutlen N E Telco_ _ _100
7
Feb Southn Colo Pow el A __ _25
•
734 Feb Southern Corp corn
82
Slay Southern Natural Ga.s___ •
io
11
Jan Southern Pipe Line
2% Jan Southern Union Gas corn..
13
Apr Southland Royalty Co_ _ _5
26
98% May South Penn011
50
Jan So'west Pa Pipe 1.1ne
77
84
May Spanish & Gen Corp
87
Slay
Am dep rcts ord
8934 Jan Spiegel May Stern
834% preferred
100
40
Apr
I
120
Feb Square D class B
Class A pre(
•
8
Jan
Stahl-Meyer corn
•
231 Mar Standard Brewing Co.....
May Standard Cap & Seal corn _5
40
Mar Stand Investing $5.50 _•
11
10
434 Apr Standard Oil(KY)
25
12% May Standard 011(Neb)
Standard Oil (Ohio) own 25
100
5% preferred
6% Jan
•
3634 Apr Standard P & L corn
4% Jan
Common class B
60
Jan
Preferred
6231 Slay Standard Sliver Lead......
1
254 Feb Starrett Corporation
10
6% preferred
24 May
•
12
May Steel Co of can Ltd
444 May
34 Jan
54 Mar
May 18 1935
1324
15
72
100
724
13-4
134
25
26 34
34
34
73.4 735
!I
Si
28
27
2t34 2234
13-4
13-4
45
45
35
34
l'%
134
74 14
5934 60
57% 6234
24 24
3.4
4
5
7
234 234
154 17
21
21
1
1934
18
9434 964
1104zil 134
24535 256
-3,700
150
100
2,600
500
300
---950
---100
100
900
100
-----1,900
200
2,150
634
13-4
34
72
8034 Mar
ti: MarAf pr
May
1.4
17
34
44
34
: a
4394 Mar
1
'NMI{tt
136
13%
pr
2844 MAun
1
J
7634
34
34
14
27
1
73-4
1
3334
34
2331
34
136
49
54
215
34
Si
38
3734
48% Ma
M
ar
46
Mar
134 Jan
60
May
6234 May
2
1
1734
5715
13
171:3
-
-2,400
200
73.4
600
2
43.4 11,500
2
1234
1534
336
1
Mar
4 Star
U
5r
Juo
Mar
Mar
ar
ar
25:1
300
24
14
100
31
34
3,400
344
334
800
14
14
800 1434
14%
100
20
71.4
1,400
54
600 12
1241
3,200 "3254 84
100 14 904 108
190 119
235
-_
65
35
Apr
Jan
May
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Feb
Apr
Apr
Jan
Jan
Apr
Mar
Jan
Mar
Jan
May
Apr
Jan
Mar
May
Mar
Jan
Jan
Jan
May
May
Mar
May
2% Feb
1234 Jan
29
Jan
233( Apr
124 Jan
72
May
6
1
334
234
44
7
231
1934
2334
13.4
Scur 1934
')
Jan 96%
Jan 11334
Ma 256
Fe
Apr
Apr
3
244
454
Jan
Jan
Jan
100 7 26
284 Jan 3834 May
100 1834 204 Jan 28
May
100 1534
1741 Jan 23% May
2,700 7 14%
1534 Jan 21% May
100
---Apr
104
Jan 108
34
---- •
134 Apr
1
Jan
1
---May
55
54 Apr
---Jan
14 Jan
'16
---44 Apr
34 Jan
334
yi
1
Apr
---- •
34 Apr
64 May
434
44 Jan
534 634 5,800
2634 27% 5,600 154 2144 Mar 2844 May
50 344 454 Feb 6234 Feb
50
50
384
26
23
204
38%
26
23
2134
716
316
98
97
17% 17%
3034 30%
34
3234
19
17
11
16%
97
134
1%
12
35
16
2
44
36
32%
19%
20%
12
19%
9935
234
1%
13
7te
34
234
45
200
'IG
400 45
300 • 70c
150 iz
134
---ioo
34
50 23
200 104
4,900 1344
74
800
1,800 1134
325 734
300
1
300
34
9
100
1,400
400
1,100
44
.
50 32
tja Apr
80
17
2934
14
34
294
104
17
754
1144
91
1
34
9
31
Ng
55
4216
Mar
May
Apr
Apr
Jan
Mar
Apr
May
Mar
Mar
Feb
Mar
Apr
Mar
Apr
Feb
Mar
Mar
44
Apr
98
1834
304
3%
%
3234
19%
214
12
19%
9934
234
I%
13
34
I
3%
47
May
Apr
May
Feb
Jan
Apr
Slay
Feb
Slay
May
Slay
May
May
May
Feb
Apr
Apr
eeb
New York Curb Exchange-Continued-Page 4
Volume 140
STOCKS
(Concluded)
Week's Range
Of Prices
July 1
Sales 1933 to
for
Apr 30
Week
1935
Range Since
Jan. 1 1935
BONDS
Par Low
High Shares Low
Low
High
• 11
Stein (A)& Co corn
12
1,100
934 Mar 124 Apr
654% preferred
...... 80
100
103
Jan 107
Feb
Stein Coametice
•
400
lie --/1-s
81
84 Jan
316 May
Sterling Brewera Inc
1
331 Mar
3%
4
Apr
Stetson (J B) Co com
• 12
12
125
11
Feb
15
Mar
Stinnes (Hugo) Corp
5
Jan
2
1
2
Jan
Stuts Motor car. ..... •
2
114
234
1,900
14 May
334 Feb
Sullivan Machinery
•
10
Mar 1434 Jan
531
Sun Invading corn
•
34
24 Mar
24
200
4
Jan
$3 cony preferred
• 404 41
300 34
40
Mar 414 Feb
Sunray 011_ _
1
1 34 2,900
1
Li Apr
14 Jan
54
Sunshine Mining Co__10c 224 244 41,000
"2.10 1034 Jan 244 May
SwanFInch MCorp__ _ 25
24 Mar
14
3
Feb
Swift & Co
25 15
164 12,300 11
1484 Mar
1934 Jan
Swift Internacional
15 344 354 2,500 9 19%
31
Jan 384 Apr
Swigs Am Elm pref__ __100 55
554
250 324 454 Jan 584 Feb
Swiss 011 Corp
1
3% 4,000
1
2
Feb
34 May
Syracuse Ltg
Pref__100 90
90
10 89
89
Apr 90
Slay
Taggart Corp corn
•
134 Jan
34 Mar
Tampa F.leetrie Co corn,...• 28
2935
GOO 214 224 Mar 294 May
Tastyeast Ins slam A...,.'
%Mar
31
71s 2,000
4 Jan
31
Technleolor Ina eom
• 1831 21
30.800
735 11% Jan
2134 Apr
Teck-Hughee Mini.
44 44 8,500
434 Mar
334 Mar
Tennessee Products
•
31 Jan
31 Jan
Texas Gulf Producing
• --6;/,
. - H5
1,
34 Mar
44 May
Texas P AL 7% pref__100
75
75
Feb 90
May
Tenon Oil & Land Co__ _ _•
6
.
L;i66 434 5 Mar 634 Jan
Thermoid 7% prof
101 26
26
50 20
22% May 28
Feb
Tobaeoo Allied Stoeks____• 67
67
50 374 60
Mar 67
Slay
Tobaoco Prod Expend_ __•
1% 24 1,200
134 Feb
251 Jan
84
Tobacco faecurItim Truat
Am dip rate ord reg...£1
194 Apr 24
1834
Jan
Am dip reta der reg__£1
54 Apr
54
7
Jan
Todd Shipyards Cow....'
2334 Jan 33
18
Apr
Toledo Ediaon 6% pref 100
51
68
Jan 94
May
7% preferred A
100
83
5834
Jan 92
Mar
Tonopah Belmont Deve1.1
34 Apr
34 Apr
34
Tomopah Mining of Ney__1
May
600
131 Apr
34
Trans Air Transport
1
2% Jan
154
3
Jan
Stamped
1 ,
9 May
400
3.4
51 Jan
3(
Trans lea Met ScreenCommon
1
23.4 3,400
2
Apr
134
34 Feb
Tri-Contimintal warrants__
1%
14 2,200
134 May
34 Mar
34
Triplex Safety Glare Co
Am dep rota for ord reg.
16% Feb 17% Feb
114
Tri-State Tel &Tel %pf 10
104 Apr
1031 Apr
734
Trunz Pork Stores Inc_
74
7% Apr
Jan
9
Tubbs. Chatilles Corp
I
43.4
500 3
331
3
Apr
84 Jan
Clamor.
1
94 12
Mar 18
Jan
Tung-Sol Lamp Works...•
yi
53.4 1,400
234
34 Apr
54 May
$3 Deny prat
• 3544 36
300 12
29
Jan 37
Apr
Unexcelled Mfg Co
10
2
24 Mar
231 Apr
Union Asterisms' InY'S.--• 22
22
100 16
1934 Mar 23
Jan
Union Gas of Cam
•
3
434 May
54 Jan
Union Tobacco corn
•
14 Jan
31 Jan
Union Traction Co
*1 4
50
'14
5
Apr
5
Apr
United Airmail Transport
Warrant.
4
500
34 Mar
$
43.4
6
Jan
United Carr fastener__ __• 164 174 1,300
54 14% Jan
174 Feb
United Chemleale oom. •
2% Mar
214
Apr
4
cum & part pre
83
•
214 Apr 25
13
Jan
United Corp warrants
Mar
54
SIJan
United Dry Docks corn
•
lie
316 Apr
United Founder*
1
Si
35 7.000
34
31 Ma
United 0 & E
pref.100
46
Jan 6534 May
54
United Gas Corp eam___I
24 39.100
15
2
234 Slay
84 Mar
Pref non-Yetis(
• 544 6051 4,400 15
35
Mar 60% May
Option warrants
1,500
34
4 Mar
34
35
4 Jan
United it & Pow corn A__•
34
31 Mar
14 Jan
84
1 34 8,400
Common alms B
•
131
155
1
1
400
Feb14 Jan
$6 cony let Pre
•
34
755 94 7,900
34 Ma
94 May
United Milk Preducta
•
3
3
Jan
3
Jan
$3 preferreel
30
Jan 384 Apr
29
United Molmnes Co-*
Ain dep reM ord ref._ ...£1
4% 5
3,600
Jan
334
53
1 Jan
United Profit-Ilharing
•
134 14
600
4
4 Mar
14 Apr
Preferred
10
74 Feb
6
74 Apr
United She, Mash eom_25 803( 82.4
1,075 47
70
Jan 834 May
Proferred
211 3834 394
190 IOU
Jan 404 Apr
36
US Dairy Prod cl B
•
100°' 4
/is
3 6 Feb
916 Feb
'us
1114 Else Pew with warr 1
600
34
34
31 Jan
34 Jan
31
S Fialshing coin
•
4
4 Mar
2
Jan
It 5 Foil Co clam B
1
114 124 7.500
104 Mar 139' Jan
534
Intl Securities
•
500
14 14
34
14 May
84 Mar
let prat with warn
• 55
594 1,400 3914 414 Apr 694 May
U S Linea pref
•
400
3.1
316
34 Apr
44
31 Feb
U El Playing Card
10 3734 38
200 / 14% 304 Mar 38
Slay
US Radiator Corp corn
•
134
2
Mar
3
Feb
7% preferred
100
9 5
12
Apr 17
Jan
U S Rubber Reclaiming_ _•
4 Feb
34
14 Feb
United Stores v t e
11, 15,6 1.800
•
34 Mar
155 Jan
34
Un Verde Extenalon___50e
34 334 5,800
334
23( Apr
8% Feb
United Wall Paper
•
131 14
100
1
14 Mar
214 Jan
United Zinc
_ •
200
4
34
34 May
4
34 May
Universal 0011501 011 Co _i0
Smelting_1.20
114 Jan
634 Feb
Universal Insurance Co.,
.8 13
13
100
7
534
Jan
13
May
Utah Apex Mining
54 Mar
13( Jan
54
Utah Pow A Lt 17 pref___• 284 30
16
800 1334
Jan 31
May
Utica Gm A Flee 7% p1.100
77
84
Apr 85
Apr
Utility Equities Corp___..
14
134
600
34
IS Mar
154 Apr
Priority stock
• 5254 54
175 30
4334 Jan 64
Slay
Utility & Ind Corp
•
200•
3.4
54
Si Mar
54
4 Jan
Cony preferred
•
13.4
135
200'
1
Mar
134 Apr
UM Pow & Lt corn
1
55
35 2.600'
Feb
"is Apr
7% preferred
100
535 73( 1,350
354 Mar
354
731 May
Venezuela MCI 011 Co_ _10
3
3
100
114 Mar
14
3
May
Venezuelan Petroleum___ 5
/is Jan
SS
131 Slay
j3.4 20,300
Vogt Manufacturing
• 1134 12
200
8
34
Jan
12
May
Waco Aircraft Co
•
4% 4%
500
334
3/4 Mar
54 Jan
Waitt & Bond Cl A
•
831 8%
100
334
431 Feb
84 May
Claes B
•
155
200
154
34 Mar
34
134 May
Walgreen Co warrants_
5(Mar
31
14 Feb
Walker Mining Co
1
14 14
500
Ng
34 Jan
154 May
Walker(Iiirani)-Gooderh'm
Work; Ltd corn__._• 2334 274 8,500 2034 234 Apr 324
Feb
Cumul preferred
• 17
164 Jan
600 1214
184 Mar
1731
Watson (J W) Co _______• __________
11 Jan
31 Jan
WersienColVer
1
4 Jan
3.4
31 Mar
4
316 13,700
We.tern Air Express
1
2
2
24 24
31 Veb
500
Jan
Western Auto Sunray A • 55
53
Jan 604 Mar
5631
800 17
Western Cartridge pref_100 9984 100
6234 98
Jan 101
Apr
Western Maryland Icy
7% let prelerrni____100 58
20 35
46% Mar 63
58
May
Western Power 7; pref 100 83
744 Star 834 May
10 65
83
tt eatern Tab & Stat•to
12
Feb
834
14
Jan
A'setyaoo Chlorine Prod,
7% preferred
100 101% 101%
50 60
99
Jan 102% Apr
West Va Goal &
3% 414 2,600
334 Mar
5
Apr
54
Williama 011-0-141atic
IleatIng Corp coin
•
• 231
3
4
Apr
Apr
Williams(R 0)&Co
•
1214 Apr 174 Jan
11
WILlow Cafeterias Inc._.1
ti
34 Ma
IN( Feb
Cony preferred
25
•
4
4
4
6
Feb
Jan
4
W limn-Jones Co
• 264 26%
Jan 27
18
9
300
Apr
woodiey Petroleum
1
34 Jan
2
434 Feb
Woolworth(F )LtdAmer deposit
_ _be 26% 27%
300 174 24
Mar 284 Jan
Wright
-Hargreaves Ltd__•
rats- 11,300
6/4
831 Jan
10
Mar
834 9
Yukon Gold Co._
4 Mar
1 14 May
A84 134 5,700
For footnotes see page 3363
Jan
J
4
Abbott's Dairy 6s.___1942
Alabama Power Co
let & ref 55
1946
lot & ref Si
1951
let & ref 55
1956
let & ref be
1968
let & ref 4 4a
1967
Aluminum Co a f deb 50'52
Aluminum Ltd deb 5 1_1948
,
Amer Conetty Pow 5.4s 63
Amer dz Continental 5m1943
Am El Pow Corp ash 6s '57
Amer G & El deb 58 2028
Am Gas & Pow deb 65_1939
Secured deb 5s
1953
Am Pow & Lt deb 6s 2016
Amer Radiator 4%a 1947
Am Roll Mill deb 5a 1948
Amer Seating cony 63_1936
Appalachian El Pr 53_1956
Appalachian Power 5a_1941
Deb 6s
2024
Arkansas Pr & Lt Se..1951
Associated Elea 441 1953
Associated Gas & El Co
Cony deb 594,
1938
Cony deb 434e C...1948
Cony deb 4%,
1941/
Cony deb be
195
Deb 51 _
1988
Cony deb 5 tie
1977
Assoc Rayon Id
1950
Assoc Telephone Ltd ba 66
Assoc T & T deb 5140 A '55
Assoc Telep Utli 548_1944
Certlficatee of deposit
61
1933
CHt, of deposit
Atlas Plywood 53411-194
3
Baldwin Loco Worirsds with warr
1938
Si without war?..._19331
Bell Teiep of Canada
let M Sc aeries A _ _1955
lit M 5s series B....1957
be aeries C
1460
Bethlehem Steel 61
1998
Binghamton L H & P 5.'48
Birmingham Elea 441 1968
Birmingham Gas 5a...19511
Boston Conaol Gas 56_1947
Broad River Pow 58_1954
Buff Gen Elm Si ...b989
Gen & ref fla
1956
Canada Northern Pr Si '51
Canadian Par Ry 6e 1942
Capital AdmInis 5e
1953
Carolina Pr & Lt 58... _1958
Cedar Rapids
& P 5a '53
Cent Aria Lt & Pow ao 1980
Cent German Power 611934
Cent RI Light 55_._1943
Central Ill Pub Servioe-5n series E
1956
1st ref 434s tier F_1967
ba aeries G
1968
44% aeries H
1981
Cent Maine Pow 5s 13_1955
4 54s series F
1957
Cant Ohio Lt & Pow 6e1950
Cent Power 5a aer D 1957
Cent Pow & Lt 1st 5a_ 1958
Cent States Elea 5e
1948
54e ca-warn
1954
Cent States P & L 546.'53
Chic Dist Elea Gen 4 tie'70
Chic Jet Ry & Union Stk
Yarda M
1940
Chic Pneu Tools 544_194
Chic Rye 5'; eels
1927
Cincinnati Street ItY54s series A
1952
64 aeries B
1955
Cities Service 5e
196
Cony deb 53
1950
Registered
Cities Service Gas 5 tie '42
Mee Service Gas Pipe
Line fle
1943
Cities Seri P & L 334,1962
,
684.
1949
Cleve Elea III let 51_1939
5a Berke A
1954
5s marine B
1981
Commers und Priest
Bank 534.
1937
Commonwealth Edition
let M 5e series A
1953
let M 50 series B
1954
lit Mis aeries C
1956
1st 4%, serum D 1957
let 434s series E
1960
let M 4a series F
1981
5isaerles(3
1962
Com wealth Subald 54s'48
Community Pr & Lt 55 1957
Connecticut Light & Power
75 aeries A
1951
54e aeries B
1954
4 lis aeries C
1956
be aeries 13
1963
Conn River Pow 55 A 1952
Conaol Gas (Balto C10)
be
193
Gen mtge 434e
1954
Conaol Gas El Lt & P (Haiti
434seerie',0
1969
Sie eerie!' H
1970
let rata f 4a
1981
Consul Gas Coil Coln & 0011 65 ger A...1943
Cony deb 5345w w _1943
Consumers Pow 445....1958
lat & ref
_19M
Consol Pub 748 strap '39
Conti Gas & Ei be
19ba
Comrroye-MeehanCoal Corp 6%a
1945
Crane Co 55._ _ _ Aug 1 1940
Crucible Steel 5s
1940
Cuban Telephone 734.1941
Cuban Tobacco 55_ _1944
Cudahy Pack deb 5.48 1937
e 55
1946
Ct.mberld Co PAL 6348'56
Dallaa Pow & La 6e A_1949
be series C
1952
Dayton Pow &
ba 1941
Delaware El Pow 54 :59
•
Week's Range
of Prices
Low
High
10334 10334
3361
Sales
!or
Week
July 1
1933 to
Apr 30
1935
Range Since
Jan. 1 1935
Low
3
Low
High
5,000 6655 102
Jan 10434 Mar
1024 1034 28,000
9731 994 109,000
9734 93% 23,000
74,000
913.4 93
8534 8734 111,000
1064 10631 59,1300
1014 1014 17,000
24 244
2,000
63
544
55
474
444
924
59
134
78
74
34
13%
124
3852
913.1
62
41
64
99
58
50
204
884
83%
83%
73
684
105%
974
24
93
74
894
18
174
50%
loasi
9414
74
101
105%
8434
734
2931
36,000
28
25
204 214 9,000
19
214 173,000
234 124,000
21
2031 23 204,000
23
254 18,000
6834 69% 49,000
1034 1034 2,000
28,000
674 70
28,000
20
19
6.1.000
184 20
354 354 1,000
12,000
36
34
12
93(
931
11
1114
11
384
76%
34
9
1314
1334
47
14%
13
11
124
12
1434
60
99
57%
144
1434
20
20
78
4734 28,000
41
374 444 88,000
324
304
3214 Apr
304 Apr
104 1344 123,000
1014 1034 270,000
13,000
31
32
264 274 46,000
754 82 624,000
104 1044 8,000
984 994 68,000
934 944 26,000
10454 1054 104,000
12,000
107% 108
1064 107
12,000
924 9354 100,000
3931 43 175,000
114 1144
11631 11631
11634 117
134 134
105 10631
87%
86
6834 73
106 106
8354 8631
29,000 98
22,000 97
12,000 9714
23,000 102
3.000 76%
62.000 454
20,000 38%
12.000 1024
19,000 211
1024
losgi 103% 1,000 102
984 994 35,000 71
1114 112
15.000 98
99 1004 10.000 65
994 100 174.000 4834
1.000 944
1124 11231
10184 1024 40,000 724
1,000 335.4
424 4231
99
10934
11134
1124
12153(
102%
693(
58
106
70
106%
105
97
105
8834
833(
1104
89
39
108
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Feb
1034
994
983(
93
8734
1074
10134
334
102
134
103%
32
29
8234
106
100
95%
105%
109
10734
93%
43
Mar 28
Feb 214
Mar 2134
Mar 233(
Mar 2334
Mar 254
Apr 7534
Jan 1044
Jan 754
Jan 21
Jan 21
Jan 38
Jan 38
Mar $6
Mar
Feb
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Apr
Apr
Mar
Jan
Jaz
Jan
Jan
Ma
Apr
81
68
115%
1184
119
135
1063(
18
73
109
88
10931
109
1014
11234
1004
1004
113%
10234
4214
1094
Slay
May
May
May
May
Mar
May
Apr
Apr
May
May
Slay
May
May
Feb
Jan
Slay
May
Mar
May
May
May
Slay
May
May
May
May ;
May
Fib
Apr
Feb
May
May
May
Slay
Jan
1
Jan
Jan t.
Apr
Apr
Feb
May
May
May
May
Jan
Mar
Jan
Jan
Jan
Jan
Apr
May
May
May
Apr
Mar
9334 9734 61,000
91 282,000
87
9331 9734 74,000
8631 9034 67,000
17,000
10434 105
10154 1024 29.000
90
9034 35,000
76
79% 67,000
7834 8134 218.000
3634 3934 114,000
3531 39 193,000
624 67 174,000
102% 10334 73,000
7634 Jan 924 May
50
4594 67
Jan 91
May
49
75
Jan 9754 May
46
674 Jan 9054 May
80
101
Jan 1054 Apr
72
954 Jan 1024 May
554 72
Jan 91
May
374 59
Jan 794 May
3734 59% Jan 834 May
25
394 May
26
Ma
2534 254 Mar 39
May
29
4834 Jan 117
May
62
924 Ja
10334 May
1094 10931 10,000
98% 9934 37,000
11.000
7334 75
90
10534
5134 874
6514
43
734
76
47%
4734
49
814
96
42
4231
10334
10531
10934
4014
47
2834
2854
58
6634
30%
29%
2031
6314
Ja
Ja
Ja
1094 May
9914 Jan
75
May
744
76
50
504
49
844
Apr
Apr
May
May
May
May
843( Jan 99
26,000 55
93
4414 231,000 264 284 Feb 4454
44% 86.000 2734 274 Feb 444
10334 Jan 106
27.000 103
101
5,000 10134 1054 May 111
10634
10934 Feb 114
1094 6,000 102
May
May
May
Mar
Feb
Jan
734 6,000
2,000
76
68.000
49
49% 1061000
1,000
49
844 71,000
3334 3934 27,000
4331
as
37
Feb
Feb
Mar
Feb
Feb
Jan
Apr
47
Feb
86%
8634
80%
7934
8031
8934
9234
54
3334
10914 Jan 112
Mar
109
Jam 1124 Apr
1054 Jan 1104 Apr
1044 Jan 110
Apr
102
Slay 1064 Apr
944 Jan 1044 May
105,1 May 109
Jan
85
101
Ja
May
514 Mar 6714 Mar
121
10331
10934
106
105
121
1.000 112
110
4,000 104
1094 5,000 98%
1084 10,000 102
10534 37,000 874
1104 Jan 1214 Apr
1084 Apr 112
Jan
1(184 Jan 1094 Mar
108
May 10934 Jan
103% Jan 106
Jan
120
120
1114 20,000
111
11181111% 5,00
10931 10954 17,00
1094 10934 48,00
1024 102% 27,00
103% 10434 285,00
10531 10534 38,00
99 101 128,00
64
674 87,00
10534 10534
10834 109
10084 111
9934 11431
Jan 112% Apr
Jam 120
May
3.000 101% 10534
9634 107
85% 1064
Apr 1114 Feb
Apr 111
Apr
Jan 1104 Mar
7,000
13,000
70
16
1074
102%
8734
64
724 60,000 13
Jan 7234 Slay
51
2234 11,000
4%
434 Jan 224 May
1034 66,000 88
1074 Jan 10984 Mar
102% 22,000 1004 102% May 104
Jan
874 2,000 70
87
89
Ma
Mar
684 888,000 33
Jan 684 May
42
a1534
1024
9934
7334
a15
1,000
103
26,000
1004 88,000
82
21.000
1034
1053(
1034
104
10534
10731
9744
1034
106
10434
1054
10534
103
9934
14,000
2,000
30.000
6,000
7,000
17,000
62.000
23(
774
0
034
ao
35
934
102
65
100%
94
9914
65
8
102
9554
614
444
1034
1034
954
1084
10431
1054
864
Jan
Jan
Apr
Mar
Apr
Mar
Mar
Jan
Apr
Feb
Apr
Jan
174
1034
100%
82
484
104
1074
1044
110%
107
109
9931
Mar
Mar
Jan
May
Jan
Jan
Feb
Slay
Mar
Mar
Mar
May
New York Curb Exchange-Continued-Page 5
3362
BONDS
(Continued)
Denver Gas & Elec 58_1949
Derby Gas & Elea Ss _ _1946
Det City Gas fie aer A.1947
1950
Fee let fteria. P
Detroit Internal Bridge
_
Aug 1 1952
4a..
Certificates of deposit_
Aug 11952
Deb 7a
Certificates of depoelt.
Dixie Gulf(ac 6%8_1937
1967
Duke Power 435s
Eastern Util Invest 58_1954
Elea Power & Light Sc.2030
Elmira" at, Lt &RR 58'56
El Pario Elea be A.......1950
El Paso Nat Gas 648_1943
With warrants
1938
Deb 6141.
1952
Empire Diet El 51
Err Dire Oil .a Ref 555s 1942
Ercole Marelli Elea Mfg
1953
634a A ex wart
1967
Erie 1 tabling 58
Enrol ean lice Corp Ltd
1965
854s x-warr
European Mtge Inv 71 C*87
Fairhatkc Monet. 5s_ _ 1942
Federal Sugar Ref 6s 1933
Federal 51 ater Sera 5555'54
Finland Residential Mtge
Banks 60-5eStamped1961
Fire/gone Cot Mills Sc .'48
Firestone Tire & Rub Sc'42
Fla Power Corp 548_1979
Florida Power .6 Lt be 1954
Gary Elea & Gas bs ext.:44
Gatioeau Power let 58 1956
Deb gold 6e June 15 1941
1941
Deb &seders B
General Bronze 6s_ _1940
General Pub Sera be 1953
Gen Pub UM 64s A.1950
General Rayon (Se A I948
Gen Refractories 68_ _.193>,
, 1th warrants
A
Without warrants
Gen Vending Sc ex war '37
Certificates of deposit.._
Gee Rat V. ka & El 56_1913
Georgia Power ref be__1987
Georgia Pow & Lt ba__1978
Geefure/ Sc 1-warrants 1953
Gillette Safety Razor 58 '40
Glen Alden Coal 4e___1065
Gobel (Adolf) 84s___19311
With warrants
Godchaux Sugar 7350_1941
Grand Trunk SY 63-10 1936
Grand 'I runk West 48_1950
Gt Nor Pow 5.9 strn p_ _1950
Great Western Pow be 1946
Guantanamo West 6e58
Guardian investors.5s_1948
1937
Gulf C 11 of Pa ba
1947
58
1956
Gulf States URI be
1961
44e sertee B
Hackensack Water bs_1938
1977
Se series A
Hall Print (is stmp__ _ _1047
Han burg El 1, ndergrouncl
1938
& St Ry She
,
Hood Rubber 534e __ _1938
1936
7s
130yeton Gulf Gas (3s 1943
85..8 wIth warrant,.1943
Houston Light & Power
1953
lot 58 ger A
1978
let 455e ser D
1981
1s1 455/ ger E
!Judson Bay M & 611_1935
Ilydraulic l'ow
1951
Ref & Itnpr 58
H y grade Food Products1949
& series A
1949
88 eerier B
1947
Idaho Power &
Illinois Central RR as 1937
Ill Northe rn Util Sc_ l957
III Pow & L let 65 ear A '53
let & ref 55as ger B_1954
1956
let & ref Sc ear C
S f deb 541 --Maa 1957
Indiana Electric Coro1947
lla Pales A
1953
648 Perim B
1951
ba Feriae C
Indiana Gen Sera 5s 1948
Indisaa Hydro Elea be '511
Indiana & Mich Elea 58 '55
Se.
1957
1950
Indiana Service 5s
let lien & ref 5a__ _1963
Indianapolis Gen 58 A.1952
Ind'polia P & L baser A '57
IntercontInents Power
Se series A ex- w
1948
International Power Seca )48 aeries C
1955
78 series E
1957
7e aeries F
1952
International Salt 58_1951
International Sec 55_1947
Interatate Irn & Sti 434546
Interstate Nat Gee 8a.1936
Interstate Power 58_1957
Debenture 68
1952
Interstate Public Servicegerlee D
1956
44 serfea F
1958
Invest Co of Amer1947
& Nadia A w w
without warrants
Iowa-Net) L & P 6a_1957
1961
& Bailee B
Iowa Pow & Lt 448_19511
1957
Iowa Pub Sera
Isarro Hydro Elea 73_1952
laotta Franshini 7s_ _1942
Italian Superpower of Del
Deb Sc without war_1963
Jacksonville Gas 68_1942
Stamped
Jamaica Rat SUP 53056
Jersey Central Pow & Light
1947
& seder) B
1961
415a eerie, C
Jones & Laughlin Sit 58 '39
• ['IP." Re 9022
Rpn•pr
Week's Range
of Prices
Low
High
107% 107%
94% 95%
10255 103%
9715 98%
635 17,000
64 4,000
5,000
10355
107%
1235
50%
98
1014
10331 28,000
10755 9,000
1,000
1216
574 1303000
5,000
100
1014 17,000
1004 102
8,000
8711 89% 48,000
6935 107,000
66
10515 10535
2,000
3,000
964 96%
2,000
39% 40
24,000
102% 103
53% 55
984
1024
10415
89
80
74%
87%
73
72
90
85%
66
60
99
103%
10451
9055
81%
76%
894
76%
75
91%
86
69%
6011
July 1
1933 to
Apr 30
1935
Range Since
Jan. 1 1935
Low
Low
$
12,000 9254 1054
70.000 5611 83
99
33,000 76
100,000 6734 91%
131
515
53,000
5,000
30,000
3,000
62,000
195,000
19.000
126,000
11,000
11,000
24,000
3,000
58,000
5,000
157 163 137,000
10115 1014 34,000
9,000
9
9
7
7% 10,000
72
7515 90,000
9535 9635 296,000
69
7011 105,000
314 33% 8,000
104% 104% 6,000
86% 874 178,000
31
9515
97
101
94%
4,000
15,000
33.000
100.000
36,000
High
Jan 108% Feb
Jan 95% may
Jan 1044 Feb
Feb
Jan 99
Apr
Apr
Apr
Apr
May
Mar
Jan
May
May
May
Jan 102
Jan 11834
Jan 90
Jan 69%
May
May
May
May
5634
25
46
41
60
78
6951
24
58
135
15
91
90%
67
54
60
100
Jan
Apr 69
Jan 10535 May
Apr
Jan 98
85
34% Apr 5515 Jan
96% Jan 10355 Apr
234 Apr
14 Feb
Apr
31% Jan 56
984 Mar 100
86
102% Jan 10556
85
Apr 10655
103
89
Jan 914
76
48
4454 68% Jan 824
6331 Jan 77%
6335
7951 Apr 994
714
Apr 9951
60
60
5955 594 Apr 9834
8155 Mar 94
55
Mar 86
74
54
234 5134 Jan 6911
Jan
6056
58
36
145
100
4
4
2
384 5651
5451 814
5631
40
306
,
30
103
93
84%
53
90
85
2
84
106
103%
87%
10
6
10816
40
36
103%
105%
103%
101
31
94
95
99
9031
BONDS
(Continued)
755
3
Jan
214
7
Jan
2
134
255
14 Jan
11
1%
31 Mar
31
10151 Jan 10331
76
105
Jan 108%
85
1834
11
Mar
10
3315 Feb 5755
22
854 Jan 100
55
8935 Jan 1024
64
70
64,000 69
106
3,000 95
7,000 98% 103%
86%
65,000 63
13,000 102% 10255
8.000 93% 107
1754
20,000 10
25
16,000 24
34,000 9915 1034
105
15,000 97
9434
38,000 62
874
20,000 65
984 1084
105
98
70
60
74% 7734 -- :656 70
76
106
103%
86%
10555
10815
37
3134
103%
105
103
1004
28
55
65
40
294
31
84
87
93
76
Apr
Mar
Mar
May
May
May
Jan
Jan
Jan
Jan
May
May
May
May
Mar 163
Mac 102% Feb
9
Jan
May
755 May
Jan
Jan 7535 May
Jan 964 May
7011 May
Jan
May
5 Jan
585
Jan 105% Feb
Mar
Jan 92
9354
10731
105%
924
10835
10951
40
36
105%
107%
105
101
1104
10855
7735
Feb
Mar
Jan
Jan
Apr
Apr
May
Jan
Jan
Jan
May
May
Mar
Feb
Apr
May 4131
Jan 9534
Jan 97
Jan 101
Mar 9-1,‘
Feb
May
May
May
May
Apr
Apr
May
May
Feb
Jan
Jan
Mar
May
Apr
Jan
Jan
Jan
Apr
Mar
Mar
91% 104% Apr 107
10255 Feb 10555 Mar
79
104
80
Jan 10655 Mar
101% Apr 107% Apr
100% 111% Jan 11355 Slay
1,000 100
10555 Mar 107% Jan
10535
103%
105
1044
9.000
106
18,000
105
105% 71.000
107% 132,000
107
167-7
55
5535
107%
66%
1064
934
894
844
76
39,000
58
11,00
57
my, 15,00
70% 84,00
107% 9.000
94% 136,00
904 43,000
86 337,000
784 56,000
79%
87
72%
1074
80%
104%
1104
48
48
96
103%
834
874
74
1074
8235
105%
II 1
5034
49%
96
104%
3
73%
75%
73
107
784
97
74
53
3
8,000
12,000
46,000
1.00
36,000
15,000
18,000
78,000
24.000
10,000
119,000
5,000
97
96%
99%
101%
105
9615
72
Apr 8455 Jan
40% 47
Apr
54
Apr 63
42
105% Jan 10851 May
86
Mar 80% Jan
80
60
82% 10211 Jan 107% May
7515 Jan 9551 Mar
48
46
694 Jan 9016 May
4255 66% Jan 86
May
Slay
32% 57
Jan 79
54% 64
58
88
45
60
93
107%
44
8231
99
70
8814 1074
23%
36%
22
35%
80
68
73
9735
134
65
65
72% 724
60
60
83% 10435
685a
43
63% 89
105
103
57
77% 261,000 37
56 136,000 264 38
974 12,000
9735 12,000
6,000
102
1014 3,000
1,000
105
33.000
97
724 5.000
594 60
13,000
48
48.000
51
484 4935 21.000
107 107
3,000
41
42
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1% Mar
4,000
75
774 6,000
4,000
74
107% 12,000
794 58.000
98% 30,000
18,000
7135 72
63
6634 35,000
103%
102
10731
107%
For footnotes see page 3.163.
Sales
for
Week
52
47,51
85
88
76%
107%
82%
105%
111
Si
51
97
10151
454 Afar
Mar 77%
Mar 854
Mar 804
Apr 108
Jan 7955
Apr 98%
Apr 105%
Jan 77%
Jan 56
Jan
Jan
Slay
May
May
Mar
May
May
May
May
May
May
May
Jan
Feb
Feb
Apr
May
May
Jan
May
May
7455 May
May
68
Apr
92
Jan 98
67
91
Apr
Jan 98
67
88
Jan 103% May
66
Jan 10355 May
564 88
100
Jan 105% Apr
72
574 82% Jan 9735 May
84
Mar 8355 Apr
64
Apr
Jan 87
73% 83
5131 Mar 6814
38
Jan 51
98
Nlay 4955
96% 1054 Apr 108
49
32
101%
103% 33.000 77
10211 168.000 7011 93%
107%
2.000 1024 1084
107% 3,000 St 31 00
Feb
May
May
Mar
Jan 10415 Feb
Jan 103% May
Jan 10754 Apr
Jan 107% May
Kansas Power Sc
1947
Kansas Power & Light
68 series A
1955
ifee series B
1957
Kentucky Utilltiea
mtge 5, ser 11_1961
(114s series 0
1955
948
5548 series F
be series I
1969
Kimberly-Clark 5e...1943
Koppers CI & C deb 5s 1947
Sink fund deb 548_1950
Kreege(SS) Co 5s
1945
Certificates of deposit _.
Laclede Gaa Light 5481935
Lehigh Pow Secur Sc.2026
Lexington Utilltles5a _1952
Libby MeN & Libby 55'42
Lone Star Gas Sn
1942
Long Island Ltg Os__ _1945
Loa Angeles Gaa & Elea
58
11996391
51
Sc
1942
54s aerie.E
1947
1194449
9 37
534e series F
Week's Range
of Prizes
May 18 1935
Sales
for
Week
July 1
1933 to
Apr 30
1935
Low
High
Low
9311 9335 31,000 55
107% 107% 2,000
21,000
106
106
82%
96
88
8255
10216
10311
1034
10055
10215
68
10235
93
1024
103%
102%
8615 119,000
55,000
99
904 70.000
864 176,000
8,000
103
103% 26,000
23,000
104
100% 18,000
16,000
103
7311 40.000
104% 214,000
94% 22,000
1034 59,000
103% 11,000
103% 9,000
106% 107
20,000
10631 10635 2,000
Louisiana PowI & Lt 581957 96% 97% 110,000
u1s
Louisville Cl & E 8a
1937
1.000
4 4s series C
1981 107 107
23,000
54% 56
Manitoba Power 54s_ 195
Mass Gas deb 5s
195F 90% 91% 52,000
148
1946 9515 95% 63,000
McCord Radiator & Mfg
19,000
72
5 with warrants.._i943 68
Memphis P& L Sc A 1948 100% 101% 19,000
Metropolitan Edison
48 aeries E
1971 101% 10215 59,000
be eerie/ F
1962 105% 10616 15,000
11,000
Middle States Pet 61415 '45 784 84
Middle West Utilities
811 10% 54,000
68 etfs of deposit 1932
835 1055 77,000
&etre of cleft
1933
9
1035 89.000
5s etre of deo
1934
ba arts of deporrit
855 1015 39,000
1935
5,000
74%
73
Midland Valley be _
Milw Gas Light 44a 1967 107% 108% 54,000
85,000
M1nneap Gas 1.0 44a- 195 103% 104
9A
93
Minn Paz L 435e
9435 67,000
58
1955 984 99% 29,000
Missisrelppi Pow be_ 1955 8411 86% 78,000
Miss Pow & It 5e
1957 85% 86% 146,000
Mimi/311M River Fuel7,000
& with warrants. 1944 9855 99
Without warrants__
4,000
los
Miss River Pow let 58 1951 _
17,000
Misnouri Pow & Lt 645'55 105 106
55,000
Missouri Pub fiery 5a_1947 504 55
Monongahela West PennPub Sera Sheer B_1953 97% 984 86,000
1,000
74
74
Mont-Dakota Pow 555s '4
Montreal L H & P Conlat & ref Sc ser A_..1951 106% 1073-1 30,000
1970
5a eerie, B
Mumma SS Line
3% 34 4,000
615a with wart'
1937
Narragansett flee bs A'57 1033-410-1% 34,000
3
Se merlon B
1957 1033-4 104% 29,000
Nassau & Suffolk Ltg 5,'45 104 104% 6,000
83.000
95
Nat Pow & Lt as A...2026 91
Deb 55 series B
2030 7911 8231 161,000
Nat Public Service 58 1978
731 9 245,000
Certificates of deponit _ _ _
22,000
Nebraska Power 4148_1981 110% Ill
1,000
8s seders A
20
54,4282 112% 112%
9635 9855 59,000
Neisner Bros Realty
Nevada Calif Elea 58_1956 7634 78% 77,000
New Amsterdam Oa 58.48 109% nog 12,000
N E Clas & El Aeon 58_1947 5935 62% 270,000
Cony deb 5e
1948 59% 6256 113,000
594 62% 230,000
Cony deb ba
88% 122,000
New Eng Pow Man 58.195" 84
1948
Debenture 555a_ _ _1954 6831 72 132,000
New On Pub Sere" 415e '35 814 86% 80,000
50% 113,000
&leerier A
1949 47
9015 17,000
N Y Central Eleo 548' 9 89
40
5
NY Penn & Ohio 435a 1950 107 10755 41,000
NY P&L Corp let 454s 87 104% 104% 449,000
NY kltat:0& E 445.1980 98% 9955 131,000
let 5 m
10655 10755 11.000
NY & Weetch'r Ltg 482002 104% 10415 5,000
1964
6,000
Debenture be
1954 110 110
Niag
Niagara Falls Pow 86_1954 107 10751 12,000
1 5
0
5/ aeries A
1959 lossi 108% 10,000
12,000
Nippon El Pow 635a 1959 8551 87
5
3
No American Lt & Pow
10135 5,000
5% notes
1936 101
63 143,000
60
535/aeries A
Nor Cont Util 555s
1 955 3331 34% 25,000
948
No Indiana G & E 68_1952 105 10651 12,000
Northern Indiana P 892,000
bs series C
1966 99 100
97% 100 166,000
&series I)
455a series E
70 9315 9415 79,000
No Ohio P
L 55as_19961 106 10655 25.000
119
Nor Ohio Trac & Lt 58 '58 10615e10655 3,000
No States Pr ref 448_1961 103 10315 94,000
100 100% 49,000
54% notes
N'weeten) Elect tie__ _1949 924 9455 74,000
19
35
2,000
31%
N'western Power & A _1960 31
3,000
31
Certificates of depoeft.-- 31
81,000
89
N'western Pub Sera 61 1967 88
100% 101% 86,000
Ogden Gas ba
Ohio Edison let 58
1960 105 105% 103.000
94°
Ohio Power let 58 B_1952 105 105% 20,000
21,000
let & ref 414s ser D 1968 104% 106
Ohio Public Service Co
61 series C
1953 10855 108% 9,000
Sc series I)
1954 1034 10415 20.000
7,000
106% 106%
54s eerie, E
Okla Gas & Elea 58_191 10435 10415 39,000
9
650
44,000
100% 102
Sc series A
Okla Power & Water 55'49 6715 68% 42,000
194
8
Osgood 69 ww
1938
6,000
78
78
Oswego Falls fis
1941
Pacific Coaat Power S, 1940 1044 1044 3,000
Pacific Gas & El Co
17,000
let Bawler' B
1941 117% 118
let & ref 515a ser C_1952 105 10515 18,000
50 series D
1955 10731 107% 16,000
let & ref 430 E
1957 106% 106% 24,000
10655 106% 13,000
let & ref 4553
30,000
Par Inveit 5s ser A _1048 9415 98
Pacific 1.tg & I'ow 59_1942 115 11555 3,000
Pacific Pow & Ltg 5s .1956 754 78% 198,000
Pacific Western 01184s'43
103% 1034 55,000
With warrants
Palmer Corn as
1938 10254 102% 12,000
Pork 6. !Ilford 60
1936
Range Since
Jan. 1 1935
Low
773> Jan
80% 105
100
70
Jan 1074 Mar
Apr
Jan 106
54
54%
57
8255
65
624
73
69
62%
102
10114
103
10035
10031
584
9151
75
9855
101
954
Jan
Jan
Jan
Jan
Jan
Feb
Feb
May
May
Apr
Jan
Jan
Jan
Jan
Jan
100
874
9935
94
94
94
8155
90
79
2214
70
80
107%
10351
108
107
10455
108
8851
100
104
50%
85/
5
8735
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Slay
Mar
Mar
46
55
so
4514
8234
72
76
89
85
so
33
70
63
73
46
Iligh
9455 May
863.5 May
09
May
9054 May
8656 May
103% Mar
104
Mar
10.534 Jan
100
91 ,346 :yy
4; NINAa n
ipi r
a
17113331
May
104% May
104
Apr
1
10855
10755
110
10931
1074
110
10235%
95
10855
884
9555
10215
Men
Feb
Feb
Feb
Slay
Feb
May
Slay
Apr
Feb
Jan
Jan
Jan
67
May 82
9035 Jan 101% May
89
10015
68
Jan 10255 May
Jan 10615 May
May
Jan 84
5
11031
Jan
8%
454 Jan
314
May103-4
435 Jan
334
455 Jan
MIyyy
334
624 Jan 74% Slay
53
107
Feb 1084 Jan
90
61 r
17
0
9415 Jan 19444 5 ,y
67
54
795 Jan
1
ality
5855 8855 Jan 100
3511 82% Jan 88% May
May
72
90
Jan 88
94
Mar 99% Jan
89
85% 94
Mar 950693‘51
May
9555 10815 Jan 108
Slay
7054 10155 Jan
Feb
41% Mar 58
33
58
4755
86
5755
Jan
Jan
Ma y
90
794 54rty
94% 104% Mar 10731
934 105% Mar 10815
24
256
9154 102%
9351 103
10055
98
714
51
61%
42
315
83
7014
35
54
85
34
3355
33%
4634
50
3234
25
51i
10355
73
58%
77
81
96
104
9914
83
335
10711
,
101%
90
87
10035
4755
48
47
5451
574
4755
30%
77
103%
89%
86
9956
9955
10431
107
10551
824
Jan
Apr
Mar
Apr
Apr
11 906 .1 1.1 bbn
551
Jan 10454 7S' Y
xi
My
5
Jan 99
May
Jan 84
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Slur
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Feb
May
111
May
113
May
9815 Mar
62
79
atay
ma
16931 M a y
9 /11 NSay
5834 May
8 51
52x aity
7
0
m ii.
ty
88
May
19901
107
4
9955
10755
10435
112
110
S :Y
5N111a yy
i
t
May
Slay
May
Apr
Mar
10
8135 1004 Jan 097
800
1: 8NFebti;
.1,
2511 44% Mar
184 2014 Mar 6411 a1ay
33
lklR
994 Jan 10634' 15114Y
71
5155
5235
494
69
85
71
89
54
835
85.4
4735
73%
634
88
8334
77
76%
7155
101%
100
904
88
Jan
Jan
Jan
Jan
Jan
Jan
Jan
743i Jan
28
Jan
28
Jan
72
Jan
98
Jan
9751 Jan
10435 Apr
10434 Apr
1041: 5N y
1:7
9
063
I b
r
106,4 Apt
10944.: S y
May
May
37
Feb
89
May
10351 Apr
10555 Apr
10855 Jan
70% 105% Jan 10 q
0
9
8035 9955 Jan 10434
83
10055 Jaa 107
8815 99
Jan 10434
63
904 Jan 102
40
48
Jan 5834
31
40
Mar 41
4531 65% Jan 84%
ISO
9955 Jan 10434
101
954
91
8254
824
69
102
35
7354
85
62
11135 Jan 11851
105
Apr 10834
10554 Jan 10835
101
Jan 10715
1004 Jan 107
87
Mar 98
110
Jan
5735 Jan 1715f,
18
98%
102
1234
5t ,y
Star
fitr
May
Mar
May
May
Slay
Slur
Apr
Apr
Feb
Jan
Mar
Mid'
May
Nffy
A r
Star
Jan 104
Jan 1034 A Dr
Mar
Jul. 100
New York Curb Exchange—Concluded—Page 6
Volume 140
BONDS
(Continued)
Penn Cent L & P 434e 1977
be
1979
Penn Elestric 46 F-__ _1971
Penn Ohio Edison—
ea series A riv
1950
Deb
_ _1959
Penn-Ohio P & L 544e 1954
5148serle613Penn Power be
1956
Penn Pub Serv ea C_..1947
5a serlea D
1954
Penn Telephone 14 C_1960
Penn Water Pow 56._ _1940
445 aeries B
1968
Peoples Gas L & Coke—
assailed B
1981
es series, C
1957
Peoples Lt & Pr 58
1979
Phila Electric Co 56 19136
Mills Else Pow 545_1972
l'hila Rapid Transit 6s 1982
Phil Sub Co 0 & E 4%8'57
Phlla Suburban Wat 5s '55
Pledin't Hydro-El 63-45 '60
Piedmont & Nor 55.._1954
Pittsburgh Coal es
1949
Pittsburgh Steel 6s_ _ _1948
Pomeranian Elea 6& _1953
Poor & Co 68
1939
Portiand Gas & Coke 5e'40
Potomac Edison 58_1956
a 46 series F
1961
Potomac Elea Pow 541_1938
Potrero Sugar 7s
1947
Stamped
PowerCorp(Can) 445 13'5c
Power Corp of N Y—
1947
5448
Power Securities 68-1940
Prussian Electric 65..1954
Pub gory of N H 441 B '57
Pub Sera of N J pet ars_ __
Pub Serv of Nor Illinois—
551 & ref 58
1956
Es aeries C
1966
4145 series I)
1978
4346 series E
1980
let & ref 434e ser F_1981
15445 geniis H
1952
Pub Hera of Oklahoma—
&merles C
1961
Unties D
1957
Pub Hery Subsid 5145_1949
Puget Hound P & L 5415'49
lst & ref ISs series C_1950
1st & ref 4145 ger D_ 1950
Quebec Power 51
1968
Queens Bona 0& E 445'58
548545[1es A
1952
Reliance alanagemt 55 1954
With warrants__ ..
Republic Gases
1945
Certificates of deposit.-Rochester Cent Pow 5a1053
Rochester Sty & Lt 55_1954
Ruhr Gas Corp 648_1953
Ruhr Housing 6348-1968
Week's Range
of Prices
Low
98
1024
914
Sales
for
Week
High
Low
S
984 163,000 67
10244 2,000
9241 101,000 6154
9614 9714
894 93
1054 1054
106 10744
106 106
101
101
106 106
11334 11334
1064 10634
61,000 394
85,000 35
11,000 74
8.000 924
7.000 664
4,000 60
5,000 86
3.000 103
12,000 89
Range Since
Jan. 1 1935
BONDS
(Concluded)
Low
High
844 Jan 99
May
934 Jan 1024 Apr
744 Jan 924 May
6814
614
1034
105
100
95
10334
1104
1054
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
May
974
93
101354
1084
106
101
106
114
1084
May
May
Mar
Feb
May
May
Apr
Apr
Jan
824 854 116,000 5834 72
96
984 165,000 684 89
234 234 10.000
134
13-4
1114 11154 6,000 1044 1114
10911 10934 18,000 100
10734
8314 85
8.000 444 754
107 10744 40,000 98
107
9534 1044
59
60
15,000 58
56
99 1004 29.000 69
9334
1064 107
10544
7.000 89
954 96
18.000 79
89
26
26
5.000 254 26
102 1024 15,000 80
984
784 81
34,000 674 6734
105 1054 20.000 72
994
10434 1054 25,000 65
934
10434 10434 2.000 101
1044
56
66
18,000 13
34
45
49
21,000
45
81
81
8,000 53
7834
Jan
Jan
Mar
May
Apr
Jan
Api
Apr
Mar
Jan
Jan
Apr
May
Apr
Feb
Jan
Jan
Mar
Jan
May
Mar
854
99
34
11434
1104
85
109
10634
754
101
1084
984
35
1024
8244
1064
1054
10551
66
49
884
May
Mar
Apr
Mar
Mar
May
Mar
Mar
Jan
May
Feb
Jan
Feb
May
Slay
Apr
Apr
Jan
May
May
Jan
Jan 10
034
Feb 9254
Apr 42
Jan 10634
Jan 130
May
May
Feb
May
May
Jan
Jan
Jan
Jan
Jan
Jan
May
May
May
May
May
May
984 100
5,000
894 9114 24,000
105
127 H
60
76
414 76
33
29
1054 10.000 824 104
12955 21,000 102
118
114 1054
1034 104%
99 100
994 9954
99
9934
106 107
68.000
36.000
53.000
42.000
157.000
43,000
1024 1034 17,000
1024 103
55.000
9434 9611 12,000
7554 7834 208,000
7311 76
36 000
.
6.834 71 132.000
1034 10311 2,000
9934 100
18,000
82
584
533.4
524
5234
693.4
904
89
81
804
80
9834
10554
10444
100
100
100
107
6034 9454 Jan 10334 May
May
934 Jan 103
65
4041 794 Jan 974 Apr
374 5574 Jan
784 May
May
6
384 534 Jan 7
334 5074 Jan
May
72
Apr 10534 Feb
101
85
Jan 1064 Mar
102
88
614 86
Jan 100
May
5534 82
Jan 91
May
404 Mar 474 Jan
14
454 474 38.000 1334 394 Mar 48
Jan
41
16,000 224 314 Slar 43
42
May
11234 Jan 1134 Mar
113 113
3,000 100
284 36
Mar 4344 Feb
23
28
1,000 23
28
May 344 I.eb
Safe Harbor Water 44a '70 1054 106
41,000
St Louis Gas & Coke 6s '47
954 104 31,000
San Antonio Puulte Service
5s series B
1958 101
102
40,000
San Diego Gas & Elea—
5448 series D
1060 10574 106
4,000
Han Joaquin Lt & Power—
es series B
1952
ba series D
1957 10444 105
11,000
Sauda Falls 55
1955 109 1094 3,000
Saxon Pub Wksi5a__.-1937 4011 4041
2,000
Schulte Real Estate—
On with warrants__ 1935
Ss ex-warrants
1935 154 164 9,000
Scrim,
(E W)Co 5148_1943 10141 102
56,000
Seattle Lighting 58_ _ _1949 41
4214 80,000
Serval Inc Se
1948 1054 1054 8,000
shawinigan W & P 4148'67 973-4
977-4 60,000
44e series B
1968 974 973-4 18.000
let 58 series C
1970 102 1024 40,000
1st 44s series D
1970 974 9751 58,000
Sheffield Steel 5148_ _ _1948 1064 1064 9,000
Sheridan Wyo Coal 6ti 1947 52
524 2,000
Sou Carolina Pow 5
8-1957 9144 9234 12,000
Southeast P & L 65_2025
Without warrants
914 9511 276,000
Hou Calif Edison 58_ _1951 1054 1054 37,000
Se
1939 10544 1054 6,000
Refunding 5s June 11964 10754 1074 30,000
Refunding 154 Sep 1952 1063-4 1074 13,000
Hon Calif Gas Go 445_1961 1054 1054 12,000
let ref to
1957 1044 10451 11.000
548 series B
1952 104 104
2,000
Sou Calif Gas Corp 55 1937 1014 10141
2,000
Sou Counties Gee 448-'68 102 102
1.000
Sou Indiana 0 & E 5345'57 1074 1074
4.000
Hou Indiana Sty 4s _ _ _ _1951 364 44
97,000
Sou Natural Gas 68_ _ _194a
Unstamped
9144 02
68,000
Stamped
92
1,000
92
S'weetern Assoc Tel Is '61 774 794 6.000
Southwest(I& 9755 A_1957 10154 10214 04,000
58 series B
1957 102 103
17,000
S'weetern 1,1 & Pr 15e._1957 91
934 43.000
Wwegtern Nat Gas 65_1945 77
7834 17,000
Ho'West Pow & IA 58_2022 754 794 33.000
S'weet Pub Seri es_ _ _1945 9641 97
,
16,000
Staley Mfg 68
1942 10451 10414 15,000
Stand Gas & Ellie 68..1935 464 4914 139,000
Cony es
1935 4654 494 79,000
Debenture as
1951 424 45 i06,000
Debenture(is_ Dee 1 1966 42
4434 112,000
Standard Inveatg 534e 1939 87
29,000
90
lien warrants
1937 90
95 109.00
Stand Pow &L,165._ 1957 374 407-4 219,00
Standard Telep 5%s...1943 34
384 10,000
stInnes (Hugo) Corp.—
Deb 7s ex-warr
1936 48
494 8,000
7-4% stamped_ .193036
2.000
36
Deb 75 ex-warr_
1946 _ .
.
7-4% lIamped.....1946 55
2,15155
3434 ,
Super Power 01 111 448 '68 10034 101
67,000
let 43-4a
1970 1004 1014 33,000
65
1961 106 106
9,000
Swift & Coat mat 55_194 10254 103
10,000
5% notes
1940 1024 10254 25,000
Syracuse Ltg 534e„ 105 10734 108
6,000
58 series B
1957 1084 10841
2.000
Tennessee Elea Pow be 1(1St
Tenn Public Service 55197(
Tern' Hydro Elea 84s 1953
Texas Elea Service Se. taco
Tes 5 Gag 17t11 68 . 1114
July 1
1933 to
Apr 30
1935
934
81
65
984
2134
954
835-4
69
994
22
59,000
15.000
32,000
184,000
5,000
91
10534 May 1084 Feb
74 Jan
334
1014 Feb
84
924
Jan 1024 May
98.4 1054 May 1084
Jan
88
10714 Jan 1164 Apr
Jan 105
7534 98
Mar
101
1084 Feb 111
Jan
38
Jan 424 Feb
36
11
7
1041
44
6614 96
284
17
101
81
834 90
90
63
73
98
634 914
774 10534
47
38
73
41
Jan
Feb
Jan
Jan
Jan
Apr
Apr
Apr
Apr
Jan
Jan
Jae
20
20
102
434
1054
9814
994
10334
9844
1083-4
524
934
Apr
Apr
Apr
Apr
May
Feb
Feb
Jan
Feb
Mar
May
May
844
10514
10594
1054
1054
974
102
1033.4
10114
964
10133.4
25
Jan
Jan
May
Jan
Jan
Jan
Jan
Mar
Jan
Jan
May
Mar
964
1084
10834
108
10811
10514
10654
1054
1024
i0334
110
474
May
Feb
Feb
Feb
Feb
afar
Feb
Feb
Mar
Mar
Jan
Jan
81
55
Feb 93
804 Feb 924
56
6311 Jan 794
40
93
60
Jan 1024
0254 Jan 103
60
7114 Jan 9314
45
25
60
Jan 7834
49
37
Jan 80
55
77
Jan 984
1044 Jan 106
83
374 3711 Feb68
3734 374 Feb68
32
30
Feb45
Star 4154
31
2814
8214 Jan 90
64
Jan 9
6434 85
5
254 2511 Mar 4074
234 Jan 41
16
Apr
Apr
May
May
May
May
May
May
Apr
afar
Jan
Jan
May
May
May
May
May
May
374
92
100
9051
924
784
854
92
8344
7544
96 it
25
304
3014
29
25
59
56
70
10131
9434
1034
97
48
40
82
00
12
434
344
36
294
88
854
1004
10234
1024
107
1064
Apr
May
May
May
Jan
Jan
Jan
May
Jan
Apr
Apr
814 Jan
7554 Feb
634 Apr
851
4 Jan
1 334 Jan
Feb
Feb
Feb
Feb
may
May
10634 May
Jan
107
10434 Jan
1084 Feb
1084 May
58
51
53
4334
101
10114
9544
84
754
9)54
23
May
Stay
Feb
May
May
Texas Power & Lt 55_1956
59
1937
6s
2032
Thermold Co 65 stpd_1937
Tide Water Power 58_1979
Toledo Edison 56
1962
Twin City Rao Ti'548'52
Ulan Co deb 65
1944
Union Amer Inv 55 A..1948
Union Elee Lt & Power—
&series A
1954
55 series B
1967
4345
1957
United Elea NJ as
1949
United El Seri 75 x-w_1956
,
United Industrial 64s 1941
1st s 163
1945
United Lt & Pow 651_1975
630
1974
548
Apr 1 1959
Un Lt & Rya (Del) 5141 '52
United Lt & Rye(Me)—
es series A
1952
eit aeries A
1973
U 8 Rubber138
1936
84% serlal notes _ _ _1936
834% serial notes -1937
63.4% serial notes_ 1938
1939
83-4% serial notes
634% serial notee 1940
Utah Pow & Lt 6s A._2022
434s
1944
Utica Gas & Elec 53 D.1956
5s Series E
1952
Valvolive Oil 5s
1937
Vamma Water Pow 530'57
Va Elea & Power 55_ _ _ 1955
Va Publlc Seri,54s A.1948
let ref 58 ser B
1960
1946
65
Waidorf-Astorla Corp
7e with warrants_ _1954
Ward Baking 68
1937
Wash Gas Light 58
1958
Wash Ry & Elect 48-1951
Wasa Water Power 58_19131.
West Penn Elea _ _ _203(1
West Penn Traction 5s'60
5sWest Texas UM Is A_1957
Western Newspaper Union
88
1944
Western United Gas & Elec
Int 15455erles A
1955
Westvaco Chlorine Prod—
6348
1937
Wheeling Elec Co 55_1941
%Vise Elec Pow be A .._ _1954
Wiao-Nlinn Lt & Pow 58'44
Wise Pow & Lt 55 E__1956
bs series F
1958
Wise Pub Seri 1551A_ _ _1952
,
Yadkin RP" Pow 1e_....1941
York Rya Cole
1937
3363
Week's Range
of Prices
Low
High
1014 1024
105 10511
10134 1024
7034 714
904 924
107 1074
5731 584
484
48
1004 10041
July 1
Salts 1933 to
for
4Pr 30
Week
1935
Low
$
79,000 65
20,000 87
18,000 51
13,000 55
63,000 49
59,000 79
154.000 19
18.000 33
5,000 78
Range Since
Jan. 1 1935
Low
9434 Jan
1034 Jan
834 Jan
Jan
87
764 Jan
1054 Jan
454 Jan
4241 Apr
9454 Jan
High
102 , May
10541 May
1024 May
75
Apr
9334 May
10714 Feo
5834 May
5534 Fe
1004 May
106
104
1054
10851
56
39
3934
28
29
78
394
Apr
Apr
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
10841
10834
10754
114
75
4244
43
46
464
96
6014
Feb
Feb
Mar
Apr
Jan
Feb
Feb
May
May
Apr
Apr
9851 994 76.000
444 47
33.000
1024 1024 4,000
1014 1014
1,000
10144 9.000
101
101
101
6.000
1007 10114 5.000
4
101
101
4.000
754 81
33.000
844 854 2,000
105 10534 5,000
1054 1054 2,000
5114 824
30
25
8944 1014
65
1004
80
994
60
9834
60
98
80
9834
55
45
5234 62
92
101
91
1044
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
994
47
103
102
102
102
10174
1024
81
854
308
1054
May
Mal
Feb
Feb
Mar
Feb
Mar
Feb
May
May
Mar
Apr
1003410034 1.000
10851 1062
4 2.000
9134 944 61,000
874 90
43.000
804 85
17,000
75
75
86
52
45
45
Mar 95
Apr
Jan 101
Apr
Jan 10751 Apr
Jan 944 May
Jan 93
May
Jan 85
May
1064 10634 2.000
105 1054 16.000
1074 1074 10.000
113 114
8,000
654 26.000
64
4344
444
944
56
46 166.000
464 45,000
954 46,000
5934 241,000
1054
1054
10134
1014
884
9544
77
10534
10514
10141
1013-4
894
954
8034
54
55
99
9234
9054
964
56
35
332
4
28
2634
50
31
9051
9544
105
73
684
5644
Mar
5
9
434
9.000 9234 1044 Feb 106
54.000 78
1004 Jan 106
3,000 "83
99
Jan 10454
29,000 75
964 Jan 105
31941
83.000 484 6334 Jail
6,000 60
Jan 96
84
195,000 41
Jan 824
63
15.000
23
50
Jan
1044 10311 90.000
64
9144
Jan
1074
1064
1034
954
96
1014
10434
10144
1074
1034
1014
9651
93334
105
10534
10341
.5944
Jan
Feb
May
May
May
May
May
May
Feb
1054 May
101
1014 Apr 104
Jan
3.000 100
10634 Mar 108
May
3.000 97
1044 Feb10634 Mar
19.000 61
94
Jan 1044 May
26.000 52
764 Jan 964 May
12.000 51
75
Jan 964 May
7.000 7814 964 Jan 1054 Apr
9,000 634 954 Jan 1054 May
30,000 70
9441 Jan 1034 May
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
2 -year 7s -1934-1946
0
With coupon
-year 7s
20
1947
Baden 7s
1951
Buenos Aires (Province) —
78 Stamped
1952
7 43stamped
1947
1948
Cauca ValleY 75
Cent Bk of German State &
Prov Banks 65 B_1951
essence A
1952
Hanish 53.45
1955
1953
Se
Danzig Port & Waterways
External 63.48
1952
German Cons Muni° 75'47
Secured 68
1947
Hanover (City) 7s_.._1939
Hanover(Prov)6 4a _ _1949
Lima (City) Peru 6 4a_ _'58
Certificates of deposit.
Mannino 75
1955
78 coupon off
1058
aledellin 7s set E
1951
Mendoza 7145
1951
48 stamped
1951
Mtge Bk of Bogota 76.1947
Issue of May 1927
Issue of Oct 1927
Mtge lik of Chile 68_1931
Mtge Bk of Denmark 50'72
Parana (State) 7s____1958
Coupon off
Rlo de Janeiro 6143.-1959
Coupon off
Russian Govt 6148_1919
61411 certificates____1919
5145
1921
534e certificates . 1921
_
Santa Fe 78
1945
Santiago 78
1949
is
1961
184
184
21
244 Apr
26
.s pr
22
May
2634 Jan
38
3134
354
34
624 6414 19.000
21.000
644 67
854 911 3.000
2514
274
73.4
Apr
54
Jan
59
714 Mar
644 May
68
Apr
Jan
11
3941 394
Jan
Jan
Jan
Jan
93
86
944 12,000
6,000
873.4
30
22
68%
el
394 Ma)
36
Apr
May
93
88
Apr
544 Jan
49
Feb
9851 Jan
934 Jan
65
65
22,000
384
6354 May
72
36
244
35%
24
811
734
2714 38.000
264 42,000
354 3.000
244 3,000
831 1.000
74 6,000
2434
2114
23
24
434
334
1244
1,000
Feb
104 114
6,000
544 544
2,000
104
2611
2334
2541
2414
304
24
64
514
15
1344
104
51
4434
21
21
1254 124
834 85
2.000
9,000
4,000
1324
1311
714
624
1741 Mar
185-4 Apr
1114 APr
8344 May
24
244
134
94
Jan
Jan
Jan
Jan
13
1334 17,000
144 144
1,000
1154
1214
12
13
1151
14
14
114
14
48
94
10
1434
1454
154
154
431
44
5
454
564
114
I!
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Mar
P.h
6
134
13-4
14 24,000
154 5,000
14
13-1
14
13-1
13
534
511
May
384
MA)
37
Jan 39
May
34
84
Mar
Mar
741
Jan
174
Mar
1511
May
13
Apr81
Jan 554
Jan
Jan
Mar
Apr
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Feb
Feb
Feb
Apr
May
Jan
Jan
Feb
Apr
Apr
102 104 1,000
4
• No par value. a Deferred delivery sales not included in year's range. n Under
toe rule sales not Included In year's range. r Cash sum not Mahn erl in year's
range. z Ex-dividend, e Cash sales not included in weekly or yearly range are
given below:
Northern Ohio Trac. & U. 5s 1956, May 16 at 108.
s Deferrad delivery sales not included in weekly or yearly range are given below:
No sales.
si Price adjusted for spilt-up.
w Price adjusted for stock dividend.
Abbreviations Used Abore—"end." certificates of deposit; "cons," consolidated;
"cum," cumulative; "cony." convertible; "m," mortgage; "n-v." non-voting stock.
"v t c." voting trust certificates; "w I." when issued; "w sv," with warrants. "I iv,"
without warrants.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures In tables), are aa follows:
New York Stock
.
Cincinnati Stock
.
Pittsburgh Stock
New York Curb
Is Cleveland Stock
n Richmond Stock
New York Produce
.
Colorado Springs Stock z• St. Louis Stock
New York Real Estate 12 Denver Stock
23 Salt Lake City Stock
Baltimore Stock
.Detroit Stock
1
12 San Francisco Stock
Boston Stock
,2 Los Angeles Stock
27 San Francisco Curb
Buffalo Stock
12 Los Angeles Curb
28 San Francisco Mining
California Stock
11 Minneapolis-St Paul
24 Seattle Stock
Chicago Stock
22 New Orleans Stock
28 Spokane Stock
1 Chicago Board of Trade 2, Philadelphia Stock
21 Washington (111.0 a Stock
Chicago Curb
'
Financial Chronicle
3364
May 18 1935
Other Stock Exchanges
1Veek's Range
of Prices
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, May 17
2812
812
1612
1112
1912
22
2312
48
50
15
52
Unlisted Bonds (Concluded)
Bid
Mortgage Bond (N Y) Ne
1934 69
(Ser
Park Place Dodge Corp—
with v t c
612
666W End Ave Bldg 68 1941 30
712
79 Madison Ave Bldg fe '48
2124-34 Bway Bldgs ctfs_ _
12
2450 Bway Apt Hotel Bldg—
Certificates of deposit_ _ _ _
Usittted Stocks—
312
City & Suburban Home's
Hotel Barbizon Inc v t c__ _ 100
Ask
82
10
1(11
2
1412
4
Orders Executed on Baltimore Stock Exchange
106
Jan 11044 May
113-4
4
14
1114 May
544 Jan
Jan
37
1744 Feb
Feb
12
4434 May
734
54
7
1034 Mar
X Apr
1034 Mar
20
Feb
134 Feb
19
Jan
1
194
Jan
5
Feb
Boston Stock Exchange
May 11 to May 17, both inclusive, compiled from official sales lists
Juty I
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
for
A.pr 30
of Prices
1935,
Week
Low
High Shares Low
Par Low
Stocks—
Apr
7
390' 4
944 934
American Conn Corp__ _ ..•
X Mar
150
X
Amer Pneumatic Scry Co25
85c 90e
234 Jan
85
234
50
0% noo-eum pre/
3
334
1234 Jan
14
15 10
50 14
let preferred
Amer Tel & Tel . __APO 117 12134 4,153' 9834 9834 Mar
2
Apr
2
280
A moskeag Nlfg Co
24.1
•
234
Mar
88
395 88
Boston et Albany
100 10134 10574
5834 Apr
672 55
Boston Elevated
,
100 6234 6434
Boston & Maine—
124 Mar
.
743 1294
100 14
Prior preferred
1644
335 Apr
94
Class A let pref stpd.100
534
414 5
3
Apr
434
15
3
4
100
Class A lot prof
534 Apr
37
534
Class It lot pre(stpd_100
7
744
• 12
934 Jan
12
100
Boston Per Pr Tr
834
Apr
125
5 111
Boston & Providence_ _.100 138 138
534 Feb
25
6
6
33-4
Brown Co 6% cum pref 100
244 Mar
244
296
25
Calumet & Ueda
344 344
Chl Jet Ity & Un Stk Yds-Jan
106
121 85
6% cum preferred ___100 114 11434
2002 2
244 May
Continental Secur Corp_ _5
244
234
3
Feb
Copper Range..... ._ _26
334 4
1,470
3
East Gas & Fuel Assn—
Mar
2
2
55
Common
344
•
334
3754 Apr
460 3744
100 4234 44
6% turn pref
643.4 Mar
434% prior preferred 100 613-4 6534
269 53
50c May
9
50c
East Mass St Ry com _ _100
55c
5.5e
Jan
5
100
444
7
7
50
lot preferred
144 Apr
1
55
100
Preferred B
1% 2
9,5c Apr
100
95c
95c 95c
100
Adjustment
516 979-4
106 13244 135
Edison Elee Blum
9734 Feb
• 16
644
1134 Jan
17
320
Employers Group.
24.34 Mar
455 IR
General Capital Corp. ___• 2734 2834
3
Apr
244
3% 334
65
•
Gilchrist Co
123.4 Mar
7(4
• 1434 1644
869
Gillette Safety Ramer_
25c Mar
258
1
35c 40e
200
Helvetia Oil Co t c
2634 Jan
34
65s 17
Hygrade Sylvania IT C).• 33
Jan
Pl•efon•wil
• 10634 108
160 7494 95
or
f,
a notes see page 3367
High
Apr
10
134 Jan
514 Jan
1934 Jan
12134 May
444 Jan
12034 Jan
05
Feb
Jan
19
Jan
6
53.4 Jan
8
Feb
May
12
Jan
153
814 Jan
434 Jan
Feb
116
244 May
4
Jan
414
50
65.34
1.00
9
3
114
135
17
2841
434
163-4
43c
37
108
Jan
Jan
May
Feb
Feb
Jan
Jan
May
May
May
Jan
May
Mar
Mar
Mar
Bonds—
Arnoskeag Man Co 65_1948
East Mass St Ry A 4444'48
1948
Ser II 5s'_
1948
Series D 6s
5244
59
58
66
53
59
GI
66
$5,000
3,000
1,500
50
ON.1.4
4mMM
93
High
19
May
Jan
31
Feb
3
934 May
May
29
Mar
120
Jan
33
117
May
3234 May
6835 May
Apr
115
Apr
113
454 Ayr
1034 May
20
Feb
May
80
3234 May
Jan
8
844 May
134 Apr
Jan
9
134 Jan
134 Jan
2734 May
1844 Apr
4
Jan
4434 Apr
844 Jan
8544 May
93-4 May
90
Jan
31
28
16
730
60
=
Bonds—
Baltimore City
$600
4s condults
1962 11044 11034
Haiti Trac Co Nth Bald
1,000
1942 1114 113.4
1st 5s ctfs
3.000
7
7
Nld El Ry 6 Ns (flat) _ _1957
44
1,000
1933 44
6% (ctLs)
United Ry & Electric
1st Cs Ws (flat)._ _1949 1I34 12
8,000
1949
Income ctfs
N
34 6,000
1st 4s ctfs (flat) _ _ _ _1949 1I34 1134 11,000
Wash B & A (Md)5%
334
2.000
1941
334
tr ctfs
Low
1514 Mar
Mar
20
234 Jan
744 Jan
2344 Feb
Apr
111
2944 Jan
Jan
110
2944 Jan
Jan
53
11244 Feb
10444 Jan
Jan
3
544 Feb
Mar
15
4134 Feb
2234 Jan
644 Jan
Feb
5
41 Jan
544 May
1
Jan
1: Mar
4
1
Mar
21
1514 Jan
144 Apr
Jan
41
6
Mar
53
Jan
534 Jan
80
Feb
234
37
13
634
7
.
High Shares Low
2,410 1134
19
18
81
2834
234
3
47
805
944
43-4
834
29
56
57 111
115
125 23
3234
117
34 85
31 20
323.4
302 1 453-4
6894
20 104
11244
138 91
113
276
4
13.4
210
334
1094
130 15
1634
71
58 153.4
32
103
8
3
11
734
5,685
4
8
17
34
34
116
544
544
1.52
1,890
1
1
134 6,050
224 21
2734
216 1234
1834
134
1%
54
42
12 1934
544
844 2,439
750 4134
6534
234
934 0,048
30 65
90
Range Since
Jan. 1 1935
NO-.N.I.
M..
July 1
1933 to
A pr 30
1935
ft
Stocks—
Par Low
Arundel Corp
• 17
Atlantic Coast L com _ ...SO 2644
Bald Tube corn
100
3
Black & Decker corn
934
•
25 29
Preferred
Ches & Pot Tel of 13 pref100 113
Comm Credit 8% pref 13.25 3144
100 117
634% 1st pref
7% preferred
25 3134
Cons Gas E I,& Pow
• 67
6% pref ser D
100 11244
100 11234
5% preferred
E Porto Rican Sugar corn 1
4
1
Preferred
1034
Emersonl3romoSeltz A 2.50 16
Fidelity & Deposit
20 68
Fidelity & Guar Fire_ _ _10 3134
Finance Co of Am el A._ _•
734
I louston ()floret
100
8
Mfrs Finance corn v I.__ 25
Ti
lot preferred
25
544
Maryland Casualty Co__ 1
144
I
Jr cony pref ser B
144
N torch & Miners Tramp _ _* 27
MononW Penn P 8 7'7, pf25 1734
NIt Ver-Wood Mills com 100
IN
100 42
Preferred
New Amsterdam Cas_ _ _ _5
714
Penns Water & Pow com_* 6534
2
U 8 Fidelity & Guar
734
Western Md Dairy pref • 90
Sales
for
Week
'PM
Week's Range
of Prices
m
Baltimore Stock Exchange
May 1/ to May 17, both inclusive, compiled from official sales lists
= .sgX%-"O -.M .sg
t.. 44,
Established 1853
39 Broadway
6.5. Calvert St.
NEW YORK
BALTIMORE, MD.
York, Pa.
Louisville, Ky.
Hagerstown, Md.
Mein bersNew York,Ballimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.
High Shares
174
58
63.4
10
5
16
10
1631
134
150
2744
196
102
839
5
75
57
75
534
267
30c 1,700
283
63
50c
300
75
134.5
618
2234
2344
170
88
33
85c
306
1444
20
944
1,095
1444
50
5
508
1644
501
8344
380
50
1534
34
996
234
80
83
1,663
3944
90
1
595
13.4 5.975
1
200
3
15
534
78
MX
STEIN BROS.•fir)BOYCE
Stocks (Concluded) Par Low
Int'l Hydro-Electric Co_25
1%
Libby McNeil & Libby _ _10
644
Maine Central RR
100
5
5% cum prof
100 165-4
Maas Utilities Assoc vtc...•
1%
Mergenthaler Linotype_ _• 243-4
New Eng Tel & Tel_ _ _ .. 100 9534
New River Co
5
100
6% cum preferred_ _ _100 75
NY N Haven&flarstord100
434
North Butte MM Co
254
•
Old Colony RR
100 6034
Old Dominion Co
2'
50c
• 133-4
Pacific Mills Co
Pennsylvania RR
50 21
P C Pocahontas Co
• 23
Prov & Worcester RR _ _100 87
Quincy Mining Co
75c
25
Reece Button !role Machl
1434
Shawmut Arum tr etre_ _ .._•
894
Spencer Trask Fund Inc. _*1434
Stone & Webster
•
434
Swift & Co
26 1534
Torrington Co
• 82
Union Twist Drill Co ___5 153-4
United Founders corn____•
44
United Gas Corp com
244
1
U Shoe Mach Corp
.26 81
Preferred
100 3844
Utah-Apex Mining Co _...5
N
Utah Metal & Tunnel _ _.1
IN
Venezuela IIolding Corp _ _•
44
Venezuela Mex Oil Corp_ _•
3
Waldorf System Inc
•
474
Waltham Watch Co Cl B
COM
244
•
Prior pref
100 35
Preferred
100 13
Warren Bros Co
•
6
Warren(SD)Co
•
7
, 4T.
, '
1 ,
:
1941
Alden (Ss
Allekton N Y Corp 534s 1947
lirierfleld Apt Bldg ctfs_ _ _ _
Carnegie Plaza Apts
1937
Bldg as
Dorset (le otfe
1941
5th Ave & 28th Bld 644s '45
5th Ave & 29th St Corp 6s'48
Greely Square Bldg
6s
1950
Lincoln Bldg Corp1963
534evte
Ask
,,pooNNONNI O. 44NN.44W
,
4 ......M
Nt. N
,, ..M
4
.
N
Bid
r x
g.,
,
Unlisted Botsds
July 1
Sales 193310
Apr 30
for
Week
1935
Range Since
Jan. 1 1935
Low
High
234 Apr
144 May
834 Apr
61
4 Apr
634 Mar
434 Jan
Mar
1134 Jan 20
144 Apr
Feb
1
243-4 May 3244 Jan
May
8844 Mat 102
May
5
May
5
May
Jan 75
55
844 Jan
244 Feb
30e Feb
200 Apr
5634 Apr 71
Jan
50c Feb
25c Jan
Jan
Apr 21
12
1734 Mar 2534 Jan
Jan
2254 Apr 27
Jan
May 105
84
Feb
1
44 Jan
154 Jan
1334 Mar
Feb
934 May
8
1234 Mar 14% May
244 Mar
544 Jan
1934 Jan
1434 May
Jan 8334 May
69
173-4 May
1254 Jan
X Mar
% May
234 May
May
2
May
Jan 84
70
Mar
3544 Jan 40
134 Jan
% Apr
234 Jan
15-4 May
May
I
500 Mar
May
3
Feb
1
434 Mar
7% Jan
234
35
1234
234
434
6
Feb
Feb
70
Feb
20
644 Jan
7
Jan
May
May
Apr
Mar
Jan
50
Mar
497-4 Jan
5234 Jan
Jan
63
7044
61
6634
70
Jar
AP
Feb
Ap
CHICAGO SECURITIES
Listed and Unlisted
Paul FLDavis &ea
Members,
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
May 11 to May 17, both inclusive compiled from official sales lists
Juty 1
Week's Range Sales 1933 to
Range Since
for
of Prices
Apr 30
Jan. I 1935
Week
1935
High Shares Low
Par Low
Stocks—
Ilgilt
Low
380 343y
85
Jan 8834 Apr
Abbott Laboratories corn.• 83
60
800 21
May
25 5234 5434
Acme Steel Co
4234 Jan 55
May
5
Adams (J I)) Mfg corn....* 2034 2144
12
Nlar 22
540
634 May
IN
Adams Royalty Co corn _•
5
334 May
644
550
1,500
534
Allied Products Cow ol A _• 17
12
Jan
193-4 May
1934
210
3
Amer Pub Sere Co pret_100 1434 1634
744 Jan 1644 May
Armour & Co common_b
33-4 434 2,550' 334
334 Apr
634 Jan
950
134
2
Asbestos Mfg Co com_ _ _ _1
17-4
IN Mar
294 Jan
2,100 4314 79
May
Associates Invest Co corn_• 118 135
Jan 135
20
X
Assoc Tel UM $6 pr pfd,'
44 Feb
54
X
41 May
4,900
May
Automatic Products corn.5
745 9
Jan
9
294
5
Jan
100
434
Backstay Welt Co corn..• 1144 113-4
11
May
14
200
234
344 344
Bastlan-Bleasing Co com_•
474 Jan
234 Mar
9%
Bendiz Aviation aim._ _ _• 141/, 1544 4.800
12
Mar 1734 Jan
2
Berghoff Brewing Co__ _,
414 Apr
39-4 444 1,700
244 Jan
134
30
144
Bunks Mfg cl A cony pref_•
134
23.4 Apr
144 Jan
3,350 1114 2844 Jan 36
May
Borg Warner Corp com_ 10 343-6 36
Mar
170 87
100 110 11034
7% preferred
10834 Jan 113
150
1644
634
Brach & Sons(E J) com _•16
1034 J1111
1314 Jab
450 r 1644
Brown Fence & Wire et A.' 19% 20
21
1444 Jan
May
250 r 534
May
Class 13
4
Jai)
10
834 9
•
•
5
544
800
5
644 Feb
Bruce Co(E L)com
5
Apr
Butler Brothers . _.
644 67-4 4,000' 244
714 Jan
_10
65-1 Mar
100 10
Castle & Co(A 9-f) corn..10 2944 2944
173.4 Jan 3334 Apr
Cent III Secur —
1
3.4
34
900
34
Common
34 Jan
34 Jan
400
May
8N 9
9
Convertible preferred_ _*
714 Feb
51/
3544 1.040 1014
Cent III Pub Serv pref__.• 33
1334 Jan 3534 May
1,640
163-4 May
Central Ind Power pref 100 1244 1634
334 Feb
134
100
144
5
544 May
Cent States Pow & Lt pref.
5
1% Jan
Central 8 W —
Common.
% 3 260 1
131
.
Feb
134
'It
44 Jan
640
2
l'rlor Ilen pref
2834
• 27
2834 May
123.4 Jan
20
44
34 Feb34 Feb
Central States CIII 37 pfd_.45
45
300 14
May
Chain Belt Co com
2154 Jan 25
• 2434 25
100
Feb
5
27
Cherry Burrell Corp corn.• 27
1834 Jan 27
Chic City & Con Rys pt
*
144
144
50
1
preferred
1
Mar
134 May
244 16.100
234
1
Apr252 Jar
1
Chicago Corp common__.•
• 3544 37
1,300 2044
May
Preferred
29
Jan 37
709
May
7
Chic Flexible Shaft oom5 1844 20
1334 Jan 20
1,850
834
Chicago Mall Order com .5 2034 21
9
-lay
153.4 Mar 21
800' 244
Chick NW Ry oom_ _ _100
244 Slur
344 334
544 Jac
300' 434
Chic Rivet & Mach cap_ _* 15
13
153-1
Star
1531 May
20 5834 80
99
May
Chicago Towel Co cony pf• 95
JaIl 99
250' 934
1144 Jar
Chic Yellow Cab Co Inc _ _ •
934
97-4
934 May
134 Jar
%
Cities Service Co com_ _._•
44 Apr
144 3,500
134
Club Aluminum 1/ten Co_•
54
54
100
Ys
/4 May
34 Jai
534
60
1744 Apr 21
Coleman 1.'1) & Stove corn • 2034 21
May
Jan 7744 May
7.200 3034 47
Commonwealth Edison 100 6734 76
Continental Steel—
80 40
70
8334
Jan 8344 May
Preferred
100 80
4.900
434 Jar
2
2
Mar
0
Cord Corp cap stock
234 3
Crane Co common
7
Mar 1444 May
5
26 1144 1444 25,750
240 32
May
83
Jan 101
Preferred
100 10234 104
10
2
234 Mw
Curtis Lighting Inc com_.*
2
2
Jan
2
5(1 13 444
534 Jan
7
May
Curtis Mfg Co com
7
5
7
450
244 May
3
May
Dayton Rubber Mfg corn_ •
244 3
Clumtil el A nrof
150
RA
93
1 1034
814 May
1014 May
Volume 140
Financial Chronicle
Range Since
Jan. 1 1935
Stocks (Concluded) Par Low
High Sham Low
Low
Dexter Co (The) com____5 164 731
620
436 Jan
Eddy Paper Corp corn _ _• 164 174
.
436
50
1334 Jan
Elea Household UM cap_h
14
14%
400
Apr
12
6
Elgin Nat! Watch Co_ _ _15 20
25
2,200 z 63-4
1434 Feb
Fitz Sim & G 13 Al)com_• 12
12
50
836 Jan
834
Gardner-Denver Co corn.. 20
21
60
17
Feb
Gen Household URI coin_•
3%
1,200
234 Apr
231
Godchaux Sugars Ine—
Claes A
• 24
25
600 10
154 Jan
Class 13
•
94 log
331
650
634 Jan
Goldblatt Bros Ins corn _• 1934 2031
2,950
834 17% Jan
Great Lakes D & D com • 20% 2134 4,050 12% 17
Mar
Hall Printing Co com.. _10
43.4 434
3%
250
4% Mar
Harnischfeger Corp com _10
6
6
4%
May
20
6
Hart-Carter Co cony ptd _•
74 Jan
934 934
4
50
Houdallle-Hershey Cl B_• 13
1434 13,850
8% Mar
Illinois Brick Co
25
54 64
1,000
5% May
334
Illinois Nor 1411 pref_ _100 86
.
87
130 42% 60
Jan
Indep l'neum Tool v to__* 384 39
150
9
Feb
30
Interstate Power 57 pref__* 1634 1636
20 z 7
836 Jan
Iron Fireman Mfg v t it.. • 143.4 154
1,050
13% Feb
Jefferson Electric Co com _• 254 2631
350
9
18% Jan
lialamasoo Stove-Common
• 2634 28
240 07
1514 Jan
Katz Drug Co corn
1
3734 40
1,650 19
33
Ma
Kellogg Switchboard—
Common
10
15
3% 34
131
316 Jan
Preferred
100 30
31
3
17
17% Apr
Ken-Rail T & Lamp corn A•
431
200
3
Jan
Ky Mil Jr cum pre
50 24% 26
600
5
Jan
6
Keystone SU& Wire corn.
27
29
2,850
Mar
7% 22
Kingsbury Brewing cap __1
1
250 I 1
134
May
1
La Salle Ext Univ coin_ _ _5
37
34
Jan
Libby McNeil & Libby _ _1()
631
7
3,15
5 Max
Lincoln Prtg Co—
Common
•
2
131
950
1
Jan
%
Lindsay Lt & Chem corn.10
431 431
200
2
34, Mar
Lion Oil Ref Co corn
"
534 536
200
3
334 Mar
Loudon Packing coma._ _ • 24
25
370 104
Jan
19
Lynch Corp nom
A 3131 39
4,400 15
Mar
25
McCord Raid & Mfg A_ * 12
14
100
2
Mar
9
McGraw Electric nom _ _ _5 16% 1834
1,600
834 13% Jan
McWilliams Dredging Co_
34% 3834
1,200 1235 22% Jan
Manhatt-Dearb Corp com•
100
31
31
34 Apr
34
Mapes Cons Mfg eali- ---• 28
28
10 27
28
May
Marshall Field common_ •
7% 831 2,500
831
654 Mar
& Mtra See CIA nom.'
Mer
231
231
200
1% Jan
31
Mickelberry's Food Prod
common
1
400
31
31
31 Apr
Middle West URI corn
•
it
450 a
34
3.4
4 Jan
Midland Utll 7% pr Ilen100
400
31
36
34 Apr
34
Miller & Hart Inc cony pf•
2
231
690
3
2
May
Modine Mfg corn
• 19% 22
700
7
16% Jan
Monroe Chemical—
Common
•
734 8
230
2
6% Jan
Preferred
• 4534 46
30 2034 424 Jan
Mos:4er Leather Corp corn • 16% 16%
10
7
15% Jan
Muskegon Mot Spec el A • 17
.
17
100
5
Jan
16
Natl Gypsum Cl A com_ _5 1034 114
500
6
Mar
6
National Leather nom_ 10
134
1
800
31 Ma
34
National Standard com • 29
29
100 17
264 Ma
Nat! Union Radio corn_ ... 1
34
%
10
36 Apr
Noblitt-H parks Ind eom
15% 15%
1,0,50 10
13% Fe
North Amer Car com _ _ _20
331 34
100
1%
2% Mar
North Amer L & Pow corn 1
31
14 2,300
34
34 Apr
Northwest Banoors ooze_
434 434
2%
200
3% Jan
Northwest Eng Co corn_ _
84 12
1,080
3
534 Jai
No'west 1411 pr lien pref10
10
10
40
2
3
Ma
7% preferred
10
14
1%
70
1
134 Jan
Ontario Mfg Co corn
10
10
20
731
10
May
Parker Pen Co(The)corn10 16% 1734
300
4
11
Jan
Penn Gas & Elea A corn_• 114 124
100
6
8
Mar
Perfect Circle (The) co_ _• 37
37
50 21
31
Feb
Pines Winterfront com
31
5
134
600
%
31 Jan
Prima Co nom
•
34 34
50
134
2% Jan
Public Service of Nor 111—
Common
• 2634 3036 2,500
931
15% Po
Common
60 28
30
250
9
16% Jan
6% preferred
100 90
91
230 28
614 Jan
7% preferred
100 93
98
120 38
73% jai,
Quaker Oats Co—
Common
• 133 13354
120 106
128
Jan
Preferred
100 143 145
120 111
Feb
133
Raytheon Mfg coin v to 50c
14
131
100
34 Apr
34
Reliance Internal A coin 0
.
134
134
100
131 Feb
34
Reliance Mfg Co—
Preferred
100 102 102
10 84
100
Jai
Rollins Ilos Mills cony pfd• 10% 1034
100
84
934 Apr
Ryerson & Sons Inc nom _ _• 2934 29%
300 11
20
Jan
St Louis Nail Stkyds pret25 70
72
30 32
69
Jan
Standard Dredge—
Convertible preferred..'
536 536
134
1,500
334 Mar
Sears-Roebuck A Co corn_• 39% 3934
100 I 30
33
Ma
Southw (I & E 7% Prof-100 81% 86
100 3934 5434 Jan
" Southwest Lt & Pow pfd_. 40
40
50 14
254 Jan
Sutherland Paper Co conal0 134 1334
550
531
10
Jan
Swift International
15 3434 35%
1,050 19% 31% Jan
Swift & Co
25 1534 1634 12,250 5 11
144 May
Thompson (J It) com
25
636 635
150
534 Ma
Util & Ind con,—
Common
•
600
31 Star
34
Convertible pref
•
I%
136
200
h Ma
34
Viking Pump Co—
Common
•
931 11
290
634 Jan
Preferred
• 38
38
20 214
3431 Jan
Vortex CLIP CO—
Common
• 17
18
600
5%
15
Jan
Clam A
3336 34
250 24
Jan
31
Walgreen Co eemmon_ _ _ _ • 2734 254
650 1531
2734 Mar
Ward (Nfontg) A Cool A_* 143 143
40 56
127
Jai
Waukesha Motor Co corn • 70
79
5,300 21
Jan
30
Wlebola Stores Inc corn _ ..*
144 154
850
11
94
Fe
Williams 011-0
-Matte e0a2•
4
4 4 2,750
,
2%
234 Ma
Wisconsinfiankshares com•
234 231
850
11
,
4
24 Jan
Zenith Radio Corp com_..•
14
134
131
550
1% Apr
1
Bonds—
Chic City & Cou fly 5s_'27
Chicago Railways—
Con M 5613
1927
18
84
18
$5,000
194
9
10.000
4
Week's Range
of Prices
High
731 May
1936 Feb
Jan
173
25
May
12
May
Apr
22
734 Jan
25
10%
20%
21%
7%
8
1034
15
736
90
39
1634
1554
2631
May
May
Feb
May
Jan
May
Jan
Apr
Jan
Apr
May
May
May
May
29
40
Apr
May
4
31
634
27%
29
2%
%
8%
Jan
May
Feb
May
May
Jan
Jan
Apr
2
434
631
25
39%
18
1834
3636
131
33
11%
3
Mar
Apr
Apr
May
Jan
Jan
Mar
May
Jan
Jan
Jan
Apr
134 Jan
14 Jan
% Jan
44 Jan
22
May
934
4734
1634
20
1131
1%
30
36
16%
1%
5%
12
10
234
14
18
13
3931
131
4%
Feb
Apr
May
Jan
May
Jan
May
Feb
Apr
Jan
May
Jan
May
May
Apr
Jan
May
May
Apr
May
Apr
31
3036
91
9834
May
May
May
May
34
133% May
May
145
14 Jan
134 Jan
Slay
134 Feb
33% Feb
75
Feb
102
40
86
40
18
38
19%
63.6
Apr
Jan
May
May
Jan
Feb
Jan
May
34
Jan
Jan
1%
11
38
May
Mar
18%
34%
31
143
79
1551
434
3%
234
Mar
Mar
Jan
Tiny
May
May
Slay
Feb
Jan
May
18
May
834 May
9
May
18
Pittsburgh Stock Exchange
May 11 to May 17, both inclusive, compiled from official sales
lists
Juni I
Week's Range Sales 1933 to
Range Since
of PriCti
Apr 30
for
Jan. 1 1935
Week
1935
Stocks—
Par Low
Allegheny Steel corn
• 2534
Arkansas Nat la C prot_100
434
. rmstrong Cork Co com • 214
\
Illaw-Knox Co
• 114
Carnegte Metals Co
1
2
Clark(DL)Candy Co...
•
4
Columbia Gas & El Co.._•
634
For footnotes see page 3367.
High Shares Low
180 I 1331
2634
500Z 134
434
1.050: 13
23
12
1,286
6
234 9,650
90c
600
4
3
165' 354
7
Low
20%
2
17
94
14
3
334
Jan
Mar
Mar
Mar
Jan
Mar
Mar
High
27
Apr
434 May
24
Jan
13% Jan
336 Mar
4
Jan
7% Jan
Stocks (Concluded) Par Low
Devonian Oil
10 13
Follansbee Bros pref. _100
8
Fort Pittsburgh Brewing_ 1
2
Koppers Gas & C pref_ _100 92
Lone Star Gas Co
•
5%
Mesta Nfachine Co
5 2934
Nati Fireproofing pref.100
1
Phoenix Oil
Sc
25c
Preferred
1
Sc
Pitts Brewing Co pref.—. 21
Pittsburgh Forging Co__ _1
3
Pittsburgh Plate Glass...25 6031
Pitts Screw & Rolt Corp..*
64
Plymouth Oil Co
5 114
Renner Co
1
14
San Toy Mining Co
1
3e
Shamrock Oil & Gas
•
1
United Engine &Fdy__ _ _• 39
United States Glass Co. 25
131
Vanadium Alloy Steel_ _....* 20
Victor Brewing Co
1
1
Westinghouse Air Brake_.• 20%
Westinghouse El & Mfg_ 50 4634
Unlisted—
Lone Star G Co 6% pfd 100
Penroad Corp v t c
Sales
for
Week
July 1
1933 to
Apr 30
1935
High Shares Low
320
13
8
100
936
5
2
1,100
134
94
238 54
431
2,400
6
31
356
831
200
14
1
5c
500
3c
Sc 2,820
40
2134
204 15
370
2
34
323 30%
61%
436
995
74
100
114
634
14
1
200
3c 5,000
20
136
375 750
707 15
3934
14
50
134
20
35 1534
34
1
300 3
191
22%
154
268 I 27%
4936
131
150
93
88
1%
2
64
154
Range Since
Jan. 1 1935
Low
104 Jan
8
Apr
Jan
2
Mar
73
434 Mar
244 Jan
Jan
1
31 Feb
30 May
Mar
15
234 Mar
474 Apr
531 Mar
934 Apr
134 Feb
2c
Jan
75c pan
2734 Jan
131 May
Jan
18
85c Mar
1834 Mar
3231 Mar
Utah
Mar
13
1436 Jan
2% Jan
Apr
95
634 Jan
3134 Mar
Jan
2
50 May
50 Apr
2534 Apr
436 Feb
61% May
84 Jan
114 May
136 Apr
Apr
Sc
14 Feb
Apr
40
Jan
2
Jan
20
134 Jan
2636 Jan
49% May
Mar
69
1% Apr
May
93
2% Jan
BALLINGER & CO.
Members Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System—First Boston Corporation
Cincinnati Stock Exchange
May 11 to May 17, both inclusive, compled from official sales lists
Week's Range
of Prices
Stocks—
Par Low
High
Aluminum Industries_ _ _•
.
636 634
Amer Laundry Mach__ _20 144 15
Amer Products pref
•
434
434
Baldwin
8
3
3
100 3534 39
Carey
Preferred
100 75
80
Champ Coated spl pref_100 106 106
Churngold
•
4% 5
Chi Gas & Electric
100 9131 9434
CNO&TP
100 176
176
Cincinnati Street Ity _ _ _50
.
33-4
334
Cincinnati Telephone _ _ _50 79
82
Chi Union Stock Yard_ ..5 28
28
Preferred
100 11134 11134
City Ice A Fuel
2336 233%
Crosby Radio
• 1534 163-4
Dixie Ice Cream
5
5
5
Dow Drug
•
831 9
Eagle-Picher Lead
20
434 4%
Formica Insulation
• 11% 1336
Gerrard (S A)
•
1%
1.31
Gibson Art
• 254 254
Goldsmith
*
84 834
Hobart class A
• 3034 32
Julian & Kokenge
• 1136 11%
• 2331 24
Kroger
Lazarus pref
100 11131 11131
Leonard
•
534 534
Lunkenheimer
12
• 12
Mead Corp pref
50
• 50
•
3
NIoores A
3
• 48% 4934
Procter & Gamble
5% preferred
100 11934 11936
Randall A
19
• 19
13
•
734
7
• 4331 4434
Rapid
Richardson
* 1031 1034
U S Playing Card
10 3756 3835
US Printing
•
736
6
Preferred
50 2031 21
Sales
for
1Peck
DI
July 1
Sales 1933 to
for
Apr 30
1Veek
1935
0
,
n+ .-. W
.-. W.o.....
...C.1 W.
....
A..
.-.W.-..
.
..-AQN..0..-4N.-.M.Q.
X.W00....WCIWN
40t
,
-.1..4 7
,000
QN
,
00.N000004.0000.0.0000V0NN...000W..0W.00.04,0N
Week's Range
of Prices
3365
July 1
1933 to
Apr 30
1935
Low
6
1 1034
4
1
31
51
794
1
62
18034
231
603-4
163.1
86
1431
734
5
2
34
8
34
731
3
2234
4
I 19
95
1
8
28
4
I 3336
101
934
234
12
6
1434
2
431
Range Since
Jan. 1 1935
Low
Apr
6
1234 Mar
4
Feb
134 Jan
May
35
Apr
65
Feb
100
234 Jan
7254 Jan
May
176
231 Apr
6231 Jan
Feb
21
10834 Mar
Feb
20
Mar
13
May
5
Jan
8
334 Mar
934 May
31 Jan
1631 Jan
734 Feb
Feb
27
Feb
10
234 May
1104 Apr
44 Mar
Jan
10
3934 Jan
2
Star
434 Jan
114
Jan
17% Jan
5
Feb
27.4 Jan
631 Feb
2934 Jan
Jan
3
Jan
10
High
836 Jan
1534 Jan
634 Jan
Apr
3
Jan
42
80
May
May
106
Apr
7
9434 May
190
Mar
3% Apr
May
82
May
28
1114 May
May
24
1614 May
May
5
Jan
9
4% Apr
Jan
14
131 May
254 May
836 May
May
32
Jan
12
283-4 Jan
11131 May
83-4 Jan
May
12
50
May
3
May
494 May
11934 May
19
Apr
734 May
443-4 May
10% Apr
3834 May
934 May
May
21
OHIO SECURITIES
Listed and Unlisted
GILLIS WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.—Cherry 5050
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
May 11 to May 17, both Inclusive, compiled from official sales lists
Week's Range
of Prices
Stocks—
Par Low
Allen Industries Inc
• 19
Preferred
• 39%
Apex Electrical NM
•
4
City Ice & Fuel
• 2334
Preferred
100 100
Cleveland Quarries
•
531
Cleveland fly ctts of dep100 53
Cleveland Worsted NI1112.8
4
Chtts Corp v t c
•
73S
Corrigan NIcKin Steel vol 1
1331
Electric Controller & Mfg• 32
Faultless Rubber
• 33
Federal Knitting
40
Firestone T & It 6% pfd100 94%
Foote-Burt
•
5%
Gen T & R 6% pref
96
July 1
Sales 1933 to
for
A yr 30
Week
1935
High Shares Low
194
410
2
45 174
40
4
175
331
24
365 1434
100
30 6334
531
10
534
5336
151 3434
4
4
100
240
5
834
1331
,
100
8
33
172 14%
33
100 21
40
55 2934
9434
10 6734
20
536
4
96
25 a 5631
Range Since
Jan. 1 1935
Low
High
834 Jan 194 May
Apr 45
Feb
39
Jan
Jan
4
5
Apr
2031 Jan 24
Niar 100
May
90
Jan
54 May
8
Apr 58
Jan
50
Niar
4
8% Jan
834 May
5
Apr
Mar 1534 Jan
8
Apr
Jan 35
21
May
Jan 33
30
40
Mar 46% Jan
904 Apr 94% Slay
64 Feb
Jan
5
Mar
91% Jan 97
Financial Chronicle
3366
Week's Range
of Prices
July 1
Sales 1933 to
Apr 30
for
1935
Week
May 18 1935
Range Since
Jan. 1 1935
Stocks (Concluded) Par Low
Low
High Shares Low
High
Great Lakes Towing___100 1234 1231
Apr
20 14
1234 May 14
Preferred
May
100 50
Jan 50
50
24 3434 40
Greif Bros Cooperage A _ _* 29% 2934
Jan 31% Mar
10 16
27
IIalle Bros
May
Feb
5 16
16
11
10
8
16
Preferred
100 95
95
May
Apr 95
15 4431 91
IIanna(M A)$7 cum pfd-• 106 106
Apr
101% Jan 107
10 77
II arrls-Seybold-Potter ___•
Feb
3% 334
4
1% Jan
g
25
Interlake Steamship
26% Mar 28% Jan
28
450 20
* 27
Kelley Island Lim & Trans* 12% 13%
Jan 13% May
450
11
634
Lamson Sessions
Jan
4
Feb
234
*
3
100
3
3
I.eland Electric '
6% Jan
*
431 431
31
3
431 May
Medusa Portland Cement• 16
16%
12 _ Jan 16% May
355
6
Met Pav 13r
•
4
5 may
4%
Jan
1%
2
86
Miller Wholesale Drug_5
5
Feb
•
5
3% Feb
10
3
Mohawk Rubber
2% Jan
Apr
•
1%
115
1
1
1%
Murray Ohio Mfg
Mar
8% May
3
383
*
5
234
834
National Carbon pref _ _100 143 143%
Apr
140% Jan 145
53 130
National Refining
25
6
7% Apr
2% Mar
6
750
234
Preferred
100 65
May
Jan 65
50
31 45
65
National Tile
Apr
3
Mar
•
231 231
200
1
1
Nineteen Hun Corp cl A _ _• 27% 27%
23% Jan 28% Apr
111 21
Ohio Brass B
Apr
Jan 28
* 24% 25
145 10
19
Jan
Patterson-Sargent
Apr 24
* 21% 22
610 10%
19
Feb
Richman Bros
5031
May 51
• 49
1,004 38
46
River Raisin Paper
May
4
May
*
4
4
4
100 ,, 14
Robbins&Myers vtc ser 1_*
31
% Feb
%
34 Apr
31
10
Preferred v t a
*
40
2
2% 2%
234 May
3
% Jar
Jan
Selberling Rubber
3
134 Apr
1%
134
*
1%
25
Selby Shoe
Apr
* 32% 33
500 2 15% 27% Jan 34
Sherwin-%‘ Illiams
25 9534 9
Jan 9534 May
25 32% 85
5%
AA preferred
100 109% 111
120 90% 107% Jan 112% Mar
S M A Corp
Jan 11% Apr
1
9% 10
9
831
65
Jan
Trumb-Clffs F cum pfd 100 95
Jan 95
95
110 60
95
Vlchek Tool
•
4
4 IrMaY
2
10
4
Feb
1
1Veek's Range
of Prices
Sales
for
Week
July 1
1933 to
Apr 30
1935
Range SiltrA
Jan, 1 1935
High
Stocks (Concluded) Par Low
Low
High Shares Low
Apr
Bell Tel Co of Pa pref. _100 115% 117%
397 109% 11431 Apr 120
531 Jan
Budd (E G) Mfg Co
3% 4
440
331 Mar
3
Mar 29% Feb
Preferred
23
5 I 16
100 27% 273.4
Budd Wheel Co
4% May
2% Mar
•
1,095
334 4%
2
Cambria Iron
Jan 49% May
42
76 34
50 48% 49
Elec Storage Battery_ __100 4331 44%
521 33% 40% May 4931 Jan
Horn & Hard (Phila.) com_• 9931 10031
81% Feb 10034 May
145 68
May
492 1531
Feb 25
(N Y)com
21
25
• 24
Insurance Co of N A_ _ _ _10 6211 6431
761
3434 5131 Mar 643.1" May
7% Apr
Lehigh Coal & Navigation *
5% Mar
220
634
6
535
5% Mar 11% Jan
Lehigh Valley
50
5
230
7% 7%
1/4
Mitten Bank Sec Corp_ _25
1% Feb
34 Apr
3
34
36
Preferred
I% Jan
% 134
31 Mar
633
25
34
Pennroad Corp v t c
214 Jan
I% 234 8,588 z 13.4
134 Mar
•
Pennsylvania RR
1,876 17%
17% Mar 2531 Jan
50 20% 22%
Penns Salt Manufact
219 2 4231
May
Mar 85
70
50 8331 85
Phila Elec of Pa $5 pref _ _• 11134 112%
300 90
103% Jan 11231 May
Phila Elec Pow pref
1,290 2934 31% Mar 3431 May
25 33% 34%
Jan
Phila Rapid Transit__ ._50
231 2%
20
134
4
134 Mar
331 431
142
50
7% preferred
331 Mar
3
6% Jan
Phila & Rd Coal & Iron_ _*
2% 231
48
4% Jan
2
Mar
Philadelphia Traction_ _ _50 1234 14
432 12% 12% Mar 2234 Jan
Apr
Scott Paper
65
15 I 37% 56
66
Jan 66
10 105
Series A 7% pref._ _100 121 121
113% Jan 12131 Apr
22 17%
Tacony-Palmyra Bridge_ _• 2231 23%
1815 Apr 2331 May
Tonopah-Belmont
700
34 Apr
1
'16
Ns
216
'16 Feb
Tonopah Mining
1
1,300 234
1% Apr
% Feb
"Is I
Union Traction
4
355
4%
50
3%
6% Jan
335 Apr
13%
United Gas Improv corn_ _• 13
4,662 I a%
14
Apr
934 Feb
10231
I'referred
509 I 8234 8734 Feb 10234 May
100 101
Westmoreland Inc
100
• 1031 1034
1031 May
631 Feb
631
BondsElec & Peoples tr ctfs 4.s '45 13% 1431 $23,000 12%
12
Jan
21
May
13% 1315 8,100 12%
Certificates of deposit _ _
Jan
,
12% Mar 20
Phila Elec (Pa) 1st 5s_1966 110% 11031
200 2 104% 11034 Apr 113% Feb
110% 11031
Registered
300 11015 110% Jan 111% Jan
WATLING,LERCHEN & HAYES
Members
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
Telephone - Randolph 5530
Members
New York Stock Exchange St. Unita Stock Exchange
New York Curb Exchange (Assoc.)
Chicago Stock Exchange
Monthly quotation sheet mailed upon request.
Detroit Stock Exchange
May 11 to May 17, both Inclusive, compiled from official sales lists
Week's Range
of Prices
StocksPar Low
Auto City Brew corn
I
134
Baldwin Rubber A
• 1131
Bower Roller Bearing com 5 1931
Briggs Mfg corn
• 29%
Burroughs Add Machine.
17
Chrysler Corp corn
5 48%
Consolidated Paper com_10 15%
Continental Motors com_.•
131
Diesel-Wemm-Gil corn_ _ 10
835
Detroit Edison COM- - _100 7934
Detroit Forging corn
•
23-4
Det Gray Iron corn
431
5
Del Mich Stove corn
1
31
Del Paper Prod corn
• 13%
Eureka Vacuum
5 1131
Ex.Cell-0 Aircraft com_ _ _3
8%
Federal Mogul corn
4%
•
Federal Mot Truck com_.•
6%
Gemmer Mfg A
• 31%
Graham-Paige Mot com_ _I
131
Hall Lamp com
4
•
(Hiram) Walker-G & W.._* 24
ID:lover Steel Ball corn--_10
411
Houdaille-Hershey A
* 3631
B
• 13
Hudson Motor Car
•
8
Kresge (S 8) corn
10 22
Mich Steel Tube com_• 11
Mich Sugar com
*
1%
Motor Products corn
* 27
Motor Wheel corn
5
931
Murray Corp corn
10
734
National Auto Fibres v t c• 15.31
Packard Motors corn
311
*
Parke-Davis & Co
• 397-4
Parker-Rust-Proof Corn • 60
Pfeiffer Brew
•
8%
Reo Motor Car com
331
5
Rickel II W)
(
2
3%
River Raisin Paper com_.•
331
Scotten-Dillon corn
10 23
Square D class A
* 30
Class El
• 1754
Timken-Det Axle corn_ __10
5%,
Preferred
2
100
Truscon Steel Co
4%
10
United Shirt Dist com____•
3
Universal Cooler A
•
43-1
B
•
134
Warner Aircraft Corp_ _ _ 1
.
Ills
Whitman &Barnes com2.50
2%
Young (T. A)S & wire.. * 2431
July 1
Sales 1933 Co
for
Apr 30
Week
1935
High Shares Low
I% 5,262
134
12% 1,538
234
6%
1,595
19%
30% 2,950 1 634
897 I 10%
1731
48%
2,518 I 26%
15%
635
100
134
34
630
4%
112
8%
151 I 55
80
415
231
1
150
4%
2
31
480
31
459
1334
374
8446 634
11%
230
2%
834
4%
500
3
598
631
2%
33% 4,005 2434
1,541
134
131
895
434
3
100 2 2034
24
205
1
434
200 9 7
36%
5,652
14
234
1,14911 6
834
22
792 I 10%
1131
225
3
31
3,266
134
1,108 1 1531
2831
349' 634
9%
831
1,961 I 334
825 22 3
17.31
434 5,31411 2%
1,1132 1934
431
158 2 36
60%
931 4,990
774
537
4
2
3% 4,290
2%
334 4,825
1
515 1731
2331
150 IS 3
30
70c
175
1734
2,265
3
634
1%
1,131
2
173 I 354
4%
31
100
3
4%
1%
300
1,245
55c
13-4
%
11
930
1%
120
2%
460 I 1031
26
Range Since
Jan. 1 1935
Low
131 Mar
6% Mar
Mar
16
25
Feb
Apr
14
Mar
31
1231 Jan
% Mar
831 Feb
65
Mar
1 Feb
331 Apr
31 Mar
931 Jan
1031 Mar
5% Feb
331 Mar
3% Mar
2634 Mar
131 Apr
Mar
4
24
May
334 Feb
3634 Apr
6% Mar
6% Mar
20
Mar
Jan
3
31 Apr
1734 Mar
731 Mar
Mar
5
Feb
14
314 Apr
33
Jan
Jan
55
7% May
231 Mar
2% Feb
231 Jan
2034 Jan
21
Jan
73.4 Jan
434 Mar
1% May
3.11 Mar
2% Jan
334 Feb
1
Apr
31 Apr
231 Jan
18% Mar
High
Jan
2
13% Apr
20
Apr
3034 May
17% May
48% May
16
Jan
1% Jan
Jan
10
May
80
234 May
531 Mar
Apr
1
1434 May
1214 Feb
874 May
534 Jan
6% Apr
3431 Jan
331 Jan
6
Jan
30% Jan
434 May
3631 Apr
1431 Apr
1234 Jan
2234 May
11% May
1% May
1
2831 Apr
1131 Jan
931 Apr
1734 May
574 Jan
4% May
6331 Jan
9% May
4
May
331 Apr
3% May
2431 May
May
30
18% Apr
7% Jan
231 Feb
Jan
6
351 Jan
431 May
I% Jan
1% Jan
231 Mar
May
26
Established 1874
DeHaven & Townsend
Members
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
1415 Walnut Street
NEW YORK
30 Broad St.
Philadelphia Stock Exchange
May 11 to May 17, both inclusive compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Apr 30
1935
StocksPar Low
High Shares Low
" 35
American Stores
373-4
1,072 33%
Bankers Securities pref _ _50 1331 1434
380
531
For footnote, see page 3387
LISTED AND UNLISTED
WALDH El M,PLATT &CO.
DETROIT
Buhl Building
ST. LOU IS MARKETS
Range Since
Jan. 1 1935
I
Low
Apr
33
11
Feb
High
45% Jan
14% May
ST. LOUIS
513 Olive St.
MISSOURI
St. Louis Stock Exchange
May 11. to May 17, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
Range Since
for
of Prices
Apr 30
Jan. 1 1935
Week
1935
High Shares Low
Par Low
StocksLow
Brown Shoe corn
15' 41
• 5831 6031
53
Mar
Preferred
10 117
100 125 125
121
Jan
Bruce (E 14 prof
26
100 26
5
26
May
30
Coca-Cola Bottling corn _ _1 4331 44
8
25
Jan
Ely & Walker Duds corn 25 20
40 13
20
1 734 Jan
15 70
91
2d preferred
100 91
77
Jan
Falstaff Brew corn
155
434
231
1
4
2% Jan
Hamilton-Brown Shoe corn
231 234
147
231
231 May
Hyde Park Shrew corn __ _10 18
280 II 10
18
1631 Feb
International Shoe
141 38
• 4531 46%
42% Mar
20 1234
Laclede Steel coin com__. 1:1 1534 15)5
1531 May
* 1434 1431
Meyer Blanke corn
100
1%
1031 May
Moloney Electric A
135
6
• 15
1634
731 Feb
Mo Ptld Cement com _ _25
.
731 834
481
6
634 Apr
National Candy corn
• 1231 13
280 13% 1234 May
1st preferred
25 100
100 118 118
116
Jan
2d preferred
50 86
100 10434 10415
100
Feb
Rice-Stix D Gds corn
35
6%
• 1034 10%
9% Apr
4
-V
Scruggs B D G com _ _25
234 231
134
131 Jan
1st preferred
10
100 10
7
6
7
Jan
2d preferred
3
5
5
100
5 May
Scullin Steel pref
1
10
•
1
40c
1
May
S'western Bell Tel prat _100 11934 1203-4
146 11531 119
May
Wagner Electric com _ _ _ _15 15
272
1531
631
1231 Jan
Bonds
City & Suburb P S 5s '34 27
27
ELMO 18
27
May
1941
*Scullin Steel 6s
1331 1331
1,000 13%
1311 May
High
603-4 May
May
125
26
May
443-4 Apr
21
Feb
91
May
5% Apr
431 Jan
Apr
20
4634 May
Jan
16
1434 May
1631 May
9
May
16% Feb
May
118
105
May
1231 Jan
231 May
10
May
5
May
134 Feb
12331 Feb
Apr
16
30
15
Feb
Feb
Los Angeles Stock Exchange
May 11 to May 17, both inclusive, compled from official sales lists
Juju I
Week's Range sales 1933 to
Range Since I
of Prices
for
Apr 30
Jan. 1935
Week
1935
mixt
StocksPar Low
1
335
Bandini Petroleum
Barnsdall Corp
931
5
BoLsa Chica Oil A
334
10
Broadwy Sept S 1st pfd 100 73
17e
Buckeye Union Oil pref....1
V tc
160
1
Chrysler Corp
5 4434
Citizens Natl Tr & S 13k.20 2134
.
Claude Neon Elea Prod _• 1031
Consolidated Oil Corp.
...7
9
• 1.20
Consolidated Steel
•
Preferred
7
Douglas Aircraft Inc
• 263-4
Ernsco Der & Equip Co_ _5 1135
Gladding McBean & Co_ _•
5%
614
Globe Gr & Mill Co
25
Goodyr T & It(Akron)_ _ _• 1934
• 2011
lIancock 011A corn
46c
Kinner Airpl & Mot Corp _ 1
360
Lincoln Petroleum Corp 1
I%
Lockheed Aircraft Corp_ _1
LA Industries Inc
950
2
I A Ca.s & Elec 6% pref 100 99
LA Investment Co
10
534
35e
Merchants l'etroleum Co.1
Mills Alloys Inc A
1
3
Pacific Clay Products _ _ _ _•
33-4
Pacific Finance Corp_ _ _ _10 15
10 1034
Preferred C
Pacific Gas & Elec Co_ _ _ 25 18%
Pacific Indemnity Co__ _10 133.4
Pacific Lighting Corp._.* 30
• 9234
Preferred
831
•
Pacific Western 011
231
Republic Petroleum Co_10
High Shares Low
200
2
334
1,900
531
1034
331
200
131
14 42
74
18c 2,000
6c
I8c 3,105
158
700 I 2631
4831
2131
150 18
600
II
734
10% 3,700' 635
1.45 2,000
90c
7%
434
500
2006 1131
2734
120
231
1174
631
1,000
431
600
5
634
1001 1531
1934
2234 3,900
6
50c 2,100 3 10e
42c 6,300
20c
3,200
90c
23-4
1.20 6.100
50c
397 7331
9974
534
9 0
0
134
35e
200
19c
331
200
50c
200
231
334
3,600
631
1734
1,000
1034
631
4006 1231
1931
400
1531
734
200' 19
30
40 6631
"
9336
931
900 2 5
2%
1,100
134
Low
High
Apr
4
334 Jan
5% Mar 1031 May
434 Mar
2% Jan
60
May
Jan 75
16c Apr
600 Feb
Itle Apr 57340 Feb
3134 mar 48% may
1934
1034
631
1.10
434
1931
7
434
531
1634
914
38e
3513
1.10
600
81
5
26c
3
231
934
9
1334
831
2031
72
7%
2
Apr 2431 Feb
1131 Mar
Jan
Mar 1034 May
1.45 May
Feb
7% May
Mar
Mar 2734 May
1134 May
Jan
Mar
634 May
731 Mar
Jan
Jan
Mar 26
Jan
2234 May
Jan 6731e Feb
Apr
80e Feb
231 May
Jan
Feb
1.20 May
Jan 9931 May
734 Apr
Jan
Jan
350 May
May
531 Feb
Jan
331 May
Jan
May
Jan
1034 May
Feb
1031 May
Jan
15
May
Mar 30
May
Jan 9334 May
Jan
934 MaY
Jan
3, Mar
‘
Week's Range
Of Prices
Sales
for
Week
July 1
1933 to
Apr 30
1935
DEAN WITTER & CO.
Municipal and Corporation Bonds
PRIVATE LEASED WIRES
San Francisco
Los Angeles
Oakland
Sacramento
Fresno
New York
Portland Honolulu Tacoma Seattle Stockton
1
193310
Apr 30
1935
JUN
Range Since
Jan. 1 1935
Stocks (Concluded) Par Low
Low
High
High Shares Low
Samson Corp B corn
36c May
*
38c May
38c 38c
2
36c
6% preferred
234 Jan
10
2% 2%
100
234 May
San Joao L&P 7% pr pf 100 102 102%
29 26 67% 88
Jan 102% May
Security-First Natl Bk._20 35% 36%
Apr 38
Jan
33
950 25
Security Co Units
• 2114 21%
37 13
15% Mar 21% May
Shell Union Oil Corp
534 Mar 10% May
•
9% 1034
1,000 1 5%
Signal Oil& Gas A com_* 11
534 Mar 12
May
2,500
12
Socony-Vacuum 011 Co_ _15 14% 14%
11% Mar 14% May
600 1 11
So Calif Edison Co
25 1534 15% 2,503 1 1034
10% Mar 15% May
Original prefer
29
25 3735 3734
Feb 37% May
90 26
7% pret
Apr
25 2534 2534
100 18% 20% Jan 26
6% pref
25 23
1,500 2 1534
234
1734 Jan 23% May
534% pref
Apr
16% Jan
25 20% 21
21
1,200 14%
Sou Conn Gas Co 6% pf100 98
Jan 99% May
80
2 75
98
Southern Pacific Co_ __100 1634 18
Jan
13% Mar 19
3,900 1 12%
Standard 011 of Calif
• 363 37%
1,600 26% 284, Mar 37% May
Taylor Milling Corp
Jan
16% May
400
11
16%
* 16
8
Transamerica Corp
•
6
May
434
10,000
534 6
47,4 Mar
Union Bank & Trust Co_ 50 85
Mar
Feb 85
20 71
80
85
Union 011 of Calif
25 194 1934
Jan 19% May
15
5,600 1 113-4
Universal Cons 011Co...10
Jan
2
5% 74 4,600 27 1.20
834 May
Mining Stocks
Alaska Jun Gold Mng Co10 17% 17%
19% Jan
100 15% 17% May
Black Mamm Cons Mng 10c 11340 1134c 1,000
17c Jan
7c 113
0 May
,
Calumet Mines Co
10c
8c 1,030
6c 6340 May 1334c Jan
8c
Imperial Develop Co _ _ _ 25e
1340 May
4c Jan
134c
%a 135c 7,000
Torn Reed Gold Mines Co 1
51c Jan
100
42c Jan
25e
440 44c
Unlisted Stocks
American Tel & Tel_ _ _100 11634 120%
617 98% 99% Mar 120% May
Aviation Corp (Del)
3
5
3% Mar
5% Jan
3%
200
334
Bethlehem Steel
* 2654 2734
300 1 21% 234 Mar 32% May
Cities Service
•
1% Jan
34 Mar
134
1%
200
General Electric
21% Mar 25% May
• 25
500 6 16
2534
General Motors
Ma
Jan
10 3234 334
34
700 72 22% 27
"ackard Motor Car Co *
3% Mar
5% Jan
4
24
434
200
Radio Corp of Amerlea_.•
Apr
59.4 Feb
54 5%
1,200 1 4
Tide Water Assoc OIL _...." 10% 10%
8% Apr 10% May
100 26 7%
Warner !troy Noires _ _ _ _5
Jan
294 Ma
4
3.4
100 1 24
334
Members
New York Stock Exchange
San Francisco Stock Exchange
San F'rancisco Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Ex. (Asso.)
New York Cotton Exchange
NewYork Coffee & Sugar Ex.
Commodity Exchange, Inc.
Honolulu Stock Exchange
San Francisco Stock Exchange
May 11 to May 17, both inclusive, compiled from official sales lists
July
Week's Range Sales 1933 to
Range Since
of Prices
for
Apr 30
Jan. 1 1935
Week
1935
StocksPar Low
High Shares Low
Low
High
Alaska Juneau G M
10 18
18%
365 15% 16% Mar 20
Jan
Anglo Cal Nat Bk of S1
0_20 13
13%
920
Jan
12
73-4
1354 May
Assoc Insur Fund Inc,,, 10
234
3,950
134 Jan
2% May
34
Atlas Imp Diesel Eng A...
285
154
7%
Jan
734
5
9% Mar
Bank of Calif N A
100 154 156
60 120% 143
Jan 158
May
Byron Jackson Co
• 11% 12
5,764
3%
734 Jan
12% May
Calamba Sugar corn.-- _20 21% 22
2,203 1534 19
Jan 23
Feb
7% preferred
20 2134 2134
112 17% 21% Apr, 21% Apr
California Copper
10
500
34 Feb
34
34
May
Si
Calif Cotton Mills com _100 11% 14%
1,350
4
10% Jan 14% Mar
Calif Ink Co A com
• 36
210 17
36
30
Feb 36
May
California Packing Corp_ _* 33% 35% 4,928 16% 337 May 42% Feb
%
Calif Water Service prof100 8634 87
30 59
Jan 87
70
May
Cal West Sts Life Ins Cap 5 10
115
10
9% Apr
734
11% Jan
Caterpillar Tractor
• 47
49% 2,280 15
3634 Jan 4934 May
Clorox Chemical Co
• 32% 32%
467 1834 2934 Jan 33
Apr
Cst Cos G dr E6% 1st pt100 94
55 5635 77
94%
Jan 94% May
Cons Chem Indus A
• 30
667 2134 27% Jan 30% Apr
30%
Crown Zellerbach v t a...*
3% 4% 6,703
334 Apr
3%
534 Jan
I'referred A
• 60
63%
168 27
50% Mar 70% Jan
I'referredB
• 59% 63%
205 26
50% Mar 70
Jan
DI Giorgio Fruit $3 pret 100 34
35
177 16
2234 Jan 38
Jan
Eldorado Oil Works
• 22% 26% 8,850 13
18
Jan 26% May
Emporium Capwell Corp *
735 834 3,885
5
5% Jan
8% May
Fireman's Fund Insur. __25 81
305 44
7134 Jan 82% May
82%
Food Mach Corp
3431 35%
1,732 1034 20% Jan 35% May
Foster & Kleiser com _ _10
134
1%
510
1
Feb
1% Apr
Gen Paint A corn
16% 17%
976
1434 Mar
5
17% May
I) common
•
1% 234
977
134 Mar
2% May
34
Golden State Co Ltd
•
5
4
Mar
4
535 2,390
5% Mar
I lale Bros Stores Inc
• 10
10
8
100
8% Jan
10
Apr
I iawallan C & S Ltd_ _ __25 5634 5734
145 40
43% Jan 60
Apr
'tome dr M Ins Co_ _ -10 3934 40
118 24%
31% Jan 40
May
Honolulu 011 Corp Ltd....* 20
1,115 10% 14% Jan 20% May
20%
lIonolulu Plantation..._20 3034 31
380 17% 26
Jan 31
May
Hunt Bros A com
•
8
250
8
8%
Apr
Jan
10
llutch Sugar Plant
15 17% 17%
105
7
Jan
7
17% May
Island Pine Co Ltd com_20
9
97
%
May
900
10
3
Jan
54
Preferred
25 26 *4 27%
434 20% Jan 29
25
May
Jantsen Knitting Mills_ _ _*
4
Jan
8% 83.4
100
7
834 May
Langendorf Utd 13ak A._ _*
5% 5%
272
554 Mar
534
8% Jan
II
•
1%
1%
225
14 May
1% Mar
1 34
Leslie-Calif Salt Co
• 2534 26
676 21
22% Apr 26
Jan
L A Gas & El Corp Prof 100 99
292 75
814 Jan 991
903.4
% Apr
Magnavox Co Ltd
23-4
1%
134
694 2 %
, Jan
/
f
1% May
(1) magnin & Co com____•
934
9
669
6
9% May
834 Jan
6% preferred
100 99
99
30 66
Feb 100
93
Apr
Marchant Cal Mch com _10
1
235
2
Jan
3% 334
4
Mar
Natl Automotive Fibers...* 15
zr 3
6,299
18
13
Feb
18
May
Natomas Company
• 1034 11% 8,283
7% Jan
11% May
3%
No Amer Inv 6% pret _100 39% 40%
20 14
Feb
31 34 Mar 44
North Amer 011 COML.-10 14% 147
4 3,146
9% Mar
144 May
Occidental Ins Co
10 24
154 13
21°X Mar 24% Apr
24
Oliver Utd Filters A
• 17% 18
5
1,520
1234 Jan
18
May
•
3
434 3,550
1%
2
Apr
4% May
Paauhau Sugar
15
4
434 Jan
7% 834 2,000
9
May
l'acific 0 dr E corn
25 18% 19%
3,856 1 12% 13% Feb 19% May
6% 1st pre
25 24% 2534 7.602 2 1854 2034 Jan 254 Apr
534% prat
25 22% 23%
1,541
16%
18
Jan 23% Apr
Pacific Lighting corn
• 28% 29%
2,083 1 19
20% Mar 30
May
d% Prof
• 92
Jan 94
416 66% 71
9334
May
Pac l'ub Ser (non-vot)com•
I%
134
286 17 %
34 Feb
1% Apr
(Non-voting) prof
• 12
1,096
12%
734 Feb
12% May
Pacific Tel & Tel corn._100 91% 95
225 6834 7034 Jan 95
May
6% preferred
100 12934 13034
Jan 130% May
63 3 993X 111
Paraffin° Co's corn
• 38% 3834
816 21
36
Ma
42% Jan
Ry Equip & Rity 1st prat * 16
325
10
5
Jo
1634
17% Apr
Series 1
• 15
133
2
15%
534 Ma
15% May
Series 2
140
13% 14
5% Feb
154
14
may
•
Cony preferred
100
4
4
234 Ma
4
34
Apr
Rainier l'ulp & l'aper Co.." 33% 33%
398 15
30
Jan 34% Mar
Roos Bros Prof
100 99
75 61
85
99
Feb 99
May
S J L & 7% Pr prof
100 102% 102%
20 67% 8834 Jan 102% May
Shell Union Oil com
•
834 10% 7.500 1 534
5°4 Ma
1014 May
Preferred
100 87
120 4534 64% Ma
93
93
May
3367
Financial Chronicle
Volume 140
Week's Range
of Prices
Sales
for
Week
Range Since
Jan. 1 1935
High
Stocks (Concluded) Par Low
Low
Hi 10 Shares Low
Sierra Pat Elec 6% pref 100 82
.
623.4 Jan 8234 May
8214
75 41
Socony-Vacuum Oil Co_ _15 144 1434
1434 May
123 11
1334 Apr
Jan
Southern Pacific Co_ _ _ _100 16% 1734 2,197 12%
Mar 19
13
Standard 011 of Calif
May
Mar 38
2,698 2634 28
%
• 367 38
Apr
Telephone Inv Corp
Jan 38
15 28
33
* 38
38
Tide Water Assd Oil corn... 10% 1134 2,505
7% Mar 1134 May
734
6% preferred
100 98 10034
303 43% 8334 Feb 10034 May
May
6
Transamerica Corp
47-4 Mar
434
48,058
•
534 6
Union Oil Co of Calif.....,,25 1934 197-4 6,428' 1134 14% Feb 19% May
Union Sugar Co com .._ _ _25 1234 15
15
4
Jan
May
5,795
5
7% preferred
25 23
610 16
1754 Jan 253,4 May
2534
Utd Air Lines Trans Corp 5
63.4 Jan
654 6% 2,040' 3%
434 Mar
Wells Fargo Bk & U Tr_100 239 241
May
Jan 245
230
25 179
Apr
Western Pipe & Steel Co_10 1734 1834
19
734
580
10% Jan
Nr.n.... rn.......v.,. r•.), a an
in
in
105
9 14
6
Feb
10
May
San Francisco Curb Exchange
May 11 to May 17, both inclusive, compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Apr 30
1935
Range Since
Jan. 1 1935
StocksPar Low
High
High Shares Low
Low
Alaska Treadwell
60c Apr
25
200 Apr
50c 55c
200
10c
American Tel & Tel_ _ _100 11634 121
Mar
699 I 98% 99
121 May
American Toll Bridge_ -- -1
38c Apr
30c 30c
500
21c Mar
20c
Anglo National Corp
734 Jan
* 1034 1034
120
1034 May
3
Argonaut .Mining
14
5 14
1.75 10
Jan
15
1654 Apr
Atlas Imp Diesel B
1.00
400
2.00 Feb
• 4.50 5.00
53,4 Apr
1
Aviation Corp
53,4 Jan
3% Apr
5
3% 3%
195 1 3
Barnsdall Oil
9% 1054
9% May
1034 May
•
400
__
Calif Pacific Trading pref.*
3.60 3.60
96
3.60 May
3.60 May
3.00
Chrysler Motors
3434 Mar 49
5 49
250 1 2634
49
May
Cities Service
134 Jan
1%
75c Mar
•
134
75c
1,545
Claude Neon Lights
Apr 55
s
1,100 4
32
1
May
50c 55c
Columbia River Packers_ _• 1.50 1.50
1.75 Apr
200
1.50 May
1.00
Jan
Crown Willamette lot pfd " 78
Mar 87
68
8234
490 40
2d preferred
4454
175 1634 39
* 39
may 5034 Jan
Emsco Derrick
Jan
May
12
5 1134 12
4,125' 234
7
7
Jan
General Motors
10 32% 33% 1,522 2222% 2634 Mar 33
Gt West Elec-Chem_ _ _100 180 180
Apr
Jan 175
124
5 85
Honokaa Sugar
May
4.15 Apr6
20
1.40
535 59-4
700
Idaho Maryland
3.00 Jan
3.70 Apr
1
2.50
3.50 3.60 2,290
Italo Petroleum
28c Feb
Sc
250
13c Jan
17c
16c
1
66c Jan
1.20 Jan
Preferred
1
47c
98c 1.10 2,590
Kleiber Motors
5e May
Sc 1,000
Sc May
8c
Sc
10
Libby McNeill dr Libby _10
8.4 Apr
325 4 254
6% 6%
614 Ap
Lockheed Aircraft
1.30 Mar
2.35 May
700'7 90c
• 2.00 2.35
61% 6%
McBryde Sugar
5
4.25
100
4.25 Jan
694 Apr
National Auto Fibres prof • 104 105
Apr 11234 Api
165 46
101
Oahu Sugar
May
20 2934 30
65 15
20% Jan 20
Occidental Petroleum _ _ _ _1
26c 28c
800
334 Mar
20e
234 Apr
O'Connor Moffatt
3.00 Jan
3.90 Mai
2.00
200
• 3.25 3.25
Onomea Sugar
3234 Jan 40% May
20 4034 40%
10 30
Park Utah
•
5%
5% May
5% May
100
554
__
Pacific American Fish _ _ _ _* 1234 1334
934 Jan
1,880
5
1334 Api
Pacific Eastern Corp
234 23.4
1% Mar
1
2% A pi
I%
461
Pacific Portland Cement100
21
2.75 May
2.75 May
3.00
2.75 2.75
Pineapple Holding
11
5
Jan
745
18%
20 17
1954 Mao
Radio Corp
Mar
272
4
4
5% 534
•
534 Fe)
Schumacher Walibr
54
90e Mar
90c Mal
35c
1.00 1.15
*
Preferred
4.35 Jar
*
3.05
5
18
3.50 Mar
5
Shasta Water
• 24% 25
Jan 25% An
200 11
22
Silver King Coalition_ _ _ _• 1654 1734
834 Mar
19
900 -AP'
Southern Calif EdLson.....25 15% 1554
Mal
16
560' 1034
1054 Mar
534% preferred
650 17 14%
1634 Jan 21% A p
25 20% 21
2422 1534
6% preferred
25 2254 23
1734 Jan
233-4 Mal
Ap
10 1834 2034 Jan 26
25 2534 2534
7% preferred
Southern Pacific G G pf 100 2134 22
110 1434
Jan 22
17
AP
U S Petroleum
18e Mar
27c Ma!
16c
250 26c
500
1
Universal Cons 011
425
2.00 Jan
734
1.20
10
83,4 Ma:
654
Virden Packing
110
4.00 Jan
10
3.75
25 10
1134 A p
Walalua A gricult
Ma:
401 29
3634 Jan 58
58
20 57
West Coast Life
208
4.50 Feb
5
5 5
4.50
534 Ma:
• No par value C Cash sale z Ex-dividend. t Ex %gaze. ,Listed. I In default
O Price adjusted to 100% stock dividend paid Dec 29 1934 (Kalamazoo Stove Co 1
r New stock. f Low price not Including cash r odd-lot sales.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures In tables), are as follows:
IZ ciuntnnati Stock
New York Stock
22 Pittsburgh Stock
New York Curb
Cleveland Stock
23 Richmond Stock
14 Colorado Springs Stock 22 St. Louis Stock
New York Produce
New York Real Estate 32 Denver Stock
23 Salt Lake City Stock
U San Francisco Stock
Baltimore Stock
.Ifetrolt Stock
1
13ostou Stock
I.os Angeles Stock
27 San Francisro Curb
Buffalo Stock
.Los kneeles Curb
1
71 San Francisco Mining
.
California otock
11 Minneapolis-St. Paul
4 Seattle Stock
"
Chicago Stock
4, New Orleans Stock
Is Spokane Stock
Chicago Board of Trade . Philadelphia Stock
1
. Washington(D.C.)Stock
1
Chicago Curb
CURRENT
NOTICES
R. B. Douglas, formerly manager of tho municipal bond department
of the American National Bank & Trust Co. of Chicago and prior to that
with Chase Securities Corp., will become associated with John Nuveen
& Co., of Chicago, it is announced. Mr. Douglas is well known in the
municipal bond field. Prior to making his new connection he will take
a month's vacation.
Charles F. Henderson & Sons, members of the New York Stock Exchange, announce the opening of a new investment department to deal in
both listed and unlisted securities. The department will be in the charge of
Richard J. Reynolds, formerly manager of the investment department of
The First Boston Corporation.
-John D. Bennett, formerly Vice-President of the Bennett Oil Co.,
who was elected to membership on the Commodity Exchange, will make
his offices with lkfunds, Winslow & Potter at 40 Wall Street. He will
specialize in petroleum futures.
-Outwater & Wells, 15 Exchange Place, Jersey City, N. J., are distributing their current list of New Jersey investment offerings, including available
municipals yielding from 2 00% to 4.75%.
-The Now York Stock Exchange firm of J. R. Williston & Co. announces that William S. Sagar, a member of the New York Stock Exchange,
has boon admitted as a general partner.
-Hemphill, Noyes & Co., members of the New York Stock Exchange,
announce that Charles A. Taggart has been appointed manager of the bond
department of their Philadelphia office.
-John E. Sloane & Co., 41 Broad St., Now York, have prepared a circular analyzing reports of important railroad companies for the first three
months of 1935.
-Charles C. Rickard, formerly with Theodore Prince & Co., has become
associated with Hardy & Co. in their railroad bond department.
Financial Chronicle
May 18 1935
Canadian Markets
LISTED AND UNLISTED
---11E3.1ELP
-
Provincial and Municipal Issues
Province of Alberta
Jan
1 1948
58
455s
Oct
1 1956
Prov of British Columbia
455e
Feb 15 1936
July 12 1949
55
4555
Oct
1 1953
Province of Manitoba
Aug 1 1941
4345
58
June 15 1954
Dec 2 1959
5e
Prov of New Brunswick
4555
June 15 1936
Apr 15 1980
451e
Apr 15 1981
4555
Province of Nova Scotia
Sept 15 1952
455s
Mar 11980
68
As1 Province of Ontario
did
Jan
3 1937
5555
993 1003
4
4
Oct
1 1942
58
944 953
4
4
Sept 15 1943
65
May 1 1959
Si
10012 10114
June 1 1982
45
9912 10012
9512 9612
Jan 15 1965
455s
Province of Quebec
Mar 2 1950
455e
10112 10219
Feb
1 1958
4s
10512 10612
May 1 1961
4556
106 10712
Province of Saskatchewan
may 1 1936
4555
10312 10412
June 15 1943
56
10912 11012
Nov 15 1946
555e
10812 10912
1 1951
Oct
434,
10914 11014
11512 11612
Blel
Ask
1065 1071s
8
111 112
11614 11714
116 1163
4
106 1063
4
110 111
11112 11212
_
108- 112 113
1003 10112
5
1001s 1007
8
10114 10214
94
9412
Wood,
Gundy
& Co., Inc.
14 Wall St.
New York
Private wires to Toronto and Montreal
Industrial and Public Utility Bonds
Bid
Ask
13212 34
00
88
99
8914
42
11414 115
10512 10612
99 101
9412 9512
105 106
f47
4814
97
06
1023 104
4
10212 10312
10514 10614
993 10012
4
105 106
6714 68
9814 9914
9814
7412
73
112 1123
4
4
115% 163
10914
1033
4
7414 75
9615 98
41
139
9912
99
7912
8512 8712
10112 10212
9912 101
46
f44
89
8912
94
92
f3514 3611
101
1023 03-31
4,
66"
Int Pow & Pap of Nfld 54'68
-Lake St John Pr & Pap Co
Feb 1 1942
6555
Fob 1 1947
6551
MacLaren-Que Pow 535e '61
Manitoba Power 634l_ _1951
Maple Leaf Milling 534 1949
,
Maritime Tel & T6163_1941
Massey-Harris Co 54_1947
McColl Frontenao 0116/1949
Montreal Coke & M 5556 '47
Montreal Leland Pow 555157
Montreal L H & P (650
par value) 3s
1939
Oct 1 1951
58
Mar 1 1970
58
Montreal Pub Serv 55..1942
Montreal Tramways 54.1941
New Brunswick Pow 51 1937
Northwestern Pow 65 _1960
Certificates of depoelt. _ _
Nova Scotia L & P 55_1958
Ottawa Lt Ht & Pr fie _ _1957
Ottawa Traction 5%5_1955
Ottawa Valley Power 555670
Power Corp of Can 455e 1959
Dec 1 1957
5e
Price Bros & Co as
1943
Certificates of deposit_ _ _ _
Provincial Paper Ltd 534147
1988
Quebec Power 5e
Shawinigan Wat & P 455. 67
Simpsona Ltd 614
1949
Southern Can Pow 55_ _1955
Steel of Canada Ltd 643_1940
United Grain Grow 58 _ _1948
United Secur'les Ltd 534e '52
West Kootenay Power 58 '56
Winnipeg Else Co 5s__1935
Oct 21954
ea
Members New York Stock Exchange
26 Broadway, New York
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets.
Montreal Stock Exchange
Canadian
Bonds
Abitibi P & Pap Ws 55 1953
Alberta Pacific Grain 6s 1946
Asbestos Corp of Can 58 1942
Beauharnols L H & P 550'73
Beautiarnois Power 65__1959
Bell Tel Co of Can 5s_ _1955
British-Amer Oil Co 5s_1945
Brit Col Power 5348__A960
March 1 1960
58
Britten Columbia Tel En 1960
Burn. & Co 5154-3.568_1948
Calgary Power Co 58___ 1960
Canada Bread 66
1941
Canada Cement Co 15355 '47
Canadian Canners Ltd 88'50
Canadian Con Rubb 6sA946
Canadian Copper Ref 8,'45
Canadian Inter Paper (ie '49
Can,North Power ba___1953
Can Lt & Pow Co Es__ _1949
Canadian Vickers Co (le 1947
Cedar Rapids M & P58 1953
Consol Pap Corp 534._1961
Dominion Canners (3e_ _1040
Dominion Coal 58
1940
Dom Gas & Else 6551-1945
Dominion Tar 65
1949
Donnaconna Paper 53.4e '48
Duke Price Power 6e_ _ _1986
East Kootenay Power 75 '42
Eastern Dairies 8s
1949
Eaton (T) Realty 58_ _ _1949
Fans Play Can Corp 65_1948
Framer Co 65
1950
Gatineau Power 5s
19511
General Steelwares 6s 1952
Great Lakes Pap,Co 181 6550
Hamilton By-Prod 7s_ _1943
Smith H Pa Mills 5355_1953
LAIDLAW & CO.
Ask
Bid
4
973 983
4
2212
121
f56
58
7912
56
55
137 3812
10912
1;5 2
-184
104 105
103
10212 16i12
f4714 4814
1063 1071s
4
107 10713
10512
100 101
83
81
34
131
34
f31
10012 1013
4
10414
921
91
04 96
81
82
8514 8614
95
95
101 10212
10314 1033
4
9712 98
100 101
10312
11112
92
90
77
78
10512 107
98
56
57
Friday
Sales
Last Week's Range for
Sale
of Prices
Week
Stocks (Concluded) Par Price Low
High Shares
Dominion Bridge
• 30
Dominion Coal pret __ _100 135
Dominion Glass
100
Preferred
100
Dom Steel & Coal B....25
455
Dom Textile pref
100 75
Dryden Paper
•
331
East Kootenay Power. •
Eastern Dairies
•
Famous Players C Corp. •
Voting trust
•
Rights
•
30c
Foundation Co of Can._ _ _• 12
General Steel Wares
"
455
Gurd (Charles)
•
634
Gypsum, Lime & Alabas *
6
Hollinger Gold Mince._ _ _5 15.90
Howard Smith Paper_
•
Preferred
100 86
Imperial Tobacco of Can 5 13
lot Nickel of Canada....' 2831
Intl Power prof
100 48
Jamaica PS Co Ltd pref100 120
Lake of the Woods
•
Preferred
100
Lindsay (C W)pref__100 40
McColl-Frontenac OR_ _ __• 1434
Mtl L H & P Cons
• 2855
Montreal Tramways_ __100 96
National Breweries
• 3535
Preferred
25 38
National Steel Car Corp..' 1635
Ogilvie Flour Mills
• 160
Preferred
100 130
Ottawa L 11 dr P pref
100 102
Penmans
*
Power Corp of Canada._ _•
834
Rolland Paper pref _ _ _ _100 84
St Lawrence Corp
*
1.25
A preferred
50
555
St Lawrence Flour Mills100
St Lawrence Paper pref _100 1155
Shawinigan W & Power_ _• 1655
Sher Williams of Can
* 113,4
Preferred
100
Simon (11) & Sons
•
Southern Canada Power_ _• 10
.
Steel Co of Canada
• 4634
Preferred
25 4334
Tuckett Tobacco pref_ _100
Waimea° Cotton
•
Western Grocers pref_ _100
• 1.10
Winnipeg Electric
Woods 51fg prat
100 60
Banks
Canada
50 65
Canadienne
100 12935
Commerce
100 152
Montreal
100 17434
Nova Scotia
100 284
Royal
100
Range Since Jan. 1 1935
Low
30% 2,936 2434 Mar
138
349 116;5 Jan
115
205 110
May
145
5 13834 Apr
5
1,216
3;i Apr
75
134 137
Jan
146
355 May
355
100
10
1
Jan
2%
5
Apr
2
ley, 15%
30 1255 Feb
15
15
5 15
Apr
25o 35c 1,019
20c Apr
1155 1255
310 11
Apr
3% 455
115
335 Apr
6
6%
430
435 Apr
535 6
145
5
Mar
15.75 16.35 3,140 15.75 May
955 10
85
955 Apr
83
86
60 83
May
12% 13
2,953 12
Mar
2755 29% 21,633 22% Feb
47
48
55 45
Mar
120 120
128 115
Jan
9% 9%
35
9% May
90
90
10 90
May
40
40
5 39
Mar
14
15
8,190 13
Apr
26% 2955 13,970 26% Apr
96
99
109 80
Jan
3331 3534 7,298 31
Jan
38
550 38
3835
Mar
16
16%
525 14
Mar
165 160
61 140
Mar
130 130
15 130
Mar
102 102
1 100
Apr
52
10 50
52
May
8%
7
530
Apr
7
84
84
60 84
May
1.10 1.30 11,110
1.00 May
5
555
375
435 Apr
36
36
35
Mar
1155
380 10
10
Mar
17
15
5.046 15
Apr
13% 13%
110 1155 Apr
108 108
5 100
Jan
1155 14
160
9% Jan
588
9% 10
955 May
44% 4555
1,800 4255 Mar
5,
42
175 4155 Feb
1 133% Jan
135
20
0
65 17% Jan
100 100
10 98
Jan
1.10 1.10
35
1.00 May
60
60
6 60
Apr
27%
125
115
145
4%
75
355
100
255
5855 65
12935 13155
149 152
17434 177
284 285%
157 159
300
18
217
116
35
54
High
33% Jan
140
Feb
Jan
120
May
145
Jan
6
14655 Mar
5% Jan
255 Jan
3
Jan
Feb
16
Mar
16
35c May
1335 Jan
5% Jan
655 Jan
735 Jan
20.20 Mar
Feb
13
90% Feb
13% Jan
2955 May
64
Jan
120
Apr
13% Jan
101
Mar
40
Apr
15% Jan
Jan
32
May
95
May
35
Jan
39
18% Jan
Jan
190
152
Feb
104
Feb
6355 Feb
1055 Feb
92
Jan
1.90 Jun
8% Jan
3955 Jan
1655 Jan
Jan
20
17
Jan
Feb
110
May
14
1455 Jan
48
Jan
44
Jan
Jan
140
Feb
27
Feb
100
2.25 Jun
Jan
70
55
Jan 55
125
Jan 132
143% Mar 16935
17455 May 204
279
Jan 304
15435 Mar 17355
May
Mar
Feb
Jan
Jan
Jan
Montreal Stock Exchange
May 11 to May 17, both inclusive, compiled from official sales lists
zares
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
of Prices
Sale
High
Low
High Shares
StocksPar Price Low
Agnew-Surpass Shoe
•
Preferred
•
Amal Klee Corp pref____50
Associated Breweries
*
Preferred
100
Bathurst Pow & Pap A__ _*
Bell Telephone
100
5
Brazilian T L & P
Brit Col Pow Corp A
•
B
•
•
Bruck Silk Mills
Building Products A
*
Canada Cement
•
Preferred
100
Canada Forgings class A_ •
Canada Iron Foundries_100
Preferred
100
Can North Pow Corp_ _ _ _•
Canada Steamship
•
Preferred
100
•
Canadian Bronze
5
Cndn Car & FdrY
Preferred
25
•
Celanese
Canadian
100
Preferred 7%
•
Rights
100
Cndn Converters
Cndn Foreign 1nvestm't__•
100
Preferred
50
Cndn Gen Elec pref
Cndn Hydro-Elec pref _100
•
Cndn Ind Alcohol
•
Class B
Canadian Pacific Ry ___ _25
•
Cockshutt Plow
rfln. mining dk Srseltlng_25
855
734 855
100 100
100
18
18
18
1235 13
1255
107 107
107
6
434 555
123 127
127
95(
834 93,4
2434 2455 2534
255
231
23,4
17
1555 17
30
2934 3034
634 735
734
61
5534 61
3
3
30
30
51
51
18
1855
18
2
2
255
9
9
8
28
2734 28
8
755 8
15
1434 15
22
2034 2234
105 10535
105
19
183,4 19
2955 293,4
2835 2834
105
105 105
59
80
43
4035 43
955
9
97-4
855
774 834
1055 1134
1134
755
731
734
179
161 181
195
15
10
240
5
255
273
4,709
1,172
25
1,820
405
1.537
473
25
7
15
425
60
318
400
1,135
490
1,530
556
305
5
50
50
37
225
5,880
1,530
7,042
650
4,874
735
96
15
103,4
104
455
118
834
2334
255
1434
2634
6
51
2
30
51
1734
1.75
655
26
635
1255
1855
100
18
2934
25
105
59
37
7
6
955
6
126
Jan
Jan
Jan
Mar
Feb
Mar
Apr
Apr
Apr
Apr
Jan
Apr
Mar
Apr
Apr
Feb
Mar
Mar
Jan
Jan
May
Mar
Mar
Apr
Jan
May
May
Mar
Jan
May
AP1'
Jan
Jan
Mar
Mar
Mar
Jan
9
100
Feb
18
Mar
1334 Jan
Mar
108
635 Jan
135
Jan
1031 Jan
3034 Jan
Jan
5
1734 Jan
3014 Feb
855 Jan
6434 Jan
Feb
7
Mar
35
Mar
55
Mar
20
2.75 Jan
1134 Jan
3055 Jan
834 Jan
Jan
17
2334 Jan
11034 Feb
2034 Jan
Mar
Se
Feb
30
10755 Jan
6334 Jan
8255 Jan
1055 May
935 May
1334 Jan
831 Jan
May
181
HANSON BROS Canadian Government
INCORPORATE!)
ESTABLISHED 1133
255 St. James St., Mantra/0
56 Sparks SL, Ottawa
330 Bay St., Mints
Municipal
Public Utility and
Industrial Bonds
Montreal Curb Market
May 11 to May 17, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Range Since Jan, 11035
of Prices
Sale
Week
StocksHigh Shares
Par Price Low
Low
High
Acme Glove Wks pref__50
Aluminum Ltd
•
Asbestos Corp vtg trusts.*
Associated Oil & Gas Co_•
B C Packers Ltd
Preferred
100
Bathurst Pow & Paper B.*
Bright T G& Co Ltd_
•
British American 011 Co_•
Canadian Dredge & Dock*
Canadian Vickers Ltd...'
Curnul preferred_ _100
Caton' Macaroni Products
Preferred A
30
Champlain Oil Prod pref.•
Distillers Corp Seagrams.*
Dominion Eng Works___'
Dominion Stores Ltd_
•
Dom Tar & Chemical_ _•
Cumul preferred _ _ _ _100
•No par value.
25
12
1531
22%
734
1634
2235
4%
55
38
25
9
Ile
80c
16
1.00
11
15
22%
1.00
7%
38
25
12%
14c
80c
17
1.10
11
16
22%
1.05
8;5
10
40
3,265
3,650
110
43
37
35
2,153
105
69
35
32
25
6
6e
500
16
1.00
11
14%
19%
1.00
6%
Jan
May
Mar
Mar
Feb
Jan
Apr
Apr
Mar
Mar
Mar
Jan
45
25
1255
150
1.75
18
2
14
16
25
1.50
16
Feb
May
May
Mar
Jan
Jan
Jan
Feb
May
Jan
Mar
Jan
12
734
1355
22
835
4
51
12
735
16%
23
831
415
57
100
1,185
1,407
275
150
3,850
725
9
Jan
7
Jan
1355 May
17
Apr
8% May
3% Jan
44
Jan
12%
7%
18%
23
12%
7%
72
May
Feb
Jan
Feb
Jan
Feb
Feb
3369
Financial Chronicle
V colurpe 140
Canadian Markets-Listed and Unlisted
CANADIAN MARKETS
CANADIAN SECURITIES
GOVERNMENT. MUNICIPAL, CORPORATION and RAILROADS
JENKS,GWYNNE & CO.
Members New York Stock Exchange, New York Curb Exchange and other
principal Exchanges
ERNST & COMPANY
Members New York and Chicago Stock Exchanges
New York Curb Exchange - Chicago Beard of Trade
66 Broadway, New York
230 Bay St., Toronto
256 Notre Dame St., W., Montreal
Philadelphia - - - Burlington, Vt.
PRIVATE WIRES MONTREAL,TORONTO AND CHICAGO
Montreal Curb Market
Toronto Stock Exchange
F may
zaws
Last Week's Range for
Sale
of Prices
Week
Stocks (Concluded) Par Price Low
High Shares
90c
4.00
27
17
81
4
.i. e..; 4 4
15%
1.00
34
27
45
9731
231
25
26.60
3731
1.00
5
70e
4%
2231
60
32
25e
1631
1.05
34
27%
45
9731
234
25
27.00
3731
NM
434
2231
60
32
1.00
5
650
3%
21
60
30
250
15%
95o
34
2631
40
9631
234
21
24.75
36
0
0
000000 0000N0000=0MN , 00
0
,
,
.00000 0NON1..00‘1 000N0n00
.VMC.0
0.00 CM
.
W0MWMN
0
2.27 2.38
840 85c
85c
3.75 3.70 3.75
91c
680 91c
24c 22310 24310
2.22 2.23
4c4,4..; 4 — .i..;
88c
65c
43c
38.00
231c
1.17
43.50
3.94
9e
26c
16c
54.75
531c
41.00
45c
26310
2.48
11.75
59c
72c
3.00
630
4.25
17c
May
Mar
Apr
Mar
Jan
Mar
Mar
Apr
Mar
Jan
Jan
Mar
Apr
Mar
May
Jan
Jan
5
4
75e
21
431
3831
1131
4
531
8431
7
9
1.50
4.25
33
1831
81
Jan
Jan
Jan
May
Feb
May
May
Jan
Jan
May
Apr
Jan
Mar
Jan
Feb
Apr
May
80
80
,....4 ,.4o, ..4..i
880
63c
590
34e
39c
38.00 36.25
2310
1.10
42.00 42.00
3.94 3.80
831c 8350
26c
250
14%c 14340
54.25
531c
40.30 39.60
45c
23c
23c
2.10
11.45 11.45
53c
530
700
71e
2.82 2.74
61c
60c
4.20 4.15
17c
83
84
2%
2
52310
15%
3
2834
7
234
331
78
434
5%
500
3.00
2331
1634
75
High
3
Apr
731 Feb
Feb
9831 May 107
231 May
234 May
0000000009000.00.00000.00
" ON?000MCOONO"SON.C.,.MC.0
MN . .
.
00 V0d.00 0Mn N00.0.NM.M0
C706,4C4.
4
CO
N
N
MN
83
82
Low
.no
8331
Range Since Jan. 1 1935
...oco
3
331
100 100
231 234
NO;
84
5%
3
2
73c
21
3
3871
1133
331
4
84
534
7
90c
4.00
27
17%
81
0.1 -.MNM0 ..,MCON. CON
,
0
N
. C
0 .M, . W000
.7
06,0.
.
2031
3731
9
3%
231
2
680
1934
3
3631
9
334
4
84
5
7
500
3.80
2331
1674
81
ou,oco...r000.nwoo-p0000n
3
C
Fraser Cos Ltd
Voting trust
Home Oil Co Ltd
•
Imperial Oil Ltd
Jot Paints (Can) Ltd A *
Int Petroleum Co Ltd___*
Melchers Distilleries A___*
B
*
Mitchell & Co (Robert)--•
Page-Hersey Tubes Ltd__*
Regent Knitting Mills Ltd*
Rogers Majestic Corp_ __ 5
United Distillers of Can__*
Walkerville Brewery Ltd.*
Walker Gooderh Sr Worts *
• Preferred
*
Whittall Can cum pref_100
Public UtilityBeauharnois Power Corp.°
C No Power Corp pref.100
Manitoba Power Co Ltd_•
Power Corp of CanadaCuroul preferred_ __100
Southern Can Pow pret_100
MininOBase Metals Mining Corp*
Big Missouri Mines Corp_l
Brazil Gold & Diamond__1
Bulolo Gold Dredging__5
Cartier-Nfalartic Gold MA
Castle-Trethewey MInesA
Dome Mines Ltd
*
Falconbridge Nickel Mns_*
Francoeur Gold
•
Greene Stabell Nlines
1
J M Consolidated
1
Lake Shore Mines Ltd 1
Lebel Oro Mines Ltd_ _1
Noranda Mines Ltd
*
O'Brien Gold
1
Parkhill Gold Mines Ltd_l
Pickle Crow
1
Pioneer of B C
1
Quebec Gold Mining__ 1
Read-Authier Mine Ltd 1
Siscoe Gold Mines Ltd__ _1
Sullivan Cons
1
Teck-Hughes Gold Mines_l
Wayside Con Gold M.
.50c
Unlisted Mines
Eldorado Gold Mines _1
Howey Gold Mines Ltd__1
San Antonio Gold Mines_l
Sherritt-Gordon Mines__ _1
Stadacona Rouyn Mines...
Sylvanite Gold Mines _1
Unlisted
Abitibi Power dr Paper_.•
6% cumul preferred_100
Brewers & Distill of Van_•
Brewing Corp of Canada_.
Preferred
•
Canada & Dom Sugar
*
Canada Malting Co Ltd •
Claude Neon Gen Ad Ltd*
Canso' Bakeries of Can__*
Consolidated Paper Corp_•
Dom Oilcloth & Linol'm_50
Ford Motor of Canada A_*
General Steel Wares pt_100
McColl Frontenao pret_100
Price Bros Co Ltd
100
Preferred
100
Royalite Oil Co Ltd
•
Weston Ltd
*
One South William Street
440
30c
20c
33.75
20
61310
36.00
3.25
Sc
18310
11310
49.00
3%c
31.00
450
200
2.10
9.00
9310
600
2.50
380
3.67
90
1.15
840
3.30
45e
140
2.20
95c
434
60e
3
1531
57
29
201
1131
951
32
26
37
9331
1.75
19
18.25
33
Apr 94
May 100
Mar
Feb
Jan
Jan
Jan
Mar
Feb
Jan
May
May
Feb
Jan
Feb
Jan
May
Jan
May
Mar
Jan
Jan
Jan
Jan
Jan
Feb
930
65e
43c
38.00
60
1.32
43.65
4.10
16310
400
20e
57.75
Sc
40.60
560
321
2.96
12.00
600
900
3.28
75e
4.55
2431c
Jan
Jan
Apr
Apr
May
Mar
Mar
Apr
May
Apr
Jan
Jan
Mar
Mar
Mar
Apr
Apr
Feb
Mar
May
Apr
Jan
Mar
Mar
Mar
Mar
Feb 2.90 Apr
Apr
1.09 Jan
May 5.00 Mar
Mar
840 May
Jan 3134c Mar
Feb 2.65 Mar
Apr
2
Jan
974
Feb
95c
Apr
431
Apr 2231
Apr 6031
Apr 32
Mar
300
Jan
1631
May
2%
Mar 34
Star 3231
Jan 55
Apr 100
Jan
374
Mar 34
Jan 27.00
Apr 46
Jan
Jan
Jan
Jan
May
Apr
May
Jan
May
Jan
May
Jan
Feb
Mar
Feb
Jan
May
Jan
Toronto Stock Exchange
May 11 to May 17, both inclusive, compiled from official sales lists
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
Sale
of Prices
StocksLow
Par Price Low
High Shares
High
•
Abitibi common
295
900 May
1.00
90c 1.00
2.00 Jan
6% preferred
434 Mar
100
4% 4;1
285
0% Jan
Alberta Par Grain pret_100
Apr 29
25 17
19
Jan
20
Amer Cyanamid 13
200 1834 May
10
18% May
18% 18%
British American 011
• 15%
14,184 1431 Apr 16
15
16
May
Beatty Bros corn
75
9% Jan
• 10% 10% 10%
15
Jan
Preferred
15 85
100 88% 88% 92
Mar 93
Jan
lleauharnois Power com_*
341
2% Apr 7 Feb
3% 3%
3%
Bell Telephone
415 11831 Apr 135% Feb
100 126
123 126
1Srant Cordage 1st pret_25
230 2731 Jan 30
28% 29%
Mar
•
Brazilian common
831 Apr
9%
1031 Jan
8% 9% 7,418
• 70
Brewers & Dist corn
4,875 50
Jan 95
70
60
Jan
Brit Col Power A
• 24% 24% 25
57 23
Apr 30
Jan
2% Apr
10
5
•
2%
2% 2%
Jan
Building Products A
160 2631 Apr 30% May
30% 29% 3035
Burt(F N) corn
32%
310 2831 Apr 34% Jan
25 32% 31
Mar
Canada Bread com
•
2
375
3
5% Jan
3
3
Apr 80
let preferred
63 63
100
76%
75
Jan
Apr 30
B preferred
22
30 17
100
Jan
20%
Canada Cement corn
•
534 Mar
1,108
7
634
731
831 Jan
Preferred
•
Apr 64% Jan
61
228 51
55
• 52
May 56
Canada Packers corn
40 50
52
Jan
51
Jan 113
Preferred
100 112% 112% 112%
60 110
Apr
May
Can Steamships corn
•
2
2
10
3% Feb
2
2
Preferred
26
7
Jan 11% Jan
100
8% 8%
8%
Canadian Bakeries prof.100
Apr 20
14 15
Mar
1031 1631
New York
Friday
bales
Last Week's Range for
of Prices
Week
Sale
High Shares
Stocks (Concluded) Par Price Low
•
Canadian Canners com
lot preferred
loo 8634
Cony pref
•
6%
Canadian Car com
*
25 15
Preferred
Canadian Dredge com__* 2231
5
Preferred
50
Cndn Gen Elec com
Preferred
50
9%
Cridn Ind Alcohol A
•
*
B
*
331
Ciadn Locomotive com
5 1131
Canadian 011 corn
100
Preferred
Canadian Pacific Ry____25 II%
•
4%
Canadian Wineries
Cockshutt-Plow com
•
734
• 80
Conduits Co corn
Consolidated Bakeries
* 15%
Consolidated Smelters__25 17831
100 18531
Consumers Gas
*
Corrugated Bopref
Cosmos Imperial Mills_ •
100
Preferred
Dominion Coal pret
*
4%
Dom Steel & Coal B____25
Dominion Stores
•
831
Economic Invest Trust__50
•
8%
Fanny Farmer corn
*
Famous Players
* 27
Ford of Canada A
Frost Steel & W 1st pref 100 78
Goodyear Tire pref.__ _100 111
5
634
Gypsum L Si Alab
•
Harding Carpets
Hamilton Cottons pret_30
Ham United Theatres pf100
*
Hunts Ltd A
B
5 13
Imperial Tobacco
Int Milling 1st pret_ _ _ _100 110%
* 28%
Int Nickel corn
Jot Utilities A
5
634
Kelvinator com
100
Preferred
Laura Secord Candy com • 61
Loblaw Groceterias A____ 5 18%
• 18
B
Loew's Thea(M)pref__100 114
Maple Leaf Gardens
•
Preferred
Maple Leaf Alining com_ *
*
4%
Massey-Harris corn
Monarch Knitting prof _100 88
• 20
Moore Corp tom
100
A
100
B
National Sewer Pipe A_ ..*
*
536
National Grocers
•
Preferred
Ont Equit 10% paid_ _100
Page-Hersey Tubes com* 85
Photo Engravers Si Elec. •
5
Pressed Metals corn
Riverside Silk Mills A___• 29
Russell Motors pref____100 90
Simpson's Ltd pref____100 72
Steel of Canada corn
• 4634
25 43
Preferred
Tip Top Tailors com
•
100 93
Preferred
•
4%
Union Gas Co corn
•
3
United Steel Corp
* 27
Walkers (Hiram) com
* 1734
Preferred
Western Can Flour corn_ _C
Weston Ltd (Geo) corn_ __* 37%
Preferred
100 111
Banks50 6334
Canada
Commerce
100 150
Dominion
100 175
Imperial
100
Montreal
100 175
Nova Scotia
100 282
Royal
100 156
Toronto
100 200
Loan & TrustCanada Permanent _ _ 100 140
Huron Si Erie 20% paid __•
Toronto General Trusts100
Range Since Jan. 1 1935
Low
High
4
4
5
4
May
51 86
May
86
88
385
6% May
634 7%
7% 734
.560
631 Mar
175 12
Mar
1431 15
545 1931 Mar
2231 23
4 106
106 106
May
1 15434 NIar
160 160
31 5931 May
5931 60
9
10
4,800
731 Jan
45
6% Jan
834 831
26
33.1 May
3% 334
170 11 k May
1131 12
67 113
May
11431 114%
105.ci1l%
5,053
9% Mar
431 May
25
4%, 4%
790
631*Mar
734 7%
25 180 Way
80
805
1434 1631 3,425 11 X,Jan
159 180% 3,200 125% NJ ar
May
276 185
185 188*
Jan
78
5 30
781
40 14% Apr
1531 17g
5 102% Jan
107 107
Apr
50 123
126 12631
1,148
3% Apr
434 5a
975
8 WiNfay
8311 94g
30 1431 Jan
15
161.
7% Mar
93.4 3.945
834
55 14
Mar
15
15*
2631 2734 6,994 2534 Nlar
25 68
Jan
78*
78
111 112
797 110% May
830
5
Afar
534 6%
234 May
350
234 234
35 25
Apr
2731 28
Mar
55 50
53
56
10
634 Apr
734
734
5
734 May
73-4
731
1.260 12
Apr
12% 13
30 110
Apr
11031 11034
2734 2931 28,520 2231 Feb
25
1.50 May
1.55 1.55
5
6% May
634 634
Jan
20 102
105 106
10 60
Jan
61
61
1,564 1734 Jan
1831 1834
325 17
Feb
175 18
%
310 108% Apr
114 114
75
50c Apr
800 1.00
331 May
10
334 3%
50c May
120
800 1.00
3,549
3% Mar
434
4
75 713-4 Jan
88
87
1,237 17
Jan
1931 20
236 118% Jan
12934 130
74 135
Jan
142 145
570 18
May
19
18
5
531
482
5
May
135 125
Mar
130 130
25
6
Apr
6% 6%
231 78
Jan
85
83
155 21
Mar
2334 2331
37
8
Mar
10
1031
Jan
152 27
2834 29
89 70
Jan
8834 90
Apr
30 70
72
74
837 42
Mar
4434 47
Apr
364 41
4131 43
7% May
100
73-4 734
20 90
Jan
92
94
927
434 May
4%
231
1,620
2% Apr
331
May
27%
7,810 23
23
1,662 16% Jan
1631 17%
3
2% Apr
3
3
Mar
3431 3731 3,540 32
136 108
May
108 111
434
5831
148
175
18931
175
282
156
200
6331
150
180
18934
180
287
160
210
14231
140
1531 16
105 108
295
267
231
25
50
67
112
4
55
Feb
145
Mar
175
May
189% May
175
May
280
Apr
15434 Apr
200
May
a ,II.
4 135
Ja.
30 15
Jan
17 104
Jan
634 Jan
94
Jan
931 Jan
8% Jan
17 ,4 Jan
2474 Jan
106
May
160
May
643.4 gJan
1034 May
9% [Jan
3311Nlar
15,, Jan
127
Mar
13% 1Jan
6II Niar
sg 1Jan
1.00j Feb
1631 May
18034 May
193
Mar
78
May
18
Mar
107
may
139% Feb
6 [Jan
1231 Jan
20
Feb
931IMay
15
May
3231 Van
78 Way
11734 Mar
7% Jan
3% Mar
3031 Feb
so
may
11
Jan
11
Jan
1331 Jan
114
Feb
2934 May
2.25 Feb
834 Feb
106
May
63
Jan
Apr
19
183-4 Mar
Slay
114
1.00 May
5
Apr
1.30 Jan
534 Jan
89
May
20
May
130
May
May
145
22
Jan
634 Feb
May
130
831 Feb
85
May
23% Jan
15
Jan
29
May
May
90
90
Jan
48
Jan
44
Jan
10
Jan
9834 Feb
574 Feb
5
Jan
33
Feb
1834 Star
6
Feb
4634 Feb
113 'Jan
Nom
6334
16934
201%
2083.4
203
305
173
230
May
Jan
Feb
Mar
Jan
Jan
Jan
Mar
I NI
150
Feb
1734 Feb
126
Fen
Toronto Stock Exchange-Curb Section
May 11 to May 17, both inclusive, compiled from official sales lists
Friday
Sales
•01
Last Week's Range for
Range Since Jan. 1 1935
Last
of Prices
Week
Stocks
-Par Price Low
High Shares
Low
High
Brewing Corp com
Preferred
•
Can Bud Brew corn
Canada Nfalting
Canada Vinegars corn__ _•
Can Wirebd Boxes A..___•
•
Bruck Silk
Disher Steel Cons pre_ •
• No par value.
434
22%
8%
3231
3%
2034
7%
29;1
27
,16
17
15%
634
634
4%
22%
8%
32%
27%
16
17
634
5,297
646
1,140
2.183
355
10
350
50
23.4
1531
7%
29
25
15
15
634
Apr
NIar
Apr
Apr
Jan
Apr
Nf ar
May
434
22%
831
32%
28%
17
17%
631
May
May
May
May
Jan
Jan
Feb
May
3370
Financial Chronicle
May 18 1935
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Curb Section
r naafi
sates
Last Week's Range for
Last
Week
of Prices
Stocks (Concluded) Par Price Low
High Shares
Toronto Stock Exchange-Mining Section
Range Since Jan. 1 1935
Low
High
Distillers-Seagrams
• 16% 13% 17
14,202 13%
Don inion Bridge
• 2955 27% 30%
550 24%
Dom Tar & Chem corn...*
4%
3%
2,615
3% 5
Preferred
100 55
51
765 42
5655
•
Dufferin Paving corn_
2
2% 4%
455
100
Preferred
40
28
225 24
English Electric A
•
8
25
8
7
Goodyear Tire com
• 153
763 125
147% 156
Han ilton Bridge corn._. 5
20
3
3% 3%
Preferred
100
22% 23
90 22%
Honey Dew corn
*
6
655 6%
5
Hun.berstone Shoe corn __C
30
30
10 28
Imperial Oil Ltd
* 20%
19% 21% 51,130 15%
Intermit' Metal Indust_ *
5
5%
4
210
Preferred
100 42
40% 43
102 37
Intermit' Petroleum
38% 33,661 28%
• 37% 36
Langleyspref
100
65
65
14 60
Apr 18%
Mar 34
7%
May
Jan 70
4
May
Feb 40
Jan 12%
Apr 156
May
5%
May 33
7%
Apr
Jan 32
Feb 21%
Mar
6
Jan 45
Mar 38%
Jan 80
McColl-Frontenac 011 com* 1455
14% 14%
100 97% 95% 97%
Preferred
Montreal L H & P Cons__' 28% 27
29%
National Breweries com...• 35
34% 35
National Steel Cur Corp -• 16%
.
16
16%
North Star Oil com
1.90
1.00 1.90
5
Preferred
3.25 3.50
5
3.50
12
•
Ontario SilknIt corn
12
82
100 82
85
Preferred
6% 8%
Power Corp of Can com....•
8%
-Majestic
•
Rogers
6%
6% 7
Shawinigan Water & Pow.* 16% 16% 17%
80
* 80
Standard Paving
90
10
Preferred
com__"
2% 2%
Supersilk corn
•
65
65
100
Preferred
26%
Supertest Petroleum ord__• 25% 25
Toronto Elevators corn_ • 40% 3855 40%
118 120
ion
Preferred
15% 17
United Fuel Invest pret 100 15%
•
3%
332 3%
WalkervIlle Brew
1%
•
155
Waterloo Mfg A
May 15% Jan
Apr 100% Mar
May 32
Jan
May
Feb 35
Mar 18% Jan
Jan
1.90 May
4.00 Feb
Jan
12
May
Jan
May
Jan 85
May 10% Jan
9
Jan
Mar
May 20
Jan
1.75 Jan
May
May 15
Jan
Feb
3
May
Apr
Jan 70
Feb 26% May
Jan
Mar 42
Mar 129% Jan
May 29
Jan
Mar
4% Jan
2% Jan
May
I()
too
3,353 13
95 94%
871 27
22 31
330 14
740 70
1.50
515
125
8
125 75
6%
267
5%
830
470 14%
80
90
15 10
2%
15
10 58%
880 21%
540 33
96 108
40 15%
220
2%
20
1
Feb
Jan
Mar
Mar
May
May
Feb
May
Jan
Jan
Feb
Feb
May
Apr
Mar
May
Mar
Siusay
stues
Last Week's Range for
Sate
Week
of Prices
Stocks (Concluded) Par Price Low
High Shares
O'Brien Gold Mines
450
1
450
Olga Oil& Gas
* 5%c 4%c
Paymaster
1
26c
260
Peterson Cobalt
Sc
1
7550
Petrol Oil& Gas (new)_ *
650
Pickle Crow
2.10
1
2.28
Pioneer Gold
1 10.50 10.00
Premier Gold
1
1.80
1.78
Prospectors Airways
1.70
• 2.00
Read-Authler
700
70e
1
Red Lake Gold Shore...."
320
27e
Reno Gold
1.50
1
1.53
Roche Long Lac
1 655e 6%c
Royalite Oil
* 26.25 24.50
San Antonio
1
Sarnia Oil& Gas
I
Sheep Creek
50c
Sherritt Gordon
1
SIscoe Gold
1
South Amer Gold & PL_.1
South Tiblemont
•
St Anthony Gold
1
Stadconda Rouyn Gd M..*
Sudbury Basin
•
Sudbury Contact
1
Sylvanite Gold
1
Tashota Gold Fields
1
Teck-Hughes Gold
1
Texas Canadian
•
Toburn G M Ltd
1
Towagmao Explor
1
Treadwell Yukon
Vacuum Gas & 011
•
Ventures.
*
Waite Amulet
*
Wayside Cons
50c
White Eagle
*
Wiltsey-Coughlan
1
Wright
-Hargreaves
•
Yankee Girl Gold
•
1
3.70
1255c
1.04
94c
2.78
1055c
200
2355c
1.50
2.26
56c
4.18
93c
1.22
21c
94e
850
1555c
40
45.10
8.50
47e
Range Since Jan. 11035
Low
50e
450
1,600
6550 97,000
30
290 174,146
16o
80 213,300 154c
650
45c
700
2.50 84,255
2.10
11.95 10.740 9.00
1.85 10.950
1.45
2.10 2,600
1.25
720 6,700
550
33c 49,800
270
1.55 6,250
1.21
7c 14,800 435c
27.00 5,735 18.00
3.50 3.77
10c 1432c
1.04 1.10
65e 1.00
2.71 3.03
3.75 3.90
103ic 13e
200
21c
23c 24%c
1.35 1.55
70 755c
2.21 2.30
52e
59c
4.15 4.22
810 94e
1.15 1.22
19340 210
300 30c
le 1%c
850 94c
700 85c
150 17340
3350 4%e
40 4%e
8.50 8.90
470 500
High
May
750 Mar
Feb 655e May
290 May
Feb
Feb 9320 Apr
Feb
650 May
May
2.96 Mar
Jan 12.25 May
Jan
2.05 Apr
Jan
3.05 Mar
Jan
90c Jan
May
410 Apr
Jan
1.67 Mar
Feb 10320 Mar
Mar 27.00 May
15,006
3.10 May
5.20 Mar
72,600 2550 Jan 14320 May
6,300
55c Jan
1.25 Apr
45c Mar
164,741
1.00 May
87,300
2.49 Feb
3.28 Mar
600
3.30 Apr
4.60 Jan
10c May
36,774
150 Mar
390 Jan
27.400
20o Apr
33,000 13%c Jan
32e Mar
12,910
1.25 Jan
1.61 Mar
3,500 53Sc Feb
110 Mar
6,460
2.20 Feb
2.70 Mar
37,900
5Ic Apr
670 Apr
24,129
3.70 Jan
4.65 mar
15,450
550 Feb
940 May
4,755
1.12 Apr
1.45 Jan
7,200
19c Apr 30320 Jan
500
250 Jan
30o May
2,000
55c Feb
1550 Mac
23,985
850 May
1.07 mar
14,735
510 Mar
85e Apr
41,600
240 Mar
7o Jan
25,800 255e Jan 10550 Jan
7,700
4c May
70 Jan
5,535 8.25 Jan
9.90 Mar
5.200
47c May
850 Mar
Toronto Stock Exchange-Mining Section
13c
33c
7c
26e
860
30
15.65
860
14%c
40
41c
55.00
40
5%0
5.50
2.00
7e
7c
1.20
22e
18c
1.40
26c
380
1.30
3c
69c
235c
2.80
40.50
600
57.151
500
9,200
2,000
6.000
2,000
13,586
500
50,550
500
55,880
5.500
24,300
10.756
2,000
23.855
12,38a
17.050
11,120
7.416
14,400
3R.11)0
20.155
35.155
56.700
8,700
27,226
11,600
5,300
25,420
23,200
62,800
6,285
2,100
29.700
900
67,100
1.500
20,500
11,023
14,791
1,200
350 May
1.24 Mar
210 Apr
12550 Apr
120 Jan
60 May
3550 May
250 May
70 Feb
170 May
Sc Jan
480 Feb
30 Feb
4550 May
15.65 May
90 Jan
840 Mar
110 Feb
40 Apr
400 May
48.75 Jan
40 Jan
2%o Jan
4.85 May
1.93 May
30 Feb
60 Apr
1.06 Mar
16550 Apr
15c Apr
45e Jan
16.3 Jan
130 Jan
90.3 Mar
210 Mar
25.40 Feb
100 Apr
470 Apr
550 Feb
155c Feb
2.11 Mar
31.00 Jan
210 Apr
42 BROADWAY, N.Y.
Tel. BOwling Gr.9-5934
TORONTO:347 Bay Street
Toronto Stock Exchange-Mining Curb Section
May 11 to May 17, both inclusive, compiled from official sales lists
Stocks-
Friday
sates
Last Week's Range for
Sale
of Prices
Week
Par Price Low
High Shares
Aldermao Mines
•
Brownlee Mines
1
1320
Canada Kirkland
1
1%0
Central Maintoba
1
Chuchill Mining
1
3)20
Coast Copper
5 3.00
Cobalt Contact
1 555e
Dalhousie 011
•
340
East Crest 011
•
Foothills 011
•
Gilbec Gold Mines
* 255c
Home 011
•
Hudson Bay Mining
• 16.00
Keora Mines
1
Kirk Hunton
1
MC
Kirk Townsite
1
220
Lake Moron
•
Sc
Lebel Oro
1 5550
Malroblo Mines
1
1550
Mandy Mines
• 955c
Night Hawk Pen
1
Nordon Corp
5
Oil Selections
• 5Un
()Asko Lake
1
Parkhill Gold
1
22c
Pawnee Kirk
1
30
Pend Oreille
1 7035c
Porcupine Crown
1
50
Preston East Dome
1
Ritchie Gold Mines Ltd__ _
20
Robb Montbray
1
30
South Keora Mines
1
Sudbury Mines
1 6%0
Wood Kirkland M G._.1
60
45e Apr
2.24 Jan
420 Apr
200 Jan
190 Jan
110 Jan
70 Mar
380 Mar
120 Jan
450 Jan
100 Jan
970 May
80 Jan
100 Jan
20.25 Mar
13c Mar
1.10 Jan
21.10 Mar
140 Jan
650 Mar
58.00 Mar
Bid
Ask
80 Jan Canadian Pacific RI
80 Apr
44 perpetual debentures
88 4 8714
,
7.25 Feb
es
Sept 16 1942 111 11112
2.75 Jan
iiie
Dec 15 1944 95 4 9814
,
12o Jan
Bs
July 1 1944 1113 11212
4
1355o Jan
1.45 Jan
4655o Jan
400 Jan
2.15 Mar
Bid I Ask
270 May Canadian National KY
38%c May
4348
Sept 1 1951 1123 1134
4
1.37 May
4548
Sept 15 1954 10314 1030
4
230 May
455s
June 15 1955 11515 1155
8
4o Mar
Feb
4%.
1 1958 113 113 a
,
16c Jan
4A s
July 1 1957 1107 1113a
8
70o May
432s
Dec 1 1968 103 4 104 8
,
,
1340 Jan
5e
July 1 1989 11518 115 3
,
40 Apr
58
Oct
1 1969 11718 117 3
,
2.95 Apr
5s
Feb
1 1970 11713 117 3
,
41.00 May
No par value. f Flat price.
310 Jan
.41
37c
370
1.36 1.48
35c
35c
130 13%c
150 17%c
60 6550
4c
40
250 350
7c
70
170 33c
70
70
840 950
3c
30
Sc
455c
15.65 16.30
9%0 10c
85e 870
14%c
15c
40 4%c
400 43c
54.25 55.50
40
5c
55io 6%0
5.00 5.50
1.93 2.15
60
7c
6550
7c
1.16 1.21
190 22e
180 1855c
1.40 1.55
213.5c 27c
370 38%c
1.16 1 37
23o
23c
2550 3%0
120 12e
600 70c
10
lc
20
30
2.77 2.81,
39.70 41.00
240 250
1.42
memberst The Toronto Stock Exchange
Canadian Commodity Exchange, Inc.
Range Since Jan. 1 1935
Low
High
3,400
Sc Feb
110 Apr
18,700 1%o May
30 Jan
6,500 1550 Apr 3550 Jan
16,300 3540 May 7550 Feb
7,700
30 Jan
50 Jan
4,390 1.50 Mar 3.25 May
69,200 13ic Feb
8.3 Apr
11,900
220 Mar
380 May
1,150
120 Jan
60 Feb
2,800
240 May
350 May
59,000 1550 Mar 355c Mar
6,210
50o Apr
800 May
4.472 11.50 Jan 16.00 May
7,000
lc Apr 23.0 Jan
10,500
550 May
1550 Jan
8.900
190 Apr 33320 Jan
14,800
70 Apr
30 Jan
78,750 3)50 Jan 9550 Mar
18,000 154c Jan
30 Jan
11,000
60 Apr
100 May
2.000 1550 Mar 4550 Jan
2,000 3%o Mar 6550 Jan
40,500 3%o Jan
70 may
1,500 455c Mar
iiio Feb
57,205 19550 Jan
320 Feb
13,500
10 Feb 455.3 Apr
32,930
45o Mar
800 Apr
17,400
30 Jan
Sc Mar
3,000 15.50 Jan 2550 Jan
19,500
lo Apr 2%o Feb
257.800
20 Apr 4550 Feb
1,500 2550 Apr
7o Jan
429,100
30 Jan 7550 May
15.000 31C.1 Fah 7w5 A nr
0% 43
ta
LJ bla
4
t.zbzo.tictXXX8N clat 2ggg:1
"
k.
4 90Eicon,t,
,2
,
noononn
0 0.00000M
00,..060C.r.0000
Gabriel'Gold Mines Ltd _1
•
Gods Lake
1
Golconda Lead
1
Goldale
1
Goldfield Cons
1
Goodfish Mining
1
Graham Bousquet
Granada Gold
Gra.ndoro Mines
1
Greene Stabell
1
Grull 15 ihksue
1
Gunnar Gold
1
Halcrow Swayze
1
Harker Gold
5
Hollinger Cons
1
Homestead Oil
1
Howey Gold
J M Cons Gold Mines
1
Kirkland Cons
1
Kirkland Lake Gold
1
Lake Shore Mines
Lamaque Contact Gold...1
Lee Gold Mines
•
Little Long DiA3
Macassa Mines
•
Man St East Mines
1
Maple Leaf Mines
McKenzie Red Lake -__.1
1
McMillian Gold
1
McVittle Graham
•
Me Waiters Gold
•
Merland 011
1
Midwal 011 & Gas
•
Mining Corp
_1
Model Oils
1
Moffatt-Hall Mines
1
Moneta Porcupine
Morris Kirk Gold Mines...1
1
Murphy Mines
•
Newbec Mines
5
NIplasing
•
Noranda
Nor Can Mining
C. A. GENTLES & CO.
cia
o
190 Jan
22550 245ic 14.500
260 Mar
10c 4,100 7550 Mar 1055c Jan
955c
155e 1%0 18,000 1550 Feb 2950 Jan
Sc 5%c 3,800 2%c Jan
80 Mar
4.10 4.25
4.50 May
3.75 Mar
866
130 3.700 11%e Apr
120
32c Jan
3%e 4%c 10,500 2550 Jan
80 Mar
480 48%c 2.750
40c Apr
570 Apr
8
380 52c 58,400 5s0 NIM yy
570 May
30
5%c
8c 143.100
14c Jan
ay
4c 34.900 2%0 May
2%c
80 Jan
390 Feb
700 90c 90.604
940 Apr
14c Feb
690 May
61e 690 285.806
1.200
1.60 1.70
1.59 Jan
2.16 Jan
59%c 66c 58,663
3Ie Feb
660 Apr
20o Apr
20550 23c 23,112
380 Jan
1.50 Mar
1.80 1.85 1,150
2.95 Jan
6.10 May 12.50 Jan
6.10 6.75 7.725
150 11,400
100 May
100
24o Apr
2.70 2.80 7,110
3.50 Mar
2.50 Apr
1550 1%c 3,000 1550 Feb
3%0 Jan
40 Jan 6550 Mar
4e 5%c 6,720
540 Feb
58%c 620 11,275
730 Feb
1.10 1.25
850
1.05 Apr
1.50 Jan
1.08 1.20 66.181
1.34 Apr
56c Jan
1.12 Jan
1.47 1.55 27,695
1.67 Mar
1.29 1.45 5,600
1.25 Apr
2.35 Jan
8o Jan
20540 23c 52,750
270 Mar
80 Apr
20 Jan
5550 13%0 29.050
13c 35,200
80
70 Jan
150 Mar
Sc 4,000
354 Apr 5550 Mar
4%c
100
2.25 Jan
2.85 2.85
3.60 Feb
1.90 Jan
1.95 2.08 5.510
2.60 Jan
42.00 43.50 1,266 35.00 Jan 43.50 May
5%0 7%0 18,750 5550 Feb
10e Apr
2.21 2.43 87,385
2.93 Apr
1.02 Jan
3.25 Jan
3.65 3.99 12,396
4.07 Apr
3%c
4c 18,700
20 Jan
455.3 Feb
CANADIAN SECURITIES
SILVER FUTURES
Q..CO.
• 2255c
Acme Gas ,Ic 011
1
Alta Pac Cons 011
Alexandria Gold Mines_ _ I
•
C
Sc
Algoma Min & Fin
A nglo-H uroulon
1
Ashley Gold
Astoria Rouyn
• 4855c
Algoldy Mines Ltd
470
Afton Mines Ltd
1 6550
Bagamac Rouyn
1
40
Barry-Hollinger
• 8655c
Base Metals Mining
.
Bear Explor & Research -1 63%0
• 1.70
Beattie Cold Mines
1 6155c
Big Missouri(new)
1
22c
Bobjo Mines
1
1.85
Bradlan Mines
• 6.30
Bralorue Mines
500
100
BR X Gold Mines
1
2.80
Buffalo A nkerite
*
Buffalo Canadian
"
Bunker 11111 Exten
*
(30c
Can Malartio Gold
1
1.25
Cariboo Gold
1
1.12
Castle-Treth
1
1.47
Cent Patricia
• 1.44
Chemical Research
• 21%0
Chlbougamau Pros
(new)
Clerley Como!
•
Columario Cons
Commonwealth Pete ----• 4%c
5
Conlagas Mines
• 1.95
Conlaurum Mines
42.00
Dome Mines
Dom Explor(new)
1
2.26
Eldorado
• 3.99
Falconbridge
355c
Federal Kirkland
Complete Brokerage Service
.1
5Ze.3=gg C.3120tZgl2.2.taX; 12. l.`
I,
*
e
t
tIc,,zoxgr=
000000000000 0.0-0.000.0000uDocacaoo
May 11 to May 17, both inclusive, compiled from official sales lists
Friday
Sates
Last Week's Range for
Range Since Jan. 1 1935
Sale
Week
of Prices
-Par Price Law
Low
High Shares
Stocks
High
Rai way Bonds
Bid
Ask
Canadian Pacific Ry4Ss
Sept 11946 102 102 4
,
be
Dee 1 1954 mite 104 g
,
4325
July 1 1980 9913 100
Dominion Government Guaranteed Bonds
Canadian Northern ItyTs
Dec 1 1940
6545
July 1 1948
Grand Trunk Pacific Ry
48
Jan
1 1962
38
Jan
11962
Grand Trunk Railway
Gs
Sent 1 1938
7s
Oct
1 1940
Bid
Ask
106
123
10614
123 3
,
107
99
10812
99 4
,
10614 1063a
104 4 105is
,
3371
Financial Chronicle
Volume 140
We Buy & Sell
Over-the-Counter
We Buy & Sell
STOCKS
SECURITIES
BONDS
BANK
INSURANCE
GUARANTEED RAILS
INDUSTRIAL
PUBLIC UTILITIES
INVESTMENT COMPANY
PUBLIC UTILITIES
WATER WORKS
INVESTING CO.
BUILDING MATERIAL
REAL ESTATE
MUNICIPAL
HOIT,kSE MISTIER.
Established 1914
74 Trinity Pl., N.Y.
Whitehall 4-3700
Members New York Security Dealers Association
• Open-end telephone wires to Boston. Newark and Philadelphia • Private wires to principal cities in United States and Caaada.
Quotations on Over-the-Counter Securities—Friday May 17
New York City Bonds
43441 May 1 1954
a3148 Nov 1 1954
o35s Mar 1 1960 WI
a-is May 1 1957
ais Nov 1 1958
a4s May 1 1959
045 May 1 1977_
a45 Oct I 1980
xa44ds Marl 1960 opt 1935_
a4 its Sept 1 1960
a44dri Mar 1 1962
a43ks Mar 1 1964
a43gs April 1 1986
a44k is April 151972
Ask
Bid
997 10018 a43ds June 1 1974
8
99713 1003 a43(s Feb 16 1970
8
9912 100 alga Jan 1 1977
10314 104 a43(s Nov 15 1978
10314 104 a4 3.(s Marcia 1 1981
10314 104 a414s May 1 & Nov 1 1957_ _
103 1033 a444s Mar 1 1983
4
103 1033 (1440 June 11955
4
_ a444s July 1 1967
1013
105 10512 a4448 Dec. 15 1971
- 1035 10612 a4 les Dec 1 1979
106 10612 Ms Jan 25 1936
105 10612 013s Jan 25 1937
106 1061z
Biti 'Ask
106 10612
10614 10634
10614 1063
4
10614 10634
10618 1071s
109 1093
4
10914 11014
10914 11014
10914 11014
110 111
11014 11114
10318 10312
1057a 1063
3
Bid
All
World War Bonus—
41(s April 1940 to 1949__
Highway Improvement
4s Mar & Sept 1958 to '67
Canal Imp 4s J & J '60 to'67
Barge CT 41 Jan 1942 to '46
Barge CT 414s Jan 1 1945__
Canal & Highway—
le Jan & Mar 1946 to 1971 r3.00
Highway Imp 440 Sept'63_ 130
Canal Imp 41es Jan 1964_ -- 130
Can & Imp High 4e 1965. 126
Ask
r2.15
12012
12012
11334
11412
Port of New York Authority Bonds
Bid
Ask
Port of New York
Bayonne Bridge 46 series C
Gen & ref 4s Mar 1 1975_
1938-53
Jda 3
105
Arthur K111 Bridges 43.4,
Inland Terminal 4141 ser D
melee A 1925-46
NUS 10712
1938-60
!VMS
Geo. Washington BridgeHolland Timnel.411a aerie, E
4is series B 1936-50J&D 10134 1023
NUS
1935-60
4
446s ser B 1939-53__NI&N 110 111
Bought , Sold and Quoted
MUNDS, WINSLOW & POTTER
40 Wall Street, New York
Whitehall 4-5501
Members New York, Chicago and other Stock and Commodity Exctiaagea
New York Bank Stocks
New York State Bonds
Bia
Bank and Insurance Stocks
Ask
21
38
___
2212
2214
Par Bid
Bank of Manhattan Co 10 1912
Bank of Yorktown__ 66 2-3 32
Bensonhurst liTational__100 30
Chase
13.55 21
City (National)
1244 203
4
Commercial National Bank
& Trust
100 131
Fifth Avenue
100 990
First National or N Y 100 1575
Flatbush National
100 25
136
1040
1605
35
Par Bid
Mngsboro Nat Bank.---100 55
National Bronx Bank__50 15
Nat Safety Bank &Tr_1245
7
Penn Exchange
10
6
Peoples National
100 48
Public National Bank &
Trust
25 2614
Sterling Nat Bank & Tr__25 1758
Trade Bank
1212 11
Yorkville(Nat Bank on MO 30
Ask
20
8
7
58
273
4
1812
13
40
New York Trust Companies
Bid
Ask
1023 1033
4
4
10112 106
111
112
United States Insular Bonds
Bid 'Ask
Philippine Government
-Bid
All
4s 1946
100 1003 1:1 S Panama 3a June 1 1961_ 112 116
.
444s Oct 1959
103 104
23 1936 called Aug 1 1935_ 100.11,100.13
28 1938 called Aug 1 1935_ 100.11 100.13
434, July 1952
103 104
bs April 1955
10012 10212 Govt of Puerto Rico
112 115
bs Feb 1952
44411 July 1958
107 10812
1930 109 111
534e Aug 1941
109 111
5s July 1948
Hawaii 4 4is Oct 1956
125 129 U S Comsat 2
100.6 108.8
Honolulu 58
Called July 1 1935
113 117
Par Bid AO
lanes Comm Itallana_100 140 150
lank of New York & Tr _100 357 363
tankers
10 5512 5713
lank of Sicily
12
20 10
Ironx County
7
4
512
100 81
86
Irooklyn
:antral Hanover
20 100
;heroical Bank & Trust__10 36
;Union Trust
50 42
iolonial Trust
'
75 10
:Iontinental Bk & Tr
10 103
4
.7orn Each Bk & Tr -----20 433,
103
38
50
12
1214
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Manufacturers
New York
Title Guarantee & Trust
Underwriters
444, Milled Al4t..1__ ___ _ _ _ _
Par Bid Ast
10 153 1634
4
100 220 235
100 243 248
10 123 1334
4
100 1645 1695
40
25 35
20
25
20
100
1914 203
.
92
89
43
4 53
.
55
1111) 1595
65
1445
We special= in
Underlying Inactive Railroad Bonds
Also in Public Utility Bonds and Insurance Stocks
Federal Land Bank Bonds
31fs 55 optional'45 __Ilf&N
4a 1945 optional 1944 __J&J
46 1957 optional 1937_M&N
is 1958 optional 1938.11 16rN
1
434n 1956 opt 1936____J&J
4341 1957 opt 1937____J&J
441s 1957 opt 1937__M&N
LAND
Ask
Bid
1013 102
4
107 10714
1033 1037
8
8
104 1043
8
1025 103
8
1033 1033
4
8
s
10312 1037
ilks 1958 opt 1938__MdcN
440 1942 opt 1935___IVI&N
440 1943 opt 1935____J&J
440 1953 opt 1935____J&J
434s 1955 opt 1935_ _ J&J
444s 1956 opt 1936____J&J
1341 45k
10534 10618
1017 10218
s
1007s 10118
100 8 10113
,
100 8 10118
,
1023 1023
8
4
BONDS
Bought — Sold— Quoted
Comparative analyses and individual reports of the
various Joint Stock Land Banks available upon request.
gi.oieutan F rowtha/Fey, any.
MUNICIPAL BOND BROKERS-COUNSELORS
120 So. LaSalle St., Chicago
State 0510
Joint Stock Land Bank Bonds
Atlanta fie
Atlantic P's
Burlington Os
California be
Chicago 85
Dallas 58
Denver 511
ties filoinei 54
First Carolinaa be
First of Fort Wayne be
First of Montgomery fa____
First of New Orleans bs____
First Tomas of Houston Ss__
First Trust of Chicago ba__ _
Fletcher fie
Fremont fa
Greenbrier 5s
Greensboro Os
Illinois Midwest Si
Illinois of Monticello 54
Iowa of Sioux City Os
Lexington as
Lincoln 08
LaFayette 55
Louisville Ss
Maryland-VIrgInia 6s
Mississippi-Tennessee bs
New York Is
North Carolinebs
Ohlo-Pennsylvania Si
Oregon-Washington Si
Pacific Coast of Portland Is
Pacific Coast of Los Ang fa
Pacific Coast of Salt Lake bs
Pacific Coast of Sag Fran.be
Pennsylvania Os
Phoenix 53
Potomac 55
St. Louis 53
San Antonio 6a
Southwest Si
Southern Minnesota be
Tenness is 55
Union of Detroit 158
Virginla-Carolina Ss
\rifleman Os
Bid Ask
95
93
100
100
99 166 i
96
97
9212 9312
94
95
92
94
9712 9812
100
100
100
9712 9812
1033 10415
4
98
99
148
50 I
99 100
83
85
141
42
99 100
94
95
9713
9512
Chicago Bank Stocks
Par Bid
American National Bank &
Trust
100 140
Continental Ill Bank &
'Trust
3313 46
For footnotes see page 3373.
Ask
4738
Nfembers Not TorkSccurily Dealers Association
HAnover 2-2455
41 Broad St., New York
Railroad Bonds
BANK
Bid
All
98
99
9812 9922
98
96
9912 10012
f3412 351z
99 100
8913
88
___
100
95
94
100 101
86
84
93 94
98
97
96
95
___
100
87
85
100 101
9712 9812
87
85
9112
90
96
98
100
61
90
JOHN E. SLOANE & CO.
Poi
First National
100
Harris Trust & Savings100
Northern Trust Co
1001
Bid !Ask
10714 1093
4
200 210
435 :445
Bid
Akron Canton & Youngstown 544s, 1945
135, 1945
Atlantic Coast Line 5s, May 1 1945
Augusta Union Station Bit 45, 1953
Birmingham Terminal lit 4s, 1957
Boston & Albany let 4
April 1 1943
Boston & Maine 3s, 1950
Prior lien ts, 1942
Prior lien 444s, 1944
Convertible Os, 1940-45
Buffalo Creek lst ref be, 1961
Chateaugay Ore & Iron 1st ref 4s. 1942
Chicago Union Station lot mtge Is, 1963
Choctaw & Memphis 1st Is. 1952
Cincinnati Indianapolis & Western lot Is. 1965
Cleveland Terminal dr Valley 1st 4A. 1995
Georgia Southern & Florida lit Si. 1945
Goshen & Decker-town 1st 540, 1978
Hoboken Ferry 1st bri, 1940
Kanawha & West Virginia 1st be, 1955
Kansas Oklahoma & Gulf 1s1 be, 1978
Lehigh & New England gen & mtge 4-9, 1965
Little Rock & Hot Springs Western 1st 4a, 1939
Macon Terminal lit Si. 1965
Maine Central 88, 1935
Maryland dr Pennsylvania lit 4s, 1951
Meridian Terminal let 41. 1955
Minneapolla St. Paul & Sault Ste. Marie 26 4s, 1949
'Monongahela By Co 1st mtge 4s, May 1 1960
Montgomery & Erie 1st Si. 1956
New York & Hoboken Ferry gen 58, 1948
Portland RR 1st 340, 1951
Consolidated 5s, 1945
Rock Island-Frisco Terrains 444s, 1957
St. Clair Madison & St. Louis 1st 48, 1951
Shreveport Bridge & Terminal 1st 5o, 1955
Somerset Ry lit ref 4s 1955
Southern Illinois & Missouri Bridge lit 45. 1951
Toledo Terminal RR 440, 1957
Toronto Hamilton & Buffalo 440, 1966
Washington County Ry 1st 344s, 1954
f44
f45
9914
87
89
9611
55
68
70
75
98
77
10612
149
85
87
41
99
85
90
96
10211
45
99
74
48
75
52
1023
4
88
75
64
8412
64
82
76
45
7512
1053
4
81
47
Ask
48
48
993
4
90
92
97
60
75
S5
1(Ti
52
861z
89
4312
88
02
97
103
50
51
55
10314
66
86
GS
48
771s
1061z
49
Realty, Surety and Mortgage Companies
Par! Bid I Ask I
Par Bid jAsk
Bond de Mortgage Guar_ _20
i. Lawyers Mortgage
14
201
1
111
Empire Title ee niter . _100
6
13 1 Lawyers This & Guar_ _100
214 at.
3372
Financial Chronicle
May 18 1935
Quotations on Over-the-Counter Securities-Friday May 17-Continued
We specialize in
Railroad Stocks
Guaranteed & Leased Line
Preferred
Common
Railroad Bonds
Adams & Peck
63 WALL ST., NEW YORK
BO wling Green 9-8120
Boston Hartford Philadelphia
NEW YORK CITY TRACTION ISSUES
Also in underlying and inactive
Railroad and Public Utility Bonds.
WiCarnOie Ewen
2 Wall St., New York
Tel. REctor 2-3273
Public Utility Bonds
Guaranteed Railroad Stocks
(Guarantor in Parenthesis ,
Ditideig
Par Is Dollars.
Alabama & Vicksburg (Iii Cent)
100
Albany & Susquehanna (Delaware & Hudson)_100
Allegheny & Western (Butt Roch & Pitts)
100
Beech Creek (New York Central)
50
Boston & Albany (New York entre')
(
100
Boston & Providence (New Haven)
100
Canada Souther,(New York Central)
100
Caro Clinchrield & Ohio(L & N AC L)4%__100
Common 5% stamped.
100
Chic Cleve Clue & St Louie pref(NY Cent)__ _100
Cleveland & Pittsburgh (Pennsylvania)
50
Betterman etock
50
Delaware (Pennsylvania)
25
Fort Wayne & Jackson pref (N Y Central)____100
Georgia RR & Banking(L & N. A CL)
100
Lackawanna RR of NJ (Del Lack & Western)-100
Michigan Central(New York Central)
100
Morris & Eider (Del Lack & Western)
60
New York Lackawanna & Western(DL & W)_100
Northern Central (Pennsylvania)
50
Old Colony (N Y N II & Hartford)
100
Oswego k Syracuse (Del Lack & Western)_ _ _ _ 80
Pittsburgh Be., et Lake Erie(U S Steel)
60
Preferred
50
Pittsburgh Fort Wayne & Chicago (Penn)_ -__100
Preferred
100
Rensselaer & Saratoga (Delaware & nucleon) _100
St Louis Bridge let peel (Terminal RR)
100
2nd preferred
100
Tunnel RR Si Louis (Terminal RR)
100
United New Jersey RR & Canal (Penna)
100
Utica Chenango & Suriquehanna(D L & W)....100
Valley (Delaware Lackawanna & Western)
100
Vicksburg Shreveport & Pacific (Ill Cent)__ -100
Preferred
100
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
50
6.00
10.50
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
5.50
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
5.00
5.00
5.00
3.50
3.00
Asked
69
182
86
28
103
138
50
84
89
76
x8135
4735
44
60
158
77
800
64
98
9235
61
69
36
x70
156
175
99
139
68
139
251
83
97
60
62
49
74
187
90
31
107
114
53
88
92
SO
8335
4835
46
64
165
80
66
100
9435
61
73
38
74
160
178
103
143
72
143
256
87
100
64
66
52
67
EQUIPMENT TRUST CERTIFICATES
Ed
4714
2012
1812
1914
2112
2412
3712
39
4212
48
8512
0212
83
87
6612
68
70
07
70
29
9912
34
503 5158
8
75
100 61"
93
91
89
90
835 855
8
8
12914 3012
92
Bid
Ask
Missouri Pacific 434s
S.
534e
New Orl Tex dr Mex 434L.
New York Central 4346___
r6.76
r6.75
76.75
16.10
r3.85
S.
r3.85
N Y Chic & St L 4351____ 14.00
Si
74.00
NYNH dr Hartford 4356_ r6.75
56
r6.75
Northern Pacitie 435s
r3.00
Pennsylvania RR 4351____ r2.75
r2.75
61
Pere Marquette 054
r4.00
Reading Co 4354
r3.25
56
r3.25
6.25
6.25
8.25
6.50
3.25
3.25
3.25
3.25
6.00
6.00
2.00
2.00
2.00
3.00
2.75
2.75
St Louis-San Fran 44
57
435e
57
5s
57
St Louis Southwestern 54_ r4.50
14.50
535.
Southern Pacific 74
71.50
73.75
4%.
r3.75
5s
Southern Sty 435e
r4.25
r4.25
Si
r4.25
5352
Texas Pacifie 41
14.00
r4.00
4354
r4.00
be
Union Pacific 435e
r2.50
r2.50
54
r1.00
76
Virginian By 4354
r3.00
r3.00
5e
65
65
65
4.00
4.00
1.00
3.10
3.10
3.50
3.50
3.50
3.50
3.50
3.40
1.50
1.50
.50
2.00
2.00
Wabash By 4.356
78.00
r8.00
S.
r8.00
5A1
78.00
es
Western Maryland 4356„ 74.00
74.00
56
Western Pacific Sc
r7.50
77.50
535e
7.00
7.00
7.00
7.00
3.00
3.00
6.50
6.50
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
PUBLIC UTILITY BONDS
St.
New York City
A. T. T. Teletype-NY1-951
Public Utility
Preferred Stocks
W. D. YERGASON & CO.
Dealers in Public Utility Preferred Stocks
30 Broad Street
New York
Tel. HAnover 2-4330
Public Uti ity Stocks
Par BSI Ask
6112
Alabama Power $7 prat_ _ _• 60
Arkansas Pr & Li $7 pret-• 5712 59
212
A4404 Gas & El °rig pref_
1
•
13
4
26.50 preferred
•
3
17 preferred
Atlantic City Else $8 pref_' 94
96
Bangor Hydro-El 7% Eit..100 10012
47
Birmingham Else $7 Pref • 45
Broad itly Pow 7% pf_100 22
24
Buff Ntag & East pr prirt_25 20
2112
Carolina Pr & LI $1 pret._• 81
823
4
• 7212 7412
6% Preferred
Cent Ark Pub Sery pief_100 74
78
Cent Maine Pow 6% 91.190 53
57
60
100 57
$7 Preferred
Cant Pr & Lt 7% prof_ _100 35
37
Cleve Klee 111 6% pret 100 114 116
Coins:thus Ry. Pr & U95
RA $6 preferred A._ - -100 93
90
$6.50 preferred B
100 88
41
Conant Traction(N J)_ _ _100 39
Consumers Pow $5 prof- -• 8612 88 2
,
100 97
6% Preferred
983
4
6.60% preferred
100 9912 10112
Continental Gas & El
7% preferred
61
100 59
Dallas Pow & Lt 7% pref 100 1093
8 11_
Dayton Pr & Lt 6% pref100 :108 11
Derby Gas & Elea $7 pref_' 75
78
Par
Essex -II adieu Vim
100
Foreign Lt de Pow units__ _
Gas & Elea of Bergen __ _100
Hudson County GOA_ _ _ 100
Idaho Power 26 prof
,
•
7% preferred
100
Illinois Pr & Lt let pret___•
Interstate Natural Gas___'
Interstate Power $7 pref __•
Jamaica Water Supply p1_50
Jersey Cent P & L 7% p1100
Kansas Gas & El 7% of 100
Kings Co Ltg 7% oret....loo
Long Island Ltg 6% pr_ 100
7% preferred
100
Los Angeles0& E6% pt 100
Memphis Pr & Lt $7 pref__•
MLeclmIppi P & L $6 pref__•
Mls Rlv l'ow 6% pret 100
Metro Edison $7 pref B___•
6% Preferred ser C__•
11,10 l'ub Sem $7 pref._ _ _100
,
Mountain State. Pr com__•
7% Preferred
100
Nassau & Suffolk Ltg v1100
Nebraska Power 7% pret100
Newark Cowl Gas
100
Now Engl U & E 514% pf.•
New Eng Pow Assn 6% 01100
Btd Ask
183
86
114
183
84
9)1
94
28
2(1
1112 1312
1412 1612
54
52
6912 71
97
94
58 0;
67
69
98 100
81
79
48
50
9712
100 103
93
95
212 5
2
14
4412
10814
114
2312
3812 3914
110
Associated Gas & Electric System
Securities
Inquiries Solicited
S. A. O'BRIEN & CO•
Slembers New York Curb Exchange
160 Broadway, New York
76 Federal St., Boston
COrtlandt 7-1868
Hancock 8320
Direct private telephone between New York and Boston
66
68
85
973 1664
10612 10714
91
93
74
76
5612 57
103 10312
89
92
105
10018 161-f4312 4512
10314 10414
59 .61
19
20
J*4
7
9912 10034
6212
975 98
8
38
37
62 63
80
f5
10312 10512
102
10612
763 773
4
63
85
87
1023 10312
4
58
We deal In
ABBOTT PROCTOR & PAINE
For footnotes see page 3373.
Bid Ark
42
43
10512 10612
8512
84
98 102
10212
131
63
Philadelphia, Pa.
Ask
1.00
2.75
3.00
3.00
3.75
3.75
2.25
2.25
3.50
2.50
2.00
.50
2.00
2.15
80
80
80
80
64
81
6.50
6.50
6.50
3.00
3.00
3.25
3.25
2.50
2.50
2.00
3.00
3.00
3.00
3.00
1.00
5.75
2.75
2.75
2.00
2.00
1.00
3.75
3.75
6.00
6.00
Ed
7012
48
Par
Lehigh Vali Trans ref 55 '00
Long Inland Lighting Sc 1966
Mtn States Pow let 6s 1938
Nassau El RR let Sc 1944_ _
Newport N & Ham 56 1944_
New England G & E Se 1962
NewOrleansPubServ412s,'35
Certificates of deposit._ __
New York Cent Elec Ed 1952
Northern N Y Utll Eas 1955.
Northern States Pr Sc 1964_
Oklahoma Nat Gas 68 A1946
5s series B
1948
Old Dom Pow 5e_May 15,
51
Pacific G dr El 4s, Dec 1 '64
Parr Shoals Power 68 1052..
PenInsularTelephone6.355'51
Pennsylvania Mee S. 1982._
Peoplee L & P 5358 l941_
Public Say of Colo 6.1961.
Public Utilities Cons 535s'48
Rochester Ry let Sc 1930.....
SchenectadyRy Co let 5646
Sioux City Gae & Elec (is '47
Sou Blvd RR let S. I945___
Sou Calif Edison 33J a 198(1..
Sou Cities Utilities Ed A 1958
Tel Bond &Share 66 1958.._
Union Ry Co N Y Sc 1942__
Un Trees Albany 4154 2004._
United Pow & Lt es 1944___
5e series B 1947
Virginia Power Se 1942
Wash it Suburban SW. 1941
Westchester Elea RR 56 1943
Western PS 535s 1960
Wisconsin Pub Sew 5126 '59
Yonkers RR Co lad Sc 1948.
Established 1921
Railroad Equipment Bonds
Bid
Ask
173
4
1812
2012
23
3512
38
4112
4512
84
101
80
85
6412
66
68
10512
65
28
99
35 Nassau
Tel. Cortlandt 7-5952
STROUD & COMPANY INC.
Atlantic Coast Line 635e_ r2.00
r3.50
435e
Baltimore & Ohio 435s
r3.85
54
r3.85
Boston & Maine 4354
r4.25
54
74.25
Canadian National 4356.... 73.65
5.
73.65
Canadian Pacific
74.00
Cent RR New Jer 4354___ r3.25
Chesapeake & Ohio 5356_ 73.00
r 1.50
6354
4354
r3.00
5e
r3.00
Chicago & Nor Wert 4351_
72
Be
72
Chic Mllw & St Paul 4354_
70
70
51
Chicago RI & Pao 435657
54
57
Denver & RU West 435s__ r8.00
54
78.00
78.00
5
Eris RR LSO
73.70
es
r3.70
4351
r3.85
54
r3.85
Great Northern 4351
r3.00
Ed
r3.00
Hocking Valley Si
r3.00
Illinois Central 4356
r3.135
54
73.85
Sis
73.85
635i
r3.85
7s
r1.50
Internal Groat Nor 4356_ re.50
Long Island 4351
73.60
S.
r3.50
Lout's'& Nashv 435.
13.00
Si
73.00
72.00
6356
Maine Central S.
74.25
5350
74.25
Minn St P & 88 M 4.
r7.00
4%,
77.00
Be'
f30
/25
57
6812
f47
148
49
4614
1914
R.F. Gladwin 8k Co.
-Appraisals Upon Request
Quotations
Private Wires to New York
Par
Albany Ry Co con 5e 1930...
General Se 1947
Amer State. PS 535s 1948
Amer Wal Wks & Elec 55 75
Arizona Edison let tes 1948..
let 68 series A 1945
Ark Missouri Pow lot 68 '53
Associated Electrle 5e 1961
Assoc Gas & Elea Co 435s '58
Associated Gas & Elie, Corp
Income deb 335s____1978
Income deb 334s...._1978
Income deb 415
1978
Income deb 435s___ _1978
Cony debenture 48 1973._
Cony debenture 435e 1973
Cony debenture Se 1973_ _
Cony debenture 535s 1973
Participating fie 1940__
Bellows Falls Hydro El Ea'58
Bklyn C & Newt'n con Se '39
Cent Ark Pub Seri Sc 1948
,
Central0& E 6356 1946_ _ _ _
1st lien coIl tr Sc 1948____
Cent Ind. Pow let 66 A 1947
Colorado Power
1953._ _ _
Con Ield & Bklyn con 4e '48
Consol Elea dr Gas 5-8e A '62
Duke Pries Pow 1966
Federal Pub Serv 1st 69 1947
Federated Util 535e 1957__.
42d St Man & St Nick 56'40
Green Mountain Pow be '48
III Commercial Tel Se A '48
Interborough R T Se We '66
Iowa So URI 5351 1950
Kan City Pub Sexy 36 1951_
KeyetoneTelephone 5 354'55
3373
Financial Chronicle
Volume 140
Quotations on Over-the-Counter Securities-Friday May 17-Continued
Par
New jersey Pow & Lt $8 pf •
New Oil Pub Serv $7 pi__ •
N Y & Queen* E L P pt 100
Northers Stowe Pr $7 Pt 100
Ohio Power 8% pref____100
Ohio Edition $8 pref
•
$7 preferred
•
Ohio Pub Serv 6% pi_..100
7% preferred
100
Okla
E
oret....100
Pae Gas A Else 6% OIL-25
Pacific Pow & Lt 7% pt.100
Penn Pow & Light $7 pret•
Philadelphia Co $5 pref.. _ _•
Piedmont Northern Ity..106
Pub Serv of Colo 7% tif-100
Puget Sound Pow & Lt
•
$5 prior preferred
Queens Borough G&E
6% preferred
100
Bid AO
Si)
89
1814 2014
102
71
68
100 10212
86
83
93
7 12
58212 8f91
89
86
89
243 2512
4
54
56
9814 100
53
56
35
30
94
96
25
27
59
Pa
, 844
ltochGa3&E1e07%B..iOO 101
8% preferred C
100 95
Sioux City 0 & E $7 P1 .
100 6312
25 2512
Sou Calif Ed pre A
Preferred 13_...25 2212
South Jersey Gas & Elec. 100 183
Tenn Elec Pow 6% pref _100 50
104) 60
7% preferred
Texas Pow & Lt
131 .100 8812
Toledo Edison 7% Pi A-100 100
6712
United 0 & E (Conn) 7% D
United 0 & E(NJ) pref 100 50
Utah Pow & Lt $7 Pref----• 2812
Utica 0fle & El 7% pref.100 89
612
Util Power & Lt 7% pref100
100 60
Virginia Railway
Wash RI & Elec com
100 x305
100 103
5% preferred
Western Power $7 pref 100 80
Ask
104
97
8512
26
2314
52
62
90 2
,
102
6912
3
6
903
4
712
65
Specialists in
PRUDENCE BONDS
Statistical Information Furnished
This Company Mortgages & Certificates
PULIS COULBOURN &CO.
25 BROAD ST., NEW YORK
Tel.: HAnover 2-6286
Real Estate Securities
62
Reports-Markets
Public UtIlltles-IndustrIals
-Rallroads
AMOTT, BAKER & CO.
Specialists in Over the Counter Securities
for Out of Town Banks & Dealers
INCORPORATED
BArelay 7
2360
150 Broadway, N.Y.
A.T.& T. Tel.
N Y 1-588
BOND & GOODWIN
Incorporated
63 Wall St., N. Y. C.
Whitehall 4-8060
Benton. N 1 W38.
AT&T. Teletype NY 1 360
Portland, Me.
Real Estate Bonds and Title Co. Mortgage Certificates
Specialists in-
WATER WORKS SECURITIES
Complete Statistical Information-Inquiries
Invited
SWART,BRENT SE CO.
-
25 BROAD
r4 C033 PO RAT E D
STREET, NEW YORK
TEL.: RAnover 2-0510
Water Bonds
Alabama Water Serv 513, '57
Alton Water Co 56, 1958_
Arkansaw Water Co be, 1958
Ashtabula Water Wks Se.'58
Atlantic County Wat 58, '58
Birmingham Water Works
55, series C. 1957
5s, series B, 1954
b Sys, series A, 1954
Butler Water Co 158. 1957_
California Water Serv 5s,'58
Chester Water Sere 44s,'58
Citizens Water Co (Wash)
58, 1951
548,series A, 1951
City of New Castle Water
51, 1941
City W (Chat) 5s 11.___1954
lit 53 melee C
1957
Clinton W Wks Co 541, 1939
Commonwealth Water (N .1)
53, series C, 1957
54e,series A, 1947
Community Water Service
5>.4s, series It, 1946
fle, series A, 1948
Connelleville Water 58_1939
Consolidated Water of Utica
44s, 1958
let mtge be, 1958
Davenport Water Co 5s, '61
E St L & Interurb Water
Es, series A, 1942
6s. series 11, 1942
58. series I), 1980
Greenwich Water & Gas
55, series A, 1952
53, series B, 1952
liackeneaek Water Co 58,'77
54e, series It, 1977
Huntington Water 5.9 B,'54
88, 1954
Se
1962
Illinois Water Serv Se A,'52
Indianapolis Water 44s,'40
1st lien dr ref 58, 1980....
let lien A ref ba, 1970__-_
let lien Ar ref 514e, 1953_
let lien & ref 54e, 1954._
Indienapolle,W W Securities
15a. 1958
Interstate Wateri6a, A. 1940
Jamaica Water Sup 530,'55
Joplin W W Co Es, 1957
Kokomo W W Co 55, 1958._
Lexington Wat Co 5144. '40
Long Island Wat 54s, 1956
Bla Ask
93
9412
10414
1041
10112 103 4100 102
10312
10112 103
104
103
105 16612
1023
4
98
10214
102 104
104
104
10112 162:12
1041z
1043
4
5412 56
55
57
9912 10112
9914 101
10214 104
10512
99 10012
10212
98 100
91
90
105
1091
103
10334
1023
99
1051
1051
1051
1051
1051
93
92
105
161-
89 02
1021 104
108
1011
1031
102e
99l3 161-
842 4st
Manufacturers Water 5a,'39 10212
Middlesex Wet Co 5 1 e, '57 1053
9
4
Monmouth Consol W 55,'58 9512
Monongahela Valley Water
54e, 1950
102t
Morgantown Water 5s, 1965 99 10014
Muncleffater Works 55,'39 1003 1013
4
4
New Jersey Water bs, 1950_ 99e 101
New Rochelle Watbs. B.'51 9712
54s, 1951
10012 102
New York Wat Serv 5s, 1951 11003 102
4
Newport Water Co 5s, 1953_ 103 4
Ohio Cities Water 54e, 1953
Ohio Valley Water 6s. 1954_ 10414
Ohio Water3Service 53, 1958 81
831±
Ore-WashjWat Serv be, 1957 /27512
Penne StatetWater 634e,'52 93 61 2
1Peana,Water,Co 53, 1940
110512 --Peoria WaterWorks Co
- •
lst & ref 58. 1950
9612 98
19412
1st consol 4s, 1948
let corm'541, 1948
_
97
Prior lien 58, 1948
103
_
Philo SuburbiWat 44e,'70_ j105
__
let mtge 58, 1955
105
PinellaslWater Co 545 1959 0.934
Sub Water 5a,'58 10214 --Plainfield Union Wat Se, '81 10712 --Richmond W W Co 58, 1957 105
Roanoke W W 58. HMO
86
8i12
Roch4&41. OntoWat Se, 1938 102 10312
St Joseph Water 58, 1941._ 102 10312
Scranton Gas & Water Co
10212 104
445. 1958
Scranton Spring Brook
Water Serv 53, 1961
87
89
let & ref 5e, A, 1987
8713 89
Sedalia Water Co 54e, 1947 981 10012
South Bay Cons Wat 55,'50 75
77
South Pittsburgh Wat 58.'55 103 10412
5s, series A. 1980
103 105
1980 105
5a series B
„..
Terre Ilauto,Water 58. B.'58 1021
68, eeriest A, 1949
103 10i12
Texarkana Wat let 55_1958 96
97
Union Water Serv 548, 1951 991 101
Water Serv Cos. Inc. 5a,'42 741
West Virginia Water 5s, '51 97
WesterriliNlY Water Cobs, series B. 1950
0812 9812
let mtge 5s, 1951
961 9812
let mtge. 545, 1950
9913 101
Westmoreland Water 58,'52 98 100
Water Co 5s, B.'56 103
Wichita
5s, series C. 1980
103
88, series A, 1949
10412
W'msport Water 58, 1952_ 100 102
e731z
6E: -
Pittsburgh
I
1
66-
Telephone and Telegraph Stocks
Par
Amer Dist Teleg(NJ)corn •
Preferred
100
Bell Telep of Canada.
100
Bell Telep of Penn pref....100
Cincln & Sub Bell Telep50
Cuban Telco 7% Dref_100
Empire & Bay State Tel_100
Franklin Toles 62.60_ -100
Int Ocean Teleg 8%
100
Lincoln Tel & Tel 7%
•
Mount States Tel & Te1.100
New England Tel & Tel_100
Bid
Ask
85
88
111 113
124 126
116 117
78
80
41
54
56
3812 4312
76
79
93
111 114
98 100
Par
New York Mutual Tel__100
Northw Bell Tel p16>4% 100
Pee & Atl Tales US 1%.25
Peninsular Telephone com_•
Preferred A
100
Roch Telep $8.50 1st pf-100
So & All Teleg $1.25-25
Sou New Engl Telep100
S'western Bell Tel, Pt...100
'Fri States Tel & Tel
Preferred
10
Wisconsin Telep
pret 100
Bid Ask
21
24
114 1153
4
15
17
714 83
4
80
84
107
1912 21
114 116
1183 1203
4
4
10
103
4
11312 11534
/Soviet Government Bonds
Bid I Ask
Bid 1 AO
Union of Soviet Soo Repub
Union of Soviet Soo Repub
7% gold rouble____19431 86.451 88.451 10% gold rouble_. 1942
87.311
• No par value.
a Interchangeable.
c Registered coupon (serial).
d Coupon.
/ Flat price.
r Basis price.
to 4 When Issued.
z Ex-dividend.
X Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold.
z Called for payment Oct. 1 1935 at 100.
Alden 151 66. Jan111941____
Broadmoor, The. let 65. '41
B'way Barclay let 65. 1941_
Certificates of depoeit____
B'way & 91st Street
1st leasehold 64s, 1944__
B'way Motors Bldg fa 1948.
ChanIn Bldg Inc 4e 1946....
Cheeebrough Bldg let fis,'48
Chrysler Bldg let 5s, 1948_
Court & Retnsen St Off Bldg
1st 6s, Apr 28 1940
Dorset, The, 1st 58. 194L__
Eastern Ambassador Hotels
let & ref 5%e, 1947
Equitable Off Bldg deb 5852
50 Bway Bldg let 3s, Inc '98
500 Fifth Avenue
1548, 1999 stamped
502 Park Avenue 1st 85, 1941
52d & Madison Off Bldg
es, Nov 1 1947
Film Center Bldg 1st Ss,'43
40 Wall St Corp 83, 1958.__
42 B'way 1st 86, 1939
1400 Broadway Bldg
let 64e stamped, 1948.
Fox Metrop Playhouse
634s. 1932 Ws
Fox Theatre ez Off Bldg
1st 8128, Oct 1 1991
Fuller Bids deb 8s. 1944____
541. 1949
Gaut's: Bldg be, 1998
Harriman Bldg 151 88, 1951_
Hearst Brisbane Prop tis '42
Hotel Lexington 1st 89, 1943
Hotel St George lit 53111.'43
Keith-Albee Bldg (New
Rochelle) let 88, 1938___
Letcourt Empire Bldg
3
1st 5 4s, June 15 1941._.
Lefoourt Manhattan Bldg
let 5Sis. stamped, 1941__
let 3-5s extended to 1948_
Lewis Morris Apt Bldg
let 612s, Apr 15 1937
Lineoln Bldg Inc 54S. LILoew's New Broad Pros, '45
1st fee & leasehold fla,' 45
Loew's Theatre Realty Corp
let 88, 1947
London Terrace Apta 85,'40
Ask
Bid
/29
3112 Ludwig Bauman
13912
1st 88 (13klyn), 1942
1st 84s(L I). 1938
23126
Majestic Apia 151 65, 1948_ _
/2612 28
Mayflower Hotel let 68, '48
/351.
2
Munson Bldg let 6)0, 1939
691z 82 N Y Athletic Club
let & gen 6s, 1948
5212 56
5312 NY Eve Journal 64s. 1937
52
:
1
NewYork Title& Mtge Co
64
54e aeries BK
54e series C-2
J39
514e series F-1
12212 2412
5%,series Q
4
1714 83 19th & Walnut St (Phila)53
let 65, July 7 1939
51
2814 30 Oliver Cromwell, Theist es. Nov 15 1939
134
36 I Park Ave 63, Nov 6 1939__
103 East 57th St let 85, 1941
f13
185 Wway Bldg let 54s,'51
12802 31, Postum Bldg let 64e. 1943_
2
Prudence Co 54s, l961._.
5412
571
: 9 PrudenceBonds-12
Series A to 18 Inclusive__.
4212
Prudence Co ethsHotel Taft
10
4
Hotel Wellington
Fifth Avenue Hotel
51
150
380 Central Park West
422 East 86th St
110
12
4612 4712 Realty Assoc Sec Carobs, Income. 1943
13812 4114
85
70 Roxy Theatre
1st tee & leasehold 6Sis'40
47 50
3312 86 Savoy Plaza Corp
Realty ext let 54s, 1946_
/3812 4012
fie, 1945
14814 50
Sherry Netherland Hotel
1st 5 43, May 15 1948___ _
3
6712
80 Park PI (Newark) 6e. '37
618 Madison Ave let 6%.
14212
'38
61 B'way Bldg 1st 5141. 1950
General 78, 1945
52
55
5214 5412 Syracuse Hotel (Syracuse)
1st 13, Oct 23 1940
43,
Textile Bldg 1st fie, 1858_
138
Trinity Ridge Corp
/533
4
lit 54s, 1939
10014 10212 2 Park Ave Bldg let 41, 1941
Walbridge Bldg (Buffalo/
1st 612e, Oct 19 1938
921.
,
91
Westinghouse Bldg
37
f35
1st fee & leasehold 68. '39
Specialists in
SURETY GUARANTEED
MORTGAGE BONDS
Mackubm,Legg & Co.
Redwood & South Ste., Baltimore. 51d.
BANKERS-Est. 1899
Btd
Ask
6412
6212
12614
/4814
132
34
5-v
f2714
10012
J32
f26
f3912
13914
3412
2712
41
413
4
12212
114
8112 64
6012 8312
49
51
99 100
.157
13-60
33
33
45
48
50
333
4
/26
2812
J11
112
14
./21
63
14312
f1734
4312
18
22
f38
40 4 4214
,
9912
98
5412
J2512
58
Members
New Yolk Stock Exchange
Baltimure Stock Exchange
Washington Stock Exchange
As.sociate Member N.Y.Curb Exch.
tsaltimore-Plaza 9280
New York-Andrews 3-6630
PhIladelphia-Spruce 3601
A.T.& T.Teletype-Balt. 288
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Allied Mtge Cos, Inc.
All scrim 2-53, 1953
Arundel Bond Corp 2-58,'53
Arundel Deb Corp 2-68, 1953
Associated Mtge Cos, InoDebenture 2-68, 1953____
Central Funding Corp
54s & Os, 1935-44
Cont'l Inv Bd Corp 2-5s,'53
Cont'l Inv Deb Corp 2-6* '53
Home Mtge Co 5.48 3r 53,
1
1934-43
Mortgage Bond Co of Md.
Inc.. 2-5s, 1953
Mtge Guar Coot Amer
534e & Os, 1937-38
Mortgage Security Corp
5SYs & (Sii. 1933-46
Nat Consol Bd Corp 2-58,53
Nat Debenture Corp 2-62,53
Ask,
67
63
4012
4012 4212
13212 3412
57
3912 ill2
.14311 4512
65
/31
33
13012 3212
57
_
3912 4111
-
Bid
Nat Union Mtge Corp
Series "A" 2-8s, 1959___
Series "B" 2-5s, 1954____
Potomac Bond Corp (all
issues) 2-58. 1953
Potomac Con lIdated Deb
Corp 2-65, 1953
Potomac Deb Oarp 2-6s, '53
Potomac Franklin Deb Corp
2-65, 1953
Potomac Maryland Debenture Corp 2-68, 1953
Potomac Realty Atlantic
Debenture Corp 2-6s, 1953
Southern Scour Corp Os. '36
Union Mtge Co 6s, 1937-97_
Union Mtge Co 54e dr 6s.
1937-47
Universal Mtge Co Gs '34-'39
Ask
501x 5212
56
57
3912 4112
3912 402
3912 4112
4012 4212
391
134
134
4112
36
36
/431
/431
9512
45 2
,
Sugar Stocks
Pas Bid 422
Par Bid
Cache La Poudre Co. 20 173 183 Flaytian Corp Amer
4
4
•
14
East Porto Rican Sue eom.1
4
43 Savannah Sugar Ref
4
• 103
Preferred
1
10
11
7% preferred
100 109
Fajardo Sugar
100 102 106
West Indies Sugar Corp___1
23
4
Ask
1
-33;
Financial Chronicle
3374
May 18 1935
Quotations on Over-the-Counter Securities-Friday May 17-Continued
fU LLEft, CRUTTEN DEN -E., COMPANY
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Members:
Chicago Board of Trade
Chicago Stock Exchange
Chicago Curb Exchange Association
ST. LOUIS
CHICAGO
Boatmen's Bank Bldg.
120 So. LaSalle St.
Phone: Chestnut 4640
Phone: Dearborn 0500
A COMPREHENSIVE SERVICE
In the
Over-the-Counter Market
Bristol & 'Willett
Established 1920
Members New Yotk Security Dealers Association
Tel. BArclay 7-0700
115 Broadway, N. Y.
Industrial Stocks
German and Foreign Unlisted Dollar Bonds
Act
Bid
2612
J24
Anhalt 75 to 1946
/25
Antlocuila 8%. 1946
Austrian Defaulted Capon. 5-125_ _
24
Bank of Colombia. 7%,'47 /21
24
Bank of Colombia. 7%.'48 j21
liarrauquilla
/1412 1612
85 1935-40-46-48
12912 3112
Bavaria 63.6. to 1945
Bavarian Palatinate Cone.
17
114
Cit. 7% to 1945
Bogota (Colombia) 834.'47 11312 15
7
15
Bolivia 8%. 1940
61
)58
Buenos Aires scrip
Brandenburg Elec. Se. 1953 12712 2812
Brasil funding 5%, '31-'51 6213 6314
Brasil funding scrip
16214 --..
Britian Hungarian Bank
/16
754s. 1982
Brown Coal Ind. Corp.
_
6344, 1953
/912 11
Call (Colombia) 7%. 1947 j35--Callao (Peru) 734%. 1944 /712 11
6
Ceara (Brazil) 8%. 1947-, l3
73
Columbia scrip Issue of '33 171
43
/41
issue of 1934
61
Costa Rica funding 5%,'51 58
20
Costa Rica Pac: Ry 7.5049 117
51
47
be, 1949
City Savings Bank. Buda/36
best 7s, 1953
Dortmund Mun UtIl 65,'48 /3312 3512
271,
)25
Dulaburg 7% to 1945
2712
/25
Duesseldorf 7. to 1945
East Prussian Pr. 65, 1953_ /2812 30
European Mortgage & In47
/44
vestment 7355. IMO
162
French Govt. 5145, 1937_ _ 157
159
French Nat. Mall 58.6s.'62 155
2812
/26
Frankfurt 7s to 1945
33
German All Cable 7e, 1946 ./31
German Building & Land33
/31
bank 655%. 1948
..
German defaulted 'sermons. 140-45
6
1612 _- -34
German scrip
German called bonds
P23-26 ____
German Dawes Coupons
9
/812
10-16-34 Stamped
1712
April 15 1935__
)17
German Young Cannons
1112
/11
12-1-34 Stamped
42
/37
Guatemala 85 1948
83
86
Haiti 6% 1963
93
Hamb-Am Line CO to '40 88
Hanover Hare Water Wks.
26
/24
6%, 1957
30
Hewing & Real Imp 7a,'48 /26
Hungarian Discount & Ex-__ _
139
change Bank 7a, 1983
Par Bid Ask
8
3 8 37
,
1
Bid
Ask
Kildun Mining Corp
14
• 12
King Royalty corn
_-1 Hungarian Cent Mut 7s.'37 141
86
100 81
$8 preferred
Hungarian defaulted coupe /30-60 __-3
4
3
3
Kinner Airplane & Motor .1
- 45,
Hungarian Ital Bk 7; '32 /50
19
17
4112
-39
Lawrence Port Cement 100
Jugoslavia 5s, 1956
/45-55
Coupons
514 614
Macfadden Publica'ne cam 5
/2912 3112
Koholyt 63.4*, 1943
• 4214 4414
Preferred
Land M Bk, Warsaw 88.'41 8312 8612
27
25
Merck & Co Inc corn
1
Leipzig Oland Pr. 63.4..'48 J33
38
100 118 11912
8% preferred
33
Leipzig Trade Fair 78, 1953 131
Luneberg Power, Light &
57
• 53
33
130
National Casket
Water 7%.1948
• 3912 4112
--• 109
Preferred
Mannheim & Palat 7a, 1941 13012 3212 Babcock & Wilcox
9
4
12612 2812 Bancroft (Jos) & Sons corn_•
3 Nat Paper & TYPe pref _100
1
Munich 7s to 1945
14 New Haven Clock pref__100 6412 69
100 10
2612
Munic Bk,Hewn.7s10'45 124
Preferred
Municipal Gas & Elea Corp
2814 _--4
Beneficial Induat Loan pf_• 503 5214 North Amer Match Corp_
08
34
Recklinghausen. 75, 1947 /31
Bon Ansi Co B common__• 4212 45 Northwestern Yew t____100 103
3112
Norwich Pharmacal
5 30
Bowman-Biltmore Hotels
34
Nassau Landbank 634*,'38 j30
1712
• 14
Natl. Bank Panama 654%
3 Ohio Leather
2
100
1st preferred
52
134 238
1
50
Oldetyme Distillers
1948-9
2212
Canadian Celanese com___• 21
Nat Central Savings Bk of
Hungary 7368, 1982_ _ _ _ 145
27
11 312
Preferred
100 104 107 Paramount Publix Corp__10
---___ Pathe Exchange 8% pref 100 100 105
Carnation Co $7 pref
100 109
National Hungarian & Ind.
21
.143
mtge. 7%,1948
• 40 42 Publication Corp corn
• 18
- Climax Molybdenum
98
/2612 29
17 1st preferred
__
Citnchrield Coal Corp p1100 32
100 90
Oberpfalz Elec. 7%,1948
33
4
3
•
93
Oldenburg-Free State 7%
Celia Patent Fire Arms___25 2812 2 8 Remington Arms corn
_138 178 Rockwood & Co
•
/24
• 10
Columbia Baking cora_
27
to 1945
•
57
8 67
8
Preferred
100 5412
18
)15
1st c a eferred
Porto Alegre 7%. 1968
-5512
100 54
8
27
8 35 Ruberoid Co
2d preferred
•
Protestant Church (Oar/30
8
8
3112 Columbia Broadcasting el A • 323 337
many). 78, 1948
• 3214 333 Soovill Mfg
--Prov Bk Westphalia Oa,'33 j40
25 2214 23
4
Class ft
4
• 46; 473 Singer Manufacturing__ _100 250 254
32
Columbia Pictures pref
Prov Bk Westphalia 68.'36 ./28
4
• 233 25 4 Standard Cals & Seal
41
5 3112 33
3
Crowell Pub Co corn
Rhine Westph Elea 7%.'38 /39
Standard Screw
24
/21
85
100 98
100 80
Rio de Janeiro 6%. 1933
$7 preferred
37
Rom Cath Church 6341.'46 /35
• 15
• 3012 33 Taylor Milling Corp
1712
3112 Dletapnone Corp
R C Church Welfare 75,'46 /30
100 116 121 Taylor Whar I & S eons_ .. *
38
Saarbruecken M Bk 6a.'47 /25
Preferred
214 3
47
Salvador 7%,1957
Dixon (Jos) Crucible___ _ 100 56 60 Tubize Chatilion cum pf_100 42
/41__
Unexcelled Mfg Co
238 318
• 90
- -12 Doehler Die Cast pref
32
10
Salvador 7% elf of dep '57 J31
49 U 8 Finishing prat
50 45
Salvador sail)
5
3
Preferred
/3212 34
100
14
Santa Catharine (Brazil).
Douglas Shoe preferred __100 12
8%, 1947
95
• 58 61 Welch Grape Juice pref 100 87
/17
21
Draper Corp
__ West Va Pulp & Pap corn-• 1114 1214
100 92
Driver-Harris pref
65
)60
Santa Fe scrip
Preferred
8
4
100 903 94
10 4278 i43
Santander (Colom) 78, 1945 J912 11
First Boston Corp
13 White(58)Dental Mfg .213 14
4
1
14
15
Flour Mills of AmerIca____*
Sao Paulo (Brasil) 88. 1943 )13
___ White Rock Mln Scoring
Saxon State Mtge. tis. 1947 /35_ Gen Fireproofing $7 pf__100 66
17 let preferred
10 40 43
- -4112 Golden Cycle Corp
39
Serbian 58. 1956
100 103 106
23
Serbian Coupons.
50 20
212 312 WIlcox-Gibbe cons
Graton & Knight corn_
•
/45-55
22 Worcester Salt
100 20
Slem & Halske deb 8e. 2930 1225
100
Preferred
235
532112 Young (.1 5) co eoro__100 105 110
78 1940
60
ISO
Great Northern Paper___25 20
19
7% preferred
State Mtg BkJugosl 5a 1956 39
100 109
Herring-Hall-Mary Safe_100 15
42
coupons
__
Stettin Pub Util 7s, 1946_ /45-55-/28
29
Tucuman City 78, 1951_ _ _ 15012 52
Tucuman Prov. 78, 1950__
78
74
61
Tucuman Scrip
)58
Vesten Etas Ry 78, 1947_ 123
25
f27
29
Wurtemberg 75 to 1945_
Railroads-Industrials Public Utilities
U. S. Treasury Notes
Federal Intermediate Credit Bank Deb.
Par Bid Ask
Adams-Millis Corp, pf_100 106 110
• 1438 1738
American Arch $1
American Book $4
100 67 70
612
4
American Hard Rubber__50
25 1812 2012
American Hardware
6
4
100
American Mfg
35
100 28
Preferred
8
American Meter corn
• 123 13;
412
4
American Republics com •
Andian National Corp
• 48 52
43
Art Metal Construction__ 10
4
4 53
SHORT-TERM SECU R IT I ES
Trading Markets in
Hartford Insurance, Industrial and
Public Utility Stocks
Pell, Peake & Co.
24 BROAD ST., NEW YORK
Tel, IIAnover 2-4500
Members N.Y. Stosk Exchange
Bought - Sold - Quoted
S. Bissell & Co.CONN.
HARTFORD,
Phone
New Y rk C e
REetor 2-1343
Bid
Insurance Companies
Par
Par Bid Ask
10
Aetna Casualty & Surety _10 7214 741 1 Home Fire SeeuritY
10
4
4
10 503 623 Homestead Fire
Aetna Fire
4
10 183 2014 Importers & Exp.of N Y.25
Aetna Life
5
80 Knickerbocker
25 77
Agricultural
2312 Lincoln Fire
10 22
American Alliance
5
2
22 Maryland Casualty
5 19
American Equitable
25
10 1012 12 Mass Bonding & Ins
American Home
1312 Merchants FireAseurcom2)4
American of Newark____24 12
American Re-Insurance _ _10 51314 52 March & Mfrs Fire N ewark _ 5
10
10 2212 24 NatimutleasualtY
American Reserve
10
43 National Fire
25 41
American Surety
2
4
10 283 3014 National Liberty
Automobile
20
512 612 National Union Fire
235
Baltimore Amer
5
85 New Amsterdam Cas
25 81
Bankers & Shippers
10
New Brunswick Fire
100 551 561
Boston
10
3
4
6 193 20 4 New England Fire
Camden Fire
4
10 233 2514 New Hampshire Fire_ _ _ _10
Carolina
20
4
City of New York (new)_ _10 223 2414 New Jersey
5
4
Connecticut General L1fe_10 253 2814 New York Fire
12.50
1712 Northern
5 16
Continental Casualty
2.60
8
218 27 North River
214
Eagle Fire
35 Northwestern National _ _25
Employers Re-Insurance_10 33
26
1512 Pacific Fire
5 14
Excess
10
7612 Phoenix
10 73
Federal
5
74 Preferred Accident
Deposit of Md..20 70
Fidelity &
614 712 Providence-Waablngton _ _10
5
Firemen's of Newark
10
2612 Rochester American
5 25
Franklin Fire
5
4
4
1 123 143 Rossia
General Alliance
10 2412 2512 St Paul Fire & Marine__ 25
Georgia Home
5
4
4
5 353 373 Seabazd Fire & Marine
Glens Falls Fire
5
812 1012 Seaboard dur,s.
5
Globe & Republic
23 Security New Haven___10
Globe & Rutgers Fire__ _25 19
10
5 22 2312 Southern Fire
Great AmeriCan
1
4
63
4 73 Springfield Fire & Martre.25
Great Amer Indemnity
... 10
10 173 1914 Stuyvesant
4
Halifax Fire
100
75
15 Sun Life Assurance
Hamilton Fire
100
10 353 373 Travelers
4
4
Hanover Fire
10 2212 24 U S Fidelity & Guar Co---2
Fiarmonia
4
10 663 683 US Fire
4
4
Hartford Fire
10
10 693i 713 US Guarantee
4
Hartford Steam Boller
2.60
5 2614 273 Westchester Fire
4
Home
Forfootnotes see page 3373.
__
Short Term Securities
Phone 7.8235
Ask
Allis-Chalmers Mfg 58 1937_ 10118 10112
Amer Tel & Tel 434s 1939._ 10712 10812
Appalachian Pr 7s 1936____ 10612 10714
8
Armour & Co 4345 1939____ 1033 104
4
Atlantic Refg Co 65 1937___ 1073 108
90
B &0 RR See Cie 1939..... 89
8
Beech Creek RR 181 45 1936_ 10114 1015
4
Bethlehem Steel Es 1936_ 1033 10418
Buffalo Roch & Pitts 5s 1937 105 10512
Calif Gas & Elea 58 1937_ _ 10818 10812
Caro Clinchf & Ohio 55 1938 10812 109
8
Ches & Ohio RR 1st 65 1939. 1125 113
Chit)Gas Lt & Coke 1st 6537 105 105;
Cil3 Ind St L & Chic 45 1936 10112 10212
Cleve Elee III Co Is l939.... 103; 10414
Columbus Power let 55 1936 10212 10312
Consumers El Lt & Pr(NO)
4
10114 1013
lot 55 Jan 1 1936
4
Consumers Power Is: 681936 10212 1023
Consum Gas(Chic) 151 55'38 104 104;
Cumbl'd Tel & Tel 1st 5s'37 106; 107
4
Duluth & Iron Range 5s '37 10814 1083
Edison El Ilium Co Boston
8
1037 10418
55 April 15 1936
8
3.5 July 16 1937
10038 1007
1001316 101318
3s November 2 1937
1023 10312
4
Fox Film cony 8a 1936
4
10212 1033
Glidden Co 554s 1939
Gr Trunk Ry Can (gu)6.138 10614 10612
16212 10314
Greyhound Corp 68 1938
10212 10312
Long Dock Co 85 1935
Long Island Ltli 15165 1936- 10212 10314
103 10312
Long Island RR 65 1937
1051 1 105;
Gen 45 June 1 1938
Bid Ask
118
5
_
2014 21.4
4
6
812 10..12
334 . 4
."
114 23
4
1812 1912
80 3
- -1
21113
5
7
13
1414
6412 6612
614 714
113 117
74 9
,
2612 28
14
--46
4814
393 4214
4
13 4 163
3
4
79
84
233 2514
4
116 119
92
94
84 85
103 1214
4
3714 3914
1714 203
4
1014 113
4
173 178
512 7
1212
11
3614 38
22
23
Federal
118 121
212 414
330 350
441 451
83 1014
4
4614 4814 Fl C 13-4* June 15 1935_
Fl C 13.4s July 15 1935._
69
64
283 3014 Fl C 13-4s Aug. 15 1935_
4
F IC 13.4s Sept. 16 1935__
F IC 13-4s Oct. 15 1935_
Bid
Louisville & Nash uhlf 4,5 '40
Midvale Steel & Ord 55 1936
Morris & Co let 4148 1939._
NY Chic & St L let 4s 1937_
New York Tel let 43.4. 1939.
Nor American Lt & Power
55 April 1 1936
Nor Ry of Calif 5s 1938
Pacifie Tel & Tel 55 1937_
Penn-Mary Steel 55 1937_
Pennsylvania RR 8545 1936_
Piffle, & Reading C & I 4s 37
Phillips Petroleum like 1939
Potomac Elec Power 55 1936
Pure Oil Corp 614s 1937
534s Mar 1 1940
Roeh & L Out Water 681938
Scranton Electric 5s 1937...
Sinclair Consol Oil Corp
75 March 15 1937....
_
63.4s June 1 1938_ _ _. -_
.
Sou Calif Edison 65 - - 1939
Swift & Co 58 1940
55 July 1 1944
Texas Pr & Lt 15t 68 1937_
United States Rubber Cu
634s March 1 1936
65 1936
VII ginia Midland Ry Si 1936
Ward Baking Co 1st 6s h937
Western Masa Co. 4e 1939_
W NY & Pa RR let 581937
Western Union Tel 634* 1936
5s Jan. 1 1938
Ark
10718
8
1027
10312
10118
11118
10753
10318
1033
4
10112
11112
10114 10214
10814 109
4
1063 107
10312 10412
104 10418
10314 104
103 8 1035s
,
10412 105
10118 10112
10114 1013
4
1013 1023
4
4
10712 10814
10218
102
1053
8
1023
8
1027
8
105
1027
8
10214
10512
1025
8
10318
1053
8
1013 10214
4
10212 103
1013 10254
4
10514 106
1033 10.112
4
1057 106 8
8
,
100 4 10114
,
10218 10213
Intermediate Credit Bank Debentures
Bid
r.30
r.35
r.35
r.33
r.10
Ask
.15%
.15%
15%
.15%
.20%
Bid
F IC
F IC
F IC
F IC
FIC
134* Nov. 15 1935._
134* Dec. 16 1935_
13.4B Jan. 15 1936__
13.4, Feb. 15 1938_
13-4* Mar. 18 1936_
r.40
r.4 11
r.50
r 50
r.50
Ask
.25%
.23%
.30%
.33%
40%
3375
Financial Chronicle
Volume 140
Quotations on Over the-Counter Securities-Friday May 17-Concluded
Investing Companies
Par
Administered Fund
•
Affiliated Fund [tic corn__
Arnerex Holding Cor1)
5
Amer Bankstocks Corp
•
1
Amer Business Shares
Amer & Continental Corp__
Am Founders Corp 6% Df 50
7% preferred
50
Amer & General See Cl A__•
•
$3 preferred
Amer Insurance Stock Corp•
Assoc Standard 011 Shares..2
Baneamerica-Blalr Corp.__ I
Bancshares. Ltd part she 50c
,
Bankers Natl Invest Corp."
Basic Industry Shares
1
British Type Invest A
1
Bullock Fund Ltd
Canadian be Fund Ltd_1
Central Nat Corp class A.•
•
Class 13
•
Century Trust Shares
Commercial Natl Corp
Corporate Trust Shares
Series AA
Accumulative series
Series AA mod
Series ACC od
Crum & Foster Ins com_10
8% preferred
100
Crum & Foster Ins Shares
Common B
10
7% preferred
100
Cumulative Trust Shares__*
Deposited Bank She iser A__
Depoelted Insur She A____
Diversified Trustee She B__
Dividend Shares
250
Equity Corp cv prof
1
Fidelity Fund Inc
•
Five-year Fixed Tr Shares__
Fixed Trust Shares A
•
•
Fundamental Investors Inc
Fundamental Tr Shares A__
Shares B
Group Securities
Agricultural shares
Automobile shores
Building shores
Chemical shares
Food f111.11-133
Merchandise shares
Mining shares
Petroleum allures
RR Equipment shares
Steel shares
Tooacno shares.
Guardian Invent Trust
•
Huron Holding Corp
Incorporated investors
•
Indus & Power Security
•
Investors Fund of Amer....
Investment Trost of s/ V •
Bid
Ask
14.78
_
1.37 1.51
13
1414
.86 .96
.90 .99
912 11
19
21
1914 2114
6
8
48
53
2 4 314
,
53
4 63
s
.512 614
.50 .75
33
4 414
3.17
.25 .45
12
1314
3.45 3.75
2012 2212
3
4 514
21.91 23.55
23
s 33
8
212
2.02
2.02
2.35 2.48
2.35 2.48
2312 2512
111 116
3012
28
106 111
4.09
1.89 2.10
3.74 4.15
714
3.1' 3.45
43
4 514
1.30 1.42
29
33
41.25 44.44
3.72
8.32
7.08
2.07 2.27
43
8 47
8
418
1.11 1.23
.88 .95
1.14 1.28
1.19 1.32
1.13 1.25
1.01 1.11
1.15 1.27
1.12 1.24
.68
78
.94 1.04
1.29 1.42
12
15
.25 .35
17.20 18.41
13
147
8
.90 .99
41s ___
Par
Internet Security Corp(Am)
Class A common
•
Class B common
•
614% preferred
100
6% preferred
100
investment Co. of Amer
Common
10
7% preferred
•
Major Shares Corp _ _ _
•
Maryland Fund Inc com-Maw Investors Trust
1
Mutual Invest Trust
1
Nation Wide Securities_
Voting trust certificates..
N Y Bank Trust Shares.....
No Amer Band Trust etre.
No Amer Trust Shared, 1953
Series 1955
Series 1956
Series 1958
Northern Securities
100
Pacific Southern Invest Id.'
Class A
•
Class B
•
Plymouth Fund Inc ci A _I nc
Quarterly Inc Shares... _25c
Representative Trust Shares
Republic Investors Fund_ 5
Royalties Management__
Second Internet Sea el A
•
Class B common
•
6% preferred
50
Selected Amer Shares Inc_
Selected American Shares..
Selected Cumulative She...
Selected Income Shares____
Selected Man Trustees She
Spencer Trask Fund.
•
Standard Amer Trust Shares
Standard Utilities Inc
•
State Street Inv Corp
•
Super Corp of Am Tr She A
AA
Bid
,
Ask
1
22
19
1812 2112
OVER-THE-COUNTER SECURITIES
BOUGHT-SOLD-QUOTED
RYAN & McMANUS
Members New York Curb Exchanae
22
22
24
16.16 17.48
20.23 21.99
1.12 1.23
3.15 3.25
1.20 1.31
212
87
90 4
32.01
2.39
2.37
2.39
53 47
3312 36
312 412
12 1
1.30 1.43
8.47 9.22
2.05 2.19
24
12
114 214
12
36
40
1.18 1.30
2.49
6.89
3.56 4.12
43
4
15.17 16.13
2.55 2.80
.41 .44
67.85 73.24
3.15
2.23
3.32
BB
2.23
5.81
5.82
Supervised Shares
10c 1.30 1.42
Trust Fund Shares
33
3 33
4
Trustee Standard Invest C. 2.25
2.20
Trustee Standard 011 She A 6.47
5.50
Truste.ed Amer Bank She B.
.83 .93
Trusteed Industry Shares.
1.14 1.26
Trusteed N 'Y Bank Shares
1.15 1.30
United Gold Equities (Can)
Standard Share's
1 2.20 2.44
U El & Brit Int class A com •
1
Preferred
•
7
10
U S Elea Lt 4 Pow Shares A
1314 133
4
1.73 1.83
Voting trust ctfs
.59 .67
[In N Y Bank Trust C 3 ._
21
3
Un Ina Tr She tier F
112 2
.8
AUCTION SALES
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Boston, Philadelphia and Buffalo on Wednesday of this
week:
By Adrian H. Muller & Son, New York:
BondsPer Cent
$1.000 North Shore Country Club, Inc., 1st mtge. sinking fund 6% registered
gold bonds, duo March 1 1942; $250 North Shore Country Club, Inc., 2d
mtge. 6";, registered gold bonds. due March 1 1942; $500 North Shore
Country Club, Inc., 50-year 5% registered Income bonds, due May 1 1964_8350 lot
By. R. L. Day & Co., Boston:
Stocks
Share,
S per Share
7 Kean National Bank, Keene, N. H.. par $50
50
19 Berkshire Fine Spinning Associates. common
214
128 Consolidated American Royalty Corp., common, par $3; 8300 58, April
1936. coupon Oct. 1934 and subsequent on
$11 lot
Oliver Building Trust, par $100
S
134
4 Columbian National Lite Insurance. Co.. par 8100
87
15 Holyoke Water Power Co., par $100
200
25 Boston Sand & Gravel Co., preferred, par $50
7
BondsPer Cent
$500 Machias Water Co. Ss, May 1936
8534 & int'
$100 Peoria Water Works Co. 4s, Nov. 1050, registered
54 & Int.
$1,000 Consolidated Rendering Co. 1st 58, July 1941
10234 & int.
By Crockett & Co., Boston:
Shares
Stocks
$ per ,Share
25 National Rockland Bank. Boston, par $20
1 Northern RIL. of New Ilampshire, par $100
104
20 Western Massachusetts Companies
30
200 Froedtert Grain & Malting Co.. common, par $1
834
25 11.411way & Light Securities, 6% preferred, par $100
8434
20 Chapman Valve Manufacturing Co.. common. par 825
14
25 Boston Herald Traveler Corp
2134
2 Regal Shoe Co., preferred. par $100
24
25 Eastern Utilities Associates. conv.; 20 General Bond & Share Corp.. corn;
5 Industrial Finance Corp., 7% pref., par $100; 10 Colonial Finance Corp.,
pref.; 5 Colonial Finance Corp.. corn.; 160 conditional warrants, Commercial
Credit Co
12 lot
5 Saco Lowell Shops, 1st preferred. par $100
22
1 Plymouth Cordage Co., par $100
8434
39 Broadway
New York City
A. T. & T. Teletype N. Y. 1-1152
Digby 4-2290
Prirate Wire Conneerions to Principal Cities
OBSOLETE SECURITIES
Reports Rendered Without Charge
Gearhart St Lichtenstein
99 Wall Street, New York
A.T.& T. Teletype-New York-I-852 Tel. WHitehalt 4-3325
Miscellaneous Bonds
Bid
Ask
Adams Express 4s ___ _1947 90
91
American Meter 6s __1946 97
Amer Tobacco 45
1951 10512
Am Type Fdrs Os _1937 f37
39
Debenture Os
1939 137
40
Am Wire Fabrics 75 _1942 83
Bear Mountain-Hudson
1953 85
River Bridge 78
88
B utterick Publishing 61.41936 .(13
1412
Chicago Stock Yds5s.A961 98 100
ConsolidationCoal4 ;is 1934 111
44
1937 15112 5212
Deep Flock 0117s
Haytian Corp 8s
15
1938 113
Home Owners' Loan Corp
Aug 15 1936 101.17 101.22
1Sis
Aug 16 1937 102.3 102.8
134s
2s
Aug 15 1938 102.20 102.21
Journal of Comm 61.48_1937
Merchants Refrig Os. _1937
Natl Radiator 58
1946
N Y ShIphIdg 5,
1946
No. Amer Refrac 6345_1944
Otis Steel (is etts
1941
Pierce Butler & P 630_1942
Scoville Mfg 54e
1945
St'd.Te 2. Prod. Is16 s as.'42
Starrett Investing 55....1950
Struthers Wells Titusville
1943
6 tils
Swift & Co 1st 3 Us-- --1950
Union Oil of Calif 4s
1947
United Biscuit 58 Apr 11050
Witherbee Siserman (16.1944
Woodward Iron 58 ._1952
BM
60
Ask
.9612714 2814
95
55
icr
9412
190
.114
16
105 116
14
111
4614 5014
65
75
1003 1003
8
4
10712 10814
10514 1053
4
f4
6
13312 3612
Chain Store Stocks
A 20
Par Bid
Bohack (H C) corn
7
•
7% preferred
100
45
Diamond Shoe pref
100 87
Edison Bros Stores pref _100 1001 2
Fishman(M H)Storea_ __ _• 12
14
Preferred
100 88 93
Great A & P Tea Df- -..100 125 127
Kress(S Hi 8% pref
10 1112 1212
Lerner Stores pref
100 98 105
Lord & Taylor
100 145
let preferred 6%
100 100
_Inn 100
2nd preferred R%
For footnotes see page 3373.
Par Ma 44
Melville Shoe pref
100 110 112
Miller (I) & Sons pref._ _100 1514 174
MockJuds&Voehrger p1100 8012 90
Murphy (G C)8% Prof _100 11814
Nat Shirt Shops (Del)----5
314 414
15t preferred
4212
100 37
Reeves (Daniel) Pref-100 87
Schiff Co preferred ._
100 100 100United Cigar Stores 8% pre
512 512
6% pref ctfs
514 814
U 8 Stores preferred__ __100
4
712
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
of the past week
May 11 May 13 May 14 May 15 May 16 May 17
Francs Francs Francs Francs Francs Francs
Bank of Francs
10,300 10,200 10,300 10,485 10,600
Banque de Paris., Des Pays Bail
926
930
930
958
Banque dl.'Union Parisienne_
471
475
473
411
Canadian Pacific
171
171
169
169
185
Canal de Sues
19,600 19,600 19,500 19,845 19,900
Cie DLstr. d'Electricitte
1,282
1,280
1,278
1,300
Cie Generale d'Eleetricitle
1,490
1,500
1,480
1,539
1,580
Cie Generale Transatlantique
20
19
19
20
20
Citroen B
64
64
64
67
Comptotr Natloaale d'Escompte
949
951
947
948
Coty S A
78
78
78
88
94
Courrieres
247
246
251
259
Credit Commercial de France....
567
574
570
574
Credit Lyonnalse
1,810
1,820
1,829
1,800
1,860
Eaux LyonnaLse
Holt2,520
2,510
2,500
2,510
2,590
Energie Eleetrique du Nord...._ day
595
592
582
585
Energie Electrique du Littoral.._
878
880
875
890
Kuhlmann
576
575
574
589
L'Air Liquids
830
830
820
847
-880
Lyon (P L 51)
890
910
885
885
Nord Fly
1.205
1,210
1,206
1,210
Orleans Ry
454
484
-441
448
434
Pathe Capital
43
45
45
44
Pechiney
1.065
1,050
1,044
1,109
Rentes, Perpetuel 3%
76.80
76.40
77.20
76.10
75.75
Rentes 4%, 1917
81.20
80.50
81.50
81.50 80.10
Rental 4% 1918
80.10
79.40
80.50
80.50
79.10
Rentee 4 % 1932 A
86.25
86.40
86.80
86.60
84.80
Bente@ 44%, 1932 B
85.10
85.30
85.60
85.90
83.70
Rentes 5%, 1920
108.00 108.40 108.70 107.60 106.40
Royal Dutch
1,720
1,710
1,720
1,673
1,820
Saint Gobaln C & C
1,615
1,598
1,601
1,582
_
Schneider & Cie
1,803
1,780
1,785
1,785
Societe F'rancalse Ford
63
62
61
61
61
Societe Generale Fonelere
39
41
40
47
Societe Lyonnalse
2,540
2,510
2,555
2,570
Societe SA arseillaise
.553
553
553
550
Tubise Artificial Silk prof
82
82
83
84
Union d'ElectricItie
667
669
670
674
Wagon-Ltts
57
57
57
61
By Barnes & Lofland, Philadelphia:
shares
Stocks
$ per
10 Third National Bank & Trust Co.. Camden. N. J., par $100
.1 North Camden Trust Co., Camden, N. J.. par $100
40 Philadelphia National Bank, par $20
.,() Philadelphia Lilo Insurance Co., par $10
50 lietit011V1110, Mantua At Fairmount Passenger Ity. Co.. preferred, par $50_
Philadelphia Howse. common
Share
2
41
6934
2 14
10
By A. J. Wright & Co., Buffalo:
StocksShares
5 The Como Mines
$ per Share
2
-Pipor,"Jaffray & Hopwood, Minneapolis announce that Donald W.
Green and Springer H. Brooks have been admitted to general partnership
in their firm.
CURRENT
NOTICES
-G.Everett Parks is now sales manager of Dunne & Co. Lloyd Bowen
has been made associate sales manager.
Bristol & Willett, 115 Broadway, New York, are distributing their
current offering list of baby bonds.
-Samuel G. Barker has become associated with W. E. Hutton & Co.
in their investment department.
-Homer & Co., Inc., 40 Exchange, have prepared a special circular on
high-grade railroad bonds.
-Morris Mather & Co., have moved their Chicago offices to 3212
Board of Trade Building.
Andrew Anderson has become associated with Lord. Abbott & eo.. Inc.
-
Financial Chronicle
3376
May 11 1935
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
-MISCELLANEOUS
-The following
Month y Gross Earnings of Railroads
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Interstate Commerce Commission:
Length of Road
Gross Earnings
Month
1933
Inc. (±) or
Dec.(-)
$
226,276,523
211,882,826
217,773,265
224,565,926
254,857.827
277,923,922
293,341,605
296,564.653
291,772,770
293.983,028
257,376,376
245,092,327
$
+31,443.332
+36,221,471
+75,002,520
+40,456.313
+26.769,505
+4,482,585
-17,757.929
-14,285.954
-16,643,258
-1,494,550
-747,213
+12,107,100
1934
$
January _-_ 257,719.855
February __ _ 248,104,297
March
292,775,785
265,022,239
April
May
281,627,332
June
282,406,507
July
275,583,676
282.277,699
August
September
275,129,512
292,488,478
October
256,629.163
November
December...._ 257,199.427
January
February
1934
1935
263.877,395 257,728,677
254,566,767 248,122,284
Ninrrh
900 409 010
+6,148,718
+6,444,483
-12_305.728
202 798748
1934
1933
+13.90
+17.10
+34.44
+18.02
+10.50
+1.61
-6.05
-4.82
-5.70
-0.62
-0.29
+4.94
Miles
239,444
239,389
239,228
239,109
238,983
239.107
239,160
239,114
238,977
238.937
238,826
238,570
Miles
241,337
241,263
241,194
241,113
240,906
240,932
240,882
240,658
240,563
240,428
240,836
239,833
1934
1932
+2.39 238.245 239,506
+2.60 238,162 239,433
+4.20 238.011 239.246
Inc. (-I-) or Dec. (-)
Net Earn tits
Per Cent
1934
1933
Amount
January
February
March
April
May
June
July
Augeit
September
October
November
December
262,262,469
59,923,775
83,939,285
65,253,473
72,084,732
74,529,256
67,569,491
71,019,068
71,781,674
80,423,303
59,167,473
62,187,963
244,978,266
40,914,074
42,447,013
51,640,515
73,703,351
92,967,854
98,803,830
94,507,245
92,720,463
89,541,103
65.899.592
58,350,192
+817,284,203
+19,009,701
+41,492,272
+13,612,958
-1,618,619
-18,438,598
-31,234,339
-23,488,177
-20,938,789
-9,217,800
-6,732,119
+3,837,771
+38.43
+46.46
+97.75
+26.36
-2.20
-19.83
-31.61
-24.85
-22.58
-10.28
-10.22
+6.58
January
February
March
1935
$51,351,024
54.896,705
67.659.321
1934
282,268,639
59,927,200
83,942,886
-210,907,615
-5,030,495
-16,283,565
-17.6
-8.3
19.40
-Earnings
Advance Bag & Paper Co., Inc.
/Calendar YearsEarnings before deprec.
and interest
1934
y1933
1932
1931
Bond and other interest_
$350,482 def$27,479
58,264
126,621
x$415,712
164,212
$236.620
236,257
katSurplus
$223,861 def$85.743
$251,500
$362
x Includes non-recurring profits from sale of capital assets. y Statement
reflects reduction on bond interest rate (as outlined above) and does not
incl. further pulpwood inventory, &c., adjustments of $90,856 charged off.
Note
-Earnings for 1934 include dividends received from the Southern
Advance Bag & Paper Co., Inc., amounting to $162,250 and non-recurring
gain on securities purchased for retirement amounting to $103,979. Depreciation charges amounted to $148,638.
Earnings of Subsidiary-Southern Advance Bag & Paper Co., Inc.
1931
1932
1933
1934
IR Calendar YearsEarnings before deprec.
$540,111
$428,800
$629,896
$1,128,070
interest
and
175.668
171.267
169.718
160.554
Bond and other interest-
aBalance,surplus
$460,177
$257.533
$967,517
Balance Sheet (Advance Bag 8.; Paper Co. Only)
AssetsDec. 31 '34 Feb. 28 '34
Inventories other
than pulpwood _ $107,212 $111,209
6,255
35,354
Pulpwood
3,570
3,570
Notes receivable_
22.162
13,541
Accounts recelvyle_
Cash surrender val.
19,447
99,359
life insur.policies
40,325
27,437
Cash
So. Advance Bag
189,648
& Paper Co.,Ine 163,268
Pleasant Riv. Pulp
19,574
103.440
Co., Inc
2,565,599 2,558,944
Investments
Treas, bonds our.
17.885
for sinking fund.
Deferred & prepaid
78,143
79,039
charges
4,984,651 4,980,992
Fixed assets
$8,182,469 28,048,158
Total
-V.138. p. 3429.
$364.443
Dec. 31 '34 Feb. 28 '34
Liabilities$25,593
210,642
Accounts payable_
3,250
72,000
Notes payable_ ___
Accrued salaries,
wages, taxes and
11,092
7,977
expense
3,269
12.801
Accrued interest_ _
Accrued int. on bds
180,253
deferred &scrip_
Reserve for deprec. 1,397,308 1,249.031
1.961,400 2,061,200
Funded debt
8% prior lien stock 1,731,900 1,731,990
664,720
$6 pref. stock _ - 664,720
Common stock .- 1,827,200 1,827,200
392,530
394,460
Surplus
Net income after taxes._
Earns, per sh. on 382,000
shares of corn. stocks
(no par)
-V.140, p. 1994.
Abitibi Power & Paper Co., Ltd.
-Earnings
-(Including also the results of wholly owned subsidiaries, incl. Thunder
Bay Paper Co., Ltd.. but exclusive of Provincial Paper, Ltd. and G. H.
Earnings for Year Ended Dec. 31 1934
Sales of newsprint and pulp
Sales of power
$9,371,839
329,940
Total
$9,701,779
Oper. costs incl. adminis., superintendence & gen. exps., but
before providing for depreciation & bond interest
7,745,330
Discount on United States funds
96,972
Balance
$1,859,476
Int. & discount earned incl. int, on advances to Thunder Bay
Paper Co., Ltd
124.902
Sundry minor operating profits
12,179
Total
$1.996.558
Int. on contract covering purchase of shares of Thunder Bay
Paper Co., Ltd
163,675
Cost of carrying idle mills and timber concessions tributary
thereto
547,644
Interest on receiver certificates and overdraft
152.113
Cost of issue of receiver's second report
4.197
Provision for bad and doubtful accounts receivable
10.000
Amount written off the value of pulpwood acquired prior to
-down mill (Ste. Anne division)
receivership and located at shut
75.000
Provision for legal and audit expenses
42.000
Paid to receiver in respect ofremuneration
48,000
Bal. available for deprec. of mills and props. & towards bond
interest
$953,927
Statement of Nominal Surplus for Period Prior to Receivership as Shown by
Balance Sheet as at Dec. 31 1934
Nominal surplus for period prior to Sept. 10 1932 as per balance
sheet at Dec. 31 1933
$6,385,478
Reserve for contingencies, written back
10,000
Interest charges for the period Oct. 27 1933 to Nov. 30 1934 on
overdue accounts receivable in respect of period prior to receivership
18.678
Total
$6.414,156
Int. during the period Jan. 1 1934 to Nov.30 1934 on Royal Bank
loan made prior to receivership
40,572
Written-offinvestment in Thunder Bay Paper Co.. Ltd.to reduce
book value of investment by the amount of write-downs of
book inventories of pulpwood on the books of that co.,&c
47.144
Increase in amount owing to general creditors as a result of
compromise by Liquidator of claim of Fort Frances Pulp &
Paper Co., Ltd. re price adjustments on newsprint shipments
In 1918
36,866
Charges in connection with realization of wood inventories carried
forward from period prior to receivership (net)
17,478
Sundry adjustments(net)
100
Nominal surplus for period prior to Sept. 10 1932 as per balance sheet as at Dec.31 1934
$6,271.993
Balance Sheet Dec. 31
Assets1934
1933
Cash on hand and on deposit
$35,373
$24,811
Accounts receivable, customers
ec
314,260
428,033
Receiv. from sub, sales co. for newsprint shipments, less reserve
941,235
655,548
ec
Reivable from other subs.,on current accounts
17.034
74,050
Inventories
7188
2,6378500
:
1.379,920
Investments in bonds
39,300
Deposits with trustee for bondholders
38,689
Assets pledged to Royal Bank prior to receiver
2,551, 82
46 734
4
Invests,in the securs. of & advs.to wholly owned
subsidiaries
38,154,917 38,092.125
Investment in shares of & advances to Thunder
Bay Paper Co., Ltd
7,868,352
8,140,304
Invests, in she, of & advs. to corps, other than
wholly owned subs
1505367
. ,
4,159
Invests. In Mills & Equipment, railways, waterpowers, townsites & laldgs. (after deducting
res. for deprec. created prior to receivership)_ - 48.245,981
48,074,787
Timber concessions & freehold timber owned:
(After deducting depletion & other reserves)._ 19, 57 368 19,961.439
320 04
9 :0
Real estate & office buildings
33226:370304
Chattels & equipment
32,220
Prepaid expenses
186,343
200,327
Total
Liabilities
-
6120,676,483 $119,689,080
1934
1933
$46,566
158,896
Reserves for contingencies
95,983
29,253
Sundry accounts payable
331,534
491,635
Payable for banker's securities realized
231,466
Receiver's certificates (secured)
2.075,000
3,600,000
Bank overdraft
143,195
145,446
Payable to Royal Bank in respect of loans made
prior to receivership
1,297.137
purchase shares of
Amounts owing on contract to
Thunder Bay Paper Co., Ltd.(due 1936 1944):
(the shares are held by a depositary pending
payment of this balance)
2,727,916
2,727,916
Gen. creditors' claims incurred prior to receiver.
309,817
352,430
5% let mortgage gold bonds
50,161,686
50,161,686
7% cumulative preferred stock
1,000,000
1,000.000
6% cumulative preferred stock
34,881,800 34.881,800
x Common stock
18,964,935
18,964,935
Nominal surplus of period prior to receivership_ _
6,385,478
6,271,993
Amount avail, towards deprec. & bond int.from
operations during receivership period:
As at Dec.31 1933
1,036.562
1,036,562
For year ending Dec. 31 1934
953,927
Wages accrued and payable
28,182.469 $8,048,158
Total
-Earnings
Affiliated Products, Inc.(& Subs.)
Quar. End. Mar. 31-
-V. 140. p. 3028.
Mead Co.).
Per
Cent
Month
"It was decided to apply for permanent registration of the company's
preferred and common stocks on the New York Stock Exchange under the
provisions of the Securities and Exchange Act.
"H. F. Atherton, President of the company, was elected Chairman in
place of Mr. Weber, and will serve as both Chairman and President."
1935
$103,901
1934
$99,201
1933
$160,863
1932
$155.562
$0.27
$0.25
$0.42
$0.40
-Personnel
Algoma Steel Corp., Ltd.
Sir James Dunn has been elected President and Chairman of the board
of this new company (successor per plan in V. 140, P. 465, to Algoma
Steel Corp., Ltd.). Three other directors have been named as follows:
1st Vice-President, W. C. Franz; 2d Vice-President and Vice-Chairman of
the board, John A. McPhail; Director and General Manager, Thos. F.
Rahilly Other officers will be: Secretary, William Jeffrey' Treasurers,
E W. Shell; Comptroller, E. Carey; Assistant Comptroller, W. H. I3irks.
-V. 140, p. 2518.
-To
-Chairman Resigns
['Allied Chemical & Dye Corp.
Apply for Permanent Registration
Total
x Represented by 1,088.117 no par shares.
$120,676,486 6119,689,080
Committee Proposed for Bondholders
G. T. Clarkson, receiver and manager, has asked bondholders of the
company to meet in Toronto June 7 to pass a resolution, if thought advisable, appointing a committee to represent them in receivership proceedings.
Necessity for some such move is due to the fact that under provisions of
the bond deposit agreement, depositors have the right to withdraw them
at any time up to June 10 1935,if no plan ofreorganization has been adoptqd
before that date.
-V. 140, D. 2518.
The following statement was issued by the company on March 15:
"At the meeting of directors Orlando F. Weber resigned as a director
and Chairman of the Board. In tendering his resignation Mr. Weber
iL
stated his action was prompted by a determination made long previously to
so
free himself from all administrative responsibility as soon as he could doHe
-Recapitalization Plan
"American Crystal Sugar Co.
without igapairment of the efficiency of the company's management.
The stockholders at the annual meeting to be held June 11 will be silted
said that as a stockholder he would continue to give the present management
to approve a plan of recapitalization designed to take care of accumul ted
his active support and assistance.
Financial Chronicle
Volume 140
dividends on the preferred stock, it was announced at the directors' meeting
on May 10.
This proposed plan provides for the creation of new cumulative 6%
preferred stock to be offered in exchange for the present 7% preferred
the old.
stock on the basis of 1.6 shares of the new stock for one ofwill amount to
Back dividends on the 7% preferred now outstanding $3 a share will
expected that a cash disbursement of
$63 on July 1. It is
be authorized to complete liquidation of the arrearage.
New Directors
Charles Boettcher, 28, and Jan Van Houton have been elected directors
-V. 139. p. 917.
to fill vacancies.
Amerada Corp.(& Subs.)-Earnings-1934
1935
Quar. End. Mar. 31-Gross operating income_ $1,963,145 $1,873,943
Operating & adm. exps.,
932,302
992,369
taxes,leases aband.,&c
1932
1933
$982,730 $1.392,621
835,052
853.910
$941,641
119,329
$147,678
138.832
$538,711
162.500
$1,184,276 51.060,970
Total income
Deprec., depletion and
535,971
784,965
drilling expenses
$286,510
$701,211
Operating Income_ _
Other income
Net Income
Earns. per share on no.
of shares outstanding_
-V.140, p. 2852.
$970,775
213,500
$399,310
$0.51
488,449
475,828
$524,999 loss$201.939
$225.384
Nil
$0.24
$0.68
American Cyanamid Co.(& Subs.)-Earnings-
18Mos End.
Years Ended
PeriodDec. 31 '34 DeC. 31 '33 Dec. 31 '32 Dec. 31 '31
.849,612 $3,094,064 $4,338,811
Net operating profit_ _ _ _ $5,732,718 $4
523,801
239,201
336,280
,
362 ()01
Diva int. & discount386.106
43,199
.
Profi on foreign exch__ _
574,353
120,902
122,338
342,372
Other income (net)
Total income
$6,480,290 $5,694,335 53,454.168 $5,436,966
Research, process & mar1,998,630
1,176,028
1,053,932
ket development exp.. 1,201,416
289.912
520,994
302,521
590,164
Tht. and discount paid
2,262,805
1,551,156
1,609,631
Deprec. and depletion
1,885,998
3,346
5,035
171,196
403,143
Prov. for income tax__ _ _
Minor. stockholders' int.
84,000
128,698
89,373
103.926
in net inc. of subs_ _ _ _
Net income
Dividends
S2,495,644
874,626
$2,467,682
$349,725
$520,803
$520,803
$349,725
Surplus
$1,621,018 $2,467,682
Shs. combined class A &
'
_
2,470,131
2,470,159
2,490,373
B stock outst.(no par) 2,520 370
$0.14
$0.21
$0.99
Earnings per share
56.99
Consolidated Surplus Account Year Ended Dec. 31 1934
Capital
Earned
Total
Surplus
Surplus
$6,013,812 56,495,892 $12,509,704
Surplus as at Dec. 31 1933
2,495,643
Net income for year 1934, as above... 2,495,643
Excess of stated value of no par capital
stock (held by minority interest) of
a subsidiary co. over par value of
30,000 shs. of class B common stock
of American Cyanamid Co. deliv93,750
93,750
ered in exchange therefor
Total
$8,509,456
Dividends paid or declared
874,626
Intangible assets acquired during year,
written off
Adjustment of book value of land and
buildings of a subsidiary company
dissolved during the year
Miscell. charges applicable to cap.sur.
$6,589,642 $15,099,098
874,626
11,750
11.750
19,719
1,738
19,719
1,738
Surplus as at Dec. 31 1934
$7,634,829 $6,556,434 $14,191,264
Consolidated Earnings for the 3 Months Ended March 31
1935
1934
Profit after expenses
$1,559.181 $1,324,732
Other income
128,304
127,293
Total income
Depreciation and depletion
Research and development expense
Interest
Federal taxes
Minority interest
$1,687,485 $1,452,025
525,048
464.114
287,973
293,789
100,529
95,925
113,142
96,285
22,488
22,842
Net income
$638,305
$479,070
Shs. combined class A & B stock outst'd'g (no par)- 2,520,370
2,490,373
Earnings per share
$0.25
$0.19
Consolidated Balance Sheet Dec. 31
1934
1934
1933
1933
AssetsLiabilities$
$
$
S
a Land, bldgs.,Sto.22,567,098 21,382,536 b Capital stock__25,203,700 24.903,730
Notes & acts. red_ 4,588,857 3,918,004 c Preferred stock__
4,000
4,000
Cash
6,524,284 5,847,490 Funded debt
6,548,000 6,760,200
Marketable seam_ 249,567
255,075 Min.int.in sub.cos 1,432,200 1,807,374
Other Inv. St adv._ 1,075,058 1,293,628 Per. mon. oblighas 313,915
336,671
Inv. in So. Alkali
Accts. pay. accr.
3,675,000 4,430,000
Corp
wages and taxes 3,448,599 2,947,905
10,465,068 9,443,150 Notes payable bks 1,500,000
Inventories
Stk. pur. contract_ 847,390 1,067,098 Sub, to secs. of So.
License, pats.,,to- 5.000,000 5,000,000
Alkali Corp__
813,400
Deferred charges_ 396,579
419,709 Accrued interest on
82,302
Good-will
1
funded debt_
1
83,032
Res. for conting _ _ 2,010,911 1,710,041
Prey. for Fed. tax 401,972
175,632
252,037
Divs. payable._ _ _
Earned surplus_ _ _ 7,634,830 6,013,812
Capital surplus.__ 6,556,434 6.495,893
Total
55,388,902 52.056,691
Total
55,388,902 52,056,691
a After depreciation and depletion of $32,263,859 in 1934 and $30,847,395
in 1933. b Represented by 65,943 shares of class A common (no par) and
2,454,427 (2.424,430 in 1933) shares of class B common (no par), including
shares reserved for stocks not yet presented for exchange, but excluding
157,672 (187,669 in 1933) shares in 11 stock held by a subsidiary company.
c Called for redemption 40 shares.
-V. 140, p. 1649.
'American F rniture Mart Builfling Corp.
/
-Seeks to
4 4,
,
Modify Plan-I
The corporatioi as petitioned the court for leave to modify the plan of
reorganization,
od April/2 1935, which it has submitted to security
holders and the U. S. District Court itt Chicago. The proposed modifications are in substance as follows:
(1) When the bonds outstanding have been retired to $5,500,000. thereafter and until the outstanding bonds have been retired to $3.750,000, the
rate per annum of contingent interest payable to bondholders is increased
from 2% to 3% and all contingent interest, which under the original plan
was non-cumulative, is made cumulative.
Unpaid cumulative contingent interest is of course added to the redemption price of the bonds. In addition to other restrictions on the distributions to stockholders, no distributions shall be made as long as any accumulations of contingent Interest remain unpaid.
(2) When the amount of bonds outstanding has been reduced to $3,750,000. the fixed interest thereafter payable on the bonds is increased
from 5% to 6% per annum.
(3) Further provisions are established to assure the use of funds arising
from depreciation and obsolescence solely for property additions, improve-
3377
melts, replacements, major alterations, and the retirement of bonds and
scr4y cou
ie coper.
m any believes that the modifications submitted, improve the
plan of reorganization as originally filed, are fair, and are feasible from
the point of view of sound business operation.
Digest of Reorganization Plan as Originally Submitted.
G. 0. Rasmussen, reorganization manager, in a letter to security.
holders says in part:
Company, in common with a great many businesses, has had difficult
problems to meet in the last few years.
The result of the depression in the furniture industry has brought about
an unavoidable and substantial reduction in the gross income of this company.
The company found itself at the end of the year 1934 still with a continued
low gross income as against its past experience, an improvement in which
It is still impossible to tangibly forecast, with unpaid interest represented
by coupons not exchanged for scrip, with serious omissions in making its
sinking fund payments due, amounting to $378,500, which would be increased during the year 1935 by an additional $275,000. In addition to
this, the maturities of scrip which represented postponement of interest
payments, would commence in 1938. It was considered impossible for
the company reasonably to expect to meet these requirements, both pest
and immediately in view, after making proper provision for the payment of
current taxes and current operations. In view of the circumstances, the
board of directors has concluded that the soundest course to pursue for
the protection of the company and its various securityholders is to effect a
readjustment of the financial structure of the company through reorganization of the company under Section 77-B of the Federal Banlo•uptcy
Act. This action was approved at the adjourned annual meeting of the
stockholders.
The company has voluntarily initiated this procedure, and has advanced
promptly a plan in the development of which it has consulted representatives
of the holders of various types of securities, including Harris Trust & Savings Bank, which, as one of the underwriters of the bonds, has approved
the reorganization under the provisions of the plan.
Principal Features of Plan
Bonds
-The bonds are extended approximately 10 years from their
present maturity, to Oct. 1 1955.
The interest rate on the bonds is reduced from 6% to 5%, of which 3%
Is fixed and 2% is contingent upon the amount of earnings and is noncumulative.
The present accumulations of sinking fund are eliminated and future
sinking fund payments are based upon earnings; 80% of the available net
earnings, as defined, being devoted, first, to the payment of contingent
Interest, and, second, to sinking fund.
Provision is made for retiring scrip at present outstanding and past
-due
Interest coupons not converted into scrip, by partial payment in cash and
conversion of the balance into non-interest-paying scrip coupons attached
to and transferable with the bonds, payable in 5, 10 and 15 years.
The bonds will be redeemable on 30 days' notice at par plus accrued and
unpaid fixed interest to redemption date, plus the principal amount of
any unmatured and unpaid scrip coupons attached to such bonds.
Preferred Stock-Each share of 7% cumulative preferred stock now outstanding will be exchanged for (a) one share of new $6 no par value noncumulative preferred stock, having preference over the common stock on
liquidation of $100 Per share and redeemable at $100 per share; and (5) 1
shares of new $1 par value common stock.
Common Stock-Each share of $5 par value common stock now outstanding will be exchanged for one share of new $I par value common stock.
Voting Rights-All shares of new preferred and common stock will have
voting power and upon the election of one-third of the outstanding bond.
the bondholders will become entitled to vote for directors on the basis of
eight votes for each $100 par value of bonds held.
-The plan will be carried out through the organization of
New Company
a new corporation under the laws of the State of Delaware.
Purposes of Plan
The plan is framed to provide for the retirement of bonds to the maxi
mum capability of the business of the company, with a goal set at a reduction
of the bonds to $3,750.000, when normal relations of the bondholders and
stockholders can be resumed, at which time (1) Interest on bonds at 5%
becomes fixed; (2) voting rights of bondholders cease; (3) reetrictions on
distribution to stockholders terminate; and (4) sinking fund is mod.fied.
The plan affects only the company's outstanding bonds and interest
thereon, whether represented by unpaid coupons or by scrip, and the preferred and common stock of the company outstanding.
Capitalization and Financial Condition
The capitalization and indebtedness of corporation as of Dec. 31 1934,
to exchanges of coupons for scrip through Feb. 20 1935, is as
giving effect
follows:
1st (closed) mtge. 20-year sinking fund 6% gold bonds maturing
July I 1946 (original issue $9,000,000. of which $1,534.000
have been retired), principal amount now outstanding
a$7.466.000
Face amount of unpaid bond coupons due July 1 1933,
Jan. 1 and July 1 1934 and Jan. 1 1935 (after giving effect to exchange of coupons for scrip through
Feb. 20 1935)
$65,145
Less cash on deposit with paying agent for partial
Payment
25,968
39.178
Face amount of scrip issued in exchange for coupons due July 1
1933, Jan. 1 and July 1 1934 and Jan. 1 1935 (giving effect to
exchange of coupons for scrip through Feb. 20 1935), maturing July 11938. Jan. 1 and July 1 1939 and Jan. 1 1940(6%
Interest from date payable at maturity)
503.682
Interest on outstanding coupons and interest on scrip accrued
to Dec.31 1934
32,389
Accounts payable as of Dec.31 1934 (currently paid on the 10th
of succeeding month)
17,573
Taxes-Taxes assessed 1931 to 1933, incl., incl. unpaid
portion of 1931 and 1932 taxes (aggregating $19,161, contested under advice of counsel), and $62,754 representing second instalment of 1933 taxes,
not yet due; together with interest accrued to
Dec. 31 1934
582,994
Reserve for 1934 taxes which have not yet been
assessed
137,500
$220,494
Less tax warrants on hand at cost, including accrued interest
78,965
Net total due on taxes
141.529
7% cumulative pref.stock ($100 par) now outstanding
636,073 sh.
Common stock ($5 par) now outstanding
308,567 sh.
a Unpaid and duo on sinking fund requirements as of Dec. 31 1934.
$378,500. b Cumulative dividends unpaid on pref. stock computed to
Dec. 31 1934, 5883.788.
Treatment of Unpaid Interest on Outstanding Bonds
-The holders of approximately 93% of the interest coupons maturing July I 1933, Jan. I
and July 1 1934 and Jan. 1 1935 have exchanged the same for scrip and
cash. Each holder of a $1,000 bond on such exchange has received for
the coupons maturing on those dates, which aggregate $120 in face amount.
$50 in cash and $73 in scrip bearing interest at 6% from date. Payable
at maturity. Accrued interest on such amount of scrip to Dec. 31
$4.31, making a total of face amount plus accrued interest of $77.32. 1934 is
such amount of $77.32 represented by scrip issued with relation to Each
each
$1,000 bond shall be entitled, upon surrender under the plan, to unsecured
promissory notes of the new company, to be known as "scrip
coupons.
in the aggregate principal amount of $75. plus $12.50 in cash.
Unpaid coupons maturing on the above interest payment dates which
have not been exchanged for scrip will be treated as though such coupons
had been converted into scrip and the holders of such coupons appertaining
to each $1,000 principal amount of bonds shall be entitled upon surrender
thereof to $50 in cash, being the same amount received by bondholders who
exchanged coupons for scrip. The balance of the face
of such
coupons, treated on a scrip basis and accruing interest on amount Dec. 31
scrip to
1934,amounts to $77.32 for each 51,000 principal amount of bonds to which
such coupons appertain, and shall be entitled under the plan to the same
amount of scrip coupons and the same amount of cash as is provided for
scrip. Treating the coupons on the scrip basis in this manner gives them
the benefit of the 10% premium In scrip issued in connection with the coupon
due July 1 1933.
3378
Financial Chronicle
Scrip Coupons
-The scrip coupons shall consist of three promissory notes
of the new company attached to each bond as extended and transferable
only upon transfer of the bond, payable to the registered owner of the bond,
all dated Jan. 1 1935, one coupon to be payable five years after date, one
coupon to be payable 10 years after date, and one coupon to be payable 15
years after date, all of such coupons to be non-Interest-bearing. Said coupons shall be in the amount of $25 each with respect to bonds of $1,000
par value and $12.50 each with respect to bonds of $500 par value. Scrip
coupons may be issued separate from the bonds in cases where the ownership of coupons and scrip on the date of the filing of the petition of the
debtor has been separated from the ownership of the bonds to which such
coupons and scrip are appurtenant.
Condensed Balance Sheet Dec. 31 1934 (New Delaware Company)
UabUUiesLand, building and &PUP-513,181,752 Funded debt
$7,466,000
Cash in banks and on hand__
142,428 Long-term notes payable.... s559,950
Accounts and notes receivable
361,000 Current liabilities
159,102
Inventories
9,682 Deterred income
397,331
Other receivables
18,093 $6 preferred stock
3,607,300
Deferred charges
417,587 Common stock ($1 par)
362,676
Capital surplus
1.578.183
h. Total
$14,130,543
Total
$14,130,543
a Non-interest-bearing (stated upon basis that all holders of unpaid
coupons and scrip participate in conversion): 5
-year notes maturing Jan. 1
1940. $186.650; 10
-year notes maturing Jan. 1 1945, $186,650; 15
-year
notes maturing Jan. 1 1950. 8186.650.-V. 140. P. 1300.
American Light & Traction Co.(& Subs.)
-Earnings
Period End.Mar.31- 1935-3 Mos.-1934
1935-12 Mos.-1934
Sub. Operating Cos.
Gross revenues
$8,849,687 $8,972,640 $34,587,695 $34,035,267
General operating erns-, 4,923,620 x4,701,737 18,360.272 x16.961,016
Prov. for retirement or
general plant
540,052
476,798
1.933.480
1.686,832
Maintenance
560.464
540,795
2.341,207
2.025,100
Gen.& Fed,in taxes
1.101.781
1,148,964
4,522,561
4,547.219
Misc. non-op.rev.
-net- Dr32,846
D,6,781
41,350
Dr7,749
Int. & divs. on bonds,
pref. stocks and notes
owned by public
1.014,848
1,013,108 4,057,802 4,058,497
Amort.of bd. dis.& exp40,099
39,844
161,408
155.451
Amort.offranchise oblig.
paid in advance
8,094
5.908
25,818
102.296
Portion accr.to min.Int_
156
4.055
11,058
20,791
Bal. applic. to Amer.
Lt. & Trac. Co__ $627.723 41.034,666 83,215,437 44.470,312
Sub. Investment Cos.
Gross revenues
$51,985
$130.802
$350,910
8550.002
General expenses
379
129
1.505
2,581
Gen.& Fed. inc. taxes
515
3,534
4,071
17.601
Bal. applic. to Amer.
Lt. & Tree. Co---
$51,090
$127,137
8345,333
$529.818
Total accr. to Amer. Lt.
& Tr Co.from subs-- $678,813 41,161,804 $3,560,771 45,000.131
.
Amer.Lt.& Tr. Co.IncomeInt. & diva.(excl. of Int.
& diva from echoic's.) 8206,965
$153.456
5716.038
$614,914
Miscellaneous income_
10
87.076
99.701
May 18 1935
Underwriters include W. E. Hutton & Co.. Edward B. Smith & Co..
First Boston Corp. Brown Harriman & Co., Inc., Kidder, Peabody &
Co., Field, Glore & *Co., and Lee, HIgginson Corp.
Proceeds from sale of the debentures will be used to redeem about July 15,
$13.665,300 5% convertible notes due Nov. 1 1938. while $3,659,250 will
be advanced to Sheffield Steel Corp., subsidiary, to be applied to redeem
on Sept. 11935. the entire outstanding issue of first mortgage 5$$% bonds.
due March 1 1948, of the latter concern.
In addition, approximately 35.000.000 will be used for the construction
of a wide cold reduction mill and miscellaneous equipment, while about
$1,625,000 will go to increase working capital.
Stockholders Approve Financing Program
-
The financing program was approved May 16 at the annual stockholders'
meeting.
-V. 140. p. 3203.
w. American Water Works & Electric Co.
-Weetly 0'4.iput
P Output of electric energy for the week ended May 11 1935, totaled 38,.
207,000 kilowatt hours, an increase of 7% over the output of 35,691,000
kilowatt hours for the corresponding period of 1934.
Comparative table of weekly output of electric energy for the last five
years follows:
Week
1935
1934
1933
1931
Apr. 20
38,874,000 35.224.000 28,319.000 28,8353.0230 34,972.000
19
Apr. 27
37.100,000 35,957.000 29,232.000 28,123.033 31.012,000
May 4
37,658.000 35,278.000 30,357,000 28,515,033 33.491.000
May 11
38,207,000 35.691,000 31,288,000 27.685,000 34,019.000
-V. 140. p. 3203.
Andian National Corp., Ltd.
-$1 Special Dividend
The directors have declared a special dividend of $1 per share in addition
to the regular semi-annual dividend of like amount on the capital stock,
both payable June 1 to holders of record May 20. The dividend will be
subject to a 5% tax in the case of non-residents of Canada.
-V.137, p.4016.
Anglo American Corp. of South Africa, Ltd.
-Earnings
Results of Operations for the Month of April 1935(In South African Currency)
Tons
Total
CompaniesMilled
Revenue
Costs
Profit
Brakpan Mines Ltd- _-_
130.000
/238.719
£130,024
Z108,695
Daggafontein Mines Ltd
112.500
£232,209
£113,453
£118,756
Stitrings Mines Ltd
111,600
£247,730
£144,132
/103,598
West Springs Ltd
100.100
£98,969
173.743
£25,226
x Each of which is Incorporated in the Union of South Africa.
Note-Revenue has been calculated on the basis of £7 3s. per ounce
fine.
-V. 140, p. 2692.
Anglo-Canadian Telephone Co.
-Makes Offer to National Telephone & Telegraph Corp. Stockholders Resident
Outside United States-53,300,000 Preferred Stock Underwritten
by British Bankers
-The holders of the 7% cum. pref. stock
and class A stock, resident outside the united States have
received an exchange offer for their holdings, which is given
below. A circular describing the Anglo-Canadian Telephone
Co., and the offer, signed by Hunter L. Gary, President,
affords the following:
Anglo-Canadian Telephone Co.
-Company has been incorp. under the
Quebec Companies' Act for the purpose of acquiring the assets and liabilities
of National Telephone & Telegraph Corp.
CapitalizationAuthorized
Outstanding
7% cumulative preferred stock (550 par)
Total inc. accr.to Am.
$5.000.000
33.300,000
Class A
Lt.& Trac.Co
5885.779 41,315.270 $4,363.886 45,714,747 Class B stock ($10 par)
3.500.000
1.260.000
common stock (510 par)
General expenses
60.381
x.54.656
238,930
x223.230
7.000.000
x5.941.000
Gen.& Fed.Inc. taxes._
18,912
x Class 13 common stock is convertible at the holder's option into class A
17.782
45.105
14.297
Interest
stock, share for share, at any time after six months from date of issue.
17.258
35,674
76,963
183,187
providing that no class A stock may be issued by conversion
B
Net Income
common stock or otherwise which would make the total amountof class A
$789.226 51,207.157 54.002.885 $5.294,032
of class
Preferred stock dividends
stock outstanding exceed the total amount of class B common stock out201,121
201.121
804.486
804,'.86
standing.
Bal. avail,for com.at.k. 5588.104 81.006.035 $3.198.399 84,489.546
7% Cumulative Preferred Stock-Preferred as to capital
entitled to cumulative preferential dividends in priority toand dividends:
As compared with figures submitted in the 1934 report, these accounts
other classes
of stock at
have been adjusted because of certain minor changes in classification.
- dividends rate of 7% per annum. payable quarterly (F. & A.). and no
shall be paid on other classes of stock unless all accumulated and
V. 140. p. 2173.
the current quarterly dividends have been paid or set aside. Elders of
the first 53.300.000 7%
time
American Home Fire Assurance Co.
-Financial State- 60 days from the date of cum. pref shares issued may at anynotice within
original issue of such shares elect
to
company to receive payment of dividends In lawful moneyby the U. the
ment Dec. 31 1934of
S. of
America of nominal value equal to the nominal value of such
Assets
Liabilities
terms of Canadian currency: until such election is changed withdividends in
the consent
Bonds and stocks
$1,857.923 Reserve for unadjusted losses_ 589,338
of the directors. Dividends will be payable in lawful money of (`anada
Cash In banks
58,632 Res. for unearned premiums
459.157
unless election Is made for payment In lawful money of the U. S of America.
lot mtge loans on real estate- 484.380 Res. for taxes & other items__
54.192
In case of an additional IMMO ofsuch pref. shares, payment of dividends may
Real estate
30.000 Capital stock
1.000.000
be made in lawful money of the United States or in lawful money
Agents' balances
137,809 Net surplus
1,006,883
at the discretion of directors. Preferred shares are redeemable of Canada,
Int. accrued & other items40.823
or in part on any div. date at $55 per share in lawful money as a whole
of Canada
plus diva, to date of redemption: and are entitled to 355 per share in
lawful
Total
$2,609,588
Total
$2,609,568
money of Canada In case of voluntary liquidation, and $50 per share
in
-V.134. p. 3826.
lawful money of Canada In case of involuntary liquidation, plus all diva.
The 7% cum. pref. shares are entitled to 33 1-3% of the 165.000 total
votes exercisable by the shares of all classes entitled to vote, and
American Ship & Commerce Corp.
-Earningseach 7%
cum. pref. share shall entitle its holder to the vote or fraction of a vote
Calendar Years1934
1933
1932
1931
resulting from dividing 55.000 votes by the number of 7% cum. pref. shares
Total income
$22,934
888.049
3141.750 , $340.248
at the time outstanding.
General expenses
23,382
27.286
28.831
Registrars
45.285
-Barclays Trust Co. of Canada, Montreal, and the London &
Interest charges
245.073
287,928
305.482
Western Trusts Co., Ltd., Vancouver.
338.212
Extraordinary charges
136.333
Transfer Agents
-Royal Trust Co.. Montreal and Vancouver.
Class.4 Stock-Whenever all accumulated and
$381,855
Net loss
$227.165
on the 7% cum. pref stock have been paid or current quarterly dividends
$192,563
843,249
funds for payment thereof
have been set aside In any calendar year, non-cumulative dividends of
General Balance Sheet Dec. 31
25 cents per share may be paid on class A stock in such calendar
Assetsyear.
1934
1933
Liabilities1934
1933
and after payment or setting aside funds for payment of dividends amount- •
$76,986 Notes payable to
Cash
$9,292
ing to 25 cents per share on the class A stock in any calendar year dividends
Accts.receivable_
banks-secured.
15
13
$762,133
may be paid on each share of class B common stock up to but not exceeding
Inv. In HamburgNotes payable to
the amount per share paid on class A stock In such calendar year:
and.
Amer. Line at
others-secured.$3.637.000 3,833.000
subject to payment or provision for payment of additional dividends on
cost-Accounts payable15.306
17.820
the class A stock amounting to 25 cents per share in such
calendar Year,
purch.money
Accrued intercet_ - 208.823
7%
233.959
dividends may be paid on each share of class B common stock up to but not
notes. matur.
b Capital account_ 1,430,843 1,816,116
exceeding such amount per share as. together with the amount per
d1,288,333
ser. to 1937_
any dividends previously paid on shares of class B contmon stock share of
In such
Cap. stk. 35,096
year, shall not exceed the total amount per share paid on class A stock
3,323,839 3,323,839
shares
such calendar year: and after payment of a total of 50 cents per share In
of
c Notes rec.-Wm.
both class A and class B common stock in any calendar year. directors may
Cramp at Sons'
in such calendar year declare and pay out of any then remaining surplus
Ship St Engine
or net profits of the company further dividends on the shares of class A
Building Co_
1
stock and class B common stock, but only equally and ratably as a single
Accr. Mt. (net).15,031
a Inv. In attn. cos.
cla s. shares of class A stock are entitled to 10% of the
The
total votes
at adj. book val. 1,958,602 1,958,602
exercisable by the shares of all classes entitled to vote,165.000 share of
and each
Mined. Invests. at
class A stock shall entitle its holder to the vote or fraction of a vote resulting
COElt
197
197
from dividing 16.500 votes by the number of shares of class A stock at the
Furn. & fiat. (net)
26
26
time outstanding, provided that at elections of directors each shareholder
is entitled to the number of votes accorded to his shares multiplied by the
Total
$5,291.973 $6,663,028
Total
$5.291,973 36.683.028
number of directors to be elected and he may cast all of
votes for a
a Win. Cramp & Sons' Ship & Engine Building Co.. general mortgage
single director or may distribute them among the numbersuchbe voted for
as he shall see fit. If all the 7% cum. pref, shares shall to any time be
6% bonds due June 11930 at cost, 31.958.600; Win. Cramp & Sons' Ship
at
& Engine Building Co.. 93.815 shares (61.59% of total capital stock) at
retired, the votes to which b.)Iders of such preferred shares are entitled
nominal value. $1; Cramp-Morris Industrials. Inc., 131.427 shares (87 62%
shall be added to the votes to which holders of class 13 common stock are
of total capital stock) at nominal value. $1. b Represented by 591.271
entitled. In the case of liquidation or dissolution of the company, shares
shares or no par value outstanding. c After reserve of$231,930 in 1934 and
of class A stock and of class 1.1 common stock shall rank equally and ratably
3211.321 in 1933. d Sold at 90 on April 30 1934. the proceeds being used
as a single class.
to pay off bank loans and reduce secured notes payable to others and
Registrars-Chartered Trust & Executor Co., Montreal, and London
accrued interest.
-V.140. p.2691.
& Western Trusts Co., Ltd , Vancouver.
.
Transfer Agents-Montreal Trust Co., Montreal and Vancouver.
-•-••
Business and Assets
-Under an agreement for sale dated April 16 1935.
American Rolling Mill Co.
-Refunding Plan4-4-atp..,
between National Telephone & Telegraph Corp. and the company, shares
The company on May 14 filed a registration statement with the Securities
in the capital stock of the company to be outstanding as above are to be
and Exchange Commission, seeking to issue 325.000.000 10
-year convertible
issued as fully paid In consideration of the transfer of investments and propdebentures. due May 1 1945. The application also provides for registraerties comprising the below mentioned shares and securities.
tion of 1,000.000 shares ($25 par) common stock to be reserved for issuance
An underwriting agreement dated March 29 1935 has been entered Into
conversion of the debentures. Interest rate on the debentures
upon the
with responsible British bankers covering the 83300.000 7% cum, pref.
will be disclosed in an amendment to the application.
shares to be issued, but holders of National Telephone & Telegraph iftrp.
Volume 140
Financial Chronicle
3379
first pref. shares resident outside of the United States of America and its
An ostura-Wuppeprna n Corp.—Admitted to Listin--possessions will be given the right, good until the close of business May 17
The ew York Curb Exchange has admitted to listing 200.000 shares a
1935. to exchange their first pref. stock on the basis of one share thereof
commdxa.stock, par $1.—V. 140,1. 2347.
for one share of 7% cum. pref. stock of this company and $4 in Canadian
funds, to be provided out of the underwriting.
W. Paper„Co.—ilfar-Coneolidate Plants-Holders of class A common stock of National Telephone & Telegraph
The(stockholders will)hold a special meeting on May 28 to(consider a
Corp. resident outside of the United States of America and its possessions
plan for- consolidation of the plants of the companb—V. 140, lak 2347.
will be given an opportunity to receive 1 8-10ths shares of class A stock
,
of the company for each share of class A common stock of National TeleArmour & Co. (Del.)—Refunding
phone & Telegraph Corp. Class B common stock of the company to be
A plan for refunding of the entire debt of the company either entirely
outstanding as above mentioned is equal to 1 8-10ths shares for each share
through the issuance of new bonds at a lower coupon rate, or a combination
of class B common stock of National Telephone & Telegraph Corp. now
of a public issue and bank loan, is close to completion by the company and
outstanding.
its bankers, according to reports in the financial district.—V. 139, p.3635.
Assets to Be Aquired
Upon completion of the transaction the company will own 44,943 ordiArt Metal Construction Co.(& Subs.)—Earnings—
nary shares out of a total of 45,000 ordinary shares of British Columbia
Telephone Co. and the whole of the capital stock of Point Roberts & Gulf
Consolidated Income Statement, Year Ended Dec. 31 1934
Telephone Co. and Dominion Directory Co., Ltd., also all of the capital
Net before depreciation
$86.210
stock of Compania Dominicana de Telefonos, C. pot A., and indebtedness
Depreciation
164.683
of that company amounting to 8992,000.
The company will also control, through a holding company (Philippine
Loss after depreciation
$78,473
Company), the majority of the shares of the Telephone Investment Corp.
Other income
6.503
In addition, the company will also own all of the common or ordinary capital
stock of Chilliwack Telephones, Ltd., Kootenay Telephone Co.. Ltd.,
Net operating loss
871.969
Mission Telephone Co., Ltd., through the ownership of 63.216 ordinary
Surplus Dec. 31 1933
1.716.856
shares, being all the outstanding capital stock, of North-west Telephone Co.
Exchange adjustment—London investment
26.280
None of these companies has funded debt outstanding in the hands of the
public except British Columbia Telephone Co., Telephone Investment Corp.
Surplus
$1,618,605
and Philippine Company, which together have $11,609.000 of tonds and
Appreciation of fixed assets
662.306
notes outstanding as of Dec. 31 1934, including notes of Philippine Co. for
Sundry credits
3.299
$1,500,000 securing indebtedness to British Columbia Telephone Co.
Through operation of the above subsidiary companies, the company vril
Surplus Dec. 31 1934
82.284,211
control over 130,000 telephone stations, together with long distance toll
and wireless circuits. The population in the territory served aggregates
Consolidated Balance Sheet Dec. 31
over 3,500,000.
1934
Liabilities—
1934
1933
1933
Assets—
Descriptions of Properties
$3,205.700 $3,205,700
a Pl't & property-$2,598,927 $1,741,84( -apital stork
British Columbia Telephone Co.,incorp. by Private Act of the Dominion
kccounts payable_ 204,509
126.968
Cash, certificates
of Canada, is the second largest privately owned telephone operating com864.917 Reserve for taxes_
37.381
of deposit, &c__ 390,865
4.105
pany in Canada. operating without competition some 63 telephone ex214,204
Bills and accts. rec. 819,193 1,016.287 qther reserves_
240,660
changes and 106,562 telephones,serving a population in excess of 500.000,
956.338 Surplus
1,419.577
2,284,212 1,716,856
Inventories
including the metropolitan areas of Vancouver and Victoria. Chilliwack
690,802
b Investments____ 690,802
Telephones, Ltd., Kootenay Telephone Co., Ltd., and Mission Telephone
I
1
Pats.,g'd-will. Arc_
Co., Ltd.. operate 3.847 telephones,serving various municipalities through26.641
24,098
Deferred charges__
out the Province of British Columbia.
Telephone Investment Corp., through its subsidiary, operates 20,371
Total
$5,946,006 $5,294.289
$5,946,006 85,294,289
Total
telephones, together with a long-distance telephone system in the Philipa After depreciation. b Includes 35.020 shares of company's stock
pine Islands. serving the City of Manila and outlying territory. The
($678.802) and stocks of domestic corporations ($12.000).—V. 139, p.2356.
Philippine system is connected by wireless telephone with the American
Bell Telephone system and practically all of the telephone systems of the
Associated Gas & Electric Co.—Weekly Output—
world and is equipped to handle wireless telephone business with the Orient.
Compania Dominicans de Telefonos. C. por A's system is a complete
For the week ended May 4, Associated Gas & Electric System reports
national telephone system serving the Dominican Republic, operating
net electric output of 53.187,911 units (kwh.), which is an increase of
approximately 700 miles of toll lines and 1,503 stations, serving a popula5.1% above that reported for the comparable week last year. This is the
highest per cent increase reported since the week ended March 16, a period
tion of about 1,000,000, including Santo Domingo City, Santiago, San
Pedro de Macoris and Puerto Plata. Wireless equipment is now being
of seven weeks.
installed which will connect the telephone system of the company with the
The comparatively cloudy weather this year resulted in a general increase
American Bell Telephone system and practically all of the telephone sysin residential consumption and accounted for this improvement.—V. 140.
tems of the world. Substantially the whole system is equipped with autop.3204.
matic telephone equipment and represents an investment of more than
Associated Telephone Co., Ltd.—Transfer Agent—
$1,000,000. Substantial toll line rentals are received from All-America
Cables and the Dominican National Government. Rates are calculated
The company has notified the New York Curb Exchange that the $1.50
preferred stock is transferable only at the Citizens National Trust & Savings
In United States currency. Under the Convention of 1924 the United
States Government administers the customs and financial policy of the
Bank of Los Angeles, Calif.—V. 139. p. 2669.
Republic.
Earnings—The following pro forma consolidated statement of earnings
-10% Stock Dividend'
' —Atlas Imperial Diesel Engine Co.
(calculated in Canadian and United States dollars at par of exchange)
The directors have declared a stock dividend of 10% on the class A stock,
of the company and the above named companies to be acquired, has
Payable in class A stock on June 15 to holders of record June 5. See also
been prepared by Riddell, Stead, Graham & Hutchison, Chartered A
V. 140. p. 2521.
countants, Montreal:
1934
1933
1932
1931
Aviation Corp.—Annual Report—
Gross earnings
$6,118.530 $6.045,873 $6,297,369 $6,536.021
L. B. Manning, President, says in part.
Open, maint.and taxes_ 3,344,386 3,275,188 3,531,420 3,686.784
The corporation, connected intimately fU3 it is with the progressive
int. & amort. charges
631,552
613.791
678,853
465.769
aviation industry, looks forward to the future and its opportunities rather
Depreciation
1,092.874
1,157,495
1,092,027
1,275,839
than backward to the losses and errors of the past. Legislation adopted by
the 1934 Congress has necessitated the divorcement of all parent corporations
Balance
$998,956
81,050.564
$994,663 $1,107,627
from any ownership of or control over any company holding air mail
Subsidiary pref. diva__ _
333.000
333,000
333.000
333,000
contracts.
Minor.int. in subs. inc_
161,945
159,168
148.166
151.373
The result Is that the corporation, which has financed and developed
this business at great expense to itself and its stockholders, is no longer
Bal. of consul, income $558.396
$504,010
$513.496
8623,253
allowed to have any representation in the management of the air mail
Premium on bond interest paid in sterling and United States funds during
corporations or to hold any direct or indirect intetest therein. This edict
the above periods has been excluded from expenses as shown.
of our Government has been complied with by the resignation of all officers
Management—Company's management will be in the hands of a board of
and directors who are connected with the management of subsidiaries holding
directors which will include the following: A. F. Adams, Chairman, Kansas
air mail contracts and by the transfer to trustees for the benefit of the stockCity, Mo.; Hunter L. Gary, Chairman British Columbia Telephone Co.,
holders of this corporation as of Dec. 31 1934, all of the stock of American
Kansas City, Mo.; Gordon Farrell, Pres. British Columbia Telephone Co.,
Airlines, Inc.: Canadian Colonial Airways, Inc., and 38,600 shares of the
Vancouver. B. C.; Major R. L. Benson, Robert Benson & Co., Ltd.,
stork of General Aviation Corp. theretofore owned by this corporation. ml
London. Eng.; Martin Lindsay, V.-Pres. Associated Telephone & TeleAmerican Airlines. inc.. was organized following the cancellation of the
graph Corp.. Chicago, Ill.; Viscount Hinchingbrooke, Director, Anglo,
old air mail (=tract!: in February 1934. and as a wholly-owned subsidiary
Porguguese Telephone Co., Ltd., London, Eng.; M. A. Colefax, Robert
of this corporation bid upon and obtained from the Past Office Department,
Benson & Co.. Ltd., London, Eng.; Percy W. Evans, Director, British
contracts for the transportation of the air mail from Chicago to New York
Columbia Telephone Co., Vancouver, B. C.; Ernest E. Evans, London,
via Detroit and Buffalo: from Boston to Now York: from Newark. N. J.,
Eng.; W. C. Pittield, W. C. Pitfield & Co.. Ltd., Montreal, Que.: Sir
via Washington. Nashville. and Fort Worth, to Los Angeles: from Chicago,
Alexander Roger, Chairman, British Insulated Cables. Ltd.. London. Eng.;
Ill.. to Fort Worth, Tex.: from Chicago via Cincinnati to Washington:
Frank II, Woods, Chairman, Addressograph-Multigraph Corp., Chicago,
and from Boston via Buffalo and Cleveland to Nashville.
Canadian Colonial Airways, Inc., likewise controlled by this corporation,
Pro Forma Consolidated Balance Sheet. Dec. 31 1934
through its wholly-owned subsidiary, American Airways. Inc.. had a
(Consolidated on the basis of Canad an and United States dollars at par)
10
-year contract for the transportation of the air mail northbound hom
Assets—
Newark, N. J., to Montreal. Canada.
L4abilitiesTelephone plant, equip., &c_534,779,303 7% preferred stock
General Aviation Corp. is not managed or coot/ oiled by this corporation,
$3,300,000
Sundry Investments—at cost_
and our investment therein is a minority one. Its stock was originally
12,899 Class A stock
1,260.000
acquired in 1929 when the cookoration was known as Fokker Aircraft
Class B common stock
Debt discount and expense in
5,941,000
process of amortization,_ __
Corp. General Aviation Corp. is now being liquidated, and holders of its
844,335 Pref. stock of sub. cos, held
Prepaid acc'ts & del'd charges
stock are entitled to receive as a liquidating dividend I A4 shares of stock of
169,280
by public
British Col. Telep.
Notes rec,from affiliated cos- 1,907,704
North American Aviation, Inc., for each share of General Aviation Corp.
5,500,000
Chilliwack Tel., Ltd__ _ _
Cash in bank, on hand and
owned.
50,000
North American Aviation, Inc., operates air transport lines and holds
In transit
2,026,818 Minority int. In common stk.
Special deposits
air mail contracts from Now York to Miami along the Eastern seaboard,
1,414
and surplus of subs. cos,... 1,772,851
Working funds
and from New York to New Orleans, and Chicago to Jacksonville, Fla.
14,936 Funded debt of subs. cos, held
Notes receivable
Therefore, to comply with the air mail laws it seemed necessary to segregate
by public & by affil. co_ _ _ 11,609.000
16,500
Accounts receivable
this stock also and place same in the possession of trustees so that the
180,807 Deferred liabilities
125,729
Due by affiliated companies_
rights therein to receive stock of the North American Aviation, Inc.,
7,991 Current liabilities
883,923
Unfilled tolls
would be held by the trustees for the benefit of stockholders of this cor94,754 Depreciation reserve
8,503,286
Construction and operating
Res. for fire loss, casualty &
poration.
materials and supplies_ __ _ 1,011,981
contingencies
The trustees selected by the board of directors of the Aviation Corp.
988,285
Rm. for pension fund
to hold for the benefit of its stockholdets the said stock of the air mail
696,257
contractors are C. R. Smith, President, and T. J. Dunnion, Treasurer,
Surplus
438,393
of American Airlines, Inc.. and J. J. Grealis, one of the attorneys for this
Total
corporation and its subsidiaries. The instructions given to the trustees
$41,068,725 Total
$41,068,725
are to distribute or dispose of the stocks conveyed to them in trust in such
Arkansas Power & Light Co.—Earnings—
manner as the stockholders of the corporation may determine and, as
required by the laws of the United States.
[Electric Power & Light Corp. SubsidiarYl
The directors are of the opinion that the stock of North American Aviation
Period End. Mar. 31— 1935-1t1'onth--1934
1935-12 Mos.-1934
Inc., when received, should be sold and the proceeds of such sale disOperating revenues
$550.713 $7,358,424 $7,048.420
8503,704
tributed to the stockholders of this corporation, and that the stock of
Oper. exp., incl. taxes. _
327,661
4,041,848
268,352
3,864,040
American Airlines, Inc.. and Canadian Colonial Airways. Inc., should
Rentfor leased prop.(net)
645
800
Cr1.299
9,028
be distributed pro rata to the stockholders of this corporation at an early
date.
Balance
$222,407 83,315,776 $3,175,352
8236,651
Preliminary to such distribution they have recommended that the cerOther income
1.000
15.491
1,567
15.841
tificate of incorporation of Canadian Colonial Airways, Inc., be amended
and the capitalization of the corporation changed so that the outstanding
Gross corp. income_
$223.407 $3,331,267 $3.191.193
$238,218
4
stock will consist of 138,8971 shares (par 81). The outstanding stock of
Int. & other deductions_
157,364
1,892,042
157,447
1,916.381
American Airlines. Inc., consists of 277.775 shares of stock (par $10).
The outstanding stock of Aviation Corp. is 2,777,750 shares (par $5).
Balance
y$66.043 $1,439,225 $1,274 812
y$80,771
It is recommended that the stockholders of this corporation approve the
Property retirement reserve appropriations
592,800
664,226
distribution of the stock of American Airlines, Inc., on the basis of one
z Dividends applicable to preferred stocks for
share of American Airlines, Inc.. for every 10 shares of Aviation Corp.
period, whether paid or unpaid
949,269
949.338
stock outstanding, and that the stock of Canadian Colonial Airways, Inc.,
be distributed on the basis of one share of Canadian Colonial Airways,
Deficit
$102.844
$338.752
Inc., for every 20 shares of Aviation Corp. stock outstanding, and that
y Before property retirement reserve appropriations and dividends.
such distribution be made in the form of voting trust certificates dated
z Dividends accumulated and unpaid to March 31 1935, amounted to
July 1 1935 to the stockholders of Aviation Corp. of record May 1. It is
$1,107,800. after giving effect to dividends of $1.17 a share on $7 Prof.
further recommended that on July 1 1936 such stock of North American
stock and $1 a share on $6 pref. stock, declared for payment on April 1
Aviation, Inc., as shall have been received, be distributed to the stock1935. Dividends on these stocks are cumulative.—V. 140. p. 3029.
holders of record of this corporation at the close of business on May 1
3380
Financial Chronicle
1935, unless prior to July 1 1936 the stock shall have been sold or disposed
of by the trustees, and that the trustees be authorized and directed, in
their sole judgment and discretion, to dispose of the stock or sell the same
at any time prior to July 1 1936 at snarl price and upon such terms and
conditions as they or the majority of them may see fit, and with instructions
If such sale or disposition is made, to distribute immediately the net proceeds of such sale or disposition among the stockholders of record of this
corporation at the close of business May 1 1935, and if such sale or distribution of stock is not made before July 1 1936. then on such date to
distribute the said stock of North American Aviation, Inc., to the stockholders of record of this corporation at the close of business May 1 1935
pro rata as their respective interests may appear.
Inasmuch as Aviation Corp. has no earned surplus out of which the foregoing recommended distributions can be made as an earned dividend,
directors recommend that the par value of the authorized and outstanding
capital stock of the corporation be reduced from $5 to $3 per share and the
certificate of incorporation amended accordingly. Also that the net
amount of such reduction in the capital account of the corporation, or
$5,555,500, being $2 per share on the outstanding 2,777,750 shares of
capital stock, be credited to the paid-in or capital surplus account of the
corporation. This will permit the distribution of the shares of American
Airlines, Inc., and Canadian Colonial Airways, Inc., and the stock of
North American Aviation, Inc., or the proceeds of the sale or disposition
thereof to the stockholders of this corporation of record at the close of
business May 1 1935 as a partial liquidating dividend. This reduction In
the par value of the outstanding shares of the capital stock of the corporation and amendment to the certificate of incorporation was submitted
to the stockholders and approved by them at the annual meeting on
April 16 1935.
The appointment of C. R. Smith, T. J. Dunnion, and J. J. Groans as
voting trustees of the stock of American Airlines, Inc.. and Canadian
Colonial Airways, Inc., for the period of two years from July 1 1935 was
also approved as that during said period a continuity of management
may be preserved and that the trustees may have all of the authority and
power of stockholders of said corporations to vote the stock standing in
their names as trustees upon any proposition or proposal brought before
the stockholders of said corporations for consideration during the period
of their trusteeship.
Stockholders will receive voting trust certificates representing their
distributive shares of the stock of American Airlines, Inc., and Canadian
Colonial Airways, Inc., on July 1 1935 and final distribution of the stocks
of said companies will be made to the holders of such certificates two years
later on July 1 1937.
Having so segregated its air transport subsidiaries, corporation was
faced with the necessity of finding suitable investments for its capital
In other enterprises having no direct connection with the transportation
of the air mail. Accordingly, as of Nov. 30 1934, company purchased the
controlling interest In the Stinson Aircraft Corp., manufacturer of Stinson
Airplanes, and all of the stock of Airplane Development Corp.. manufacturer of the Vultee airplane (the world's fastest transport airplane)
and of the Smith Engineering Co., holder of patent rights pertaining to
the Lycoming-Smith controllable pitch propeller; also the Aircraft Engine
and Propeller Divisions of the Lycoming Manufacturing Co., and the
patents, machinery, tools, dies, jigs, fixtures and inventory thereunto
appertaining.
Title to the purchased assets was taken in the name of a newly organized
subsidiary, Aviation Manufacturing Corp., all of the preferred stock and
one-half of the common stock of which is owned by the company, and
payment for said assets is to be made in cash and shares of common stock
of Aviation Manufacturing Corp., the sales price of the physical properties
and intangible assets having been determined by the engineering firm of
Ford, Bacon & Davis, Inc., as of Sept. 30 1931, and adjusted to date of
purchase by Arthur Young & Co.(C. P. A.).
Consolidated Income Account for Calendar Years
1934
1933
1932
1931
Profit from operations_ _ a$1,231,904 $1,293,550
481.185
$80,816
Deprec. & obsolescence- 1.090,215
1,453,796
1,470.338
1.344,776
Loss
Other income
$2,322,119
76,826
Loss
Expenses of parent co
$2,245,293
116.505
$160,245 $1,551,523 $1,263,960
155.461
387,477
614,433
$4,785 $1,164,046
183,816
278,268
$649,527
418.447
Loss
$2,361,799
$188.600 $1,442,313 $1,067,974
Portion of losses of subs.
applic. to min.Int _ _ _ _
Cr17,136
Write-down in value of
idle prop., equip., &c..
1,327.043
Res. for contingencies,
leases, &c
1.245,000
Prov. for U. S. d: Can.
income taxes of subs
5,348
Loss on liquidation of
surplus flying equip.,
&c.(net)
prof108,063
14,666
67.767
115,033
Loss on sale of securities_ prof42,225 prof799,929
3,602,975
2,022.663
Loss for year
a Loss.
$2,199,724 sur$596,663 $7.685,098
$3,205,669
Consolidated Balance Sheet Dec. 31 1934
AssetsLiatrilUies' assets
Fixed
$1,720,210 Accounts payable
8152.355
Cash
5,914,975 Accrued liabilities
66,494
U. S. Govt., dm., bonds__
678,180 Due on purch. of prop., &c
1,917,599
Notes & accts. rec., less res..
261,118 Advances from Canadian
Accts. rec. from U.S. Govt__
Colonial Airways, Inc
311,710
35,168
Due from officers & employees
1,654 Purchase money obligations_
42,600
Accrued Interest receivable__
42,370 Reserve against properties,
Inventories
716,284
leases and contingencies_ _ _
961,963
Notes rec. from American
Min.stockholders' Mt in subs.
237,151
Airlines, Inc
3,137,512 Capital stock (par 315)
13,888,765
Serial notes due subsequent
Paid -in surplus
122,643
to one year
10,000 Earned deficit
1,603,060
Capital Investments
726,236
Investments in stocks of airline operating companies
1,644,411
Deterred charges
33,940
Develp. exp., patents, dm_
623,074
$15,821,681
Total
Total
$15,821,681
x Land, buildings, machinery and other equipment
-manufacturing
(at cost), $1,038,754; less reserve for depreciation. $231,463; balance,
$807,290; land, buildings and other equipment
-In process of liquidation
tat cost), $1,831,857; less reserve for depreciation, $1,625,532; balance,
$206,325; idle property and equipment, at value determined by directors,
$1,143,377, less reserve for depreciation. $436,782; balance, $706.595;
total (as above), 31,720.210.
-Options on stock exercisable prior to Jan. 1 1937 are outstanding
Note
as follows: 1,297,666 at $20 per share.
-V. 140, p. 2693.
Baldwin Locomotive Works
-Bookings
Orders booked by the company (including Midvale Co.) amounted to
$2,086,000 in April, as compared with $1.471,000 in March and with
$1,694,000 in April 1934.
With orders and shipments about balancing, unfilled orders showed
little change from preceding month; they amounted to $7.882,000, as
compared with $9,462.000 at beginning of the year.
Bookings for the first four months of 1935 totaled 86,735,000, against
$7.695,000 in like period year ago.
-V. 140. P. 3204.
Baltimore Tube Co.
-Earnings
-3 Mos.End. Mar.31Net profit after taxes,
depreciation. &c
-V. 140, p. 1301.
1935
1934
1933
1932
$14,107 loss$21,587 loss$33,614 loss$52,084
Bangor & Aroostook RR.
-Changes in CollateralThcand Colony Trust Co.. as trustee under the consolidated refunding
mortgage indenture, dated July 1 1901, has advised the New York Stock
Exchange that as of the close of business April 30 1935 it held the followingibondsifas collateral:
Northern Maine Seaport RR. Co. 1st mtge. railroad and terminal
30
-year 8% gold bonds, due April 1 1935. 33,646,000; Bangor & Aroostook
May 18 1935
RR. Co. 1st mortgage, St. John River Extension, 30-year 5% gold bonds,
due Aug. 1 1939. $1,151,000, and Bangor & Aroostook RR. Co. 1st mortgage, Washburn Extension, 30-year 5% gold bonds, due Aug. 1 1039.
$1.035.000.--V. 140, p. 3031.
Beech Creek Coal & Coke Co.
-Bonds Called
-
A total of $21,000 1st mtge. 5% 40-year sinking fund gold bonds, due
June 1 1944, have been called for payment as of June 1 next, at par and
in
Payment will be made at the Irving Trust Co., 1 Wall St., N. Y.
City.
-V. 138, p. 3595.
Bell Telephone Co. of Pennsylvania-Earnings
Period End. Mar. 31- 1935
-Month-1934
1935-3 Mos.-1934
Operating revenues
$5,037.041 35,060,138 $15,107.944 $15,002,543
Uncollectible oper. rev
15,571
13,741
54,889
57.837
Operating expenses
3,584,434
3,645,100 10,694,743 10,705.000
Operating taxes
298,893
228,001
890,789
685,882
Net operating income_ $1,138,143 81.173.296 $3,467,523 $3.553,824
---V. 140, p. 303.
Bing & Bing, Inc.
-Earnings
Calendar Year 1934
-
Partly Owned Bing & Bing,
Subsidiaries
Inc. and
50% or
Wholly Owned
More Owned Subsidiaries
Profit from operation of properties, management
and agent fees, interest earned, &c
$121,503
$493,620
Salaries and general expenses of parent company
276.813
Interest paid on loans and advances
87,603
4,777
Operating profit, before depreciation
$33,899
$212.030
Depreciation and amortization of properties,
leaseholds and mortgage discount
255,891
675.051
Operating loss, after depreciation
$463,021
$221,991
Provision for Federal income taxes of subsidiaries
898
7,681
Proportionate share of net losses of 50% or more
owned subsidiaries apportioned to outside
stock interests
111,728
Proportionate share of net losses of 50% or more
owned subsidiaries apportioned to companies
consolidated
111,161
Net loss
$334,618
$581.864
Proportionate share of losses in cos, less than 50% owned _ _ _
19,790
Int. on deb. bonds. incl. $219,590. the payment of which is
deferred by agreement
233,838
Loss, before special items applied to capital surplus below_
Capital surplus, balance reported Dec.31 1933 (credit arising
from issuance in 1933 of new common stock at $5 per share,
$4.688,198; other capital surplus, $135,427; less operating
deficit and net charges to Dec. 31 1933 of $2,749,274)_ _ _ _
Reinstatement in accounts of equities in two properties, previousiy eliminated
Discount realized on purchase of own bonds
Adjustment of deprec., mtge. Int, and write-down of securities applicable to prior periods, plus capital surplus
credits of $2
Addition to reserve for participation in syndicate
Charge to capital surplus representing excess of price paid
for 493i% Int. ins company over that portion of the net
assets of the company
Write-down of int. in a 66 2-3% owned company to $250
expected to be realized under arrangement made for sale_ _
Loss on sale of Interest in another 66 2-3% owned company,
$2,062.80, and elimination of capital surplus created at
its acquisition._ _
Proportionate share of write-off of equity in real estate abandoned by a 25% owned company
8835.490
2,074,350
568.694
121,721
51,112
134,020
61.977
32,055
22,812
9.342
Capital surplus, balance. Dec. 31 1934
$1,720,180
Note-Intercompany operating items are included, both as income and
expenses, in the above statement, in order to show the respective operating
results of Bing & Bing, Inc. and wholly owned subsidiaries and of partly
owned subsidiaries 50% or more owned, as follows:
Managing agent fees charged to partly owned subsidiaries
50% or more owned
$36,836
Int. charged to partly owned subsidiaries 50% or more owned
18,816
Int. charged a wholly owned co. by a 66 2-3% owned co__ _
2,085
(Elimination of the foregoing items would not change the net °per. results.)
Earnings for the 3 Months Ended March 31
1935
1934
1033
Net loss after depreciation, amortization, interest, Federal taxes, &c__
$58.077
$35,932
$207,556
Canso!. Balance Sheet Dec. 31 1934 (Incl. Subs. 50% or More Owned)
(After giving effect at that date to elimination of certain property values,
related mortgages payable, &c.)
Assets
Cash in banks and on hand
$539,950
Deposited in special bank accts. under agreements with mortgagee
16,288
General funds__ _
335,630
Marketable securities (approx. market quotations Dec. 31 1934)54,255
Accounts receivable
175,171
Unexpired insurance, fuel and supplies. &c
49,358
2d mtges. rec., at ledger amounts (incl. a 2d mtge. and outlays
aggregating $169,196 on a proprety with an underlying mtge.
on which foreclosure proceedings have begun)
397,402
Investment in real estate companies, at cost or loss
14,090
Receivable from officers and employees, dating back a year or
more, at ledger amounts, less $10,000 reserve
50.867
Investment in 11 affiliated real estate cos. less than 50% owned
at proportionate share of their net assets at ledger amounts at
Dec. 31 1934
89,540
Participations in syndicates
400,001
a Real estate and leaseholds
7,083.118
Furniture, furnishings and fixtures in hotels and apartments, at
depreciated amounts, including main office furniture at $1, and
patents at $1 ($33,005.04 subject to chattel mortgages incident
to property mortgages)
274,203
Mortgage discount and expense, being amortized
54,205
Total_ ________________________________________________ $9,534,084
Liabilities
Tenants' security deposits, and amounts due to owners of managed properties other than subsidiary cos., see cash, contra__ _ $401,146
Accounts payable and sundry accruals on owned and managed
properties, Sze
62,299
Estimated Federal income and capital stock taxes
10,579
Accrued expenses__ _________________________ 387,897
Estimated Federal income taxes payable on instalment sale of real
estate, if and when collections are made on a mtge. receivable_
10,800
Tenants' prepayments of rent. &c
44,142
Advances, incl. Int., made by certain of their stockholders ($298.700 due a company owned by a stockholder) to some of the
companies which are 50% or more owned by Bing & 13ing. Inc_ 1,173,964
Interest on stamped debenture bonds
531,976
25-year sinking fund debenture bonds due March 1 1950
3,738,500
Deferred credit arising from elimination of certain asset and
liability amounts
460.031
Outside stockholders proportionate share of the net assets at
ledger amounts of50% or more owned companies, after deducting $52,284 advanced to a stockholder against his equity
485,875
Capital stock, auth. and issued. 101,338 shs.. $5 par value each_
506,690
Capital surplus, balance Dec. 311934. as annexed
1.720.180
Total
39.534.084
a Consists of improved properties, less $5,014,593 depreciation and
amortization, $29,511,300: properties acquired for development, at cost,
exclusive of carrying charges. 82,913,843; total properties, $32,425,143.
Less, bonds and mortgages and serial mortgage bonds of 50% or more owned
subsidiaries (which It is stated are not obligations of Bing & Bing, Inc.
itself, except for the pledge of a leasehold on $1.109,600 of said bonds, and
as stated under contingent liabilities, contra), of which $10,430,750 are
past due and open mortgages, and instalments of $195,552 and mortgages
of $2,722,250 mature in 1935, $25,342.025. Balance as above, $7,083,119.
Contingent liabilities: (1) At Dec. 31 1934. Bing & Bing, Inc. was contingently liable on six bonds accompanying bonds and mortgages on buildings completed in 1931, as follows:(a) In the aggregate sum of $3,000,000
on four of these bonds. Instalments have been paid in connection with
two of these mortgages (including instalments since paid on March 1 1935)
releasing Bing & Bing,Inc., from liability on bonds in respect to these two
mortgages aggregating $1,425,000. The remaining two bonds aggregate
$1.575,000 and will become void upon the payment of mortgage instalments
amounting to $15,750. These instalments are postponed until March 1 1941,
with privilege of prepayment, but are subject to demand for payment on
any interest date after Sept. 1 1936. (b) In the aggregate sum of4200,000
on two bonds, which two bonds will become void upon the further reduction
of the two mortgages by $174,000 (including $117,500 postponed to March 1
1041, with privilege of prepayment, but subject to demand for payment
on any interest date after Sept. 1 1936) and on payment of interest on the
mortgages and real estate taxes until the said $174,000 reduction of principal is made. The postponements of instalments above referred to are
conditioned upon Bing & Bing, Inc. paying no dividends on its stock until
all postponed instalments have been paid.
(2) Proposed assessments of additional Federal income taxes aggregate
-V. 140. p. 313.
about $115,000 for prior years.
-Earnings
Berkshire Street Ry. Co.
(As reported to the Massachusetts Department of Public Utilities.)
1933
1934
1935
3 Months Ended March 311,325,620
1,530,557
1,567,878
Revenue fare passengers carried
7.
Average fare (cents)
$48,461
$3 ,ll06
4
$31,469
Net loss after all charges
-V. 149, p. 2524.
-Files in Tennessee
Bigelow-Sanford Carpet Co., Inc.
The company has filed a copy of its charter for domestication in the office
of Secretary of State of Tennnessee.-V. 140, p. 1303.
-Bonds Called
Bridgeport Brass Co.
All of the outstanding convertible 614% sinking fund gold debentures
have been called for redemption on Aug. 1 next, at 10214 and int. Payment will be made at the First National Bank & Trust Co. of Bridgeport,
-V. 140, p. 3032.
Bridgeport. Conn.
-Earnings
Briggs Mfg. Co.(& Subs.)
Calendar Yearsx Gross profit
Other income(net)
1934
$7,511,281
472,829
1933
$3,080,256
$362,067
1931
1932
$893,002 $3,016,815
501.976
315,627
Total income
$7.984,110 $3,442,323 $1,208,629 $3.518,791
2.309.393
2,470,403
1,516.094
1.626,646
Depreciation
195,000
174.015
961,171
Federal taxes
400.000
74,601
Prov. for contingencies_
330,465
234.648
160.789
200,066
Other deductions
Net income
Dividends
$5,121,625 $1,591,425 41,896,422
489,500
3,391.050
$683,932
2.993,553
Balance. surplus
$1,730.575 $1,591,425df$2,385,922df$2,309.621
(no par) 1,940.250
1,979,000
1,979,000
Shs.com.stk.out.
1.935,000
$0.34
Nil
Earned per share
$0.82
$2.64
p x After deducting manufacturing cost of sales and selling, administrative
and general expenses. z Loss.
Earnings for the Three Months Ended March 31
1933
1934
1935
Net profit after deprec., taxes, &c_ _ - _ $3.247,141 81.550,608 loss$895,963
Earnings per share on 1.979,000 shares
Nil
$0.78
$1.64
stock (no Par)
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933
Assets$
$
Liabilities$
$
y Common stock_ _12,793,323 12.793,323
a Plant, buildings,
machinery.&c--10,169.695 9,839,887 Accounts payable_ 4,910,331 1,724,490
726,036
Clash
4,641,268 3,853,346 Accrued accounts_ 1,304,894
Prov.for Income &
Cost of dies, jig232,804
cap. stk. taxes__ 1,018,344
sets, coll, from
customers
513,174
1,799,876
967,297 Deterred credit __ - 448,007
354,964
Conting. reserves_ 386,696
Co.'s cap,stk. held
1,406,566 8402,289 Surplus
13,443,620 11,692,940
for corp. purp
a Deposit in closed
242,488
banks
280,202
Other claims, investments, &c__ 143,939
Mktable. secure__ 4,001,250 3,059,839
Accts.receivable__ 5,244.388 3.741,481
Inventories
7,091,398 5,385,077
Deferred items_ _ _ 564,346
508,313
34,305,214 28,037,730
34,305,214 28,037,730
Total
Total
x After depreciation of $25,593,938 in 1934 and $24,297,612 in 1933.
by 1.979,000 shares (no par). Z Less $200,000 reserve.
y Represented
-V. 140,
a Represented by 44.000 shares. b Consists of 38,750 shares.
p. 1140.
-New Control
British Columbia Telephone Co.
-V. 140, p. 1820.
See Anglo-Canadian Telephone Co. above.
Bulolo Gold Dredging, Ltd.
-April Production
April production of gold totaled 10.540 fine ounces. according to the
company's regular monthly report to the Montreal Curb. This compares
with 11,521 fine ounces in March and 6,605 in April last year.
Estimated net working profit in April. with gold calculated at $35 per
ounce, amounted to $257,355, against $289,975 in March and $149,800 in
April 1934.
During April the company's four dredges handled 892,000 cubic yards.
-V. 140, p. 2696.
against 919,000 cubic yards in March.
-Removed
--'-iilwana M'Kubwa Copper Mining Co., Ltd.
from pisling and- Ile9isttatiou-.-.'-',#LThe &AR York Curb Exclingzeas removed from listing and registration
the "American shares" of the Guaranty Trust Co., N. Y., depositary,
-V.140, p. 3032.
representing ordinary registered shares, par 5 shillings.
-Earnings
Burns Bros.(& Subs.)
Calendar YearsNet coal sales
Coast of sales
Gross profit
Other income
1932
1931
1933
1934
$19,643,086 $14,984,999 819,186.620 $31,311,150
15.357,108 11,569.804 14,954,924 24.807,366
$4.285,978 $3,415,194 $4,231,696 $6.503,784
248,702
143.117
517,110
246,174
Total
$4,532,152 $3,558,311 $4.480,398 $7,020,894
5.548,652 8,181,492
4,067,021
General expenses, &c...- 4.417,205
694,889
639,756
730.015
Deprec. & amortization570,926
690,441
698,445
Interest
946,211
718,651
Loss on disposal of capi302,650
tal assets
48,520
Exp, of non-oper. yards_
284,194
495,901
365,784
Prov. for doubtful rec _ 343,765
LOW
$1,851,109 $2,515,345 $2,949,486 82.836,824
306
Adjust,for minority int_
Net loss
$1,851,109 $2,515,345 $2,049,486 $2,836,518
179,693
Preferred dive.(7%)..
Deficit
3381
Financial Chronicle
Volume 140
$1.851,109 $2,515,345 $2,949,486 $3.016,211
Consolidated Balance Sheet Dec. 31
1934
1933
1934
Liabilities
Assets
7% cum. pref. stk. 2,580.000
Real est., bldgs.,
b
equipment, &o_ 4,841,612 5,135,099 a Class A com.stk. 6,000,000
900.995 a Class Boom.stk. 1,000,000
522,931
Cash
Accounts payable_ 1,006,603
62,206
U. S. Govt. secur_
c Notes & acets.rec 2,580,249 2,086,847 Notes pay for coal
2,365,063
purchase
1,746,007 1,501,924
Inventories
227,078 Truck purch.obits. 192,916
Insurance fund_ _ - 234,711
Accrued expenses. 393,816
Miscell. securities,
35,865 Prov. for State tax 143,611
5,030
mortgages, &c...
40,797 5% g. notes (curr.) 902,893
91,716
Deterred charges...
5% gold notes (not
Claim against ven7,250,000
current)
405,303
dor
208.251 Mtge. pay. & open
208,252
e Treasury stock
130,200
maturities
conGood - will,
9,264.336 9,264,336 Purch. mon.oblig_ 2,754,978
tracts, &c
2,348.782
d Accruals
30,000
Mtge.on real est
696.971
Reserves
8,238.780
Deficit
1933
2,580.000
6,000,000
1,000,000
2,300,062
420,929
143,611
425,000
7.725,000
133,000
2.754,978
1.706,735
30,000
1,144,251
6,557.070
19,557,051 19,806,496
Total
19,557,051 19,806,496
Total
a Represented by 100,000 shares of no par value. b After depreciation
of $4,902,409 in 1934 and $44,556,061 in 1933. c After allowance for doubtful accounts. d Accrued rental and interest payment subordinated in
accordance with term of agreement dated March 4 1931. a 1,690 shares
pref. stock, 650 shares class A common stock and 600 shares class B com-V. 138. p. 2740.
mon stock at cost.
-Meeting AdjournedBush Terminal Co.
Stockhoklers of the company (in process of reorganization under Section 77-B of the Bankruptcy Act), who gathered May 14 to conduct the
the meeting
annual meeting were advised by Irving T. Bush,President, thatRandall and
would have to be adjourned in view of the fact that C. Walter
Van Sidon, court trustees for the company, had applied for a
James 0.
temporary injunction seeking to restrain holding of a meeting. Robert
Application had been made for an injunction before Federal Judge
A. Inch, Mr. Bush stated, and when the Court reserved deicsion company's
attorneys had agreed to postpone the meeting. Subsequently, stockholders
formally adjourned the meeting to May 28.
was
Mr. Bush stated that while he had not seen any earnings figures, it last
earnings
Indicated that the company showed a moderate upturn in building comearned and a margin to spare. The
year with fixed charges
pany he said he believed operated with a dificit.
An appeal is now pending before the U. S. Circuit Court of Appeals
seeking to compel the trustees to give Mr. Bush a list of the company's
-V. 140. P. 1478.
stockholders.
-Organized
California Cotton Oil Corp.
See Pacific Cottonseed Products Corp. below.
-FinanCalifornia-Western States Life Insurance Co.
cial Statement Dec. 31 1934Resources
$1,098,227
Cash
1,109,100
Certificates of deposit
8,126,658
Bonds
298,942
Stocks
11.411,278
Mortgage loans
6.625.528
Real estate
288,052
Real est, sold under contract_
10,366.538
Loans to policyholders
Premium notes on policies in
376,181
force
586,286
Int. & rents due & accrued.
Net uncoil & deterred prem.._ 1,326,727
48,486
All other assets
Total
-V.139. P. 1862.
S37.615.338
Polley reserves
Policy proceeds left with co.
864,674
under optsettle. agreement
Policy claims reported and
132.117
awaiting Proofs
Reserve for policy claims un28,982
reported and Incomplete..
183,764
Premiums paid in advance_
248,557
in advance_
Int. & rents paid
89,796
Reserve for taxes
130,922
Res,for dive, to policyholders
150,092
Res. for payments to agents_
Notes payable in connection
296,975
co.'s purch. of own cap. stk
126,646
Miscellaneous liabilities
669.600
Contingency reserves
250,490
Surplus
872,048
Capitalstock
541,660,002
$41,660,002
Total
-Cent
-Pays 50
Canada & Dominion Sugar Co., Ltd.
Extra Dividend
An extra dividend of 50 cents per share was paid on the no-par common
to a
stock on May 15. The dividend was paid in Canadian funds subject on
was paid
5% tax in the case of non-residents. A similar extra dividend per share is
July 16 1934. The regular quarterly dividend of 37 cents
-V. 139, P. 437.
due on June 1 next.
‘a<.__..
-Smaller Dividend-de
Canadian Canners, Ltd.
on the
The directors have declared a dividend of 7.56 cents per share holders
preference stock, payable July 2 to
no-par convertible participating
April 2 and
of record June 15. This compares with 1214 cents paid on 1934, 5 cents
April 2
Jan. 2. last, 714 cents per share on Oct. 1, July 2 and per share previously
cents
in each of the four preceding quarters and 10
on Jan.
each three months. In addition a bonus of 214 cents was paid p. 3803. 2
1935 and one of 10 cents was distributed on Jan.2 1934.-V. 139.
IV.1
Canadian National Rys.-Earnings.Earnings ofSystem for First Week of May
1935Decrease
.
$113,279
3
9 0,195
$3.306,916 $31424
Gross Earnings
-V.140, p. 3032.
Canadian Northern Coal & Ore Dock Co., Ltd.
Bonds Called
A total of $52,000 5% first mortgage 20-year sinking fund gold bonds
have been called for redemption on July 1 next at 105 and interest. Pay-V. 138. 9.50
ment will be made at the Irving Trust co., New York City.
-Earnings 1933,,
Central Arizona Light & Power Co.
Calendar YearsOperating revenues
Operating expenses (including taxes)
Net revenues from operation
Other income (net)
Gross corporate income
Interest or( mortgage bonds
Other interest and deductions
1934
82,715,715 $2,622,292
1.772.654
1.918,675
$797.040
272.062
$849.638
259.984
$1,069,102 $1.109,622
375,000
375,000
5,554
6,908
Balance
Property retirement reserve provisions
$687.194
439,156
$729.069
443.835
Balance carried to earned surplus
Dividends on $7 preferred stock
Dividends on $6 preferred stock
Dividends on common stock
$248,038
52,402
55,137
100,000
$285,234
52,430
56.113
125.000
$51,691
$40,499
Balance Sheet Dec. 31 1934
Assets-Plant, property, contract advances for plant, franchises, &c.,
$12,097,907; cash in banks (on de.nand). $430,449: U. S. Treasury notes.
$875,054; notes receivable, $75,790: accounts receivable (customers and
miscellaneous), $489,270; materials and supplies. $158.415; prepayments,
337,654; miscellaneous current assets, $14,678: miscellaneous assets.
$479.324; consigned material. $2.378: deferred charges, $849.391; total.
815.510.311.
Liabilities-Capital stock, represented by: 7,500 abs. (no par) $7 pref.
stock, 9.774 abs. (no par) $6 pref. stock, and 840,000 shs. (no par) common
stock, $3,256.656; 1st mortgage gold bonds, 5% series, due June 1 1960.
57.500.000; accounts payable, $108,834; dividends declared. $27.013:
Balance
3382
Financial Chronicle
Customers' deposits. $156.643; accrued accounts. $531,221;
miscellaneous
current liabilities,$5,342:consignments,
*104,441; reserves, $3,150,520; capital$2,378; contributions for extensions,
surplus, *21.585;
$645.677; total. *15,510,311.-V. 140. p. 2527; V._139,p.earned surplus.
4122.
111Canadian Pacific Ry.-EarningsEarninos of System for First Week of May
Gross earnings
-V.140, p. 3205.
k
19351934
$2.153.000 $2,249,000
Decrease
*96.000
(J. I.) Case Co.
-$1 Preferred Dividend-2t
The directors have declared a dividend of $1 per share
on account of
accumulations on the 7% cumulative
July 1 to holders of record June 12. Apreferred stock. par $100, payable
like amount was paid on this issue
in each of the nine preceding quarters, prior to which the stock
received
regular quarterly dividends of $1.75 per share.
-V. 140, p. 16544
Caterpillar Tractor Co.
-Earnings--'
4 Mos. Ended April 301935
1934
Net sales
$11,561,539 *7,762,149
Net profit after expenses, interest, deprec., provision for Federal income tax & other charges
1.154,393
Earns, per sh. on 1,882,240 sits. outstanding.... 1,741,004
$
$
April net profit was $656,228 after taxes and charges,0 inst
against $366,916
0 1
.6
In April 1934.
Current assets as of April 30 1935, including $2,407.53. cash and marketable securities, amounted to $23,236,683 and current liabilities were
81.739,783. This compares with cash and marxetable
current assets of $19.972,328 and current liabilities securities of $1,331.328,
of $1,077,830 on April 30
1934.-V. 140, p. 3033.
Central Indiana Gas Co.
-Earnings
Calendar YearsGross operating revenues
Operating expenses
1934
1933
$1.259,039 $1,226,974
968.131
947,744
Net operating revenues
Non-operating income (net)
*290,908
48
*279,231
241
Balance
a Provision for retirements
*290.956
61,325
*279,472
59.589
Gross income
Deductions from gross inc.(int.& other inc. chgs.)
$229.631
306.755
*219.884
297,474
Net loss
$77,125
$77,591
a Provision for retirements was made during 1934 and 1933 on the basis
of8% of gross operating revenues (exclusive of merchandise and jobbing).
less gas purchased. The amounts so provided are less than the deprec.
claimed or to be claimed on Federal income tax returns which
on a straight-line method, and the resulting reserve is loss than are based
a deprec.
reserve would be based on such straight-line method.
L Note-Certain debt discount and expense on bonds still outstanding at
Dec. 31 1934 was written off in a prior year, and of the total amount
written off. approximately $29,000 would have been chargeable against
Income in each of the years 1931 and 1933, on a periodic amortization basis,
and the unamortized balance at Dec. 31 1934. would have been approximately 3300,000.-V. 139, P. 2824.
Central Power & Light Co.(& Subs.)
-Earnings,3 Months Ended March 311935
x1934
Total gross earnings
Total operating expenses and taxes
Net earnings from operations
Other income (net)
$1,657,662 $1,722,937
1,155,746
1,203,389
$501,913
5,224
$519,548
8.151
Net earnings before interest
*507.138
*527,700
Funded debt interest
445,246
452,901
General interest
12,231
13,208
Amortization of debt discount and expense
34,416
34.956
Net income before preferred dividends
$15,244
$26,634
- Adjustments made subseqiient-to March 3- x
- 1M4 but
1
17 )a. -i Igro
the period beginning Jan. 1 1934 have been given effect to in this column.
-V.140, p. 2527.
/Chesebrough Mfg. Co. (Consolidated)-EarTrings/ Calendar Years1934
1933
1932
1931
/Earnings for the year..,.. $614,671
*881,805
$798.860 S1.294,106
, Previoussurplus
2,813,632
2.799.477
2,706.790
2,490.268
, Adjustments
45,334
73,827
8.782
Total surplus
$3.473,637 $3,684.282 *3.579.477 $3,793.155
Dividends paid
1.380.000
780.000
780,000
780.000
Appropriated to reserves
891,716
90.650
306,365
Surplus as at Dec. 31.. *1,201.920 $2.813.632 32.799,477 *2,706,790
Earns. per sh.on 120,000
shs.com. stk.(par $25)
$5.12
$7.37
$6.65
$10.78
Balance Sheet Dec. 31
Assets1934
1933
Liabilities1934
1933
x Plant, wareh'ses
Common stock_ -83,000,000
and real estate_ _$1,294.806 $1,297,935 Accounts payable_ 149.921 $3,000.000
156,350
Notes receivable...
30,000
Deferred credits__
4,900
3,596
Market. securities 1,792,326
Redemption of pre:
Fern.& fixtures_
19,542
20,260
ferred stock......
113
113
x Autos, trucks de
Sundry reserves__ 3,740,684 2,848,967
stable equipm't_
5,290
3,454 Surplus
1,201.920 2,813,632
Cash
601,192
663,790
Accts.receivable._ 325,811
319,003
Notes receivable..
30,000
30,000
Investments
2,913,903 5,470.275
Invents.(mdse.) 1,016,164
902,643
Red. of pref. stock
, deposit account_
113
113
Deferred charges
98,390
115.185
May 181935
Cincinnati Gas & Electric Co.
-Earnings
[Including Union Gas & Electric Co.]
Quar. End. Mar. 311935
1934
1933
1932
Revenues
*5.916.365 $5,456,655 $6,067,951 $6,602,078
Expenses
3,054,714
3.273,281
3.268.145
3,487.729
Taxes
593,930
551,385
598,599
618.511
Depreciation
635,656
584.178
543.432
582,809
Net operating earnings 5..632,065 $1,049,810
$1,657,775 $1,913.029
Other income
6.612
80,619
88,698
85,228
Gross corp. inc. avail.
for int. and divs_
$1,638,676 $1,130,429 $1,746,473 $1,998,256
-V. 140.-p. 2858.
Cities Service Gas Co.(& Subs.)
-Earnings
Consolidated Income Account for the Year Ended Nov.
30 1934
Gross operating revenue
*12.074.448
Operating expenses
4,544,746
Net operating revenue
S7,529.702
Rentals, interest & sundry receipts
35,608
Excess of par over book val. of Cities Service Gas Co.
Service Gas Pipeline Co. bonds purchased for and Cities
retirement
through sinking funds
504,057
Total operating revenue
$8,069,367
Interest charges
2,754,944
Provision for Federal income tax
256.140
Depletion & depreciation as appropriated by companies
2.207.581
Net income for year
*2.850,701
Previous surplus
9,607,372
Total surplus
*12,458,074
Sundry credits & charges (net) relating to prior years
Dr276,805
Dividends paid
3.000.000
Surplus, Nov. 30
$9,181,269
Consolidated Balance Sheet Nov. 30 1934
Assets-Leaseholds, gas producing properties, pipe
lines and compressor stations (incl. intangibles $7,896,166),
1681,889,069; advances on
account of ultimate purchase of properties of Cities
Service Gas Pipeline
Co. under lease and agreement, $3.030,705; miscellaneo
us investments. $3
special cash deposits, $3,077; cash In banks,
$397,841; marketable securities fat cost), $15,858; customers' accounts
receivable, *1,260.204;
other notes and accounts receivable, $19,177 materials
$458,035; prepaid insurance. Interest and other expenses, and supplies,
*39.566 notes
receivable (not current), $10,000; deferred charges,
$2,946,917; total,
*90.070,452.
Liabilities
-Common stock (250.000 shares, no par),
$25.000.000;
1st mtge. pipe line 514% gold bonds, due May
debtedness to Empire Gas & Fuel Co. (Del.), 1 1942. *34,893.000; in$6,846,928; notes payable
(banks) $1,000,000; accounts payable and accrued
expenses. $1,022,868;
accounts payable (affiliated cos.). $106.276; interest
accrued on funded
debt, $159.926; provision for Federal Income
payable (not current), $26,840; customers' and tax, $236,940; accounts
line extension deposits,
$14,731; reserves, $11,581,674; surplus, $9,181,269;
total, $90,070,452.V. 136. p. 156.
Cities Service Power & Light Co.(& Subs.)
-Earnin
gs
Year Ended Sept. 30Gross operating revenue
Operation and maintenance expense
1934
1933
$48,117.625 $46.593.891
25,991.411 23.762.066
Net operating revenue
Income from investments in affiliated and other$22,126.214
companies, interest and sundry receipts
725,075
Excess of par over book value of debentures and
bonds of Cities Service Power St Light Co. and
subs, retired through sinking fund
383.644
Total operating revenue
$23.234,933
Interest on notes and accounts payable and other
charges
854,204
Interest on funded debt of subs. cos
Amortiz. of debt discount & expense of subs. cos.._ 8,681.456
636,895
Dividends on preferred stocks of subs. cos
Proportion of net income of subs. cos. applicable 3,222,521
to minority interests
234.487
Interest on funded debt of Cities Service Power &
Light Co
3,247.949
Amortization of debt discount and expense of Cities
Service Power Sr Light Co
298,316
Provision for Federal income tax
Appropriation for replacements as provided by 1,042,290
subs. cos
3,699.638
Net income
*1.337.177
Previous surplus
9.079,389
Charges to surplus
1,304,395
Surplus Sept. 30
$9,112,170
*22,831.825
767,320
700,850
$24.299,996
1,184,121
8,796,775
722,862
3.222,424
321,153
3.324,222
305.191
254,380
3,603,799
$2.565.068
7,017,317
502,997
*9,079,389
Consolidated Balance Sheet Sept. 30
1934
1933
Assets$
$
Properties and investments
363,223,531 363,904,321
Invest,in sub. & attn. cos not consolidated
26,492,479 26,952,219
Disct. and expense on preferred stocks
1,258,366
2,000,799
Sink. & special funds-cash and securities
3.520,418
Company's preferred stocks repurchased and in 3,911,738
treasury
x5,144,609 x5,144,609
Cash in banks and on hand
5,527,672
3,873,128
Accounts and notes receivable
8,925,847
9,582,636
Marketable securities
714,612
y701,974
Merchandise, materials and supplies
3,169,429
3,022,492
'Total
Prepaid insurance, interest, &c
88,097.539 $8,822,658
Total
88,097.539 88,822,658
377,207
392,792
Unamortized discount on bonds
xiAfter deducting depreciatiop.
,
Unamortized excess of cost over realization of prop- 15,379,016 15,989,830
Usual Extra Dividend-AA
erty disposed of
4,652,637
The directors have declared an extra dividend of 50 cents per share in Other deferred charges
6,522,740
1,488,109
Balance in closed banks
addition to the regular quarterly dividend of $1 per share on the common
86,911
304,186
Accounts and notes receivable
stock, par $25, both payable June 28 to holders of record June 7. The com488,084
127,729
Notes and accounts receivable. personnel
pany has paid extra dividends of 50 cents per share in March, June and
180,135
173.178
Sept. of each year from 1929 to and including 1934. and on March 29. last.
Extra dividends of $1 per share were paid in December of each year from
Total
441,402,407 441.831,058
1929 to 1934 inclusive. In addition a special extra dividend of 4per share
Liabilities.
3
was paid on Dec. 31 1934.-V. 140. p. 1655.
stock
22,622,500 22,622,500
Common stock
st
'Chicago Flexible Shaft Co.
'._...Minority stockholders interest in subs, and con- 65,000,000 65,000,000
linority
-10
-Cent Extra Dividend
trolled companies:
The directors have declared an extra dividend of 10 cents per slthke in
Preferred stock
addition to the regular quarterly dividend of 30 cents per share on the
53,341,497 52.984,187
Common stock
common stock, par $5, both payable June 29 to holders of record June 19.
6.590,602
6.403,590
Funded debt
An extra of 10 cents was also paid on March 30, last, at which time the
221,782,430 224,157,700
Demand notes
regular quarterly rate was increased to 30 cents from 25 cents. See also
5,328.000
5.724,345
Notes payable
V. 140, p. 1306 for further dividend record.
2,374.540
-V. 140, p. 1822.
3,395.560
Notes and accounts payable
1,603,032
1,397,814
Dividends payable
Chicago Mail Order Co.
81.093
-Registrar
Accrued interest on funded debt
The Chase National Bank of the City of Now York has been appointed
3,484,162
3,544 691
:
Accrued int., taxes and miscellaneous accounts
registrar in Now York for the common capital stock.
3,516,736
3,67.9 5
2 5 93
64.79
-V. 140, p. 3207.
Provision for Federal income tax
1,033,901
Notes and accounts payable-not current
418,149
300,523
Chicago Milwaukee St. Paul & Pacific RR.
-Directorate Customers and line extension deposits
1,599.706
1,505,304
Reserves
Reduced
25,979.087 24.066,796
Capital surplus
17.534,800 17.541.315
The company has reduced the board of directors to ten members. No
Surplus
9,112.170
nominations were made to succeed M. J. Cleary, S. 11. Fisher and Mark
9.079,389
W.Potter, all resigned. Ten remaining members were re-elected.
-V.140,
Total
441,402,407 441,831,058
p. 3034.
x Stated value, $4,837.020. y Market value, 5557.407.-V. 139, p.
4123.
3383
Financial Chronicle
Volume 140
1951, is being offered by Williams, Partridge & Co., Ltd.,
Montreal, at 98.50, yielding over 6.65%.
Collins & Aikman Corp.
-Earnings
Year Ended
53Wlcs.End.
Period
Mar. 2 '35 Feb. 24 '34 Feb. 25 '33 Feb. 27 '32
Net profit
$995,272 $1,951.877 y$106,958 $2,422,645
Interest paid
11.969
745.872
449,486
Depreciation
461,384
500.314
170.000
Federal tax reserve
19,000
196,000
Reserve for adjustment
407,456
and inventories
x179.474
193,191
The amount oi bonds to be outstanding on completion of this financing
will be $900.000. Shares issued comprise $73,800 preferred and 73.5.33
common shares (no par).
The proceeds of the issue will be used to complete the company's gas
distribution system in Three Rivers, Que., minor other improvements, to
-V.138.
retire $82,000 in mortgages and pay all bank and other borrowings.
D. 3267.
$270,798 $1,294,493 def$522,001 $1,099,317
520,468
442,230
439,376
439.376
$578.849
Balance
$855.117 def$964,231
def$168,578
$0.98
Nil
Earns.per sh.on com.stk.
$1.51
Nil
x After a credit of $300,000 charged to reserve for contingent inventory
losses created Feb. 27 1932 by a charge to earned surplus. y Includes
interest earned of $83,124 in 1933 and $34,740 in 1934.
-year 6% sinking fund gold debentures due
All of the outstanding 10
Nov. 1 1936 of the Beacon Oil Co.(predecessor company) have been called
for redemption on July 15 next at 10134 and interest. Payment will be
-V. 140.
made at the Guaranty Trust Co., 140 Broadway, N. Y. City.
P. 3208.
it
Net income
Preferred dividends....
-Bonds Called
Colonial Beacon Oil Co.
-Reorganization
''Colorado Fuel & Iron Co.
Earned Surplus Account
Mar. 2 '35 Feb. 24 '34 Feb. 25 '33
$898,003
Balance at beginning of period
$10.264
$893,566
Net income for year (as above)
1,294,493 def522,001
270.798
Excess of par value over cost of pref.
92,760
stock purchased and retired
147
Reserve for conversion in dollars of
net current assets of subsidiaries
transferred to surplus
28,037
380
Total
$1.164,744 $1,332,942
Dividends on preferred stock
439,376
439,376
Add'l prov. for Fed, taxes, prior years
Balance at end of period
$725,368
$8893.566
$468.762
442,230
16,267
$10,264
Comparative Balance Sheet
Mar.2'35 Feb. 24 '34
Mar. 2'35 Feb. 24'34
Assets$
$
3
LtabiltifesProperty & plant 7,306,497 7,551,510 Cumul. 7% preCash
1,050,223
17i,573 ferred stock____ 6,276,800 6,276.800
Market.security &
c Common stock__ 5.650,000 5,650,000
1,300,000
accrued Interest
53,616 Notes payable_
Accounts & notes
Accts. payable &
receivable
758,317 1,098,937
2,186,484 2,402,763 accruals
522,952
7,769
Due from emprees
12,473 Acceptances pay_
109,844
Inventories
4,102.599 8,994.386 Pref. dive. payable
196,000
Deposit in closed
19,000
Federal tax reserve
banks_
9,623
11.088 Reserve for unadCash sum value of
justed Federal
18,000
life insurance _ _ _ 339,557
45,015
303,435 tax, prior years_
Overdue mortgage
Purchase money
35,000
rec. & accr. int.
mortgage
302,885
Inv. In Farnham
Unapprop. bal. of
Bevel. Corp. at
reserve for recost
33,333
33,333 val. of capital
406.298
b Invest. In corn.
181,059
assets
stock of corp.__
1,699,006 1.699,006
6,765
6,765 Capital surplus
893,565
Deferred charges_ 311,734
725,368
356,772 Earned surplus
TOtal
15.354,565 18,206,402
15,354,585 18,208,402 Total
a After depreciation. b 2,200 shares,at cost. c Represented by 565.000
no par shares, including 2,200 shares in treasury.
-V. 139. P. 412
3.
-Colgate-Palmolive-Peet Co.(& Subs.)
-Earnings
1931
1932
Calendar Years1933
1934
Net sales
$71,968,613 $62,313,660 $67,741,303 $89,844,299
Cost of sales, advertia'g,
selling exps., freight,
shipping, &c
66,216,500 59,787,676 66,277.005 80,088.417
1.290.788
Depreciation
1,369,314
1,441,367
1,416,416
Net profit from oper_ $4,335,696 $1,084,617
Other income (net)
231,065
224.409
$94,984 $8,465.094
391,854
318.815
Total income
$4,560,105 $1,315.682
Prov. for State, Federal
& foreign taxes
542.293
815,999
Provision for special sales
allowances
400.000
$413,799 $8,856,948
Net profit
$3,744,107
Preferred dividends...- 1,486,078
Common dividends- -990,746,
$53,301 $7.598,224
1.394.709
1,528.157
3,480,035 4.963,299
$373,389
1,513.650
497.645
360,497
1,258,724
Balance, surplus
$1,267,285df$1,637,906df$4,954,891 $1,240,216
Earns, per share on comNil
$3.12
mon stock
Nil
$1.16
Consolidated Surplus Account Year Ended Dec. 31
1932
1933
1934
Earned surplus, Jan. 1
$6.171,850 $8,203.636 515,820,469
53,301
373,389
3,744,107
Net profit for year (as above)
Credit arising from conversion of net
working capital of foreign subs. to
1,302,906
30,981
U. S. dollars
$9,946,938 59,879.932 $15.873,771
Total
1,528,157
1,513.650
1.488.078
Deduct: Pref. diva. ($6 per share)
Common dividends
(50c)990,746(25c)497,644(1.75)3480035
Res. for market decline in invest422,159 2,000,000
ment and collateral to advances
Adj. of property acquired in prior
575,204
years & other cap. surp. charges
Amt.required to convert net work'g
cap. of foreign subs. & branches
86.738
to U. S. dollars at Dec 31 1932
Bal. of initial expenses of operation of
239,758
Palmolive Building
Capital adjustment for reduction of
1,034.869
442,634
book value of real estate. &c
$7,027,480 $6,171,850 $8,203,636
Earned surplus Dec. 31
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933
$
LiabilitiesAssets
9,392,920 6% cum, pref. stk.24,819,700 24,819,700
7,517,363
Cash
b Common stock-24,990,310 24,999,310
Gold held abroad
Accounts payable_ 723,069
539,898
purchased with
Mlscell. accruals__ 2,221,345 2,441,560
foreign funds... 2,032,139
Market. securites 2,573.389 3,318,194 Prov. for Fed. inc.
& other taxes_ __ 2,230,110 1,418,189
Accts. & notes receivable - net. 8.038,893 6,528,438 Det'd liabl & res.- 1,433,904
Inventories
20,977,388 16,853,305 1st mtge. bonds on
66.000
property of sub.
Prepaid expenses &
891,149 Minority interest_ 1,040,458 1.017,150
deferred charges 723,985
882,882
10,417 Special reserves
c Prof.stk.in treas.
85,211
Corn. stk. in treas. e66‘1,838 6176,975 Employees' invest.
notes and pref.
731,552
Invest.& advances 482,084
2,764,091 2,839,445 stock purchase
Palmolive Bldg
34,050
contracts
a Plant & equip...20,899,995 21,781,991
1 Earned surplus_ _ _ 7,027,480 8,171,850
1
O'd-will, pats.,&o.
64,561.375 62,304.386
Total
64,581,375 62,304,386 Total
a After depreciation of 516,949,800 in 1934 and $15,688.241 in 1933.
b Represented by 1,999,970 shares (no par). c 860 shares in 1934 and
123 shares in 1933. d 14,158 shares at book value (balance of cost previously charged to surplus). e 53,347 shares common stock at $12.50
-V. 139, p. 3477.
Per share.
-Bonds Offered-An
City Gas & Electric Corp., Ltd.
additional issue of $613,0006%first mortgage bonds, due
The U. S. District Court for the District of Colorado has made an order.
dated May 1 1935.finding that the plan of reorganization complies with and
has been duly proposed in accordance with the relevant provisions of
Section 77B of the Bankruptcy Act and directing that the plan be submitted
to the creditors and stockholders of the present company and the Colorado
Industrial Co. for their consideration.
The Court also determined that the holders of Colorado Fuel & Iron
gen. mtge.5% bonds due Feb. 1 1943, and all other claims filed against the
present company or the Industrial company are not affected by the plan.
The order fixed the close of business May 25 1935, as the record date for
the determination of (1) the holders of 1st mtge. 5% bonds, in registered
form, of Colorado Industrial Co. and (2) the holders of pref. and common
stock of Colorado Fuel & Iron Co., for the purpose of the acceptance of the
plan and its confirmation by the Court.
Copies of the plan are available to any creditor, stockholder or other
Arthur Roeder.
interested person upon application to any of the following: Brewster, Secy.
trustee, Continental Oil Bldg., Denver. Colo.; W. Rice
15 Broad
of the committee for Colorado Industrial Co. 1st mtge.5% bonds. Colcrado
St., New York; James D. Flaherty, Secy. of the committee for Tristan
Fuel & Iron Co. gen. mtge. 5% bonds. 63 Wall St., New York;
Antell, Secy. of the committee for Colorado Fuel & Iron Co. pref. and
common stock,52 Broadway, New York; J. & W.Seligman & Co.,reorganizatIon managers.54 Wall St., New York.
A brief outline of the plan was given in V. 140, p. 1823-V. 140, p.3035.
(The) Colorado & Southern Ry.-Annual Report
Operating Statistics for Calendar Years (Consolidated)
1931
1932
1933
1934
5,854,158
Revenue freight (tons)__ 4,144,879 4.144.189 3,819,376 1122536090
(tons) miles827,938,507 831,671,089 737,782 101
Rev. freight
$6.67
sb.50
$5.26
$5.12
Av.frt. rev, per tr. mile$2351
$2.573
$2.369
$2.033
Av. rev, per ton of fr't_250.248
175.532
143.069
207,095
Passengers carried
Pass. carried 1 mile.- 38,971_ ,745 26,254,152 32,105.328 46.730.720
$1.12
$0.85
$0.75
$0.83
Av. pass. rev, per tr. m..
55.591
$4.691
$4.298
13.539
Av. rev, per passenger
Years
Consolidated Income Account for Calendar
1931
1932
1933
1934
Operating Revenues$9,777,295 $9,818,065 $9,827,733 813.764,173
Freight
823.502 1,399,348
614,919
732,978
Passenger
669.061,803,363
665,610
Mail and express
349.154
256,363
239,065
264,906
All other transportation.
119.654
60.290
55,851
Incidental90.593
401,488
458.502
392,596
266,487
Joint facility
Total oper. revenues-1511,797,868 $11,789,557 $12,141,252 $16,837.180
11
Operating Expenses1,517,605 2.094,095
1,119,421
Nlaint. of way & struc-- 1.248.894
1,950,055 2,239.458 2,845,049
Maint. of equipment_ _ - 1,991.808
422.500
352,786
322,996
333.264
Traffic
5,534,618
4,121,127 3.835.369 4,123,448
Transportation
77,352
17,143
23,690
48,318
Miscell. operations
941,088
812.376
777.605
870.425
General
47.907
320,814
10,210
12,255
Trans. for invest.--Cr
Total oper. expenses-. $8,601,582 $8,018,925 $8,742.003 $11.866,795
,
$3,196,286 $3,770,632 $3,399,279 $4,970.385
Net revenue
1,304416
1,066,040
1,120.660
Railway tax accruals... 1,061,503
6,436
4,065
5,690
5.143
Uncollec. ry. revenue...
473,761
370,969
376.789
382,247
-Dr.
Hire of equip.(net)
217,591
266.230
277,914
320.238
-Dr.
rents (net)
Jt.facil.
Operating income.... $1,427,154 $1.989,580 $1.691,975 $2,968.180
.
Non-Oper. Income
98,748
97,517
89,968
86,517
Mignon. & rent income
282,420
263.515
112,806
105,683
Divs.& miscell. interest..
3,598
3,962
2.679
2,458
Miscellaneous income.-$1,621,812 $2,195,034 $2,056,970 $3,352,946
Gross income
Deductions
$3,940
13,951
$3,896
$3,620
Miscellaneous rents....
2,737.627
hit, on funded debt_ _ _ _ 2,672,798 2,685,275 2,697,252
15,337
19,391
10,902
8.678
Int. on unfunded debt
59,378
59,205
58,898
58,648
Amort. of disc, on fd. dt.
14.310
11,058
11,410
11,147
Miscall. income chargesNet Income
Dividends
Balance. deficit
def$1,133,079 def$575.348 def$733,888
$522.354
680,024
5733.888
$157.670
$1,133,079
$575.348
Income Account (Colorado & Southern R.Co. Proper)for Calendar Years
1931
1932
.. 1933
1934
Operating income-$4.749,551 $4,693.793 $4,517.055 $6,688,682
Freight
583,826
336.346
252.731
310,959
Passenger
767,095
597,707
535,6F.1
557,785
Mail, express, &c
Total oper. revenues $5,618,296 $5,485,205 55,451,108 $6,039.603
Operating Ex enses804,432 1,135,147
678.282
758,426
Ma nt. of way & struc
1.604,738
1,297.722
1,110,515
Maint. of equipment..._ 1,134,162
189,739
152,776
138,742
139,666
Traffic
2,855.981
2.077,641
2.013.676
2,120,478
Transportation
467,244
391.659
380.536
430,121
General
31.053
49
5,497
17,487
Miscellaneous
17,339
75,635
4.147
8.458
Transp. for invest.-Cr$4,648.442 56.266,559
Operating expenses... 54,591,882 $4,323,100
$1,026,414 $1,162,105
Net revenue
Tax accruals and uncoll.
688,516
663,939
railway revenue
$362,475
Operating income._
Non-Oper. Income
122,861
-DrHire of equipment
94,993
-DrJoint facility rents
71,562
Miscall. rents, &c.,inc.Divs.&!Macon.interest- 1,212,042
763
Other miscell. Income...
8802,665 51,773,044
680.071
823.269
$473,589
$122,594
5949.774
149,479
68,286
72.908
1,024,178
723
132,003
56,172
79.195
1,033,247
663
174.368
60,999
79.978
2,846,800
970
$1.428,988 51.353,633 $1,047,523 $3.642,155
Gross income
Deductionsfunded and Un2,259,155 2,257.125
2,226,128 2,238,642
funded debt
61.200
58.192
56,996
58,380
Other deductions
Int. on
def$854,138 det$943,390def$1269,824 $1.323.828
Net income
339.988
First pref. div.(4%).
339,904
Second pref. dlv.(4%)Balance, surplus
def$854,138 def$943,390def$1269,824
$643,936
•
3384
Financial Chronicle
Burlington-Rock Island Ra.-The following comparative tables show
operating results:
Calendar Years
1932
1931
1934
1933
Total ry. oper. revs_ _ _ _
$791,543
$959,679 $1,023,736 $1,489,266
Total ry. oper. oxps_
1.641,621
913.942
909,654
811.665
Railway tax accruals. _ _
79,421
63,884
82,356
a80,630
Uncollec. ry. revenues__
122
149
655
264
Railway oper. income_def$201,942
Equip. rents (net)
-Dr_
110,728
Joint facil. rent income_
148,776
Jt. facil. rents (net)
-Dr.
119,549
$49,935 def$234.860
155,167
139,738
126.000
73,500
130,051
152.315
466.729
131,355
5149,075
121.825
Net ry. oper. deficit _ - $283,443
$109,284
$453,414
$37,376
a 1933 figures restated to 1934 basis.
Revenues in above tables for 1931 are not comparable because of abandonment of service June 1 1931 between Fort Worth and Teague, via
Waxahachie, and extension of freight service June 1 from Houston to
Galveston.
Operating Statement of Fort Worth & Denver City Ry.for Calendar Years
1934
1932
1933
1931
Freight revenue
$4,510,505 $4,497,680 $4.671.949 $6.403.851
Passenger revenue
416,806
356,792
478,214
801,794
Mail, express, &c
723,032
778,896
853,597
865,766
Total oper. revenue_ - $5,650,343 $5,633,368 $6.003.760 $8,071,411
Maint. of way & struc
427,644
372.603
585,303
795,875
Maint. of equipment.,.. _
823,287
802.046
898.051
1.188,423
Traffic
193.204
183,599
199,506
232.184
Transportation
1,796,456
1,610,513
1,815,448
2.397.412
General
417.445
378,199
400,005
452,357
Miscellaneous
30,832
18,193
17.094
46,298
Transp. for invest.-Cr3,742
244.105
5,947
29.780
Operating expenses_ _ _ $3,685,126 $3,359,207 $3,671,303 $5,082.769
Net revenue
Tax accruals, &c
81,965,217 $2,274,161 $2,332,456
341,856
370,489
325,531
$2,988,641
408,822
Operating income_ _ _ $1,623,361 $1,903.673 $2.006,926 $2,579,818
Hire of equip.(net)
-Dr.
131.301
92,206
99,543
141.973
Jt. tacit. rent (net)
-.Dr_
252,704
244.184
250.208
197,812
Net oper. income..__.. $1,239,356 $1,567,283 31,657.175 $2,240,033
Non-Oper. Income
Inc. from lease of road
668
668
668
556
Miscell. rent income..
11.992
15,138
13,053
10,699
Misc. non-op. ph.prop.
327
4.046
Inc. from funded securs_
97,284
83,424
66.589
39.625
Inc. from unfunded securities & accounts_ _ _
11.797
27,647
60,426
79,214
Miscellaneous income__ 932
1,898
2,009
2,558
Gross income
$1.362,029 $1,693,973 $1,802,331 $2,376,732
Deductions
Rent for leased roads...._
724,756
646,028
777,807
515,867
Int. on funded debt _ _ _ _
465.279
484,030
479.246
488,814
Int. on unfunded debt
7.259
4,288
10.838
6,078
Amortization, &c
218,532
118,482
18,030
18,054
Net income
def$53,798
Dividend appropriations
$412,812
$649,931
Income bal. transf'd to
to profit and loss_ _ _ def$53,798
$412,812
$649,931
Operating Statement of Wichita Valley Ry. Co.
Calendar Years1934
1933
1932
Total ry. oper. revenues_
$529.229
$670,984
$686,415
Total ry. oper. expenses_
324.574
336,618
422.257
$1.50 per share each having beenTipaid on March 5 1935 and Dec. 10 1934:
$4 on Oct. 19 1934 and $6 per share on July 23 1934.-V. 140, p. 1481.
-Earnings
Columbia Gas & Electric Corp.(& Subs.)
Period End. Mar.31- 1935-3vMos.-1934
1935-12 Mos.-1934
Gross revenues__ ______ $24,019,571 $23,776,307 $77,670,925 $75 924.076
Oper. exps. and taxes-- - 13,714,295 13,406,808 49,978.736 45,549,983
Prov.for retirements and
depletion
7,189.294
7,884,421
2,319,227
2.400,473
Not operating revenue $7,904,801 $8,050,271 $19,807,767 $22,184,798
Other income
232,496
64,701
54,769
8,479
Gross corporate inc
37,913.280 $8,105,040 $19.872,469 $22,417,294
Int. of subs, to public &
other fixed charges
3,270,910
4,239,984
1,062,935
927,408
Pref. divs. of subs, and
2,586,213
minority interests
2,667,435
669.558
667.095
Balance applicable to
Col. Gas & El. Corp. $6,180,786 $6,510,536 $13,046,271 316,478.946
Inc.of other subs. applic.
to Col. Gas & EI.Corp. Dr20,387
35,815
165,627
Dr17,742
Total earns, of subs.
applicable to Col.
Gas & Elec. Corp.._ $6,160,399 $6,492,794 $13,211,899 816.514,763
Net rev. of Col. G. & E.
1,717.101
1,554,097
289,103
384,452
Combined earns, applicable to fixed digs
of Col. G.& E. Corp $6,449,503 $6,877,247 $14,765,996 $18,231,864
Int. charges, &c., of Col.
Gas & Elec. Corp_ _ 1,367,885
5,697,172
5,395.914
1,372,640
Bal.applic.to cap sties.
of Col G.& E. Corp. $5,081,617 $5,504,606 $9,370,081 $12,534,692
Preferred dividends paid
6,630.061
6.903,708
Balance
$ 2,466,373 $5,904,631
Earnings per share (on common shares outstanding at end of respective periods)
$0.50
$0.21
Philip G. Gossler, President, says in part:
"Early in February the P. U. Commission of Ohio handed down a decision upholding the rates asked by Logan Gas Co. in 1925. All of the
several cities involved have accepted this decision. As a result, about
$2,694,000 (less taxes thereon) previously hold in reserve for contingent
earnings were released to surplus.
"On March 27 1935. following negotiations between the City of Cincinnati and Union Gas & Electric Co., an ordinance was passed by the
City Council of the City of Cincinnati fixing a rate for gas service in that
city. This ordinance became effective 30 days after its passage and, in
accordance with its terms, out of about $3,100,000 held in reserve for
contingent earnings in this case, approximately $2.100,000 will be returned
to consumers of gas in Cincinnati and about $1.000.000, less taxes thereon,
will be released to surplus.
"On May 2 the P. U. Commission of Ohio handed down an order granting
the application of Columbus Gas & Fuel Co., Edgewater Gas & Light Co.,
Springfield Gas Co. and Federal Gas & Fuel Co. to merge into Ohio Fuel
Gas Co. All aro wholly owned subsidiaries of Columbia Gas ie Electric
Corp."
-V.140. P. 3209.
1.4
$1,242,732
-----Congress Hotel Co., Chicago.'-Fil A Under 77-4-824.028‘
The company o May 2 filed a peti on In the_Federal Court. Chicago,
under Section 7'713 of 1453 amended 1lartrduptcy Act. This action was taken
$418,703
to protect the intef6sts of all creditors pending r
ancing now under way.
which probably will involve a $1.000.000 mortgage loan. The hotel has no
bonds outstanding, and its property is estimated to be worth $5,000,000.
1931
-V. 136, p. 1021.
$726.167
517,467
Net rev,from ry. oper.
Railway tax accruals_ _ _
Uncollectible ry. rev _ _
$204,655
60,783
69
8334,366
67,274
71
$264,157
64,264
238
$208.700
78,566
194
Railway oper. Income_
Hire of equipment
-DrJoint facility rents-Cr_
$143.803
128,084
27.460
$267,021
135.104
34.555
$199,655
139,422
40,149
$129.940
157,420
41,220
Total income
Other non-oper. income..
$43,179
3.154
$166,472
4,629
$100,382
4,631
$13,740
7.942
Gross income
Deduc's from gross Inc
$46,333
268,326
$171,101
268.642
$105,013
267.834
$21,682
268,685
Net deficit
$221,993
$97,539
$162,820
$247,002
General Balance Sheet Dec. 31 1934
Col. & Sou. Ft. W. &
W. V.
AssetsRy.
D. C. Ry.
Ry.
Investment in road and equipment_ _ _$88.333,203 $32.282,977 V.098,227
Deposits in lieu of mtgd. prop.sold__
7.944
Improv'ts on leased railway property..
20.443
Miscellaneous physical property
208,684
5.302
Investments in affiliated companies
1,346,961
25,166,907
821,152
Other investments
256,663
1.871,589
Cash
778,739
2,832,555
489,643
Time drafts and deposits
50,000
Special deposits
18.852
1,462
Loans and bills receivable
200
1,500
Traffic and car service bats. receivable
117,025
357,147
13,520
Net bal.rec.from agents & conductors
78,560
48.898
1,168
Miscellaneous accounts receivable_ _ _
338,453
886,727
26,384
Material and supplies
316.275
457,336
51,571
Interest and dividends receivable_ _ _ _
59.025
Other current assets
3.352
3.145
206
Deferred assets
809.673
20.072
46
Unadjusted debits
1,546,173
458.982
22.914
Total
$118,089,730 $40,595,096 $3,524,833
Liabilitzes3 will.. I
Common stock
$31.000,000 $9.243.800 $1,020,000
Preferred stock
17.000,000
Governmental grants
58,800
Long-term debt
49,333,900
8.359,900
769.000
Traffic and car service bale. payable.. _
139,680
181,440
244.982
Audited accounts and wages payable_
400,464
312.246
1,491,962
Miscellaneous accounts payable
79.812
57.022
4,925
Interest matured unpaid.
12,829
1,462
Dividends matured unpaid
3.847
Funded debt matured unpaid
1.870
Unmatured interest accrued
371.879
39.780
Unmatured rents accrued
26.265
92,379
822
'
Other current liabilities
16,563
132.936
368
Deferred liabilities
6,407
14,556
468.156
Unadjusted credits
8.281,914
4,565.113
Add'ns to prop, through in. & surplus
321,242
6.749.864
Profit and loss
11.038,101 10.840.748 Dr632,698
Total
$118,089.730 340.595,096 $3.524,833
-V.140. p. 3037.
Consolidated Film Industries, Inc.(& Subs.)
-Earns.
Quer. End. Mar.311934
1933
1031
1932
Not profit after deprec..
Federal taxes, &c___..$212.536
$294.152
$317,781
$265,400
Earns.per sh.on com.stk.
$0.02
$0.22
x$0.58
$0.12
x Figured on combined participating preferred and common shares.
-V. 140. p. 2351.
Consolidated Mining & Smelting Co.
-Quarterly Output
The company reported substantial increases in the production of lead,
zinc and gold in the first three months of the current year. James Warren,
President, in his address to the shareholders, pointed out there was, however, a decrease in production of copper and silver for the same period, as
compared with the first quarter of 1934.
Production figures for the first three months of the year were given as
follows:
1934
1935
Lead (tons)
39,991
35,370
Zinc (tons)
27,192
23.816
Copper (tons)
334
235
Gold (ounces)
9,9i2
9.025
Silver (ounces)
1,692,775
1,795.977
-V. 139, p. 3806.
--,
- Consolidation Coal Co.
-Reorganization Plan- 14
The plan for reorganization announced by the reorganization committee
proposes a new company be formed whose securities will be exchanged ,
for the issue of the present company on the following basis
Gold Notes
-$1,000 principal amount of new notes will be given for each
31,000 existing note.
Refunding Mortgage 43i% Bonds
-8500 in now bonds, throe shares protarred and nine shares common for each $1.000 bonds and accrued interest.
First & Refunding Mortgage 5% Bonds
-$400 in new bonds, throe shares
preferred and 12 shares common for each $1,000 bond and accrued interest.
Preferred Stock-Ono share of common for each two shares of preferred
and accrued dividends.
Common Stock-Warrants entitling the holder to purchase at any time
Within 10 years of reorganization at $25 a share, one share of common
stock of the new company for each four shares of common stock of the old
company.
The new company will have an authorized capitalization consisting of
34.000.000 15
-year 5% gold notes. all of which will be outstanding.
$15,000,000 25
-year 5% bonds, of which $9,192,200 will be issued in
exchange for old bonds and $1,600.000 will be Issued and pledged as part
collateral for the new notes.
70,000 shares of57 non-cumulative convertible preferred stock, of which
0
66,393 shares will be Issued in exchange for obligations of the old company.
675.000 shares of common stock of $25 par value, of which 305,378 will
be issued In exchange for existing bonds and preferred stock.
Net profit, after expenses, interest on 57 secured notes and loans,
0
parent company's capital expenditures charged to expense in lieu of depreciation depletion and depreciation of subsidiaries and Federal taxes. but
before interest and amortization on funded debt in default, 1935, $620.243;
1934. 3524,952.-V. 140. p. 3209.
84, ----container corp. of America- fun.24
A total of $87,500 first mortgage sinking
Congress Cigar Co., Inc.-EarningsQuar. End. Mar. 31-.
Net loss after all charges
incl. Federal taxes _ _ _ _
Shares capital stock outstanding (no Par)- Earnings per share
-v. 140. p. 2530.
1935
1934
$32,824
$44,405
336,800
Nil
336,800
Nil
1933
1932
$129,116prof$102,913
336.800
3111 /
336,800
$0.30
"Columbia Investing Corp.
-Fifth Liquidating Dividen
The directors have declared a liquidating dividend of 70 cents per share dn
the no par common stock, payable May 27 to holders of record May 18.
This is the fifth liquidating dividend to be paid on this issue, dividend of
May 18 1935
d
-
6% 20-31ar gold bonds,
due June 15 1946 have been called for payment o Juno 1. next, at 1023(
un
and interest. Payment will be made at the National City ank, Now York
City, or at the Continental National Bank & Trust Co. of Chicago, Chicago.
111.-V. 140, p. 2702.
,
o
W. B.) Coon Co.---Re3 ved from Listing and Registration
Thi‘gew York Curb Pachange as removed from listing and rogistratinfir
the 7 cumulative preferred stock. pat $100, and the common stock. no
par.
-V. 140. p. 3038.
0(44
----Corrugated Paper Box Co., Ltd.
-Accumulated DiatcPit
The
directors have declared a dividend of $1.75 per share On account
accumulations on the 7% cumulative preferred stock. par $100. payable
June 1 to holders of record May 16. This will be the first payment made
this issue since June 1 1930 when a quarterly dividend of like amount On
was
distributed.
Accruals after the payment of the June 1 dividena will amount to $33.25
per share.
-V. 139, p. 2360.
-Earnings
Continental-Diamond Fibre Co.(& Subs.)
1933
1934
Calendar YearsSales, less returns, allow$4,584,303 $3,712.731
ances, &c
Cost ofsales, exclusive of
2,774,422
3,465,164
depreciation
Depres. of bldgs., ma435,716
421,524
chinery & equipment_
706,060
783,810
Sell.,admin.& gen. exps.
Res, provided against in35,000
vestment & advances_
Write down ofinvent.,&c
1932
4,362,534
2.245.668
3,252,301
459,491
710,145
486,396
740,967
to principal, bonds and coupons must be accompanied by proper instru-V. 140, p. 141.
ments of assignment and transfer.
1931
2,729,702
123,077
$121,195
25,486
$203,467
29,632
$685,602
21,526
$240,207
26,232
Total loss
Allowance for domestic &
foreign income taxes_
S95,710
$173,835
3664,075
$213,975
4,000
2.295
3,338
Net loss
Previous deficit
$99,710
894,722
$176,130
651,594
$217,313
$664,075
sur49,832 sur$591,010
$994,432
$827,724
Balance Sheet Dec. 31
1934
Liabilities1933
1934
Assets$1,152
$275 Accounts payable..
$210
Cash In banks____
1,657 Notes payable (In1,743
Accts. receivable_
eluding Interest) 231,931
478
Current notes rec.
Prop, taxes, penalNotes receivable
785,457
ties, Arc
20,260
20,260
(not current).
4,353 Notes payable.... 1,217,500
4,846
Accrued interest__
Past due oblig'ns. 5,442,883
Proceeds of sale of
4.032
167,050 Ground rents (est.)
178,050
assets
Reserves and deGen. mtge. 6s held
24,271
ferred items.....
125,000
125,000
in treasury
15.232,500
Capital stock
Fixed assets at
15,008,30
7,578,548 7,578,545 Deficit
book value
24,746
24,701
Deferred assets___
$7,931,359
Total
$7,931,359 $7,922,368
Total
$614,244 sur$373,697
251,132
Cr75,792
(Wm.) Cramp & Sons Ship 8c Engine Building Co.
128,953
Cr61,955
Operating loss
Other income (net)
Total loss
Dividends paid
Loss of inventory, &c_
Foreign exch.fluctuates
Allow, for shrinkage in
Oe.mssets of foreign subs_
Sundry pr. period adjust.
37,350
Balance, sad of yoar_def$918,640 def$894,722 def$651,594
Consolidated Earnings for the 3 Months Ended March 31
1934
1935
Sales, less returns, allowances. &c__ _ $1,355,901 $1,010,008
795.901
1,052,682
Cost of sales
Selling. administration and general
185,452
203,693
expenses
Operating profit
Other income, net
Profit
Depreciation
Provision for foreign income taxes__ _
61,500
11,232
$49,832
1933
$632,860
522,120
144,548
$99,526
10,460
$28.655 loss$33.807
3,069
6,528
$109,986
93,071
1,700
$35,183 loss330,738
107,716
104,814
572
-Earnings
Continental Gas & Electric Corp.(& Subs.)
1934
1935
12 Months Ended March 31Gross opor. earnings of sub. cos. (after eliminating
$331.105,684 $29.741,503
inter-company transfers)
12.282.962 11,216,963
Operating expenses
1,361.717
1.492,593
Maintenance,charged to operation
4,178.917
4.212.886
Depreciation
3.406,438 x3,150,928
Taxes, general and income
Net earnings from opers. of subs
Non-operating income of subs
$9.710.803 $9,832,975
584,023
817.122
$10.527,925 $10,416,999
Total income ofsubs
Int., amort. & pref. dive. of subs.:
3,963,565
3,976.201
Interest on bonds, notes, &a
348.734
300,133
Amortization of bond & stock d'art. & expense_ 1,070,366
1.070,219
Dividends on preferred stocks
$5,181,368 $5,034,332
Balance
x9,471
7,687
Proportion of earns, attributable to min. cora. stk_
Equity of Continental Gas & El. Corp. in earns.
$5.173,680 $5,024,861
of subs
49.461
37,133
Earnings of Continental Gas & El. Corp
Balance
Expenses of Continetal Gas & Electric Corp
Holding company deductions:
Interest on debentures
Amortization of deb. discount & expense
$5,210,814 $5,074,322
146,890
154,340
Balance transferred to consolidated surplus
Divs. on prior prof. stock
$2,292,302 $2,163,260
1.320.053
1,320,053
2,600,000
164,172
2,600.000
161,172
$843.207
$972,249
Balance
$3.93
$4.53
Earnings per share
Adjusted on account of revision of Columbuz (Ohio) electric rate
ordinance.
Balance Sheet Dec. 31
1933
1931
1933
1934
$
Liabilities
Assets
Operating props.195,911,352 195,293,247 Cap.stock(schedule)
Conti Gas &
Invest. (at cost) 1,759,068 1,532,267
El. Corp.
7,943,562 5,793,570
Cash
Prof. stock_ 18,857,900 18,857,900
U. S. Treasury
Corn, stock 8,581,167 8,581,167
617,740
636,480
BOWS
Sub. cos.
Accts. receivie_ 3,549,258 3,170,234
Pref. stock. 17,419.113 17,419,113
Acc'ts rec. for
137,600
137.600
Corn. stock
serv_
650,291
unbilled
628,345
126,326
205,078 Funded debt_ _ _135,909,500 135,909,500
Notes receivable
750
12,446 Notes payable.
12,502
Int. A dive. roe.
964,230
2,476,033 2.409.310 Accts. payable. 1,021,429
Inventories
2.591,809 2.586,352
493,019 Interest
455,195
Prepaid expenses
570,239
1.004,713
509,743
149,875 Dividends
Special funds...
944.449
821,025
Fed.betas(est.)
Unamort. bond
1,168,122 1,278,573
General taxes
disct. & stock
55,570
67,377
10.101,838 11,412,512 Miscellaneous _
expense
933,032
915,551
Deferred !labs
Items In sus13,834
14,604
264,290 Items in susp se_
353,614
pense
25,011,109 23,530,190
Reserves
Surp. septic. to
min. int.
2,062
2,062
Capital sum_
32,397
30,088
Surplus
Surplus
Capital surp_ 4,142,941 4,142,940
6,646,708 6,164,478
Surplus
224,485,264 221.981,937
Total
224,485,264 221,931,937
Total
The comparative Income account for year ended Dec. 31 was published
of April 27 page 2860.-V. 140. p.3210.
in the "Chronicle"
---Cuban-Arzrican Sugar Co.-Benris-eafted.
1933
$1,343
211,321
678,830
1,157.500
5,257,963
4.032
24,271
15,232,500
14,645,394
87,922,388
-V. 138. p.3601.
$15.215 loss$70,203 loss$138,454
Net profit
Comparative Consolidated Balance Sheet Dec. 31
Assets--Oash in banks and on hand. $1.152,683; U. S. Liberty loan bonds
and treasury notes, at cost at $100.900; notes and accounts receivable,
customers (lees allowance for doubtful items of $64,615), $591,718; Inventories, $1,831,714; deposits with insurance underwriters, &c., 349,714;
advances to employees, employees' mortgages, miscellaneous accounts
receivable, arc., $13,979; sundry investments, at cost or 1055,518 133;
prepaid insurance, taxes. &c., $13,916; land, water rights, buildings,
machinery and equipment, at cost, (less allowance for depreciation of
$6.396.137). $3,400,872; investment in capital stock ($35,000) and advances to partly owned subsidiary company (less reserve of $35,000).
$106,737; patents and trade-marks, at nominal value, $1; total, 57.279,648.
Liabilities-Accounts payable, vendors, &c., $306,005; Capital stock
($5 Par), $2.525,000;surplus, $4,734,590 less 41,400 shs. of stock in treasury
at cost of $285.974), $4.448,643; total.37.279.648.-V. 140.p. 1483.
The company has called for redemption on June 15 all of its 18.144)0,000,
outstanding prbi pal amount of first mortal! collateral sinking fund gold
bonds of the 8% series, due March 15 1936 Payment will be made at
ice of the City Bank Farmers
1004, plus accrued interest, at the principal
Trust Co. The notice to bondholders requests the presentation of bonds
with Sept. 15 1935 and all subsequent coupons attached. If registered as
3385
Financial Chronicle
Volume 140
-Earnings
Cushman's Sons, Inc.
Apr. 20 '35 Apr. 21 '34 Apr. 22 '33 Apr. 23 '32
16 Weeks EndedNet prof. aft, int., depr.,
$313,500
$220,248
$129.875
Fed.taxes & other rho $159,090
Earns, per sh. on combined 7% pref. and $8
$5.12
$3.66
$2.19
$2.70
pref.stocks
-V. 140, p. 1483.
-Earnings
Darby Petroleum Corp.
51,403,826
Total sales
Oper., gen. admin., &c.,
547,288
expenses
1931
1932
1933
1934
Calendar YearsNumber of net barrels of
crude oil produced__ _ 1,338.376
Average market value
$1.02
per barrel produced__
$1,364,587
Crude oil sales
in inventory of
Increase
Dr2,796
crude oil
42,036
Gas sales
1,347,581
1,272.924
30.91488
50.63579
$993,469 $1,231,151
1,726
3,555
59,350
35,239
*0.65940
$846,251
31,032,263 $1,292,227
$885,947
1,568,166
Dr6,880
46.576
448,172
421,578
471,209
Net prof. from oper
Other income credits__ _
$856,537
121,631
$584,092
107,289
$370,649
61,728
$414,739
73,200
Gross income
Interest paid
Income charges
Depletion
Depreciation
Leaseholds surrendered,
abandoned wells, &c
Amortiz. of leaseholds
undeveloped, 2.:a
$977,868
4,746
$691,381
$952,376
$487,939
7.490
14,367
352,165
204,352
53,068
318,413
198,490
377,953
316,945
90,165
98,869
236,295
778,918
332,731
401,299
184,605
118.782
$146.109 loss$993,368
$246.840 loss$379,672
Net income
Nil
$0.29
Nil
$0.48
Earns.per sh.on cap.stk_
Earnings for the 3 Months Ended March 31
1934
1935
329,389
339,966
Number of net barrels of crude oil produced
31.02080
$1.02
produced
Average market value per barrel
$335,729
$346,950
Crude oil sales
510
Dr689
Increase in inventory of crude oil
$336,239
$346,261
Total crude oil produced
16,849
15,156
Gas sales
$353,089
3361.418
Total income
125,432
135.442
Operating and administrative expenses, taxes, &c_
Net profit from operations
Non-operating income
$225,976
33,004
$227,657
11,705
Gross income
Interest paid
Depletion
Depreciation
Amort. of leaseholds undev., carrying charges and
leaseholds surrend d, aband. wells, dry holes, &c.
$258,980
791
54,638
34,199
$239.362
1,186
43,498
29.220
Net profit
119,085
72,869
550.268
$92,588
Balance Sheet Dec. 31 1934
(at market). $366,922;
Assets-Cash and U. S. Government securitiesand accounts receivable,
listed corporate bonds (at market), $71.710; notes
$222.858: Inventories,$14,881: materials
(less reserve for doubtful accounts),
plant and equipand supplies, $169,422: investments, $137,982; property,
ment (less reserve for depletion and depreciation of $5.550,934) $2,213,944;
deferred debit items, $122,772; total, $3,340,495.
Liabilities-Accounts payable, $103,306; dividends payable. 5127.424;
capital
deferred liabilities, $44,317; capital stock ($5 par). 52,548,480;
surplus, $440,283; surplus from operations since June 30 1933, $76,684;
p. 3963.
total, 53,340,495.-V. 139,
-Earnings
Detroit Edison Co.(& Subs.)
12 Months Ended April 30Electricity revenue
Steam revenue
Gas revenue
Miscellaneous revenue
1934
1935
$43,648,057 $41,170.736
1,681,621
1,662,647
374,653
369,378
125.305
135,520
Total operating revenue
Operating & non-operating expenses
545,815.603 543,352.316
32,646.969 29,602,053
Balance,income from operations
Other miscellaneous income
$13,168,633 $13,750,263
152,203
184,862
$13,353,496 $13.902.466
Gross corporate income
6,513,344
6,495,504
Interest on funded and unfunded debt
Cr44.280
Cr44,320
Interest charged to construction
204.164
202.399
discount and expense
Amortization of debt
Extraordinary approp. to retire. res.. additional
57.382
1.400.000
to current appropriations
Net income
-V. 140, p. 2703.
$5,299,911
$7,171,854
Discount Corp. of New York-Stock Offered
Shares of the corporation, which hitherto have been held exclusively
by a group of leading banks and by a few officers of the corporation. are
being offered to the public In connection with the disposal of a part of its
holdings by the Amerex Holding Corp., successor to the Chase Corp. •
-P. Murphy & Co.. Charles
The offering was announced May 10 by G. M.
D. Barney & Co. and Hornblower & Weeks. It consists of 4,299 shares.
-V. 140, p. 473.
offering price is understood to be about $365 a share.
The
" -Dominion & Scottish Investments, Ltd.-Accum. Div.•='=A:
sThe directors have declared a dividend of 50 cents per share on account
of accumulations on the 5% cum. red. preference stock, par $50. payable
June 1 to holders of record May 20. The dividend is payable in Canadian
funds and is subject in the case of non-residents to a 5% tax. Previously,
25 cents per share was paid on March 1 last. Dec. 1 and Sept. 1 1934.
33 1-3 cents per share on June 1 1934, 25 cents per share paid quarterly
from Aug. 1 1932 to and including Feb. 1 1934, and 50 cents per share paid
on May 1 1932, prior to which the company made regular quarterly distributions of 6214 cents per share. Accruals after the June 1 payment
-V. 140. p. 1484.
amount to $44.28 1-6 per share.
3386
Financial Chronicle
Detroit & Mackinac Ry.-EarningsTotal operating revenues
Maint. of way & strucMaint. of equipment-Traffic
Transportation-rail line
Miscellaneous operations
General
Tramp. for invest.-Cr_
$632,904
114,118
79,707
10,311
254.831
75
55,376
85
Net operating revenue
Railway tax accruals -Uncoil, railway revenues
1933
$601,960
115,187
88,349
11,662
249.334
1932
1931
$759,895 $1,000,892
136,571
168.941
170,249
121,996
15,103
19.084
284.184
326,289
44,921
528
49,118
184
53,122
2,819
$118,572
1,733
24
$93,036
42,747
16
$153,107
50,001
354
$266,026
70,731
230
Railway oper.income.
Otherincome
$116,814
Dr9.307
$50,273
Dr3,296
$102.751
Cr3.131
$195,065
Dr5.393
Total income
Miscellaneous rents
Miscell, tax accruals._ Interest on funded debt_
Int. on unfunded debt...
Miscell. income charges..
$107,507
30
855
11u.600
9,999
966
$46,977
31
820
110.000
9,737
1.401
$105.884
30
1,299
110,000
8,888
1,860
$189,672
2,925
110,000
10,112
1,777
Deficit
$14,344
$75.012
$16.193 prof$64,858
Condensed Balance Sheet Dec. 31
Assets1934
1933
Liabilities-1934
1933
Investments
$7,310,183 $7,329,915 Preferred stock_ $950,000 $950,000
Cash
128,296
31,332 Common stock-- 2,000,000 2,000,000
Special deposits.
120
200 Grants In aid of con
313
Traffic & car serv.
Long-term debt.... 2,750,000 2,750.000
balances rec. _ _ _
5,444
11,964 Loans & bills pay.. 250,000
250,000
Net bal. rec. from
Traffic & car sexy.
este. & cond'rs_
11,525
5,593 balances payable
30.469
29,187
Mlseell. accts. rec.
22.629
22,257 Audited accts. and
MALI & supplies._ 160,648
152,235 wages payable__
32,134
35,524
Other curr. assets_
72
55 Misc. accts. pay__
13,160
2,990
Deferred assets
820
4,986 Int. mat'd unpaid_ 170,064
55,200
Unadjusted debits
13,256
1,850 Unmat'd int. accr_
10,000
9,167
Other current Bab_
1,603
1,500
Unadjust. credits_ 786,623
824,579
Add'ns to property
through income
and surplus_ _ _ 1,856,202 1,856,693
.
Profit & loss deficit 1.197,575 1,204,449
Total
$7,652,994 $7,560,391
Total
$7,652,994 $7,560,391
-V.140, P. 3039.
Drake Hotel Chicago
-H
r A committee for holders of the 1stearing-6% gold
mtge. fee
bond
announced May 11 that a hearing will be held May 29 at 64 Wallcertificates
St., N. Y.
City before James A. Martin, as referee, to determine the fairness of the
conditions of issuance of certificates of deposit by the committee in exchange
for bonds and to pass on the plan of reorganization.
Herbert II. Kant, 11 South La Salle St., Chicago, is Secretary of the
committee. and John M.Lewis 60 East 42d St., N.Y.City, and Frederick
0.Rieker, 1420 Walnut St.. Philadelphia, are assistant secretaries.
-V.137,
p. 2469.
Durham Hosiery Mills, Inc.
-Earnings
3 Months Ended March 31Net loss after expenses, interest & other chargesEarnings per share on 50,000 shares common stock
-V. 140, p. 2861.
1935
1934
$26,006 prof$50 921
Nil
it104
Eastern Utilities Associates (8c Subs.)
-Earning8
--
Period End. Mar.31- 1935-Month-1934 1935-12 Mos.-1934
Gross earnings
$712,471
$689,944 $8.270,277 $8,257,646
0pa•atIon
329.504
319,710 3,920.749 3,718.507
Maintenance
28.263
22,722
319.847
251.651
Retirement res. accruals
60,416
60.416
725,000
725,000
Taxes (incl, inc. taxes)._
82.991
82.527
999,321
956.506
Int.and amortization_ -.
46.363
46.657
564.761
560.794
Balance
$164,932
$157.910 $1.740,596 $2,045.186
Pref. dive. B. V. G.& E. Co
77,652
77.652
Pref. diva. P. G.Co.of N.J
49,500
49.500
Applicable to minority interest
53.307
68.939
Applicable to E. U. A
$1,560,137 $1,851,095
-V. 140. p. 3212.
Eastman Kodak Co.
-Earnings
-(Including All Wholly Owned subsidiaries)
52 Weeks
52 Weeks
53 Weeks
Year End.
Dec. 29 '34 Dec. 30 '33 Dec. 31 '32 Dec. 26 '31
$22,668,650 $18,576,984 $12,178,865 $18,442,859
1,909,029
1.569.759
1.618.044 2,607,223
Total income
$24,577,679 $20.146,743 $13.796,909 $21,050.082
Depreciation
6,022,174 5.818.051
5,757.626 6,248,792
Provision for obsolescence of plant
750.000
Other charges (net)
878,328
1,313,562
750,065
505,439
Federal de foreign tax
3,173.930 2,605,632 1.230.470 1,887,066
PeriodOperating profit
Other income
Profit
414,503,247 $9,659,498 $6.058.748 $13.408,785
Foreign each. gain. &c-b1,459.546
Net profit
$14.503.247 $11,119.044 $6,058.748 $13.408,785
Preferred dividends-369,942
369,942
369.942
369.942
Common dividends
6,752,763 9.008.478 18.077,900
Surplus
$14,133,305 $3.996.339df$3,319,672d115,039,057
Profit & loss surplus.-- 80,600,101 76,595.941 72,599,601 a75,919.273
Earned per share
$6.28
$4•76
$2.52
115.78
b Other than amounts credited to general and contingent reserves. x Excluding net gain of $1,550,046 on delivery of silver bullion to the United
States Mint, carried to general and contingent reserve.
Comparative Consolidated Balance Sheet
[Company and Wholly-Owned Subsidiaries]
Dec. 29 '34 Dec. 30 '33
Dec. 29 '34 Dec. 30 '33
AssetsS
$
LiabilUiesb Real estate,
c Common stock 22,509,210 22,559,210
buildings, &o- 65.412,547 64,809,379 Preferred stock. , 00
Supplies, &a.- 39,076,080 33,904,121 Accts. pay.,incl. 6,165,700 0 165 7
Accounts & bills
provision for
receiv.(net).- 18,145,621 16,364.563
Federal taxes_ 11,078.273 9,146,184
Inv.& advances
Pref. div. Jan. 1
92,485
92.485
Affiliated cos. 1,508,032 1,621,949 Corn. div. Jan. 1 3,939,112 1,688,191
Kodak Empl.
Contingent reAssochtion. 2,349,622 2,454,521 serve
12,627,560 9,124.387
Other invest_ 3,772,661 4,612,861 Paid in surplus_ 28,617,862 28,782.600
Other marketaSurplus
80,600,102 76,595,941
ble securities. 19,617,729 12,338,873
Cash
14,683,443 17,276.786
Prepd.items,&o. 1,064,589
771.645
Total
165,630,304 154,154,698 Total
165,630,304 154,154.698
b Includes real estate, buildings, plant, machinery and capital investments at cost less depreciation reserve of $51.483,591 in 1934 and $46.346,455
in 1933. c 2.500.000 shares of no par value authorized, 2,263.150 shares
Issued at stated value of $10 shares less 12,229 shares in 1934 (7,229 in
1933) in treasury.
-V. 140. p.2704.
Edison Electric Illuminating Co. of Boston-Meeting
d
A Tiournedhe adjourned special meeting of stockholders has again been adjourned
to May 21. The meeting is being kept alive in order to permit stockholders
May 18 1935
to take any necessary action in connection with
company's petition
Pending before the Massachusetts Department the Public Utilities for
of
authority to issue $53,000,000 mortgage bonds.
-V. 140. p. 3040.
Electric Auto-Lite Co.(& Subs.)
-Earnings
Calendar YearsGross income
Depreciation
Interest
Prov.for Fed. inc. tax
Prow,for Can. inc. tax
Minority interest
z1934
1933
1932
1931
$2,073,567 $1.214,736 $1,924,773 $4,892,028
679.499
525,506
541,956
954,760
8,597
4,858
18,758
15,586
164,522
See x
7,849
8,813
Net income
$1,212.135
Preferred dividends_ _ _ _
298,454
Common dividends
$684,372 $1,364,059 $3,913,833
293,191
293,839
292,716
1,693,417 4,474,837
Deficit
$913,681 sur$391,181
$623,197
$853,720
Shares of capital stock
outstanding (par $5).. 1,170,654
884,909
929.834
y897.509
Earns.per sh.on cap.stk.
$0.78
$0.44
$1.21
$4.03
x No provision was required for Federal income tax
of deductions not affecting the above statement. y No par by reasonz Includes
shares.
Operations of Moto Meter Gauge & Equipment Corp. for entire year.
Earnings for the 3 Months Ended March 31
1935
1934
1933
1932
Profit after depreciation $1,441,600
$891,969
$548,674 $1,053,484
Expenses & Fed. taxes.747.925
517,147
478,272
505,804
Profit after Fed. taxes $693,675
$374,822
$70,402
$547,680
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933
Assets
Liabilities$
b Land, buildings,
Preferred stock__ 4,500.000 4.197.700
equipment, drc_ 8,990,737 7,624,988 c Common stock-- 6,095,395 4,649,170
Investments
1,499,581 1,568,833 Bank loans ofsubs.
36,234
Cash and marketMinority stk.int_
68.808
able securities 2,393,941 1,268,885 Surp.arising out of
Accts. & notes rec. 3,056.836 1,915,039 acquis.of sub.cos 1,649,704
865.571
Inventories
3,480,187 2,223.017 Accounts payable- 1,501.071
479,627
Inv.In own stock d 889,602
816,652 Notes pay,of subs
2,025
Pats., goodwill. &o
1
Purchase contract
Other assets
272,481
payments
86,852
Deferred charges.. 200,002
159,156 Notes & purchase
contracts pay'le
not current
146,851
Mortgage payable
40,000
Accrued taxes.. _ _ 624,845
171,093
Accrued accounts_
153,994
Federal, State and
foreign taxes
230.563
Unearned income_ 115.677
28,974
Federal tax reserve
45,175
Surplus
5,723,601 4,947,008
Total
20,783,369 15,576,573 Total
20,783,369 15.576,573
b After reserve for depreciation of $7,694,855 ($6,056,556 in 1933) and
reserve for valuation of certain properties of $2,125.968 ($2,417.476_in
1934). c Shares of $5 par value.
-V. 140, p. 2183.
Electric Boat Co.(& Subs.)
-Earnings
-Calendar Years
Gross earnings
Costs and expenses
1934
1933
1932
1931
$4,730,664 $2,662.430 $2,701,153 $1,916,795
4,153,507 2,521,816 2,542,085 2,540.026
Operating profit$577.157
$140,614
$159,068 loss$623.231
Other income
39,785
88,799
36.534
64.178
Total income
$616.941
$229,413
$197,603 loss$559,052
Interest, discount, &c..
8.976
12,886
15,254
61,367
Depreciation
189,002
174,339
374,910
174,857
Inventory adjustments_
66.172
78.046
Uncollectible accounts..
12,842
2,402
24,4b2
Loss on sale of pledged
assets
7,186
deductions4,203
608
Net profit
$38,1S5
•--- $339,948
iSs,s81 41,105.043
x Loss.
Consolidated Balance Sheet Dec. 31
Assets1934
1933
Liabilities1934
1933
a Plant & proply-82,377,380 $2,254,605 b Capital stock.__$2,400.000 $2,400,000
Patent rights and
Accounts payable_ 351.135
201.851
good-will
1
1 Advances
10,401
354.561
Investments
144,044
242,902 Mtges. payable... 100,000
200,000
Cash
506.448 Earned surplus_ _ _ 3,471,151 3.184,463
790,465
Alicia. & notes roe, 499,012
847.450
For'n Govt. sees
665.640
665,641
Inventories
1,250,780 1,499.499
Deposits in suspended banks__
6.162
6.162
Treasury stock
154,404
154.404
Deferred assets
163,765
444,819
Total
$6,332,687 $6,340,877 Total
$6,332,687 $6,340,877
a After depreciation reserve of $2 040.39= in 1934 and $1,867.305 in 1933.
b Represented by $3 par value shares.
-V. 138. p. 3437.
Emerson-Brantingham Corp.
-Balance Sheet
&Corporation Receivers'
Receivers'
I300k
Estimated
Estimated
Values
Value
Value
Assets
Dec. 10
Manufacturing plants
Misc, real estate & other properties
Receivables:
New accounts receivable
Receivables from sale of property
Old accounts receivable
Old notes receivable
Accts. receivable (farm machinery)
Notes rec. & int.(farm machinery).
Inventories
Cash
Investments
Deferred charges
-Insurance
Other charges
'31 Dec. 10 '31 Dec. 10 '34
$973.418
$565,000
$517,017
216,933
123,325
95,537
19,321
12,312
686
11,934
203,609
153,638
959
326.288
4,128
24,578
16,020
7,455
688
1,750
78,000
67,000
959
250.000
3,238
5,174
794
5,996
126
598
675
73,474
9,808
137
250.000
2,686
1,022
Total
$1,947,804 $1,118,607
$957.870
Liabilities
Receivers' payables
84.567
Old notes payable & accrued interest22,943
22,943
6,094
Old accounts payable
16,100
16,100
4.807
Accrued taxes
7,573
7,573
26.411
Reserve:
For commitments
10,000
For shrinkage of values in liquida'n
250.000
177.195
For cost of liquidation & distribu'n
100,000
26.805
cNet equity of stockholders
1,901,187
711.990
711.990
Total
$1.947.804 $1,118.607
$957,870
a Before inventory adjustment. b Incl. unpaid receivers' salaries.
c Representing 131,825 shares of class A stock outstanding.
Note
-No distributions in dissolution have yet been made to stockholders.
-V.134, p. 140.
Electric Shareholdings Corp.
-Shares Canceled
-
The company has advised the Boston Stock Exchange that it has canceled and retired 6.957 shares of its $6 cumulative preferred stock (Optional
ividend series).-V. 140, p. 798.
Electric Bond & Share Co.—Weekly Output—
For the week ended May 9, the kilowatt system input of subsidiaries of
American l'ower & Light Co., Electric Power & Light Co. and National
Power & Light Co.. as compared with the corresponding week during 1934,
was as follows:
--Increase-Amount Per Ct.
1934
1935
American Power & Light Co__ 88,779,000 76.978,000 11,801.000 15.3
0.9
298.000
& Light Corp__ 34,677.000 34.379,000
Electric l'ower
7,160,000 11.9
National Power & Light Co__ - 67,453,000 60.293,000
—V. 140. p. 3212.
Elk Horn Coal Corp., Inc.—Earnings—
Earningsfor 12 Months Ended Dec. 31 1934
Gross income__
Production, operation, selling and general expenses
Workmen's compensation
Taxes and insurance
Interest
Royalties on coal mined
$3,353,645
2,961.1.86
25,832
41.829
41.549
17,769
$264,780
Net income
Note—The above figures do not take into consideration interest for the
period on bonds and debentures, amounting to $293.845, or depreciation
and depletion, but include interest on recehen's certificates.
All taxes and insurance have been paid, amounting to 341,829. Interest and sinking i und charges of $21.912 have been paid on $244,000 of underlying Mineral Fuel Co. bonds.
As of Feb. 28 1935, $475,000 receiver's certificates were outstanding.—
V. 138, p. 2092.
Empire Oil & Refining Co.(& Subs.)—Earnings—
1931
1932
1933
1934
Years End. Nor. 30—
Gross earnings __ _- -- -$42,499.372 $35,019,308 $44,119,437 $36,147,753
Operation and maint__ _ 37,945,573 32.700.531 38,599,303 32,558,702
Net earns, from oper_ $4.554.29S $2,318,777
x173.270
x531,198
Non-oper. income
35.520.134
x520,8-e7
$3,5893151
249,840
$5,085,497 $2,792,047 $6,040,981 $3,838,892
Total income.
3,029,179
2,936,068
2,846,056
Interest on bond. debt- - 2,754,535
955,202
330,259
468,065
683,940
Interest on other debt
Amortization of bond
589,225
606,511
690,839
614,288
discount & expense_ _
69,60u
Prov. for Fed. inc. tax_ _
Net ine, before prov.
for dept. & deple'n.. $963,134 y$1,212,912 32,168.113
14,787,652 19,345.809 22,190.710
Previous surplus
256.610
197.041
143,673
Adjusts, to surp. (net)
Total surplus
Dividends
Deprec. & depletion
3387
Financial Chronicle
Volume 140
y$734,715
9,119,208
19.902,558
$15,894,459 $18.329,938 $24,615,463 828,287,051
2.100,000
1,500.000
3,996,341
3,769,655
3,512,285
4,982,862
Surplus as of Nov. 30_$10,911,598 $14.787,652 $19,345,809 $22.190,710
x Includes $392,271 ($366,156 in 1933 and 3357,176 in 1932) excess of
par value over cost of bonds purchased for retirement. y Loss.
Consolidated Balance Sheet 417ov. 30
1934
1934
1933
Liabilities—
Assets—
x Capital stock_ 70,000,000
Leaseholds, oilBonded debt__ _ 49,041,800
produc. pron.,
Notes payable._ 7,160,783
storage facile.
Accts payable &
pipelines, reaccrued exp. 3,085,613
fineries & service stations-162,770,605 160,232,457 Accts.pay.(affil.
628,600
companies) __
184,205
95,443
Misceli. invests_
2,147,970 1,796,872 Acc'ts payable
Cash
from future oil
10,397.221 10,306,260
Inventories
production _
Acc'ts receivable:
Customers.
2,076,607 2,058,787 Due Empire Gas
& Fuel Co.__ 7,716,599
891,600
381,431
Affiliated cos_
117.287
166,440 Non-curr. notes
Miscellaneous
33,687
& accts. pay._
Math & suppl_ 2,049.812 2,252,025
16.527
7,520 Prov. for Fed'I
Special cash deps
69,600
Income tax_ _ _
10.147
Mktable. secure.
2,001
4,557
Drilling charges.
Non-curr. notes
35,206
& accts. ree'le
59,811 Int. accrued on
449.550
bonded debt__
Prepaid insur.,
24.235
Customers' dep.
taxes, int, and
421,766
other prepay's
207,331 Depr. & deplet. 33,568.066
Crude & ref. oil
Bond discount &
price change
exp. unamort. 3,964,545 4,629,662
2,423,111
reserve
Acc'pts receivie 1,076,095 1,576,106
39,778
Injuries & dam_
Bals. In closed
530.868
10,617
banks
18,130 Nliscell. reserves
10,911,598
36,459
25,595 Surplus
Oth,def. charges
1933
70,000,000
50.706,400
6.193.350
3,047,384
1,119,201
63.892
4.345.113
3,331
464,809
18,438
30.603.786
2,441.732
50.308
488,583
14,787,652
185.683,447 184.333.981
Total
Total
185,688,447 184,333,981
x Represented by 700,000 no par shares.—V. 138. p. 3772.
Emporium Capwell Corp.(& Subs.)—Earnings—
1932
1933
1934
Years Ended Jan. 31—
1935
Inc. Acct. of Dept.
Stores—
Not sales of merchandise,
incl. sales of tenants'
departments
820.436,167 818,752.944 820.059,089 $26,396.505
13,832,187 12,495,129 13,718,754 18,149.085
Cost of sales
Exps. (incl. rental paid
6.087.621
7,412.161
5.306.293
realty sub.)
5,675.169
Consolidated Income and Surplus Account—Years Ended Jan. 31
1932
1933
1934
1935
Subsidiaries:
a Net profit—before Fed.
$541.748
$19,491
$741,007
inc. tax, dept. stores 3746,882
179.641
191,883
193,475
190.192
Real est. used in opers.
Real est. not used in
16,890
1,441
loss24,854 loss10,448
operations
loss17,326
Gen. office division
Holding company:
a Net loss,excl.of dive.
from subs. & before
bond int. & Federal
4,329
128.173
120.653
80,784
Income tax
5733.949
884.642
3803.381
8814.108
income
Total
409.609
379,373
343,110
304.811
Deb. bond interest
42.020
58.998
92,896
Prov. for Fed. inc. tax
$401,272 def$294,732
2,555,279
2,018,684
$3,021.738
Total surplus
Dividends:
The Emporium—pref.
17,521
stock
Writing off certain chgs.
Write-down of bidgs., &c
$282.321
2.193.443
170,142
232,173
108,537
Dr7,230
Cons,net prof.for per. $416,401
Surp. bal. beg.of period_ 2,539,748
Net profit on purch. &
retirem't of deb. gold
bonds, after deducting
unamortiz. disct. and
64,029
Federal income tax_ _ _
Adjust, of prior years,
2,237
Federal Income tax
Adjust, of allow, to reduce secure. owned to
677
market
Excessive deprec.in prior
year
1,767
4.069
403
5.585
$2,583,271
$2,494,489 32.593,955
35,042
17.521
8.480
17.521
21.155
458.284
82.555.279
Surp. bal. end of per__ $3,004.217 $2,539.748 32,018.684
each year has been
a Inter-company rent amounting to $425.000 in inter-company items
expense. Other
included above both as income and
in the year ended
have been eliminated except for net interest of $13,084
Jan. 311934; $5,451 for 1933. and $45.495 for 1932.
Consolidated Balance Sheet Jan. 31
1934
1935
1934
1935
$
Liabilities—
Assets—
Pref. stock (The
a Real est., lease250,300
250.300
Emporium)_ _
holds,land,b1dgs
14,011,145 14,298,131 b Com.stk.(Emp. 6,880.833 6.880.883
&c
Capwell Corp.).
621.589
684,289
Cash
8,957,693 9,770,577
Accts.receivable_ 2,657,969 2,270.715 Bonds,&c demand
301.675 Outstand,
U. S. Treas. ctfs
386.671
405.912
drafts
46,262
46,354
Cred. debit bal
924.812
Accts. payable _ - 1,139,424
Misc. notes. accts.
87.852
98.926
3,881 Est. Federal taxes_
2,014
claims
and
229.426
2,994,182 2,944,091 Accrued accounts _ 195,466
Inventories
49.884
51,386
7.828 Reserves
6.327
Market. securities
27.843
41,207
122,659 Den,' liabilities...
134,282
Other assets
surp_ 3,004,217 2,539,748
531.165 Profit & loss
488,852
Deferred charges
21.025,413 21.147,998
Total
21,025.413 21,147.998
Total
a After depreciation and amortization. b Represented by 412,853 shares
of no par value.—V. 140. D. 1485.
Products Co.—Receives Order—
Evans
400
The company's western division has received a $275,000 order for
go to the Fruit
carloads of spruce covers for orange boxes of which half will
independent packers
Growers Supply Co.of California, and the remainder to
throughout the State.—V. 140, p. 3213.
Excess Insurance Co. of America—Bal. Sheet Dec. 31—
1933
1934
Liabilities—
1933
1934
A ?sets—
Res, for claims_ .$1.938,579 81,578.223
Investments:
$3.000,629 $3,222,006 Est. exp. of Invest.
Bonds
12,339
of unpaid claims
392,160
740,530
Stocks
Res, for unearned
Cash in banks and
1,102,092 1,041,684
premiums
554,953
361,277
office
185.414
746.787 Reserve for comm_ 193,225
Outstand'g prems_ 1,050,951
266.791
39,692 Res,for other nab. 216.960
39,219
Accr. Int. on Inv__
Res. for deptec. &
Reinsur. & salvage
320.253
50,000
other coining__ _
106,609
88,868
recoverable _ __ _
750.020
Paid-in capital_ _ _ 750,020
919,828
1,018,257
Surplus
$5,281,474 85.062.213
Total
$5,281,474 $5,062,213
Total
—V.138. D. 1752
(& Subs.)—Earnings-Federal Light & Traction Co.
1935-12 Mos.-1934
Period End, Mar 31— 1935-3 Mos.-1934
$6,855,781
Gross operating revenue $2,075,161 $1,886,103 $7.466.466
Oper. exp., maint. and
taxes (incl, prov, for
4,053.531
4,405,577
1,147,657
est. Federal inc. tax)_ 1,236,120
$3,060,888 82.802.250
$738.445
Net operating revenue $839,010
128.334
127.953
34,203
31.995
Other income
Total income
Int., discount & other
charges of subsidiaries
Pref. divs, of subside
Propor. of net loss of a
sub. co. applicable to
minority interest
$871.035
$716,650
107.749
46.930
Cr294
$772,649 $3,188,842 32.930.584
432,948
433.524
107.227
189.575
188,473
47,201
Cr2.606
Cr3.174
3618.673 $2,569,452
32,311.235
842.273
430.448
837,682
510,238
Cr452
Operating profit
Other income—not
$928.810
65.901
$951.522
58.673
8252.712
124,634
8835.259
162.567
Balance
Int. disct. & oth, charges
of Fed. Lt. & Tr. Co
Prey. for depreciation
Total profit
Deprec & amortization_
Interest—loans
$994,712
246.519
1,311
31.010.195
251,670
17,518
$377.348
260.106
97.750
3997.826
240,070
216.007
Net income
Preferred dividends_ _ _ _
$401,152
66.561
8270.656 81,296.729
266.244
66.561
$963315
266.244
$204,095 81.030,485
8697.071
3741,007
$19.491
$541,748
Net after ded. pf. diva.
—V.140. p. 1485.
$334,591
$746,881
Not profit before Fed.
income tax
Income Acct. of Real
Estate Used in Operations—(The It. C.
Capwell Store Bldg.)
Inc. from rentals (representing excl. rent paid
& chgd. to exp. by The
II. 0. Capwell Co.—
see Inc. acct. above)_ _
Exps. & other Inc.—net.
Depreciation
Int.—deeds of trust _ -
425,000
4.670
83.709
143.146
425,000
4.182
83.709
145,226
425,000
7.419
83.703
154.237
$190,192
$193,475
$191,883
3179,641
379,276
257.526
51,314
403,064
263.557
49.331
478.937
297,862
78.873
498,981
319.320
52.142
95,291
100.624
100.761
110,629
Net profit before Fed.
Income tax
loss$24,854 loss$10,448
$1,441
$16,890
220,276
127,740
Florida Power & Light Co.—Earnings—
425,000
10,979
83.735
140.095
Net profit before Fed.
Income tax
Inc. Acct. of Real Est.
not Used in °pers.—
Income from rentals and
service charges
Exps. At other inc—net..
Deproc. and amortiz. _ _
Int.--deeds of trust and
mtge. bonds
203,912
111,586
[American Power & Light Co. Subsidiary)
1935-12 Months-1934
Period End. Feb. 28— 1935—Monfh-1934
$1.196,316 $1,070,256 $10,878,027 89.700,996
Operating revenues
5.346.665
6,049.291
509,819
534,385
Oper. exps., incl. taxes
$560.437 $4,828.736 34.354.331
$661.931
revs,from oper___
Net
272.539
343,851
8,242
8,762
Other income
Gross corp. Income...
Int. & other deducts_ _ _
$670,693
346,904
$568,679 $5,172.587 $4.626.870
4.136,291
4,137,706
345,962
y$323,789 y$222,717 $1,034,881
Balance
400.000
Property retirement reserve appropriations
x Dividends applicable to pref. stocks for period,
1,153,008
whether paid or unpaid
3490.579
400,000
1,152,767
3518.127 81.062.188
Deficit
x Dividends accumluated and unpaid to Feb. 28 1935. amounted to
$2,498,184. Latest regular quarterly dividends paid Jan. 3 1933. Dividends on pref. stocks are cumulative. y Before property retirement
reserve appropriations and dividends.
Note—Income account includes full revenues without consideration of
rate reduction in litigati.di fir which a reserve has been provided by appro-
3388
Financial Chronicle
Priations from surplus in amount of 5611.132 for 11 months ended Feb. 28
1934.and of $785,600 for the 12 months ended Feb.28 1935-V. 140, p.474.
Falcon Lead Mining Co.
-Removed from Listing and
Registiation-6=-- ,.....->
ThdNew York Curb Exchange bas removed from listing and registration
he capiral stock, par 51.-V. 140: p.3041.
Federal Mining & Smelting Co.
-Earnings
Calendar Years1934
1931
1932
1933
Value of production.... $3,308,821 52,946.899 51,085,844 $3,007,304
Cost, royalty, &c
2,550.165
3.092,983
1.510.133
3,039.611
Balance
Other income
$215,838
44,954
$396,734 def$424,289 def$32,307
110,222
50.821
44.935
Total income
Gen. exp., incl. tax, &c..
Depreciation
$260,791
134,541
70.795
$506,955 def$379,354
79,685
80,537
70.445
62,824
$18,514
154,020
205,180
Net earnings
$55,455
5356.825 def$522,715 def$340,687
Profit on stk. purchased_
7,675
103,335
5
Profit on sale of U. S.
Treasury notes
219
9.769
Decrease in book value
of property
Dr600,966 Dr1,455,625 Dr1,727,543 Dr835,384
Previous surplus
2.628,004 3,718.909
7.136,691
5.865.832
Total surplus
$2,082.493 $2,628.004 $3.718,909 55,970,394
Preferred dividends_
104,562
Profit & loss surplus... $2,082,493 $2,628,004 $3,718.909 55,865.832
Shs. of coin. outstanding
(Par $100)
50,000
49.328
49,328
49,328
Earnings per share
Nil
Nil
$3.19
Nil
Balance Sheet Dec. 31
1934
1933
1934
1933
Assets
Liabi3ities2E
Fixed assets
9,001,339 9,565,052 Preferred stock- - 2,847.400 2.847,400
Cash
140.091
435.496 Common stock_ _ 4,932,800 4,932,800
U. S. Govt. secur. 302,129
Audited vouchers
Accts.receivable__ 117,660
100,447
and payrolls_ _ _
66,954
74,938
Contract receiv_ _ _
13,702
13,702 Mortgage payable_
4,808
Mtge.recin process
14,909
13,405
Misc.SUSI.aeets,
offoreclosure __
39,790 Reserve for taxes_ _ 403,371
408,820
Ref.zinc,on hand_ 198,133
231,377 Surplus
2,082,493 2,628,004
Ore on hand and in
transit
378,701
327,613
Mans & supplies_ 139,469
134,144
Interest accrued...
2,638
Prepaid expenses
58,568
57.404
Office items in tran
340
306
Total
10,352.735 10,905,368
-V. 140, p. 2005.
-7-s-
Total
10,352.735 10,905,38
V ia r-10.
Fox Metropolitan Playhouses, Inc.-P/anApproved-
Judge Julian W. Mack on May 9 approved the Wersmfin plan for the
reorganization of the company, movie-theater chain. Milton C. Weisman.
receiver for Fox Metropolitan in a proceeding under Section 77-B of the
Bankruptcy Act, submitted the plan, involving between $8,500.000 or
$9,000,000.
Mack stated that the plan serves the interests of bondholders
andgives assurance of obtaining 75% of the dollar, with 5% interest.
Judge Mack said his approval was "subject to such modifications or
changes in the actual drafting of the document to be sent to the bondholders as the court may find to be fair to both sides, but in no sense molesting any of the rights of the bondholders that have been given to them."
-V. 139, p. 2518.
Furness Corp•,
4
) .
, -Final Decree kgne
final decrepA
-ving reorganirtg
thercorporation under Section
77-B of the Federal Bankruptcy Act
signed in Fedal District Court
Federal
at Camden, N. J., May 10, by JudgeJohn Boyd Avis.
The reorganized firm. called New Process Rayon, Inc. will have outstanding 1,250 shares of 1st preferred, 2,300 of 2d preferred and 70,917
of common stock.
The new concern, headed by Paul Zens, of Edward G. Budd Mfg. Co.,
with Dr. Arthur Mothwuf, former President of American Nemberg Corp.,
as General Manager, has a cross licensing agreement with Industrial Rayon
Corp. D. S. Mallory. Treasurer of the latter concern, Is a member of
the new firm's board of directors.
-V. 140, p. 1486.
Furness Withy & Co., Ltd.
-New Director
-
Henry Smuithwaite has been appointed American and Canadian director,
replacing H. 0. Blackiston, retired.
-V. 139. p. 442.
General Asphalt Co.
-Options Granted
-
The company has notified the New York Stock Exchange of the granting
of the following options: 2,000 shares ofcommon stock at $13 per share flat,
exercisable at any time prior to March 1 1936. and 2,000 shares of common
stock at $15.25 per share flat, exercisable at any time prior to March 1 1938.
-V. 140. p. 3042.
General Motors Corp.
-Overseas Sales at New High
-
Overseas sales of General Motors car and truck units, from all
reached a new high level for the first four months of 1935. The sources,
total of
93,908 units compares with 59,817 in 1934. April sales totaled 24,599
compared with 26,696 in March and 20,201 a year ago.
These figures include sales of the corporation's American, Canadian,
English and German products in the 104 countries, outside of the United
States and Canada, which comprise the overseas territory.
Sales of the Vauxhall car and the Bedford truck in the British Isles, and
the Opel and Blitz products in Germany contributed substantially of
the total, but the most encouraging growth has come in the instance to
of
the Chevrolet, Pootiac, Oldsmobile, Buick, LaSalle and Cadillac products
in the non-manufacturing countries throughout the world, particularly
in the South American, Far Eastern, Australasian, and South African
areas. It is In these territories that the American motor vehicle finds
its greatest competitive strength, and it is there also that the greatest
Increases in total automotive consumption have occurred.
Considerable strength was also shown in Belgium during April,
consequence of the readjustment in the internal Belgian economy,as a
and
In anticipation of the stimulus to retail volume occasioned by the new
trade agreement between the United States and Belgium which went
nto effect on May 1.
Buick Sales Higher
Retail deliveries of Buick cars for the third 10
-day period of April totaled
2,732 compared with 2,552 in previous 10
-day period and approximately
1.730 in like 1934 period.
April retail sales amounted to 6.960 compared with 6,534 in March and
6,147 in April 1934.-V. 140, p. 3214
General Realty & Utilities Corp.(& Subs.)
-Earnings
Calendar Yearsal934
a1933
Gross income,real estate operations_ $2,838,564 $2,215.373 52,2 ,912
893
1812
Loss of improved prop., after interest,
depreciation, &c
119.795
349,871
48,425
Loss of unimproved properties
110,403
163,524
180,539
Loss of other companies, not consol_
y26.325
139,169
Total loss from real estate oper___ $230,198
$539,720
$368,133
Income from other sources (net)113.967
378,200
338,394
Loss
$116,231
$161,520
$29,739
Salaries, State tax & miscl. expenses
191,818
286,921
505,292
Net loss
$308,049
$448.441 4535,031
x Before giving effect to reduction as a result of appraisal of Dec. 311932.
or to net loss from disposition of real estate investments charged against
surplus account. y Exclusive of share of loss of Lefcourt Realty Corp. for
may
18 1935
year 1933 applicable to General Realty & Utilities Corp' holdings in
,s
common stock of that company, which share amounts to $235,340 after
snaking provision for accrued preferred dividends. a Exclusive of Let
court Realty Corp.
Consolidated Balance Sheet Dec. 31
1934
1933
1933
1934
Assets
LiabtliffesCash
757,175
565,223 Accts..pay., aecr'd
Accr. int. & dive
exp. and sundry
rec. St amts. due
creditors
568,995
508,888
from rent'g agts.
Notes payable,_ _ _ 3,350,000 3,100,000
currently
213,298
190,490 Res, against adv.
Adv. on real estate
on real estate
mortgage loans_ 9,601,624 9,890,557
mortgages, &c.._ 5,817,272 19,741,842
Loans rec., secur'd
1,428,750 Minot.int, in subs.
135,998
z Marketable secur
19.766
58,025 Deferred income.
Invest. in stocks
Fees on mtge.ins1 13,476
45,408
of allied cos.__ 3,808,202 3,846,929
Rents rec.in advf
Real estate invest_ 9,244.719 21,827,968 Y 6% pref. stock.._11.372,500 11,372,500
Other assets
250,899
298,398 z Common stock__ 1,542.797 1,542,797
Surplus
1,290.750 1,598,800
Total
23,895,683 38,106,341
Total
23,895,683 38,106.341
x At market values not in excess of cost. y Represented by
no par shares. z Represented by 1,542.797 shares of $1 par. 227,450
-V. 139.
p. 1869.
General
Reinsurance Corp.
-Financial Statement
-
Balance Sheet Dec. 31
1934
1933
1934
1933
Assets$
Cash
892,682
324,068 Res,for claims and
Benda and stocks.. 8,192,915 9,408,010
claim expenses__ 5,358,890 5,672,669
492,200
499,200 Rea. for unearned
Mortgages
Premiums in course
premiums
2,044,051 1.985,530
of collection.,.,., 512,417
465,736 Res. for commis..
Real estate
73,500
56,000
taxes a:0th.!lab. 398,903
348,412
Accrued interest...
34,145
47.241 Contingency res've
x991,122
Other admitted asCapital stock
1,000,000 1,000,000
sets
163,994
345,053 Surplus
1,560,009 1,147,572
Total
10,361,853 11.145,307 Total
10,361,853 11,145,307
a This reserve represents the difference between values
for all stocks, and actual Dec. 31 1933 market quotationscarried in assets
MI bonds are carried on amortized basis -V.138. D. 2411.on such stocks.
General Water, Gas & Electric Co.
-Earnings--
Calendar YearsOperating revenues-Water
Electric
Manufactured gas
Natural gas
Ice
Steam and hot water,&c
1934
1933
1932
$2,568,510 $2,496,259 $2,581,353
810.803
804,793
872.646
211,784
211.793
225,928
171,132
159,714
185,419
100,110
119.203
122,779
49,087
52,062
50.112
Total operating revenues
53,911.427 $3,841,876 $4,040.190
Operation
1,489,612
1.439,032
1,412,254
Maintenance
197,988
144,430
142,667
Taxes (other than Federal income)_ _ _
334,572
331,336
342,043
Net income from operation
$1,889,255 $1,927,077 $2,143,225
Non-operating revenue (net)
37,031
22,002
31.927
x Total Income
$1.926,286 $1,949,080 $2,175,152
z Before provision for interest and dividend charges on securities
publicly
held, charges for depreciation and depletion, &c. In 1934
tion and depreciation was $390.110; interest charges, reserve for deple$861.350; other
deductions, $175,056: leaving a balance of $
499.770.
Consolidated Balance Sheet as at Dec. 31 1934
Excluding Texas-Louisiana Power Co. (in Bankruptcy) and
Its Subs.)
Assets-Property, plant and equipment (including organization
expenses,
franchises, and other intangibles). $25,970.498;investment
in bonds,stocks.
notes and accounts receivable of Texas-Louisiana Power
Co.. $102,• invest
menu) at cost (less reserve, $33,242). $31.561; special deposits,
$352,401;
cash in banks and on hand, $304,638; cash on deposit for
dividend
$29,491; notes and accounts receivable (less reserve, $72,151), payable,
unbllled revenue (estimated). $79.519; inventories of materials, $496,221:
supplies,
&c., $210,552; account receivable (non-current).
restricted banks, $3,998; prepaid insurance and23,200; cash in closed and
taxes, $48,329; deferred
charges, $1,002,123; total. $28,532,634.
Liabilities
-Funded debt of subsidiary companies, $9,891,100; funded
debt General Water Gas & Electric Co.,$5,800.000; notes
payable
51,495,000; notes payable (unsecured).$190,587;accrued interest (secured)
debt 5114,835; accounts payable and other accrued liabilities, on funded
$273,360;
provision for Federal income tax, $72,248; funded debt
called for redemption, $4,733; purchase money and property obligations,
$9,691; dividend
payable, $29,491; dividends on preferred stocks of subsidiary
accrued. $5,575; consumers' and other deposits (refundable),companies
reserve for contingencies, contribution for extensions, deferred$134,906:
charges,
&c., $246,060: subsidiary companies' preferred
950; minority interest in common stocks and stocks publicly held, $389,surplus of subsidiary companies, $13,035; $3 cum. pref. stock (118,864 shares no
par), $6.043892;
common stock (218,066 shares par $D,$218,066; appropriated from
paid-in
and capital surplus for reacquisition of $3 cum. pref.
stock, $62,287; paid-in
and capital surplus,$3,133,057;earned surplus,
$404,755; total, $28,532,634.
-V. 139, p. 2364.
Georgia & Florida RR.
-Earnings-1st week of May-- -Jan. 1 la may
1935
Period
Gross earnings
-V. 140, p. 3215.
$16,475
1934
$18.375
1935
$3351,048
71934
$391.744
Gimbel Bros., Inc.(& Subs.)
-Earnings
-
Years End. Jan. 31Net sales
Expenses and costa
1935
19341
19331
$77,155,345 $72,878,398 $72,196,484
74,198,962 70,552,952 73,169,288
Operating profit
Other income (net)
$2,956,383 $2,325,446 loss$972,804
598,638
220,555
Total income
Depreciation
Other charges (net)
Interest
Federal tax
$3,555,021 $2,546,001 loss$972,804
1,616,949
1.683,644
1.738,703
48,523
1,390,486
1.699,028
1,488,844
200,000
Net profit
$347,586 loss$626,487loss$4459058
Comparative Consolidated Surplus Jan. 31
Eearned Surplus1935
1934'
Balance at beginning of year
52.227,858 $2,854,345
Net loss for year (as above)
Pr0f347,586
626,488
Balance at end of year
$2,575,444 52,227,858
Paid-in Surplus
Balance at beginning of year
12,116,154 12.116.154
Balance at end of year
$12,116,154 $12,116,154
ProperlySurplusBalance at beginning of year
Depreciation and amortization of increased values $8,758,858 $8,895,949
resulting from property appraisals
127,090
127.090
Balance at end of year
58.631.768 58,758,858
Total surplus
$23,323,366 $23.102,870
Note
-The earned surplus at Jan.31 1935 is before deduction of an appropriation of $5,052,500. being the par and stated value of the preferred
and
common stock repurchased.
Financial Chronicle
Volume 140
3389
Six million dollars of new preferred stock will be issued, with present preComparative Consolidated Balance Sheet Jan. 31
ferred shareholders permitted to subscribe for not more than 60.000 shares,
1934
1935
1934
1935
with 60.000 underwritten and to be offered to the public. Shares have 5%
Liabilities-$
Assets$
$
coupon, and are cumulative and redeemable at $52.50. No increase in
828,132
Cash
4,564,263 4,287,783 Trade creditors___ 893,422
common dividends is contemplated.
-V. 140. p. 2536.
Trade creditors for
U. S. Govt. & mu250.585
mdse.in transit- 316.270
nicipal bonds__ 41,796
Grand Union Co.
-Earnings
225.446
Sundry creditors__ 238,230
Accts. receivable:
a Reg.ret.terms 6,466,208 5,801.486 Accrd. int., taxes,
Quarter EndedMar. 30 '35 Mar. 31 '34 Apr. 1 '33
b Det.pay.terms 1,456,270 1,218.564 rent & other exp. 1.699,889 1,613,752
Net profit after deprec.,taxes, &c_
$10.786
$122,034
$12,144
611,144
55,429 Mtge.Int. deferred 706,614
c Contract terms 46,979
Shares common stock outst.(no
286,367
282.817
278.067
231,573 Sundry cred.,longSundry debtors_
348,198
Earnings per share
Nil
Nil
$0.01
199,787
term
111,111
Due from officers
-V. 140, p. 2864.
7,875 Mtges. pay., due
and employees
1935 to 1946-28,435,000 29,013.000 ----Mdse. on hand
11,921,579 11,961,159
-Great Atlantic & Pacific Tea Co.
-Usual Extra Div. /-4-<-- -41
824,884
250,585 Res.for canting_
Mdse. in transit
316,270
The directors have declared an extra dividend of 25 cents per share in
d Other assets
1,176,349 1,246.433 Res, for insurance
addition to the usual quarterly dividend of $1 50 per share on the common
237,233
e Land & buildIngs45,048,786 49,754,475 and pensions__ - 243,847
stock, no par value, both payable June 1 to holders of record May 15.
f Store fictures__ - 3,768,785 4,199,861 Res. for possible
Like amounts have been payable each quarter since and incl. Sept. 1 1931.
assess of taxes
287,051
Leaseholds
274,580
-V. 140, p. 972.
h Delivery equip. 105,300
224,349 for prior years_ _ 229,884
income from
bldgs. acDet'd
Land &
'"Green Mountain Power Corp.
---Accumulated Dividend
quired for busisale of fixed asThe directors have declared a dividend of $1.50 per share on account o
495.000
sets
ness purposes but
accumulations on the $6 cumulative preferred stock, no par value, payable
Preferred stock-16,120,000 16,120,000
not now used In
June 1 to holders of record May 15. This compares with $2.25 per share
Prov. for redemp.
store operations- 3,771,794
2.418.000 2,418.000
paid on March 1, last. and 75 cents paid each quarter from June 1 1933 to
of pref. stock
Prepaid expenses,
and including Dec. 1 1934. Prior to June 1 1934 regular quarterly dividends
501,181 I Common stock.... 4,807.500 4,807.500
ins., taxes, &c__ 494,280
23,323,366 23,102,870
Surplus
Deferred charges
of $1.50 per share were paid.
Accumulations after the payment of the June 1 dividend will amount to
31.451
57,129
ntge• mil)"
Inventory of supil. 181,371
193,077
$4.50 per share.
-V. 140. P. 1146.
1
Good-will
1
80,037,936 80.252.334
Total
80,037,936 80,252,334 Total
a After reserves of $388,821 in 1935 and $444,676 in 1934. b After
reserves of $158.421 in 1935 and $145,565 in 1934. c After reserves of
$10,103 in 1935 and $23,162 in 1934. d After reserves of $200.000. e After
deprec. of $10,058,493 in 1935 and $9,319,069 in 1934. f After deprec.
of $4,540.273 in 1935 and $4,333,034 in 1934. g After amortization of
$165,670 in 1935 and $153,199 in 1934. h After depreciation of $85,966
in 1935 and $175.787 in 1934. j Represented by 961,500 no par shares.
New Director, &c.
The directors elected officers for the current year and named Arthur 0.
Kaufmann, Vice-President of the Philadelphia store, a director to fill a
vacancy on the board.
Ellis A. Gimbel was elected Chairman of the Board. succeeding Daniel
Gimbel. The latter was elected a Vice-President. Ellis Gimbel was reelected President.
Mr. Kaufmann was appointed manager of the Philadelphia store. SAMneeding Richard Gimbel. Mr. Gimbel continued as a director, however.
and the company said that he had proposed the election of Mr. Kaufmann
as a director. The company's statement was as follows:
"At a meeting of the board of directors of Gimbel Brothers. Inc., adjourned from the date of the annual meeting, April 30, officers were elected
for the current year. The vacancy existing in the office of Treasurer was
filled by the election of Samuel Naas, heretofore Assistant Treasurer. The
vacancy existing in the office of Secretary was filled by the election of
Alexander B. Royce.
"On the motion of Richard Gimbel, Arthur O. Kaufmann, Vice-President
in charge of the Philadelphia store, was elected a director of the company
to fill an existing vacancy on the board."
-V.138. p. 2411.
Gillette Safety Razor Co.
-Mistrial Declared in Suit
Federal Judge Clark at Newark, N. J., on May 17 declared a mistrial
in the $24,000,000 damage suit against the company. Counsel for the
company moved for the mistrial when he learned of a conversation between
a Juror and a stockholder of one of the plaintiff companies.
The suit was brought by the Clark Blade & Razor Co. and the Clark
Blades Selling Corp. of Newark. against the Gillette Co. and Otto Roth,
Inc., a subsidiary of Gillette. The suit charged conspiracy to monopolize
the razor blade business in violation of the Sherman and Clayton Anti
-V. 140, p. 2706.
Trust Acts.
(Adolf) Gobel, Inc.
-Court Hearing
A hearing will be held in the Federal Building in Brooklyn May 24 in
the proceedings in connection with the order entered by the U. S. District
Court on the petition of company for reorganization under Section 77-B.
-V. 140. p. 3215.
Goodyear Tire & Rubber Co.
-Makes Offer to Acquire
Kelly Springfield Tire Co.
-See latter company.
-V. 140,
p. 3044.
Great Western Sugar Co.(& Subs.)
-Earnings
Years End. Last Day
of Feb.1934
1933
1935
Profits from operation__ $8,139,992 $9,110.895 $3,952,778
Other income
38,231
85,317
167,019
1932
$822,289
97.863
Total income
$8,178,223 $9,196,212 $4,119,798
Int,on money borrowed _
4,719
Deprec. of plants & RR- 1,460,508
1,717,762
1,321.351
Federal taxes
1,059.668
235.970
955,988
$920,152
119,538
1,806.767
10,471
Net income
Previous surplus
$5,761,727 $6,414,063 $2,562.4771oss$1016623
25,085,195 30,880.026 29,367,549 31,434,173
Total surplus ______ _630,846,922 $37,294,088 631,930.026 $30,417.549
Deduct-Pref.diva.(7%) 1,050,000
1.050.000
1.050.000
1,050.000
Common dividends__ _ 4,320,000 2,160,000
Distribution of Cache La
Poudre Co.stock
8,998,894
Profit and loss
$25,476,922 $25,085,195 $30.880,026 $29,367,549
1,800.000
Shs. coin. outst.(no par) 1,800,000
1.800,000
1,800,000
Earns. per sh. on com
$2.98
$0.84
$2.61
Nil
Consolidated Balance Sheet as of Last Day of February
Assets1934
1933
1935
1932
Plants, RR. equip., &c442,816,581 $43,331,779 $43,058,697 $43,045,929
Investments (stocks)_
4,000
Cash
11,914,089 4,524.784 15,240,660 4,464,564
Accts. & notes receiv_
1,643,408 2.251,251
2,691,117 3,906,652
Ref.sugar & by-products 20.858,138 19,687.933 15,003,042 21,766,480
Beet seeds and supplies_ 3,074,968 2,740,802 2.770.188 3,189,996
Prepaid expense
1,166,980
457,018
993,632
478,247
Total
$81,833,141
Liabilities
Preferred stock
$15,000,000
x Common stock
15,000,000
Conting. beet pay. res.- 2,232.300
Accts. payable, &c
861,939
Accrued Federal taxes
4,884,066
Deferred credits & operating suspense items145,586
Unclaimed dividends_ _ _
2,399
Depreciation reserves_ - _ 18,229,930
Res. for def. mtge. cost_
Surplus
25,476,922
$75,358,929 $78,173,014 $75,715,852
$15.000,000 $15,000,000 $15,000.000
15,000,000 15,000.000 15.000,000
538.300
284,100
936,788
823.304
1,169,629
1,071,698
235,695
123,150
2.401
17,601,397
2.410
2,489
15,947.479 14.676,184
500,000
25,085.195 30,880,026 29,367,549
Total
$81,833,141 $75,358,929 $78,173,014 675,715,852
-V. 140. p. 1312..
x Represented by 1,800,000 shares, no par value.
Goodyear Tire & Rubber Co. of Canada, Ltd.
-To
Call Preferred Stock-Capital-Changer
The company announced on May 16 that all outstanding preferred stock
will be redeemed June 17 at $110, Canadian funds, plus accrued unpaid
dividends.
The company will decrease capital by canceling 35.502 preferrred shares
of $100 par, leaving authorized unissued preferred shares of aggregate par
value of $8.000,000. This preferred will be split into shares of $50 par
value and each common share will be split into two common shares without
par value.
-Earnings
Greyhound Corp.
3 Months Ended March 311935
1934
Net profit after interest amortization, depreci4275.699 loss$20.043
ation. operating expenses, and income taxes
x Including equity in undivided net profits or loss from operations of
affiliated companies.
The comparative statement of affiliated bus companies for three months
ended March 311935.shows combined net prolts of $668.705 after Interest,
amortization, depreciation,operating expense and income taxes. This compares with net income of $192,837 in corresponding period of 1934. This
statement is compiled from profit and loss statements of 13 affiliated bus
companies and the results as now reported are subject to audit and any
necessary year-end adjustments relating to reserves, inventories, &c.
The equity ot Greyhound Corp. in the combined net income of the 13
foregoing affiliated bus companies for the quarter ended March 31 1935
was $322,008, from which were deducted dividends received by Greyhound
therefrom totaling $96,756 leaving a net equity therein of $126.665 to which
must be added equity of $99.485 in non-controlled operating companies to
make a total of $226,151. In the like 1934 quarter net equity in the composite 13 companies was $26.924, dividend equity deducted therefrom was
$48,394, net equity was a deficit of $90,677 and net equity of non-controlled
operators was $69,207, which left a final net deficit of $21,469.
Transfer Agent
The Bankers Trust Co. has been appointed transfer agent in New York
-V.140. p. 2865.
for the common stock.
Gulf Mobile 8z Northern RR.-PWA Loan
The Public Works Administration has made a loan of $212,500 to the
-V. 140, p. 3044.
company to purchase and lay new rails and fastenings.
(W. F.) Hall Printing Co.(& Subs.)
-Earnings
1934
1935
1933
Years End. Jan.311932
Gross profit from oper__ $2,040,812 $1,289,383 $2,079,721 $3.383.238
Gen., admin., selling &
973.392
shipping expenses_ _ 1,098.723
966,875
1.114,347
See a
927,315
See a
Depreciation
1,004,525
57,208
304.692
b252,869
Sundry charges (net)
Disc, on bonds acquired
for sinking fund
108,951
Net profit from oper_ 1058842 433
d153,437
Miscell. earns. (net)
$11,299
c518,781
$751,025 $1,264.367
244,591
$111.003
415,585
$530,080
397.680
$751.025 $1.508,958
420.067
450.649
def&304,582
4132.400
42,000
a$330.957 $1,058,309
48,000
60,000
548,618
Gross earnings
Interest charges
Net profit
Preferred dividends_
Common dividends
$90,400
Balance,surplus_ __ _ _los4304,582
$282,957
$449.690
374,333
374,333
Shs.cap.stk.out.(par$10)
379.223
400,000
Nil
$0.24
$0.74
Earned per share
$2.50
a Net prafit is after depreciation of $853.343 ($834.565 in 1933). but
company's report does not indicate where deduction is made. b After
deducting credits, incl. $108,952 discount on bonds acquired for sinking
fund. c Sundry credits, Incl. $106.606 discount on first mortgage bonds
acquired for sinIcing fund and a dividend of $24,180 from Chicago Rotoprint Co., a directly controlled company not consolidated herein.
d Including equity of $39.651 in current earnings of Chicago Rotoprint
Co., a directly controlled company not consolidated herein.
Consolidated Balance Sheet Jan. 31
1934
1935
1935
1934
LiabilitiesAssets
$
$
$
612,518 Accounts payable_ 603,761
Cash
493,746
353,323
Notes payable_ __ _ 200.000
10,363
Market securities10,363
34,431 Accruals and FedValue of life ins
33,374
eral taxes
Customers'notes &
314,786
461,826
semis receivable 1,457.222 1,130,507 Notes pay. & other
oblig. deferred
Notes & accts. rec.,
23,000
49,011
28,417 Per, money obi*.
sundry •
17,603
752,859 (current)
Inventories
878,058
109,043
47,032
Divs. on pref. stk.
Bals. rec., deferred 298,532
42,000
a Land, buildings,
Res've for conting. 250,000
machinery, dm_ _12,700,611 14,636,334 Funded debt
6,827,500 6,827,500
Tax antic. warr_
8.620 Purchase money
Notes & accts. of
mortgage
320,000
395,000
7,431 Preferred stock... 800,000
officers & empl_
6,684
800,000
Treasury stock... 301,831
248,031 Common stock
4,000,000 4,000,000
Ernpl. stk, perch.
Capital and paid23,011 in surplus
contr. & recles.
14,315
c875,729 d4,359,493
Stock of directly
Earned surplus _
699,817
controlled cos.
Sure. arising from
not consolidated 521,880
446,783 appraisal
2.472,582
Other investments
26,403
37.168
Prepd.& def. chgs
37,978
60,530
Total
16,796,401 18,035,002 Total
16,796,401 18,035.002
a After depreciation of $8,697.562 in 1935 and $7,305,906 in 1933.
b Purchase money obligations current. c Deficit in earned surplus as at
Jan. 31 1935, $542,841, applied against paid-in surplus on which may affect
returns of subsequent years. d Capital surplus.
-V. 140. p. 3044.
Hamilton Watch Co.
-Earnings
Years End. Dec. 311934
z Gross profit on sales.- y$940.394
Depreciation
140,350
Selling & admin. exps__ _
392,200
Other expenses
79.110
Federal income taxes_ _ _
39.272
1933
1932
1931
y$444.150 1055$256,968 $1,177,550
99,102.
141,891
346,857
500,884
804.920
146,751
128,634
226.362
Net profit
$289.462 loss$148,560 loss$987,643
114.377
Preferred dividends
203,656
Common diva.
(cash)...350,220
Deficit
sur$289.462
$148,560
$987,643
$549,500
Shs.com.stk.out.
(no par)
388.052
388,052
388,052
400.000
Earnings per share
$0.22
Nil
Nil
Nil
y Includes other income of $24,093 in 1934 and $7,273 in 1933. x After
deducting all manufacturing costs, exclusive of depreciation.
3390
Financial Chronicle
May 18 1935
Consolidated Balance Sheet Dec. 31
R. W. Wilson is secretary of the protective committee of which Alvin J.
Schlosser is chairman, other numbers being Joseph W. Dixon, Sylvan
Assets1933
1934
1933
1934
Liabilities
Gotshal, William M. Greve, William T. Hunter. George V. McLaughlin
Cash
$378,734 2584,489 Accts. & bills pay z$44,489 $430,315
and Douglas Vought.-V. 140, p. 973.
1
Notes receivable
15,020
10,563
202,922 Accruals
27,129
Accts.receivable_ _ 1,073,910
39,272
663,549 Fed. inc. taxes__ _ _
Mktable. securs
103,153
Custo nem' depos_
3,000
7
1.645fr" -- Hotel Senator, Sacramento, Calif.
-Reorganization Plan/
Inventories
1,590,523 1,213,557 Empl's' deposits
4,305
4,006
The reorganization plan presented by the bondholders' committee for'
Accrued int. rec..
2,226
1,971 Allowance for sales
the 1st mtge. 6s provides for distribution of new first mortgage 634%
Cash value !astir_ 1.173
50,506
47,207 contracts, &c..
income bonds and all of the voting stock in exchange for the old bonds.
Insurance deposits
3,386,900 3.386.900
3,940 Preferred stock
Stock will be divided into two classifications, of which bondholders will
Due from employ's z74,722 f 40,131 y Common stock_ _ 1,000,000 1.000,000
get all the A, or voting stock, comprising 60% of the entire issue, and
Deterred charges..l
1109,981 Earned surplus
140.901 dell48,560
equity owners will receive the class B.
Investments
163,203
44,241
149,025 Capital surplus
44,241
Equity owners would be given a three-year option to purchase the class A
Non-oper. prop_ _ 119.270
117,170
stock by paying bondholders par for total outstanding bonds plus all accrued
z Fixed assets
1,093,258 1,573,580
interest and all unpaid back interest represented by scrip.
a Treasury stock_
29,870
29,870
Hearing May 22
In a letter to bondholders, committee members revealed that 67% of the
Total
24,689,938 $4,737,394 Total
$4,689,938 $4,737,394
outstanding bonds are on deposit. The Court hearing on_the proposed
x After depreciation. y Represented by 400,000 shares of no par value.
reorganization is scheduled for May 22.-V. 138, p. 3273.
z Accaunts payable only. A Fepresented by 11,948 no par shares.
-V.138.
P. 3604.
Houdaille-Hershey Corp.(& Subs.)
-Earnings
-
Handley Page, Ltd.
-Pays 5% Extra Dividend
Calendar Years1934
1933
1931
1932
The company paid an extra dividend of 5% In addition to a final dividend
Gross profit from oper_- $2,515,031 $1,210.341
$935,876 $2,032,945
of 10% on the 10% participating preferred registered stock and on the
Sell & advertising
221949
190330
453372
239933
American depositary receipts for the preferred stock. The foreign dividend
Adiiiin. & gen. expenses
: 454:542
379:799
579:270
383,696
is payable to holders of record of May 15, while the American dividend is i.„ >ier deductions
?))/
40
102,237
89,657
102.797
219,494
payable to holders of record of May 16.-V. 138, p. 4300.
Ot?irrilittlgeprofIt
$1,736,303
$550,555
$898,506
$92,753
& Dauch Paper Co., Sandusky, O.-Pref. Di .
49,303
64,792
88,342
62,783
A dividend of $1.50 per share was paid on account of accumulationst•
the 6% cumulative preferred stock, series A, par $100, on May 1 to holders
Total profit
$1.785,606
$615,347
$986,849
$155,536
of record April 20, the same as made on Feb. 1 1935. On Dec. 20 1934 a
Depreciation
681,699
729,812
742,317
755,197
dividend of $4.50 per share was paid, while $1.50 per share was disbursed
Federal income tax
159,732
18.300
on Nov. 29 1934. The last regular quarterly dividend of 21.50 per share
was paid on Aug. 1 1931. Accumulations now amount to $13.50 Per share.
Net profit
$944.175 loss$114,464 loss$599.660
$226,232
-V. 139, 1). 3155.
Deduct for minority int.
in subs. (net)
12,773
565
123,814
9,137
Holly Development Co.
-Earnings
Dividends-class A
434,776
436,210
107.911
Class B
3 Mos End.Mar.31.
1932
1935
1933
1934
Net Inc. after all charges
$9,223
$20,826
$12,583
$12,438
Deficit
sur$496,626
$113,900
$333,792
$716,708
-V.140, p. 642.
Consolidated Balance Sheet Dec. 31
Hoskins Mfg. Co., Detroit-Earnings
1934
1933
1933
1934
Calendar Years1932
Assets
1934
1933
2
Liabilities$
,
$
$
Manufacturing profit
$274.736
$377,864
y Fixed assets____ 6,039,830 6,404,308 z Capital stock___ 9,734,019 9,733,245
$591.786
Sell., admin. and general expense....
281.497
186.967
Patents and good200.905
Accounts payable_ 569,315
398,538
will
1
1 Federal income tax 159.732
Operating profit
$87,770
$176,958
Cash
$310,289
2,293,050
820.632 Accruals
229,757
163,005
Intereston ends, &c
Cr26,250
Cr28.004
Cr13.601
Notes & accts. rec. 1,160,517
645,088 Federal tax reserve
21,332
21,332
Depreciation
52,257
Inventories
48.864
43,843
1,380,321
912.570 Reserves
29,931
22,727
Provision for Federal tax
6,742
Gov't etfs.& bonds
16.081
37.814
972,332 Long-term indebt.
7,817
7,818
Other assets
325,302
361,770 Min.int. in subs- 416,500
399,989
Net profit
$56,774
Deferred charges
$254.882
$125.615
129,362
168.714 Surplus
427,064 def153,002
Previous surplus
133.194
514,645
Treasury stock... _ z267,085 a308,236
362,610
Adjustment of reserves for invest_ _
129.196
Total
11,595,469 10,593,653 Total
11.595,469 10.593,653
Total surplus
$571,419
$488,224
$517,272
x Represented by 174,480 no par shares of class
Dividends paid
209,300
209,308 (800,623 in 1933) no par shares of class B stock. y A stock and 800,723
After depreciation of
Adjustment in respect of Federal tax
$5,137,426 in 1934 and $5,006,298 In 1933. z Represented by 49 shares
of prior years
Cr491
class A and 17,027 shares class li stock.
Adj. of tea, for depos. in closed banks
7.000
a Represented by 3,999 shares class A and 17,027 shares class B (including
Additional income tax for prior years_
246
3,950 shares class A at cost of $41,151 owned by Muskegon Motor SpecialLoss on bonds sold and on bonds deties Co., a partially owned subsidiary.)
-V. 140. 2706.
clared illegal
23.186
Prov. to reduce secur.to market value
310,844
------ Illinois Central RR.
-Asksfor Extension of Loans
Prov. for est. loss on closed banks__.,
21.000
The company has applied to the Interstate Commerce Commission
Surplus Dec. 31
for authority to extend for five years from July 22 1935, a loan of $33,783.000
$133,194
$300.725
$362,610
from the Reconstruction Finance Corporation and for an extension from
Earnings for the 3 Months Ended March 31
Dec. 7 and Dec. 28 1935 to Dec. 6 1940 of an RFC loan for $4 000,000.
1935
1934
The road owes the RFC $17,760,333. It has pledged with the RFC
1933
profit after deprec. & Fed. taxes- $105.835
Net
$63,787
$3,711
collateral which it says has a fair value of $41.923,300. The road declares
Earnings Per share on 120.050 shares
that the collateral already deposited is ample to take care of the extension.
capital stock (no par)
$0.88
$0.03 -V. 140. p. 3045.
$0.53
Romance Sheet Dec. 31 1934
Assets-cash, $38.489; customers' notes and accounts, less reserve of "\ Illinois Merchants Trust Co.
"
-To Reorganize Mortgage
$10,500. $90,526; Group insurance, &c., owing by employee*, $1.245;
The terms of the proposed reorganization under the amended Federal
The
Inventories. $185,092; U. S. Government securities (cost $288.759). $290,Bankruptcy Act of the $12,583.000 issue of bonds secured by mortgage
165; municipal, listed and miscellaneous bonds (coot $612,867), $432.472;
collateral in Trust No. 17440, of which Chicago Title & Trust Co. Is trustee.
accrued interest receivable. $6,594; cash In closed banks and trust company,
were made public May 10. The issue, originally totaling 517,316.580, was
less reserve (unpaid claims, $49,465). 321,465; land, buildings, machinery
sold in 1926 by the Illinois Merchants Trust Co.
and equipment (less depreciation reserve of 3293.015). $552.578: patents
The plan provides for transfer of all collateral securing the bonds to a new
and good-will, $1: deferred charges to future operations, $7,770; reacquired
corporation, which will issue to bondholders 5% cumulative income notes,
stock held for resale to employees (450 shares, market value $8.550).
par for par, for their present holdings, plus one share of stock for each
$15,130: total $1,641,531.
$500 of bonds held. The assets of the new corporation will then be deposited
Liabilities-Accounts payable, $17,520; accrued expenses, 384,971;
with a trustee. Total assets of the trust on March 15 1935 aggregated
provision for Federal income tax, $37,814: capital stock, authorized,
$12,361.051.
200,000 shares of no par value, issued 120.050 shares, $1,200,500; surplus.
The hearing on the plan is set for June 3 before Federal Judge James H.
$300,725: total, $1,641.531.-V. 140, p. 1487.
Wilkerson at Chicago.
-V. 135, p. 2181.
Hotel Rueger, Inc. Richmond, Va.-Bonds OfferedGalleher & Co., Richmond, Va. are offering $125,000
5% 1st mtge. serial bonds at 1'00 and int. Bonds are
offered only to residents of Virginia.
Dated May 1 1935: due serially. 1936-1945. Principal and int. coupons
payable May 1 and Nov. 1 at the office of Peoples National Bank, Charlottesville, Va., trustee. Redeemable all or any part on any int. date on
30 days' notice at 101 and int. during first five years. and thereafter at
1005 and int. Bonds in denom. of $1,000 $500 and $100.
These bonds are secured by a first closed mortgage on real estate in the
City of Richmond, Va.• with improvements, furnishings and equipment
thereon. The hotel (10'stories) contains 136 bed rooms. each With private
lavatory, and 90 baths, 50 of which have combination tub and shower.
Adjoining the hotel building is the garage with capacity of 25 cars.
The land, building, furnishings and equipment have a sound depreciated
value as follows: Land,$81,866; hotel building. $280,000: garage building,
$10.400;furniture,fixtures and equipment,$30,040; total, $402.306.
The bonds are guaranteed by endorsement by William Rueger Sr. and
his three sons, William Rueger Jr., Louis Rueger,and Herbert E. Rueger.
The report shows that the operating income, before taking into account
interest, depreciation and officers' salaries, amounted to $446.646 for the
10-year period, or an average of $44,665 per year, and that the amount
available for interest, depreciation and officers' salaries over the past
five years, 1930 to 1934 inclusive, was 585,958, or an average of $17,191
Per year. After making deductions for officers' salaries for the past five
years, 1930 to 1934 inclusive, before deducting interest and depreciation,
the company would show an average loss of $2,443 per year for this fiveyear period. Officers' salaries and other salaries and wages have been
reduced by approximately $6,900 as of Jan. 11935. This reduction is more
than the maximum interest charges on this issue. Net income for 1934
was an improvement over 1933.
'Hotel St. George (Clark Henry Corp.)
-Time for
Deposits Extended
The protective committee for the 1st mtge. 5q% serial gold bond certi-
ficates, series A, is notifying holders of these bonds or certificates of deposit
therefore of an extension until May 31 in the time during which holdings
may be deposited under a plan of reorganization which must be consummated by July 1.
The conunittee reports that 79% of the total issue has been pledged in
support of the plan, including 234% on deposit with another committee
which is recommending the plan. At least 90% in principal amount of the
bond certificates is necessary before the plan can be declared operative.
.
'In view of the limited time which remains,' the committee's letter says,
"and in furtherance of the plan, the Supreme Court of the State of New
York, which has jurisdiction over the plan, by an order dated May 9 1935.
has permitted this committee, as an expense of reorganization, to reimburse
recognized investment dealers and brokers at the rate of $5 per $1,000 bond
certificate for such deposits as these dealers and brokers may procure for
the committee from and after May 9 1935. all pursuant to the provisions
of the order of the Court, a copy of which may be obtained upon request.'
Illinois Water Service Co. Earnings---12 Months Ended March 31Operating revenues
Operation
Amortization of rate case expense
Provision for uncollectible accounts
Maintenance
General taxes
1935
$598,205
187.396
7,04.5
5,650
38,724
48,869
1934
5588,495
192,399
11,749
14,500
33,241
58,327
Net earnings from operation
Other income
$310,520
2,426
5278.276
1,737
Gross corporate income
Interest on bonds
Miscellaneous interest
Amortization of debt discount and expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$312,947
171,950
1,348
3,917
Cr69
6,441
21,250
700
$280,014
171.950
1.620
3.839
Cr134
2,071
25,750
700
Net income
$74,217
$107,409
Dividends on preferred stock
53,400
53.400
Balance Sheet March 31 1935
Assets-Plant, property, rights, franchises, dm., $5,988,186; current
assets, $319,185; debt discount and expense in process of amortization.
$66,171;commission on pref. capital stock, $9,624: unamortized rate case
expense, $29,110; deferred charges and prepaid accounts, $1,119; total,
$6,413,397
.
Liabiles-lst mtge. 5% gold bonds, series A, $3,439.000: curent
iti
liabilities, $156,025; consumers deposits and accrued int. thereon,$27,326:
unearned revenue. $5,259; reserved, $507.112; 6% cum. pref. stock ($100
Par),$890.000; com.stock (57.000 shs. no par). $1,140,000; capital surplus,
$81,515; earned surplus, $167.157; total, $6,413,391.-V. 140, p. 3216.
Indiana Harbor Belt RR.
-Earnings
Period End. Ma,.
1935-Monlh-1934
1935-3 Mos.-1934
Railway oper. revenues_ $692,978
5777.084 $2,048.201 52,093,521
Railway oper. expenses_
439,130
442.111
1.324.639
1,279,423
Railway tax accruals_ _ _
50,563
62,453
142,784
155.998
Uncollect. ry. revenues.,
98
250
Equip. & jt. fac. rents..
34.512
44.866
108.215
169,727
Net ry. oper.income.. 5168.673
$227,653
$472,311
$488.371
Misc. & non-oper. Inc.__
5,095
1.809
9.256
7,654
Gross income
5173,768
5229,462
$481,567
$4967025
Deduct,from gross inc
42,069
41,850
125,781
125,446
Net Income
$131,699
$187,611
370.244
$3356,121
-V. 140. p. 2538.
Imperial Oil Co., Ltd.
-37H Cent Extra Dividend
---The directors have declared an extra dividend of 37M cents per share in
addition to the regular semi-annual dividend of 25 cents per share on the
capital stock, both payable June 1 to holders of record May 22. An extra
dividend of 15 cents was paid on Dec. 1 and June 11934.
The above disbursement is payable in Canadian funds and is subject
-V. 139, p. 2998.
in the case of non-residents to a 5% tax.
Inland Steel Co.
-Obituary
E. M. Adams, first vice-president in charge of sales and a director, died
May 8.-V. 140. p. 3045.
*** - Interlake Steamship Co.
-To Retire Stock
A special stockholders' meeting has been called for May 22 to authorize
the retirement of 60,000 shares of company's common stock.Early this
year the zoamany ca ileted transactioas involving purchase of 54,613
shares from stockholders at $30 per share. Additional shares were acquired in the open market.
-V. 140, p. 478.
-Financial Statement Dec.
International Insurance Co.
31 1934Assets
Liability
Cash in banks & trust cos_ _
$306,404 Reserve for unearned prom. _$1,429,975
326,779
U. S. government bonds
1,157,317 Reserve for losses
100,000
All other bonds and stocks__ _ 3,304,404 Res.for all other liabs
1,000.000
1st mtge.loans
278,000 Capital
2.316,489
Net due from lnsur. cos
101,526 Surplus
Accrued interest
25,591
Total
3391
Financial Chronicle
Volume 140
$5,173,243
Total
$5,173,243
International Mining Corp.
-Asset Value
The corporation reports net assets as of March 30 1935 of $8,783,399
equivalent to $21.95 a share on 400,000 shares (par $1) of common stock
outstanding in hands of public, securities held being valued at market or,
in the absence of market quotations, at cost.
II* On Dec. 31 1934, net assets were $8,660,769 or $21.65 per share on
400,000 shares of stock and on March 31 1934 net assets amounted to
$7.966,254 or $19.91 a share.
-V. 140, p. 3217.
International Nickel Co. of Canada, Ltd.(& Subs.)Quar. End. Mar.31- 1935
1932
1934
1933
Earnings
$7,609.375 $7,463.766 $1,098.631 $1,764.955
Other income
7,744
2,712
64.902
44.049
Total income
$7.674,277 $7,507.815 $1,106.376 $1,767,667
Admin.and gen.expense
276,461
224,615
352,238
357,243
Provision for taxes
57.355
65.372
939,707
768.936
Interest paid and acer-85,831
119.029
88,893
71,618
Prov. for deprec., depl.,
&c., reserves
803,931
1,388,079
1,218.336
815.671
Consolidated Balance Sheet Dec. 31
1933
1932
1934
1931
Assets
Plant and property
410,149,197 408,674,316 409.723.873 420.818,574
Cash in banks & on hand 33,302,700 b17,422,447 b12,051,586 15,816,371
1,585.369
Marketable securities_
Accounts & notes receiv_ 32,554,111 37,283,786 33,029.493 39,193,327
Mdse., materials & sup's 20,214.279 18,872.226 17,974,329 30,062,952
Sundry current assets_ _ _
1,101,083
889.545
520.991
852,371
Inv. in & advs. to assoc.
& allied cos.:
Assoc. cos, not consol_ 46.117.915 59,846.809 59,910,313 63.964,411
Allied companies
17,553,333 17,837,400 16,771,642 19.073.183
Special deposits
995,959 2,050,414
1,920,871
2,320,628
Bond discount & expense
in process of amortiz'n 7,283,735 7,873.891
8,310,364 8,753.067
Spec,time dep. & receiv. 2,531.598 2,737,279
Prepaid accounts & other
deferred charges
2,419.157 2,766,241
2,421.551 6,356.454
Miscellaneous acc'ts and
investments
7.068,656 8,145,097 3,062,396 6.724.695
Total
Liabilities
-
581,043,010 584,610,992 566,065.966 615.190,021
a Common stock
214,523,333 214,523,333 214.526,333 214,563.467
Pref. stock of assoc. cos.. 36,258,876 36,263,851 37,798.413 37,958,631
'
MM.stkhldrs.' equity in
cap. & surp. of cos.
herein consolidated_ _ - 3,999,048 5,560.912 4,699.909 8,799,504
Funded debt:
25-yr.4V gold deb.
bcls. due'July 1 1952 35,000,000 35,000,000 35,000,000 35,000,000
10-yr.conv.4 % gold
deb. duc Jan. 1 1939 37,661,100 37,661,100 37.661.100 37.661,100
25-yr. 5% gold debs-- 50,000.000 50,000,000 50,000,000 50,000.000
Associated companies_ 70,228,890 71,954,331 67,066,226 66,191.648
Subscribers' deposits_ _
260,352
207,431
184,785
728,998
944,961
Other deferred liabilities 1,982,852
Divs.accr. on pref.stock
481.305
of associated cos
950,524
Loans payable to trustee
824.890
855,259
855,259
of pension fund
1,573,886
Employees' benefit and
pension reserve
10.943,748 11.618,334 11,376,476 10.626.438
Notes & bills payable
32,298,583 34,722.238 40,386,451 44,217.772
9.537.595 9,616,140
Acc'ts & wages payable_ 13,931,797 12,363,071
511,713
348.929
475,157
Notes receiv. discountedI 4,531,113
11,460,124
Other notes payable_ _ _ _
Loans & acc'ts payable
2,470,000 2.421,323
secured
1, 6,992,546 7,202,217 6,555,839 8,168,927
Int. & divs payable
Accr'd int. and taxes_ I
572.156
186.558
Sundry current liabilities
Res,for deprec., replacements,&c
20,787,089 17,985,246 15,840.234 16.429,916
170,809
456,685
779.734
Res. for conting., &c_ _ _
786,093
Reserve for revaluation
6,451,374 9,268,071 10,000,000
of assets, &c
Spec'l foreign exch. res.- 3,965,220 9.517,938
Capital surplus
1,22,937,405 22,763,716 22,670.743 55,180.758
Paid-in surplus
18.472.356
730.210
Earned surplus
2,769,531
Net profit
$536.072
$4.917.627 $5,049,276 loss$80.158
Surplus beginn.of period 30.990 016 22.767.570 14.825.560 16.757.814
Total surplus
$35,907.643 $27.816.846 $14.745.402 $17,293.886
Preferred dividends-- 483,475
483,475
483,475
483.485
Common dividends- -- 2,186,725
1,457.817
Surplus end of period -$33.237,443 $25,875.555 $14,261,927 $16.810,401
Shs. corn. stk. (no par)
Total
581,043,010 584.610,992 566,065,966 615,190.021
outstanding
14,584,025 14,584,025 14,584,025 14,584,025
a Represented by 6,399,002 no par shares in 1934 and 1933, 6.399,092
Earns, per share after
in 1932 and 6,400.206 in 1931. b Includes foreign currency of $7,633.936
preferred dividends
Nil
$0.01
$0.30
$0.31
($4.766.850 in 1932) (of which $5,750,946 ($3,582,894 in 1932) is in countries which have governmental exchange relations).
Balance Sheet March 31
1935
1934
1934
1935
New Director Elected
Assets-Liabilities-Samuel G. Ordway, Secretary of the company, was elected a director on
Property
138,541,079 140,048,300 7% pref. stock- 27,627.825 27,627,825
May 9.-V. 140, p. 2009.
Investments
13,203,034 10,187,463 x Common stock 60.766,771 60,766,771
Inventories- --- 20.018,725 17,872,375 Deben. stock of
-Resumes Dividends
‘s Intertype Corp.
"
Accounts & bills
British subs__ 5,050,914 7,757.468
The directors have declared a dividend of 20 cents per share on the
receivable_
6,165,882 7,273,491 Accts. payable- 2,678,820 2.783,165
no par common stock, payable July 1 to holders of record June 14. This
Govt.securities_ 1,762,434 1,524,003 Tax reserves____ 3,667,660 2,390.540
will be the first payment made on this issue since Aug. 15 1931 when a
Cash & demand
Prof. diva. pay_
483,475
483,475 quarterly dividend of 25 cents per share was paid. A dividend of 25 cents
dr time loans 22,031,652 18,691,720 Ins., contingent
was also paid on May 15 1931 while 50 cents per share was distributed in
Insurance pre& other res__ 7,489.675 7,988,360
-V. 140, p. 3046.
each of the five preceding quarters.
paid, &a
121,002
Capital surplus_ 60.841,225 59,924,195
Earned surplus- 33.237,443 25,875,555
'-Investment Corp. of Philadelphia-Extra Dividend
The directors have declared an extra dividend of 25 cents per share in
Total
201,843,808 195,597,352 Total
201,843,808 195,597,352
addition to a regular quarterly dividend of 50 cents per share on the no
x Represented by 14,584,025 shares (no par value)
.-V. 140. P. 3046.
par common stock, both payable June 15 to holders of record June 1.
-V. 140, P. 1663.
Similar payments were made on March 15 last.
International Paper Co.
-Meeting Adjourned
-
The stockholders' annual meeting has been adjourned until May 23. at
which time they will consider (1) proposed liquidation of Internadonal
Securities Co. and the cancellation of certain options to executives heretofor
given or contemplated, including a proposed contract between this company, International Paper & Power Co., and International Securities Co.
covering application of all assets of International Securities Co. to the
payment of its indebtedness to this company and its indebtedness to International Paper & Power Co. and the cancellation of such indebtedness,
(2) amend the by-laws to provide that the annual meeting shall be held on
the second Wednesday of May.
-V. 140, p. 1662
....----in,ternational Petroleum Co., Ltd. 4z50 Cent Extra Div,
/
1=La
-rffir Regular Dividend
The directors have declared a extra dividend of 50 cents per share and a
semi-annual
regular
dividend of 75 cents per share, both payable June 1
to holders of record May 22. The dividends are subject to a 5% tax in
the case of non-residents of Canada.
The company on June 1 and Dec. 1 1934 paid semi-annual dividends of
56 cents per share and extra dividends of 44 cents per share. Regular
quarterly dividends of 28 cents per share were distributed to and including
March 15 1934.-V. 139. p. 2998.
International Rys. of Central America-New Chairman
John L. Simpson has been elected Chairman to succeed the late Prentiss
-V. 140, P. 3046.
N. Gray.
International Ry. Co. (Buffalo)
-Earnings
3 Mos.End. Mar.311933
1935
1934
1932
Operating revenue
$1,449,648 $1,599.787 $1,417,205 $1,775.844
Operation and taxes_ _ 1,322,267
1,270.511
1,258,849
1,511.436
Operating income_ -$190,799
$277,520
$146,695
$264,408
Non-operating income_ _
3,218
2,581
2,750
6,499
Total income
$149.275
$193,549
$280,738
$270,907
Fixed charges
275,203
289.562
278,626
303.149
Net loss
$140,286
$32.242
$81,655 prof$2,111
-V.140, p. 2708.
International Telephone 8c Telegraph Corp. (and
Associated Companies)
-Earnings for Calendar Years1932
1934
1933
1931
Earnings
$79,258,493 $73,959,948 $67.382,691 $87.843,525
Exps., taxes & deprec'n- 64,296,856 61.529,147 60,064.505 69.433.847
Net earnings
$14,961,637 $12,430.800 $7 318,185 $18,409,678
sCharges of assoc. cos-- 7,112,317 5,966.925 5,520,607
4.985,927
Int. on debenture ttonds 5.769,749 5,769,750 5.769,750 5,769,750
Net income
$694,1251oss$3981171 $7,654.001
$2,079,571
Shs.cap.stk.out.
(no par) 6,399,002 6,399,002 6,399.092 6,400.206
Earnings per share
Nil
$0.11
$0.32
41.20
e Includes general interest charges of International Telephone & Telegraph Corp. amounting to $51,976 in 1934. $113,626 in 1933. $214,585 in
1932 and $606,975 n 1931.
Investment Co. of America-Net Worth
The company reports that the net worth or liquidating value of its cornmon stock was approximately $27.85 per share, based on balance sheet as of
April 30 1935, with securities adjusted to market values at that date and with
related adjustments with respect to reserves for management compensation
contingently payable. This compares with liquidating value of approximately $25.25 a share on March 31 1935, and $27.80 on April 30 1934.
-V. 140. p. 975.
-Coal Output
Island Creek Coal Co.
1933
1935
1934
Month of308.920 296.427,
January
315,007 302,235 292.116
February
304,426 390,864 249.143
March
209,199 237,116 215.856
April
-V.140, p. 3046.
Note-Above figures in net tons.
1932
285.245
274,145
327.707
244,243
1931
375,078
285.901
332,220
300.349
Islands Gas & Electric Co.-Earn.ings-Not Consolidated]
[Exclusive of the Canary Islands Cos.
1934
1933
Calendar Years$2,683,281 $2,392.125
Gross operating revenues
Oper. exps.. incl. meant. & taxes, but excl. of prov.
1,337,337 1.105,895
for retirements
Net oper.revenues before prov.for retirements-- $1,345,944 $1,286.230
29,497
Non-operating income-(Net)
23.468
Net inc. before prov. for retire., int., & other
$1,375,441 $1,309.698
income charges
470,292
467.559
Provision for retirements
56.177
53,157
Int.& other income charges ofsubs
769,783
Int. & other inc. chgs. of the Islands Gas & El. Co..
757.305
$91,667
Net income
$10,100
-At Dec. 31 1934. Islands Gas & Electric Co. was in arrears in
Note
dividends on its $7 cumulative preferred capital stock jail owned by its
parent company-Consolidated Electric & Gas Co.) in the amount of
$1,662,500.
Note-In the above statements the accounts of Gas y Electricidad, S. A.,
have been converted at the current monthly rates of exchange and those of
Manila Gas Corp. on the basis of 2.00 Phillippine pesos to 1 U. S. dollar.
V. 139, p.1873.
*--Jacksonville Gas Co.
-Admitted to Unlisted Trading
The New York Curb Exchange has admitted to unlisted trading privileges
the 1st mtge. 5% sining fund gold bonds due June 1 1942 (without voting
trust certificates), stamped to refer to (a) the payment offixed unconditional
interest at the rate of 3% and conditional interest at the rate of 2% and (b)
the supplemental indenture executed by the company and (c) the changes
and modifications effected by the plan of reorganization dated Oct. 1 1934.
(See"Chronicle- Oct. 27 1934, page 2681).-V. 140, p. 1489.
Kelly Springfield Tire Co.
-Goodyear Makes Offer
The Goodyear Tire & Rubber Co. on May 14 offered to buy the Kelly
company on a reorganization basis. The proposal was embodied in a plan
ofreorganization filed before Judge Calvin W.Chestnut in the U.S. District
Court in Baltimore by Edmund S. Burke and Thomas B. Finan,trustees for
Financial Chronicle
3392
Kelly-Springfield in reorganization proceedings under Section 77-13 of the
Bankruptcy Act.
Under the plan a new corporation would be organized with a similar name.
to which would be transferred all of the business and assets of the Kelly
Springfield Tire Co., for which there will be paid and issued to the holders
of the notes and stock of the latter company cash and common stock of
Goodyear Tire & Rubber Co. as follows:
To the 10-year 6% subordinate notes 75% of the par value thereof in cash.
To the preference stock $10 per share in cash and two shares of Goodyear
common stock for five shares of Kelly-Springfield preferred stock.
To the common stack. $1 per share in cash and one share of Goodyear
common stock for 25 shares of Kelly-Springfield common stock.
Under the proposed plan, $1,958,625 in cash would be paid out for the
$2,611.500 par amount of 6% notes, $499,520 in cash and 19,980 shares of
Goodyear common for the 49,952 shares of Kelly preferred, and $741,206
in cash and 30,354 shares of Goodyear common for the 741,206 shares of
Kelly common.
On this basis, acquisition of the company would cost Goodyear $3,199,351
In cash and 50,334 shares of common stock with a current market value of
about $950,000.
The plan was not participated in by either the preferred stockholders'
committee or the common stockholders' committee. A spokesman for the
preferred group stated that the committee had not yet had time to examine
the plan and had played no part in drawing it up.
Alternate plans may be submitted by either or both of the two committees.
Preference Stockholders Oppose Plan—
Opposition to the terms of the plan of reorganization is expressed in a
letter to preference stockholders from the committee for the preference stock
headed by Spruille Braden. The committee asserts that of the $4,136.084
in cash and Goodyear common stock which would be distributed under the
plan. 47.35% would go to the noteholders. 21.19% to the preference holders
and 31.45% to the common holders. Under liquidation, the distribution of
a similar amount after paying off 100% on the notes instead of the 75%
payment proposed would leave a liquidating value of 830.52 a share for the
preference stock instead of $17.55 a share as proposed in the plan, the letter
states.
In asking for further deposits of stock, the letter says:"There is no time
to be lost if the committee is to be placed in a position not only to block the
debtors' plan or perhaps to negotiate for a change in its terms which might
make it acceptable to preference stockholders, but to sumbit a fair and
equitable plan of reorganization on behalf of preference stockholders."
—V. 140, p. 3217.
-10 Cent Dividend
-4
-et'
--- Kerr Lake Mines, Ltd.
The directors have declared a dividend of 10 cents per share on the common stock, par $4. payable June 5 to holders of record May 22. A like
payment was made on Nov. 27 1934,the first distribution made since Oct. 15
1927 when a semi-ann. dividend of 6 cents per share was paid.—V. 139,
p. 2681.
(S. S.) Kresge Co.—To Sell Drugs—
The company has installed small drug departments in four of its largest
stores in Kansas City, St. Louis, Cleveland and Cincinnati on an experimental basis and plans to establish departments in six other stores in the
near future.
The company is selling common household drugs in made up packages
at prices between 10 and 25 cents under direction of registered pharmacists.
No prescriptions are filled.—V. 140 p. 3218.
Laclede Gas Light Co.—Earnings12 Months Ended March 31—
Gross operating revenue
Operating expense
Maintenance
Taxes—exclusive of income taxes
Provision for retirements
1934
1935
$6.774.600 $6,752.465
3.371.409
3.103.514
284,995
264.315
641.560
748.951
496.469
487,715
Net operating income
Non-operating income
$1.872,777 $2.255,361
451.160
477,694
Net income before other deductions
$2,323.937 $2,733.057
Interest on funded debt
1,930.000
1,930.000
Interest on unfunded debt
6.893
4.117
Int. d wing construction
Cr5.192
Amortization of debt discount and expense
161.113
99.067
Normal & State taxes on bond int. & other charges
26.337
25.273
Provision for income taxes
23,247
92,681
Net income
—V.140. P. 2360.
$181,538
$581.917
Kreuger & Toll Co.—Trustee's Report—
Edward S. Greenbaum, trustee in bankruptcy, has filed with the Federal
Court an intermediate report for the period from Jan. 1 1934 to Dec. 31
1934. The report states in part:
Claim Against International Match Corp., Its Subsidiaries and Affiliates—
Efforts have been continued to arrive at an equitable adjustment of the many
difficult matters in controversy between the estate of this bankrupt herein
and the bankrupt estate of International Match Corp. These efforts have
been materially aided by the international committee which has been endeavoring to reorganize the Kreuger interests. This conunittee, composed
of Norman H. Davis of the United States, Hugh Klndersley, England, and
Jakob Wallenberg, Sweden, with George 0. May of the United States as
alternate, together with its sub-committees, has been devoting a great deal
of time to this important task. During the past 136 years, this committee
and its sub-committees have held numerous meetings with representatives
of the estate of the bankrupt herein, of the estate of the International
Match Corp. and of the Swedish Match Co. These meetings have been held
both in this country and abroad.
In November 1934, Mr. Kindersley and Mr.Wallenberg and members of
the committee's staff came to New York to continue this work. Prof.
Martin Fehr and Judge Sven Lindeberg, two of the Swedish liquidators of
the bankrupt estate, together with other representatives of the estate and
representatives of the Swedish Match Co. likewise came to New York to
participate. Numerous conferences and meetings were held and considerable progress was made toward adjusting the controversies between the
bankrupt estate and the estate of the International Macth Corp. On
Dec.81034,at a special meeting held in the latter estate in the U. S. District
Court, report was made as to the progress of these negotiations. At that
meeting, George Roberts, counsel for the trustee herein, reported as to the
status of the negotiations between the bankrupt estate and the estate of the
International Match Corp. After stating that progress was made
possible as a result of the visit to this country of Professor Fehr and Judge
Lindeberg, Mr. Roberts stated:
"Negotiations have been had between the Swedish and American representatives of Kreuger & Toll Co. and its two creditor committees and the
representatives of International Match Corp. and its two creditor committees. The negotiations have involved numerous and complicated
questions and controversies resulting from the constant dealings between
International Match Corp. and Kreuger & Toll Co. over a period of years.
The negotiations involved claims of over $100,000,000 and counterclaims of
substantialy an equal amount. They have involved complicated questions
as to the ownership of important assets. The result of these negotiations
has been to narrow down the points of dispute to comparatively few questions. The settlement of these few questions which still remain appears to
me to be far simpler and easier of accomplishment than the settlement of
the many questions already informally disposed of.
"1 wish, therefore, to state to this Court, that real progress has already
been made and that, in my opinion, costly and protracted litigations involving these various matters as between these two companies will be
rendered unnecessary and that a solution of all questions between these two
Companies is probable."
Further conferences are being held.
Ohio Match Co.—Because of the substantial interest of the bankrupt
estate in the affairs of the Ohio Match Co. of Delaware. this company
agreed to elect a representative of the bankrupt estate as a director. Accordingly, on March 17 1934.Pemberton Berman was elected to the board of
directors of the Ohio Match Co. and since then he has been and is serving
In that capacity.
The trustee herein holds in his possession 60,000 shares of the common
stock of Ohio Match Co. This stock was received by the trustee, subject
to a lien of $183,050 in favor of the Mutuelle Solvay Co. of America. By
the application against the debt of dividends paid on the stock, the amount
of the lien was reduced to $78,050 at the time of the trutee's last report.
May 18 1935
In July 1934 a dividend of $30,000, and on Dec. 28 1934 a dividend of $60.000 was paid on this stock. These dividends were used to pay the balance
due to the Mutuelle Solvay Co. The remainder together with certain funds
heretofore held to the credit of the Commercial & Industrial Properties
Corp.(a company within the Kreuger group) amounts to $17,397. Pending
final determination as to the ownership of the Ohio Match Co. stock, it is
proposed that this sum and all future dividends received on this stock shall
be deposited in a joint account of that company and the trustee.
Diamond Match Co.—As a result of the pledge with Bankers Trust Co.,
National City Bank of New York, Union Trust Co. of Pittsburgh and
Continental Bank & Trust Co. of Chicago, through Lee Higginson & Co.,
of 350,000 shares of Diamond Match Co. common stock for an indebtedness
of International Match Corp. to said banks, three suits have been commenced and are now pending. They are:
(1) A suit by the trustee herein in the New York Supreme Court against
the said banks and the partners of Lee Higginson & Co. for damages arising
out of the conversion of said stock.
(2) A Joint suit by the Swedish liquidators of Kreuger & Toll and the
Swedish Match Co. in the same Court against 13ankers Trust Co. and
National City Bank of New York and certain individuals for damages for
said conversion.
(3) A suit in this Court by the trustee in bankruptcy of International
Match Corp. against said banks claiming. among other things, that the said
pledge constituted a voidable preference.
The developments since the previous report of the trustee are briefly as
follows: By an order of the Supreme Court dated March 27 1934 the first
two actions were consolidated and the trustee herein was joined as a party
defendant to the interpleader proceeding. Pursuant to this order, the banks
served an amended bill in the nature of interpleader on the trustee herein,
the trustee of the International Match Corp. and the plaintiffs in the conversion action brought by Swedish Match Co. and the Swedish liquidators.
The trustee herein moved to vacate the service of the bill because of lack of
jurisdiction. This motion was denied on June 26 1934, and the order entered thereon was affirmed by the Appellate Division on Dec. 7 1934.
Leave to appeal to the Court of Appeals was denied on Dec. 21 1934. The
trustee of the International Match Corp. moved to dismiss the amended bill
of interpleader on the ground that it failed to state facts sufficient to constitute a cause of action. This motion was denied and the Appellate
Division affirmed the order entered thereon on Nov.2 1934, and on Dec. 18
1934, granted leave to appeal to the Court of Appeals.
Suits Against Bankers—The action brought in this Court by the trustee
against the National City Co., the Guaranty CO., and Clark, Dodge & Co.
to recover approximately $4,270.000 is now at issue. The trustee's motion
for a preference was granted. That case is now on the reserve calendar for
February 1935.
An action has been started by the trustee in the U. S. District Court for
the Western District of Pennsylvania against the Union Trust Co. of
Pittsburgh for $146.216. This case is on the calendar of that Court, and
It is expected that it will be reached for trial in the spring of 1935.
Suit Against Former Directors—The suit brought by the trustee against
former directors for an accounting is pending in the N. Y. Supreme Court.
Donald Durant is the only defendant who is amenable to the jurisdiction
of the Court. The action is on the calendar awaiting trail,
Similar suits brought by the Swedish liquidators in Sweden against the
directors there resident are likewise pending.
Claims Against the Estate of Ioar Kreuger—Since the trustee's last report.
there have been no developments in connection with the administration of
the personal estate of Ivar Kreuger in the Surrogate's Court of N. Y.
County.
Jordahl & Co., Inc.—Examinations have been continued looking into
the bankrupt's dealings with Anders Jordahl and Jordahl & Co., Inc.
Conferences have been held with the attorneys representing the latter,
and negotiations looking toward a settlement of the matters in controversy
are now under way.
On Oct. 11 and. 13 1934, judgments were obtained in the New Castle
County Court of Delaware against the American Manufacturers & Dealers
Corp. (Del.), of which company, Anders Jordahl was President, on notes
held by the bankrupt estate. These judgments aggregate the KIM of
$2,285,465. Investigation has not yet revealed any assets from which
these judgments may be satisfied.
Other Claims—Other claims have been and are being carefully investigated
by the trustee and his counsel, and at appropriate times a report will be
made concerning them.
Claims Against the Estate—During the year 1934 the following claims
listed in the previous report have been expunged or withdrawn:
$5,000000
:
Estate of Ivar Kreuger
943
Union Allumettiere Fabriques Beiges
17.355
Malardaiens Tegelbruk
652,000
IIartford Accident & Indemnity Co
96.780
Kungliga Statskontoret
$5,903,078
Account of Trustee from Jan. 1 1934 to Dec. 31 1934
$88,755
Cash on hand on Dec. 31 1933
7.772
Receipts
Total
Disbursements
$96,527
6.964
$89,562
Balance on hand Dec. 31 1934
Securities Held by the Trustee
60,000 shares common stock of Ohio Match Co. (Del.).
$79,000 A-B Kreuger & Toll 5% secured sinking fund gold debs., dated
March 1 1929.
63,546 American certificates issued by Lee, Higginson Trust Co., representing participating dabs. of A-B Kreuger & Toll, of a nominal
amount of Sw. Kr. 1,270,920.
Status of Claims Against the Bankrupt as of Dec. 31 1934
Unsecured
Secured
Priority Claims—
U. S. Treasury Department—unpaid taxes claimed
$103,105
to be due for 1925
U. S. Treasury Department—unpaid taxes claimed
90,494
to be due for 1927
Claims Based Upon Securities Issued by Bankrupt—
Marine Midland Trust Co., as trustee (for claims
$48,232,013
on secured debentures)
Claims Filed by Claimants Within the Kreuger
Group—
3.935
Societe Financiere pour Valeurs Scandinave
1,064,900
Bank Amerikanski i Polsce
2,597.393
American Turkish Investment Co
1,421.668
Banque de Suede et de Paris
2,987,180
Continental Investment A. G
51.661,028
Continental Invest't A. G.(supplemental claim).
6,678,181
International Match Co
65.064,081
International Match Co.(supplemental claim).
43.302,484
Swedish Match Co
Hollandsche Koopmansbank
1,800,608
Claims Filed by Others—
237.965
Lee Higginson Trust Co
18,582
Sikfors Kraft A. B
99,712
Ostergotiands Enskilda Bank
405,000
Sydvenska Banken
59,656
Gerh. Arehns Mekaniska Verkstad
A. B. Lanekassen a f 1914
148,306
196,598
A. B. Lanekassen a f 1914
1,034,288
A. B. Lanekassen a f 1914
A. B. Lanekassen a f 1914
558,484
218,253
517.261
International Mortgage Bank St. Phalle, Ltd_ - - 69,000
St. Phalle Bank, S. A
Sundsville Enskilda Bank
2,248,930
-Bas
Banque de Paris at des Pays
10,600.000
Swiss Bank Corp
5,556,112
Summary of Claims
$193,599
Priority claims
$48,232,013
Claims upon securities_x
3,222,276 173,359,182
Claims by Kreuger group
1,008.456
20,959,691
Claims by others
872,413,9808174,561,237
Total _x
x Exclusive of claims based upon American certificates representing
participating debentures.
Volume 140
3393
Financial Chronicle
Statement of Collateral Security Dec. 31 1934
The Marine Midland Trust Co., as trustee for secured debentures hqlds
the following:
Principal Amount
Govt. of the Republic of Ecuador 8% ext. loan bonds
$1,879,290
of 1927 due 1953. with July 1 1932 8: subsequent coup..
Mortgage Bank of Ecuador, 7% bond loan due 1949,
907.991
with int. due Feb. 1 1933 Sc subsequent int. unpaid_
German Govt. International 535% loan bonds of 1930
(Dec.1 1934
with Dec. 1 1934 and subsequent coupons
S.Kr. 55,000
coupons being stamped "paid 1-6th")
Hungarian Land Reform Mortgage 534 bonds due 1979
series A with July 15 1932, jan. 15 1933. July 15 1933,
July 15 1934 and subsequent coupons (July 15 1932
coupons being stamped "partial payment of 1835
$11,800,000
pengoes made on account")
Hungarian Land Reform Mortgage 534% bonds due 1979
series B with July 15 1932, Jan, 15 1933, July 15 1933,
July 15 1934 and subsequent coupons (July 15 1932
coupons being stamped "partial payment of 1835
12.000,000
pengoes made on account")
Kingdom of Serbs, Croats and Slovenes (Yugoslavia)
Monopolies Loan 6q% bonds due 1958, with Dec. I
22,000,000
1932 and subsequent coupons
Republic of Latvia 6% bonds due 1964 with Jan. 15 1935
5,963,500
and subsequent coupons
Kingdom of 'Rumania, Monopolies Institute 734% bonds
due 1971 with April 1 1935 and subsequent coupons_ _Fr.Pcs. 74,605,000
Kingdom of Rumania 4% Consolidation Loan bonds due
1968 with Oct. 1 1933, Oct. 1 1934 and subsequent
£380,691
coupons (Oct. 1 1933 coupons paid to extent of 25%).
U.S. of America 234% treasury notes due March 15 1935
$110,000
with March 15 1935 coupons
806,529
Cash: General funds
38,136
Specific funds
Held by Barclays Bank, Ltd., London, Eng., for account of successor
trustee gold bullion and pounds sterling as follows:
12,329.85
31 gold bars representing (fine ounces)
£23.12.1
English currency on deposit
for account of
Held by Banque de Paris et des Pays Bas, Paris, France,
successor trustee, the following:
Oct. 1 1933, 50% paid coupons from Fr.Fcs. 74,605,000 principal amount
of Kingdom of Rumania Monopolies Institute 734% bonds due 1971
(awaiting payment in 334% bonds of Monopolies Institute in accordance
with proposal of the Rumanian Legation dated July 21 1934).
No claims have been made against the collateral to the knowledge of the
trustee since its appointment except by the American trustee in bankruptcy
for International March Corp.. which has made a specific claim in the
amount of approximately $1,200,000 and a general claim or reservation
without specification of amount, and by the Republic of Latvia which
claims that the Republic of Latvia 6% bonds due 1964 are subject to the
extend of $200,000 principal amount of bonds, to an agreement made
by Swedish Match Co. In connection with its original purchase of the
bonds from the Republic.
-V. 140, P. 1663.
-Earnings
Long Island Lighting Co.(& Subs.)
1931
1932
Calendar Years1933
1934
Gross earnings
$19 904.175 $20,135,402 $21,102,443 $20,801,741
Deducts.-Oper. exps.,
maint. & taxes (Incl.
Federal taxes)
11,402 022 10.873.385 10,805.928 10.817.278
1.193,230
1,262.066
Retirement expense
1.299,616
1.454.618
Total deductions
$12.856.640 $12,173.001 $12.067.994 $12.010,508
9,034.449 8.791,233
Gross income
7,047,535 7.962.401
1,600.319
1,656.006
Fixed charges of subs_ _ _ 1,712.051
1.721,255
828.761
850.646
Preferred diva, of subs_
850.916
*850,916
17.381
14.165
Minority interest
7,761
5,894
further reduced to 10,000 shares through the exercise of the option to the
extent of an additional 5.000 shares. The first 5,000 shares was taken
up in July of 1934.-V. 140. p. 2361.
-Earns.
(& Subs.)
McGraw-Hill Publishing Co., Inc.
1932
1933
1934
3 Mos.End. Mar.31- 1935
Net profit after int.,
taxes & all other clogs.,
$84.504 1055530.7061os4100,427
$149,526
incl. deprec
Earns.per sh.on 600.000
Nil
Nil
$0.19
(no par).
$0.25
abs.cap.stk.
-V. 140, p. 1490.
-Management Returned to Company
McLellan Stores Co.
Operation and management of the company was returned to It on 74ay 15
the Irving Trust Co., W. W. MCLellan, President of McLellan Stores,
by
announced. Substantially all assets were returned, except cash withheld
by court order to cover the trustee's and counsel fees and other expenses.
Mr. McLellan said his company had furnished to trade credit agencies
a pro forma balance sheet for March 31, certified by public accountants.
and that a formal balance sheet would be published soon. He said that
thereafter balance sheets and statements of earnings would be issued as
required by the New York Stock Exchange and the Securities and Exchange Commission. He added that operations had been profitable
-V. 140, p. 2710.
this year.
-Earnings-_.
Mandel Brothers, Inc.
1932
1933
1934
1935
Years End. Jan. 31$15.518,512 $14,768,134 $14,831,112 $19,644.767
Net sales
10.142,343 9,332,531 9,816.833 13.974,622
Cost of goods sold
Gross profit onsales_- $5,376,168 $35,435,603 $5,014,279 $5,670,145
817,228
Discount
$5,376.168 $5.435,603 $5,014,279 $6,487,373
Total income
Expenses (excl. of prov
5.567,406 5,282.939 5.347,546 6,611,775
for depreciation)
Operating loss
Income credits-interest
earned, &c
$191,237 PfS152,665
$333,267
$124.402
67.842
110.130
142,195
Gross loss
Prov.for deprec. of prop.
and Improvements..
Supp. prov. for possible
losses on receivables.
Miscellaneous charges
$97.534 Pf8220,507
Net loss
Earnings per share on
capita. stock (no par).
93,703
$223,137 sur517.793
287,338
206.161
204,322
4,183
6.329
117.486
33,613
101.726
$297,109
prof$8,018
$5578.558
$371,271
195,392
NU
Nil
$0.03
Nil
Balance Sheet Jan. 31
1934
1935
Liabilities1934
1935
AssetsProP'Y & I upt..$1,703,402 51,770,379 v Capital stock_ _53,428,435 $3,428,435
375,499
Accounts payable_ 480,663
& tradeGood-will
1 Accrued wages and
1
name
78,515
82,105
686,597 salaries
1,004,032
Cash
8,132
8,889
Notes & accts. rec. 1,265,160 1,225.895 Sundry accruals
55,000
16,408 Ill. occupat. tax
75.642
Tax antic. warets.
545,602
336,396
8,544 Accrued tax, &e
9,089
Accrued Interest
126.231
73,815 Res,for insur., &a_ 147,582
62,588
Sundry investm'ts
3,606,788 3,606,788
2,392,907 2,926,617 Capital surplus
Inventories
59,649 Profit & loss del_ 1,575,866 1,401,298
57,172
Deterred charges
66,569,992 $6,767,904
86,569,992 86,767,904 Total
Total
x After depreciation of $1,876,546 in 1935 and $1,681.154 in 1934.
-V. 138. P. 2417.
306,600 no par value shares.
y Represented by
-Earnings
Balance
(Glenn L.) Martin Co.
$4,478,674 $5,382,469 $6,513,632 $6.344,772
Fixed charges of Long Isl.
1934
1935
3 Months Ended March 31Lighting Co.:
$52,651 prof521.546
Net loss after asps., deprec.. int. & other charges
917,101
957,602
Int. on mtge. bonds... 1,136,106
1,015,243
Nil
$0.04
Earnings per share on 526,000 shares
304.249
304,125
Int. on 0th. fund. dt_
304.125
304,125
-V. 140, p. 977.
497.381
962.883
Other interest
895,470
666.392
". C
118,171 ---- May Hosiery Mills, Inc.
120.453
Amort, & oth. deduc44 40
113,949
119.195
-Accumulated Dividend-A
"
The directors have declared a dividend of El per share on account of
$44.507,870
Net income
$2,252,856 $3,053,682 $44.168.569
accumulations on the $4 cumul. pref. stock, no par value, payable June 1
Divs, paid by Long Isl.
to holders of record May 22. Previous disbursements were as follows:
Lighting Co.:
51.25 on March 1 last: $1.50 per share Dec. 1: $33.25 per share Sept. 1 1934;
Preferred
$1,597,988 $1,597,988 $1.597,988 $1,579,562
SI per share paid on Dec. 1 and Sept. 11933; 25 cents per share in each of
1.650.000 x1,800,000
Common
300,000
the four preceding quarters; 50 cents per share in June and March 1932
and Dec. 1931. and regular quarterly dividends of $1 per share from Dec.
Surplus for year
$920.581 $1,128,308
$654.868 $1,155.694
1 1927 to and incl. Sept. 1 1931.
Com,shares outstanding 3,000,000
3,000,000 3,000,000 3,000,000
Accruals after the payment of the June 1 dividend will amount to $1.50
$0.98
Earns, per corn. share
-V. 140. p. 805.
per share.
x Includes $450,000 dividend declared in Dec.. 1930. ;6
I
8 ncludes diva.
30
$0.22$0
not declared and in arrears on 7% cum. pref. stock of Nassau & Suffolk
Mengel Co.(& Subs.)-EarningsLighting Co. to the amount of $27,262.
ral
1932
1933
1934
1935
Quar. End, Mar. 31$854,939 81.094.419
81.525,605 $1,561,386
Net sales
Consolidated Balance Sheet Dec. 31 1934
1,135,144
927.564
1,368,110
1.399,035
Cost of sales
Assets-Plant and property, $118,668,759; special deposits and funds
(including $954,242 for payment of Interest and dividends), $1,354.254:
$193,276 loss$72,625 loss140.725
$126,570
Gross profits
miscellaneous Investments (at cost), $3336,436; cash. $1,849,941: notes and
53.218
51.776
52,207
51.776
Interest
accounts receivable (including Installment accounts for appliances of
95,872
56,643
67,055
x61,561
Depreciation
$694 814) less reserve for bad and doubtful accounts. $3.033.245; materials
Cr1,015
Cr6.6.55
9,980
21.457
Miscell. prof.&loss items
and supplies (at cost), $1,612,311; prepayments. taxes. Insurance, &c.,
9,445
Prov. for Federal taxes_
$201.102; unamortized debt discount and expenses. $2,604.850; deferred
expenses In connection with inventories of plant and properties and in
$183,160
$180,029
$8,223 profS54.589
Net loss
pending proceedings before the commission, $2,547,009; other deferred
Earns, per sh. on 32.948
charges, $147.436; construction work in progress, $439,777; total.
Nil
Nil
Nil
$1.66
shs. 7% preferred_ _ _ _
$132,795,122.
-7% cum. pref. stock, series A (74,750 shares, $100 Par),
x Includes depletion of $3,878.
Liabilities
Unfilled orders on March 31 last totaled $1,142,000 against 51.205.000
$7,475.090: 6% cum. pref, stock, series B (179,123 shares, $100 par).
on March 31 1934.
$17,912.300;common stock (no par 3.000,000 shares), $3,000.000: minority
Interest in common stock and surplus of subsidiary companies, $127,228;
Wm. L. Hoge, President,.ays in part:
preferred stocks of subsidiary companies, held by public, $13,841,500:
Unfilled orders as of March 31 1935 were $1,142.000.
long-term debt. $56,402,300: notes payable. $8,726,413: accounts payable,
Current position continues strong. At March 31 1935 the ratio of
$922,803; loans by consumers for construction of services. $590,983: concurrent liabilities was 8.94 to I.
sumers' deposits. $3,535,980; Interest and taxes accrued, $3 023.020; current assets (including cash 5851.000) to
As in the fourth quarter of 1934, we were still experiencing the adverse
dividends payable. $614.213: deferred credits. $84,919: reserves for retireof widespread violations and uncertainties of the Lumber Code.
effect
ments of plant and property, $4,614.899,• contributions for extensions.
Volume was well maintained, but prices in the raw material divisions were
$1.305,035: revenues of Queens Borough Gas & Electric Co. and interest
unsatisfactory.
thereon held in suspense pending rate decision, $405.089; contingency
Application has been made to the New York Stock Exchange for the
reserves, $1,479.618; miscellaneous reserves, $310,849' Premiums on pref.
permanent r istration of the company's preferred and common stocks.stock sold, $161,498; earned surplus, $8,258,472: total, $132.795,122.
. 140, p. 27 1.
-••
•
• 11.
•
-Extra Preferred Dividend"'Metal Textile Corp.
Louisiana Steam Generating Corp.--Earnings
The directors have declared an extra dividend of 25 cents per share on
1935-12 mos.-1934
Pet iod End. Mar. 31- 1935
-Month-1934
the participating preference stock, no par value, payable June 1 to holders
Gross earnings
$158,190 31.887.906 $1,887.636
$201,291
of record May 20. A similar payment was made on Dec. 31 1934.0 ation
.
.
1.293.8271.218,754V. 139, p. 3329.
73,578
Maintenance
5.763
58.413
7,894
91.407
5.756
71,793 .----Taxes
8,732
-To Retire Pref. Stock
--..Metro-Goldwyn Pictures Corp.
210,072
Interest and amortization
18.197
228,488
16,747
Directors at their meeting held May 15 voted to retire all of the company's outstanding preferred stock-446.69134 shares-on June 15 1935.
$219,020
$310.186
Balance522.217
at par-325 per share, and accrued dividends. Notice is being sent to
Appropriations for rettrement4eSi v
264,000
264,000
r7 g 4e_a
holders of preferred stock to surrender their certificates to the Manufacturers Trust Co_ Transfer Agent, 45 Beaver St., N. Y. City, on June
Balance for common dividends and surplus.... detS44.979
846.188
15 1935.-V. 140, p. 2012.
a These amounts have been appropriated to provide a reserve against
Mexican Light & Power Co., Ltd.
which property retirements will be charged as they occur. The amounts
--Earnings
so appropriated are less than the depreciation deductions claimed or to be
[Canadian CurrencYll
claimed on Federal income tax returns which are based on a straight-line
Period End, Feb. 28- 1935
-Month-1934
1935- 2 Mos.-1934
method and the resulting reserve is loss than a depreciation reserve would
Gross earns,from oper __ $629,724
$688,295 $1,289,587 81,421.538
-V. 140, p. 2868.
be If based on such straight-line method.
Oper. exps. & deprec_ _ _
438.650
863.741
424,916
881.966
-New Director
McColl-Frontenac Oil Co.
Net earnings
$191,074
5557.797
$4407,621
$263,379
W. A. Bishop, V.C., has been elected to the board of directors reCol.
-V. 140. p. 2711.
-V. 139. p. 1088.
placing the late Hon. Walter Mitchell.
`----Midland Royalty Corp.
-Option Reduced
Madison Square Garden Corp.
-Accumulated DividendThe directors have declared a dividend of 25 cents per share on account
The company has notified the New York Stock Exchange that the option
of accumulations on the $2 cum, cony, preference stock. no par value,
to certain employees, on a block of 20,000 shares of capital stock has been
3394
Financial Chronicle
payable June 15 to holders of record June 5. A like payment was made
on March 15 last and compares with 50 cents paid on Feb. 15 last and on
Dec. 15 1934, and with 25 cents per share distributed on Sept. 15, June 15
and March 15 1934, while on Feb. 15 1934 a payment of 50 cents per
share was made. In addition a regular payment of 50 cents per share
was made on May 15 1934.
After the payment of the June 15 dividend accumulations will amount
to $3.50 per share.
-V. 140, p. 1665.
Miller & Lux, Inc.
-Balance Sheet Dec. 31 1934
(And Wholly Owned Subsidiary Companies)
Assets
Land dr Improvements
$14,816,535 Capital stock ($100 par)____$15,000,000
Mach., equip., tools, &c
65,640 1st mtge. 6"2 gold
5,635,500
Sinking fund cash held by
Secured 79' gold notes
3,382,000
trustee
13,875 Int. accrued & delinquent on
•
Investments and advances
2,828,090 funded debt
1,367,027
Land sales contracts receivable 3,679,794 Accounts payable
195,690
Cash in banks & on hand_ _ _ _
263,453 Accrued taxes, &c., not due_ _
108,107
Bank certificates of deposit__
100,00( Sundry deposits relative to
U. S. Govt. sec. (cost)
755,239
21,523
land sales, &c
Notes dt accts. rec.. less res__
66,942
207,656 Deferred rental income
Inventories
284,7120 Capital surplus
892,628
Deferred charges
371,510
Advances to stockholders_ _ _ 3.282,837
Total
-V. 139, p. 3812.
$26,669,418
Total
$26,669,418
Missouri & North Arkansas Ry.-SuccessorThe company, operating under receivership, turned over the road at
midnight April 16 to a newly organized company named Missouri &
Arkansas By., which had acquired the property through purchase. The
matter of capitalization has not been definitely determined.
The officers of the new company are: Chairman, Frank Kell; Pres.
Joe A. Kell; V.-Pres., & Gen. Mgr., L. N. Baassett; V.-Pres., Morris
Wilkins; Treas., G. M.Toney; Sec., J.M. McGaughey; Gen. And. & Gen.
Attorney. L. A. Watkins. Office. Harrison, Ark.
-V.140. p. 3050.
Minneapolis & St. Louis RR.-Sen. Bulow Places Joint
Resolution Before Senate to Ban Reorganization or DismembermentSenator Bulow (Dem., S. Dale.) May 9 introduced a joint resolution In
the Senate seeking to delay any plan for the sale, dismemberment or reorganization of the road for one year. To this end he would have the Reconstruction Finance Corporation and the Interstate Commerce Commission
defer approving any plan and the former to refrain from making any loans
changing the present setup.
In the preamble of his resolution. See ator Bulow points out that this road
now is being efficiently operated upon a lower coat basis than at any previous
period and economies have been effected in the operation of the carrier which
will materially aid in the present and future financial structure of the
property.
Proposals have been submitted to tbe RFC to divide and dismember the
carrier among six railroad systems, "majority of which are now financially
embarrassed and are in the hands of receivers," Senator Bulow stated.
Several of the proposed purchasers are indebted to the RFC. he added,
"possibly beyond their ability to repay." The Minneapolis & St. Louis is
not so indebted, but it has about $10,000.000 of outstanding indebtedness in
addition to about $5,000,000 of preferred claims.
-V. 140, p. 3219.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Annual
Report- C. T. Jaffray, Fresident, says in part:
Gross revenue during 1934 was $12,615,805. a decrease of $251,128,
.
or 1.95%, compared with the previous year. Freight revenue during 1934
was $10,801.062, a decrease of $258,210, or 2.33%.
During the year, North Dakota, South Dakota, Northeastern Montana,
and large areas along our lines in Minnesota and Wisconsin experienced
the most serious drought in recent history, resulting in an almost complete
failure of grain, feed, hay crops and pasturage.
As a result of these conditions and the feeding to livestock of grain carried
over from the previous year, there was a large decrease in shipments of grain
from our territory. There was, however, an increase In the number of
cars of all agricultural products handled caused by Ilea. y outbound movements of distressed livestock, and inbound shipments of feed, including
hay, straw and other fodder. To prevent abandonment of farms and to
retain foundation herds thereon, the railroads serving the territory transported this livestock and feed at greatly reduced rates. It is estimated
that rate reductions thus granted by this company amounted to approximately $500,000 in 1934.
Shipments of grain to Minneapolis and Duluth markets from western
territory tributary to our line, compared with corresponding shipments of
the previous year, were as follows:
(In Bushels)
1934
1933
Before August
10,707,000
6,790,170
After August 1
6,553,485
10,517,000
May 18 1935
Income Accountfor Calendar Years (Soo Line Only)
1932
1931
1934
1933
'Freight
$10,801,062 $11,059,272 $10.574,601 $13,278.653
621,963
746,712
1,151.941
Passenger
682,495
Mail
627,910
664,714
625,133
653,583
Express
315,050
116,304
139,948
179,794
Miscellaneous
422,222
216,450
249,806
292,960
Incidental
174,361
168,043
148,492
288,654
Total
$12.615,805 $12,866,943 $12,596,141 $16,121,233
Maint.of way and atruc_ 1,819,384
1,920,157
2,057,763
2,466.788
Maint. of equipment__
. 2,496,237
2,550,259
2,961,240 3,372,693
Traffic expenses
407,541
437.121
472,307
515,907
Transportation expenses 5,202,296 4,965.401
5,275,957 6,444,151
Miscellaneous operations
47,263
35,060
50,872
91,425
General expenses
796,012
734,745
715,763
779.166
Transp, for invesb.-Cr_
10,378
12,456
19,202
45,244
Total
$10.758,355 $10,630.286 $11,514,699 $13,624,886
Net operating revenue
1,857.450
1,236.656
1,081,442 2,496.347
Railway tax accruals, &c
809,607
1,004,469
1,217,224
1,571,942
Railway oper.income- $1,047,842 $1,232,187 def$135,781
Non-Operating Income
Eire of equipment
178.217
127,474
140,760
Joint facility rent income
161,360
159,627
156,495
Dividend income
4,149
4,169
4,180
Miscellaneous income_ _ _ Dr34,618
95,449
601,466
Gross income
$1.356,950 $1.618,907
Deduct
Hire ofequipment
138.552
163,293
Joint facility rents
367.268
358,640
Miscell. tax accruals.
5.406
6,675
Interest on mtge. bonds_ 4,083.669
4,088,887
Interest on equip, oblig.,
leased line ctf., &c..- _ _ 1.750,831
1,733,656
Amortiz, of discount on
funded debt
55.655
56,623
Miscell. income charges34,110
54.628
$924,405
119,029
161,015
16,173
938,597
$767,119 $2,159,218
153,297
353,811
5,595
4.092.334
145,081
364.421
2,949
4,483,029
1,587,249
1,031,525
58.325
55,550
77,377
69.511
Net deficit transferred
to profit and ioss--- $5,078,543 $4,843,496 $5,539,040 $4,014,675
Balance Sheet Dec. 31 (Soo Line Only)
1933
1934
1934
AssetsLiabilities8
Road & equip_118,868,595 120,995,012 Common stock_ 25,206,800
Sinking funds_ _
2,347
2,217 Preferred stock_ 12,603.400
y Inv.in prop.of
Funded debt_._ 92,641,800
cos. 23,268,859 23,312,821 Govt. grants_ _ _
3,225
Depos. in lieu of
M.St.P.& 5.8.
mtge.property
Marie Ry.4%
4,885 leased line ctfs 11,256,400
sold
4,885
Misc.ohm prop
840,202 3,125,155 Non-negot. debt
Wis. Cent. Ry,
to affil. cos___ 13.685,113
pref. stock_. 11,256,400 11,256,400 Loans & bills pay 13,759,833
Cash
662,578 Traffic,&c.,bals.
551,700
350,509
Special deposits_ 1,536,028
414,866 Vouch. & wages 2,116,440
L0811/3 & bills rec.
515
1,210 Tax liabIlltY- -808.817
Int. & dlvs. rec.
3,728 Prem. on fd. dt_
1,825
768
Other investm't_ 2,051,416 2,052,403 Int., &c., due__ 2,898,316
Traffic, &c., bal.
151,123 Unmatur'd rents
162,744
Bal from agents_
365,764
409,348
accrued
13,238
Mat'l & supplies 1,911,799 1,951,170 Int. accrued,&c.
389,81.5
Other curnassets
13,423 Misc. accounts_
17,364
313,485
MIscell. accts_ _
428,860 Receiver of Wis.
417,165
Def. debt items_ 7,427,374 7,324,316
Cent. Ry_ 1,528,473
Unadjust. debits 3,238,611 2,246,699 Other curr. nab_
154,608
Other unadi.crecl
599,441
Deferred items
844,770
Add'ns to prop,
thru inc.& sur
241,264
Fund, debt ret'd
thru Inc.& sur.
Sinking fund res.
Profit and less_def7,449,339
1933
$
25,206,800
12,603,400
93,240,800
3,225
•
11,256,400
7,894,840
14,562,377
312,095
1,875,306
858,551
843
2,438,445
6,790
418,374
49,695
623,232
152,759
559,951
1,061,344
240,645
287,000
2,216
657,542
Total
171,967,178 174,312.630
Total
171,967,178 174,312,630
x After deducting reserve for equipment depreciation of $14,546,581 in
1934 and $14.834.928 in 1933.-V. 140. P. 3050.
Mission Corp.
-Value for Income Tax Given
In notice to stockholders regarding distribution of Mission Corp. stock
March 15. last, the Standard Oil Co.(N. J.) states that this distribution
constituted an ordinary dividend to the stockholder, the value of which
was determined by the average market price of Mission Corp. common
stock on March 15.
While Mission Corp. stock was not yet listed on the New York Stock
Exchange on March 15," states the company, there were a number of
over-the-counter sales on that date .Based on information received from
brokers dealing in the stock, it appears that the average market value for
the day was $9 4375, which we believe may be properly used for tax computation purposes."
-V. 140. p. 2543.
Total
21.224,000
13.343,655
The following table shows the grain crop harvested in each of the years
shown and subsequently shipped to market over our line:
YearBushels
YearBushels
YearBushels
1916
34,233,059 1922
59,429.961 1928
56,816,503
1917
28,560,411 19235.
1929
32,867,641
Missouri & Arkansas Ry.-Organized1918
52,002,485 1924
66.280.641 1930
41.556,685
1919
30,393.424 1925
55.374.519 1931
12.118,000
See Missouri & North Arkansas By.
1920
41,232.301 1926
30,627.251 1932
24,470,000
1921
36,832,469 1927
54.138,346 1933
17,307,170 `'Missouri-Kansas-Texas RR.
-RFC Loan
It is estimated the corresponding figure for 1934 will be approximately
The Interstate Commerce Commission on May 15
proved a Recon8,000,000 bushels.
struction Finance Corp. loan to the company of 52.300t000. less than half
Bus and truck competition has become more severe, especially as to
the $6.000.000 sought by the road, and reducing the loan period to three
trucks. Drastic reductions in rates have been necessary in numerous inyears from five years.
stances to hold traffic to the railroads. Efforts to secure Federal regulation of
The loan will provide funds for the M.
-K. T. to meet tax and bond
inter-State truck operators were unsuccessful in 1934 due partly to the presinterest payments due by July 1. These include $614.120 bond interest
sure of other legislation before Congress. Joseph B. Eastman, Federal
due June 1: $230.000 in taxes during June, and $1,458,488 due July 1.
Co-ordinator of Transportation, has recently submitted to Congress specific
The Commission pointed out that the carrier had no additional tax and
recommendations for the comprehensive regulation of all forms of transinterest payments to meet until Dec. and held that if the cash forecast
portation, which, if enacted into law and enforced, will be helpful.
submitted were reasonably reliable," it would not need additional funds
The outstanding indebtedness was decreased by various payments during
this year.
the year aggregating $1,614,964:
As to the situation in 1936." the Commission said, we consider that
Non-negotiable debt to affiliated companies increased $5,790,273.
the conditions are too uncertain to warrant accepting a financial forecast
Because of the 1934 crop failure, the company was without funds to pay
as the basis for determining the applicant's need for a loan at that time."
the $5,000,000 of its 2
-year 6% secured notes which matured on Aug. 1
-V. 140, p. 3220.
1934. Being advised of the situation, the holders o $4,923,500 of the
notes have granted the company extensions to Aug. 1 1936. A similar
ThMobile & Ohio RR-Ask Loan Extensions
extension to that date was obtained from reconstruction Finance CorporaThe receivers have applied to the ICC for approval of renewal for three
tion on its 25,000,000 loan to the company which matured on Aug. 1 1934.
years of a $877,599 Reconstruction Finance Corporation lean, due July 7
The Wisconsin Central properties are still in receivership; the Soo Line is
1935. Receivers' certificates will remain as security for the loan. The
still operating them as agent for the receiver; the court's decision that the
Mobile & Ohio estbnates net income for 1935 at $20,512. The road
Soo Line was entitled to terminate its lease of those properties still stands;
showed a deficit after charges for April of $80,670.-V. 140. p. 3051.
and the controversy as to whether the lease was actually terminated is still
pending.
Monsanto Chemical Co.-EalningsThe year 1934 was the most disastrous year this company has ever experienced so far as the production of grain and livestock is concerned. The
1934
1935
severe drought and heat during the growing season resulted in almost a
Net profits after all charges and taxes
11674.117
x$757,195
total failure of grain and forage crops.
Earns, per share on 864,000 shares capital stock
$0.78
$0.85
The drought was a hard blow to our livestock industry through the alx Adding Montesanto's proportion of earnings of controlled subsidiary
most complete failure of forage crops. It resulted in the United States
companies and including earnings of the Swann Corp., which was acquired
Government being compelled to purchase and ship out of our territory
by merger, total net profit was $925,324 after above charges, equal to 96
practically 50% of the livestock owned. This situation, of course, will
cents a share on 959,554 shares which will be outstanding when exchange
affect the stability of the farmer's income for the reason that he will have
-V. 140. p. 3220.
of stock occasioned by merger is completed.
upon the grain crop for his income until such time as be can
to depend
replace the stock sold last year.
Montour RR.-Earnings.General Statistics for Calendar Years (Soo Line Only)
1935
1934
April1932
1933
19331931
$104,749
1934
1932
Gross from railway
$121,126
$129.834
$104,388
Miles operated
3,200
3.187
3,188
Net from railway
28,778
24.976
3,188
34,592
43,289
Passenger carried
258,096
185.341
199,891
233.527
Net after rents
41,969
44,703
58,422
50,175
Pass.carried 1 mile
40,075,685 31,072,595 31.891,941 40,866,982
From Jan. 1
Av.rev.per pass. per mile 1.703 cts. 2.002 cts. 2.341 cts. 2.819 eta.
from railway
Gross
557.266
549,306
523.534
421.328
Freight carried,tons_ _-- 4,776,725 4.621,023 4,163,821
5,572,766
Net from railway
217,497
150,007
168,703
138.947
Tons carried one mile---964,607,416 986,941,841 886.004,536 1141.233273
Net after rents
235,946
198.575
200,657
225,763
1.121 cts.
1.194 eta.
1.164 Ms. -V. 140. P. 2713.
Av.rev, per ton per mile 1.120 cts.
Volume 140
Financial Chronicle
Moreland Motor Truck Co., Burbank, Calif.-Reorg0'
3395
Motor Transit Co.
-Earnings-
Reorganization of the company is proposed under a plan filed with itheIi
1935-12 Mos.-1934
-Month-1934
Period End. April 30- 1935
$591,602
U. S. District Court in Los Angeles which has been set for a hearing' on
$48,426. $576,066
Gross earnings
$50,87
9
367.501
May 27 by Judge William P. James.
337,387
30,929
Opmation
27.380
97,649
Watt L. Moreland. President of the company, now acting as its re84.519
7.870
7,240
Maintenance
65,850
75,502
ceiver, was appointed as a temporary trustee pending the completion
5,485
6,884
Taxes
9,466
of the reorganization.
409
9,761
Interest _ a
883
The Court was informed that the reorganization plan had been sub5
$ 1,134
mined to the Reconstruction Finance Corporation, the creditors of the
%In
$3.731
Balance
$8,506
101.573
copany and to holders of a considerable amount of its stock and had
m
Reserve for retirements (accrued)
met with general approval.
$50.438
$20,178
Loan Granted
Deficit
A loan to the extent of $125,000 has been granted by the RFC. Ina Interest on 06% secured income bonds is deducted from surplus when
asmuch as creditors have agreed to purchase $60,000 of the notes of the
Interest not declared or paid through April 30 1935
declared and paid. Inter
company and also prior preferred stock to the extent of approximately
amounts to $211,735 and is not included in this statemenV.1400.2543.
$60.000. all of the moneys which will be received from the RFC will be --....._N•
available for working capital, Mr. Moreland said.
-Smaller Dividend
ational Biscuit Co.
Provision will be made for the protection of the present stoyree/Ds
The directors have declared a quarterly dividend of 40 cents per share
of
-V. 135. p. 143.
-I
"---y op the common stock, par $10. payable July 15 to holders of record June 14.
-......._the company.
,
.
This compares with 50 cents per share paid in each of the four preceding
" Mortgage Co. of Pennsylvania-Reorganization Planquarters and 70 cents each quarter from April 15 1930 to April 14 1934
On Sept. 14 1934 there was submitted to the holders of let mtge.Inclusive. In addition an extra dividend of 50 cents per share was paid
i
ll.
on Nov. 15 1930.-V. 140, p. 2870.
53i% bonds for their consideration a plan of reorganization respecting he
bonds, together with a copy of the petition of the bondholders' committee "".--N
-Larger Div
ational Life & Accident Insurance Co.
presenting that plan to the U. S. District Court for the Eastern District of
The directors have declared a dividend of 35 cents per share on the
Pennsylvania. The Court has now issued an order approving the plan of
common stock, payable June 1 to holders of record May 20, as compared
reorganization presented by the committee with certain modifications,
-V. 140, P• 1838.
with 30 cents previously distributed each quarter.
The Court has authorized the committee to proceed with the acceptance
of deposits of the outstanding 1st mtge. coll. 534% bonds due Oct. 1 1938
Na ional Securities Investment Co.-A-p-pliesen-Hensed....
and Jan. 1 1939, pursuant to the plan which has been approved by the --Court as fair and equitable to all interested parties. Accordingly, it is recomTh Securities and Exchange Commission announced May 9 that it had
mended that holders forward their bonds at once to Fidelity-Philadelphia
denied'tbe application of the Chicago Stock Exchange for striking from
Trust Co., 135 South Broad St., Philadelphia, Pa., for deposit.
al listing and temporary registration of the common and preferred stocks of
The members of the bondholders' committee are George Ramsey, Chairthis company V. 140. p. 1.66q.
man, Charles B. Roberts, 3d, and Albert It. Thayer, with Robert E.
-Earnings
-Goldsby, Sec., 100 Broadway, New York.
Natio
Supply Co. of Del.(& Subs.)
(Including Spang, Chalfant and Co., Inc.)
Digest of Plan of Reorganization
MOS.-1934
1935-12 MOS.-1934
Period End. Mar.31- 1935-3
Outstanding Bonds and Securities
-The aggregate principal amount of
Gross incomefrom opera. $1,793.604 $1,143,584 $7,849.764 $3,922,793
bonds outstanding is $2,000,000, consisting of two series of $1.000,000 each,
883,541
4.065,394 3.431.887
Sell. & gen. expenses-- 1,018,504
one of which is due Oct. 1 1938 and has interest unpaid from Oct. 1 1932
and the other which is, due Jan. 1 1939 and has interest unpaid from
$490.905
$260.043 $3,784,369
Net income from oper. $775,099
Jan. 1 1933.
48,464
520,542
122,497
172,215
Other income
On May 1 1930, the Mortgage Co. of Pennsylvania was merged with the
Philadelphia Co. for Guaranteeing Mortgages and the latter assumed the
$663.120
Total income
$897,597
$308.508 $4,304,912
liability of the former with respect to the bonds. The specific collateral
Depreciation
480,807
415,038
1,863.351
1.688.635
for the bonds was not changed by the merger.
Interest, discounts,taxes
On Jan. 11 1933 receivers Inequity for the Philadelphia Co.for Guarantee242,922
1,032,009
1.111,590
and miscellaneous_ __ _
262.613
ing Mortgages were appointed by the U. S. District Court for the Eastern
55,260
275,897
Prov.for Fed,income tax
District of Pennsylvania.
The specific security for the collateral trust bonds issued by the Mortgage
Net income
$98.915 loss$349,452 $1,133,6531oss$2137105
Co. of Pennsylvania is held by the Pennsylvania Co.for Insurances on Lives
Guaranteed divs. on the
and Granting Annuities as successor to Colonial Trust Co., as trustee
National-Superior Co.
under the indenture of Oct. 1 1928.
31,761
6.687
preferred stock
5,014
25,075
As of July 21 1934 the trustee and the receivers held as security for the
Inc. applying to Spang,
$2,000,000 of bonds the following:
Chalfant & Co., Inc.
(a) $870,936 of individual bonds and mortgages secured by 84 properties.
pref. and (or) common
none of which is being operated by the receivers as agent for the trustee.
stock not owned by
On these mortgages there was $55.129 of interest in arrears and approxiNational Supply Co.of
matelY $35,000 of real estate taxes with respect to the properties were
Del.(div.requirements
overdue.
on this pref. stock are
(b) $1.282,124 of individual bonds and mortgages secured by 100 proper131,903
def368
781,598
8194,910 quarterly)
def6,456
ties, all of which are being operated by the receivers as agent of the trustee.
On these mortgages there was $110,568 of interest in arrears and approxiConsolidated net loss
mately $85,000 of real estate taxes with respect to the properties were
-based upon book
overdue.
inventories
$355,771
$38.002
$326,979loss$2162409
(c) Fourteen properties acquired at foreclosure of mortgages aggregating
$53,422 in principal amount. On these properties approximately $1,000
Consolidated Balance .Sheet March 31
of real estate taxes were overdue.
34
1935
1935
19
1934
(d) $2,468 of cash representing principal received on account of reduction
LiatritifiesAssetss
$
$
$
In mortgages.
a Plant & equip/11124,703,573 25,136,193 Preferred stock_ __16,621,500 16,615,600
(e) $75,455 of cash representing the balance of income collected by the
Cash
4,632,897 4,361.852 Common stock__ 9,566,250 9,564,775
receivers on bonds and mortgages and on properties and transmitted to
122,698
121,100
b Mktable :weirs_ 2,468,427 2,468,427 Minority interest_
the trustee, less a fee of 5%, during the period from Jan. 11 1933 to July
Notes & accts. rec. 5,854,665 4,781.160 Underlying capital
211934, less disbursements of $33,832 made by the trustee in part payment
obligations
20,316,300 20,829,800
Mdse. Inventories16,606,421 15,896,769
of delinquent real estate taxes for 1930, 1931 and 1932 and of $3,889 in
831,701
Investments
5,418,298 5,838,403 Accounts payable_ 1 461 197
Payment of foreclosure costs, fire insurance, &c. At July 21 1934 the
Accr. taxes, wages,
Accts. receiv. from
receivers had on hand $5.007 for subsequent transmission to the trustee.
566,307
&c
647.114
offic. he employ_ 221,115
216.991
(0 A claim against Pennsylvania Co. for Insurances on Lives and
90,750
64,943 Reserve for Federal
Deferred charges_
Granting Annuities, trustee, for loss suffered by reason of the action of
220,739
income taxes_
Patents & licenses_
44,437
Mortgage Co. of Pennsylvania, the mortgagor (now by merger the Phila.Insur. & pension,
dolphin Co. for Guaranteeing Mortgages), in withdrawing $586.700 of
2,143,533 2,000,416
&c. reserves_ _
mortgages and depositing in lieu thereof $521,550 of mortgages, such with3,964,113 3,257,703
Earned surplus
drawal and substitution not being made in accordance with the provisions
Capital surplus_ _ _ 4,977.141 4,977,336
and requirements of the indenture governing the withdrawal and substitution of collateral and having been made with the acquiescence of the Penn60.040,584 58,764,738
Total
Total
60,040,584 58,764,738
sylvania Co. for Insurances on Lives and Granting Annuities, trustee.
a After depreciation of $11,912,428 in 1935 and $10.618,693 in 1934.
Liability for any loss suffered as a result thereof has been admitted by the
1934.-V. 140, p. 2014.
b Market value, $447,081 In 1935 and $848,348 in
Pennsylvania Co. for Insurances on Lives and Granting Annuities, and
$587,000 of bonds of the U. S. of America, or bonds fully guaranteed as
-Offers to
Telephone & Telegraph Corp.
to both principal and interest by the U. S. of America, has been dePosited
as security for said claim with the Fidelity-Philadelphia Trust Co. as
-See AngloStockholders Resident Outside United States
depositary.
Canadian Telephone Co. above.
Phila. Co. Plan
-A general plan for reorganization of the affairs of the
Philadelphia Co. for Guaranteeing Mortgages has been approved by the
-Larger Semi-annual Dividend
----National Transit Co.
U. S. District Court. That general plan provides in substance for pre- .
The directors have declared a semi-annual dividend of 40 cents per share
serving and administering the general assets of the Philadelphia Co. for
on the apital stock, par $12.50, payable June 15 to holders of record
the benefit of all creditors without depriving any particular creditor or
May 31e This compares with 35 cents paid on Dec. 15 1934, 40 cents on
.
group of creditors of any specific security. It further provides for deterJune 15 1934 and Dec. 15 1933.35 cents on June 15 1933.20 cents per share
mining the amounts, if any, by which the claims of secured creditors exceed
on Dec. 15 and Sept. 15 1932, and quarterly payments of 25 cents per share
the values of their securities. either by appraisal of the security if a creditor
-V. 140, p. 1493.
so agrees or by decision of the Court in such manner as it may determine if . previously.
•
a creditor files a proof of claim instead of agreeing to abide by the findings
New England Gas & Electric Association (& Subs.)
of the appraisers aPPointed under the plan.
The plan of the Mortgage Co. is a special plan relating solely to the bonds
5
193
Statement of Consolidated Income for the 12 MonthsEnded March 31
of the Mortgage Co. of Pennsylvania and the specific collateral therefor.
1934
and is distinct from the general plan for the Philadelphia Co.
$13,260.366 $13.110,206
Total operating revenues
New Company
-A new company is to be formed with such name and
6,460.865
6,039.806
Operating expenses
charter and by-laws as the committee may determine. It shall acquire
1,029.857
1.032,775
Maintenance
all the assets pled;ed as security for
old bonds or so much
Provision for retirements, renewals, and replaceit may be possible to acquire throughthe bonds participating inthereof as
the plan.
the
1.137.407
1,203.899
ments of fixed capital
In addition the now company shall succeed to all rights of the participating
345.595
168.969
Federal income taxes
bondholders including the right to any deficiency claims against the Phila1,788,347
1,671,315
Other taxes
delphia Co. which may be established under the general plan for the benefit
of the bonds participating in this plan provided, however, that in the dis$2,498.292 $2,993,439
Operating income
cretion of the committee, there may be distributed to the bondholders any
Other income (net)
365,364
350.243
Instruments evidencing such deficiency claims which may be obtained under
the general plan.
Gross income
$2,863,657 $3,343,683
All securities of the new company issued under this plan shall be dieDeductions from income subsidiary companies,
tributed pro rata to the holders of the old bonds who Join in the plan.
interest on unfunded debt
75.867
142,723
New Securities--The securities to be distributed shall consist ofincomeCr6,441
Interest charged to construction
Cr7.540
debentures and common stock (v. t. c.). The debentures shall be equal in
Income applicable to corn, stock held by public_
91,467
92.474
principal amount to the old bonds surrendered and the voting trust carNew England Gas & Electric Associationtificates shall be issued at the rate of one share of common stock of no par
Interest on funded debt
2,219.601
2,226.789
value for each $500 of old bonds. No other securities shall be issued inInterest on unfunded debt
5.470
9.879
carrying out this plan.
Amortization of debt discount and exPense19,411
19,431
Management of New Company-It is contemplated that the company
Shall be generally free to manage its properties and affairs without reBalance of income
$458,280
$859,926
strictions and to liquidate or operate Its properties as its management may
Dividends on $5.50 pref. shares (based on reduced
deem most advantageous. Specifically the directors will have power to
dividend payments, as declared, for a portion of
sell mortgages at prices and upon terms which it may deem advantageous
the 1935 period)
387,480
549,961
and to accept Home Owners' Loan Corporation bonds in exchange for mortgages owned by the company whenever in the judgment of the directors the
Balance
$70.799
8309,964
fair value of the bonds so to be received equals or exceeds the fair value of
-V. 140, p. 1493.
the mortgage to be exchanged or satisfied.
The stock in the new company shall be
to three voting trustees
New England Telephone & Telegraph Co.
-Earnings
co be named by the Court and shall be held issued a voting trust agremeent
under
-Month-1934
Period End Mar.31- 1935
1935-3 Mos.-1934
for a period of not more than five years.
-V. 139, p. 1715.
revenues
$5.494.783 $5,563.199 816.487.365 $16,521.056
Operating
18.265
Uncollectible oper. rev
Cr89
60.625
National Grocers Co., Ltd.
-Earnings--3,998,477
Operating expenses
4.008,644 11.981.809 11.76 .'945
7 999
3
9
Earnings for the 9 Months Ended March 31 1935
470,551
Operating taxes
461.240
1,410,059
1.382.426
Gross profitfrom operations
$566.583
Net profit after depreciation, interest & taxes
327,631
Net operating income.. 81,007,490 81.093,404 83,034.872 13.294.686
-V. 140. P. 2713.
V. 140, p. 3222.
-
3396
Financial Chronicle
New Jersey Zinc Co.
-Earnings
r (War. End. Mar. 31-r 19351
1934r" 1933
x Total income
Dividends (2%)
$1,060,889 $1,092,207
981,632
981.632
5437.378
981,632
1932
$591,104
981,632
Surplus
$110,574 def$544,254 def$390,528
179.257
.
Shares capital stock outstanding (par $25)_..- 1,963 264 1,963.264
1,963.264
1,963,264
Earnings per share
0.54
$0.22
$0.56
$0.30
x This item, which incl. diva, from sub. cos. is shown after deductions
for expenses, taxes,imaintenance, repairs, depreciation and contingencies.
-V.140. P. 1666.
New York Central RR.-Earnings(Incl. all leased lines]
Period End. Mar. 31- 1935
-Month-1934
Railway oper. revenues_$25,739,611 $27.965.563
Railway oper. expenses_ 19,572,085 19,846,445
Railway tax accruals_ _ _ 1,663,431
2,360.600
Uncollect. ry. revenues_
1,222
4.391
Equip. & it. fac. rents
941,934
1,363,040
Net ry. oper.income
$3,560,938 $4,391,084
Misc. & non- oper. inc_ 1,665,130
1,879,697
Gross income
$5,226,068 $6,270.782
Deduct,from gross Inc
5.005,933 4,894,425
Net income
$220,135 $1,376,356
-V. 140, P. 3222.
1935-3 Mos.-1934
$75,284,771 $75,532,887
57,632,122 56,253,32.5
5,885,004 7.075.024
50,646
13,314
3,627,984 3,942,696
$8,126,346 $8,211,194
5,023,296 5,324.224
$13,149,643 513,535,419
14,834,491 14,707,396
$1.684,848 51,171,977
May 18 1935
New York & Richmond Gas Co.
-Appellate Court Holds
Company Needs Commission Consent to Reclassify Stock
Holding that a reclassification of 150,000 shares of stock by the company
In January 1931. without permission of the New York P. S. Commission,
"offends against the spirit and intent of the public service law," the Appelate Division, Third Department, on May 7. reversed an order of Justice
Ellis J. Staley, of the Supreme Court of Albany, denying a motion of the
Commission for judgment against the company and dismissing (the Commission's complaint.
The Appellate Division opinion, written by Justice Christopher J. Heffernan, holds that a reasonable and fair construction of the public service law
"justifies the conclusion that no gas or electric corporation may issue stock
for any purpose without consent of the Commission."
The New York & Richmond Gas Co.in January 1931, reclassified 150,000
shares ofcommon stock into 7,500 shares of common stock without par value
and 142,000 shares of second preferred stock. Each share of the converted stock had a stated value of $10, the second preferred, however,
having no voting right.
Justice Staley held that the company might be said to have issued new
stock by its reclassification, but that such new stock was not !aimed for any
of the purposes cited in Section 69 of the public service law and therefore
that the Commission's consent was not necessary.
"In its final analysis," Justice Heffernan wrote, "such a construction of
the statute simply means that the Commission has no julisdiction to pass
on the propriety or legality of stock issued by public utilities. We do not
believe that this statute should receive such a narrow construction."
The New York Legislature this year passed the Burchill-FitzGeraid bill
specifically prohibiting reclassification of utility stock without the consent
of the Public Service Commission.
-V. 140, P. 2365.
New York Railways Corp.
-Bus Plan Delayed
-
The New York City Board of Estimate and Apportionment on May 10
removed from its calendar the petition of the Eighth Avenue Coach Corp..
owned by New York Railways Corp. and Fifth Avenue Coach Co., for a
General Statistics for Calendar Years
10
-year franchise to operate omnibus routes folloviing the street car routes
of the Eighth and Ninth Avenues Railway.
1934
1933
1932
1931
Passengers carried
The Railways Corp. objected to the form of contract proposed by the
202,131
201,839
210.182
290,085
Pass.carried one mile_., 47.739,896 50,961.281 40,305.646 54,103,929
city, Boyldn Wright, the company's attorney, asserting the contract would
Rate per pass per mile
virtually give the Board of Estimate control over company wages.
1.90 eta.
1.84 eta.
2.28 ems.
2.72 eta.
Revenue freight (tons)
Motorization of these routes was to follow cessation of trolley service,
16,673.564 14.385.629 12,684.974 16,639,055
Rev. frt. (tons) 1 mile_ _3459867000 3126113,000 2824682,000 3516990.000
which the receiver for the Eighth and Ninth Avenues company has Court
permission to continue only until May 31.
Results for Calendar Years
Removal of the franchise petition from the calendar was viewed
Operating Income1934
circles as killing it for the time being, but it was believed the Boardin city
1932
1933
1931
might
Freight
$31,087,824 528,541.586 $27,074,976 $33,689,505
entertain a petition for its restoration.
-V. 140. p,-3053.
Passenger
909,186
938.311
920.170 1,472,428--Mall and express
New York Title &ortgage Co. Trustees Take Over
438,382
410,529
477.672
573.763
Miscellaneous
708.472
757.080
685,649
815,669
Management of Series F-1
Three trustees were appoint by Supreme court Justice Frankenthaier
Total ry. oper. rev---333,143,864 $30,647.506 529.158,468 $36.551,359
of New York on May 13 to take over management of the $27,000.000 F-1
Operating Expensesmortgage issue formerly guaranteed by the New York Title & Mortgage Co.
Maint. of way & struc_ - 3,511,252 2,999.054 3.560,538 4,925.510
The appointment of trustees was asked by 83% of the certificate holders of
Maint, of equipment___ 4,899,700 4,6,52,729 4,967,751 6,376.526
that mtge Inue. For more than a year the issue has been under the control
Traffic expenses
1,205.126
1,144.768 1.281.916
1.456,139
of the S to Insurance Department which took over the title company for
Transportation expenses 11,636,920 10,581.804 10,843,056 14,119,310
rehabill tion. The trustees named by the Court are Aaron Rabinowitz,
Miacell. operations
23,867
145,427
71,885
90.584
La e
N. Martin and James L. Claire.
General expenses
1.474.322 1,354.044
1,464,312 1,533,485
Transp. for invest.-Cr- •
58,931
69,326
101,428
238,611
Holders of Series C-2 Act on Reorganizatio
olders of $24,291,143 of series C-2 certificates
Total ry. oper. exps--$22,692,256 $20.734.958 $22,106.727 $28,317,786
ed and guaranteed
by the New York Title & Mortgage Co. were asked- May 11 to
Net rev. from ry. oper__ 10.451.608 9,912.548 7,051,741
on
8.233.573
plan for reorganization. Under the plan, a voluntary committeeapprove a
Railway tax accruals_ _ - 1,676.057 1,641.606 1,970,186 2.476,821
would
formed to act in the reorganization. According to Wise, Shepard be
Uncoil,railway revenue..
4,767
6.294
9.059
&
6,514
Houghton,30 Broad St., attorneys, the co-operation of the
Commission and of City Chamberlain A. A. Berle Jr., willState Mortgage
Railway oper.income.. $8,770.784 $8,264,649 55,072.496 $5,750,237
be solicited for
the certificate holders.
Equip. rents (net deb.)_ 2,779.655 2,612,692 2,429,644 2,703,983
"This plan." the letter to the certificate holders reads, "is the
Jt.fadll.rents (net deb.)
481.702
435.069
501.699
504.155
the plans which alraedy have been approved by Supreme Courtsame as
Justice
Alfred Frankenthaler for other series such as F-1, 11X-19 and B-1. The
Net ry. oper. Income_ $5.509,427 55,216.887 $2,141.153 52,542.098
rlan expressly permits certificate holders to determine whether the Court
Total non-oper. income_ 2,079.549
1,421.961
1.428.273 5.082,997
shall appoint all three trustees, whether the certificate holders shall elect
them or whether the Mortgage Commission shallpe sol t tee."
Gross income
$7,588.976$6,638.849 $3,569,426 57,625.095
-V. 140.
Total deductions
7.530,342 7.485 7.979.860 7,835,508
844.
'
I 2546
L
At A 4 tt.
York Trap Rock Cor -Pla ,Approved
Net deficit
surE58.634 31.205.636 34.410.434
5210,413
Holders or more than two-thirds of the outst biding 1st mtge 6 bonds
Inc. applied to sink.fd
99,875
98,779
98.116
98,113
and holders of more than two-thirds of the company's oustandng10-year
Preferred dividends _
i
(3)1,081,545
7% debentures have approved the plan of readjustment of the corporation's
Common dividends
(3)1,012,232
funded debt, It. W. Jones Jr., Treasurer, announced on May 16. Stockholders of the corporation had approved the plan, without a dissenting vote,
Balance, deficit
-341,241 $1,304,415 $4,508,550 $2,402,303
at the annual meeting held in March, and the plan, therefore, has become
General Balance Sheet Dec. 31
effective.
Holders of both bonds and debentures who have not yet accepted the
Assets1934
1933
proposal, Mr. Jones stated, may become parties thereto by depositing their
Investment in road and equipment
$235,203,394 $231,752,444
securities for that purpose on or before Nov. 1 1935.
Improvements on leased railway property
92,445
87,902
Mr. Jones further stated that only those bonds and debentures which
Deposits in lieu of mortgaged property sold
74.483
46,791
have been deposited before Nov. 1 1935 will be entitled to accumulated
Miscellaneous physical property..
1,366.103
1,358,275
participations in earnings, provided in the plan of the corporation,calculated
Investments in affiliated companies
10.071,284
10,624,897
for the full period from Jan. 1 1935.
Other investments
29,968,576 29,967,277
The company's announcement states that bonds stamped with participaCash in treasury
1,895.079
1,902,163
tion warrants attached, as provided under the plan, will be ready for deCash in transit
213,464
252.616
livery on or about June 30 1935 at the offices of the Coinmercial National
Scrip certificates & tax warrants
106
Bank & Trust Co. of New York, 56 Wall St., agent for the corporation and
Time drafts and deposits
600,000
depositary for the bondholders.
Cash deposits to pay interest and dividends
331.383
336,926
Debentures stamped and with additional coupons attached, as provided
Cash deposits to retire funded debt
7,000
22,000
under the plan, are expected to be ready for delivery on or about June 1
Cash deposits-miscellaneous
51.432
42,512
1935 at the offices of the Empire Trust Co., 120 Broadway, agent for the
Securs. deposited as bond in appealed judgments
62.000
62,236
corporation and depositary for the debenture holders.
Undistributed Chesapeake Corp.stock
-V. 140. p. 1839.
56,627
56,627
Loans and bills receivable
18,583
15,882
North American Aviation, Inc.
-Earnings
Traffic & car service balances receivable
553,161
512,537
Net balance receivable from agents & conductors
3 Months Ended March 31567,185
1934
387,116
1935
Miscellaneous accounts receivable
1,569.974
1,329,020 - Net profit after taxes, depreciation, &c
loss$36,798 4974,971
*The above net profit would be reduced to 8903,152 for the March
Material and supplies
1.370,897
1,627,154
quarter if there were included therein North American Aviation's proporInterest & dividends receivable
361,707
47,271
tion of the net loss of subsidiary not consolidated in which a majority stock
Rents receivable
46,528
interest is held. It also includes $1,199,942 profit realized froni sale of
Other current assets
5.936
44,842
securities-V. 140, p. 1839.
Deferred assets
1,006,731
1,202,418
Rents & insurance premiums paid in advance
7,221
8.804
North Penn Gas Co.
-Earnings
-Other unadjusted debits
2,164,186
1.958.893
Securities issued or assumed
25,569.250 25,658,000
Calendar Years1934
1933
1931
1932
Operating revenues
42,212,296 $1,866,355 $1.655.684 $1,530.285
Total
Non-operating income
$312,588,210 $309,951.133
41.063
41,755
23,040
36,327
Liabilities
Common stock
Gross earnings
$33,742,734 $33,742,734
52.253,357 $1,908,111 $1.692,012 $1,553,326
6% cumulative preferred stock,series A
Oper. expenses and taxes 1,376,849
36,053.726 36,053,726
1,122,403
927.318
1,061.628
Stock liability for conversions
34,100
34.100
Premium on 6% cum. preferred stock, series A
Operating income_ __
. $876,510
200,724
200.724
$785,708
$626,007
8630,384
Governmental grants in aid of construction
Interest on funded debt_
15.822
219,000
6,664
215,996
191,973
189.750
Funded debt
Int..on unfunded debt _
159,694.587 156,014,587
4,231
15,658
47,099
46,829
Funded debt held by or for company
Amortization of debt dis25.569.250 25.658,000
Non-negotiable debt to affiliated companies-_
count and expenses_ __
. 6.335,000
17.642
6,335,000
17.044
11,272
12,363
Loans and bills payable
Depletion
4,194.082
1
253,8291
4,595,196
56,909
Traffic and car service balances payable
Retirement reserve
1,618,584
85,622
1,437,803
42,000
56,250
Audited accounts and wages payable
1,253.551
1,289,967
Miscellaneous accounts payable
Net income
131.041
$381,807
39.118
$394,478
$335,886
$322.969
Interest matured unpaid
Preferred dividends.. _ _
326,441
138.791
331,539
138.246
129,631
112,875
Dividends matured unpaid
Common dividends
36.177
275,000
130.000 . 100,000
36.178
Funded debt matured unpaid
10,750
22,000
Unmatured interest accrued
Balance
1.819,369
def$31,984
$126,232
1,859,848
$223,011
$93,338
Other current liabilities
53.958
88,022
Consolidated Balance Sheet Dec. 31 1934
Deferred liabilities
275,252
306,031
Unadjusted credits
Assets-Plant, property,rights, franchises, &c.. $11,807,331; investment'
20,115.990
19.844,761
and advances. $423.117: bond discount and expense in process of amortizaAdditions to property through income and surpl_
252.901
245,235
tion, $297.793: prepaid accounts and deferred charges, $51,419; cash in
Funded debt retired through income and surplus 1,084,038
984,163
banks and on hand. $340,675; working funds, $4,088; notes receivable.
Profit and loss
19.770.129 20,825,735
$22,028; less-notes receivable discounted, $8,700; net, $13,328; accounts
Total
receivable, $333.776; less-reserve for uncollectible notes and accounts,
$312,588,210 $309,951,133
$28,790; net $304,986; due from officers and employees. $7,825; due from
-V.140. p. 3053
affiliated companies (current accounts), $36,544; construction and operating materials and supplies. $36,820,• total, $13,310,599.
New York Honduras Rosario Mining Co.
-Earnings
Liabilities
-S7 cum, prior pref. stoc.k, iissued $6,666 shares no par),
3 Mos. End. Mar,31$666,600; $7 cum, pref. stock (13,160 Wis, no par), $1,316,000; corn, stock
1935
1934
Net income after deprec., and other changes_...._ $220,643
outstanding 100.000 shares (no par),51.823.500; funded debt, $3,900,000;
$204,556
Earnings per share on 188,367 shares
customers'security deposits and accrued int. thereon, $47.548; accounts
$1.17
$1.09
payable, $54,560; accrued interest on funded debt,$41,375;accrued taxes,
-V. 140. p. 2715.
New York Chicago & St. Louis RR.
-Annual Report
-
Volume 140
3397
Financial Chronicle
$162,940; dividends payable, $84,695; due to affiliated companies (current
accounts). $108,498; other current liabiiities, $14,779; reserves, $4,611,714;
earned surplus, $478.388; total, $13.310,599.—V. 138, p. 3785.
Northern New York Utilities, Inc.—Tenders—
E. II. Rollins & Sons, Inc., will until June 26 receive bids for the sale to
them of sufficient first lien and refunding mortgage 6% gold bonds, series C
to absorb the sum of $37,086 at prices not exceeding 104 and interest.
—V. 140, p. 3054.
r
Northwestern Public Service Co.—Earnings—
accounts and notes receivable, less reserve of $11.027. $218,805; accrued
unbilled revenue, $14,827; materials and supplies at average cost. $31.177;
debt discount and expense in process of amortization, $243,130; commission
on pref. capital stock. $96,558; deferred charges and prepaid accounts,
$33,585; total. $8,037.003.
Liabilities—lat mtge. 5% gold bonds, series A. due Feb. 1 1958, $3.820,000; due to Federal Water Service Corp., $1,332.500; accounts payable,
$3,645; due to affiliated company, $227; accrued int., taxes. &c.. $125,0051
miscellaneous, $1.687; consumers' deposits and accrued int. thereon,
$12,227; reserves, $452,276; 53.6% cum. pref. stock (par $100). $1,294.500;
6% cum. pref. stock (par $100), $89,800; com. stock (58,746 shs. no par),
$549.108; capital surplus arising from appraisals of properties, $213,900;
earned surplus, $142,125; total, $8.037,003.--r. 140, p. 3225.
1932
1933
1934
$2,326,744 $2,218,271 52,157.888
---992.762
972,462 1,073.591 "
—Ohio Oil Co.
-15 Cent Dividend-1t/
95.371108.399
106,246
The directors have declared a semi-ann. dividend of 15 cents per share on
199.435
233.412
309.833
the corn, stock, nq par value, payable June 15 to holders of record May 20.
177.323
171.655
240.663
Similar payments were made on Dec. 15 1934 and on Sept. 15 and June 15
27,829
14,500
30.000
1934, this latter being the first payment made on this issue since Dec. 15
1932, when 10 cents per share was disbursed.—V. 140, p. 3054.
$884,637
$747,541
Net earnings from operation
$647.239
10,059
7.380
Other income (net)
5,799
Oliver Farm Equipment Co.—Annual Meeting—
The plan of recapitalization, if adopted by board of directors at special
$894,696
Total net earnings
$754.921
$653.038
meeting to be held on May 22, will be voted upon by the stockholders
442,026
Interest on funded debt
440.879
435.904
at the annual meeting to be held on June 25.—V. 139, p.3647.
16.522
12.126
General interest
10,449
60.517
30,690
Amort. of bond discount and expense
28,780
Orange & Rockland Electric Co.—Earnings-Cr2,468
Interest charged to construction
Cr69
1935-12 Mos.-1934.
1935—Month-1934
Period End. Mar.31—
$692.125
$721.538
$52,597
Operating revenues
$52.296
$378,098
Net income
$271,295
$177.905
410,667
416.851
35,194
Operating expenses
33,535
172.625
171.629
7% preferred dividends
140,959
87.734
81,320 ,
6,612
a Depreciation
6,669
110.097
145,791
6% preferred dividends
104,300
Common dividends
$193,724
$223.367
$10.791
$12.092
Operating income_ _ - _
40,665
43,706
2,977
2,884
Other income
$153,875 def$8,924
Balance
$36,946
$234,389
$267,073
$13.768
$14,976
Gross income
Earnings for the 3 Months Ended March 31
62,500
62,500
5,208
5.208
Interest on funded debt_
1935
x1934
518
950
1
192
Other interest
Total gross earnings
$623,676
$577,198
13,298
10.046
1,116
Amortiz. deductions
Total operating expenses and taxes
437,853
417.655
4.523
3.892
111
2,309
Other deductions
99,983
102.878
8,573
8,573
Divs.accrd.on pref.stk_
Net earnings from operations
$159,543
$185.823
Other income (net)
Dr251
3.176
$53.567
def$1,241
$86807
def$1.306
Balance
27,300
32.400
1,200
1,200
Fed, income taxes Ind_ _
Net earnings before interest
$185.572
$162.720
a Exclading depreciation of transportation, shop, stores and laboratory
Funded debt interest
105.912
109,420
equipment and depreciation of non-operating property, such depreciation
General interest
2,839
2.998
being distribated among the various operating property, operating expense
Amortization of bond discount and expense
6.587
7.315
or other accounts applicable.—V. 140, p. 2716.
Net income before preferred dividends
$70,232
$42.986
Pacific American Fisheries, Inc.—Bankers Offer $1,200,x Adjustments made subsequent to March 31 1934 but applicable to
000 Preferred Stock—Stated to be the first industrial new
the period beginning Jan. I 1934 have been given effect to in this column.
capital issue t9 be placed on the Pacific Coast under the
Balance Sheet Dec. 31 1934
Assets—Plant, property, rights, franchises, &c., $14,189,475; other
Securities Act, an issue of 12,000 shares of 5% cum. cony.
assets, $112,957; debt discount and expense in process of amortization,
preferred stock of this company is being offered to the public
$581.146; prepaid accounts and deferred charges. $18.544: cash (including
at $100 per share and accrued div. Elworthy & Co. of
working funds of $7,950), $667.486: special deposits for interest. &e
$227.086; customers' accounts, warrants and notes receivable, less reserve
San Francisco head of the underwriting group, which includes
for uncollectibl- items, $281.858; materials and supplies, $178,520; total,
Dulin & Co., Los Angeles; Drumheller, Ehrlichman & White,
$16.257.076.
J4abiiities-7% preferred stock (par $100), $2.456,700; 6% preferred
Seattle; Schwaba,cher & Co., San Francisco, and Conrad,
stock (par $100), $1,831,400: common stock, (52,150 shares no par),
Bruce & Co.. San Francisco.
$1,694.875;funded debt, $8,504,000: deferred liabilities, $140.511; accounts
payable, $87,153; accrued interest, $216.419: accrued State and local
Pacific Coast Co.—Earnings—
taxes, &c., $152,640. Federal Income taxes, $186,040; reserves, $886,866;
earned surplus, $100,470; total, $16,257,076.—V 140. P 3224.
[Includes Pacific Coast Cement Corp., in which company has an 83%
stock ownership]
1934
Oldtyme Distillers Corp.(& Subs.)—Earnings—
1935
3 Months Ended March 31—
$600,402
$540,026
Gross earnings
Earnings for Year Ended Dec. 31 1934
527.416
532,401
Oper. expenses (incl. deprec., depletion & taxes)—
Gross profit on salsa
$18.955
512.610
568.000
Selling and administrative expenses
189,460
Net profit from operations
15,059
10.807
Additions to income
Loss on operations
$170.505
$23.418
Other income
583.060
Total profit
40,113
79.476
77.880
Bond and other interest
8.013
Total loss
8.808
$130.392
Other deductions
Idle plant expenses
21,134
$64,070
Provision for bad debts
$3,628
3.000
Net loss for period
Interest
2,858
Organizes New Unit—
Miscellaneous
5.418
The company announced that in conjunction with the Hershey Machine
& Foundry Co. of Manheim, Pa., it has formed the Hershey-Motorstokor
Net loss
$162,802
Corp. This corporation, incorporated under the laws of the State of New
Consolidated Surplus Statement Dec. 31 1934
York. is formed for the purpose of distributing to the public generally
Capital surplus:
;"Motorstokors," which the Pacific Coast Co. through one of its subsidiaries
Balance at Jan. 1 1934—Arising from retirement of pref.stock-$1,211,395' been developing for a number of years.—V. 140, p. 2716.
,has
Arising from reduction in par value of capital stock, from
r
Pacific Cottonseed Products Corp.—Reroqanization_-,'JJLr
$5.50 to SI per share
1,031,598
Excess of amount received for 29,690 shares of capital stock
On April 30 1935, the reorganization of Pacific Cottonseed Prod cts
(issued in January 1934. against stock purchase warrants at
Corp. was effected. The new company, California Cotton Oil Corp. has
$5.50 per share) over the par value of $1 per share
retained the same management with offices located at 2301 East 52nd St.,
133,605
Los Angeles. Calif.
Total
$2,376,598
Pacific Gas & Electric Co.(& Subs.)—Earnings-Initial surplus: Balance at Jan. 1 1934
620,313
Earned surplus: Bal. at Jan. 1 1934, $1,174,719: miscall adjust1934
1933
1935
3 Months Ended March 31—
ments, net, $2,719
1,177.438
$22,826,927 $21,574,159 $21,607,716
x Gross revenue
9.283.908
9,965,248
10.562,456
Expenses, Federal taxes, &c
Total surplus
3.992.687
$4,174.349
3,912.327
3.863,941
Interest and discount
Less cost of capital stock of Distillers Corp.—Seagrams. Ltd.,
3,047,519
3,046,484
3,123.307
Depreciation
distributed to shareholders of Oldetyme Distillers Corp. in
75%3,000
658,000
Provision for gas revenue in dispute
Jan. 1934
3,189,329
$4,521,223 $3.992,100 $5.283.602
Net profit
Balance (capital surplus), at Dec.31 1934
$985,020
2,013.380
2,028.894
2,034.388
y Preferred dividends
3,137,110
2,352.845
2,347,970
Common dividends
Consolidated Balance Sheet Dec. 31 1934
Asset'—
Liabilities—
$395,133 sur$133,112
prof$144,359
Deficit
Cash
$21,711 Notes payable to banks
$250,000
6,274.254
6,274.254
Shares common stock (par $25)
6,261,254
a Receivables
330,546 Accts. pay• et accruals
204,845
$0.31
$0.52
$0.40
Earnings per share
Inventory (In bond $380,261). 728,954 Accrued taxes
32.257
x Includes miscellaneous income. y Includes subsidiary preferred diviCap, stock of Distillers Corp.Reserve for contingencies
19.817
dends.—V. 140. p. 2366.
Seagrams, Ltd.. at cost..
174,591 Rents received in advance....
3,058
b Land, bldgs., mach. & eqpt. 234,321 C Common stock
258,934
Pacific Telephone & Telegraph Co.—Earnings—
Miscellaneous assets
5,324 Capital surplus
985,020
1935-3 Mos.-1934
Good-will & trade-marks
478 Current operating deficit
Period End. Mar.31— 1935—Month-1934
182,802
Deferred charges
95,007
Operating revenues
$4,611.107 $4,453,199 $13,58/3,597 513,061.631
49,000
69.710
Uncollectible oper. rev
16,810
14.000
$1,590,929
Total
Total
$1,590,929
9,423,539 8.936,863
Operating expenses
3,028,085
3,157,533
Rent from lease of oper.
a After reserves of $13,000. b After depreciation of $32,090. c Repre211
232
property
91
70
sented by Si per share.—V. 139, p. 3647.
1,514,264
1,485.008
Operating taxes
503,649
514,373
Calendar Years—
Total gross earnings
Operation expenses
Maintenance expenses
Provision for depreciation
State and local taxes
Federal income taxes
,
,lf
Ohio Water Service Co.(& Subs.)—Earnings-
12 Months Ended March 31—
Operating revenues
Operation
Provision for Uncollectible accounts
Maintenance
General taxes
1935
$491,604
157,027
5.300
24,790
54.851
1934
$478,404
146.395
9,247
20.693
73,888
Net earnings from operation
Other income
$249,635
22,752
$228.179
10.779
Gross corporate income
Interest on bonds
Miscellaneous interest
Amortization of debt discount and expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements and replacements
$272,387
191,000
2,791
10,648
Cr104
$238.959
191.000
2,310
10,648
Cr109
•
533
22,750
Net income
19,750
$48.302
$11,825
Consolidated Balance Sheet March 31 1395
Assets—Plant, property,rights,franchises, &c..$7,350,753; miscellaneous
nvestments—at cost, $1,650; Cash in banks and working funds, $46,514;
Net operating income
—V. 140, p. 3225.
$925.292
$904,725 $2,602,026 $2,570,261
Pacific Western Oil Co.—Bonds Called—
All of the outstanding 15-year 614% sinking fund gold debentures due
Nov. 1 1943 have been called for redemption on June 10 at 103 and interest.
Payment will be made at Blyth & Co., Inc., 120 Broadway, N. Y. City.
—V. 132, p. 671.
Paramount Publix Corp.—To Elect Directots—
A stockholders' meeting to elect a board of directors for the reorganized
company has been called for June 3.—V. 140, p. 2366.
Pennsylvania Building (Pen.&dvariia Operating
Corp.)—Reorganization Plan-d•-• '
Following default in 1933 in the payment of intereet"5ijj sinking fund on
the 1st mtge. fee 6% sinking fund 15-year bonds, foreclosure proceedings
were instituted in the New York Supreme Court and the mortgaged property has been operated since June 1933 by a receiver. Real estate tax
arrears.including penalties as of Feb.28 1935. were approximately $133,500.
The cash income from the property during the two-year period ended Feb.
28 1935, after operating expenses, while more than the amount of real estate
3398
Financial Chronicle
taxes applicable to that period, was substantially less than the aggregate of
such taxes and interest on the bonds.
The reorganization committee has formulated a plan for the reorganization of the property for the benefit of the bondholders.
The plan provides for the organization of a new company to acquire the
mortgaged property and for the issue to bondholders who assent to the plan
of its income bonds and capital stock (represented by voting trust certificates), being all of the securities to be issued under the plan other than a
new first mortgage to be created in an amount not exceeding $500.000.
The proceeds of such first mortgage are to be used to pay tax arrears and
expenses of reorganization and to provide working capital of at least 375.000
for the new company. Present bondholders will receive for each $1,000 of
bonds $500 of new income bonds and 100 shares (v. t. c.) capital stock.
There are now outstanding $3.220.000 old bonds.
The protective committee for the bonds, formed in May 1933, has approved and recommended the plan, and all of its members are on the reorganization committee. The Court having jurisdiction of the foreclosure
proceedings has assumed supervision of the plan and, after a hearing before
John F. Keating, referee in this matter, (but without at this time Passing
finally on the fairness of the plan), has authorized its submission to bondholders. If and when sufficient bonds have been deposited in the opinion
of the reorganization committee to justify such action, the reorganization
committee proposes to apply to the Court for determination as to whether
the plan 113 fair and equitable and for approval of the terms and conditions
of the Issuance of the new securities.
Capitalization of New Company
New first mortgage bonds
$500.000
New income bonds
1.610.000
Capital stock (v. t. c.), par 31
322.000 shs.
Holders of bonds may assent to the plan by depositing their bonds with
Dillon. Read & Co., depositary under the plan, 28 Nassau St., New York.
I
teorganization Committee-Edwin H. Bigelow, Chairman; Thos. F.
Corrigan Edward J. Crawford. Frederick W.Droge, Lawrence B. Elliman
and Thomas F. Troxell, with R.P. Sharer. See'y,65 Cedar St.. New York.
-V.136. p.3359.
Parker Wolverine Co.
-50 Cent Dividend-I-'
Thedirectors have declared a dividend of 50 cents per share on the common stock, payable July 2 to holders of record June 10. An initial distribution of 25 cents per share was made on Jan. 2 last. The company announced that no further dividend action will be taken until next December.
Pennsylvania Glass Sand Corp.
-Earnings
3 Months Ended March 311934
1935
deprec., bond int.,& taxes, &c_ _ $216,553
Earnings bef
$160,265
Earnings after foregoing charges, but before
•
Federal taxes
47.766
104.496
Figures for the quarter ended March 31 1935 are in part estimated.
-V. 140, p. 1496.
Pet Milk Co.(& Subs.)
-Earnings
1932
Qum*. End. Mar.311934
1935
1933
Net loss after charges..
$169,481
$44.985prof$271,100
n$72.165
Earns. per sh. on 441,329
shs. common stock __ _
Nil
Nil
Nil
$0.56
x After giving effect to a Federal tax refund of $40,000.
The consolidated income account for the quarter ended March 31 1935
follows: Net saes, $5,611.828; costs and expenses. 35,592,942; depreciation, $171,345: loss, $152.459; other income, $111.880 loss. $40.579;
Federal taxes. $3.974; minority interest. $432; net loss, $44,985; preferred
dividends. $21.887; common dividends, $110,339; deficit. $177,211.V. 140. p. 2017.
-Earnings
Plymouth Oil Co.
Calendar Years1934
1932
1933
1931
Gross earnings
$3.945.276 $3.208.389 $5,583,146 $3,738 418
Royalty oper.. admin.
& general expenses
1.741.238 1.699.615 2,249,416
1.535.683
Depletion
318,504
401.876
237,503
207.990
Depreciation
423.216
424,267
445,213
467,518
Interest
80.143
71,650
Cost of drilling non-prod.
and abandoned wells_
135,191
77.544
259.415
76.623
Intangible drilling costs_
34.044
20.371
5.555
19.157
Leases surrendered
121.528 ' 27,214
127,706
134.167
Loss on .ale cap. assets_
6.914
141
10,362
16,765
Loss-Matador Dev. Co
60,075
13.689
Federal income tax
166.108
74,156
39.927
Net earnings
5251,321 $2.306,582 $1,180,512
$1,006,326
Earns. applic. to minor.
203.722
stk.of Big Lake 011Co639.574
336,065
355,499
Earnings applic. to Ply47,598 1.667.008
mouth Oh Co
670,261
825,013
Earns per sh. on 1,050.000 shs. of Plymouth
$0.05
$0.64
011 Co.stock
$1.58
$0.785
Surplus Account
1934
1932
1933
Calendar Years1931
Previous surplus
$4.937,715 $5,122.315 $4.470.304 $4,242,292
251.321
2,306,582
Earns.for yr.(as above)- 1.006,326
1.180,513
8,830
26.939
61.234
Divs,from treas.stock..55.970,980 $5,382,465 $6,838,122 $5,422,805
Total surplus
Divs. paid to minor.int.
175.000
475.000
650.000
427.500
by Big Lake Oil Co
262,500
787.500
525,000
Divs. pd. by Ply. Oil Co.
1.050.000
Stock dividend
913.980
Add'i Fed, income tax
7,250
15,807
prior years
$3.794,500 $4,937,715 85.122,3 5 84,470.305
Consolidated Balance Sheet Jan. 1
1934
1934
1935
1935
Liabilities$
Assets$
$
933,820 Acc'ts payable_ _
41,483
298,177
836.551
Cash
13,689
Acc'ts recelvable-1 378.091 J306,205 Federal income tax
1142,847 Notes payable._ _ - 400,000
450,000
Notes receivable_ f
60,088 Other curr. liab__ - 195,012
3,112
Crude oll
1,637 Long term notes
1,386
Gasoline
266.889
payable
700,000
Matis & supplies. 193,768
Notes payable due
42,982
Other cure, assets.
Nov. 1934
800,000
Leases, developm't
and egulp-nent.v6.053,901 13,163,581 Reserve for Federal
36.002 income tax
208,272
208.272
Furn. & fixtures_
Reserve for depreReagan Co.Purch.
ciation
4,314,377
Co. stk. carried
1 Reserve for deple1
at nominal value
2.647.086
x Excess par val 2,250.000 2,250,000 tion
Reserve for insurCash payments In
458,080 ance
67,737
74.077
add'n thereto_ _. 458,080
871,524 Cap, stock of sub.
Ply. 011 Co.stock_
734,500 co. not held by
Loring Oil Co.stk, 743,050
1,000,000 1,000,000
Ply. 011 Co
Loring 011 Co.
Cap.stk. outarg._ 5,250,000 5,250,000
notes & accts.rec 137.470
452,502
452,502
Donated surplus
Republic Oil Berg
287,500 Earned surplus:
287,500
Co. stock
Amt. due minor.
San Angelo Nat'l
stockholders of
3,500
3.500
Bank stock _ _
760,653
sub. company 621,718
C,osden 011 Corp.
30,383
Amt. due con30.383
bonds
4.500
4.500
solidated cos_ 3,172,781 4,177,082
Mortgage recelv...
886,497
891,570
Deferred charges
Balance
12,115.847 20.437,554
12,115.847 20,437,554
Total
Total
x Of Plymouth Oil Co.'s capital stock over the par value of the capital
stock of Big Lake 011 Co. and oil and gas leases for which such Plymouth
stock was issued. y After reserves for depletion and depreciation of$7.690 460.-V. 140. P. 1497.
May 18 1935
Phillips Petroleum Co.
-Refinancing Rumored
-
The announced plan of the company to retire additional bonds at an
early date, following the redemption scheduled for June 1 of $5.991,000
of 5 j% sinking fund debentures of 1939, led to reports this week that
a $20.000,000 refinancing operation is considered by the company. The
debentures are callable on 60 days' notice on any interest date at 101 and
interest.
-V. 140. p. 3055.
Pittsburgh & Lake Erie RR.
-Earnings
Period End. Mar,311935
-Month-1934
1935 -3 Mos.-1934
Railway oper. revenues- 31,375,802 $1,446.326 $3,827,368 $3,671,832
Railway oper. expenses_ 1 121,403
1,107,436 3,128.998 3,067,584
Net rev,from ry. oper. i254,399
$804,248
$338.889
$698,369
Railway tax accruals___ $102,416
$288,939
$108,239
$304,280
Uncollect. ry. revenues_
2
2
Equip. & jt. fac. rents*.
138,326
445.524
130.775
446.400
Net ry. oper. income_ $290,306
$760,832
$361.425
$840,486
Misc. & non-oper. inc__
42,084
197,190
65.008
129,050
Gross income
$332.391
$958,023
$426,434
$969.537
Deduensfrom gross inc334,499
102,115
130,938
299,224
Net income
$623,523
$230,275
$670.312
$295,495
*Credit balance
-V. 140. p. 3055.
Pond Creek Pocahontas Co.
-Coal Output
Month jJanuary
February
March
April
Note-Above figures in net tons.
-V. 140, p. 3055.
1935
144,484
122,975
118,586
88,374
1934
116 771
110.812
141,264
122,320 -
11
Portland Electric Power Co.-Reorganization,'/c-. " cer"
t
Subsequent to the default by the company as to payment o interest due
March 1 1934 on its 6% convertible gold debentures and based upon the
petition by an owner ofa substantial block of the company's debentures
and preferred stocks, the company was placed in receivership by order of
the U. S. District Court for the District of Oregon, dated March 5 1934,
Franklin T. Griffith being appointed temporary receiver.
As of Sept. 26 1934 the company made application to the U. S. District
Court for the District of Oregon, to effect a plan of corporate reorganization
under Section 77-B of the Federal Bankruptcy Act, as amended. As of the
date of that application, the Court approved the plan and thereafter the
company continued to operate as a debtor corporation under said reorganization proceedings. At a later date this plan was subject to objections on
the part of holders of Willamette Valley Southern By.6% sinking fund gold
bonds, which bonds were unconditionally guaranteed by Portland Electric
Power Co. as to payment of principal and interest relating thereto.
An amended plan was approved by said Court on Dec. 211934, which in
brief provides for the issuance of 6% collateral trust income bonds of the
company in the total principal amount of $16,581,600. Of this Issue, bonds
of a principal amount of $16.000,000 are to be exchanged on a par for par
basis for 6% convertible gold debentures outstanding, and bonds of a principal amount of $581,600 are to be deposited in escrow for the purpose of
satisfying any deficiency, if, as and when such deficiency may be determined, relative to payment of the aforementioned outstanding Willamette
Valley Southern By. bonds, thereby relieving Portland Electric Power Co.
of its above-described guarantee relative to the last mentioned bonds.
The amended plan of corporate reorganization of the company was confirmed by the Court in the proceedings under Section 77-13 of the Federal
Bankruptcy Act by decree dated March 5 1935. The company was replaced
In possession of its properties and authorized to carry out the terms of the
amended plan of reorganization.
Comparative Consolidated Income Account for Calendar Years
1934
1933
1932
Total operating revenues
810,746,399 810,116.202 $10,951,084
Non-operating revenues-net
4.056 dot19,672
37,742
Total gross earnings
810.750.455 $10,098,530 510,988,826
Operation
3,663,235 3.291,154 3,909.489
Maintenance
958,409
848,728
813,907
Provision for uncollectible accounts
194,820
198.353
111.858
Provision for depreciation
794.299
762.496
817.630
General taxes
1,469,184
1.315,283
1,400,043
Net earnings
$3,670,508 $3,595,756 $4,020,659
Income deductions of subsidiaries:
Int.on funded debt (inel. coll. note) 2,600.729 2.610.907 2,467.851
General interest
28,069
39,526
32,377
Amortization of debt disc't & exp- 181.404
237,898
279,063
Federal and State taxes on bonds
and on bond interest
4.800
17,700
4.800
Interest charged to construction
Cr137.774
Net income available for income deductions of Portland El.Pow.Co. 5855,506
$709.774 $1,354,293
Int.on 6% cony, gold debentures.- -958,200
958,200
958.200
General interest
9,443
7,412
9.958
Federal and State taxes on debentures
and on debenture interest
11,000
10,185
13,500
Net income
loss$123,137 10558271,884
5378,496
Comparative Consolidated Balance Sheet as of Dec 31
1934
1933
1933
1934
AssetsLiabilities$
$
$
$
Plant, property,
7% prior pref. stk_ 8,364,100 6,364,300
rights,Iran.,3E0_82,412,847 81,150,975 8% 1st pref. stk._ 6,229,750 6.229,750
Non-oper. prop'ty 5,893,206 8,348,275 7.2% 1st pref. stk. 3,080,845 3,080,845
Inv. In and adv. to
361st pret.(no par) 3,388,620 3,389.732
former MM.cos.. 4.018,970 4,032,375 $132d pref. al pat)
55.000
55,000
Other inv.& receivCorn. stk. (El par) 178,800
176,800
ables not current 177,394
207,995 Capital surplus._ 3,451,396 4,812,757
Special deposits_ __
33,502 Mint. Int. in corn.
9,013
Unamort. debt dLs.
stock & surplus
and expense..._ 3,931,996 4,038,702 of subsidiary._
.
11,754
11,568
Prepaid accts. and
Funded debt
70.111.700 70.228.700
deferred charges 254,251
189,620 Deferred liabilities 528,516
6134,140
Cash in banks and
Current liabilities. 3,168,566 3.005,200
on hand
956,542 Deferred credits._ 252,136
1,338.927
124,402
Working funds....
15,117 Reserves
19,844
3,217,313 2,753,502
Notes & accts. rec. 1.320,287 1,275.575
Materials & suppl_ 639,779
588,204
Total
100,016,514100,876.882
-V.140, P. 2018.
Total
100,016,514100,876,882
Portland Gas & Coke Co.
-Earnings
Calendar YearsOperating revenues
Operating expenses (including taxes)
1933
1934
$3.017.649 $3,332,941
2,139,439 2,191,112
Net revenues from operation
Other income (net)
5878,210 $1,141,829
8,781
Dr10,307
Gross corporate income
Interest on mortgage bonds
Other interest and deductions
Property retirement reserve appropriations
$867,903 $1,150,611
487,250
487,250
48,525
49,161
250,000
250,000
Balance carried to earned surplus
Dividends on 7% preferred Mods
Dividends bn 6% preferred stock
Balance, surplus
$81,492
46,967
6,534
$364,835
283,421
39.101
$42,312
527,991
Balance Sheet Dec. 31 1934
Assets-Plant, property, franchises. &c.. $23,
788.210, Investments $78:
•
es
cash in banks(on demand),$332,582;cash in bandeposits),$200,000;
(time d
U.S. Liberty bonds, $69,926; notes receivable, $22,303; accounts receivable,
3399
Financial Chronicle
Volume 140
$591,787; materials and supplies, $212,836; prepayments, 313.581; miscellaneous current assets, $8,028; miscellaneous assets, $295,800; consigned
materials (contra). $225; deferred charges, $224,962; total, $25,760.320.
-7% cumulative preferred stock ($100 par), $5,458.000;
Liabilities
6% cumulative preferred stock ($100 par),$871,200;common stock (330,000
shares no par). $6,000,000; long-term debt, $10,045,000; accounts payable,
$112,049; customers' deposits, $45,351; accrued accounts, $491.210; miscellaneous current liabilities, $1,221; matured and accrued interest on longterm debt (cash in special deposits), $236,105; consignments (contra). $225;
deferred credits to Income. $527; reserves, $1,876,747; earned surplus,
$622,684; total, $25,760.320.
Notation-Undeclared cumulative dividends on the 7% and 6% preferred
stocks amounted to 82.91 and $2.50 per share, respectively, as of Dec.
31 1933. During 1934 there were declared on the 7% and 6% preferred
stocks, dividends of 87 cents and 75 cents per share, respectively. No
provision has been made in the above statement for undeclared cumulative
dividends in the amount of $488,384 ($9.04 per share) on the 7% preferred
stock and $67,518 ($7.75 per share) on the 6% preferred stock, to Dec. 31
1934.-V. 140. P. 3056.
---- Portland (Ore.) General Electric Co.
wove/ in MortgagezHolders of the 41i% 1st & ref. mtge. bonds of the company, due in 196
oirMay 1 approved a proposal to modify the mortgage and deed of trust
The changes voted will eliminate provisions requiring payment when d
of all indebtedness secured by any underlying mortgage or prior lien and
prohibit the extension of time of payment of principal or interest of such
debt.
A total of 8531% of the $40,000,000 of 436% bonds assented to the
plan, or slightly more than the amount required to effect the change. The
action was held necessary to permit the extension of $6,547.000 of first
mortgage 5% bonds due on July 1.
An offer of extension is to be made to holders of the $6,547,000 bonds to
extend the maturity date thereof from July 1 1935 to July 1 1950, with
the same rate of interest(5%) and with a sinking fund calculated to retire
the entire issue on or before July 11950.
-The collateral note indebtedness (87,100,000) pay6% Collateral Note
able by Portland General Electric Co. matured Jan. 3 1935 and was
renewed under the terms ofan agreement dated Nov. 1 1934, by issuance
'
of two notes (in the amounts of $6,630,000 and $470,000) maturing July 1
1935. At that date the notes will be subject to further renewal to July 1
1937, if the company is successful in obtaining the consent of the holders of
the 1st & ref. mtge, gold bonds, 43i% series and 1st mtge. 5% gold bonds
for the extension of not leas than 10 years of the maturity of the latter issue
of bonds ($6,547,000 outstanding) which mature July 1 1935. The company has agreed that it will not, without the consent of the holders of the
notes, declare or pay dividends exceeding $25,000, during the period from
Jan. 1 1935 to July 1 1935; or exceeding $25,000, during the remainder of
the year 1935; or exceeding $50,000 in the year 1936; or exceeding $25,000
during the period from Jan. 1 1937 to July 11937.
This6% collateral note indebtedness is secured by a 7% general mortgage
note of Portland General Electric Co. in the amount of $7.500.000, due
Aug. 11935. which general mortgage note, in turn, additional to its junior
property lien, is secured by 127.000 shares of Central Gas & Electric Co.
preferred stock and a Seattle Gas Co.unsecured 6% gold note in the amount
of $1,300,000, due Dec. 27 1934. The two last named companies are in
process of reorganization.
Comparative Consolidated Income Account for Calendar Years
1932
1934
1933
$7,792.572 87,426,224 $7,645.285
10,728
Dr7,740
27.309
Total operating revenues
Non-operating revenues
-net
Total gross earnings
$7.803,300 37,418.484 $7,672.594
Operation
Maintenance
Prov. for uncollectible accounts
Provision for depreciation
General taxes
$1,748,410 81,509.498 $1,738,064
221.918
164.907
287,153
191.820
186.704
108.027
588.239
607,513
606.456
1.277.392 1,191,027 1.062,835
Postal Telegraph & Cable Corp. has no outstanding bank loans, but on
Dec.31 1934 had a contingent liability as g mrantor of a note of a subsidiary
company, Mackay Radio & Telegraph Co. (Del.) in the amo int of $2.660,073. Indebtedness of the latter company to Mackay companies, in
the amount of $3,040,593, is subordinated to the payment of this bank
obligation.
Interest payments on the outstanding 5% gold bonds and debenture
stock have been made at each semi-annual coupon date since the original
issuance of the securities on July 1 1928. The year 1934. however, was the
fourth consecutive year in which corporation has Mel to earn the interest
charges applicable to these bonds and debentures. The interest has been
paid during this period by funds made available from liquidation of assets
and advances received from the International Telephone & Telegraph Corp.
Corporation has not been earning its interest charges in 1935 and the
management is giving careful consideration to what action should be taken
in light of this condition, particularly with reference to the next interest
payment which is due on July 1 1935.
-(Including Associated Companies)
ar6i_ngs for Calendar Years
1932
1931
1933
1934
Gross earnings
$28,215,128 $27,229.462 $27.742,610 334.187,242
'Operating, general exps.,
taxes and depreciation 26,966,704 26,309,894 27,422,115 33,363,262
Net earnings
$1,248,423
Charges of assoc. cos
236,597
General int. charges of
P. T.& Cable Corp
60,038
Int. on coll. trust 5s....- - 2.542,328
3919.568
202,705
$320,495
170,703
$823.980
54,501
59.423
2,524,419
56.967
2,446.807
2,533,510
$1,590,540 31,866,978 $2,353,982 $1,764,032
Consolidated Balance Sheet Dec. 31
1933
1934
1933
1934
Liabilities
Assets$
$
Plant dr prop_ _ -110,899,671 110,815.555 x Common stock 25,441,250 25,441,250
-cum. pref.
Non.
Inv. in & adv.
30,529,500 30,529.500
stock
to affil. allied
683,800
683.800
companies ___ 5,168,193 6,985,073 Pref.stk.of aSSOC
89.090 Min. stkholders'
87,198
Spec. deposits__
271,496
286,172 equity in corn.
Bd. disct. dr exp.
stk. & surplus
Prep'd accts. Sc
34,630
38,548
628,590 of assoc. cos
453,887
other def. chgs
98,219 Funded debt_ _ 50,670,210 51,720,209
20,166
Miscell. Invest._
3,696,456 3,441,708 Due to I. T.& T.
Cash
Corp.& assoc.
Accts. and notes
2,513,872 1.289,758
3,330,307 3,806,290 companies
receivable_
Malls & suppl. 1,831,259 1,860,988 Employ. benefit
& pension res.. 7,543,931 7,319,210
Notes payable
2,660,073 2,698.435
Accts. & wages
payable
1.434,025 1,494,925
Divs. accrued on
pref. stock of
34,190
Mackay cos.61,542
Other def. Bab
135,584
166.134
Accrued taxes &
421,524
Interest
520,390
Int. on bonds
pay. Jan. 1..
1.269.691 1,297.005
Iles. for deprec.
replace & re1,480,190 2,033,595
newals
Spec, foreign ex261,180
281.566
change reserve
Paid-in surplus. 11,058,072 11,058,072
10,410,445 8,794.903
Deficit
Net loss
125,758.632 127,811,684
Total
125,758,632 127,811,684 Total
Represented by 1,017,650 shares at a stated value of 325.-V. 140.
p. 2018.
-Dividends Resumed
wdrell 8z Alexander, Inc.
Net earnings
33,692.069 33,721,098 83.991,248
The directors have declared a dividend of 25 cents per share on the
common stock, no par value, payable June 15 to holders of record June 1.
Interest on funded debt (including
This will be the first dividend distributed since Nov. 16 1931 when 50 cents
collateral note)
$2,568,107 $2,578,285 $2,435.229
was paid and compares with 871i cents per share paiditug. 15 and May 15
Miscellaneous interest •
14,042
8.680
11,397
nts
1931 and 50 cents was paid in tub. 16 1931 -V. 9 . 775.
Amort. of debt discount and expense179,221
235,630
276,705
Alit
Federal and State taxes on bonds and
,--.._
on bond interest
4,800
17,700
4,800
tan' f er
Pressed Steel Car Co.
--P'
i
Interest charged to construction
Cr135.667
The bondholders' protective committ has submitted a plan pursuant to
direction of the U. S. Court and it is stated in order to avoid forced liquidaNet income
$890,986 $1,383,239
3931.261
tion of the affairs of the company, providing for exchange of existing 5%
bonds of 1933, dollar for dollar into new convertible collateral trust bonds,
Comparative Consolidated Balance Sheet as of Dec. 31
issuance of new common stock to preferred holders with privilege of sub1934
1933
1934
1933
scribing to the new bonds at the rate of $1.50 for each preferred share held
Assets-Liabilities
and giving common holders an opportunity to subscribe to the new bonds
Plant, property,
Cap stock(236,819
at the rate of 75 cents for each share held.
rights,franchises,
shares no par)__18,414,247 18,414,287
The committee is headed by Jacques Cohen of Baar. Cohen & Co., as
&c
61,613,245 60,360,405 Capital surplus1,098,158
Chairman. John S. Johnston and R. H. Lee Martin also are on the
Non-oper. property 4,862,280 7,278,542 Min. Int, in com.
committee, and Percival Jackson is counsel. Baar, Cohen & Co. and
Invs. in and advs.
stock and surplus
George A. Gaston are mentioned in the plan as reorganization managers
to affiliated and
11,586
11,754
of subsidiary__
to act under the orders of the Court. Under Judge Gibson's order, plans
former affiliated
Funded debt_ __ __53,598,000 .53,715,000
are to be submitted before June 1. It is understood other interests are
companies
3,540,378 3,545,201 Deterred liabilities 152.361
202,898
also working on a plan of reorganization
Other investments
Current liabilities_ 2,014,384 2,357.373
The plan also contemplates a loan of 32.000,000 from the Reconstruction
and receiv. not
49.898
Deferred credits__ 166,786
Finance Corporation, which would be based on a mortgage on the McKees
current
112,709
2,743,722 2,361,530
141,077 Reserves
Rocks plant and the raising of $506.301 from security holders by subSpecial deposits_ _
2,396
835
scriptions as mentioned above.
Unamort. debt disThe committee, which it is understood represents nearly 25% of the
count and esp._ 3,923,922 4,088,445
outstanding 33,000,000 5% issue, states that it desires to have present
Prepaid accts, and
legal proceedings terminated in order to avoid further legal expense and
deferred charges 148.744
131,549
operating deficits. The committee's counsel states that copies of the
Cash in banks and
plan are being sent to all bondholders who had filed claims and the co-.
on hand
997,989
858,089
operation of all security holders is invited.
Working funds
7,291
5,461
Details of the plan disclose that bondholders would receive new 6%
Notes & accts. re* 1,262,685 1,221,236
collateral trust bonds equal in par value to their present holdings and
Mater.& supplies_ 629,471
580,058
common stock in liquidation of past due interest and would be entitled
to subscribe for any new bonds not subscribed for by preferred or common
Total
77,101,110 78,210,898
77,101,110 78,210,898 Total
stockholders, and also to receive common stock at the rate of 100 shares
-V.140, P. 2367.
for each $150 par value of bonds subscribed.
The preferred stockholders will receive 50 shares of new common stock
-Earnings
Postal-Telegraph Cable Co.
for each 100 shares of preferred stock now held, and will be entitled to
subscribe as stated for convertible collateral trust bonds at the rate of
[Includes Land Lines Only]
$1.50 per share of preferred held, and also to receive common stock at
1935-3 Mos.-1934
Period End. Mar.31- 1935-Monih-1934
the rate of 100 shares for each $150 new bonds subscribed to.
Teleg.& cable oper.rev- $1,863,837 $1,925,881 85.270,069 35.340,525
The common holders who receive nothing unless they subscribe to
1.713.464 5.069.289 5,078.613
Teleg.& cable oper exps. 1,721,273
the new bonds, would also receive 50 shares of new stock for each $75 bonds
17,916
45,000
Uncollectible oper. revs.
53.750
15.000
subscribed.
-v. 140, p. 1841.
41,667
125.000
Taxes assignable to opera
41,667
125.000
Operating income_ Non-operating income__
385,897
1.939
$152,834
def605
$30.780
1,529
383,162
4.053
Gross income
Deducts,from gross inc_
$87,836
224,831
$152,229
215.383
$32,310
675,616
$87,215
649.455
3136.995
$63,155
$643,306
$562.240
Net deficit
-V.140, p. 2551.
-Annual Report
Postal Telegraph & Cable Corp.
Clarence II. Mackay. Chairman, and George S. Gibbs, President, state
in part:
Investments in and advances to affiliated and other companies were
reduced by 31.816,881. Of this amount, $1.000,000 represents liquidation
by the International Telephone Building Corp. of the major part of its 6%
demand note payable to Commercial Cable Co., 3733.637 reflects the
partial retirement by the Commercial Pacific Cable Co. of its capital stock,
and the balance of $83,244 represents reductions in advances to other
companies.
During 1934 Commercial Cable Co.liquidated Its 4% note in the amount
of $1,050,000, payable to the Commercial Pacific Cable Co.
There was owing to International Telephone & Telegraph Corp. and
associated companies the amount of $2.513,872, on Dec. 31 1934 as compared with $1,289,758 on Dec 311933. an increase of 31,224,114.
Provincial Paper, Ltd.
-Earnings
Calendar Years
Total profit
Interest on bonds, bank
loans, &c
U.S.exchange thereon_ _
Prov.for doubtful sects
Reserve for deprec. of
building and plant
Prov. for income taxes_
1934
$694,614
1933
8580,864
1932
$614,678
1931
$782,784
212,835
213,098
17,603
213,098
26,216
207,645
100,000
14.000
100.000
100.000
250.000
Net income
Diva. on pref. stock_
Common dividends
5357.779
245,000
$250,163
245,000
3275,364
245,000
100.000
3325.139
245.000
Balance,surplus
Earns.per sh.on 100,000
shs.com.stk.(no par)
$112,779
$5,163 def$69,636
$80.139
10,000
$1.12
$0.05
$0.30
$0.80
Balance Sheet Dec. 31 1934
Assets-Cash on hand and in banks,$362.297: bonds of Provincial govts.
(market value $611,040), $594.605; accts. & bills receiv., less reserve for
doubtful accts., $727,340; inventories $822,1305: other assets, $199,275:
real estate, bldgs..
&C.. $ .
9 266.72 deferred charges. 0 288
4;
"
. ;
total. $12,042,536.
3400
Financial Chronicle
Liabilities-Accts, payable, accrued charges. &c.. 3196.039; div. on pref.
stock, payable Jan. 2 1935. $61,250; bond int. accrued. 335.282; reserve
for income taxes. $14,000; mtge. debt. 83.849,500; res. for deprec. of
plant & bidgs., 32,250.000: gen. reserves, $1,221.588; 7% cum. pref. stock,
33.500.000; common stock (100,000 shs. no par). $100,000; surplus, $814,876; total. 312.042.536.-V. 139, P. 775.
Prudence Co., Inc.
-Payment on May 1934 Coupons
Stephen Callaghan. John I.McGrath and William T.Cowin.as trustees,
announced on May 14 that payment on the May 1 1934 coupon of the
company's issue of collateral trust 55i% gold bonds due May 1 1961, at the
rate of 82000 each $27.50 coupon,is now available. Of the original issue of
315.000,000 there is outstanding at present 313,800.000 face amount of
these bonus held by approximately 4,500 holders. The total interest distribution to the public on the May 1 1934 coupons from the 1961 issue of
bonds will aggregate 253,340. Since the appointment of the trustees by
Grover M. Moscowitz on Feb. 1 1935 in the U. S. District Court for the
Eastern District of New York under Section 77-B of the Bankruptcy Act,
36 separate interest disbursements have been made in the amount of
$874,774.75, which includes present payments. During the same period
the trustees of The Prudence Co.,Inc.,debtor, have paid out $1,193,934.96
In real estate taxes.
The trustees also announce payments on account of interest on Prudence
issues as follows:
Prudence certificate issue known as 31 West 72nd St., covering property
at north side of W. 72nd Street 275 feet east of Columbus Ave., New
York City, payment in the amount of $10, per $1,000, on account of the
April 1 1935 interest;
Prudence certificate issue known as Vinrosa Realties, Inc., covering
property at south west corner of Central Park West and 96th St.. New
York City. payment in the amount of $10 per $1,000 on account of the
Nov. 1 1934 interest;
Prudence certificate issue known as 635 Sixth Ave.,covering property at
north west corner of Sixth Ave.& West 37th St., New York City, payment
in the amount of 310 per $1,000 on account of the Feb. 1 1934 interest;
Payment of interest due July 1 1934 in the amount of $10 per 81.000 on
Prudence bond issue known as series 6. Approximately 4.200 checks are
being mailed to the security holders. The principal amounts ofsecurities
outstanding are as follows: 31 W. 72nd St. Corp., $1.399,250; Vinross
Realties, Inc.,$1,400,000;635 Sixth Ave.,$1,426.000;sixth series.$4,320.000.-V. 140. p. 2875.
-Earnings--Raybestos-Manhattan, Inc. (& Subs.)
3 Months Ended March 31Net sales
Discounts and allowances
Manufacturing cost of sales
Selling & administration expenses
Profit from operations
Other income
Total income
Other deductions
Provision for depreciation
Provision for Federal & State Income taxes
Net income
Surplus at beginning of period
Total surplus
Dividends paid
1934
1935
$4,179.492 $3,444,993
110.812
87.055
2,113.370
2,763.219
819.404
768.731
$486,056
51.046
$475,836
44,652
3538.003
23.270
153.166
50.931
3520,489
28,659
147,259
51.596
3310.633
5,711.157
3292.973
5.571.843
36,021.791
160,314
35.864,817
160,713
$5,861,476 $5,704,103
Surplus at end of period
Comparative Balance Sheet March 31
1934
1935
1934
1935
$
Liabilities$
$
Assets
$
611,508
490,731 Accounts payable_ 630,362
1,055,679
Cash
Accrued salaries &
U.S..Can. munic.,
108,287
90,325
wages
&c., bds at cost 1,452,500 2,016,222
Provision for inNotes, accts. & tr.
come taxes
201,770
128,766
acceptances rec. 2,011,515 1,840,571
Mdse. Inventories_ 3,466,829 3,408,372 Iles. for Federal &
State taxes on
Invests. & sundry
50,931
51,596
1,469,074 1,445,250 income
receivables
. 9,721,800 0,721,800
y Capital stock
a Land, buildings.
5,861,476 5,704.104
mach. & equip_ 6,433,331 6,392,547 Surplus
119,250
90,541
Deferred charges_
Trade names, tr'de
595,157
mks. .Sc gd-will 595,157
16,574,626 16,308,100
Total
16,574,626 16,308,100
Total
After depreciation of $9,397,929 in 1935 and $8,843,609 in 1934.
-V. 140. p. 2367.
y Represented by 676,012 shares of no par value.
Radio Corp. of America-Statement on Television-.
May 18 1935
the management is exploring every path that may load to an increasing
business for the radio industry and to a new and useful service to the public.'
-V. 140, p. 3228.
Rapid Transit in New York City-Riders Gain
Total traffic for 1934 on New York City rapid transit lines. Including
the Independent Subway System. street surface railways, Hudson Tubes
and all the bus lines which report to the Transit Commission, amounted
to 2,913600,000 passengers.
Exclusive of 119,300 000 carried by bus lines which were operating
without franchises at Dec. 31 1934, and for which comparable figures for
prior years are not available, the figure was 2.794,200,000, an increase
of 92,300.000. or 3.4%. over 1933 and the first such increase since 1930.
However, the figure is 12.5% less than the 1930 figure.
The increase by quarters of the year follows: First, 36,201,000; second,
31,900000; third '7,500,000; fourth. 16,700,000.
Rapid transit lines, including the Independent System, carried 1,817,300,000 passengers, or 65.700,000 or 3.8% more than in 1933. This
gain more than made up a loss of 48,500,000 passengers on rapid transit
lines in the preceding year.
Surface railway traffic decreased 2.1% to 687,200,000 passengers, due
entirely, says the Transit Commission's December quarter and year-end
report, to substitution of bus operation for street railway operation.
Bus lines which had franchises at the year-end carried 213.300,000
passengers during the year, an increase of 23.4% over 1933. Other bus
lines reporting to the Commission carried 119,500.000 passengers, against
an estimate of 107,000,000 in 1933.-V. 140, p.648.
Real Silk Hosiery Mills, Inc.(& Subs.)
-Earnings
-Calendar Years1934
1933
1932
1931
Manufacturing profit_ -- $4,849.598 $4,624.514 $4,637,758 $6,301,739
Selling and admiuis. exp. 4,225,570
5.779.940
3.875,830 3,782,508
Operating profit
Depreciation
$624.028
475,048
8748.684
523,992
$855,250
545,445
Balance
Other income
3148.980
42.342
3224.692
43.990
3309.805 loss$44.297
68,004
93,088
Total income
$191,322
Interest
83,748
Special charges
458,335
Federal taxes, &c
4.971
Net profit
def3355,732
Preferred dividends_ _ _ _
a2,070
Common dies. (stock)_
$268,682
72,107
21,628
$377.809
113,475
167,539
Balance, surplus
def$357,802
$521,799
566,096
$48,791
189,338
184.192
$174,947
a4,350
$96,795 loss$324,739
43.230
a4,770
50,000
3170.597
$92,025 del$417.969
a On Noble Street Realty Co. pref, stock only.
Condensed Consolidated
Assets1933
1934
Cash
$442,861 5580.774
Cash dep. with silk
brokers
719
331
Cash on dep. In restrIcted account
18,471
9,235
Customers' accts
receivable
333,403
351,584
M iscell. accts. rec.,
loans & adv.,&a
47.250
2,797
Inventories
1,119,785 1,185,467
Cash surren. value
life insurance.._
61,420
55,997
Prepaid exps. and
deferred charges 144,654
113,939
904
Investments ____.
904
Special funds
3,600
60,651
Treasury stock__ _
60.651
e Fixed assets
2,729,195 3,112,180
Good-will, trade
1
1
marks, &o
Balance Sheet Dec. 31
Liabilities1934
1933
Reserve for taxes- 648,404 5162,598
Notes payable to
banks
18,470
18.470
Accounts payable_ 232,281
198,897
Accent's payable- 149,203
103.070
Cust. deposits_
2,008
Accruals
240,800
230,796
Funded debt due
in current year. 261,824
312,270
Miscellaneous de
posits, Sto
9,433
8,470
Reserves
53,851
182.135
Funded ebt
710,975
918,050
Preferred stock of
subsidiaries
69,000
Liability on condition. sales contracts, &c
61,010
707
Is Common stock
2,050,000 2,050,000
Preferred stock_ 2,095,000 2,100.000
Deficit
1,093,140
755,008
Total....-----$4,905,140 $5,531,536
Total
$4,905,140 $5,531,536
a After deduction of depreciation reserves totaling $3,724,955 in 1934
and $33,257,385 in 1933. b Represented by 205,000 shares of $10 par value.
-V 139. p. 1718.
Reliance Management Corp.
-Capital Reduced
The stockholders on May 1 voted to amend the charter of the corporation
to provide that the shares of common stock, no par, shall be of the par value
of' $1 and to reduce the capital to the sum of 3600,000, to be effected by
changing the 600,000 shares, no par value, into the same number of shares.
par $1.
Such amendment and reduction will become effective on May 29 1935.
subject to the approval of the State Tax Commission of Maryland. On
and after June 5 1935 outstanding stock certificates representing shares
without par value may be presented at the office of Central Hanover Bank &
Trust Co., New York. or State Street Trust Co., Boston, transfer agents.
for exchange foil certificates represenging a like number of shares of the
par value of $1 each.
-V. 140, p. 1498.
David Sarnoff, Pres., at the annual meeting of stockholders, May 7,
said in part:
"Public interest in television continues unabated since the'statement
made in the annual report to the company's stockholders on Feb. 27 1935.
In that report it was stated that the management was diligently exploring
the possibilities of a field demonstration, the next practicable step in the
development of television, in order that subsequent plans may be founded
on experience thus obtained.
Republic Steel Corp.
-Stockholders' Suit
"Asfurther stated in that report,our laboratory efforts have been guided
by the principle that the commercial application of such a service could be
Counsel for three stockholders of the corporation filed suit at Cleveland
achieved only through a system of high-definition television which would
May 10 for an accounting for and restitution of $6,000,000 in company
make the images of objects transmitted, clearly recognizable to observers.
assets. The plaintiffs are Francis Whele, Warren, 0.: Frances FalkenThe results attained by RCA in laboratory experiments go beyond the
stein. Bottineau. N. D., and Iva Jensen, Cleveland Heights, 0. They
standards accepted for the inauguration of experimental television service
charge that $6,000,000 was "dissipated, wasted and lost as a direct
In Europe. We believe we are farther advanced scientifically in this field
sequence of the mismanagement, unlawful conduct and negligence of
than any other country in the world.
officers and directors."
"In the sense that the laboratory has supplied us with the basic means of
William P. Belden. counsel for the corporation, said: "The suit is
lifting the curtain of space from scenes and activities at a distance, it may
-V. 140, p. 3056.
entirely without merit."
be said that television is here. But as a system of sight transmission and
and service to the present nation-wide
reception, comparable in coverage.
Oil Co. (of Calif.)
Richfield
-Sale of Richfield of New
t ae, tele:resion is nigken esnor arsisunc. r corner
tn mus now
here to lm n
e
he
r ti
York to Sinclair for $5,100,000
be
frie a lof sourtanr
tenl i mpon b step
the field.
results of the scientists and engineers out of the laboratory and
of New York to Sinclair Refining Co.,subsidiary
Sale of Richfield Oil Co.
"Television service requires the creation of a system, not merely the
of the Consolidated Oil Co., for a total consideration of $5,100.000 was
commercial development of apparatus The Radio Corp. of America
officially consummated May 14 in Los Angeles, when representatives of the
with its co-ordinated units engaged in related phases of radio communication
Sinclair group tendered a check for this amount to W. M. C. McDuffie,
services is outstandingly equipped to supply the experience, research and
receiver for Richfield Oil Co.of Calif., owner of the New York corporation.
technique for the pioneering work which is necessary for the ultimate
Transfer of ownership of the eastern Company immediately followed
creation of a complete television system. Because of the technical and
settlement with the U. S. Government of its $9,000,000 claim against
commercial problems which the art faces, this system must be built in
Richfield Oil Co. of California and Pan American Petroleum Co. receiverprogressive and evolutionary stages.
ship estates for oil taken under fraudulent leases from the Elk Hills Naval
"Considering these factors and the progress already made by your comPetroleum Reserves. Settlement of this claim was made through payment of
pany, the management of the RCA has formulated and adopted the follow$5,500,000 by receiver McDuffie to Pierson M.Hall, U.S. District Attorney
ing three-point plan:
representing the Government.
The Plan
Although the sale of the New York Richfield had been ordered by the
"1. Establish the first modern television transmitting station in the
Federal Court several months ago, the Government had filed an appeal
United States, incorporating the highest standards of the art. This station
from the order and final consummation of the sale therefore depended upon
will be located in a suitable center of population, with due thought to its
successful settlement of the Government claim. In a stipulation signed
proximity to RCA's research laboratories, manufacturing facilities, and its
some weeks ago the Government had agreed to withdraw its appeal from
broadcasting center in Radio City.
the order upon receiving $5,500,000 in settlement of its claim against the
"2. Manufacture a limited number of television receiving seta. These
estate. Sinclair interests were not obligated to take possession of the New
will be placed at strategic points of observation in order that the RCA
York Richfield until the appeal was dismissed.
-V.140. p.3229.
television system may be tested, modified and improved under actual
service conditions.
-Re oved from Listing and Registration /5L._
"Rilje•Kumler Co.
"3. Develop an experimental program service with the necessary studio
The
(New York Curb Exchange as removed from listing and registration
technique to determine the most acceptable form of television programs.
.-V. 140, P. 3056.
the co
on capital stock,
"Through this three-point plan of field demonstration we shall seek to
determine from the practical experience thus obtained, the technical and
Roan Antelope Copper Mines, Ltd.
-Earnings
requirements of a regular television service for the home.
program
"It will take from 12 to 15 months to build and erect the experimental
Earnings for the 3 Idonths Ended March 31 1935
television transmitter, to manufacture the observation receivers and to
Gross revenue
e454,272
commence the transmission of test programs.
Oper. expenditure,incl. London & Mine administration charges_
325,608
"The estimated cost to the RCA of this project will be approximately
Provision for deb. stock Int, and premium on redemption
22,923
$1.000.000.
Reserve for depreciation
37,500
"While the magnitude and nature of the problems of television call for
prudence, they also call for courage and initiative without which a new art
Estimated profit, subject to taxation
£88,241
cannot be created or a new industry established. Your corporation has faith
-V. 140. p. 984.
In the progress which is being made by its scientists and its engineers, and
Volume 140
Financial Chronicle
3401
Roanoke (Va.) Medical Building Corp.
-Bonds Offered $204,000. The company is a subsidiary of United Gas Improvement Co.
-Galleher & Co., Richmond, Va., recently offered $200,000 -V. 140, P. 3057. -1st mtge. serial bonds at prices to yield from 4% to ---St. Louis Southwestern Ry.-Would Extend Loans
53.
The company has filed an application with
5%, according to maturity. Bonds were offered only to Commission asking authority to extend for fivethe Interstate Commerce
years from June 1 1935,
residents of Virginia.
$4,500,000 in bank loans, of which $3,500,000 is represented by a note to
Dated Feb. 15 1935; to mature serially 1938-1945. Principal and int.
the Chase National Bank, New York, and 31,000,000 by a note to the
payable Feb. 15 and Aug. 15 at the office of Mountain Trust Bank. Roanoke,
Mississippi Valley Trust Co. of St. Louis.
Va , trustees. Denom. $1,000 and $500, registerable as to principal only.
The road also has asked authority to repledge $6,327,000 in general and
Red. by lot or as a whole on any int, date on 30 day's notice at 101 and hit,
refunding mortgage bonds and $126.000 in Southern Illinois & Missouri
Secured by a first closed mortgage on real estate in the City of Roanoke,
Bridge Co. first 4s for the loan....
Va., with improvements, improvements consist of a modern 9
-story brick,
The company also has applied'for approval of extension of five years
steel and concrete building with finished basement, fronting on Franklin
from June 1 1935 of a 17.827.000 RFC loan maturing on that date. The
Road, known as Medical Arts Building. The land and buildings have been
road offers no change in collateral from that at present deposited, plus the
appraised as follows: land, $77,350; building. $301,300; total, $378,650.
unconditional guarantee of the Southern Pacific Co. for collection of
Gross rentals and other income from June 1 1930, at which time the
principal and interest of the Cotton Belt's note to the RFC.
building was ready for occupany, to Nov. 30 1934, incl
The Cotton Belt in its application estimates valuation of its property
$265,776
Operating expenses, taxes, insurance, maintenance
as of Feb. 28 1935 at $84,338,693. c..
120,386
,
Depreciation__ %%
28.401 -- - Ended Dec. 31
Fillf.f
Traffic Statistics Years
193a..,
- 1934
1933
Balance available for interest on first mortgage bonds, after
97,732
193.445
132.757
No.of pass, carried earnings revenue_
depreciation
$116,988
25,997
No. of passenger carried one mile--- 12,253,585 9.581,808 11,305.462
Average annual net income for the 4%-year period
.4
No. of passengers carried 1 mile.Maximum interest requirements on this bond issue
11.000
663.7.3064
5,057
5.908
per mile of road
In addition to the $200,000 1st mtge. bonds the company has $30,000
98.04
85.16
Aige. distance carried (miles)
preferred stock and $149,900 common.stock outstanding, which was largely
$236,034
3213.939
$186.206
Total passenger revenue
sold to doctors in Roanoke at par. Practically all of the preferred and
1.7779
1.1059
1.9053
Avge. amount rec. from each pass
common stocks are owned by the doctors.
0.0194
0.0209
0.0175
Avge. receipts per passenger per mile
No.of tons carried offreight earn.rev. 4,021.877 3.826.023 3.574,839
oman Catholic Archdiocese of Toronto
-Bonds Of- Number of tons carried one mile..__ _1177,451,5981048,663,798912.910,121
fered-J. L. Graham & Co., Ltd., Toronto, are offering Number of tons carried 1 mile per
553.405
477.079
644,342
mile of road
at 98% and int. $1,500,000 4% 1st (closed) mtge. sinking Avge. distance haul of 1 ton (miles)
255.37
292.76
274.09
fund bonds, non-callable until April 1 1940. Bonds are Total freight revenue
313,236,491 312.188.80 $11,563,002
Avge. amount received for each ton
dated April 1 1935 and mature April 1 1945.
3.1858
3.2346
3.2911
of freight
The Diocese of Toronto was created in 1841 and incorporated in 1845
0.0116
0.0127
0.0112
Average receipts per ton per mile_._ _
by an Act of the Legislature of the then Province of Canada as the"Roman
6,042.73
6,432.32
7,243.46
Freight revenue per mile of road
Catholic Episcopal Corp. for the Diocese of Toronto, in Canada." In
5.1552
5.0613
5.0054
Freight revenue per train mile
1870 it was elevated to the rank of Archdiocese, but the corporate name
314.125,660 $12.953,394 $12.554,433
Operating revenues
remained the same. It owns all the parochial assets in the Diocese with
6.560.84
6,835.82
7.730.05
Operating revenues per mile of road
all attendant properties, such as churches, presbyteries, parish halls, &C.
3.6677
3.6295
3.6815
Operating revenues per train mile
The present bond Issue will be a direct obligation of the corporation and
9,891.149 9,063,694 10,535.230
Operating expenses
will also be specifically secured by a first (closed) mortgage on several large
5,505.62
5,412.78
4,783.13
Operating expenses per mile of road
properties in the City of Toronto (Including St. Michael's Cathedral).
3 0778
2.5779
2.5396
Operating expenses per train mile
having a total value in excess of $3.000,000. Adequate fire insurance will
..4.234.511.23 3889,699.94 2019202.21
Net operating revenue
be provided under the supervision of the trustee.
1.055.22
2.052.69
2,317.27
Net operating revenue per mile of road
The proceeds of this issue will be applied to the reduction of banking
0.5899
1.1036
1.0899
Net operating revenue per train mile_
indebtedness, incurred in part to pay off mortgages and bond issues due
Note-Number of tons of company freight carried (not included in revon April 1 1935.
table) during year ended Dec.31 1934, was 474.841 tow
enue freight in this
and for the preceding year 368.525 tons. ..
Rossia Insurance Co. of America-Earnings
-Consolidated Earnings for Calendar Years.
Calendar Years1934
1933
1931
• 1931
-,
.. 1932
- . 1934 - 7 1933
RevenuesSurplus brought forward $1,352.632 $2,097.912 $311 19
.9 2
3 .921 $3.002,688
313.236.491 $12,188,801 311,563.003 316,385.466
Frieght revenues
Prem.res.fr. prey. year_ 2.523,555 3,020,390 4,245.940 7,538.394
236.034
435.326
186.206
213.939
Passenger
3,793,292 3.109.349 3,743,129 5,686.379
919.552
598.328
521.489
439,372
Mail, express. &c
Lossres.frons prey. year
785.599
802,601
939,640
1.335.633
210,028
157,068
139.016
153,741
Incidental,&c
Int. & rents earned
222,017
279,433
369,767
598,935
Gain from investments_ _
225,476
Total oper. revenue.. 314,125,660 $12,953 395 312.554.433 $17,950.372
Decrease in other res'ves
245,013
595,815
560,000
ExpensesDecrease in reserve for
1 438.431. 1338,052 1.963.175
Maint. of way & struc-- 1,507.457
di vidends payable
165.000
1.826.539 2
,117.995 2,613.083
Maint. of equipment...... 2.034.065
Transf.fromcap.to surp.
1,500.000
1.126.188
975.275
816,286
817,216
Traffic expenses
4,717.391 4,197.926 4.562.257 5,930.225
Transportation
$8,902,571 $9.554,700 $13,014,214 $20,387,028
1,041.652
1.026.559
784,513
815,020
General, Stc
Disbursements
Commission
$1,406,405 31.145.930 31,476.471 $1,982.079
Total oper. expenses- 39.891.149 39.063.695 $10.535.231 312.659.230
Losses paid
1,872,178
1,954,616 3,087.105 5.440.193
3,889,700 2,019.202 5.291.142
4,234.511
Net earnings
Loss reserve
939.640
802,601
727.791
785.599
866 684
980.872 1.063.385
832.250
Tax accruals
Premium reserve
2,663,560 2,523,555 3,020,390 4,245,941
5.174
6.865
7.837
8.868
Uncollectibles
Expenses
647.475
379,882
491.016
403,833
Dividends(cash)
660,000
120,000
Operating income-- $3,393,393 $3,017,842 $1,030.493 $4.220,892
Res.for security deprec
1,530.815
Other Ry. Open. Income
Miscellaneous
11.036
2,696
21.149
25.350
21,421
19.806
Rent from locomotivesReduction in book value
2.210
646
.315
2.685
Rentfrom pass. train car
of real estate
101,612
4.804
2.228
3.170
3.085
Rent from work equip__
Loss from investment
312.003
316.778
307.798
289.513
facility rent income
Joint
profit and loss items_ _
2,293
1,820.963
1,299.835 2,036,020
Total ry. oper. income $3,708.482 $3 351,227 $1,368,402 34.568.470
Surplus
31,706.509 $1,352,632 32,097.912 $3,119,921
Deductfr. fly. Oper.Inc.
$805,290 $1,208,946
3853.008
31,028.097
Comparative Balance Sheet Dec. 31
Hire of freight cars
3.189
1.506
2.556
Assets1.793
Rent for locomotives......
1934
1933
Liabilities1934
1933
26.861
24 304
28.421
Cash
14.168
Rent for pass. train cars
$1.080.527 $570.057 Premium reserve_..$2,663.560 $2,523.555
3.524
6.081
6.226
Bonds & mortgage 2.077,901 2,363,623 Reserve for losses.. 727.791
6.519
Rent for work equip_
785.599
718.604
712.845
676.443
699.260
Stocks
Joint facility rent deduct
2,192,340 2,567,054 All other liabilities 139,200
88,000
Funds held by
Reserve for conceding co.'s.. _ _ _ 331,391
Net ry. oper. income $1 958.645 31.789.740 def$186.791 32.607.346
763,214 tingencies
58,649
779.986
136.657
83.275
79,402
86.937
Balances due from
Total non-oper. incomeCapital
1,500.000 1,500,000
cos
641,364
Surplus
1,706,509 1,352.632
$2,045,582 $1 869,142 def$103.516 $2,744,003
Collateral loans_ _ _
Gross Income
197,557
Accrued Interest__
Deduct from Gross Inc.
31,108
38,829
$2.090
$914
$1 399
Real estate
$11,341
Miscell.rent deductions
435,717
435,717
522
496
296 t
Market val. of for398
Miscell. tax accruals_
11.080
1,698
13.151
eign exch. over
3.457
Separately oper. pro.loss
3,142.602 3,358.345 3,094.049 2.594.840
book value
Int. on funded debt
93,718
407,939
251,419
Other assets
18 732
27,726
Int. on unfunded debt
5,356
Maintenance of invest325
Total
mentorganization_
$6,795,709 $7,029,772 Total
86,795,709 87,029,772
20,140
18.057
14,598
15,169
Miscell,income charges-V.140, p. 1670.
$291,917
$1,145,437 $1,536.894 $33.471,325
Net deficit
Royal Dutch Petroleum Co.
-Final Dividends‘ehhe G
The company declared a final dividend of 73 % for 1934 on
Condensed Balance Shee (Entire System) Dec. 31
,
5
For 1933 the final dividend was 6%. No interim dividends were May 15.
1933
1934
declared
1933
1934
in either year.
-V.140, p. 648.
$
Assets$
Common stock_ 17,186,100 17,186,100
Road and equipRutland RR.
-Earnings
124,222,906 128.255,198 Preferred stock.. 19,893,600 19,893,600
ment
Period End. Mar. 31- 1935-Month-1934
4,485,267 Bonds (see "Ry.
1935-3 Mos.-1934
Inv.in affil. cos „
Railway oper. revenues_ $249,639
Other investm'ts 7,041,508 7,009,474 & Ind. Comp") 78,532,228 79,046,626
$291.288
3740,106
3800.973
Railway oper. expenses_
260,406
Miscell.invest.... 1,343.320 1,440.747 Non-negot. debt
277.945
774,469
792.076
Railway tax accruals_ __
794,074
794,074
625.770 to affil. cos__
376.281
19,960
19,963
58,703
Cash
60,047
Uncollec. ry. revenues__
650,551 Traffic & car ser28
40
Special deposits_
710,961
18
Equip. & it. fedi. rents *
vice balances
Agents and con2,681
1,688
13.008
11,752
126.892
152,824
91,341 apayable ____
52,991
ductors' bals _
Net oper. deficit
402,354 Accts. & wages.. 1,520,798 1,454,812
34,932
417,682
328,074
380.099
Traffic, &c., bal.
$39,416
Miscell. & non-op. inc_ _
640,577
647.058
2,950 Int. & diva. due
9,444
5,412
6,105
13.829
Loans & bills rec.
15,879
45.178
59,130
495,468 Miscell. sects....
521,194
Miscell. sects_ _
Gross income
271,179
262,961
$1.172 def$66,269 def$23.536
def$22,661
4,117 Int., &c., accr'd
Int. & diva. rec..
4.000
Deduc'ns fr. gross inc
432,000
389,685
34,979
35,218
105,658
Mat'l & supplies 1,204.332 2,331,189 Tax liability _ __
106,529
7,041 Prem.on funded
0th. curr. assets
5,533
Net deficit
7.626
7,626
357.641
$34,046
3171.927
debt
Work, fund ad$130.066
• Credit balance.
20,761 Accrued deprem 7,202,841 7,624.228
vances
20,821
-V. 140, p. 3056.
214.526
210.791
Other def. assets
15 0th.unadj. sects
15
118,323
277,355
Other def Bab
"Thloseph T.) Ryerson & Son, Inc.
-Removed from Other unadjusted 287,418
277,192 Add'ns to prop.
debits
Unlist d Trading-e---- L _
.
thru income._ 17,182.967 17,182,809
Funded debt reThe New York Curb Exchange)
4
w.
removed from unlisted trading
tired thru inprivlle
the 15
-year 5% sinking-find gold debentures, due Nov. 1 1943.
come & surpl_ 1,093,551 1,093.552
-V. 140, p. 1842.
70,913
70.914
Misc,fund res
164,979
164,979
Saratoga & Encampment Valley RR.
0th. approp. stIr
-Application
5,003,939 def268,557
Deficit
Dismissed
The application of the company for authority to abandon its line of railroad has been dismissed by the Interstate kCommerce Commission at the
request of the company.
-V. 127, p. 405.
c
---- t. Louis County Water Co.-lieftestrittrr----•
(Refunding of the company's $2,800,000 5;is and $1,000,000 5s with a
neW-Issue of 4% bonds is said toZe been arranged privately through
Edward B. Smith & Co., New York The bonds are being called as of
June 1 at 105. Interest charges un
the new issue will amount to about
$152.000 annually, whereas charges under the present issue amount to
140,645,544 146,099,439 Total
140,645.544 146,099,439
-First Week of May- -Jan.I to May 7
Gross earnings
$291,500
$296,478 $5,488,296 34,917.116
-V. 140. p. 2368, 2719, 2877, 3229.
Total
. "Seaboard Air Line Ry.-Refunding Plan
----
A plan for the exchange of equipment-trust certificates of the-company
for receivers' ceritifcates and the refunding of receivers' certificates now
outstanding has been forwarded to owners of these securities by,Legh R.
3402
Financial Chronicle
Powell Jr. and Henry W. Anderson, receivers at the direction of the U. S.
District Courts for the Eastern District of Virginia and the Southern District
of Florid).
N. The plan includes a provision for the
exchange of $9,145,000 of receivers'
certitcates due on Feb. 1 1935, into receivers' certificates due on Feb. 1
1945, par for par.
The exchange of outstanding equipment-trust certificates,
$12.250,000, par for par, into receivers' certificates maturingaggregating
on
1945 also is provided for. The new certificates would bear interest Feb. 1
from Feb. 1 1935, to Feb. 1 1938: 3% from Feb. 1 1938, to Feb. at 2%
1 1940,
and 3% thereafter to maturity.
# The plan provides also for the exchange of $4,470.000 receivers' certificates, Series B and C. into an equal principal amount of receivers' certificates. Series BX, maturing Feb. 1 1940, and beaming interest at 4%
annually.
pi Postponement of mortgage foreclosure sales and of impounding of income
,
by underlying mortgage trustees until Feb. 1 1940. unless required by the
court, and payment of interest on certain underlying bonds are provided.
Further detail will be given another week.—V. 140, p. 3230.
St. Joseph Ry., Light, Heat & Power Co.—Earnings—
Income Account for Year Ended Sept. 30 1934
Gross operating revenue
Operation and maintenance expense
$2,435,705
1.476,488
Net operating revenue
Other income
$959.217
9,763
Total operating revenue
Interest on funded debt
Amortization of bond discount and expense
Interest on other debt
Federal and State taxes on bond interest
Provision for loss on balances in closed banks
Interest capitalized on construction
$968,980
366,350
14.878
7.787
2,395
1,500
Cr116
Net inc. before Fed.inc. tax & prov.for replacements, &c._. $576,185
Provision for Federal income tax
28,500
Appropriation for replacements, as determined by company_ __ _
245,500
Amortization of abandoned street railway property, as authorized by Public Service Commission of State of Missouri
7,850
Net income
$294,335
Previous surplus
942,311
Reduction of liability for tokens outstanding in hands of public_
6.000
Total surplus
$1,242,646
Amount charged to surplus re-acquisition Buchanan County
Power Transmission Co
79,117
Additional Federal and State income taxes for 1932
2.423
Preferred stock dividends
78.000
Common stock dividends
105,000
Surplus at Sept. 30
$978,106
Balance Sheet Sept. 30 1934
Assets—Public Utility and other properties (incl. intangibles), $15.353.352: miscellaneous investments at cost (less reserve
sinking fund assets, $187; special cash deposits. $1,275; 845.900). $61,992:
cash in
on hand, $95.372; consumers' accounts receivable (less reservebanks and
$185,688: merchandise accounts receivable, incl. instalment $51,010).
contracts
(less reserve $9,493). $196,720; other notes and accounts receivable (less
reserve 817.381). $8.476; current accounts with affiliated companies,
$2,612; interest accrued, $3: merchandise, materials and supplies (at cost).
$100.708; prepaid insurance, taxes and other expenses. $29,254; due from
Cities Service Power & Light Co.. $200; balances in closed banks and restricted deposits (less reserve $1,462). $281: notes and accounts receivable
(personnel). $3.288: deferred charges. $869,654; total. $16.909,063.
Liabilities
-5% preferred stock (par $100). $1.560.000; common stock
(par $100), $3.500.000;funded debt. $7.327,000: purchase price of property
payable in annual instalments from June 1 1935 to June 1 1946, $18,000:
notes payable (banks). $50,000; notes payable (others; secured by chattel
mtge. on equip.). $51,652: accounts payable. $78,471; current account with
fiscal agent, $3,748; current accounts with affiliated companies,
825,878:
accrued interest on funded debt, $133,254; accrued interest, taxes and other
accounts, $72,261: dividend payable on preferred stock, $19,538: provision
for Federal income tax, $36,135: notes payable (not current).
consumers' and line extension deposits, $43.802: unredeemed $24.015;
tickets.
$12,141: reserves. $2,175.060; special surplus reserve (transferred from replacement reserve). $800.000; surplus, $978.105; total, $16,909,063.—
V. 116. p. 2885.
San Diego Consolidated Gas & Electric Co.(& Subs.)
Calendar Years—
Operating revenues
Operating expenses
1934
1933
$6,842,212 $7,038,022
4.911.556
4,991,468
Net operating revenue
Other income
81.930.656 $2,046.554
11,920
4,661
Gross Income
Income deductions
Provision for Federal income taxes
$1.942,576 $2,051,216
933,688
945,066
96,027
129,000
Net income
Preferred dividends
Common dividends
$912.860
440,475
468,183
$977,150
440.475
528,378
Balance
$4,202
$8,297
Consolidated Balance Sheet Dec. 31 1934
Assets—Cash on hand, demand deposits and time deposits, $2,469.455:
accounts and notes receivable (customers), (less reserve.
$470,270; materials and supplies (at cost). $364.828; accounts $103,047).
receivable
(other). 811,195; interest receivable. $1.304; unbilled electricity and gas,
16,0: property, plant and equipment. $37.734,604: intangibles, $1,327,00
61; deferred charges, $1,547,242; total. $43,942259.
Liabilities—Accounts payable. $170.058: dividends payable on pref.
stock, $110,119; accrued liabilities, $1.000,856; other current liabilities
(indebtedness to affiliate), $2,487; long-term debt, $15,868.000; deferred
liabilities. $459.121; reserves. $8,342.714: 7% Preferred (par $100). $6.292.500; common stock ($100 par, outstanding 100,325 shares), $10,032,500:
earned surplus, $1,663,902; total, $43,942,259.—V. 140, p. 3229.
Sharon Steel Hoop Co.—Stock Contracts—
The company has notified the New York Stock Exchange that contracts
with certain of its officers and employees call for future delivery under
certain conditions of 17.900 shares of common stock at 810 a share, in two
Instalments which become due on April 1 1936, and April 1 19/7. rspectively.—V. 140, p. 2199.
air--(/L4
Shell Transport & Trading Co., Ltd.—Interim til
The Chase National Banrof the City of New York has received infolkation from its London office that at a meeting held on May 15 1935, the
directors of this company declared an interim dividend at the rate of 2 shillings 6 pence per British ordinary share, payable in London on July 0 1935.
This is equivalent to 5 shillings per "American share."
Further notice of the rate and date of payment of the dividend in New
York will be given by the Chase National Bank of the City of New York
at a later date.—V. 139. P. 3165.
May 18 1935
(b) In the event of such authorization of such proposed sale, to take
action upon the following resolution adopted by the board of directors of
Simms Petroleum Co. by a majority of its whole board at a meeting
called for that purpose and held on May 14 1935: "Resolved,that It Is deemed
advisable, in the judgment of the board of directors of this company, and
most for the benefit of this company (provided that the proposed sale by
this company to Tide Water Oil Co. of all the capital stock of Simms 011
Co. shall have been approved by stockholders of this company), that this
company should be dissolved."
Edward T. Moore,President,in a letter to the stockholders
dated May 14, states:
An offer has been made by Tide Water Oil Co. (Okla.) to purchase the
stock of Simms 011 Co., the subsidiary owning the producing oil properties.
Directors believe this offer to be an advantageous one and have accepted it,
subject to the approval of stockholders.
A brief summary of the more important provisions of the agreement
between the two companies follows:
(1) The purchase price IS $8.775,000 plus interest. Of this, $4,620,000 is a
fixed payment and the balance of $4.155.000 is a contingent payment to be
paid if, as and when oil is produced. The fixed payment consists of 82.620,000 cash and $2,000,000 in notes both with interest at 3% from May 11935.
The notesare divided into$1.000,000 maturing in six months and $1,000,000
maturing in 12 months. Instalments on the contingent payment will be
paid monthly in an amount equal to one-fourth of the value of the net oil
and gas produced from the properties except that for each of the first 36
months the instalment will be one-fourth of such value less $6.250 and except as such payments may be otherwise reduced under the terms of the
agreement, In addition, interest at 3% from May 1 1935 is to be paid on
the outstanding unpaid principal of the contingent obligation.
(2) An escrow fund of $500.000 will be created to provide against miscellaneous undetermined liabilities. 8400.000 of this escrow fund will be
provided immediately by Simms Petroleum Co.and the remaining 8100.000
in equal monthly amounts during the first 36 months out of the instalments
on the contingent portion of the sale price.
(3) The assets to be owned by Simms Oil Co. at the time of the sale will
consist primarily of all its producing and undeveloped oil properties in
Texas, Oklahoma, New Mexico, Kansas and Louisiana, together with the
property used in connection therewith. The oil refineries, marketing facilities
and other property, as well as certain cash, accounts receivable and oil
inventories, will be removed from Simms Oil Co. prior to the sale.
(4) The value of the oil in the lease oil run tanks on May 1 1935 will be
added to the purchase price.
(5) If certain taxes or ram= 011 Co. for the 4 2-3 years from May 1
1935 to Dec.31 1939 are less than $200,000, Tide Water Oil Co. will pay to
Simms Petroleum Co. when they are finally determined a sum equal to the
difference between the aggregate of these taxes and 8200.000.
(6) The business of SIMMS Oil Co. In donnection with the assets to be
owned by it at the time of sale will be conducted from May 1 1935 for the
account of Tide Water Oil Co.
(7) Tide Water Oil Co. will be protected against contingent liabilities of
Simms 011 Co. and will be protected under warranties of title. to the extent
of the escrow fund and the portion of the contingent obligation and interest
thereon at any time remaining unpaid or withheld but will have no other
recourse against Simms Petroleum Co.
(8) The agreement contains provisions for determining the amount of
liability under warranties of title. and provisions for withholding instalments of the contingent obligation when liabilities are established.
The consolidated current assets and liabilities of Simms Petroleum Co.
as of March 31 1935, including therein only those assets and liabilities of
Simms Oil Co. which are to belong to or to be assumed by Simms Petroleum
Co. under the proposed sale (exclusive of any materials inventory) were
approximately:
Cash
81.056.000
Accounts, &c., receivable
438 000
Oil inventories
361,000
Less: Current liabilities
$1,855,000
418.000
Balance
$1,437,000
Arrangements have been made to discount the above described
$2,000,000 of notes. There will therefore be,if the notes are so
discounted, immediately available from the proceeds of the
proposed sale to Tide Water 0110o.,approximately
4,620.000
Making a total of
$6.057.000
It will be necessary on the consummation of the sale to expend
or reserve funds immediately for the following:
Initial deposit for escrow fund
$400,000
Commission on sale
131.625
Legal fees
80.000
This will leave net current assets of annroximatt3lv _
$5,445.375
_ The amounts available from the foregoing will be affectecrby the results
of operations of Simms Oil Co. for the month of April, and other minor
adjustments under the agreement with Tide Water Oil Co.
It is contemplated that, if the sale is approved, distribution of $10 per
share, or approximately 84.630.000, will be made to stockholders promptly
out of funds available from the foregoing sources, leaving a balance of
approximately $800,000 of net quick assets, consisting of cash, together
with certain receivables and inventories to be converted into cash as
promptly as circumstances permit.
The remaining fixed assets of Simms Petroleum Co. will consist generally
of the producing properties at Smackover. Ark., the refineries at Smackover and Dallas, pipelines, marketing stations, and certain minor material
inventories. It is the intention of the directors to liquidate these assets as
promptly as is consistent with obtaining fair values. It is not now possible
to estimate with accuracy what may be obtained for these assets. In the
company's annual report dated March 12 1935. it was stated that "a
program for discontinuing all marketing operations was put into effect,
and the two refineries were shut down." it has been the company's intention to dispose of all marketing and refining assets whether or not the
sale of the stock of Simms Oil Co. is consummated, as these facilities have
been unprofitable for a number of years.
!After the proposed initial distribution of $10 a share, it is contemplated
that further distributions will be made to stockholders,from time to time,
as and when substantial funds may become available from the sources above
mentioned (namely, realization from receivables and oil inventories, disposition of the remaining fixed property, receipts on account of the contingent payment from Tide Water 011 Co. and surplus available on liquidation of the escrow fund), after providing for expenses as indicated above.
'*The directors have authorized the Payment in the event that the sale is
consummated, of a commission of 1 % of the purchase price of 88,775.000
or $131.625 to Lehman Brothers and their associates for their services in
negotiating the sale. None of the four directors interested in such commission, namely Messrs. Bunker, Gutman, Megear and Weeks, voted
with regard to it.
[rectors believe that the proposed sale and dissolution are desirable for
e stockholders and recommends their approval.
Earnings for 3 Months Ended Mar. 31 1935
(Including Simms Oil Co.)
Sales of crude oil, gas, &c. (Incl. crude oil & gas used in operations
and development)
$653,257
Crude oil purchased. $14,003: decrease in inventory of crude oil,
861.361
75,366
Operating expenses
275.986
Operating income
Other income
$301.905
10,235
Gross income
Income charges
$312,140
210.307
Simms Petroleum Co. To Sell Unit to Tide Water Oil
Co.—Dissolution to Be Voted on by Stockholders
Net income
Charges applicable to properties not in use
$101,834
43.764
A special meeting of stockholders will be held June 17, r the following
Purposes:
(a) To authorize the proposed sale by Simms Petroleum Co. to Tide
Water Oil Co. (Okla.), which the board of directors deems expedient and
for the best interests of Simms Petroleum Co., of all the capital stock of
Simms Oil Co. owned by Simms Petroleum Co.
Net income for the period
$58,070
Note—The above statement does not include charges for depletion,
depreciation, loss on property retirements. &c.. aggregating $172.425.
Of this amount $5.111 was charged to reserve for abandonment of leases
and contingencies, and 8167.313 was charged to reserve for revaluation of
certain properties. &c.
Siscoe Gold Mines, Ltd.—Earnings3 Months Ended March 31—
Net income after deprec., taxes & ot er charges
—v. 140. p. 1155.
19'15
$264.839
1934
$293,086
V olume 140
Financial Chronicle
Consolidated Balance Sheet
AssetsMar.31'35 Der. 31'34
Mar.31'35 Dec. 31'34
Cap.stk.(par $10)$4,827,710 54,825,620
•Property, tanks.
338,442
pipe lines. &a_ -63,800,998 53,683,939 Accounts payable_ 308,214
Cash
986,278 Accrued taxes, in1,056,977
82,733
94,799
Investments
13,348
terest, &c
12,839
16,907
17,104
Due from officers
Fed. Income taxes_
and employees
344
175 Reserve for con175,434
tingencies, &c_ _ 170,322
b Accounts. ilote9
and accurals reRes. for coating.
ceivable
437,831
434,029
loss in title liti81,144
70,712
820,018
Inventories
773.013
gation
1,353,211 1,352,481
Deferred assets_45,128
48.860 Capital surplus_
692,819
P.& i. deficit_ _ 886,134
Total
55,773,937 $5,939,942
$5,773,937 55,939,042
Total
a After depreciation, depletion and revaluation. b After deducting reserve for doubtful notes and accounts.
Note
-The companies had contingent liabilities of 51,060.369 at March 31
1935 on account of deferred payments for sundry leases to be made if, when
and as oil is produced and sold. Of this total contingent liability $943,812
is payable out of one-fourth of net production from one lease which produced approximately 3%% of the companies' total net production for the
3 months ended March 31 1935.-V. 140, p. 2552.
Silver King Coalition Mines Co.
-Earnings--Earnings for the 3 Months Ended March 31 1935
Net profit after taxes & depreciation but before depletion-556,955
Earnimes per share on 1,220,467 shares, par $5, common stock_
$0.04
-V. 140. P. 115 .
5
Sinclair Refining
Purchase of Richfield Oil Co. of
3403
Weekly Output
Electric output for the week ended May 11 1935 totaled 80,041.600 kilowatt hours, a decrease of 3.3%•compared with the corresponding week last
year.
-V. 140, p. 3231.
Standard Oil Co. (Ind.)
-Would Restrain New Jersey
Company
The company filed suit in Federal District Court, St. Louis, May 15 to
enjoin Standard Oil Co. of (N. J.) from offering petroleum products for
sale under the name "Esso" in the 14 States in which a Standard of Indiana
markets such products. The suit is an outgrowth of recent opening of three
service stations in St. Louis under the sign "Esso" by a subsidiary of
Standard of New Jersey known as Esso, Inc.
The bill of complaint states in substance that for about 40 years prior to
the appearance of the "ESSO" signs in St. Louis the Indiana company has
sold its products under its trademarks "Standard," "SOCO," "SO" and
others and that many millions of dollars have been spent on advertising of
these marks to identify them with products of the Indiana company.
It charges that the term "ESSO" is being placed on the Jersey stations
and products in St. Louis as part of a scheme by that company to avail
itself of the benefits enjoyed by the Indiana company from its building up
of the Standard Oil name and to "appropriate without expense,fraudulently
and unfairly, the good will, reputation, celebrity and public confidence
which the plaintiff has built up."
-V. 140. P. 2881.
Standard Oil Co., Inc. (N. J.)
-Report for Year Ended
Dec. 31 1934-W. C. Teagle, President, and W. S. Parish,
Chairman, state in part:
Company Production-Eliminating from the total such crude oil as the
subsidiaries produced for other interests, 1934 showed an Increase of nearly
32.000,000 barrels in total domestic and foreign production, the total
New York Consummat
- production being 179,336.119 barrels, a daily average of 491,332 barrels;
ee Riefhield Oil Co. of Calif.
the production in the United States averaged 156.523 barrels daily, or a
V. 140, p. 485.
total for the year of 57.130,780 barrels, these figures including royalty oil.
Natural flow accounted for
the production, air and gas
South Bay Consolidated Water Co., Inc.
-Earnings
- and pumping 22% with only627 of change in the percentages forlift 16%
a slight
the pre12 Months Ended March 31
ceding year. Reduction in the company's stocks of crude oil throughout
1935
1934
Operating revenues
$482,834
$472,980
the world is shown in the figures for four years. beginning with the latest
General operation expense
154,086
year, 39,613,836 barrels, and going bark three years-39,827.173 barrels,
163,735
Rate case expense
27.861
40.982,033 barrels and 43,927,960 barrels.
20.624
Other regulatory commission expense
At the end of the year 11.962 wells producing oil or gas, an increase of 580,
7,862
1,526
General expenses transferred to construction
Cr5,812
were operated by the various producing units. Of these wells 8,586 were
Cr7,931
Provision for uncollectible accounts
5,814
in the United States. Shut in aa part of the conservation program on for
6,860
Maintenance
other reasons, were 1,087 additional wells.
29.579
27.276
Taxes
In theforegoing figures our 507 interest in the operations of the Standard48.121
47,128
Vacuum Oil Co. in the Far East is included.
Net earns before provision for retirements and
The company's present reserves of petroleum in the ground at home and
replacements
abroad we consider adequate for the proper carrying on of our business.
8221.655
5207.423
Other income
This oil is being produced at an average annual rate of approximately 5%.
24
425
Our search for new fields continues and we confidently expect to maintain a
Gross corporate Income
strong reserve position.
5221.680
$207.849
Interest on funded debt
Pipe Lines
-The Irak line in Mesopotamia. in which this company is
158.105
158,105
Interest-parent& affil.companies
interested, loaded its first cargo of oil at Tripoli (the northern terminus), in
35,405
31,257
Miscellaneous interest
October. The line is running at its capacity of 84.000 barrels daily.
1,115
4,419
Amortization of debt discount and expense
There was a slight increase in mileage of trunk pipe lines operated in 1934
12,175
12,175
Interest charged to constructoin
by subsidiaries and affiliated companies, the new figures being 4,250 miles;
Cr189
Cr103
Provision for retirements & replacements
they delivered to terminals 100.044.415 barrels of crude oil, approximately
14.000
15,500
Interest accrued during year on Federal income
5.000.000 barrels less than in 1933. In addition, there were handled in
taxes for prior years
connection with other carriers, 19,350,000 barrels of crude oil, an Increase
135
of about 9,000,000 barrels as compared with the volume of this business
Net loss
in the previous year.
$13.13.39 prof$1,067
The Ajax Pipe Line Co. moved 21,050.800 barrels of crude, not included
Balance Sheet March 31 1935
In the foregoing figures.
Assets-Plant, property, equipment, &c., $6,611,974; current assets,
During 1934 there were decreases on tariffs which substantially reduced
$137,795; debt discount and expense in process of amortization, $183,651;
pipe line earnings.
prepaid accounts, deferred charges, and unadjusted debits. $10,063; total.
Natural Gasoline-Our domestic productiion was 1,704,082 barrels as
$6.943.485.
compared with 1.597,759 barrels in 1933, an increase of 6.65%. In foreign
Liabilities
-Funded debt, $3,157,500; due to parent and affiliated comoperations our companies increased productoin to 2,678,650 barrels. 22.03%
panies, $529,750; current liabilities, $220,744; consumers' deposits, $2.518;
over 1933. The combined increase was 15.55%.
deferred income and liabilities, $105,179;reserves,$434.773;6% cum. pref.
Standard Shipping-Construction of one new tanker, the purchase of
stock, $1,044,400; common stock ($100 par), $750,000; capital surplus,
another, the scrapping of four old ones and the sale of one brought the
$516,265; earned surplus, $182,354; total, $6.943,485.-V. 140, p. 2552
combined fleet of company subsidiaries to 194 tankers, totaling 2,027,617
deadweight tons at the close of the year.
The movement of 167,700,000 barrels last year set a new high record for
Southern Canada Power Co., Ltd.-Earnittgs-the ocean-going fleet. compatins with 149.000,000 barrels in 1933 and 130.Period End. Apr. 30- 1935
1935-7 Mos.-4934
-Month-1934
000,000 barrels in 1932. Shipments of fuel oil from California to U. S.
Gross earnings
$177.343 51,259.085 51.280,229
$175.603
Atlantic ports, which commenced in the fall of 1933, continued in large
Operating expenses
462.851
65,238
495,597
69.721
volume throughout 1934. All our tankers in suitable condition were kept
fully employed, and freight rates remained steady at the improved levels
Net earnings
$112.105
$826,376
$105,882
$763,488
reached late in 1933.
-V. 140, p. 2720.
Domestic Marketing
-The consumption of motor fuel resumed its former
long-time trend, showing a gain of 7.68% over 1933. Prices were relatively
---Sol:horn Gas Co.
-R oved from Unlisted Trading-er-h........- stable in the first three-quarters of the year, with some isolated price wars.
The
(New York Curb Exchang has removed from unlisted trading privHowever, in the final quarter a severe competition for gallonage in much
lieges
1st mortgage 634% ale ing fund gold bonds, due Nov. 1 1935.of the field served by our subsidiary and affiliated companies carried the
V. 140, p. 1500.
retail price of gasoline to a very low level.
Natural Gas Companies
-The year 1934 showed an upturn in this branch
Southern Ry.-Earningsof the business over the year 1933, notwithstanding the slump in industrial
activities in the summer and early autumn.
-First Week of May- -Jan. 1 to May 7The companies distrubting natural gas directly to domestic consumers
Period1935
1934
1935
1934
recovered approximately 20,000 accounts which, with those added in the
Gross earnings
91,932,556 $1,957,292 $36,202,048 937.207.122
latter part of 1933 when the improvement first became roticeable,represent
-V. 140, p. 3231.
over 50% of the number lost from the high point of April 1930.
Our older group of natural gas companies in the States of West Virginia,
Spatig, Chalfant & Co., Inc.(& Subs.)
-Earnings
Pennsylvania and. Ohio marketed 79,333,733,000 cubic feet of gas, an inPeriod Ended March 31
- 1935-3 Mos.-1934
1935-12 Mos.-1934
crease of 11% over the volume of the previous year. This gas went to
Gross inc.from °per_ _
$558,703 $3,657,762 81.789.488
5793.935
654,814 consumers in 240 cities and towns. During the year a vigorous
Selling & gen. expenses_
218,127
196,627
campaign to increase sales of gas for household heating purposes added
852,071
757,866
approximately 35.000 new gas burning units.
Net inc. from oper_ _ _
The Interstate Natural Gas Co.increased its deliveries 18% over 1933 and
$362,075 92,805,691 91,031,621
$575,807
Income
Other
5% over 1931, the previous high year.
24,092
274.713
84,831
78,879
The sales of Mississippi River Fuel Corp.(a minority interest company),
Total income
were materially larger than in 1933, the volume increasing 7.8% and the
9386,168 $3,080,404 $1,110,501
$660,639
Depreciation
gross revenue 9.6%. This improvement reflected the increased industrial
256.082
321,788
1,206,991
1.025,346
Interest on 5% 1st mtge.
activity throughout the territory served.
bonds
gold
Natural Gas Pipeline Co. of America (a minority interest company) after
92,741
87,481
358,492
377,328
Int.,disct., taxes & misc.
going through the development period, succeeded in bringing its sales up to
74,735
337,941
91,076
363.757
Prov.for Fed.Inc. taxes_
a satisfactory percentage of the capacity of its main line to the Chicago area.
28.389
186,871
Stock Acguisititm-The fourth stock acquisition plan, terminating on
Net profit--based in
Dec. 31 1934, distributed 399.407 shares of Standard Oil Co.(N. J.) stock
part upon book inv. 5131,903 lon.S37,391
and uninvested balances of $363,088 among the 16,525 employees who
5990,107 loas$655.931
completed participation.
Balance Sheet March 31 1935
A grand total of 2.116,202 shares have been distributed to subscribers
Assets-Cash (excl. $22,744 in closed banks), 52.654,455;listed securities
under the four plans, and of these approximately 1.160.000 shares still
at cost (15,515 shares of common stock of United States Steel Corp.,
remain in the names of employees or ex-employees, representing 43 % of
quoted market value $446,056). 82,459.127; notes and accounts receivable
the outstanding stock of the company.
(net). $1,695,647; notes receivable, officers and employees, $49,000; InThe fifth plan was inaugurated On Jan. 11935. 16.345 employees having
ventories (less reserve $459,021), $7,094.711; investments and other assets,
enrolled therein.
$2,225632; land, buildings, machinery and equipment (less reserve for
Taxes-Cost of Government. local, State and National, is still rising and
depreciation of $6,686,903), $18,462,417; deferred charges, $32,433; patents
until this trend Is reversed, further increases in the number and amount of
and licenses, $30,460; total, $34.703,885.
taxes are impending. Between the close of the year under review and the
Liabilities-Accounts payable, V57,705; accrued wages, taxes, &c.,
date of this report. 15 States have adopted or have given consideration to
$349.534; accrued bond interest, payable July 1 1935, 887,350; reserve for
new franchise and income tax laws affecting the oil companies, which are
1934 Federal income taxes, $118,861; reserve for 1935 Federal income taxes
already bearing an undue share of the public tax burden.
(estimated), $28,389; reserves, $194,258; 1st mtge. 20
-year 5% sinking
Exclusive of foreign taxes, which are heavy, our companies paid last year
fund gold bonds, $6,988,000; 6% preferred stock ($100 par), 912,994,000;
in the United States taxes of 837,364.614. In addition, they collected and
common stock (750,000 shares, no par), $3,750,000; earned surplus,
paid consumer sales taxes to the amount of 830.673,656. making a total tax
$9.435,784; total, 534,703,885.-V. 140, p. 2021.
bill upon our domestic business of $77.038,270, or the equivalent of $2.97
per share on this company's stock.
Springfield Street Ry. Co.
Mission Corporation-Shareholders should note for their income tax
-Earnings
returns that the shares ofstock and scrip of Mission Corp. received by them
[As Reported to the Mass. Department of Public Utilities]
on March 15 1935 constituted an ordinary dividend the, value of which was
3 Months Ended March 311935
1934
1933
determined by the average market price of Mission Corp. corrunon stock
Revenue fare passengers carried
5,981,364
6,256.009
on that date. Based on information received from brokers dealing in the
5.578.114
Average faro (cents)_
7.52
7.55
7.47
stock. It appears that the average market value for that day was $9.4375.
Net profit after all charges
956,289
918,390
which we believe properly may be used for tax computation purposes.
loss$751
2021.
-V. 140, P.
Finances
-The prevalence of low interest rates and the prospect of their
continuance over a long period made it advantageous to exercise the call
Standard Gas & Electric Co.
-Meeting Postponed
privilege on the company's 590.000.000 of 5% 20
-year gold debentures
The stockholders annual meeting has been postponed until June lo to
outstanding after retirement of $30.000,000 of the original issue in 1932.
provide more time for completion of annual report which under agreement
Accordingly, notice was given to holders on Nov. 29 1934 that the bonds
with the New York Stock Exchange must be submitted to stockholders
would be redeemed at 102 and interest on Feb. 1 1935. To provide the
16 days in advance of meeting.
891.800,000 required, the company arranged to make bank loans running
3404
Financial Chronicle
for one, two and three years to a total amount of 845,000,000 and to sell
serial debentures maturing in four,five and six years to a total of $37.000,000
the remaining $9.800.000 to be paid out of cash. A substantial annual
saving in charges results from the retirernent.
*During the year the company paid $9.582.021 in cash and delivered
344.743 shares of its stock obtained through market purchases to Standard
Oil Co.(Ind.) in liquidation of its third installment on the purchase in 1932
of capital stock of Pan-American Foreign Corp.
liteDuring the year the Humble Oil & Refining Co. called and paid off its
5% debentures outstanding in the amount of $18,950,000. These were
paid, $5.950.000 out of the company's cash and the balance or $13,000.000
out of bank loans running for one and two years, at an interest rate much
lower than that of the bonds.
The 5.34% debenture stock of the Anglo-American Oil Co., Ltd. of
£1,101,950 has been called for payment on July 15 1935 at 102 and accrued
interest.
Consolidated Income Account for Calendar Years
[Including Affiliated Companies]
1934
1933
1931
1932
$
$
$
a Gross operating income1,017,972,537 779,766,154 1,080,025,773 1,084,926,344
Income from other sources 18,973,269
2,058,074
32,615,457
208,816
Total income
1,038,945,806
Cost,over.and gen.exp
795,270,661
Taxes
44,481,280
b Depreciation,&c
111,633,588
Int. and diet, on funded
and long-term debt_ _
7,058,461
Other Interest
6,120,056
Divs.on pref.stks. of subs.
4,499,489
Inventory loss on crude
and refined products
Profit applic. to min. int _
22,263.311
Net income
Common dividends
45.618,960
31,940,882
14,276,899
1,565,858
15,366,113
24,421,834
11,913,253
25,084,310
31.990,916
282,865
50,628,442
8,704,758
51,205,436
Consolidated Surplus Account Dec. 31 1934
Capital
Appropriated
Surplus
Surplus
Balances, Dec.311933
$113,117,402 517,346,499
Premiums on capital stock sold,&c
1,820,976
Adjustments (net) arising from the Inclusion in the consolidation for the
first time of the accounts of subs., the
principal group being Stanadrd 011
Export Corp. and its subs., and from
changes in ownership in various subsidiary companies,&c
Dr36,029,246
1,092,120
Reductions in deprec. At deple. reserves
of sub. gas cos. approved by Public
Utilities Commissions
Adjustments (net) applic. to prior years:
Revaluation of invs. at Dec. 31 1933
by certain sub. cos. on basis consistent with that applied at Dec. 31
1934
Res. provided for shrinkage in value of
certain toys. In stocks of other cone
Res. provided for claims & other receiv
Plant & equip., the over,of which were
discontinued prior to Jan. 1 1934,
now written off
Addl res, for deprec. & deple. applic.
to prior years
Cancellation of balance of property
write-up by sub. company
D14,047,106
Res, for possible add'i income taxes &
add'! tax /MESS, paid in respect of
prior years
Amounts transf'd by certain sub. cos.
to res. for employees' annuities &
to other reserves(net)
167,900
206,147
Miscellaneous adjustments (net)
Earns, of prior years incl. in approp.
surplus restored during the year to
unappropriated surplus
1)r3,098,558
Proportions of above surplus adjusts.
applic. to min. Mts.in sub.cos
5,195,689
232,338
Balance
380,225,616
Consol. net profit for year ended Dec. 31
1934. per accompanying Inc.statern't_
Totalsurplus
$80.225,616
Cash dividends paid by Standard 011
Co.
(N.J.)
580,225,616
Unapped
Surplus
$377,182.390
Dr9,871,912
11,892,896
1935
$2,529,383
1934
82,773,796
$1.44
$1.58
Stern Brothers-Transfer Agent
Manufacturers Trust Co. is transfer agent for the common stock and also
aent for the exchange of voting trust certificates for common stock.
-V.
139, p. 1099.
Refunding Approved by Stockholders
The stockholders, by a vote of 80% of outstanding shares, on May 10
approved the proposal to Issue $50,000,000 35%% bonds due May 15 1950.
secured by first mortgage. Proceeds will be used to retire outstanding 570
first mortgage bonds due in 1944 and 5% gold notes due in 1940 of approximately the same aggregate amount. On March 27. $43,000,000 of the issue
was sold at par.
G. F. Swift, President. said:
"Our business has been satisfactory so far this year and somewhat better
than for the corresponding period last year.
'There has been some comment about volume in the packing industry
and the effect it may have on results. I am glad to say there has not
been much reduction in our tonnage so far, although the balance of the
year will show some larger percentage of reduction. We would not expect
this to have any serious effect upon our results."
-V. 140, p. 2369.
Telephone Investment Corp.
-New Control
See Anglo-Canadian Telephone Co. above.
-V. 139, p. 2531.
Tide Water Oil Co.
-Offers to Purchase Capital Stock of
Simms Oil Co.
-See Simms Petroleum Co. above.
-V. 140,
p. 2883.
United Gas Improvement Co.
-Weekly Output
Week EndedMay 11 1935 May 4 1935 May 12 1934
Electric output of system (kwh.)---- 70,715,084 71,263,825 66.021,929
-V. 140. p. 3233.
United Light & Power Co.(& Subs.)
-Earnings
Dr4,119,527
D76,748,598
Dr6,305,652
Dr14,025.582
D75.129,257
Dr3,782,905
Dr7.813,502
D71,189,460
3,098,656
5,992,516
12 Months Ended March 311934
1935
Gross operating earnings of sub.& controlled corapanies (after eliminating inter-co. transfers)_ --474,355,286471,798,660
Operating expenses
34.700,195 31.605.741
Maintenance,charged to operation
3,823.405
4,281,129
Depreciation
6,802,868
7,192,668
Taxes. general & income
8,334,072 :7,895,025
Net earns,from oper. ofsub.& controlled cos---$19,847,221 $21,671,619
Non-operating income of sub. & controlled cos---- 1,571,945
1,251,946
Total income ofsub.& controlled companies...421,419,166 $22,923,566
Int., amort'n & pref. dive, ofsub. & controlled cos:
Interest on bonds, notes. dtc
11.430.543 11,491,382
Amortization of bond & stock discount & exp
824.692
668,664
Dividends on preferred stocks
4,258,437
4.258.656
Balance
Propor'n of earns., attribut. to minority COM.stk
85,061.302 86,349.053
1,470,090 :2.064,094
Equity of United Lt. & Pr. Co. in earnings of
subsidiary & controlled companies
$3,591,211
Earnings of United Light & Power Co
9,749
$4,284,958
25.284
Balance
Expenses of United Light & Power Co
$3,600,961 $4,310,243
228,922
268,103
Balance
Holding company deductions:
Interest on funded debt
Other interest
Amortization of bond discount & expense
$3,332,857
$4,081,321
2,319,831
2,315,988
3,791
246,143
$15,978,549 *339,179,960
45.618,960
815,978,549 $384,798,920
31,940,882
$15,978,549 $352,858,038
Consolidated Balance Sheet Dec. 31
1933
1934
1932
1931
Assetsi
$
$
$
Fixed (capital) assets_ __a1,045,928,816 1,022,597,282 1,109,937,984 1,087,059.885
Marketable sec.(at cost)_ 93,852,530
83.258,470
61.772,692 206,604,534
Acceptances & notes ree _ ..
20,718,481
6,457,877
13,457,230
9,382,377
Inventory of mdse. (at
coat or less)
262,144,771 225,387,354 214,129,798 230,433,464
Accounts receivable
112,196,237 121,587,065 168,564,703 151,537,761
Loans to employees
1,201,835
1,121,648
Cash
133,166,645 105,525.187 116,857,704
73,196,486
Miscellaneous securities
1326.586,721
64,824,000
18,806,472
Long-term notes, mtges.
& def. accts. receivable_ 43,402,494
97,053,557
Other investments
c182,428,745 c137,541,087 c72,257,778
80,813,732
Sink. & special trust funds
9,037,337
8,457,285
5,155,996
1,335,218
Pats., copyrt..franch., dm d36,451,347 d37,852,226
38,892.817
42,851,030
Prepaid & deferred chges. 16,101.577
23,908,068
22,158,598
16,989,409
Total assets
1,941,709.974 1,912,234,670 1,888,009,301 1,919,010,368
Liabilities
Capital stock
646,402,025 644,036,625 643,524,125 643,386.700
Funded & long-term debt_ el41,461,816 179,398,236 207,245,001 173,442,017
Accounts payable
81,203,615
75,110,347
92,077,731
66.261,734
Acceptances & notes pay_ 082.391,620
10,975,013
11.848,060
5,404.704
Purch. obits. due (curr.)_ 26,879,954
26,917,210
26,377.908
Accrued liabilities
20,531,240
14,249,821
31,299,175
14,294,566
Deferred credits
5,266,122
3.946,480
5,338,354
7,338,398
Loans from trustees of
annuity trusts
76,367,812
63,802,818
71,708,361
Insurance reserves
27,410,519
25,037,492
31,01/1,217
25,091,689
Reserve for annuities_ _ _ _
7,578,956
17.583,138
3,917,281
63,790,950
Miscellaneous reserves_
3,579,789
8,735,879
2,324,360
5,942,887
Res.for foreign exch.fluct. 26,130,701
24,972.491
Cap. de sure. of min.int., 344,310,428 282,709,708 284,959,859 327,353.304
Capital surplus
80,225,617 113.117,402
76,723,405
77,023,447
Appropriated surplus. _
17,546,499
29,014,890
15,978,550
27,357.929
Unappropriated surplus
352,858,039 377,182,391 416,175,030 486,754,867
Total liabilities
1,941,709,974 1,912,234,670 1,888,009,301 1,919,010,368
a Fixed capital assets: lands, leases, easements, plant equipment, incomplete construction, marine equipment and miscellaneous property,
$2,196,076,141; less reserves for depreciation, depletion and amortization.
$1.150,147.325: balance as above, $1,045,928,816. b Includes 308,320
shares of Standard Oil Co. (N. J.) stock, held for corporate purposes.
c Stocks of corporations not consolidated herein (at cost). d After reserves
for amortization of $9,401,444 in 1934 and $7,973.760 in 1933. a Funded
Sterling Products, Inc.(& Subs.)
-Earnings
3 Months Ended March 31Net earnings after all charges
Earnings per share on 1,750,070 shares capital
stock (par $10)
-V.140, p. 1675.
781,824,228 1,080,234,589 1,117,541,801
595,205.077 914,942,917 928,414;732
24,902,704 *------,Swift & Co.
-Appliesfor New York Stock Exchange Listing
28,016,198
26,895,786
111,976,571 111,334,473 109,823,975
G. F. Swift, President, has announced that the tasninany is applying to
the New Y
; Exchange for listingts stock ibil its first mortgage
Stock
7,285,173
9,846,577
9,360,545
3;(% bonds, which latter have been sold'-.tordelivery on or about June 15
1935
Co
any securities have heretofore been confined to Chicago Stock
Exchange, Boston Stock Exchange and New York Curb Exchange.
Surplus
13,678,078 def6,906,606 def50,345,577 def42,500,678
She. corn. outst. (par 325) 25,856,081
25,761,465
25,740,965
25,735.468
Earns, per share on corn.
$1.76
$0.97
$0.34
$0.1
a Inter-department and inter-company transactions have been exlcuded:
Inter-company profits included in Inventories have not been eliminated.
b Includes depletion, depreciation, retirements and amortization.
Balances at Dec.31 1934
May 18 1935
and long-term indebtedness. Standard 011 Co. (N. J.) 20-yr. 5% debs.,
1946 (called for payment Feb. 1 1935). $90.000,000: An.do-Amffican 011
Co., Ltd., 534% debs. stock (called for payment July 15 1935), £1,101.950
,
($5,445,010); Beacon Oil Co. 10-yr. 67 s. f. debs. 1936 (leas $726,000 in
treasury), $1,028,000: Lycoining United Gas Corp. 5-yr. 6% notes, series
B 1937 (less $3,677,000 in treasury). $3,078,000; Standard Alcohol Co..6%
notes 1937 (less $97,500 in treasury). $52.500: Interstate Natural Gas Co.,
Inc., 10-yr.6% s. f. 1st mtge. bonds 1936($1,278,000,due in 1935),$2.554.000; purchase obligations, miscellaneous notes and bonds (Standard Oil Co.,
Ind., for account of purchase of Pan-American Foreign Corp., $26.377,949:
others, 812,926,356), $39,304,305. f Includes loans payable.
-V. 140
D. 3058.
243,860
Balance transferred to consolidated surplus
$769,165 81,515,397
:Adjusted on account of revision of Columbus (Ohio) efectric rate
ordinance.
Consolidated Balance Sheet Dec 31
1933
1934
LialgtUtes1933
1934
$
Un.Lt. 4 Pr.Co.
Assets$
$
5
Oper. propertie6.449.987,473 447.529,919
Preferred etk- 80,000,000 110,000,000
Investments.... 65,744.106 89.219.681
Common stk_ 13,891,848 13,895,692
15,168,217 12,112,980 Sub. Companies;
Cash
919.708
938.449
U.S.Treas.notes
Preferred stk_ 66,055,255 66,055,841
158,422
148,583
Sundry securities
Common stk.. 31,897.055 31,907.875
2.416,558 Funded debt._263,367.200 282,952.000
234,481
Notes receivable
7,875,453 Notes payable__ 1,759,922 3,750.022
Accta.recelvabie 7,987,581
Accts. payable_ 2,490,690 2.352,273
Accts. rec. for
668,080 Interest
677,903
unbilled serv_
5.017,992 5.057.391
269,201 Dividends
231,669
Int. de(flys. rec.
1,174.542
1.058,216
7,280.965 Fed. income tax
Inventories ____ 7,641.191
828,955
Prepaid expenses
estimated,,., 2,277.725
863,685
1,914,137
Lined. bal. on
General taxes__ 2,860,262 3,062.128
Miscellaneous.
officers'&emp.
81,980
135,464
spec. stk. subDeferred liabirs 2,610.857
2,334.938
script'n agreeitems in suspense
143.959
116,138
431,662
431,662 Reserves
ments
73,737,439 71,166,397
1.799,798 Surp. applic. to
Special funds... 1,743,653
Unamort'd bond
minor. inI.:
discount&stk.
Capital surpl_ 4,993,776 6,714.402
18,001.365 19,712,106
expense
Surplus
14,347,435 14,474,474
Items in suspense 1.312,374
1.435,186 Surplus:
Capital Inapt_
555,509 2,828,023
Earned surpl. 23,939,611 22.794,804
571,112,394 572,658,883
Total
Total
571,112,394 572,658.683
The comparative income account for year ended Dec. 31 vtas published
in the "Chronicle," page 2885.-V. 140,31;4. ••',•
1
•
•
t • ,1 :
United Rys. & Electric Co. o
PIO Approved
The Maryland Public Service Commission htup'a4ovtiel the reorganization plan.
The Commission ruled, however, that before the reorganization can become effective the U. S. District Court must rule on a series of objections
filed by a stockholder.
Court Disallows Sale of Road
Judge William 0. Coleman announced in Federal District Court ,Baltimore, May 16,that the recent sale to the bondholders for 85.595.000 would
be disallowed. His statement followed the conclusion of testimony regarding
reorganization plans of the company. Ratification of the Court was necessary to complete the sale made under receivership proceedings. Following
the sale, the receivers brought proceedings under Section 77B of the Bankruptcy Act. The plans for reorganization were presented at the hearing.
vohisse 14
Financial Chronicle
Charles W. Chase. appointed as a special master in the case, suggested
at the hearing that 25% of the gross revenues of the company be set aside
for maintenance and depreciation each year.
-V.140. p. 3060.
United Light & Rys. Co.(& Subs.)
-Earnings
12 Months Ended Mar.311934
1935
Gross oper. earns, of sub. & controlled cos. (after
eliminating inter-co. transfers)
566326,072464,204,457
Operating expenses
30,656,02628,081.477
Maintenance, charged to operation
3,834,090 3,387,185
Depreciation
6,266,575 5,975,749
Taxes (general and income)
7,855,659 x7,661,292
Net earns, from oper. of sub. & controlled cos__$17,513,719 $19,098,751
Non-oper. income of sub. & controlled cos
1,531,992 1,339,942
Total income of sub. & controlled cos
819.045,712 820,438,693
Int., anion. & pref. divs, of sub. & controlled cos.:
Interest on bonds, notes, &c
10.083.360 10,160,218
Amortiz. of bond Sr stock discount & expense
625.714
770.654
Dividends on preferred stocks
3,028,120 3,028,267
Proportion of earnings, attributable to minority
common stock
1,473.606 x2,070,720
Equity of United Lt. & Rya. Co. in earnings of
sub: & controlled cos
$3,834,911 54,408.833
Earnings of United Light & Rys. Co
8.721
11,438
Balance
$3,843.632 $4,420.271
Expenses of United Light & Rys. Co
178.638
225,338
Balance
53,664,994 84.194,933
Holding company deductions:
Interest on 554% debentures due 1952
1,375,000 1.375.000
Other interest,
352
Amortization of debenture discount & expense
54.161
42,988
Balance transferred to consolidated surplus-- 52.247,005 82,765,419
Prior preferred stock dividends:
7% prior preferred-lst series
275,002
275,029
6.36% prior preferred-Series of 1925
346,212
346,658
6% prior preferred-Series of 1928
620,192
619,488
Balance
$1.006,302 $1,523,539
x Adjusted on account of revision of Columbus (Ohio) Electric Rate
Ordinance -V. 140. p. 3234.
United States Leather Co.
-Earnings
--
Period End. Apr. 30- 1935-3 Mos.-1934
Profit after taxes
$133,769
8131.006
Depreciation dc depletion
115,874
82,692
Interest
4,194
3,246
Net income
$13.701
$45,068
-V. 140, p. 1503.
1935-6 Mos.-1934
$301,959
$212,431
289,919
152.288
6301
4,856
$5,939
$55,287
United Stores Corp.
-Meeting Postponed
-
The stockholders'annual meeting has been adjourned until June 5
of lack of a quorum to vote on proposed amendment of charter tobecause
reduce
the authorized stock. While the company held proxies for a majority of
the stock, it did not hold a majority of each class of stock, which is required
to effect an amendment to the charter.
-V. 140, p. 3061.
United Verde Extension Mining Co.
-Output
-
Copper (Pounds)1935
1934
1933
1932
January
1,790,046
2 690.000 3,014.232 3.043.930
February
1.701,020 2.826.578 2,720.000 3.031.450
March
2,021.016
2.803.708 3.013.188 3.049.970
April
x432,760 2.755.874 2,977,420 3.019,072
p x This sharp decrease in output resulted from tern rary closing of the
company's smelter in April.
-V. 140. P. 2555.
-Viking Pump Co.
-25
-Cent Dividend
e
The directors have declared a dividend of 25 cents per share
mon stock, no par value, payable June 1 to holders of record on the comMay 20. A
similar payment was made on Dec. 20 1934, this latter
being the initial
distribution on this issue.
-V. 140, p. 1325.
-Walworth Co.
-Reorganization Under 77-B Proposed-4
Plans for the
3405
share on July 1 and Oct. 1 1932. and $1.75 per share in previous quarters.
-V.140. p. 2555.
Washington Baltimore & Annapolis Elec. RR.
-Assets
to be Sold
An order appointing Louis J. Burger of Baltimore special master for the
sale of the road, now in receivership, was signed May 8 by Federal Judge
William C. Coleman.
Mr. Burgerkwill appoint a date for the sale of the property which, under
the Court order, will take place at the court house door in Annapolis'.
-V.139, p. 2219.
-Earnings
Washington Water Power Co.(& Subs.)
[American Power & Light Co. Subsidiary]
Period End. Mar.31- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues__ 8669.318
$609,434 $7,928.657 $7,381,342
Oper. exps., incl. taxes_ 337,252 4,404,969 3.841,522
378,940
Net revs, from oper-Other income
$290,378
2,196
$272,182 $3,523,688 $3,539,820
29,535
30,917
2,604
Gross corp. income-Int. and other deduc'ns_
$292.574
93,777
$274,786 53,554,605 $3.569,355
1.115,342
1,124.174
90,280
Balance
Y8198,797 y$184,506 $2,430,431 $2,454,013
610,834
Property retirement reserve appropriations
622,288
z Dividends applic. to pref. stock for period,
621,022
whether paid or unpaid
620.330
$1,187,813 81,222,157
Balance
y Before property retirement reserve appropriations and dividends.
z Regular dividend on $6 pref. stock was paid on March 15 1935. After
the payment of this dividend there were no accumulated unpaid dividends
at that date.
-V. 139. p. 4140.
Water Service Cos., Inc.
-Earnings
Calendar Years
Income from investmls_
Inc. from sale of securities and other sources_
1934
559.984
Total income
Adminis.exps.& taxes_ _
Int. on long-term debtMiscall. int. charges.-Amon's. debt, disct. &
exps. & miscel. ded'ns
Prov. for Fed. inc. tax....
1931
8172.635
1933
$69.681
1932
$117.341
2,135
12.749
859,990
6.639
39,671
5.873
569.681
5.896
46,445
7.256
$119,476
4.775
49.532
26.825
6185.384
3.743
50.000
88.825
4.831
2,615
5.506
7,379
7.064
Net income transferable of surplus
$4.578
$361
12 Months Ended March 31
Totalincome
Salaries and expenses,trustees,fees,&c
General taxes
Intense on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Provision for Federal income tax
830.964
1935
$58,926
4,682
2.278
38.805
5,477
4.720
1.335
535,751
1934
$67,011
4.496
1.321
44.691
7,328
5.302
1.503
6
$2,369
$1.628
Comparative Balance Sheet
AssetsMar.3I'35. Dec.31`34. Liabilities-- Mar. 31 '35. Dee.31'34.
Long-term debt--- 8748,000 $758.000
Inv. in affiliated &
98,000
98.000
other cos
81,272,428 81,290,580 Dee affiliated cos_
Cash and working
Liability to deliver
pref. cap. stks.
funds
3,670
7,809
17.672
17.217
Due from affiliated
of affiliated ow_
18,171 Unreal,disc, on recompanies
8,454
605
acquired seems
Debt discount and
34,599 Adv. from parent
32,941
expenses
1,230 co. bearing int.
Organization exp.
1,230
4,000
4.000
Prepaid expenses135
100 at 4%
772
1,017
Miscell. accruals_ _
18.748
9,713
Accr. int. tax, &c_
305,000
x Capital stock_ _ _ 305,000
12,282
12,215
Paid-In surplus_
133,271
125.833
Earned surplus_
Net income
reorganization of the company were announced May 10
concurrently with the filing of an application under Section 77-B in the
U. S. District Court of Massachusetts in Boston.
81,320,996 81.348,350
Total
81,320,998 $1,348,350 Total
The proposed reorganization plan has been formulated after an extensive
-V. 139. p. 2849.
x Represented by 5.100 shares no par value.
study of the company's finances by its officers and by committees representing its bonds and debentures. Providing for a substantial reduction
-Earnings--West Texas Utilities Co.
fixed charges, it calls for the replacement of the present $7341.000 of in
1934
1935
6%
3 Months Ended March 31first mortgage bonds with an equal amount of 4% first mortgage
3988.687
$949.446
Total gross earnings
bonds;
replacement of the outstanding $1,673,000 of 634% debentures, due next
653.281
636.398
Total operating expenses and taxes
October, with 8836,500 of 6% debentures; and elimination of $993.000 of
present preferred stock, holders of which will receive common stock.
$335.406
$313.048
Net earnings from operation
Holders of common stock will retain their present holdings undisturbed.
3.394
3.420
Other income (net)
Additional common stock will be issued in payment of accrued interest on
the present bonds and debentures and of accumulated dividends on the
5338.800
8316.468
Net earnings before interest
preferred stock, which aggregated $1,581,332 on April 11935.
306.760
303.517
Funded debt interest
The proposed plan contemplates the following readjustments:
3.840
4,047
General interest
For each $1,000 6% bond and unpaid coupons, holders will receive a
23,032
22.790
Amortization of debt discount and expense
51.,_000 4% bond. due 1955. and 70 shares of common stock.
For each $1,000 634% debenture and unpaid coupons, holders will
$5.167
Net income before preferred dividends
loss$13,887
receive a $500 6% debenture, due 1955. and 130 shares of common stock.
-v. 140. p. 2205.
For each share of preferred stock, together with accumulated and unpaid
dividends, holders will receive 8 shares of common stock.
Western Maryland Ry.-Earnings-Present holders of common stock will retain the shares now held.
-First Week of May- -Jan. 1 to May 7Upon completion of the proposed reorganization plan, the new simplified
1934
Period1935
1934
1935
capital structure will consist of $7,141,000 of 20
-year 4% first mortgage
Gross earnings (est.) _ _ - $232,945 .288.113p644118 $4.,60.066
bonds, $836,500 of 20
-year 6% debentures and 1.234,100 outstanding
fixed__V. 140, p. 3236.
shares o no
value common stock. Under this set-up. annual
-t
0 4et ',charges will be reduced from $537.205 to $335.830
e
-approximately the--....-Western Auto Supply Co.- anAD f ed-/
err
amount. available for interest, earned by the company in 1934.
Action on the proposed plan of recapitalization. which was to have been
Trade and general creditors of the company will be unaffected by the
v. i de p y23
.
consi4ored .b3_86. alders on May 10, has been deferred indefinitely.
plan.
In connection with the reorganization proposals, W. B.
Light & Telephone Co.-Reorganization,4
Holton Jr., Chairman of the Executive Committee and --Western Power H. Wilkerson at Chicago on May 8 issued the final :4
Federal Judge James
decree making effective the reorganization of company under Section 77-B
Treasurer, said:
"The principal objects which the plan seeks to accomplish are (1) to
provide for the interest accrued and unpaid on the bonds and debentures
and the payment of the debentures which are inunediately payable, (2) to
reduce interest charges, and (3) to extend the maturities of the funded debt.
"In formulating the plan of reorganization it has been kept in mind that
creditors should not be expected to give up their rights to accrued interest
or to reduce the interest rates or the principal of the securities held by
them and accept common stock in exchange therefor except to the extent
necessary. On the other hand, it is not in the interests of any security
holders that the reorganized company should be burdened by fixed interest
charges or an amount of debt, or with nearby maturities, which the company probably could not pay. The present plan attempts to meet these
copditions as fairly as possible.
'If earnings continue at the rate prevailing for the past 18 months the
management is confident that the company will be able to meet its new
Interest requirements and under the plan the company will have no maturities on its funded debt for 20 years.
of the amended bankruptcy law. Compare V. 140. p. 154; V. 139. p. 3819.
Western Union Telegraph Co., Inc.
-Earnings
3 Mos.End. Mar.311933
1932 1
1934
1935
a Gross revenue
$21.201.507 $21,632,174 $18,691.030 522.521.351
Maintenance
3.000,338 2.962.752 2,687.387 3.058.171
Expenses, taxes, &c
16,659,129 16,746,198 15,014.146 17.755.011
Bond interest
1.337.940
1.338.985
1.338.596
1,338,105
Net profit
Dividends
$204,100
8585319 loss$349.099
8369.184
1.045.026
Surplus
$204.100
$548,747 def$349,099 def$675,842
a Including dividends and interest.
-V. 140. p. 2560.
Wheeling Steel Corp.
-Collateral Released
-
The Irving Trust Co., as trustee under the 1st & ref. mortgage, has
notified the N.I.Stock Exchange of the release of two shares of the capital
Reorganization Committee Appointed
stock of Consolidated Expanded Metal Co.a pledged as collateral under
The company has appointed a committee on reorganization to co-operate
the mortgage.
-V.140. p. 2887.
with the bond and debenture holders' committees in seeking to obtain
acceptance of the plan. Its members are Edgar C. Rust, Chairman;"
.Wilcox Rich Corp.
-To Retire Class A Shares
Howard Coonley, W. B. Holton, Jr., and Walworth Pierce.
The company has called for redemption on June 29 its outstanding
-V. 140.
P. 3062.
34.030 class A convertible shares at $' 5 a share plua accrued dividends.
'---Ward Baking Corp.
6-(,_ The company states that no public financing or bank borrowing would be
-Cent Pt eferi ed Dividend
-50
The directors have declared a dividend of 50 cents per share on account"' necessary for the retirement,which amounts to 51,212.318.-V.140.P.2206
of accumulations on the 7% cum. pref. stock, par $100. Payable July 1 --Wolverine Petroleum Corp.
-Liquidating Dividend-,--(to holders of record June 15. A like amount was paid on this issue in each of
The directors have declared a liquidating dividend of $1 per share on the
the seven preceding quarters, while on April 1 and July 1 1933 distributions
common stock, par $1, payable May 20 to holders of record May 15.
of 25 cents each were made, 50 cents per share paid on Jan. 3 1933.$1 per
-V. 130, p. 2605.
3406
Financial Chronicle
May 18 1935
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS-DRY GOODS
-WOOL-ETC.
COMMERCIAL EPITOME
Prices were as follows:
December
May
July
2.62 September
2.54
2.45 January
2.44
Friday Night, May 17 1935
2.46
Coffee futures were quiet on the 11th inst., but showed
Lard futures advanced 2 to 5 points on the 11th under buygains at the close of 6 to 9 points on Santos contracts and ing by cash interests. There was some selling by commission
6 to 7 on Rio; sales 4,750 bags of Santos and 750 bags of Rio. houses stimulated by the weakness in corn. Hogs were
Cost and freight offersfrom Brazil showed little if any change. quiet. On the 13th inst.futures closed unchanged to 5 points
On the 13th inst., futures closed 1 to 3 points higher on lower. There was some selling owing to the weakness in
Santos contracts with sales of 11,000 bags and 5 points higher grain, but this was offset by trade buying influenced by the
on Rio contracts with sales of 2,500 bags. Cost and freight firm cash situation and the firmness of hogs. Hogs were
offers were small and generally unchanged, with Santos 4s up 10 to 20c., owing to light receipts. On the 14th inst.
offered at 7.50 to 7.70c. The local spot market was quiet futures ended unchanged to 2 points lower. The strength
with Santos 4s unchanged at 8% to 85 3c. On the 14th inst. of hogs offset weakness in grains. Hogs advanced 5 to 10c.,
/
futures closed 5 points lower to 3 points higher on Santos owing to continued light receipts; top price, $9.40. Cash
contracts with sales of 13,500 bags. Rio contracts were lard was firm. On the 15th inst. prices rose 17 to 20 points
10 points higher on May but 2 to 8 points lower on other on short covering stimulated by the firmness of outside
months with sales of 3,750 bags. Cost and freight offers markets. Hogs were unchanged to 5c. lower with the top
from Brazil were 10 points lower to 15 points higher. The $9.35. Cash lard was firm.
weather in Brazil was favorable . On the 15th inst. Santos
On the 16th inst. futures advanced 20 to 22 points on
contracts closed 6 to 16 points lower with sales of 18,500 buying stimulated by the rise in grain and hogs. Shorts
bags and Rio contracts were 6 to 16 points lower with sales were covering. Marketings of hogs were light. To-day
of 6,250 bags. A lower Brazilian exchange rate and weaker futures closed unchanged to 15 points lower in sympathy
Brazilian offers accounted for the decline in futures. Cost with grain.
and feright offers from Brazil were 5 to 10 points lower with
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Mon. Tues.
Sit.
Santos 48 offered at 7.40 to 7.75c.
Fri.
W.4. Thurs.
May
12.92
12.90
12.90
13.20
13.10
13.32
On the 16th inst. futures declined 3 to 7 points on Santos July
12.92
12.92
13.22
12.92 13.12
13.32
contracts with sales of 16,250 bags. Rio contracts ended 3 September
13.07 13.02 13.07 13.25
13.37
13.47
points lower to 5 points higher with sales of 3,500 bags. The
Pork steady; mess, $27.75; family, $26.50 nominal; fat
Brazilian exchange rate was 50 reis higher. Cost and backs, $25.50 to $29.00 per barrel. Beef firm; mess nominal;
freight offers from Brazil were 5 points lower. To-day futures packer nominal;family,$22 to $23 nominal; extra India mess
closed 3 to 8 points higher on Rio contracts and 4 to 9 points nominal. Cut meats steady; pickled hams picnic, loose
higher on Santos contracts except on May which was 13 c. a. f., 4 to 6 lbs., 15)(434 6 to 8 lbs., 15c.; 8 to 10 lbs.,
points lower. Cost and freight offers from Brazil were un- 143c. Skinned loose c. a. f., 14 to 16 lbs., 183 0.; to 20
/
changed to 5 points lower. Sales were 31 contracts of Rio lbs., 1843.; 22 to 24 lbs., 163.43.; pickled bellies, clear,18o. b.
f.
and 84 contracts of Santos.
N. Y.,6 to 10 lbs., 23434 10 to 12 lbs., 22343.; bellies, clear,
4
Rio coffee prices closed as follows:
dry salted, boxed, N. Y., 14 to 20 lbs. 183c.; 20 to 30 lbs.,
March
5.39 September
5.24
18%c. Butter, creamery, firsts to higher than extra, 24 to
May
5.1C December
5.31
July
5.11
83(c• Cheese, flats, 183. to 19e. Eggs, mixed colors,
2
checks to special packs, 223 to 283(0.
Santos coffee prices closed as follows:
March
7.68 September
Oil-Linseed was inactive. Cake was weak at $19, but
7.58
May
7.45 December
7.64
it was intimated that business could be done at under that
July
7.50
figure. Cocoanut, Manila, tanks, May-forward, 53c.
Cocoa futures on the 11th inst. closed 2 points lower with Corn, crude, tanks, Western mills, 8 8 to 9c. China wood,
sales of 523 tons. Hedge selling exerted considerable pressure tanks, July forward, 15 to 15343.; Sept. forward, 14.804
on the market but this was partly offset by a better Wall drums, spot, 18 to 183/2c. Olive, denatured spot, Spanish,
Street and trade demand. July ended at 4.57c., Sept. at 83 to 8643.; shipments, Spanish, 8643.; Greek, 80c. Soya
4.69c. Dec. at 4.85c. and March at 5.0043. On the 13th bean, tanks, Western, nearby, 83 to 8343.; C. L. drums,
%
inst. &tures closed with further losses of 2 points. Sales 10.143.; L. C. L. 1034c. Cocoanut, 76 degrees, 12Xo.
amounted to 38 lots. New York warehouse stocks were Lard, prime, 12
extra strained winter, 11%e. Cod,
reduced 3,850 bags to 845,370 bags or the lowest since Aug. crude, Norwegian light, filtered, 32%c.• yellow, 33%,:3.
1933. Sept. ended at 4.67c., Dec. at 4.83c., Jan. at 4.88c., Turpentine, 52X to 563(c. Rosin, $4.674 to $7.45.
and March at 4.98c. On the 14th inst. futures declined 3 to
Cottonseed Oil sales, including switches, 36 contracts.
4 points with sales of 1,126 tons. July ended at 4.52c., Crude,
/
S. E., 938c. Prices closed as follows:
Sept. at 4.63c., Oct. at 4.68c., Dec. at 4.79c., Jan. at 4.84e. May
10.46 1C 70 September
10.8010 84
and March at 4.94e. On the 15th inst. futures were 1 point June
10.505510 70 October
10.785510.80
10.73 10 77 November
10.70 10.90
lower to 1 point higher with sales of 1,219 tons. July ended July
10.88©10.80 December
10.74 - at 4.52c., Sept. at 4.64e., Dec. at 4.78c. and March at 4.94c. August
Petroleum-The summary and tables of prices formerly
On the 16th inst. futures rose 8 to 9 points on sales of 1005
tons. Wall Street bought a little. July ended at 4.61c., appearing here regarding petroleum will be found on an
Sept. at 4.72c., Oct. at 4.77c., Dec. at 4.87c., Jan. at 4.92c. earlier page in our department of "Business Indications,"
and March at 5.02c. To-day futures closed with net de- in the article entitled "Petroleum and Its Products."
Rubber futures were firmer on the 11th inst. and closed
clines of 2 to 3 points with sales of 37 contracts. July ended
at 4.58c., Sept. at 4.70c., Oct. at 4.75c., Dec. at 4.85c., 12 to 17 points higher after sales of 940 tons. Spot ribbed
smoked sheets were up to 11.6943. London and Singapore
March at 5.00c. and May at 5.11c.
showed slight advances. May ended at 11.76 to 11.80e.,
Sugar continued active on the 11th inst. and ended un- July at 11.87 to 11.88c., Sept. at 12.00c., Oct. at 12.0743.,
changed to 2 points higher on old contracts and unchanged Dec. at 12.230., Jan. at 12.300. March at 12.46o. and
to 1 lower on the new; sales were 17,550 tons of new and April at 12.5443. On the 13th inst. futures were 11 to 15
'
4,400 tons of old. On the 13th inst. futures declined 2 to points higher with sales of 2,130 tons. Spot ribbed smoked
4 points with sales of 4,900 tons of old and 10,600 tons of sheets moved up to 11.880. There were 80 tons tendered
new. Yet raws remained firm and a sale of Cubas, second for delivery against May contracts. London and Singapore
half June shipment was reported at 2.540. On the 14th were slightly higher. May ended at 11.9043., July at 12.00
inst. futures closed 1 point lower to 2points higher in light to 12.020., Sept. at 12.14 to 12.15c. Dec. at 12.35 to 12.36c.,
trade, sales amounting to 950 tons of old contract and 5,950 Jan. at 12.430., March at 12.58e. and April at 12.65e.
tons of new. Philippines from store sold at 3.40c. and for On the 14th inst. futures closed with net gains of 26 to 29
July-Aug. shipment at 3.45c. On the 15th inst. futures points; sales 5,560 tons. Spot ribbed smoked sheets were
ended 2 to 3 points lower with sales of 1,450 tons of old up to 12.15c. There was a better speculative and trade
contract and 7,750 tons of new. The weakness of the market demand. London and Singapore were firmer. May ended
was due to a rumor that a commission house had discussed at 12.17 to 12.200. July at 12.28c., Sept. at 12.41o. Oct.
with refiners the possibility of negotiating the sale of a at 12.4843., Dec. at 12.61 to 12.63c., Jan. at 12.70e., March
'
block of 200,000 tons of raw sugar at an average price of at 12.86 to 12.87c. and April at 12.94o. On the 15th inst.
2.75c. for delivery in July through December.
futures closed 2 points lower to 2 points higher with sales
On the 16th inst. futures ended with old contracts 1 to 2 of 3,40X1 tons. London and Singapore were unchanged to
points higher and with new contracts 1 point higher with sales %cl. higher. Here prices closed with May at 12.19c.,
of 750 tons of old and 5,300 tons of new. The strength of the July at 12.28 to 12.3143. Sept. at 12.41 to 12.43c., Dec.
market was partly due to denials by commission house at 12.62c., Jan. at 12.693., March at 12.8543. and April at
interests that they proposed selling a large block of contracts 12.93,3.
Raws were quiet but firm. To-day futures closed unchanged
On the 16th inst. futures rose another 10 to 16 points on
to 1 point ower. R,aws were quiet. Trading was less sales of 3,940 tons. Spot ribbed smoked sheets advanced
active.
to 12.2843. London and Singapore were firm. May ended
Volume 141
3407
Financial Chronicle
at 12.33c., July at 12.43e., Sept. at 12.53 to 12.56e., Dec.
at 12.760., Jan. at 12.85 to 12.86c., March at 12.99c. and
April at 13.07c. To-day futures closed 18 to 21 points lower
with sales of 344 contracts. Liquidation was general. Wall
Street and dealers sold. London was quiet and unchanged.
May ended at 12.14c., July at 12.22c., Sept. at 12.34c.,
Oct. at 12.420., Dec. at 12.57c., Jan. at 12.66c. and March
at 12.810.
Hides futures on the 11th inst. rallied after early weakness to close with net gains of 11 to 15 points. Trading was
moderate, sales amounting to 960,000 lbs. June ended at
10.48 to 10.52c.• Sept. at 10.84 to 10.85c.- Dec. at 11.14c.,
and March at'
11.420. On the 13th inst. futures closed
'
unchanged to 3 points lower, with sales of 5,760,000 lbs.
June ended at 10.47c.• Sept. at 10.81 to 10.82e.; Dec. at
11.14 to 11.15c., and March at 11.42 to 11.50c. On the
14th inst. futures were 9 to 11 points higher with sales of
3,760,000 lbs. Closing prices: June, 10.57c.; Sept., 10.90
to 10.93c.; Dec., 11.23 to 11.25e., and March at 11.53 to
11.60e. On the 15th inst. futures ended 13 to 17 points
higher or slightly under the highs of the day after sales of
6,200,000 lbs. In the Chicago spot market 19,500 hides
sold at advances of 3.4 to 4c. Light native cows sold at
3
104c. and heavy native steers at 123 c. Some 12,000
4
frigorifico steers sold in the Argentine market at 11N
te.
Here prices closed with June at 10.70 to 10.75c.; Sept. at
11.07c.; Dec. at 11.40c., and March at 11.70c.
On the 16th inst. futures ended 3 to 4 points higher after
sales of 6,400,000 lbs. In the Chicago spot market 22,600
hides were reported sold at steady prices. Light native
cows sold at 10c. and heavy native steers at 12 to 1234c. In
the Argentine spot market 4,000 frigorifico steers were reported sold at 113'c. Closing prices here: June 10.74 to,
10.75c., Sept. 11.10c., Dec. 11.430. and March 11.73c.
To-day futures closed 20 to 24 points lower with June at
10.500., Sept. at 10.85c., Dec. at 11.200. and March at
11.530. Sales were 103 contracts.
Ocean Freights showed a little more activity with sugar,
scrap and trips to the fore.
received in recent weeks that foreign iron in New England
was being sold at considerably under code prices for domestic
material. Consumption shows a seasonal falling off and sales
of cast iron pipe have not reached the usual levels for this
time of the year. Quotations
-Foundry No. 2, plain,
Eastern Pennsylvania, $19.50; Buffalo, Chicago, Valley and
Cleveland, $18.50; Birmingham,$14.50. Basic, Valley, $18;
Eastern Pennsylvania, $19. Malleable, Eastern Pennsylvania, $20; Buffalo, $19.
Wool was in better demand and firmer. Boston wired
a Government report on May 15 saying: "Prices are
very firm on a broad movement of wool in the Boston
market. All grades of territory wools are receiving a call.
French combing 64s and finer territory wools are bringing
56c. to 58c. scoured basis,for short, including some clothing,
59c. to 60c. for average and 60e. to 62c. for good to choice
staple. Strictly combing stable of lower grades brings 61c.
to 62c. scoured basis for 58s-60s, M-blood; 52e. to 55c. for
56s, %-blood, and 45e. to 48c. for 48s-50s, 3d-blood."
Boston wired another Government report on May 16 which
said: "The broad movement of domestic wool in Boston
market includes sizable quantities of Texas wools. Average
12 monthio is bringing 59c. to 61c., scoured basis, good to
choice lines sell at 62c. to 64e. scoured basis. Eight months'
Texas wools are having a call at 55c. to 57e. scoured basis.
Medium grade territory sales are increasing in volume
with prices very firm on strictly combing 56s, %-blood,
at 52c. to 55c. scoured basis, for the bulk, and strengthening
within the range of 45e. to 400. scoured basis for strictly
combing 48-50s, 3 -blood." In London on May 13 offerings
were 9,822 bales and met with a good demand from Yorkshire and the Continent; prices firm. In London on May 14
offerings of 11,150 bales met with a good general demand.
Prices were firm. In London on May 15 offerings of 9,098
bales were quickly taken by Yorkshire and the Continent
at firm prices. The present series of Colonial wool auctions
will close on May 23 instead of May 24. In London on
the 16th offerings at the Colonial auctions totaled 9,120
bales; demand active and general; prices firm. Details:
Charters included: Sugar-two ports North Cuba and Santiago to United
Klngdom-Contintinent 14s.; July, Cuba, to United Kingdom-Continent,
Havre Hamburg range 13s. 9d.; July, Santo Domingo to United KingdomContinent 12s. 6d.; June, Cuba-United Kingdom-Continent 139.; Santo
Domingo. June to United Kingdom-Continent 12s. 6d.; Cuba, June, to
U.K.-Continent 13s., from Santo Domingo 12s.; one to three ports, Cuba
to London-Liverpool-Greenock, May 10-25. 13s. 6d. Grain 'booked-15
loads to Antwerp at Sc.; 1 load to Copenhagen Pc. Time
-West Indies
round delivery New York, May 7.
Canada redelivery Gulf 70c.; West
Indies round 65c.; prompt, two trips round, South America $1.10; West
$1.•'
Indies round $1.10; same $1.15; same $1.05; prompt Canadian round, 90c.
Scrap iron-North Atlantic, United Kingdom lie.
Sydney 721 bales; greasy merinos 11M to 17;0. Queensland 195 bales;
greasy merinos 11M to 13 id. Victoria 1201 bales; scoured merinos 15M
to 21 Md.; greasy 12 to 17d.: scoured crossbreds 8 to 16d. South Australia
226 bales: scoured merinos 12 to 21d.; greasy 113 to 1314d. West Australia 428 bales; scoured merinos 161.i to 1814d.; New Zealand 4969 bales;
scoured merinos 17 Md.to 24 Md.:scoured crossbreds 7 M to 233,d. greasy
5ti to 11 Md. Cape 78 bales; greasy merinos 514 to 8 M d. Kenya 120
belt's: greasy merinos 814 to 1040. Falklands 1050 bales; greasy crossbreds
6 to 11 ,id. New Zealand slipe ranged from 8Md. to 13 hd.. the latter
price for halfbred lambs.
Coal sales volume was only fair at best. The lessened demand was attributed to warmer weather. Bituminous production last week increased nearly 600,000 tons to 5,620,000
tons against 6,237,000 tons a year ago. For three weeks it
was 15,536,000 tons and the weekly average 5,513,000 tons
against 18,887,000 tons respectively in the same time last
year.
Copper was less active in the domestic market but the
demand was good abroad. Blue Eagle continued at 9c.
delivered to the end of August, but prices for European
destinations were at 8.10 to 8.200. c.i.f. Hamburg, Havre
and London. In London on the 16th inst. spot rose 7s. 6d.
to £33 17s. 6d.; futures up 7s. 6d. to £34 6s. 3d.; sales 200
tons of spot and 3,700 tons of futures; electrolytic unchanged
at £37 for spot; futures up 10s. to £37 158.
Tin of late was advanced to 51.15c. for spot Straits owing
to a stronger London market and further talk of inflation
as a result of the possible passage of the soldiers' bonus
bill. In London on the 16th inst. spot was 10s. higher
at £227 10s. and futures rose £1 5s. to £220 10s.; Straits up
£1 to £236 15s.; Eastern c.i.f. London unchanged at £228
2s. 6d.; sales 80 tons of spot and 175 tons of futures.
Lead was in good demand and higher at 3.90c. New
York and 3.75c. East St. Louis. In London spot was
unchanged at £14 and futures rose is. 3d. to £14 is. 3d.;
sales 200 tons of spot and 2,150 tons of futures.
Zinc was quiet but firm at 4.25c. East St. Louis. In
London spot was down is. 3d. to £14 13s. 9d.; futures up
is. 3d. to £15; sales 50 tons of spot and 700 tons of futures.
Steel operations were increased to 43.4% but they are
still under the comparative level of last year. Nearly all
reports indicate that there will be no general price advances
for third quarter. Now that much of the labor difficulties
have been settled in the automotive trade larger orders for
steel are expected from this source. Thus far in May local
sales have fallen behind those of the previous month and are
-Semi-finished
very much less than in March. Quotations
billets, rerolling, $27; billets, forging, $32; sheet bars, $28;
slabs, $27; wire rods, $38; skelp, 1.700. per pound. Sheets,
hot rolled annealed, 2.40c.; galvanized, 3.10c.; strips, hot
rolled, 1.80c.; cold rolled, 2.600.; hoops and bands, 1.85c.;
tin plate per box, $5.25; hot rolled bars, plates and shapes,
1.800.
Pig Iron shipments are holding up well but new business
shows a marked falling off. Some attributed the falling off
in demand to uncertainties over third-quarter prices and the
continuance of the steel code. No change in prices is anticipated for third quarter owing to the low price levels for iron
and steel scrap, and fears that imported iron would be used
on a larger scale in the East. Complaints have already been
Silk futures closed unchanged to c. higher on the 13th
inst. with sales of 670 bales. Crack double extra spot fell
lc. to $1.38. Forty bales were tendered for delivery
against May contracts. May ended at $1.32% to $1.33;
July at $1.32 to $1.33; Nov. at $1.31, and Dec. at $1.31 to
$1.31. On the 14th inst. futures closed M to 13.'e. higher
on sales of 370 bales. May ended at $1.33 to $1-343i;
Oct.
June at $1.34 to $1.344; Aug. at $1.3234 to $1.33
at $1.32 to $1.33, and Dec. at $1.325. On the 15th inst.
futures advanced
to 13c. and sales totaled 1,150 bales.
Crack double extra spot rose c. to $1.40M. Tenders for
delivery against May contracts numbered 20 bales. May
and June ended at 31.343, to $1.304; July at $1.3434;
Aug. at $1.33 to $1.33M; Sept. at $1.33 to $1.34 and Dec.
at $1.33.
On the 16th inst. futures closed with net gains of 3 to 4e.
with sales of 1,450 bales. Crack double extra spot rose
to $1.43. Some 260 bales were tendered for delivery
on May contracts. Closing prices: May $1.38H to $1.39,
June $1.38, July $1.37 to $1.38, Sept. and Oct. $1.3634
to $1.37 and Dec. $1.36%. To-day futures closed M to
1%c. lower with sales of 98 contracts. May ended at
$1.373, June at 81.36%, July and Aug. at $1.36, Sept. at
$1.353'. Oct. at $1.35 and Nov. and Dec. at $1.35.
COTTON
Friday Night, May 17 1935.
The Movement of the Crop, as indicated by our telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
21,061 bales, against 21,595 bales last week and 15,791 bales
the previous week, making the total receipts since Aug. 1
1934, 3,898,853 bales, against 6,996,786 bales for the same
period of 1933-34, showing a decrease since Aug. 1 1934 of
3,097,933 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Galveston
Texas City
Houston
Corpus Christi_
New Orleans---Mobile
Pensacola
Jacksonville
Savannah
Charleston
238
2,067
85
121
Totals this week_
3.73g
4.020
SARA
97R
1 190
Fri.
Total
3'76
246 3.133
8
8
605
301
500
235
309 3.157 5107
____
---------------214
214
2,763 2,217 4,975
400
153
632 11.140
33
32
30
150
1
342
96
18
---18
1
1
8
---82
12
2
104
---91
24
211
'79
14
____
17
17
Wilmington
4
34
___
25
63
Norfolk
2CI
---26
12
221
163
Baltimore482
482
4 sn7 21 nal
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
3408
Financial Chronicle
1934-35
Receipts to
May 17
Stock
1933-34
-
This Since Aug
Week
1 1934
This Since Aug
1 1933
Week
1934
1935
Galveston
3,133 886,663 19,856 2.088,981 335,342 648,993
Texas City
8
62,852
10.645
9,176
17 177,359
Houston
5,107 1,057,496 4,993 2,184,387 599.960 1,031.405
Corpus Christi214 273,892
56,736
43,343
101 320.238
Beaumont
4,693
4,140
10,443
814
-New Orleans
11,ilf) 998.272 22:545 1,379,727 489,331 673,853
Gulftiort
Mob le
,o5 148.337
-510 129,859 2l
84,654
91,222
Pensacola
18
72,990
1 142.548
10.858
14,010
Jacksonville
1
6,811
13,563
17
3,822
3,216
Savannah
104 112,690
809 167,987
99,884 103,395
459
36,660
107
Charleston
Brunswick- ii 141,451
428 130,098
47,702
39,758
Lake Charles..__.
56,680
17
66 102.962
25,200
14.460
Wilmington
16,658
63
22,476
18
16.913
18,541
Norfolk
51,725
221
526
20.297
39,440
16,608
Newport News_
New York
---70,169
9.263
141
---Boston_,...2,873
9.605
Baltimore
25,662
-U4
31,439
3,670
2,125
Philadelphia
Totals
21,061 3,898,853 51.676 6,996,786 1,783,895 2,828.088
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1934-35
1933-34
1932-33
1931-32
1930-31
1929-30
Galveston_ __ Houston
New Orleans_
Mobile
Savannah
BrunswLk
Charleston..,,_
Wilmington__
Norfolk
Newport News
All others.,,,,
3.133
5.107
11,140
342
104
740
491
9,952
2.130
1.257
7,225
Total this wk_
21.061
51,676
118.296
37,536
20.516
64,642
Rimy: Amer 1
211
63
221
19.856
4.993
22.345
2,103
809
107
428
18
526
24,761
27.949
37,300
7,380
3.857
7.570
5.018
12,267
7.621
1,880
2.463
2,383
7.280
4,436
782
2,997
4,860
21,387
1.092
12,341
6,032
326
739
682
133
235
1.093
52
770
12,717
144
1.879
2 MR R52 R 9OR 7RR R fill lra 9.331L412 S 320.852 7.951 403
The exports for the week ending this evening reach a total
of 55,355 bales, of which 21,721 were to Great Britain,
4,977 to France, 7,988 to Germany, 3,614 to Italy, 4,303
to Japan and 12,752 to other destinations. In the corresponding week last year total exports were 78,509 bales.
For the season to date aggregate exports have been 4,068,325
bales, against 6,609,442 bales in the same period of the
previous season. Below are the exports for the week:
Week Ended
May 17 1935
Exportsfrom-
Exported to
Great
tierBritain France many
Galveston
Houston
Corpus Christi._
Texas City
New Orleans......
Lake Charles_ _
.
Mobile
Pensacola
Savannah
Charleston
Norfolk
Gulfport
Los Angeles.....
Total
Japan
China
Other
Total
1,248
846
527
2,839
3,726
262
3 877
,
__
1,469
183
49
____ 2,114
478
____ 3,655 14,593
----------------725
908
____
110
--------257
416
14
69
540
859
--------50 1,449
89
3
2,436
55
____
------------3,825
21,721
4,977
Total 1934..... 17.411 5,378
Total 1933_ 18,210 19.782
Prom
Aug. 1 1934 to
May 17 1935
Great
Exports from- Britain Franc
Galveston
105.948 78.181
Houston
109,414 118.223
Corpus Christi_ 36,435 25.968
Texas City
1,896 12,162
Beaumont....122
3,512
New Orleans... 172.716 80,399
Lake Charles
10,239 11,104
Mobile
40.864 8,526
Jacksonville
52
2,493
Pensacola
10.462
68
Panama City_
11,118
175
Savannah
61.003 3,494
Brunswick _ _ _ _
Charleston _
80.465 5,08:
Norfolk
814
6,635
G ulfport
3.469
150
New York ___.
7.429
812
Boston
19
Bahl more
Philadelphia
-___
619
Los A ngeles
.
20.649 3,917
San Francisco_
18
4,477
Seattle
Total
Italy
6.836
3,279
2,146
7,988
------------3,468 14,391
--------3,156 11,857
850
------------453 3,388
3,614
86
____
300
311
35
6,561
4.303
___ 12,752 55,355
12,321 11,582 17,648
35,814 19,316 16,860
Exported to
-
____ 14,169 78,509
2.857 21,664 134,503
Germany
Italy 1 Japan
China' Other
Total
76.270108.862 368,34: 18,144224.164 979.916
70.615139,804 358.676 70.575262,333 1,129640
10,146 16,124 142,034 7,048 41,644 280,399
2,812
452
743____I 15.925 33.990
252
400
____
____ 1,149
5,435
94,313125.205 150,903 4,009 140,927 768.472
3,911 3,927
9,112____I 14.603 52.896
25.086 14,868 33,769
528 11,310 134,951
1,430 ------------550
4.525
6.769 3.067 10.996
72 3,292 34,726
____ 14,014
3,924
____
782 30,013
26,024 1,253
6,050
____ 6,932 104.756
23,622
5,303
1,257
5,601
52
____
2,792
643
____
2,033
3,000
3.916
10,411
____ 4,901 124,474
200 --__ 3.007 17,992
------------7,876
684 -__ 9.551 27.993
114
____ 3,777
3,062
501
--__
100 225,486
____ 49,806
---50
1,170
1,150 12,843 266.937
250 2,170 56,364
690.843349,271 360.822423,512 1381,335 101,776 760,767 4068,325
Total 1933-34. 1185.774716.397 1310,193612,529 1612,805 237.142935.6026609,442
Total 1932-33. 1193,831 774,54t 1590,151 686,369 1427,518 258,640916,095 6847,150
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
OnShipboard Not Cleared for
May 17 at
Great
Britain France
Galveston
Houston
New Orleans
Savannah
Charleston..,..
Mobile
Norfolk
Other ports...
Germany
Other
CoastForeign wise
1,300
1,879
78
600
2,948
568
1,600 14.000
1.103 25,186
1,316 20,480
618
-.84
701
Total 1935.. 3,875
Total 1934-- 9.513
Total 1933..... 13,809
* Estimated.
Leaving
Stock
Total
900 18.400
60 31.176
22.442
187
187
1,373
316.942
568.784
466.889
99.884
39,571
83,281
20.297
114,669
4.170 4,019 60.367 1.147 73.678 1,710.317
3,834 8,456 60.947 5,100 87,850 2,740.238
5,980 19,100 60,011 14,630 103.530 3.907.289
Staple Premiums
60% of average of
six markets quoting
for deliveries on
May 23 1935
15-16
1-inch J2
inch
longer
May 18 1935
Differences between grades established
for deliveries on contract to May 23 1935
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Middling Falr
White
.69 on
Strict Good Middling_ do
.57
Good Middling
do
.46
Strict Middling
do
.30
Middling
do
Basis
Strict Low Middling
do
40 off
Low Middling
do
.83 •
*Strict Good Ordinary
do
1.33
*Good Ordinary
do
1.79
Good Middling
Extra White
.47 on
Strict Middling
do do
.30
Middling
do do
.01
Strict Low Middling_ do do
39 off
Low Middling
do do
.80
Good Middling
.20
Spotted
.46
.25 on
Strict Middling
.20
do
.46
.01 off
Middling
.17
do
.38
.41
*Strict Low Middling... do
84
*Low Middling
do
1.34
Strict Good Middling_Yellow Tinged
.17
.38
.04 off
Good Middling
.17
do do
.38
29
Strict Middling
.17
.36
do do
49
*Middling
do do
.85
*Strict Low Middling... do do
1.35
*Low iddling
do do
1 81
Good Middling
.17
Light Yellow Stained_ .46 off
.35
*Strict Middling
do
do
do*
__ .85
*Middling
do
do
..1.35
do
Good Middling
.17
Yellow Stalned
.35
84 off
*Strict Middling
do do
1.35
*Middling
do do
1.81
Good Middling
.17
Gray
.38
31 off
Strict Middling
.17
do
.36
54
*Middling
do
86
*Good Middling
Blue Stained
84 off
*Strict Middling
do do
1.35
*Middling
do do
1.81
'Not deliverable on future Contract
.20
.20
.20
.20
.20
.17
.16
.48
.48
.48
.48
.4R
.40
.37
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
de
do
Speculation in cotton for future delivery was on a
moderate kale and prices moved over an irregular and
narrow course. An early downward trend was reversed
and prices wind up with net gains for the week of 6 to 13
points. Government pool buying and further inflation
talk as a result of the possible passage of the soldiers' bonus
bill were the bullish factors. The weather was generally
favorable and considerable selling pressure developed when
prices approached the 12c. level.
On the 11th inst. prices ended 1 to 5 points lower in
moderate trading. As the market approached the 12
-cent
level selling increased slightly. Opening prices were 4 to 7
points lower on selling by foreign interests, and there was
also considerable week-end liquidation and profit-taking.
Some of the selling was believed to be hedging against
Government cotton or cotton being released in the interior
as a result of Government sales. The Government was
credited with buying supposedly against sales of spot cotton
out of the Producers' Pool. Demand, however, was not
large but light buying by locals, short covering and trade
price fixing, due to a belief that the Government will enter
the market on a larger scale later to replace sales of pool
cotton, caused a late rally.
On the 13th inst. prices ended 8 to 15 points lower or at
about the low of the day owing to heavy selling by foreign
interests and the South. Liverpool was lower than due.
Considerable resistance is encountered when prices near the
-cent level. The trade, however, continued to give
12
support on the recessions. Trading was of good volume
but a large percentage of the day's business was exchanging
from July to the new crop. There were evidences of Government buying against sales of pool cotton, but this demand
was not heavy enough to lift the market. There was nothing
in the news to encourage traders on either side. Worth
Street reported the market quiet but prices steady.
On the 14th inst. the ending was irregular with prices 2
points off to 12 points up. It was an active market. The
near months showed weakness, while new crop deliveries
were firmrr. The May contract eased off under liquidation
after the issuance of 30 notices at the opening. Some were
selling July and purchasing distant deliveries, but trade
buying near the end brought about a partial recovery in
July. The Government agency was reported to have bought
new crop months. Japanese interests bought May on the
declines. Liverpool was better than due. Worth Street
was quiet at slightly easier prices. The weather over the
belt was generally favorable.
On the 15th inst. prices moved up 3 to 12 points in very
light trading. Buying of May contract by spot and trade
interests sent that month up to 11.90c. March was sold
in the late trading when it reached 11.98c. There was a
good deal of switching from the nearby deliveries to later
months. The trade and spot interests were buying the
near months. The Government, it was estimated, bought
15,000 to 20,000 bales of the forward positions, This
buying offset reports from the Middle and Far West that
favorable rains had improved planting conditions. Liverpool closed firmer after opening 3 points higher to 4 points
lower than due. Worth Street was still quiet but prices
remained firm. On the 16th inst. March broke through
to 12.040. This is the first time a futures contract crossed
the 120. level since the break in March. There was a
good demand for March all through the session from local
and professional operators. Pool purchases were estimated
at 8,000 to 10,000 bales, mostly of March. The ending
was 2 points lower to 5 points higher, with May showing
the most weakness. Liverpool, after a somewhat dis-
Financial Chronicle
Volume 140
appointing opening, rallied to close unchanged to 1 point
lower. Worth Street reports indicated no improvement in
business but prices continued firm. To-day prices ended
4'to 18 points higher with nearby deliveries showing the
most strength. January reached the 12c. level and March
at the close was 12.07c, the high for the day. Pool buying
was the dominating factor in the rise. Liverpool was on
the selling side. The trade was fixing prices. Unfavorable
weather reports also helped.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
8409
Continental imports for past week have been 87,000 bales.
The above figures for 1935 show a decrease from last
week of 164,207 bales, a loss of 2,287,516 from 1934, a
decrease of 3,479,607 bales from 1933, and a decrease of
2,987,362 bales from 1932.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Sat. Mon. Tues. Wed. Thurs. Fri.
May 11 to May 17Middling upland12.35 12.25 12 30 12.35 12.35 12.50
•
Receipts
Futures
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday
May 11
Monday
May 13
Tuesday
May 14
Wednesday Thursday
May 15
May 16
Friday
May 17
May(1935)
Range_ 11.91-11.96 11.80-11.90 11.72-11.82 11.79-11.90 11.78-11.88 11.88-12.05
Closing_ 11.94-11.95 11.8011.7811.90- 11.88
12.03n
June
Range..
closing. 11.94x
11.83n
11.82n
11.91n
11.91n
12.07n
July
Range__ 11.93-11.98 11.85-11.92 11.82-11.91 11.88-11.94 11.88-11.99 11.95-12.17
Closing_ 11.94-11.95 11.8811.87-11.89 11.93-11.94 11.94-11.96 12.12-12.14
Aug.
Range..
closing. 11.89n
11.80n
11.83n
11.89n
11.91n
12.05n
Sept.RangeClosing. 11.85x
11.74*
11.80n
11.86n
11.88n
11.98n
Oct.
Range.. 11.76-11.83 11.68-11.77 11.68-11.81 11.76-11.83 11.79-11.88 11.84-11.92
Closing. 11.8111.68-11.69 11.77-11.78 11.83
11.86-11.87 11.91-11.92
NovRange-Cloelng_ 11.83n
11.70n
11.80n
11.86n
11.88n
11.93n
Dec.
Range.. 11.82-11.90 11.73-11.83 11.74-11.87 11.83-11.90 11.85-11.93 11.89-11.97
Closing_ 11.8611.7311.8411.8911.9111.95-11.98
Jan.(193e)
Range__ 11.87-11.92 11.77-11.85 11.78-11.91 11.88-11.94 11.88-11.98 11.96-12.00
Closing_ 11.92-11.80-11.88- - 11.96
11.91-11.94
12.00Feb.
Range..
Closing. 11.94n
11.80n
11.90n
11.94n
11.99n
12.03n
March
Range.. 11.92-11.99 11.81-11.88 11.82-11.97 11.91-11.98 11.94-12.04 11.99-12.07
Closing_ 11.9611.81-11.82 11.9311.97 ----: 12.0212.07Arati-
Range-Closing.
n Nomtml.
Range of future prices at New York for week ending
May 17 1935 and since trading began on each option:
Option for
May 1935._ 11.72
June 1935
July 1935_ 11.82
Aug. 1935
Sept. 1935
OM. 1935_ 11.68
Nov. 1935
Dec. 1935_ 11.73
Jan. 1936.. 11.77
Feb. 1936
Mar. 1938_ 11.81
Range for Week
Range Since Beginning of Option
May 14 12.05 May 17 10.25
12.30
May 14 12.17 May 17 10.30
12.10
10.80
May 13 11.92 May 17 10.05
10.35
May 13 11.97 May 17 10.10
May 13 12.00 May 17 10.16
Mar. 11 1935 14.23
Mar. 6 1935 12.32
Mar. 18 1935 14.21
Mar. I I 1935 12.53
Mar. 12 1935 12.39
Mar. 18 1935 12.71
Mar. 19 1935 10.73
Mar. 18 1935 12.70
Mar. 18 1935 12.70
Aug. 9 1934
Mar. 6 1935
Aug. 9 1934
Jan. 24 1935
Mar. 6 1935
Jan. 2 1935
Mar.25 1935
Jan. 9 1935
Feb. 18 1935
May 13 12.07 May 17 10.38 Apr. 3 1935 12.07 May 17 1935
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows.
May 17-
Stock at Liverpool
Stock at Manchester
1935
bales.. 634,000
71,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
1934
911.000
120.000
1933
659.000
115.000
1932
626,000
201,000
705,000 1,031.000
227.000 547,000
117.000 265,000
21.000
19,000
68,000
72,000
57.000
66,000
9,000
7.000
8,000
7.000
774,000
511,000
223.000
24.000
76,000
112,000
827.000
333,000
184,000
24.000
94.000
80,000
507,000
946,000
Total European stocks
1,212,000
India cotton afloat for Europe
.128,000
American cotton afloat for Europe 195,000
Egypt Braz11,8cc.,afFt for Europe., 144,000
Stock in Alexandria, Egypt
246,000
Stock in Bombay, India
813,000
Stock in U. S. ports
1,783,895
Stock in U. S. Interior towns---.1.345,933
U. S. exports to-day
6.184
983,000
2,014,000 1,720,000 1,542,000
78,000
90,000
41.000
175.000 328,000 267,000
86,000
88,000
74,000
356,000 469,000 613,000
1,187,000 985,000 835,000
2,828,088 4.010,819 3,888,943
1,404,254 1.624.351 1,588,105
33,186
38,449
12,326
Total visible supply
5874,012 8,161.528 9.353,619 8.861.374
Of the above, totals of American andlother descriptions are as follows:
American
-
Liverpool stock
bales_ 214,000 411,000 366,000 297,000
Manchester stock
41,000
51.000
64,000 118,000
Bremen stock
177,000
Havre stock
101,000
Other Continental stock
97,000 861,000 877,000 665,000
American afloat for Europe
195,000 175,000 328,000 267,000
U. S. ports stock
1,783,895 2,828,088 4,010,819 3,888,943
U. S. Interior stocks
1,345,933 1,404,254 1,624,351 1,588,105
U. S. exports to-day
33,186
6.184
38.449
12,326
Total American
3,961,012 5,763,528 7,308,619 6,836,374
East Indian, Brazil, &c.
Liverpool stock
420,000 500,000 293,000 329.000
Manchester stock
69,000
30,000
51.000
83,000
Bremen stock
50,000
Havre stock
16,000
Other Continental stock
66.000 122,000
69,000
50,000
Indian afloat for Europe
78,000
128.000
90,000
41.000
Egypt, Brazil, &c.. afloat
144,000
86,000
88,000
74,000
Stock in Alexandria, Egypt
246,000 356,000 469,000 613.000
Stock in Bombay, India
813.000 1,187,000 985,000 835.000
Total East India, &c
Total American
1,913,000 2,398,000 2,045,000 2,025,000
3,961,012 5.763,528 7,308,619 6.836.374
Total visible supply
5,874,012 8,161,528 9,353,619 8,861.374
Middling uplands, Liverpool...... 6.90d.
6.23d.
5.96d.
4.53d.
Middling uplands. New York......_ 12.50e.
11.60c.
8.50e.
5.90e.
Egypt, good SAW, Liverpool_
8.83d.
9.054.
8.904.
7.35d.
Broach, fine, Liverpool
4.96d.
6.08d.
5.23d.
4.196.
Tinnevelly, good, Liverpool
6.554.
5.77d.
5.66d.
4.32d.
Week
Season
Ala.,Birming'm
20,960
Eufaula
7:
8,689
Montgomery.
10 23.924
Selma
7 44,215
Ark.,Blythville
15' 122,861
Forest City_.
2 27.676
Helena
(1,
".
47,037
Hope
10 23,128
Jonesboro__ 28,078
1
Little Rock
86.224
11
Newport. _ _
17,082
Pine Bluff
"jai 78.193
Walnut Ridge
24,844
Ga., Albany..
4,620
Athens
14,281
Atlanta
343 74,239
Augusta
429
98,369
Columbus.._
27.550
60
Macon
42
13.518
Rome
19,238
9
La., Shreveport
51
57,672
Miss.Clarksdale
388 131,248
Columbus_ _ _
23,327
Greenwood_
44
135,298
Jackson
1
25,003
Natchez ____
3,907
Vicksburg_ _
27 21,817
Yay.00 City__
28,344
Mo., St. Louis_ 2.51
178,526
N.0.,Gr'nsboro
3,739
1
Oklahoma-.
15 towns*.
86 240,649
S.C., Greenville 1,848 121,617
Tenn.,Memphls 8.362 1,354,747
Texas, Abilene_
4
24.007
Austin
21,118
Brenham
15,141
64
Dallas
72 46,881
Paris
13 35,721
Rohstown_
8,747
San Antonio.
16,631
21
Texarkana_.
7 26,816
Waco
158
56,894
Receipts
Stocks
May
17
Shipmenu
Week
69
133
406
296
728
86
433
168
377
807
190
221
1,650
3,18
3,436
40
379
"400
1,826
101
2,26
135
10
19
130
2,515
497
Season
Week
4,105
369
5.371
92
18.260
451
137
40,562
82,968 j33
19,040
11
14,571
2
19.501
117
24.573
1
46,023
431
14,284
28.546
425
11,285
13
3,805
5
31,581
15
776
69.090
98,610 1,049
12,711
750.
18,266
52
21,948
37
21.535
107
30,275
237
15,771
8
39,882
150
16,232
22
4,610
2
5,076
14,41
a
2.45
4,026
9,24
Shipments
Week
30.885
10.029
32.190
38.343
127,442
17.920
45.147
48,475
30,82
112.13
29,999
106,368
53,339
11.1
32,39
140,43
149.47
25.290
19.102
12,419
53.42
127,711
19.60
144.0
27.139
4.649
21,62
27,310
243,438
7,473
411 9.267
51 5,747
785 28.071
1,164 28,709
963 43.155
398 10,521
392 16,368
721 12,490
24 7.276
1.409 33.348
74 12,327
988 25,665
379 8,473
1
381
6341 57.532
2,587 192,863
1.757 117,686
400 13,011
95 31.986
175 9.446
2,972 19,933
1,292 24,841
104 10.170
97 40,025
3,24
9,383
4.330
293 5.306
156 8.639
3,894 20,261
18 17,853
Stocks
May
18
1,265109,005
217 803.579 2.376 66,974
3,058 49,05
2.545 158.133 2.391 89,044
15,454 381,54 19,6941,780.047 31,179380,500
49 8,054
.. 2,200
11 73.4
2,427
27
19.63:
72 2.176
44 4.50
7 27.108
23 3,721
132 6.84
105 98,012
274 6,245
83 11,92
--- 54.357 ---- 6.952
11 1,34
5,477
1
562
3,64
6 11.211
36
200
4 15,64
32.879
24
670 12,040
28
8,545
92.31:
l5
8.319
Total. 58 towns 16.3451,355.609 41.2531345933 32.338i4.905.809 63.3711404254
•Includes the comeined totals of 15 towns In Oklahoma
The above totals show that the interior stocks have
decreased during the week 24,905 bales and are to-night
58,321 bales less than at the same period last year. The
receipts at all the towns have been 15,990 bales less than
the same week last year.
New York Quotations for 32 Years
The quotations for middling upland at New York on
May 17 for each of the past 32 years have been as follows:
1935
1934
1933
1932
1931
1930
1929
1928
12 50c.
11.70c.
8.75c.
5.65c.
9.40c.
16.50c.
19.70c.
21.95c.
1927
1926
1925
1924
1923
1922
1921
1920
15.70c
18.70c.
22.65c
31.15c.
26.75c.
21.60c.
12.85c.
42.00c.
1919
1918
1917
1916
1915
1914
1913
1912
30.50c.
26.65c.
20.60*.
13.15c.
9.65c.
13.50*.
12.00c.
11.65e.
1911
1910
1909
1908
1907
1906
1905
1904
16.05c
15.75c
11.65c.
11.00c.
12.15c.
12.000.
8.50c.
13.65c.
Market and Sales at New York
Spot Market
Closed
715.000
Mourning to May 18 1934
Movement to May 17 1935
Futures
Market
Closed
Saturday_ .. Steady, 5 pta. dec.. Steady
Monday.. Quiet, 10 pts. dec.__ Barely steady
Tuesday _ _ Steady, 5 pts. adv__ Steady
Wednesday_ Steady, 5 pts. adv.. Steady
Thursday __ Steady, unchanged_ Steady
Friday
Steady, 6 pts. adv. Steady
Total week_
Since Aug. 1
SALES
Spot
Conted
231
707
200
__-_
-------
Total
231
707
200
1 638
---- 1.638
99.405 141.400 240.805
Overland Movement for the Week and Since Aug. 1
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
May 17-
----1934-35.----
----1933-34---
Week
Since
Aug. 1
Week
2,515
596
188,022
92,379
3,894
703
3.ig2
4.020
12,922
771.g.i
156,967
3,388
484,826
12.965
223,417
127,861
1.322
11,873
154,359
448,171
10.613
935,193
21,133
967.003
482
275
8,169
25,328
12,489
264,007
289
223
2,035
31,375
13,654
206,972
Total to be deducted
8,926 301,824
Leaving total net overland • -- 1,687 633.369
•Including movement by rail to Canada.
2,547
252,001
18,586
715,002
ShippedVia St. Louts
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
-
Overland to N. Y., Boston, &c
Between interior towns
Inland, &a.,from South
Since
Aug. 1
The foregoing shows the week's net overland movement
this year has been 1,687 bales, against 18,586 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 81,633 bales.
3410
Financial Chronicle
-1933-34
I In Sight and Spinners'
Since
Since
Takings
Week
Week
Aug. 1
Aug. 1
Receipts at ports to May 17
21,061 3,898.853
51.676 6,996,786
Net overland to May 17
1,687
633,369
18,586
715,002
Southern consumption to May 17-100,000 3,825.000 105,000 4,074.000
Total marketed
122.748 8,357,222 175.262 11,785.788
Interior stocks in excess
*24,905
198,455 *32,115
142,016
Excess of 8outhern mill takings
over consumption to May 1_
*81,274
173,529
---Came into sight during week
Total in sight May 17
97,843
143.147
---- 12,101.333
8,474,403
May 18 1935
EXPORTS AND IMPORTS-OF COTTONSEED PRODUCTS FOR EIGHT
MONTHS ENDED MARCH 31
Item
1934
1935
Exports-011, crude. Pounds
1,171,514
Oil, refined, pounds
1,974,731
Cake and meal. tons of 2,000 pounds
2,358
Linters, running bales
130,375
Imports-Oil(no separate date crude and refined), lbs.. *72,528,415
Cake and meal tons of 2,00(. pounds
39,698
13,315,833
4,944,706
72.271
112,688
None
827
•Includes 15,796,941 pounds imported during April.
Weather Report by Telegraph-Reports to us by
telegraph this evening indicate that the most important news
Movement into sight in previous years:
of the week was the rainfall in the northwestern part of the
jr Week,
Bales
Since Aug.1Bales
cotton belt, which was the only section where rain was
1933
-May 19
107.035 1932
12,868,555
considered favorable. Planting has been completed in many
1932
-May 10
90.772 1931
14,946,754
1931-May 22
97,012 1930
13.366,488
areas. Temperatures have been normal to well above and
Quotations for Middling Cotton at Other Markets
- rainfall has been scattered, furnishing conditions are needed
Below are the closing quotations for middling cotton at to finish planting and for working fields already up.
Rain
Thermometer
Rainfall
Southern and other principal cotton markets for each day
Texas
-Galveston
dry
high 81 low 72 mean 77
of the week:
Amarillo
4 days 0.47 in. high 80 low 42 mean 61
North.spinn's'takings to May 17- 12,876
* Decrease.
908,429
31,334
1,157,238
Closing Quotations for Middling Cotton on
-
Wk Ended
may it
.sasuraay asonaay "I uesaay
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery..
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ __ _
12.40
12.40
12.04
12.45
12.45
12.50
12.90
12.45
12.40
12.34
12.05
12.05
12.30
12.30
11.96
12.36
12.36
12.40
12.80
12.35
12.25
12.26
12.00
12.00
12.35
12.35
11.97
12.39
12.36
12.45
12.83
12.35
12.30
12.28
12.00
12.00
weaway : hursaay I.:may
i
12.35
12.38
12.03
12.43
12.40
12.50
12.88
12.45
12.35
12.33
12.05
12.05
12.35
12.38
12.04
12.44
12.40
12.50
12.90
12.30
12.35
12.35
12.05
12.05
12.50
12.57
12.22
12.62
12.60
12.60
13.00
12.45
12.50
12.42
12.25
12.25
New Orleans Contract Market
-The closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Monday
May 13
May 11
Tuesday
May 14
Wednesday Thursday
May 15
Friday
May 18
May 17
May(1935) 118681189a 117581178a 117581181a 11.87118481185a 12.018-.02a
June
July
11.91-11.92 11.80
11.85
11.88-11.90 11.88-11.89 12.05-12.07
August_ _ _
September
October
11.73 ---- 11.64 ---- 11.76 ---- 11.79---- 11.81 --- 11.85-11.87
November
December_ 11.8011.7111.8111.8411.8711.91 Jan.(1936) 11.85- - 11.75
11.86
11.8811.9011.94February _
March
11.9111.78 11.8911.9211.96 Bid. 12.02April
Tone
Spot
Steady.
Steady.
Steady.
Steady.
Steady.
Steady
Options_ ... Steady.
Steady.
Steady.
Steady.
Steady.
Steady
Census Report on Cotton Consumed and on Hand,
&c., in April
-This report, issued on May 14 by the Census
Bureau, will be found in an earlier part of our paper in the
department headed "Indications of Business Activity."
Census Report on Cottonseed Oil Production-On
May 14 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand,
and cottonseed products manufactured,shipped out, on hand
and exported for the eight months' period ended April 30
1935 and 1934.
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS)
Received at Mills*
Aug. 1 to Apr. 30
Crushed
Aug. 1 to Ayr. 30
On Hand at Mills
Apr. 30
Stater
1935
1934
266,370 221,164
49,551
37,313
282,406 301,591
102,489
87,266
414,836 359,587
157,866 134,894
468,825 447,753
246,253 229,263
95,826 364,189
193,628 191,910
279,658 274,979
709,140 1.293,686
64,780
72,892
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1935
1934
259,044 189,614
47,088
36,524
274,401 297,571
97,595
77,299
380,583 332.528
157,753 123,238
432,635 390,458
233,096 226,405
107,654 381,042
193,513 186,566
277,814 271,425
783,307 1,280,325
69,360
61,592
1935
1934
26,413
2,591
13,086
5,074
60,263
3,653
55,485
15,098
6,177
1,186
27,058
28,494
3,980
34,514
1,000
20,010
12,894
38,550
14,234
69,032
3,383
10,429
5,980
48,826
112,147
3,230
3.339,740 4,008,375 3,313,843 3,864,587 248,558 374,209
United States
•Includes seed destroyed at m us but no 222,761 tons and 220.968 tons on hand
Aug. 1 nor 112,383 tons and 51,192 tons reshipped for 1935 and 1934 respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND
ON HAND
Item
Season
On Hand
Aug. 1
Produced
Aug. 1 to
April 30
Shipped Out
Aug. 1 to
AprI130
On Hand
April 30
1934-35 *34,400,287 1,031,826,345 1,023,533,252 *60,668,662
1933-34
51,269,417 1,202,900,480 1,153,316,613 109,327,797
a577.448,973
1934-35 a656,804,830 8952,188.039
843,167,543
1933-34 676,331,574 1,032,629,111
1,507,9501,367,523
264,999
Cake and meal, 1934-35
124,572
1,658,638
262,625
1,750,389
1933-34
tons
160,874
753,744
129,289
852,075
Hulls, tons
1934-35
30,958
69,885
1,026,162
1,032,963
1933-34
76,686
674,855
147,952
746,849
1inters, running 1934-35
75,958
663,852
141,505
, 1933-34
734,571
70,786
59,902
1,819
61,075
Hull fiber. 500-i 1934-35
646
65,212
2,596
lb. bales
1933-34
36,823
985
Grabbots,motes,
10,368
28,487
34,885
Sec., 50O-lb. 1934-35
3,970
I 1022.94
9 910
06 092
11 104
fl 044
ha 166
Crude oll, lbs.__
Refined oil, lbs_
•Includes 4,378,638 and 24,154,730 pounds held by refining and manufacturing
establishments and 9,998,880 and 8,198,070 pounds in transit to refiners and consumers Aug. 1 1934 and April 30 1935, respectively.
a Includes 3,605,195 and 4,442,176 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments and
5,153,478 and 5,384,378 pounds in transit to manufacturers of lard substitute, oleo
margarine, soap, etic., Aug. 1 1934 and April 31) 1935, respectively.
1 Produced from 1,029,688.365 pounds of crude oil.
Austin
2 days 0.14 in.
3 days 3.10 in.
Abilene
Brenham
1 daY 0.10 in.
Brownsville
dry
Corpus Christi
dry
Dallas
4 days 1.79 in.
Del Rio
2 days 0.77 in.
El Paso
dr
4 days 5.68 in.
Henrietta
2 days 0.84 in.
Kerrville
Lampasas
3 days 2.80 in.
3 days 2.74 in.
Longview
2 days 0.08 in.
Luling
1 day 2.02 in.
Nacogdoches
3 days 1.16 in.
Palestine
4 days 3.42 in.
Paris
1 day 0.28 In.
San Antonio
1 day
1.42 In.
Taylor
Weatherford
3 days 3.08 In.
Oklahoma-Oklahoma City_ _4 days 0.82 In.
Arkansas
-Eldorado
2 days 0.71 In.
Fort Smith
4 days 2.48 in.
Little Rock
2 days 3.92 in.
dry
Pine Bluff
Louisiana-Alexandria
1 day 0.35 In.
1 day 0.05 in.
Amite
New Orleans
1 day
1.10 in.
Shreveport
1 day 0.96 in.
Mississippi-Columbus
1 day 0.12 in.
Meridian
dry
1 day 0.12 in.
Vicksburg
Alabama
1 day 0.27 in.
-Mobile
1 day
1.44 in.
Birmingham
2 days 0.24 in.
Montgomery
Florida-Jacksonville
1 day 0.28 in.
dry
Miami
2 days 1.28 in.
Tampa
Georgia-Savannah
4 days 0.91 In.
Athens
2 days 0.62 In.
Atlanta
2 days 0.74 in.
Augusta
3 days .1.66 in.
Macon
2 days 0.60 In.
South Carolina-Charleston 3 days 1.99 in.
4 days 0.63 in.
Greenwood
4 days 2.12 In.
Columbia
2 days 22.4 in.
Conway
North Carolina-Asheville__ _5 days 1.40 in.
Charlotte
4 days 1.50 in.
3 days 0.58 In.
Newborn
Raleigh
5 days 1.10 In.
Weldon
1 day 0.22 In.
3 days 0.32 in.
Wilmington
Tennessee-Memphis
2 days 0.99 in.
4 days 2.16 in.
Chattanooga
3 days 0.14 in.
Nashville
high 88
high 92
high 86
high 88
high 86
high 84
high 94
high 90
high 86
high 88
high 88
high 90
high 90
high 84
high 86
high 84
high 90
high 90
high 84
high 80
high 91
hign 90
high 88
high 88
high 88
high 90
high 90
high 86
high 91
high 90
high 88
high 90
high 86
high 92
high 94
high 86
high 92
high 94
high 92
high 90
high 94
high 92
high 95
high 90
high 92
high 97
high 82
high 88
high 94
high 88
high 91
high 92
high 87
high 88
high 86
low 66
low 56
low 66
low 70
low 74
low 58
low 70
low 54
low 52
low 60
low 54
low 62
low 64
low 62
low 64
low 58
low 64
low 60
low 54
low 50
low 61
low 58
low 56
low 60
low 65
low 61
low 70
low 64
low 61
low 62
low 64
low 64
low 60
low 66
low 64
low 68
low 68
low 65
low 57
low 60
low 62
low 60
low 58
low 49
low 54
low 52
low 50
low 52
low 51
low 48
low 52
low 52
low 54
low 60
low 54
mean 77
mean 74
mean 76
mean 79
mean 80
mean 71
mean 82
mean 72
mean 69
mean 74
mean 71
mean 76
mean 77
mean 73
mean 75
mean 71
mean 77
mean 75
mean 69
mean 65
mean 76
mean 74
mean 72
mean 74
mean 77
mean 76
mean 80
mean 75
mean 76
mean 76
mean 76
mean 77
mean 73
mean 79
mean 79
mean 77
mean 80
mean 80
mean 75
mean 78
mean 78
mean 76
mean 77
mean 70
mean 78
mean 75
mean 66
mean 70
mean 73
mean 68
mean 72
mean 72
mean 72
mean 74
mean 70
The following statement has also been received by telegraph, showing the height of rivers at the points named at
8 a. in. on the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
May 17 1935
Feet
14.9
29.2
12.0
31.5
38.3
May 18 1934
Feet
3.6
6.1
9.2
11.3
10.4
Dallas Cotton Exchange Weekly Crop Report
-The
Dallas Cotton Exchange each week publishes a comprehensive report covering cotton crop conditions in Texas,
Oklahoma and Arkansas. The current week's report, dated
May 13, is as follows:
TEXAS
West Texas
-Have had lots of rain, week ago, cold weather
Abilene (Taylor County)
following set back young cotton and delayed germination of late planting.
65% planted. Some farmers prefer part of crop planted last half of May :
some few farmers beginning to plow early planting.
Ballinger (Runnels Coun(y)-The east one-half of our county is In good
condition as to moisture. The west one-half sufficient moisture for bringing
UP cotton and feed but will need rain within 10 days to carry it on. Undero up
rd season not as good as we would like to have. Estimate 75% Planted,
v Big Spring (Howard County)-Cotton planting Is being rapidly completed
here and in portions of the county It Is coming up or Is already up to a fair
stand. There is some complaint of cotton not coming through the surface
on account of cold weather and a few small districts which have not yet had
sufficient moisture for planting purposes. We do not believe there will be
any material change in acreage.
Clarendon (Donley County)-Motsture insufficient for planting. Need
general soaking rains. Lands well prepared, no cotton planted yet. Ideal
planting time beginning Monday. Without rains doubtful if can get cotton
up to stands. Most farmers likely to wait for more rain before planting.
If plant by 20th or 25th will be plenty of dine as we have good ground
season. Acreage most likely to be increased probably 570•
-Weather past week ha been clear with very
Quanah (Hardeman County)
little wind, nights are still unseasonably cold. Very little cotton has been
Planted so tar. Moisture in this immediate territory is adequate to start
crop. On account of lack of subsoil moisture we will need rains through the
season at the right time to make a normal yield. Planting seed are plentiful
and mostly of good quality.
-Warm dry weather has prevailed most of
Shamrock (Wheeler County)
week. It is sprinkling here now (5:20 p. m. 11th). Maximum temperature
this week 90 degrees. minimum 54 degrees. Total precipitation recorded in
Shamrock since Oct. 1 1934 about 3.42 ins. No sub-soil moisture. A few
acres of cotton planted this week but there Is not sufficient moisture to
sustain the plant after germination. Some hail 25 miles southwest last
night. Light shower at 'Wellington, dust storm here.
-About a week ago half inch rainfall all over the
Snyder (Scurry County)
county, which was of a shower nature accompanied by high winds and
dust storms. There has been no rain in this district this past week and the
prospects look very poor. There appears to be no chance of any more rain.
Volume 140
No germination weather whatever, crop prospects very poor. About 25%
planted, same should be replanted.
Sweetwater (Nolan County)
-80% planted, 10% up. 8% increase in acreage
over last year. Too cool. Spotted sections to replant as there were heavy
rains this last week, however rains were not general, but this county has
plenty moisture.
North Texas
IIN
Clarksville (Red River County)
-About 55% planted, 35% up, and about
20% to be replanted. Growth is very slow, plants sickly. Crop is about
three weeks late. Some overflow damage. Too much rainfall, very hard
rainfall Friday. Nothing has been done in the fields this week.
Dallas (Dallas County)
-Planted 50%, much replanting. Wet and cold.
had good rain. Germination slow, 50% up. growth poor and plants sickly.
Crop two weeks late. A few fleas.
-Weather past two weeks very unfavorable for
Forney (Kaufman County)
cotton, too wet and very cold for the season. 75% planted, of which 50%
must be replanted account poor stands. Some cotton up is now dying due
to wet and cool weather.
Greenville (Hunt Counly)-Cotton about three-fourths planted in blackland, and.one-third in sandy land. A large amount will have to be replanted,
rains have rotted seed. This week have had three more inches rain, total
17 inches aim* first of year. Ground too wet to replant just now.
-Cotton planting delayed again this week
Honey Grove (Fannin County)
due-to wet ground. Some few farmers working to-day. Saturday. 50% of
the cotton already planted will have to be replanted. If weather continues
fair, practically all farmers will be able to start planting Monday. Condition of soil wet and weedy.
-Rains still delaying work, cotton yet to be planted
Paris (Limar County)
In many parts of county. Early planted is growing but needs sunshine and
cultivation. All fields too wet for work to be done and looks like won't get
in fields before 15th.
Terrell (Kaufman County)
-The farmers have taken advantage of the dry
weather this week and have been planting where the ground was dry
enough. About 70% to 75% is planted and unless we have another rainy
spell, practically all will be planted within another week. Crop is two or
three weeks late, so we need warm dry weather in order for them to catch up
as near as possible.
Texarkana (Bowie County)
-(May 9th) From north of DeKalb to Texarkana Red River estimated overflowing 75,000 acres cultivated land.
Central Texas
Caldwell (Burleson County)
-We have had about 10 inches of rain in past
10 days and ground now thoroughly wet. Need dry weather to work out
crop and finish planting. Crop about 90% planted with 80% up. 5% to
10% to be replanted account heavy rains. Crop in good state of cultivation
except grass beginning to grow, and will need work at once.
Cleburne (Johnson County)
-Planted 20%, 75% replanting, washing
rains, too cold. Germination poor, 10% up, growth poor, plants sickly.
-inch rain.
Crop two weeks late, 5
-Farmers have been unable to get into their
LaGrange (Fayette County)
fields since April 19 due to intermittent rains. Fields are becoming very
grassy. We need two weeks of sunshine as about 20% of cotton will have to
be replanted.
Lockhart (Caldwell County)
-(May 11). Last Sunday all creeks overflowed. Thursday this county had from one-half to two inches of rain. We
need two weeks sunshine and warm nights. No one can tell anything about
cotton until it is worked out. Stands are good. 5% to replant.
San Marcos (Hays County)
-Too much rain and cool weather, need three
weeks dry warm weather. About 5% replanting to be done as soon as
fields are dry enough. Have plenty planting seed.
Waxahachie (Ellis County)
-Rainfall about 4 inches over the last weekend delayed planting and caused washing in places, followed by hot dry
weather, which is highly favorable. About 50% planted, 40% up, and 25%
to be replanted. It will be 3 or 4 days yet before planting can be resumed.
causing a delay in all of about 10 days. Fields are beginning to get grassy.
East Texas
Longview (Gregg Counly)-Little change in crop conditions this week.
Due to excessive rain, about 15% will have to be replanted. No cotton
chopped to date due to wet ground.
Marshall (Harrison County)
-Too much rain last week delayed planting
and necessitated some replanting. Conditions on the whole about 10 days
earlier than last year. Planting 85% complete and about 5% to replant.
Stands fair to very good.
Sulphur Springs (Hopkins Counly)-Little change since last week: hard
rains nearly every day, far too much moisture in the ground. Weather too
cool. Very little cotton coming up,indicating that probably more than half
of the planting will have to be done over.
Tyler (Smith County)
-Replanting, due to excessive rain and high water,
progressing rapidly. General conditions much better than last week, due to
clear weather. Estimate of 20,000 bales for the county seems to be about
correct.
South Texas
Corpus Christi (Nueces County)
-During this week-end all this territory
has been covered by heavy rains. Mueces and San Patricio
and Valley
counties were thoroughly covered and in the view of the writer were surely
of benefit as fleas were appearing on cotton and the rains washed them off,
destroying them, especially as rains were followed by warm sunshine. At;
rule, cotton growing nicely and generally from 9 inches to about 2 feet high.
Plenty of squares and occasional bloom. All this section. fields clean and
looks like immeAse cotton crop. Some replanting will have to be done in
parts of Gonad County account leafworms. The Corpus Ctuisti sections
continue to make good progress. All needed now is warm nights and plenty
of sunshine.
Gonzales (Gonzales County)
-About 2
-inch rain this week, need dry
weather. Not much work in fields this week, clear and warm to-day.
Chopping and cultivating will be renewed coming week, cotton plant does
-worm complaint. Some
not look good, nights too cool. Considerable cut
fields badly in need of cultivation and number of farmers report that they
will not replant where needed, getting late to finish planting. Will possibly
make about same acreage as last. year.
Harlingen (Cameron County)
-Weather past week has been favorable to
cotton. Will need clear hot weather coming week. 100% planted, 100%
up, none to be replanted. Owing to rains have some grassy cotton. We have
lots of cotton with bolls on it now. Will be about 15% to 25% increase in
acreage.
San Antonio (Bexar County)
-During past 10 days this section has had far
too much rain, fields are boggy and some are beginning to get grassy. Last
night from 2 to 6,5'5 inches fell throughout our whole territory, washing and
drowning out much young cotton which will have to be replanted. Hall
practically destroyed a strip 6 to 7 miles wide in Hexer County last night
which will all have to be replanted. Cotton looks droopy, especially in
low places, rains and cool nights are retarding its growth. Need dry hot
weather during next few weeks.
OKLAHOMA
Cushing (Payne County)
-Planting about completed in this section.
Ground in fine condition. Some cotton coming up. Is on average about
2 weeks late.
-No work this week due to heavy rains. ReHugo (Choctaw County)
planting necessary in all sections of this territory. Much bottomland overflowed and uplands badly washed. In south and southeastern portion up to
40% had been planted, but further north little has been planted, and
destructive rains continue.
Mangum (Greer County)
-Inch rain week ago helped materially, but
several inches more would be welcomed. Possibly 15% planted past week
and will get in full swing the coming week. Weather is warm enough and
more moisture needed our only complaint.
McAlester (Pittsburg County)
-Weather past week favorable but most
fields still too wet to plant from torrential rains of week before last. About
25% planted and 5% up. and that is looking yellow and sickly. Acreage
will probably be same as last season.
ARKANSAS
Ashdown (Little River County)
-Very little farm work this week, heavy
rains over week-end and again yesterday (Friday). Quite a percent of
Red River Valley as well as other streams in this section under water.
Impossible at this writing to give percent to be replanted.
Conway (Faulkner County)
-Still continue very late in getting started.
About 20% planted. Should be two-thirds to three-fourths planted. Considerable of the planted cotton will have to be replanted. Seed scarce and
Inferior. Less fertilizer will be used this year than at any time since the
County started to fertilize.
Little Rock (Pulaski County)
-Excessive rains and subnormal temperatures
of 8 to 12 degrees at close of previous week interfered seriously with planting
and growth of cotton which was up. Is feared much replanting will be
3411
Financial Chronicle
necessary. Little farm work accomplished in bottom sections during week
as soil continued thoroughly water-soaked, but conditions in uplands were
better last three days. Planting is 2 weeks late in lowlands, 1 week behind
normal In uplands. All farmers report warm dry weather for 2 weeks badly
needed for completion of planting and replanting. In some sections planting
is 90% completed, while others only about 40 to 50%. Excess rainfall since
Jan. 1 amounts to 24 inches, however, top soil generally reported in good
condition. No reports so far of inadequate supply of seed, but further
destruction might become serious matter.
Pine Bluff (Jefferson Counly)-Have had too much rain, much replanting
is going on. Weather past three days ideal. We need a month of it.
-Too much rain last of April and first week of
Searcy (White County)
May kept farmers from planting very-much cotton and they had very little
chance between rains to prepare ground. Past three days have been real
summer days and they are busy getting soil in good condition and planting.
A few more hot sunshiny days and they will be through planting.
Receipts from the Plantations-The following table
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
Receipts at Ports
1935
1934
Feb.15__ 40.895
21._ 31.693
Mar.1._ 45,509
8._ 28.622
15._ 24,287
22._ 30.138
29-- 24.491
Apr.5._ 25,927
12... 25,529
19._ 15,829
26._ 21,251
May
3__ 15.791
10._ 21,595
Il 17._ 21,061
I
1933 I
Stocks at Interior Towns
1935
1934
Receipts Iron Plantations
1933
1935
I
84.994 102,480,1.708,042 1.910,901 2.648,063
122,954 1,677,356 1.861,686 2,014.668
73.
1934
1933
8.480 31.149 65,517
1,007 24.435 82.337
70.903 101.01211,639,950 1.815,174 1.977.796 8,103 24,391 84,142
63,824 72,119,1,603,937 1.759,566 1964,139 N11
8.216 68.462
80,96 48 558;1 587 972 1,720,902 1,932,247 8.322 42,301 16.666
78.297 78,838 1,559.987 1,687,665 1.903,091 2,103 43,060 49.682
89 39,702 43,005
64,579 71,9161,535,4851.662,7881,874,180
I
Nil 25.587 20,358
88.25 75,541,492.79411.620320 1.839.230
70,948 56,7691,474,0281,581,871 1.808.896 6,763 32,699 24,433
74,294 80,3441,451.84511.548.878 1,772,695 Nil 39,301 46.143
Nil 38,413 58,729
79,174 92,3861,423,178 1.506,1171,739,038
75,23 90,02 1,396,198 1,467,685 1,709,661
46,54 101.0741,370.838 1,436,369 1,672,791
51,67 118,296 1,345,933 1,404,2541,624,351
36.803 60,650
15,228 64,204
19,561 69.856
Nil
Nil
Nli
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1934 are 4,139,457 bales;
in 1933-34 were 7,111,389 bales and in 1932-33 were 8,159,269
bales. (2) That, although the receipts at the outports the
past week were 21,061 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 24,905 bales during the week.
World's Supply and Takings of Cotton-The following brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period.
Cotton Takings,
Week and Season
1934-35
Week
1933-34
Season
Week
Season
Visible supply May 10_ _ _ -- 6,038.219
8,335,074
Visible supply Aug. 1 _
6,879,719
7,632.242
97,843 8,474,403
American in sight to May 17
143,147 12,101,333
Bombayreceipts to May 16_ _
94,000 2,144,000
60,000 2,037,000
Other India ship'ts to May 16
673,000
23,000
6.000
758,000
Alexandria receipts to May 15
12,000 1,462,200
13.000 1,657,400
Other supply to May 15 *b.
478,000
12,000
11,000
506,000
Total supply
Deduct
Visible supply May 17
6,260,062 20.111,322 8,585,221 24,691,975
5,874,012 5.874,012 8.161.528 8,161.528
423 693 16,530,447
Total takings to May 17 a _ _
386,050 14,237,310
Of which Amercan
249,693 12,170,04
223,050 9,208,110
Of which other
174,000 4,360.400
163,000 5.029.200
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,825000 bales in 1934-35 and 4,074,000 bales in 1933-34takings not being available-and the aggregate amounts tak.n by Northern
sad foreign spinners. 10,412,310 bales in 1934-35 and 12,456,447 bales in
1933-34, of which 5,383,110 bales and 8,096,047 bales American.
b Estimated.
India Cotton Movement from All Ports-The receipts
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1934-35
May 16
Receipts at
Week
Bombay
Since
Aug. 1
1933-34
Week
1932-33
Week
Since
Aug. 1
94,000 2.144,000 60,00012.037,000 64.00012,262,000
For the Week
L'sports
From-
Since
Aug. 1
Great Coati- Jap'n&I
Britain neat China Total
Since August 1
Great
Rritain
nest
1Japan
China
Total
Bstabay
I
I
1934-35._ 5,000 2,000 35,000, 42,000 56,000 279.0001,039.000 1,374,000
1933-34__
3,000 96,000' 99,000 57,000 288,000 664,000 1.009,000
1932-33._ 3,11
8,000 31,000 42,000 40,000 247,000, 926,000 1,213,000
OtherIndia1934-35._
6,000
6,000 194,000 479.000
I 673,000
1933-34._
23,000
23,000 219,000 539,000
' 758,000
1932-33._ 1,000 5,000
____ 6,000 97.000 333,000,
I 430,000
WARD-1934-35._
1933-34._
1932-33._
5,000
8,000 35,000 48,000 250.000 758.0001,039.000 2.047,000
26,000 96,000122.000 276,000 827.000, 664,000 1.767,000
4:6156 13.000 31,000 48,000 137,000 580,000 926.0001,643,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
34,000 bales. Exports from all India ports record a decrease
of 74,000 bales during the week, and since Aug. 1 show an
increase of 280,000 bales.
Alexandria Receipts and Shipments
-We now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
3412
Financial Chronicle
1932-33
60.000
7.310,588
Receipts (cantors)
This waek
Since Aug. 1
1933-34
65,000
8,269,807
60.000
4.848.128
This Since
Week Aug. 1
Exports (Bales)
To Li nrpool
To Manchester,&c
To Continent and India
To America
119,359
130,937
14,006 633,107
35.062
This Since
Week Aug. 1
This Since
Week Aug. 1
241.720 6.000 132,746
159.943 6.000 101.606
5:666 580.311 10.000 408,803
1.000 67.821 Loos 32,389
rota'exports
14.000 918.465 6.000 1019795 23,000 675.544
Note
-A cantar is 99 lbs Egyptian ba es weigh about 75u lbs.
This statement shows that the receipts for the week ended May 15 were
60,000 cantars and the foreign shipments 14.000 bales.
Manchester Market
-Our report received by cable tonight from Manchester states that the market in both yarns
and cloths is steady. Demand for foreign markets is improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison.
1935
d.
Feb.-
8. a.
s. d.
10%(0111% 92 15 94
1011 @113i 92 15 94
1034Q)14.35 92
94
Mar.
-
d.
32s Coy
Twist
d.
7.05 10X@11X
7.06 10X @1134
7.10 1034151134
811 Lbs. Shirt- Cotton
{no, Common Widag
to Finest
(lords
s. d.
1
1
1
1031@1155
,
103i©11M
10 (g1134
9%@11
9x @Mx
92
92
90
87
90
@94
(g) 9 4
(g) 9 2
(a1 9 1
(K4 9 2
7.09 10X @12
7.10 10x p12
6.59 10 @11X
6.30 934151134
6.36 934 @11 x
1
1
1
1
1
9341511
10 @11.34
10 (g1134
1034E41134
90
90
90
90
(01 9 2
@ 92
1592
€0 9 2
6.35
6.65
6.63
6.78
934151134
9.35@113i
9341511
934151034
1
1
1
1
10% ® 11 15 90 og 9 2
1034151134 90 @ 9 2
10%@11% 90 @ 9 2
6.81
6.88
6.90
934151034
9X@10X
934(4)10%
1
1
1
A pr.-
May
-
s. d.
0.1)0 0002 001= WDS
32s Cop
Twist
1934
835 Lbs. Shirt- Cotton
,
ings. Common Mtddrg
to Finest
Cards
d.
3
3
3
6.80
6.68
6.67
3
3
7
3
3
6.55
6.65
6.62
6.46
6.35
3
3
3
3
6.40
6.35
6.18
5.88
3
3
3
5.93
6.15
6.23
Shipping News
-AS Shown on a previous page, the
exports of cotton from the United States the past week have
reached 55,355 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
-May 9
GALVESTON-To Liverpool
-West Cobalt, 5.689
5,689
To Manchester
-May 9
-West Cobalt, 1,147
1,147
-May 14
-City of Joliet, 2,298
To Ghent
2,298
To Antwerp
-May 14-City of Joliet, 393
393
-City of Joliet, 50---May 15
-May 14
-Effingham,
To Havre
1.148
1.198
To Bremen
-May 14
-Ingram, 2,312 ..May 15
-Effingham,
499
2,811
-City of Joliet, 610
To Rotterdam-May 14
610
To Gdynia-May 14
-Ingram, 167
167
To Dunkirk-May 15
-Effingham.50
50
To Hamburg
-May 15
-Effingham,28
28
HOUSTON-To Bremen-May 13-Ingram, 2,587
2,587
-Ingram. 1.139
To Hamburg
-May 13
1,139
To Rotterdam-May 11-City of Joliet, 655
655
To Ghent
-May 11-City of Joliet, 1.763
1,763
-May 11-City of Joliet, 207
To Antwerp
207
-May 11-West Cobalt, 1,650
To Liverpool
1,650
-May 11-West Cobalt, 1,629
To Manchester
1,629
-May 16-Agontz, 846
846
To Marseilles
-May 16-Agontz, 850
To Genoa
850
To Barcelona-May 16-Agontz, 331
331
-Velma Lykes, 200
To Africa
-May 16
200
-City of Joliet, 248
-To Ghent
-May 14
248
TEXAS CITY
-May 14
-City of Joliet, 600
600
To Havre
,
To Rotterdam-May 14-City of Joliet, 340
340
-May 9
-City of Joliet, 625
LAKE CHARLES
-To Ghent
625
-May 9
-City of Joliet, 183
183
To Havre
-May 9
-City of Joliet, 100
To Rotterdam
100
-May 7
-To Liverpool
-West Cohas, 1,150--NEW ORLEANS
-Planters, 2.677
May 13
3,827
-West Cohas, 1.269___May 13
To Manchester-May 7
Planters, 1.781
3,050
478
To Japan-Fernbank, 478
-May 10
-San Mateo. 285
To Antwerp
285
-San Mateo, 1,319
To Havre
-May 10
1,319
-San Mateo, 150
To Dunkirk
-May 10
150
2
To Copenhagen-May 13-Stureholm, 2
-Isis, 475
475
To Rotterdam-May 13
To Genoa
-May 13-Mongiola, 2,114
2,114
100
-May 13-Stureholm. 100
To Oslo
2,343
To Gdynia
-May 13-Stureholm, 2,343
To Barcelona-May 13-Aldecoa,100100
-May 13-Stureholm, 350
350
To Gothenburg
-West Cobalt,1.000-- 1.000
-To Liverpool
-May4
CORPUS CHRISTI
To Manchester
-May 4
-West Cobalt, 1,146
1.146
-May 6
-Effingham, 477
477
To Havre
-May6
-Effingham.50
To Dunkirk
50
-Effingham,98
To Bremen
-May 4
-Ingram,164_ _ May 6
262
To Gdynia
-May 4
303
-Ingram,303
To Barcelona
-May 10-0gontz, 100
100
To Reval-May 4
-Ingram,50
50
-Black Osprey, 86
NORFOLK
-To Rotterdam-May 14
86
To Havre
-May 14-Liberty, 55
55
To Manchester
-May 15-City of Flint,89
89
To Hamburg
-City of Baltimore, 81
-May 17
81
CHARLESTON-To Hamburg
-May 12-Waynegate, 189
189
SAVANNAH-To Genoa
-May 13
-Marina 0,540
540
To Bremen
-May 16-Waynegate,88
88
To Hamburg-May 16-Waynegate,771
771
To Lisbon-May 16-Waynegate,50
50
PENSACOLA-To Liverpool
-May 13-Afoundria, 19
19
To Manchester
-May 13-Afoundria, 36
36
To Ghent
-May 13-Antinous, 2
2
To Gdynia
-May 13-Antinous, 12
12
GULFPORT-To Manchester-May 11-Afoundria, 3
3
To Hamburg
-May 11-Antinous,32
32
MOBILE-To Havre
-May 2
21
-City of Alma,21
To Hamburg
-May 2-Idarwald, 28
28
To Genoa-Apr. 26-Mongiola, 60_ __Apr. 24
-Maria, 50_ __ _
110
To Gdynia-May 2-Idarwald, 200
200
To Barcelona-Apr.24-Mar Carib% 57
57
LOS ANGELES
-To Liverpool
-May 3
-Steel Engineer. 503_
May 4
-Pacific President,922
1.425
To Manchester-May 4
-Pacific President, 1,011
1,011
To Japan
-May 2
-Golden Tide, 1,100___May 6
-President
Monroe, 1.725_ _ May 27-Maganna Mani, 1.000- _ _
May 7-Nalinia, 1.000
825
To India-May 6
-President Monroe,300
4.300
55,355
Cotton Freights-Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High StandDensity ant
Liverpool .250. .25e.
Manchester.250.
.25o.
Antwerp
350. .50c.
Havre
.250. .40c.
Rotterdam .35c. .50e.
Genoa
.40c, .55c.
Oslo
.460.
.610.
Stockholm .420.
.57e.
Trieste
Flume
Barcelona
Japan
shanghai
Bombay z
Bremen
Hamburg
High RandHigh
Density ard
DenaUp
.SOc. .65c. Piraeus
.76e.
.650. Salonlea
.750.
.350. .500. Venice
•
•
Copenharn .18e.
•
Naplee
•
.400. .550. Leghorn
.40e.
.35c. .500. Gothenberg .
4213.
.35a
Standard
.900.
.90o.
.65o.
.1530.
.550.
.5150.
.37o.
Liverpool
-By cable from Liverpool we have the following statement of the week's imports, stocks, &c., at that port:
Apr. 26
35,000
672.000
227,000
57,000
3,000
136,000
47.000
Forwarded
Totalstocks
Of wh'ch Amor can
Total mports
Of wh ch Amer can
Amount afloat
Of wh ch Amer can
May 3
May 10 May 17
67,000
49,000
52,000
666,000 649,000 634.000
230,000 226,000 214.000
50.000 30,000 33.000
2,000
4,000
2,000
123,000 145,000 159,000
50,000
42,000
40.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
Market,
12:15{ Moderate
P. M.
demand.
Good
Inquiry.
Good
Inquiry.
Good
inquiry,
Moderate
demand.
More
demand
MId.Upeds
6.92d.
6.48d.
6.84d.
6.86d.
6.89d.
6.906.
Futures. 1 Quiet but Quiet but Steady. un- Quiet but Quiet but Steady:
Market
steady,3to steady, 4 to changed to steady, I to teady, un- nch'ged to
opened 4 pls. adv.5 pts. dec. 1 pt. dec. 3 pis. adv. changed to 2 pia. adv.
2 pts. adv.
Market,
Quiet,
Steady,
Steady.
Steady. Quiet but Q't but st'Y
4
5 to 7 pts. 9 to 10 pis. 2 to 3 pts. 2 to 4 pls. steady, un- unclVged to
P. M.
decline,
advance,
advance, advance, changed to 1 pt. dec.
1 IA. dec.
Prices of futures at Liverpool for each day are given below:
Saturday Monday
May 11
to
May 17
Tuesday Wed'day Thursday Friday
12.1 12.30 12.15 4.11 12.1. 4.1112.15 4.0012.15 4.0012.15 4.00
p.m. p.m. p. m.p. m p. m.p. m p. m. p. m. p. m.p. m.p. m p. m.
New Contract d.
May (1935)___ _ __
July
October
December
January (1936) __ _
March
May
July
October
December
January (1937) _ _
d.
6.62
6.56
6.37
d.
6.54
6.47
6.29
d.
6.52
6.46
6.27
d.
6.54
6.48
6.29
6.34 6.26 6.29 6.26
6.3 6.27 6.2 6.26
6.21 __ __ 6.12_ __
ppMWOOWCA=0O,1
1934-J5
d.
6.53
6.49
6.32
-- -.
6.29
6.30
- -__ _
d.
d.
6.56 6.56
6.51 6.91
6.33 6.34
6.30. ..
_
6.31 6.31
6.31 6.32
6.30.._ __
6.25.... __
d. d.
6.56 6.57
6.5 6.51
6.33 6.33
6.30._ __
6.30 6.30
6.3 6.31
6.29_. __
6.28.... __
d.
6.56
6.50
6.32
6.29
6.29
6.30
6.29
6.27
__ 6.19.... ._ 6.i8_ __ 6.17
- - 6.19_ _ 6.18._ __ 6.17
I
Alexandria, Egypt,
May 15 -
May 18 1935
BREADSTUFFS
Friday Night, May 17 1935.
Flour demand showed no improvement but prices were
steady. Late in the week bakery grades were moved up
10c. per barrel locally in response to the advance in grain.
Rye offerings were raised a like amount and family patents
were maintained at previous levels.
Wheat after a momentary show of strength in the early
trading reacted on the 11th inst. and ended % to 1%c.
lower. The Government report showed no material improvement in crop prospects and shorts hastened to cover in
the early trading but on the rise heavy liquidation set in
and this with stop-loss selling caused a sharp setback. On
the 13th inst. there was a further decline of 1% to 1 8c. on
scattered selling and May liquidation stimulated by good
rains over the belt, particularly in the dry sections of the
Southwest, where further rains were indicated. Mill buying and short covered checked the decline late in the session.
On the 14th inst. prices ended % to /c. lower with the
drought in the Southwest apparently broken. Rains fell
over the entire winter wheat belt and in some sections of
the Northwest. Winnipeg closed % to %c. higher but
3
Liverpool was weaker.
On the 15th inst. prices ended % to %e. higher on buying
owing to a fear that the market is oversold. There was
no incentive in the news to buy. Shorts covered and flour
mills were removing hedges against sales of flour. Winnipeg
closed weaker and Liverpool declined % to 4c. lower.
7
Buenos Aires was steady. Foreign markets, however, had
little influence on the market. Wheat planting in Canada
is said to be three weeks later than normal and Argentina
advices said moisture is needed to germinate the new crop
being seeded. To-day priges declined 23.. to 23/Ic. lower
on more favorable weather and crop reports from the Southwest and Northwest. The decline in silver had a bearish
effect. The open interest at Chicago yesterday totaled
69,736,000 bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed, Thurs. Fri.
No. 2 red
10834 107
10634 10634 10834 10634
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
9334 9134 91
May
91
9234 9034
94
9234 92
July
9234 9334 9134
94X 9354 93
September
93
9434 9234
I
Season's Low and When Made
Season's High and When Made
May
117 Aug. 10 1934 May
9034 May 15 1935
July
10134 Apr. 16 1934 July
8634 Jan. 15 1935
September __10234 Apr. 16 1934 September
84% Jan. 15 1936
Volume 140
Financial Chronicle
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
8734 Boll- 8634 8634 87% 86%
July
88% day 8734 8734 88% 87%
Corn followed the action of wheat on the 11th inst. and
ended with net losses of % to 1%c. On the 13th bast.
prices closed Yic. lower to %c. higher, reflecting the weakness in wheat. Short covering and Far Eastern buying
on the belief that continued wet weather is delaying planting
in the belt caused a late rally. The visible supply in this
country showed a •further shrinkage of 1,392,000 bushels.
5
On the 14th inst. prices ended Yi to /c. higher on buying
stimulated by reports of delayed planting owing to muddy
conditions of corn fields. A report from Springfield, Ill.,
said that it was too wet for planting operations and that
about a week of sunshine was needed to enable farmers
to work in the field.
On the 15th inst. corn showed less independence and
prices closed N to 3 c. higher. The weather was more
A
favorable for field work. To-day prices ended / to 134c.
73
/
lower owing more to a lack of demand than to anything
else. The open interest at Chicago yesterday was 39,623,000
bushels.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
10334 102% 10334 10334 104% 103%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
8734 8634 8734 8734 8834 87
July
8034 8034 8034 80% 82% 81
September
7434 7434 75
7534 7734 76
Season's High and When Made
Season's Low and When Made
Oct. 4 1934
75
May
9334 Dec. 5 1934 May
9034 Dec. 5 1934 July
7134 Mar. 18 1935
July
September - -- 84i Jan. 5 1935 I September
6734 Mar.25 1935
Oats reflected the movements in wheat and corn and
showed very little activity.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
5634 5734 5634
5834 5734 57
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
4434 4534 44
4634 4534 45
July
3734 3634 3634 3634 37% 36
September
35
3434 3434 3434 35% 34
Season's High and When Made
Season's Low and When Made
4134 Mar. 18 1935
May
5934 Aug. 10 1934 May
Mar. 18 1938
July
51
Dec. 5 1934 July
38
September ---- 4434 Jan. 7 1935 September
3434 Mar. 18 1935
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
3934 Boll- 3934 3934 40% 4034
May
3934 day 3934 3934 41
July
4034
Rye was quiet and prices were influenced by the action
of wheat and corn.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
5134
5434 5234 5234 528' 54
5334 517
523/i 51% 52
545
53% 53% 53
5594 5334
557
Season's Low rand When Made
'hen Made
I
5154 May 13 1935
Aug. 9 1934 May
5234 May 13 1935
Jan. 5 1935 September
PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
48
Roll- 4534 45% 4734 46
July
49% day 4734 4794 4934 4734
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
56
56
56
62
58
57
July
59
56
54
54
5434 54
September
____ 54
58
58
58
58
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Frt.
May
4134 Holt- 4031 4151 43%, 4234
July
42% day 42% 4234 44% 4334
May
July
September
Season's High and
May
9534
September
76
DAILY CLOSING
Closing quotations were as follows:
GRAIN
Wheat, New YorkOats, New York
No. 2 white
No. 2 red, c.i.f., domestic__ -106%
0
5
Manitoba No. 1. f.o.b. N.Y.. 94% Rye, No.2,f.o.b.bond N.Y. 5
Barley, New York
72%
Corn, New York4734 lbs. malting
Chicago. cash
50-100
No.2 yellow, all rail
10374
FLOUR
Spring pats..high protein 87.50(8i7.80 Rye flour patents
$3.75@4.00
Spring patents
7.10i7.35 Seminole, bbl., Nos. 1-3- 8.60P8.80
3.40
Clears, first spring
6.40 6.85 Oats, good
Soft winter straights__ 5.903i6.40 Corn flour
2.80
Hard winter straights_ (3.55i6.75 Barley goods
Coarse
4.25
Hard winter patents_ _ __ 6.75(6.95
Hard winter clears
6.15ii6.40. Fancypearl. Noe.2,48t7 6.30@6.50
For other tables usually given here see page 3384.
Agricultural Department Report on Winter Wheat,
Rye, &c.
-The Department of Agriculture at Washington
on May 10 issued its crop report as of May 1 1935. This
report estimates the abandonment of winter wheat at 31.2%,
leaving the acreage remaining to be harvested at 30,497,000
acres as compared with 32,945,000 acres harvested in 1933.
Last year the abandonment of winter wheat acreage was
21.3% and the 10-year average (1922-31) 12.6%. The
May 1 condition is placed at 75.3% this year as compared
with 70.9% of normal on May 1 1934, 66.7% on May 1
1933 and no less than 90.3% on May 1 1931, and a 10-year
average condition of 81.2%. The estimated production of
winter wheat is now estimated at 431,637,000 bushels, which
compares with a harvest of 405,034,000 bushels last year and
an average five-year (1928-32) production of 618,186,000
bushels. Below is the report:
As the planting season opens it is apparent that crop prospects in the
country as a whole are much better than at this time last year, but they are
still substantially below average, due chiefly to carryover effects of last
year's widespread drought. !Desperately dry conditions still prevail in
the Southern Great Plains area, including portions of five States in the area
3413
surrounding the western tip of Oklahoma. In the northern half of the Great
Plains area most sections have had enough rain to meet current needs, but
the supply of subsoil moisture is still deficient in some areas and crops will
be more dependent than usual on timely rains during the growing season.
Most of the irrigation States have had fair rains and conditions average
much better than at this time last year, but some projects still have less
than the usual supply of irrigation water in reserve. In California. however. ranges and pastures are the best in many years and prospects for most
field crops appear to be excellent. In the eastern half of the country crop
prospects appear to differ little from those usually prevailing this early in
the season.
About 13,839,000 acres of the wheat sown last fall have been abandoned,
practically all of the abandonment being in the dry Southwestern area.
In other sections prospects for winter wheat are about average for this season of the year and production is expected to total 431,637,000 bushels,
which would be about 7% above last year's production but about 23% below
the average production during the preceding ten years. The rye crop is
expected to exceed 40,000.000 bushels compared with the abnorn-ally low
production of 16,040.000 bushels harvested last year and an average of
40,375,000 bushels during the preceding 10 years.
The condition of farm pastures on May 1, as reported by crop correspondents, averaged 69.5% compared with 66.2 last year. With the exception
of last year, the condition is lower than in any previous May in 50 years.
The condition of ranges was even lower than it was a year ago and lower than
in any of the previous 13 years for which records are available. These low
averages were, however, due in part to the shortage of old grass on the range
and to the cold weather during April, which delayed growth in the northern
two-thirds of the country. Most of the northern range and pasture areas
have been helped by rains and snows during recent weeks and need only a
few weeks of warm weather to bring on the grass. Over most of the drought
area, however, stands of grass in meadows, pastures and ranges have been
more or less thinned and in some sections, particularly in the dust blowing
area, more than one season of favorable growing weather will be required
to re-establish the normal carrying capacity of the pastures. With some
loss of acreage in hay meadows and new seedings, a widespread thinning of
stands, a late start in growth,and limited seed supplies for some of the common emergency hay crops, another light hay crop seems probable, although
prospects are markedly better than they were at this time last year.
The lateness of the spring is complicating the general shortage of feed.
On a large proportion of the farms in last year's drought area hay supplies
were exhausted by May 1, and total hay supplies on farms in the country
as a whole are estimated to have been a third less than the tonnage on hand
a year ago when supplies were lower than in any of the previous 13 years
for which records are available. Due to feed shortage and April storms.
the condition of cattle and sheep on ranges May 1 was lower than in any
May during the previous 13 years. The situation is, however, one of
sharp contrasts. California reports excellent conditions with grass-fat
cattle beginning to move to market. In South Dakota, notwithstanding
the very heavy liquidation of livestock last fall, there was a very great
shortage of feed in the latter part of April and some rather heavy losses
of cattle and calves, but some farmers are already beginning to look around
for opportunities to buy livestock to consume the abundant grass and feed
expected to result from recent rains. Farther south in the "Dust Bowl"
of western Kansas, southeastern Colorado, northeastern New Mexico and
portions of Texas and Oklahoma panhandles, the season for the best growth
of grass is rapidly passing and the necessity of further liquidation of livestock is daily becoming more evident.
About average fruit prospects are indicated at this time for most fruits
except citrus. The apple outlook is favorable in most States, with very
little winter damage reported but with periods of bloom somewhat later
than a year ago. Peach crop prospects in the Southern States are more
favorable than usual but appear to be offset by the poor prospects indicated
for most northern and eastern States. The cherry crop prospects are
slightly above average for this time of the year in most States, notwithstanding some damage from winter injury in Oregon and Washington and
some disease infestation in California. The strawberry crop will be below
average this year and nearly one-fifth smaller than in 1934, chiefly as a
result of serious losses of acreage in the 1934 drought. Preliminary reports
from the Gulf States indicate that the orange and grapefruit crops in that
area will be far below average in contrast to the large crops of the current
season.
Wheat
-Production of winter wheat, based on conditions as of May 1
1935, is forecast at 431,637,000 bushels, as compared with a production of
405,034,000 bushels in 1934 and the five-year (1928-1932) average production of 618,186,000 bushels.
Of the acreage of winter wheat sown in the fall of 1934. it is estimated that
31.2% has been or will be abandoned, leaving 30.497,000 acres for harvest.
The acreage harvested in 1934 was 32,945,000 acres and the five-year
(1928-1932) average acreage harvested was 39,454,000 acres. Most of the
abandonment occurred in the southwestern Great Plains area, where the
crop was sown under unfavorable conditions which have not yet been relieved.
As compared with the April forecast, reductions in prospective production
are largely accounted for by deterioration in Kansas, Oklahoma, Missouri,
Illinois and Indiana. The reduction in these States is partly offset by
improvement in the Pacific Coast States and in the northern Great Plains.
The condition of the crop remaining for harvest is reported at 75.3%
-year (1923of normal as compared with 70.9% on May 1 lis34 and the 10
1932) average May 1 condition of 81.2%.
The indicated yield per acre on the area remaining for harvest does not
vary materially from the average in any area except that between the
Mississippi River and the Rocky Mountains. In this area, however, below
average yields are in prospect in all States except Minnesota.
-Rye production for 1935 is forecast at 40,356.000 bushels, compared
Rye
with 16,040,000 bushels produced in 1934 and the five-year (1928-1932)
average of 38,655,000 bushels. Prospective production is the highest since
1932, when it was 40,639.000 bushels.
The acreage of rye remaining for harvest, now estimated at 3,474,000
acres, compares with 1,937,000 acres harvested in 1934 and the five-year
average of 3,296,000 acres harvested.
Seedings in the fall of 1934 were 13.3% in excess of the seedings of
1933 and harvested acreage is expected to ee 79% above the acreage harvested last year. Considerable acreage of rye is ordinarily used as pastures
or is turned under for soil improvement. This acreage is included in the
seeded acreage, but not in the acreage for harvest.
The condition of the rye crop on May 1 was 82.0%, compared to 67.8%
a year ago and the 10
-year May 1 average of 84.4%. Conditions are approximately average in nearly all States, though North Dakota, Kansas,
Oklahoma, Texas, Wyoming and Colorado are notably below average.
Oats(Southern States)
-The May 1 condition of oats in the South Atlantic
and South Central States, reported at 68.6% of normal, is 3.5 points below
the figure reported on May 1 1934 and 3.7 points below the nine-year (19241932) average. Texas, with approximately 39% of the total acreage in
the ten Southern States, has a condition of 61, which is 13 points lower than
one year ago but eight points above the nine-year (1924-1932) avefage.
Oklahoma, the next most important Southern State in acreage, has a condition of 71% of normal, two points above last year and four points lower
than the nine-year (1924-2932) average.
Hay
-The condition of tame hay on May 1 was 75.4% compared with
69.9% in 1934, 75.3% in 1933 and a May 1 average of 8,3.1% for the ten
years 1923-193. The condition of tame hay is below the ten-year average
In 35 States and is 10 to 20 or more points below in much of the area between the Mississippi River and the Rocky Mountains. The only large
area in which the May 1 condition of tame hay is reported above average
is a strip extending from southern New England to Louisiana. The present
low condition, together with the prospects of a very moderate acreage
because of loss of seedings from the 1934 drought, indicates another small
crop of tame hay this year.
Stocks of old hay on farms on May I are estimated at 4,512,000 tons
2,941,000 tons less than the quantity on farms May 1 1934 and less than
half the five-year (1928-1932) average of 9,666,000 tons. In most of the
Northern Plains States stocks of old hay this year are less than one-fourth
of the usual stocks on May 1.
Peaches
-Reports for ten Southern States on May I indicate a 1935
peach crop of 17,118,000 bushels in these States, 11% above the 15.415.000
bushels produced in 1934 and 22% above the five-year average (1928-1932)
of 14,045,000 bushels. The May 1 condition in the ten States was reported
at 68.2% compared with 73.2% on April I. The average May 1 condition
for the period 1924-1932 was 59.8.
Although condition declined during April, chiefly due to late freezes, a
production above average is indicated in every State except Florida,
Arkansas and Louisiana. Curculio infestation is reported to be unusually
bad in Georgia and may cause considerable loss unless weather conditions
are favorable for eradication during the rest of the season.
3414
Financial Chronicle
Dtfinite condition reports were secured only from the Southern States.
General reports available indicate that in the States north and east, starting
with the Virginias, peach crop prospects are unfavorable, although more
promising than in 1934. Elsewhere in peach areas of importance. prospects
range from good to excellent with the exception of California. which reports
much more than usual infestation from peach leaf curl. It seems evident
that there will be less tonnage harvested in California than in 1934, since
the extensive curl-leaf injury may result in much distorted fruit and a reduced tonnage of No. 1 fruit available for canning and market.
Early Potatoes
-The condition of the early potato crop improved during
April in most of the Southern States, especially in Alabama and South
Carolina. There was a decline in a few States but for ten Southern States
as a group the reported May 1 condition averaged 77.3% of normal compared with 76.2% on April 1. On May 1 a year ago the condition was
76.9% and the average May 1 condition from 1924 to 1932 was 75.8%.
WINTER WHEAT
Acreage
Condition May 1
Production
Abandoned
Pi •
United
1.000
Acres
266
51
889
1,852
1.872
1,876
796
31
128
320
1,870
117
2,435
6,394
90
395
596
159
462
89
81
339
316
7
53
3,233
1,312
770
551
77
135
90
46
176
3
1,186
736
898
Per Per Per 1.000
Cent Cent Cent Bush.
82
75
4,243
84
84
87
85
1,165
83
87 17,205
76
77
78
90 30,251
80
80
88 26,279
78
87 30.079
85
69
82
84 15,343
91
67
84
600
55
82
91
3,283
85
81
6.698
79
87 20,217
84
81
50
81
78
1,867
82
76 54,169
70
80
60
57 177,054
88
82
85
1.800
83
88
82
8,648
75
83
87
9,220
81
75
90
1.643
80
85
88
3.653
76
82
77
575
79
76
78
510
82
77
3,002
86
84
78
2.918
82
75
80
34
78
81
80
247
81
64
79
56 55.145
73
39 41,083
56
83
80
84
8.800
89
91 13,252
90
73
1,711
85
48
73
79
25 13,051
49
3.712
74
40
77
92
91
602
92
81
3,358
93
95
96
90
69
90
84
91 28,039
90
84 17,610
77
72
79
93 11,046
1934
w0.04.MIO.WWWWWwwWW
Per Per Per
Cent Cent Cent
New York__ 3.6 8.0 3.0
New Jersey__ 2.1 2.5 2.0
Pennsylvania. 3.0 4.5 1.5
Ohio
13.4 2.5 1.0
Indiana
10.4 2.0 2.0
Minois
11.4 5.0 2.5
Michigan __ 3.4 5.0 1.5
..
Wisconsin
9.8 48.0 2.0
Minnesota_. 11.0 60.0 3.6
Iowa
6.5 20.0 6.0
Missouri
8.7 2.0 3.5
South Dakota 19.0 86.0 30.0
Nebraska
12.6 30.0 25.0
Kansas
13.0 28.3 51.0
Delaware _ __ _ 2.2 4.0 2.5
Maryland
2.9 2.0 2.0
Virginia
2.6 2.0 2.0
West Virginia 4.5 3.5 1.0
No. Carolina_ 3.0 2.5 1.0
So. Carolina_ 4.5 2.0 2.0
Georgia
9.7 3.0 3.0
Kentucky ___ 14.0 9.0 5.0
Tennessee__ 7.0 4.0 3.0
Alabama ____ 7.8 16.0 7.0
Arkansas
10.0 8.0 7.0
Oklahoma.. 9.6 18.0 31.0
Texas
16.7 30.0 70.0
Montana.- _. 25.7 20.0 15.0
Idaho
8.3 11.0 5.0
Wyoming
15.2 59.0 55.0
Colorado_ _ _ 28.2 60.0 86.0
.
New Mexico_ 38.6 68.0 75.0
Arizona
2.3 2.0 1.0
Utah
3.1 10.0 2.0
Nevada
1.4 2.0 2.0
Washington 16.4 10.0 5.0
Oregon
10.0 18.0 6.0
California
17.9 23.0 5.0
Aver.
19281932
NW
M
tro.
ww.
.w
w www-4
14ew 7 21w.
-aankV-4Ww Wia-4,
. mqwwwo..o.w=ww 1WID000i160.141
4-awWweim.
0.-4*.ow •-.4.1.WOMWW.w w,,,
,wwwwwwwgeTo..1.s. cpwww.w
state
Left
for
Aver.
Har- Aver.
1923- 1934 1935 rest 1923- 1934 1935
1932
1935 1932
Indirated
1935
1,000
Bush.
5,187
1,071
16,002
38,892
31,824
31.892
16,318
651
2,624
5,760
24.310
1,404
32,872
67.137
1,575
6.912
7,748
2,067
4,851
890
770
4.238
3,318
74
504
29,097
7,872
11.550
10.469
346
1,080
405
1,058
3,168
69
29.650
14,720
13.262
States 12.6 21.3 31.2 30,497 81.2 70.9 75.3 618,186 405,034 431.637
RYE
May 18 1935
crops in the Soviet Union up to April 5 were about 3.000,000 acres below
last year's sowings to the same date, but exceeded the acreage seeded in
any of the years 193C1-1933. The smaller area sown this season is attributed
to the delayed spring weather.
The wheat acreage in North Africa is approximately the same as last
year, but hot, dry weather has reduced the prospects of a good harvest,
especially in Morocco, where conditions are reported to be very poor and
indicate a crop about half that produced last year.
The 1935 wheat crop in India is forecast at 378,896,000 bushels, which
Is the largest first estimate recorded since 1924. Trade reports, however,
suggest that the crop is somewhat overestimated at present. The April
forecast of the 1934 crop was 370.757.000 bushels but the final estimate was
reduced to 349.365,000 bushels, due to the unfavorable weather conditions
at harvest time.
The winter wheat acreage of China was reported to be somewhat above
that of 1934, according to the Shanghai office of the Foreign Agricultural
Service. Some deterioration in the crop prospects in the Yangtze Valley
resulted from excessive rainfall in early April, but if good weather is experienced during the remainder of the season the crop is expected to be
about average.
WHEAT
-AREA IN SPECIFIED COUNTRIES. 1933-1935
Year of llama
Country
1933
United States..
Canada_b
Total (2)
EuropeBelgium_d
Czechoslovakia _d
England and Wales.b
Finland_d
France_d
Germany_d
Greece_b
Italy _d
Latvia_d
Lithuania_d
Poland_d
Portugal_b
Spain b
Total (13)
Bulgaria_d
Hungary.d
Rumania_d
Yugoslavia_d
Condition May 1
U. 8
%
86
89
86
84
84
86
85
86
86
90
85
80
85
87
83
88
86
85
85
86
78
80
84
82
80
72
84
92
89
82
91
84
92
,WWCAWOWN..1 W-41 ,
10.WWWwW.NN.WWNWb24 WN ,
,
,
,
ION
Acres
Acres
48,000
18,000
74.000
20,000
134,000 107,000
157.000
72,000
294,000 171,080
168,000
91,000
265,000 180,000
415,000 290,000
636,000 496.0(X)
190,000 114,000
183,000
64,000
990.000 713,000
418,000 314,000
705.000 423,000
180.000
65,000
12,000
6,000
16.000
31,000
38,000
90,000
18.000
12,000
157.000
63,000
24,000
8,000
13,000
39,000
13,000
71,000
45.000
14,000
18.000
6,000
7,000
3,000
92,000
64,000
9.000
4,000
18,000
37,000
80,000
16,000
3,000
3,000
35.000
14,000
72,000
25,000
WOCCN..MONOMM00.0 t.001,0C.WOW0.00!...
eW0WWWWWWWWWWWMOWNWWW!.C.COM.i0t-WVMMWO
N. Y_.
N. J__-_
Pa
Ohio___ _
Indiana
III
Mich _ _ _ Wisc.- -Minn_ _
Iowa_ _ _ Mo
N.Dak
So. flak.
Nebr..
Hans__ Del
Md
Va
W.Va... No.Caro.
So. Caro.
Georgia
Hy
Tenn,._.
Okla.__
Texas
Mont
Idaho
Wyo
Colo
Utah_ -_.
Wash.__
Ore
Average
1928-32
1934
1935
Bushels
315,000
445,000
1.671,000
662.000
1,118,000
757,000
1.978,000
2,334,000
5.966,000
677,000
163.000
11,362,000
4,048,000
3,150,000
223,000
82,000
264.000
605,000
147,000
459,000
67.000
88,000
180,000
115.000
78.000
33,000
574.000
46.000
225,000
443.000
23,000
117,000
240,000
Bushels
270,000
340,000
1,444,000
972,000
2,052,000
1,365,000
2,340,000
3,625,000
8,432,000
1,767.000
544,000
5,704,000
3,925,000
4,018,000
520,000
84,000
216,000
418,000
126.000
504,000
64,000
84,000
150.000
91.000
45,000
24,000
576,000
44,000
54,000
96,000
24,000
126,000
312,000
5.697.000 3.474,000 84.4 67.8 82.0 38,655.000 16.040.000 40.356.000
Foreign Crop Prospects
-The latest available information pertaining to cereal crops in foreign countries, as reported by the Foreign Service of the Bureau of Agricultural
Economics to the United States Department of Agriculture
at Washington,and given out on May 10,is as follows:
Wheat
-The wheat acreage for the 1935 harvest in the 25 countries for
which reports are available is 172,630,000 acres compared with 175,313,000
acres for the 1934 harvest, when these countries represented about 85%
of the Northern Hemisphere wheat acreage exclusive of Russia and Ch.na.
The winter wheat area in Russia. which Is not included in the above totals,
is estimated at 31,800,000 acres compared with 29,900,000 acres last year.
A reduction of about 3% is indicated in the 1935 wheat area in Canada.
The spring wheat acreage indicated by reports of farmers' intentions to
plant as of May 1 may be about 22,808,000 acres. The winter area remaining for harvest is estimated at 537,000 acres. If farmers carry out
their intentions to plant spring wheat, the total 1935 area will be 23,345,000
acres compared with 23.985,000 acres in 1934 and 25,991,000 acres in 1933.
The season is very late except in Ontario. but with two weeks of warm,
clear weather prospects would be very good.
In Europe estimates of acreage. excluding Itussia, are about 2% greater
than last year. The crop came through the winter well in most countries.
Considerable winter damage was reported in Estonia and Latvia but these
countries are not important wheat producers. Crop reports from the central European and Danubian countries are generally favorable but unseasonably cool weather has retarded normal development in both the
Danube and western European countries. Drought has caused considerable
damage to the Spanish crop and has reduced the outlook in Italy where
present prospects indicate only average yields. The sowings of all spring
369.000
378,000
381,000
2,160,000 2,099,000 2,212,000
1,660.000 1,759,000 1,830,000
45.000
51,000
56.000
12.863,000 12,770,000 13,007,000
5.051.000 4.927,000 4,609,000
1,712,000 1,986,000 2,020,000
12,504.000 12,030,000 12,165,000
183,000
209,000
207,000
393,000
403,000
425,000
3.741,000 3,776,000 3,794.000
1,424,000 1.458,000
1.297,000
11,168,000 11,039,000 11,083,000
53,273,000 52,885,000 53,066.000
3,077,000
3.890.000
7,110,000
5,158.000
3,024,000 3,010,000
3,818,000 e3,904.000
6,827,000 7,858.000
5,208,000 5,345,000
19,235,000 18,877,000 20.117,000
72,508,000 71,762,000 73,183,000
AfricaAlgeria_b
Morocco b
Tunis_b
EgYPt-b
3,993,000
3,209,000
1,754,000
1,426,000
4,065,000 4.016.000
3.018,000 3,163,000
1,903,000 11,816,000
1.441,000
1,439,000
Total Africa (4)
10,382,000 10,427,000 10,434,000
Asia
India_ e
Syria and Lebanon_b
32,323,000 35,019,000 33,950,000
1.212,000 1,175.000 1,221,000
Production
J§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§
q.lxv42.=waM:.-g5024"2x-.N
Saton
Left for Ayer.
for AU Harvest 1923- 1934 1935
Purposes for Crain 1932
54,476,000 56,930,000 53,842,000
Total Europe (17)
Total (25 countries)
State
1935
Total (4)
Total Asia (2)
Acreage
1934
Acres
Acres
Acres
28,485,000 32,945,000 30.497.000
25,991,000 23,985.000 c23,345,000
33,535,000 36.194,000 35,171,000
170,901,000 175,313,000 172,630,000
Russia.d
28,058,000 29,900,000 31,800,000
Estimated Northern Hemisphere, winter and
spring total, excluding Russia and China.... 208.200,000 202,800.000
a Winter area remaining for harvest. b Total area. c Winter area plus "Intenstone to plant" spring wheat. d Winter area. e Estimated in the Danube office
of the Foreign Agricultural Service. f Estimated in the Paris office of the Foreign
Agricultural Service. e April estimate.
Weather Report for the Week Ended May 15
-The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended May 15, follows:
The weather continued cool in Northern States. espeJally the Northwest, but the southern half of the country had above normal warmth.
Chart I shows that the weekly mean temperatures from the Ohio and
lower Missouri valleys southward and southwestward ranged from 3 deg.
to as much as 6 deg, above normal, except very locally. On the other
hand, the Northwestern States had another abnormally cool week, averaging, over considerable areas, from 6 deg. to 9 deg. below normal temperature. The chart shows that freezing weather occurred in the interior
of the Northeast, but through the Central portions of the country the
freezing line was confined to extreme northern districts, except that in
the Western Plains 32 deg. was reported as far south as Valentine, Neb.
Chart II shows that rainfall was again widespread and mostly in substantial amounts in nearly all central and northern districts from the
Plains eastward. Most parts of the northern Ohio Valley had an inch or
more of rain, while in the lower Missouri Valley many .tations reported
from 1 to more than 3 inches. Kansas received the best rains in a long
time, the eastern half of the State having weekly totals ranging from 2
up to as much as 5inches,and much of the western half..ubstan tial amounts.
For example, during the 24 hours ended at 8 a. m. May 14, Dodge City
had about three times as much rain as had fallen during the past six weeks,*
also western Oklahoma and parts of extreme northwestern Texas had
beneficial showers, and the amounts were generally above normal In the
extreme northern Great Plains.
Preliminary reports show the following percentages of normal rainfall
for the first half of May: Kentucky, 223: Ohio, 240; Indiana, 246; Illinois.
251; Michigan, 129: Wisconsin, 142; Minnesota, 111; Iowa, 110; Mis
souri, 177; Kansas, 131; Nebraska. 64: South Dakota, 101; North Dakota"
170, and Montana, 64. Thus, all of the principal grain States east of
the Rocky Mountains have had above normal rainfall, except Nebraska
and Montana, with the Ohio Valley showing considerably more than
twice the normal. This is in marked contrast to May of last year, which
was exceedingly warm and dry.
The weather, in general, for the week ended May 14 was more favorable
to agriculture than during the preceding week. The unfavorable features
were, principally, the continued abnormally low temperatures in the
North, especially the Northwest, and the persistent wetness of the soil,
which further delayed spring planting in most of the central valleys. The
growth of vegetation In the North is still retarded by the lack of warmth
and sunshine and the planting of spring crops, especially corn, is now
considerably behind an average year. In the far Northwest, particularly
In portions of Montana and Washington, there was some frost damage,
while the cold weather was hard on young plants, with considerable losses
locally. Otherwise, the low temperatures did no direct damage.
The favorable features of the week include the fair weather and more
sunshine in the lower Mississippi Valley and States to the eastward, extending as far north as the Ohio River, the additional moisture in the
northern Great Plains, and the very beneficial rains in Kansas and some
nearby sections. including parts of Nebraska and southwestern Iowa.
However, the rainfall in the persistently dry southwestern area brought
only temporary benefit, and much more will be needed to permanently
relieve the situation there.
In general, with the week's additional rainfall, the moisture situation
shows some improvement, especially in the Great Plains. North Dakota
was especially benefited, while the lighter rains in South Dakota permitted
unusual activity in seeding, with reports of 24
-hour shifts in some sections.
This State is in unusually fine shape at the present time.
Volume 140
Financial Chronicle
SMALL GRAINS—In the Ohio Valley progress and condition of winter
wheat were fair to very good, but in some places, too, rank growth was
noted, while in others the crop Is rather yellow due to lack of sunshine;
many fields are jointing and some are heading in southern parts. Wheat
made mostly fair growth in Missouri and Iowa, but it was also too rank
in some sections and turning yellow. Generous rains were very helpful
In Kansas and Nebraska, with the soil moisture now sufficient in the
latter State, while in the former the crop is mostly in boot in the southeast,
with heads forming. Winter wheat is in fair to very good condition in
eastern Oklahoma and Texas, while in South Dakota the crop is reported
8 inches tall. In the dry southwestern area there was some relief by
rains during the week, but in most parts little wheat remains, especially
in extreme western parts of Oklahoma and Kansas, where there was nearly
complete abandonment. In most of the Northwest winter grains are
doing very well, although warmth would be helpful and moisture is needed
locally. In most of the East grains made fair to good growth, with harvest begun in the Southeast.
In the spting wheat region seeding made fair progress in North Dakota,
while it Is being rushed in South Dakota; wotk was delayed in Minnesota
and some parts of Montana. In eastern South Dakota most grains have
been planted and look fine where up; spring wheat is 5 to 6 inches tall
where not pastured. In northern parts of the belt early-sown grains
are mostly up to good stands and color. Spring oats are practically all
up in central valleys, but growth was rather slow in plat.es and warm,
sunshiny weather would be very helpful. Winter oats are ripening in the
Southeast, with harvest begun in some parts
CORN—Because of the continued wetness of the soil, very little corn
was planted during the week east of the Missouri River. In Kentu-ky
planting made better progress, but in the northern Ohio Valley States
only local seeding was accomplished on some uplands. In Missouri planting remains from none seeded in some wetter sections to only about half
completed in the more favored localities.
In Iowa planting is about one-fourth done, being 16% less and averaging
5 days later than in a normal year; it has been too wet in the eastern part
of the State and too dry in some south-central and southwestern portions,
but moderate rains at the close of the week improved the situation in
the latter sections. In the Great Plains planting made better progress
and was advancing favorably north to eastern and central Nebraska.
COTTON—The temperature averaged generally above normal in the
cotton belt and rainfall was light, except in a few local areas.
In Texas totton made slow growth because of cool nights, and much
remains to be planted and replanted in the northeastern quarter of the
State, while many fields need cultivation. In Oklahoma seeding made
only fair progress, with considerable yet to do, while the nights were too
cool for good growth.
In the central States of the belt wet soil during the first part of the
week delayed work, but it dried out rapidly and the latter part
work
and growth were satisfactory. In the Atlantic area the weather both
able and planting is well advanced to the northern limits ofwas favorthe belt.
Stands and growth are good in this area and showers of the week were
helpful in many places; a few localities need rain.
3415
week a change for the better appeared to set in. In part, the
improvement was due to more favorable weather conditions
but, quite likely, better reports from the security markets
where a wave of inflationary sentiment has made its appearance, were a contributing factor in stimulating consumer
buying. In the metropolitan district renewed complaints
about the detrimental effects of the local sales tax were
heard, and they were substantiated by reports that while the
New York unit of one department store concern showed a
decline in the dollar volume, the New Jersey establishment
of the same firm recorded a small gain over last year. Sales
of local stores for the first half of May are anticipated to
reveal a loss of between 3 and 5%, as compared with last
year but hopes are expressed that results expected for the
second half of the month will more than make up this loss.
Sales of department stores the country over during the
month of April, according to the compilation of the Federal
Reserve Board, showed a gain of 12% over April 1934, with
the New York district reporting an increase of only 6%.
For the first four months of the current year, a gain of 3%
for all stores is shown, while New York disclosed a loss of
2% for the period.
Trading in the wholesale dry goods markets continued
very quiet, with retailers operating cautiously, partly on
account of disappointing consumer response, and partly in
view of the various uncertainties overhanging the market,
such as the fate of the processing tax, the extension of the
NRA and the attitude of the Government with reference to
the loan policy for the next cotton crop. Orders by wholesalers were confined to minor fill-in lots. Prices in general
held fairly steady, although some weakness cropped out in
wide sheetings and in wash goods. With security markets
reflecting a growing inflation psychology, an early turn for
The Weather Bureau furnished the following resume of the better in wholesale trading is looked for, inasmuch as
stooks of jobbers as well as of retailers are said to be in need
conditions in the different States:
of replenishment. Business in silk goods showed moderate
Virginia—Richmond: Mild temperatures and moderate precipitation.
except light in southeast, favored growth and planting. Pastures and
improvement in washable sports fabrics. A slightly better
meadows excellent; winter grains improved. Planting cotton
nearing
call existed for greige goods for Fall shipment. Trading
completion on seaboard and well advanced in south. Potatoes doing
well; transplanting tobacco and sweet potatoes begun in south.
in rayon yarns experienced a decided turn for the better,
North Carolina—Raleigh: Moderate temperatures, ample sunshine,
with more inclination being shown on the part of millmen to
and beneficial showers made a generally favorable week for
crops, though more rain needed in portions of east. Progressgrowth of
cover forward requirements. Shipments for the current
of cotton
mostly good; Planting continues in upper sections; mostly good stands,
month are expected to show an increase of approximately
though some replanting in east. Much tobacco transplanted;
part needing
more rain. Corn, potatoes and small grains doing well.
75% over April, and stocks of popular numbers are reported
South Carolina--Columbia: Local light to heavy showers,
to have undergone a sharp reduction of late.
sunshine and normal temperatures promoted germination and average
of all crops, except in dry areas of central and northeast. Cotton growth
Domestic Cotton Goods—Trading in print cloths was
mostly good, except in dry localities, with planting good progress instands
and cultivation good elsewhere. Early corn, truck, and minor north
only moderately active, and prices of somo constructions
crops
generally good growth.
showed slight recessions. Too many major uncertainties are
Georgia—Atlanta: Progress of cotton and corn mostly good,
overhanging the market to cause either buyers or sellers to
warmer weather and good rains, though moisture insufficient in a with
few
south-central counties. Chopping cotton fair to good advance in middle
abandon their cautious attitude. While it is admitted that
and south; still planting in north. Harvesting of wheat, oats and potatoes
the threatened enactment of the Patman inflation bonus bill
begun. Weather very favorable for tobacco.
Florida—Jacksonville: Cotton condition and progress good; chopping
may result in a rapid enhancement of values, the possibility
fair advance. Corn growing fast; oats ripening. Potatoes and sweet
of an early demise of the NRA and that of a serious revision
potatoes fair to good. Tobacco excellent. Truck good.
Alabama—Montgomery: Soil wet first of week, but
of the AAA policies, particularly with regard to the processing
Work good progress except locally slow in north. Cotton dried rapidly.
slow
tax, were looked upon as containing decidedly deflationary
to fair advance in north, but finished elsewhere; choppingplanting good
fair to
progress, while cultivation very good in middle and south; stands mostly
implications. Little stimulus was derived from the raw
good. Corn good stands and growth. Oats ripening; condition mostly
cotton market, inasmuch as the strength of distant options,
good.
caused by purchases of the Government pool, was offset in
Mississippi—Vicksburg: Progress of corn and cotton generally poor
first half of week as affected by cool nights in north and wet soil throughpart by recessions in other months. Towards the end of the
out; progress thereafter of germination and growth fair to very good,
week, in line with the growing inflation sentiment displayed
with condition of cultivation slow. Progress of gardens and truck fair.
Louisiana—New Orleans: No rain except local light to moderate
in the security markets, buyers appeared more inclined to
showers in southeast, favorable, but heavy to excessive falls at end of
enter into forward commitments, but the volume of sales
preceding week made soil too wet for cultivation greater part of this week
and much grass In fields. Some cotton replanting In north and central;
remained limited, owing to unwillingness ,on the part of
condition of crop fair to fairly good. Progress of corn fair, except for
mills to meet their price ideas. Trading in fine goods conprevious local washing rains; condition mostly fair to very good; cultivation backward.
tinued dull. Moderate activity developed in semi-staple
Texas—Houston: Averaged slightly warm, but nights rather cool.
lines and further strength was shown in rayon cloths, with
Moderate to heavy rains in central and light to moderate in extreme south
and extreme northwest where badly needed: elsewhere falls light and
some styles reported in short supply. A steady call existed
widely scattered. Cotton made slow growth due to cool nights and much
for curtain materials, and carded piques moved in moderate
remains to be planted or replanted in northeastern quarter; fields need
cultivation generally. Corn, oats, wheat and truck average fair to good,
volume. Closing prices in print cloths were as follows:
though some local damage to corn and truck by high winds and hail in
-inch 80's, 830.; 39
-inch 72-76's, 8Xc.; 39
/
39
-inch 68-72's,
south. Ranges and cattle mostly in good condition.
Oklahoma—Oklahoma City: Moderate to excessive rains delayed farm
73/8e.; 38M-inch 64-60's, 60.; 383.' -inch 60-48's, 5 9-16
work In southeast and south-central, but will prove very beneficial in
to 55 c.
/
north and west portions; some crops washed out. Only fair advance in
planting cotton and much remains to plant and replant; too cold for growth.
Woolen Goods—Business in men's wear fabrics continued
Progress and condition of corn poor to fair; some retlanting necessary.
to give a good account, and price advances ranging from
Oats fair to good and some heading. Some cuttings of alfalfa damaged
by rain, but growing crop generally excellent. Progress and condition
5 to 7Me. a yard were announced by leading sellers. Most
of winter wheat very poor to poor In much of west, but fair to very good
mills are sold up until the end of July, and numerous orders
elsewhere; heavy abandonment in northwest and extreme west, and nearly
complete in panhandle and Harper. Woodward and Ellis counties. Pofor August and early September delivery have been received.
tatoes, pastures, gardens and minor crops made satisfactory advance.
Reports from retail clothing centers continued to make a
Arkansas—Little Rock: Much sunshine; moderate to heavy rains in
north and some western portions; dry in south, central and east. Favorgood showing, with the result that merchants' stocks appear
able for farm work, except In northwest. Cotton planting excellent
in steady need of replenishment. The general opening of
advance, except where too wet. Early corn poor stands and much replanting. Chopping cotton in a few localities; corn needs cultivation
women's wear lines for the Fall season brought a fairly
badly. Very favorable for wheat, oats, meadows, pastures, potatoes
encouraging response on the part of garment manufacturers,
and truck.
although the pending new wage agreement in the women's
Tennessee—Nashville: Farm work backward generally, but excellent
progress during week, except on lowlands. Progress and condition of
wear trades appeared to retard business.
early planted corn excellent; mostly planted in some districts, but less
than one-fourth seeded in others. Planting cotton good advance and
Foreign Dry Goods—The call for linen suitings and dress
some up to good stands; chopping fair progress; warmth favorable. Wheat
goods continued active, and reports from the retail trade
heading; condition mostly very good. Setting tobacco and sweet potato
plants progressing.
stressed the satisfactory demand for linen coats and suits.
Kentucky—Louisville: Heavy rains in northeast stopped plowing,
Business in household linens, on the other hand, remained
otherwise favorable week, with general improvement in farm operations.
Corn planting commenced in north and well advanced in south; retarded
negligible. Pronounced strength developed on the burlap
by necessity of preparing soil. Tobacco plants improved: some nearly
market,and business in spots as well asin shipments expanded
ready to transplant. Progress and condition of winter wheat very good
to excellent on uplands, but fair on flatlands where still rather yellow,
considerably. A number of factors were responsible for the
but some improvement; heading generally In south.
increased activity and the rise in quotations, such as the
favorable domestic consumption figures for April, reports
from Calcutta stating that a virtual corner in the 40-8's
DRY GOODS TRADE
wasted, and news that jute sowings showed a large reduction
New York, Friday Night, May 17 1935.
and that rains were badly needed in the Central and North
While retail business early in the period under review con- Bengal provinces. Domestically lightweights were quoted
tinued to make a rather disappointing showing, later in the at 4-70c., heavies at 6.15e.
Financial Chronicle
May 18 1935
State and City Department
Specialists in
Illinois &
Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
PUBLIC WORKS ADMINISTRATION MUNICIPAL
ALLOTMENTS CHANGED
During recent months many of the municipal subdivisions
which had been awarded loans and grants by the Public
Works Administration found that they could float their
bonds more advantageously in the open market, or that the
condition of their various sinking funds warranted their
application for cancellation of the loan portion of their
allotment, utilizing only the grant customarily given by the
Federal Government. Recent press releases by the Administration have been laying greater stress on these changes than
on announcements of new allotments, and we therefore give
below summaries of the latest changes we have received,
including increases in allotments because of increased costs
of construction. In each case a reduction in the allotment
does not affect the amount of the grant, which remains 30%
of the cost of labor and materials.
The following announcements were the latest made public
by the PWA:
Release No. 1358
Increases in 29 previously awarded loan and grant allotments made from
the old 'public works appropriations were announced to-day by Public
Works Administrator Harold L. Ickes. The 29 increases total $413.900.
Allotments for the following projects were increased:
Fredericksburg. Va.-Loan and grant of $360,000 allotted to the State
Teachers College for construction of three dormitories and installing boilers
Increased to 5380.600.
-Loan and grant of $38.000 allotted to Cass County for
Liden, Texas
restoring the courthouse, which was damaged by fire, increased to $43.300.
Farwell, Texas-Loan and grant of $22.400 for a school building Increased
to 523.800 to include an allowance for equipment not provided for in the
original allotment.
-Grant of $20,000 allotted to the Red River Bridge
Texarkana, Ark.
District for strengthening a bridge increased to $20.900.
St. Louis, Mo.-Grant of 5104.000 for sewer construction increased to
5136.000 because of increased costs.
Franklin, N. IL-Grant of $12,000 allotted to the State of New Hampshire for a National Guard armory in Franklin increased to $14.600.
-Loan and grant of $35,000 for an incinerator increased
Princeton, N. J.
to $38.000.
.-Loan and grant of $43,000 for an addition to a school
Tehachapi, Calif
building increased to $47.500.
-Loan and grant of $20,000 for sewer construction inMansfield, Ohio
creased to $25,400.
Dallas. Texas-Grant of$53.000 for improving the water system increased
to $59,000.
New Hampshire-Grant of $71,000 for constructing 3,900 feet of reinforced concrete sea wall Increased to $78,400.
-Grant of 555.000 for a dormitory building at the Kansas
Olathe. Kan.
State School for the Deaf increased to $60.000.
Guthrie, Ky.-Loan and grant of $77.000 for a water system increased
to $80.000.
-Loan and grant of 5262.900 allotted to Vance County
Henderson, N.0.
for a high school, grade school and an addition to school building increased
to $322,600.
--Grant of $44.000 allotted to the Mahanoy Townfr Mahanoy City. Pa.
ship School District for constructing and equipping a new building increased to 557,200.
-Loan and grant of $50.000 for a new high school buildLakeview, Ore.
ing and repairing the Central School building increased to $67,000.
-Loan and grant of $53,800 for additions and alterNorthwood. N. D.
ations to the high school building increased to $56,200.
-Loan and grant of $50,000 for a high school building
Barnwell. S. C.
increased to $56.000.
-Loans and grants for school construction and reconLong Beach. Calif.
struction totaling $3,486.900 increased to 53,596.000.
Ky.-Loan and grant of $60,000 for a water system increased
Midway,
to $65.000.
--Grant of $70,000 allotted to Oneida County for imDeerfield, N. Y.
provements at the Broadacre Sanatorium increased to $.84,000.
-Grant of $202.000 allotted to the Stockton Port District
Stockton, Calif.
for harbor improvements increased to $204,300 .
-Grant of $6,500 for road improvements increased
King County, Wash.
to $15,500.
Wausau. Wis.-Grant of $64,800 for a high school building increased
to $83,000.
Shorewood, Wis.-Grant of $70.300 for an addition to the high school
building increased to $92,800.
-Loan andrgrant of $145,000 for a school building inDeRuyter, N. Y.
creased to 5157,000.
-Grant of $14,000 for a new school building increased
Riverside, Calif.
to 518,400.
-Loan and grant of $31,000 for a water system inRichlands, N. C.
creased to $40,000.
-Loan and grant of $196.000 for a high school building
Rumson. N. J.
Increased to $209,000.
Release No. 1359
1ue peldpublicwork
announcd
g
Reductions in 10 loans andgantalttetgm 4 o
rofi.ms.Th
appropriations
rgAdistrat°r
ay
e reductions total 699,200.
Allotments for the following projects have been reduced:
Junction, S. Dak.-Loan and grant of 524.000 for sewers and
Marion
a sewage disposal plant reduced to $22,000, the maximum amount PWA
will be able to advance on this project. The town has offered to sell only
517.500 worth of bonds to secure the loan portion.
-Loan and grant of 5202.000 for two incinerators
Columbus. Ohio
reduced to 594.000 because the city has sold in the private investment
market 5108.000 worth of bonds that PWA had agreed to buy.
Williamsburg. Va.-Loan and grant of 5650.000 allotted to William and
Mary College for a dormitory, administration hall, students' activities
building and amphitheatre reduced to $470.000.
-Loan and grant of $161,000 for a sewer system and sewage
Lloyd. N. Y.
treatment plant reduced to $112,000 because the city has sold $49,000 worth
its bonds in the private investment market.
of
Gainesville,iGa.-Loan and grant of $33,400 allotted to Hall County
for an almshouse at Gainesville reduced to $33,300.
Columbus, Ohio-Loan and grant of $1,618,000 for storm sewer
tion reduced to $1,410.000 because the city has sold $208,000 construcworth of
bonds in the private investment market.
Long Beach, Calif.
-Loan of $402,000 allotted to the
of the Incarnate Word for a hospital building reduced toSisters of Charity
$300,000 because
plans have been modified.
Seymour. Wis.-Loan and grant of $110,000 for water and
reduced to $69,000 because the city now is able to contributesewer systems
$55,000 of its
own funds.
Herndon. Ga.-Loan and grant of $16,000 allotted to Jenkins County
for a bridge across the Ogeechee River at Herndon reduced to
Waterton, Mass.
-Grant of $15,000 for replacing 2,700 $14,400.
mains and laying 8,600 feet of sewers reduced to 57,500. feet of water
Release No, 1360
Public Works Adninistrator Harold L. Ickes to-day
the
changing of 13 more combined loan and grant allotments announced nonFederal projects to grants only at the request of recipients, for local been
who have
able to sell their bonds in the investment market and will
from the Government. All of the loans and grants involved not need loans
in the changes
announced to-day were made from the old public works appropriations, and
not from the new work and relief appropriation.
The 13 changes announced to-day released $651,700 for re-allotment
to
additional projects. A total of $70,863,500 has been released to
such changes and reallotted to expand the public works program. date by
Allotments for the following projects have been changed
from loans and
grants to grants covering 30% of the cost of labor and materials.
Fargo, N. Dak.-Loan and grant of $285,000 for a sewage disposal plant
changed to a grant of 5224.000. The original allotment for this project was
$785,000. The city first sold $500,000 worth of bonds in the open market
and has completed arrangements to sell the remainder of the issue,
enabling
PWA to change the allotment to a grant only.
Fargo, N. Dak.-Loan and grant of $68.000 for paving work changed to
a grant of 520.900.
Albany. Calif.
-Loan and grant of $216,000 for a high school building
changed to a grant of $11.000.
Reward, Callf.-Loan and grant of 375.000 for a swimming pool
changed to a grant of $21,400.
Bainbridge, Ohio-Loan and grant of 550,000 for a school building
changed to a grant of $14.000.
Platte City. Mo.-Loan and grant of $11,400 for an addition to the high
school building changed to a grant of $3,500.
Normal, Ill.
-Loan and grant of $33,700 for a grade school building
changed to a grant of $12,500.
Waldoboro, Me.
-Loan and grant of$40,100 for a school building changed
to a grant of $17,100.
New York Mills, Minn.
-Loan and grant of $34,000 for a new water
system changed to a grant of $10,000.
Dover Mills, N. 0.
-Loan and grant of $27,000 allotted to Cleveland
County for a new school building at Dover Mills and building an
connect two buildings at Shelby changed to a grant of $9.700. arcade to
p. Mount Morris. Ill.
-Loan and grant of $30,000 for improving the sewage
disposal plant changed to a grant of $8,400.
Grand Forks. N. Dak.-Loan and grant of $83,000 for street improvements and sewer construction changed to a grant of $24.000.
Champaign, Ill.
-Loan and grant of $185,500 for a junior
school
building changed to a grant of 5110,500. the city having soldhighprivate
to
investors the last $75,000 block of its $225,000 bond issue.
MUNICIPAL ALLOTMENTS RESCINDED
In line with the above changes, the Public Works Administration has been forced to rescind many loans and grants to
municipal bodies for various causes, such as unsuccessful
bond elections, cancellation of projects, &c. It has been
our custom to publish these under their separate headings
whenever reported, but for the sake of convenient reference
we have gathered together the following latest reports issued
from Washington.
The following are the latest announcements received:
Release No. 1362
Revocation of 11 non-Federal loans and grants awarded from
public works appropriations was announced to-day by Public Worksthe old
Admisistrator Harold L. Ickes.
Allotments totaling $1,042.600 for the following projects have been
recinded:
Aimont, N. D.
-Loan and grant of $9,400 for street improvements rescinded at the request of the applicant, Sims Township.
St. Louis Co., Minn.
-Loan and grant of $1,700 for road improvements
rescinded at the request of the applicant, Beatty Township.
Fort Worth. Texas-Loan and grant of $650,000 for a library
building
rescinded because the bond issue was defeated at an election.
Dudley. Mass.
-Loan and grant of 560.000 for an addition to the
Main Street school building rescinded at the request of the town. West
Goldendale. Wash.
-Loan and grant of 535,000 for improving the water
system rescinded at the request of the town.
Oconto. Wis.-Loan of $28,000 allotted to the Oconto County and City
Hospital Association for an addition to a hospital building rescinded at
the request of the applicant.
Bethel. Vt.-Grant of $1,800 for street improvements rescinded at the
request of the town.
Rutherford County, N. 0.
-Loan and grant of $164,700 for improving
eleven school buildings rescinded because the county has not proceeded
with construction.
Marysville. Wash.
-Loan and grant of $57,000 for improving the water
system rescinded because the project has been abandoned.
AMirando City, Texas-Loan and grant of $19,500 for a new school building rescinded at the request of the applicant.
Lynchburg. Ohio
-Loan and grant of $15,500 for improving the water
system rescinded at the request of the village.
NEWS ITEMS
Akron, Ohio-Council Refuses Refunding at More Than
33 %-In connection with the Council's declaration that no
4
refunding program which would cost the city more than 33 %
4
interest annually would be acceptable to them, the Akron
"Journal" of May 11 stated:
A militant Council majority had set out Saturday to settle the
municipal refinancing problem at not to exceed a 3% interest bases.1934
Finance Dtor Charles H. Isbell. commissioner ambassador extraorDirector
dinary by this same group, is to contact the Ohio bondholders' group and
attempt to work out the solution to the refunding problem.
Meanwhile, copies of the Supreme Court order calling on Akron Council
and Sinking Fund representatives to appear on May 18 and "show cause
why a mandamus should not issue" compelling a tax rate sufficient to
produce revenue to pay the 1934 bond maturities and Interest had been
served here by Deputy Sheriff George Neal on the Mayor, Councilmen
andlSinking Fund Trustees.
Immediate contact is to be made by Mr. Isbell with the Ohio bondholder spokesmen.
Other major developments in the badly snarled financial situation were
1. Statement by Mr. Isbell to Councilmen that no additional tax would
be levied in Akron if the Supreme Court should find against the city in
the bondholders' litigation now on file, but that the levy to meet the bondholders' demands would come from the $7.50 tax limit for municipal operations, crippling all municipal functions.
6'0111111e
140
Financial Chronicle
2. An overdraft of $458,000 in the general fund existed as of May 1,
Including the $401,000 carried over from last year, and the $101,000 inherited from the previous Ad ninistration.
3. The statement by members of Council. after listening to letters Mr.
Isbell has from bond houses and bondholders urging 447 refinancing cf
the defaulted 1934 debt, that their spinal c dumns had been materiall7
stiffened by the writers' opinion that were it not for the "unpleasantness
'
in Akron bonds could be refunded at less than 4%.
Florida—Homesteads Held Liable for Public Debts—The
Tampa "Times" of May 4 carried the following Jacksonville
dispatch relative to a decision by the courts that home
owners could not be exempted for liability to pay taxes for
retirement of public indebtedness:
Federal Judge Halsted L. Ritter to-day had joined the State Supreme
Court in ruling home owners cannot escape taxation for retirement of
municipal bonds under the homestead tax exemption amendment.
Judge Ritter held removal of homesteads up to $5,000 from city tax
rolls would amount to breach of contract with the bondholders, a violation
of constitutional rights.
The Supreme Court recently returned, in substance, the same opinion
in an appeal from Jacksonville.
•
The Federal concurrence came yesterday in a suit by bondholders to
collect a $145.436 Judgment against the City of Fort Pierce, based on improvement bonds issued between 1925 and 1930.
Judge Ritter denied the city's motion to quash a writ of mandamus, the
city contending the writ sought to compel levies on small homesteads,
contrary to the exemption amendment.
"By this amendment." he ruled, "the taxation basis for these bonds has
been so substantially shrunk from that existing at the time of their issuance,
that wholly inadequate security remains and the impairment of the bondholders' contract is inevitable."
By a split decision in the case of Jesse Boatright vs. the City of Jacksonville, the Supreme Court recently held that where homesteads were originally
subject to taxation for retirement of bonds, they could not afterward be
exempted. The Court said such action would be breach of contract, a
violation of both State and Federal constitutions.
Illinois—House Again Defeats Relief Bill—An Associatl.
Press dispatch from Springfield on May 15 reported as follows
on the action of the House of Representatives on that day,
in defeating for the fourth time a relief bill providing for an
increase in the sales tax from 2% to 3%, needed to obtain
Federal aid funds:
The Illinois relief crisis moved a step closer to what officials called "the
danger line" to-night as the State House of Representatives failed for the
fourth time to adopt legislation designed to end the deadlock.
While more than 2.000 jobless persons protested the relief breakdown
in a mass demonstration at Chicago and crowds jammed the House galleries
here, a roll call on the key measure was suspended when it became apparent
the 102 votes necessary for emergency passage had not been mustered.
The unofficial count stood at 90 to 56, in favor of the bill to boost the sales
tax from 2 to 3% and thus provide $3,000.000 a month as the State's share
of relief costs.
The vote dashed the hopes of Governor Henry Horner and 1,200,000
relief clients for an early resumption of activities by the Illinois Emergency
Relief Commission, which ceased opmations Saturday after it had been
cut off the Federal allotment lists May 1 because the State had made
no
provision for raising its relief contribution.
Taking cognizance of the fact that the needy over
would have no more food after this week, Mayor Edward most of the State
Kelly, of
and Patrick Nash, national Democratic committeeman from Chicago,
Illinois.
planned to confer with the Governor, party chieftains and administration
leaders here to-night on the future legislative course.
Session Acts Become Effective—New
Laws Affect Control of Fund Borrowing and Bond Sales—A dispatch from Baton Rouge to the New Orleans "TimesPicayune" of May 10 reported as follows on the taking effect
of the drastic measures passed at the last special session of
the State Legislature, some 1 which take over full control
of the sale of bonds by all political subdivisions in the State,
and other borrowings and expenditures by local governmental
units:
Louisiana—Special
The Acts of the recent special session of the Louisiana Leidslature
, which,
according to Senator W. Scott Heywood of Jefferson Parish,
"sew up the
bag which Senator Huey P. Long has filled with his
dictatorial laws,"
become effective at noon to-morrow.
The special session of the Legislature at which the Acts
the fifth since the adjournment of the regular session in were adopted was
July
the Acts which become effective to-morrow, Senator Long, 1934. Under
through boards
controlled by him, takes full control of the borrowing
of
bonds by all political subdivision in the State, full control funds and sale of
of the expenditure
of all Government funds borrowed
control of the election machinery. by subdivisions of the State and full
In addition. an Act giving the State Board of Health
of the New Orleans markets, an act hitting at Clerk of broadened control
of East Baton Rouge Parish and another abolishing Court S. Y. Watson
the office of Fred S.
LeBlanc, East Baton Rouge Assistant District
Attorney, also go into effect,
Mr. Watson is to be allowed to spend
year from approximately
twice that sum collected by his office only $9,000 a right
in fees. The
of
City Commission Council to discontinue a public market the New Orleans
to the approval of the State bond and tax board, created is made subject
by another Act.
Ads Affecting City
The principal Acts going into effect to-morrow are:
Act. No. 3. Requiring approval by the State Bond
of discontinuance of the operation of any public market inand Tax Board
New Orleans,
Act. No, 4. Prohibiting political subdivision of
Louisiana, without
approval of the Governor and Attorney-General,
from
Federal courts for readjustment of their finances under theapplying to the
Federal Municipal Bankruptcy Law and intending to make illegal any
filed, the Act being intended to take the New Orleansapplications already
finances out of the
hands of Federal authorities.
Act No, 5. Providing that the Governor shall have the
two members of the Board of Supervisors of Elections ofright to appoint
Orleans Parish,
the same as in other parishes, removing the Civil Sheriff of
Orleans Parish
as a member of th
Act, No. 6. Creating the State Bond and Tax Board to
be composed of
the Governor, the Supervisor of Public Accounts, the Lieutenant
the Attorney-General and Secretary of State and requiring -Governor,
approval by
the board of any loan on bond issue or special tax by
any political subdivision of the State.
Office Abolished
Act. No. 7. Abolishing the office of
Attorney of East Baton Rouge Parish, Fred S. LeBlanc. Assistant District
Act. No. 8. Requiring approval by the State Printing Board
of official
journals selected by police juries, municipal corporations and
school boards,
but making no changes with respect to having printing done
by contract.
Act. No. 9 Amending the Tobacco Tax Law to require
stamping of all
tobacco and cigarettes possessed.
Act. No. 10. Requiring approval by the State Advisory Board,
composed
of seven State officials, the President of the Police Jury
Association of
Louisiana. and 11 members appointed by the Governor, of
the expenditure of funds obtained from the Government byall contracts
any political
sTibdivision and empowering the board to regulate and
govern the actual
expenditure.
Act. No, 15. Limiting to $9,000 the foes which S. Y. Watson, East
Rouge Clerk of Court, can use for the payment of office expenses. Baton
Act. No. 16. Repealing the civil service provisions protecting
warehouse
employees of the New Orleans Dock Board.
Act, No. 19. Requiring municipalities to hold their elections
on the
same date with any parish election provided it falls within 90
days of the
parish election.
Act. No. 20. Providing-additional regulations for companies
health and accident insurance on the _co-operative or assessmentdoing life,
plan.
3417
Massachusetts—State Lottery Bill Defeated—A bill to
establish a State lottery was killed by the House of Representatives on May 14 after lengthy debate by a tie roll
call vote of 110 to 110, according to Associated Press dispatchesfrom Boston. It is reported that Speaker Saltonstall
did not vote.
Michigan—Municipal Bond Refunding Bills Signed
by
Governor—The Detroit "Free-Press" of May 12 had the
following to say regarding bills signed by Governor Fitzgerald which authorize municipalities and county road
commissions to refund their bonds under certain condition
s:
Action of the Legislature
in blazing a trial out of the
laden municipalities means a potential saving for taxpayers woods for debt.
of
000 to $3.000.000 a year in interest charges it. was estimated from $1.500,Saturday.
The total saving might reach the $100.000.000 mark
eventually if all
bonds eligible for refunding at a lower rate of interest under
the Reid Acta
are exchanged.
The bills, signed by Gov. Fitzgerald Monday, authorize
and county road commissions to refund bond issues if the municipalities
reduced at least Si of 1%.and the life of the original issues interest rate is
not extended.
By a peculiar chain of circumstances, scores of Michigan
villages are in position to take advantage of the provisions cities and
of the Acts
sponsored by Senator John W. Reid. Highland Park
estimated by C. C. Wells, Secretary of the Public DebtRepubllcan. It is
Commission, that
municipal bonds with a value of S300.000,000 are eligible for
refunding.
B•tter Bargain Expected
Should they all be refunded at an interest rate reduction
saving would be $1,500,000 a year. But because of the of ;i of 1%,the
the municipal bond market and the lack of investment recent strength of
outlets for credit
throughout the Nation, he believes that it will be possible
to
better bargain in many cases. Some bond issues now bearing drive a much
interest at the
rate of 4, 434 and 5% might be refunded with 3% issues, he
believes.
"We can say that $1,500.000 is the minimum potential
saving on municipal issues." Wells declared Saturday. "But I would feel safe
in doubling
the minimum figure."
Considering the length of time which,many of the bonds
have to run,
and the noasibility of saving 2 or 3% a year on many
saving of $100,006,000 in interest is easy to envisage. issues, the ultLmate
Conditions leading up to the present favorable outlook for
interested in cutting down their interest burdens are highly municipalities
interesting.
Starting in the spring of 1932, there were scores of
most cases the bondholders demanded that the newforced refundings. In
issues bear the same
rate of interest as the retired issues.
The Debt Commission, for its part, insisted in most cases
that the
refunding bonds be of callable type. That is, any number of
be retired by payment of the par value and accrued interest onbonds might
any interest
date.
Model Tax Collection Law Drafted by National
Municipal League Committee—In a recent broadcast,
Mr. Arnold Frye, Chairman of a special committee, referred
to the model real estate tax collection law as a composite,
entirely free of innovation and experiment, of the best features of existing tax laws throughout the country, every one
of which has behind it a record of successful application in
some State. In this broadcast, Mr. Frye mentioned the
principal features of the law as including:
1. A compulsory annual tax sale.
2. Appointment of a tax receiver of income-producing tax
property (specifically exempting farms and homes).
3. Simplification of procedure for foreclosure of tax title liens.
4. Various measures to make tax-paying easier for the property
owner.
As regards the need for improved tax procedure, Mr. Frye
said:
"Government exists for everybody's benefit. It is really
all
acting together for a common purpose. When, therefore, some the people
of the people
hold out on the government, which real estate
because they find it to their advantage in spitespeculators frequently do
of penalties
charges, they are adding to the burdens of their neighbors. and interest
The municipality has to borrow money to take the place of that which the
speculator
ought to be paying. This means paying interest. Furthermor
e, as the
of tax collection goes down, the rate of interest goes up on all municipalratio
borrowing in order to compensate for the greater risk. The total
amounts to
many millions of dollars a year. Who pays this extra
particularly, the prudent man, the home-owner, who bill? The taxpayer;
pays extra
carry the speculator and the tax dodger. We need to learn thattaxes to
prompt
payment of taxes is a matter of general community interest.
Furthermore,
the problem is not merely a by-product of the depression but has been with
us a long time.
Copies of the new model law may be obtained from the National
Municipal League.
Nebraska—Municipal Power Bill Signed—The following
Lincoln dispatch appeared in the Norfolk dispatch of May 7
in connection with the signing of a bill which gives municipalities power to issue revenue bonds for the purpose of
financing municipal light and power plants:
A powerful weapon to force the reduction of the electric light
and
rates was given to Nebraska municipalities to-day by Gov. R. L. power
as he signed the controversial Howard-McGowan municipal power Cochran
bill.
The measure, which goes into effect 90 days after the close
tive session, permits municipalities and public districts toof the legislapurchase or
construct power plants and transmission lines by the issuance of
revenue
Instead of general obligation bonds.
The measure extends the power which Nebraska municipalities
were
given under an initiative law sponsored by United States Senator
George
W. Norris and adopted in 1930. The Howard-McGowan bill
corrects an
the drafting of the initiative law, which was the basis
error in
Nebraska Supreme Court's decision in an Ainsworth power case. for the
New York City—Governor Lehman Vetoes Bill to Restore
City Salary Cuts—The Feld bills restoring the 1932 pay cuts
of New York City teachers, police, firemen and other civil
service employees of the city, which was passed by the State
Legislature over the opposition of Mayor LaGuardia,
vetoed on May 12 by Governor Lehman. There werewere
two
pay restoration bills, both sponsored by Senator Feld,
Democrat, of New York. They affected 60,000 city employees and it was estimated that if the Governor approved
them the city budget would have been thrown more than
$13,000,000 out of balance. Albany press dispatches of
May 12 commented in part as follows on the veto action of
,
the Governor:
The two Feld bills, designed to restore about $18.000.00
0 In salary cuts
to New York City teachers, firemen and policemen,
have been vetoed,
Governor Lehman announced to-night.
The Governor made known in a brief memorandum that
he was disapproving the measures because of opposition of Mayor
LaGuardia. The
dayor and Comptroller Frank J. Taylor had both urged
the veto on the
ground that the city's finances could not bear the extra
burden the measures
would impose.
"These bills," wrote the Governor,"provide for the
repeal of the statutes
of 1932 which permitted the City of New York to reduce
salaries of teachers
and other civil service employees in such city. The bills
to the salary reductions which New York City has made would put an end
statutes and consequently greatly increase its budget. pursuant to these
"The Mayor of the city had advised me that he Is opposed
to this legislation. I am therefore vetoing the bills."
3418
Financial Chronicle
One bill disapproved covered the salaries of teachers and this was a
proposed amendment to the State-wide Education Law,since teaching is a
State function. The other measure, passed amid confusion in the final
stages of the legislative session, was approved by the two Houses without
the special message from the Governor ordinarily required for a"home rule"
measure.
Hearing Had Been Urged
Governor Lehman, whose veto had been forecast, did not, however,
take up the question of the lack of a special message on the second bill
nor did he go deeply into the issues involved. The teachers and other civil
service workers had been urging approval and there had been many suggestions that the Governor hold a public hearing.
It was apparent during debate on the bills that the legislators of both
parties were perfectly willing to pass them and place further responsibility
for the measures in the lap of the Governor. At that time he remarked:
lap."
"I have a broad
In vetoing the bills he assumed full responsibility for killing the salary
restoration program in the face of the city government's insistence that it
could not stand the extra strain.
Bill Introduced to Repeal City Inheritance Tax—Aldermanic
President Bernard S. Deutsch on May 14 introduced a bill
before the Board providing for the repeal of the city inheritance tax. It provides also that all taxes which have aecured
since the impost was adopted last December shall be canceled
and that any taxes which may have been paid under its provisions shall be refunded by the Comptroller.
The bill is said to have been referred to the local laws
committee.
New York City—Mayor Approves Repeal of City Income
Tax—Before leaving for Washington on May 13 to serve as
a member of the National Allotment Board in connection
with President Roosevelt's $4,800,000,000 public works program, Mayor La Guardia signed the bill repealing the city
income tax. This was part of the agreement the Mayor
made with Governor Lehman for the latter's approval of
legislative action toward the extension of the city's emergency
tax powers. No collections of the said income tax had been
made.
New York City—Receipts for April Total $243,393,296—
Comptroller Frank J. Taylor issued a financial statement on
May 15 which shows that the city's income receipts from all
sources during April totaled $208,393,296 and that during
the period he borrowed $35,000,000, making total receipts
$243,393,296. During the same month $68,658,880 was
expended for governmental purposes and $68,908,000 was
used for redemption, amortization and renewal of the city
debt. At the end of the month there were cash balances of
$215,019,632 in all the city funds, of which $119,850,000 is
pledged for redemption of certain debt, mostly covered by
bankers' agreement.
Receipts for the month included tax collections of $167,071,659, of which
$156,745,577 was to cover the tax levy for 1935, and the balance, 810,326,082, was for taxes of 1934 and prior years. In addition $7,149,349 was
received from assessments for local improvements. For unemployment
relief $4,328,037 special taxes were received and the State reimbursed the
city to the extent of 814,973,495 for this purpose.
Receipts from other sources, such as water rates, licenses, fees, dock and
slip rents, amounted to $14,825,756.
Expenditures for the month consisted of $25,969,382 for payroll purposes,
$10,049.205 for interest on the city debt, and $12,199,000 for other debt
service purposes. In addition $1,336.739 was paid to various charitable
Institutions to care for city wards and $806.849 for widows' pensions.
During April $19,921,648 was expended for work and home relief and
$3,365,720 for public improvements, such as rapid transit, water, docks,
schools, assessable improvements, &c.
New York State—Realty Measure on Mortgages Signed—
A bill prohibiting the guaranteeing of mortgages on real
estate for an emergency period ending July 1 1936, became
law on May 15 when signed by Governor Lehman. The bill
was introduced by Senator Lazarus Joseph, Democrat, of
the Bronx, who was chairman of the Executive Committee
on Guaranteed Mortgages. We quote in part as follows
from an Albany press dispatch of the 15th, commenting
on the new law:
The new law provides that no corporation or association within the
emergency period shall "engage in the business of guaranteeing the performance of any contract in respect to bonds, notes. and other evidences of
indebtedness secured by a mortgage or mortgages upon real property, or
deed or deeds of trust or similar evidence of an interest in real property, or
of the guaranteeing of payment of taxes, penalties, foreclosure costs or
other expenses with respect to the same."
Salary Bill Approved—An Albany staff report to the New
York "Herald Tribune" of May 16 had the following to say
regarding an Act signed by the Governor the previous day
which separates proposals for cuts from pension funds.
The Governor signed a bill of Senator James J. Crawford, Democrat. of
Brooklyn, providing for the separation of proposals for the reduction of
statutory salaries from questions relating to pension funds in New York
under the Home
City referenda provisions of the Rule Act. Rule Law," the Governor
city's Home
Under the
wrote in a memorandum,"if the City of New York passes a local law which
reduces the salary of a city officer or employee which has been fixed by a
State statute and approved by the voters, the local law must be submitted
for the approval of the electors at the next general election.
"Under the provisions of the city's Home Rule law a local law changing
the maintenance or administration of a pension fund or retirement system
connected with the police or fire department of the city shall be subject
to a referendum by the voters upon petition of at least 15% of the total
number of votes cast at the last gubernatorial election in such city.
"The purpose and effect of this bill is to provide that if a proposed new
charter which is submitted to the people contains provisions reducing the
salary of city officers and employees which has been fixed by a State statute
and approved by the vote of the people, or provisions altering the administration of the police and fire pension funds, then such provisions must be
presented to the people as separate questions. In other words, this bill
merely extends to the submission of the proposed new charter provisions
which now ezist in the city Home Rule law.
-Cent Subway Fare Extension—The
Lehman Appr oyes 5
Fitzgerald nill, extending from Sept. 1 1936 to Sept. 1 1938,
the period during which the New York City-owned transit
system shall be operated under a five-cent fare was signed on
May 11 by Governor Lehman, without comment. It amends
the Rice bill of last year, which extended the five-cent fare,
period for two years until 1936. Under the bill the city-owned
transit system must become self-sustaining after Sept. 1
1938,and all deficits up to that time must be met by taxation,
or the Board of Estimate may issue temporary certificates
of indebtedness or corporate stock notes in exchange for
May 18 1935
rapid transit bonds or corporate stock or serial bonds of the
city maturing within 10 years after the expiration of the
mandatory five-cent fare period.
New Stock Transfer Tax Bill Vetoed—The Governor vetoed
a bill on May 9 which would have changed the stock transfer
tax, writing: "This bill seeks to change the rate of tax on the
transfer of shares of stock and other corporate certificates.
It establishes a graduated rate from 1 cent to 4 cents. Apart
from the merits of the proposed new rates, the bill is defective." The New York "Times" of May 10 commented
on the veto as follows:
Concurrently with Governor Lehman's veto of the Swartz bill designed
to change the tax rate on stock transfers, it was learned yesterday that
attmneys for a large group of member firms of the New York Stock Exchange have attacked the constitutionality of the present State transfer
tax law, Gilman & Unger of 48 Wall Street, who 20 years ago succeeded in
overthrowing a similar tax statute, is conducting the suit in the Court of
Claims at Albany.
The present transfer tax law imposes a graduated levy from 3 cents per
share on stocks selling under $20, to 4 cents per share on those selling above
$20. Before its amendment on June 1 1933, the law called for a straight tax
of 2 cents per share on all stock transfers.
The graduated tax is being attacked, Samuel P. Gilman said yesterday,
on the ground that it is unequal and uneven, discriminatory, arbitrary in
its classifications and supported by neither reason nor logic.
The Swartz bill which Governor Lehman vetoed yesterday would have
established a graduated tax ranging from 1 to 4 cents per share which would
apply only to transfers arising from sales.
Comment on Transit Unification Bill—In connection with
the above report on the approval of the five-cent subway
fare extension we wish to pcint out that the Governor had
signed the Burchill Transit Unification Bill on May 3, making
mandatory a referdum on any plan to raise the city subway
fare, and which also gives the Transit Commission the right
to demand applications for certificates of convenience and
necessity for extension of city transit facilities, a portion of
the measure that was disapproved by the Board of Transportation of the city.
New York State—Governor Lehman Signs Utility Fund
Bill—The Fitz Gerald Bill setting aside $300,000 for a revolving fund to meet expenses of the Public Service Commission in handling rate cases was signed by Governor Lehman on May 11. In his statement on approval it was pointed
out by Governor Lehman that he had stressed in his recommendation for passage the necessity for the measure because
some utility companies had "stubbornly refused" to accede
.
to the provisions of law enacted last year levying a share
of the cost of rate investigations on them. (This matter is
treated in greater detail in our Department of "Current
Events and Discussions" on a preceding page.)
North Carolina—Bond Deposits Asked by Three Local
Governmental Units—The holders of bonds of Carteret County
and the towns of Morehead City and Beaufort, are being
asked to deposit their securities, following the formation of a
formal bondholders' committee. W. C. Braden, of the
Woodmen of the World, is Chairman of the newly formed
group. The Harris Trust & Savings Bank is acting as depositary, and Chapman & Cutler, of Chicago, are counsel.
The committee states that various attempts have been made
by the bondholders and others to improve the situation regarding issuing governments and to rehabilitate the credit
of the units but nothing has been accomplished and it now
appears that "no worth-while results can be obtained in
dealing with them, except by way of litigation to enforce
in the courts the right of the bondholders."
North Dakota—Er-Governor Langer Granted New Trial on
Charges of Misusing Federal Relief Funds—Conviction Reversed by Federal Court—William Langer, former Governor
of North Dakota, will receive a new trial in the Federal
District Court of North Dakota on a charge of conspiracy
to misuse Federal relief funds, as a result of a decision handed
down on May 7 by the U. S. Circuit Court of Appeals at
St. Paul. Mr. Langer and four other defendants were convicted in the North Dakota Federal Court on June 17 1934,
under an indictment which charged them with conspiracy
to corruptly administer Federal statutes relating to the distribution of emergency relief funds. The case was remanded
to the Federal District Court of North Dakota for a new
trial. The decision of the U. S. Circuit Court, reversing the
previous convictions, was reported in part as follows by
Associated Press advices from St. Paul on May 7:
The case was remanded to the United Stated District Court of North
Dakota for a new trial. The five appellants were convicted under an indictment which charged them and four others with conspiracy to administer
corruptly Federal statutes relating to the distribution of emergency relief funds.
Fund Solicitation Charged
The charge grew out of alleged solicitation of political contributions
from workers paid with Federal relief funds. Testimony at the original
trial showed various workers had been assessed contributions of 5% of their
salaries to "The Leader," Langer political newspaper.
Convicted with Langer, who was sentenced to serve eighteen months In
a Federal penitentiary and pay a 810,000 tine, were Oscar J. Chaput.
Frank A. Vogel, former State Highway Commissioner; R. A. Kinzer,
Secretary of the State Emergency Relief Committee,and Harold McDonald.
solicitor for the leaders. Their cases also were covered by the appeal.
Mr. Langer who was State Relief Administrator under Federal appointment at the time of the alleged violations, subsequently was removed as
Governor by State Supreme Court order.
The Court in effect held the evidence presented at the trial was not
sufficient to demonstrate overt acts which in themselves would constitute
substantive offences.
No United States Statutes Violated
paretic° em"Whatever we may think of the ethics or propriety of the'
ployed by appellants to secure funds for political purposes.' the Court
said, "it is not a matter of concern to the Federal Government unless some
lawful Government function was thereby obstructed. In other words, a
conspiracy or plan to assess State employees was not an act violative of any
Federal statute and hence so far as the Federal Government is concerned,
not criminal. We have searched diligently for direct evidence of any plan
beyond this, and counsel for the Government have called our attention
to no such testimony."
Financial Chronicle
Volume 140
Oklahoma-Deficit Refunding Bill Approved-Governor
Marland is stated to have signed a bill on May 8, designed to
refund the deficit of the State, which is expected to reach a
total of $10,000,000 by July 1. By the provisions of this
bill the State Board of Equalization is directed to ask the
State Supreme Court for instructions as to how the amount
of the debt is to be determined. It is reported that when
the amount is arrived at, the State will issue not to exceed
3% bonds, maturing in from 10 to 13 years.
In connection with the above report we quote ir part as
follows from a news item in the Oklahoma City"Oklahoman"
of May 9:
Governor Marland Wednesday signed the funding bond bill to provide
means ofretiring the currentstate debt,expected to be $10,000,000 by July 1.
It sets up procedure for the State board of equalization to go before the
Supreme Court to determine the exact amount of outstanding warrants for
this fiscal year and the last fiscal year.
Upon finding of the amount, which will be after the close of the fiscal
year, July 1, bonds running from 10 to 13 years may be issued to take up
the outstanding warrants now drawing 6% interest. The bonds will bear
not to exceed 3% and will be backed by the general revenue fund of the State.
Report in the State Treasurer's office Wendesday showed 1934 warrants
amounted to $4.457,667 April 30 and 1935 warrants amounted to $4,186,067,
making a total of $8,643,734. It was estimated the warrants will increase
during the next two months to raise the total debt to more than $10,000,000.
Texas-Road Bond Assumption Bill Passed-According to
press advices of May 11 the Legislature has passed finally a
bill to re-enact for two years the State bond assumption law
' by which the State participates in the retirement of road bond
indebtedness incurred by counties and road districts in the
construction of State highways. It is said that the measure
would continue the diversion af one cent of the State fourcent-a-gallon gasoline tax. The present act would expire on
Aug. 31 1935.
United States-Tax Reduction Program Rejected by Most
-An Associated Pressdispatch from Chicago
State Legislatures
on May 12 carried the following report on the action of the
greater majority of Legislatures in session this year toward
tax reduction programs introduced for consideration:
It was almost a tight
-rope-walking act for the State Legislatures, building
up a purse for relief and at the same time keeping out of the red ink.
Most of the Assemblies had essayed it, but in earmarking some $122,000,000 plus proceeds from two State sales taxes for the jobless, they generally
had let any tax reduction ambitions they had cherished at the start of their
sessions go by the boards, a survey to-day disclosed.
Instead they provided, in many cases, for new revenue to carry the load.
In addition to the sales tax in several States, surtaxes, gasoline and income
levies, increased property taxes and a tariff on liquor were used.
The States that have completed action, the amount appropriated and the
method to raise the relief funds follow:
New York-$10,000,000; $55,000,000 tax increase through new and
higher levies. A $55,000,000 bond issue referendum was also authorized.
Iowa-$4,000,000; 119,000,000 property tax restored.
Idaho--Proceeds of a 2% sales tax.
Utah-Continued use of proceeds of its 2% sales tax and added new personal income and corporate franchise taxes.
Oklahoma-$1,000.000; no new taxes.
Tennessee-$1,500.000; bond issue authorized with a special Assembly
ordered for June to provide methods to increase revenue.
Is; Nebraska-$4,000,000 earmarked for the old-age pension fund; one cent
added to the State gas tax for relief and a $500,000 property tax increase.
Minnesota-$10.000,000: no new taxes.
North Dakota-S2,000,000; 2% sales tax.
Arkansas-$664,000; 2% sales tax.
Maryland-$5,000,000; 1% tax on gross receipts.
Montana-$3,000,000; liquor tax and 2% sales tax.
Missouri-$6,000.000; no new taxes.
Pennsylvania-$60,000,000: to be paid from a $60,000.000 tax program.
Wisconsin-$5.000.000; surtaxes on incomes, inheritances and gifts and
new taxes on utilities.
Colorado-$3,600,000; sales tax.
Oregon-$3.500,000; counties must contribute $1,000,000 for care of unemployables.
West Virginia-$3.000,000; sales tax and surtax on industries.
Florida-$1,000,000: no new taxes.
OFFERINGS WANTED
Arkansas-Illinois
-Missouri-Oklahoma
MUNICIPAL BONDS
FRANCIS, BRO. & CO.
ESTABLISHED 1877
Investment Securities
Fourth and Olive Streets
ST. LOUIS
BOND PROPOSALS AND NEGOTIATIONS
ABERDEEN, S. Dak.-BOND OFFERING-Both sealed and open bids
will be received at 10 a. m.on May 23, by Lydia W. Kohlhoff, City Auditor,
for the purchase of three issues of bonds, aggregating $40,000, divided
as follows
$13,000 5% municipal airport bonds. Denom. $1,000. Dated Oct. 1
1930. Due from 1930 to 1950.
15,000 43.5% storm sewer bonds. Denom. $1,0J0. Dated July 1 1919.
Due in 1939.
12,000 57 fire station construction bonds. Denom. $500. Dated July 1
1930. Due from 1935 to 1950.
Interest on all issues payable semi-annually. Bonds will be sold subject
to the approving opinion of Junell, Driscoll, Fletcher, Dorsey & Barker of
Minneapolis. The Board of Commissioners reserves the right to reject
any and all bids. (This report supplements the offering notice given in
V. 140, p. 3249.)
ACADIA PARISH SCHOOL DISTRICT NO. 65 (P. 0. Crowley),
La.
-BOND OFFERING-Sealed bids will be received until May 31, by
the Secretary of the Parish School Board, for the purchase of an issue of
$120,000 not to exceed 6% semi-ann. school bonds. Due from April 1
1936 to 1947. incl. (These bonds were offered for sale without success on
April 26-V. 140, P. 3080.)
AKAN, Richland County, Wis.-BOND ELECTION This town will
hold a special election on May 25, when the matter of a $40,000 bond issue
will be before the voters, the proceeds to be used in surfacing town roads.
AKELEY SCHOOL DISTRICT NO. 20, Minn.
-BOND ELECTION
Clarence Sachow, District Clerk, announces that on May 20 a special election will be held to vote on the issuance of$20,000 4% school building bonds.
MIAKRON, Ohio
-SUIT BROUGHT TO FORCE BOND PAYMENTS
The following Akron dispatch appeared in the "Wall Street Journal" of
May 13:
"City of Akron was confronted with a new development in its financial
difficulties, which have been a topic of controversy for the last six months.
Mandamus suit has been flied in State Supreme Court by Henry Mezger, a
bondholder, in an attempt to force the city to pay overdue 1934 maturities
totaling $3,338,891 Plus $110,000 interest accrued since October. The suit
3419
would also I orce the city to repay $401,000 to the sinking fund, which it
borrowed for operating purposes. City has $1,089,459 on hand.
"Refund bonds in the amount of $2.249,433 were offered for sale in
February but only one bid was received for part 01 the issue and that was
withdrawn when city council voted against refunding the 1934 debt at a
43. % interest rate."
ALBANY COUNTY LIGHT, HEAT AND POWER DISTRICT (P. 0.
-BILL CREATES THIS UNIT-Governor Lehman on
Albany), N. Y.
May 12 approved the Byrne bill establishing the above district within
Albany County. authorizing extension of such district and creating the
Albany Light, Heat and Power Authority, a public corporation, to serve
municipalities in the district, according to Albany news advices. The Act.
which takes effect immediately, authorizes the issuance of bonds in an
amount not exceeding $10,000,000 by the Authority and county or either
of them, the issues to be first approved by the people at a general or special
election.
The Authority is authorized to construct or acquire by purchase or condemnation gas and electric plants and to purchase gas or electricity from
the State of New York.
This is seen as another move in the direction of municipally owned distributing system for the sale of power from the St. Lawrence River when,
as and if the international rapids section is developed for hydroelectric
power jointly by Canada and the United States.
The rates to be charged for service are to be approved by the Public
Service Commission.
The bonds and other obligations of the Authority shall not be a debt of
the State or of the County of Albany and the Board shall have no power to
make them payable out of any funds except those of the Authority. The
Board of Supervisors is given power, however,if the revenue ofthe Authority
is insufficient to pay any bonds, whether of the Authority or county, to
raise by a tax levy such moneys as may be needed for such purposes.
-BONDS PROPOSED
ALLEN COUNTY (P. 0. Scottsville), Kan.
Application for permission to issue $25,000 in poor fund bonds has been
filed with the State tax commission by the board of county commissioners.
-We learn that
ALL.ANCE, Neb.-BOND ELECTION PETITIONED
petitions have been circulated asking the City Council to submit a proposal
to the voters for the purpose of issuing $150.000 in bonds for building a
city auditorium. The same structure will 'rouse the City Hall. it the issue
carries. A Federal grant of $50,000 additional will be asked, if the bonds
carry.
-It is stated by W. T
ANNISTON, Ala.
-BOND ,SALE DETAILS
Morton, Jr. City Clerk, that the $834,000 5% water system purchase
-V.140.
McNear & Co. of Chicago
bonds purchased on April 17 by C. W.
-was awarded for a premium of $900. equal to 100.1079. Coupon
p. 3250
bonds dated April 1 1935. Denom. $1,000. Due serially. Interest payable A. & 0.
ANAMOSA SCHOOL DISTRICT, Iowa-BOND ELECTION PETITIONED
-It is reported that petitions have been signed asking the directors
district to call an election to vote the issuance of $55,000 bonds to enlarge
the school building.
ARAPAHOE COUNTY SCHOOL DISTRICT NO. 26 (P. 0. Deer
-BOND SALE CANCELED-It is stated by the District
Trail), Colo.
Secretary that the sale of the $19,500 4).‘% semi-annual refunding bonds
K. Mullen Investment Co. of Denver, subject to an election on
to the J.
-has been canceled. Due from 1936 to 1947.
May 6-V. 140, P. 2573
AFtAPAHOE COUNTY SCHOOL DISTRICT NO. 38 (P. 0. Castle
-An issue of
Rock), Colo.
-.BONDS SOLD SUBJECT TO ELECTION
$22,000 3%4'7 refunding bonds has been sold to the J. K. Mullen Invest0
ment Co. of Denver subject to approval at an election to be held in June.
Dated May 1 1935. Due yearly as follows: $1,000, 1936 to 1946: 51,500.
1947 and 1948,and $2,000, 1949 to 1952. Interest payable May and Nov.
ASBURY PARK, N. J.-$169,000 DEBT SERVICE ITEM ELIMI-The tax rate for this city will not be more than
NATED FROM BUDGET
$6.60 instead of $7.20 as a result of the agreement on May 10 of the committee of bondholders headed by Newark bankers to forego placing in the
budget $169,000 for debt service.
The agreement was made at a conference in Newark between Mayor
Hetrick and the members of the committee headed by J. S. Rippel. The
bankers were assured by Hetrick that he and his associates would do everything possible to keep down expenditures.
The inclusion of the $169,000 item was ordered recently by the Municipal
Finance Commission, which is expected to rescind its order after the agreement yesterday.
ASHLAND COUNTY (P. 0. Ashland), Wis.-BONDS PROPOSED
It is reported that plans are under way for the issuance of $150,000 road
Improvement bonds. Ed. H. Quinstorff is County Clerk.
-An ordinance was recently
-BONDS AUTHORIZED
ATHENS, Ohio
passed by the City Council authorizing the issuance of $6,985.83 5% coupon
refunding bonds. Denoms. 1 for $985.83 and 6 for $1,000. Prin. and
semi-ann. int. (Apr. 1 and Oct. 1) payable at the City Treasurer's office.
Due $985.83 Oct. 1 1937 and $1,000 yearly on Oct. 1 from 1938 to 1943,
incl.
-The
-ADDITIONAL DETAILS
ATLANTIC HIGHLANDS, N. J.
5140,000 not to exceed 6% refund, bonds, which may be offered for sale
-will mature $7,000 yearly for
about June 1, as stated in V. 140. p. 3250
20 years. The issue is being made for the purpose of retiring the following
described debt of the borough now outstanding, plus cost of refunding:
$33,474.77
Tax revenue notes
10,735.00
Tax title notes
19,938.48
years prior to 1935
County taxes-for
27.355.54
State taxes-for years prior to 1935
Amount due to Board of Education of the Borough of Atlantic
Highlands on account of local district school taxes for years
7,035.00
prior to 1935
12.500.00
Water maintenance notes-for years prior to 1935
12,390.47
Sidewalk improvement notes
12.000.00
Street improvement notes
2,550.00
Fire apparatus note
$137.979.26
Total
Accrued interest to March 20 1935 on above-mentioned obli645.74
gations
1,375.00
Cost of issuing refunding bonds
$140,000.00
Total
-Funding bonds in the
ATO1CA, Okla.
-BONDS AUTHORIZED
amount of $36,121.69 for the purpose of funding a like amount of the outstanding judgment indebtedness have been authorized.
-We are
ATTICA SCHOOL DISTRICT, Kans.-BONDS VOTED
informed that the voters recently gave their approval to a proposal to issue
$20,000 bonds for construction of a gymnasium and auditorium.
AUBURN, N. Y.
-BOND OFFERING
-H.W.Swart,City Comptroller
will receive sealed bids until noon (Eastern Standard Time) on May 23
for the purchase of $166,000 coupon or registered relief bonds. Bonds are
dated May 15 1935. Denom.$1,000. Due May 15 as follows: $17,000from
1936 to 1941 incl. and $16,000 from 1942 to 1945 incl. Bidder to name the
rate of interest in a multiple of Yi or 1-10th of 1%. A certified check for
$3,000 must accompany each proposal. Legality to be approved by Reed.
Hoyt & Washburn of New York.
-BONDSPROPOSED
AUGUSTA TOWNSHIP (P. 0. Carthage), 111.
-A committee composed of representatives of various school districts in
Augusta Township is considering the advisability of recommending for a
vote a $30,000 township bond issue for graveling the township roads.
BAGLEY SCHOOL DISTRICT, Iowa-BOND SALE
-We are in
receipt of a report that the Carleton D. Beh Co. of Des Moines has purchased $8.000 3% refunding bonds of this district. Due $1.000 yearly.
BAILEY COUNTY (P. 0. Muleshoe), Tex.
-BONDS PROPOSED
The County Commissioner's Court gives notice that it intends to authorize
an issue of bonds in the amount of $36,232.44 to refund outstanding road
and bridge bonds. Bonds will bear 5M % hit., payable semi-ann.on Apr. 15
and Oct. 15. Prin. and int. will be payable at the Central Hanover Bank
& Trust Co.. of New York. Due yearly on Apr. 15from 1936 to 1954,incl.
BALDWIN FIRE DISTRICT(P.O. Baldwin), N. Y.
-CREATION OF
DISTRICT APPROVED-Chapter 833. Laws of 1935, validates, approves
and confirms the proceedings in connection with creation of the district and
3420
Financial Chronicle
the authorization of a $60,000 bond issue for improvement purposes. The
obligations, when issued, shall constitute legal, valid and binding indebtedness of the district.
BALTIMORE, Md.-NO TAX BORROWING ANTICIPATED
-As a
result of the collection of 44.76% of the 1935 budgetary requirements in the
first four months of the year it is virtually c,rtain that the city will be able to
meet all operating expenses throughout the year without resourse to borrowing in anticipation of tax collections. Thomas G. Young, City Collector,
reported on May 11 the receipt of $11,337.796 to April 30 against fixed
appropriations of $43,199.873 for the entire year. C3Ilections as of the
same date in 1934 amounted to $16,358,039, while the budget In that year
was $42,347,356. No tax anticipation financing was necessary last year,
it is said.
BATH, N. Y.
-VOTERS TO CONSIDER LOAN
-The voters will shortly
be asked to determine whether the city should borrow $100,000 from the
Public Works Administration for hospital construction purposes.
BAYONNE, N. J.
-BONDS APPROVED ON FIRST READING-The
Board of Commissioners on May 7 passed on first reading an ordinance
which provides for the issuance of $192,700 temporary improvement note
funding bonds. Dated April 1 1935. To bear interest at either 4%,
4%%,43% or 4W1%.
BEAUMONT, Tex.
-BOND OFFERING-Sealed bids will be received
until 10 a. m. on May 21, by Raymond Edmonds, City Clerk, for the purchase of two issues of general obligation coupon bonds,aggregating $108,000,
divided as follows:
$58,000 street and sewer bonds. Due on July 1 as follows: $3,000, 1936 to
1938; $4,000. 1939 to 1943; $5,000. 1944 to 1947, and $3,000, 1948
to 1950.
50,000 wharf and dock bonds. Due on July 1 as follows: $3,000, 1936 to
1938; $4,000, 1939 to 1943, and $3,000, 1944 to 1950.
Bidders will indicate rate of interest, nith split rates premissible. Denom.
$1,000. Dated July 1 1935. Prin. and int. (J. St J.) payable at the office
of the Director of Finance in Beaumont, or at the Chase National Bank in
New York City, at the option of the holder. Bonds are not registerable
either as to principal or interest. Purchaser shall select attorneys and bear
expense for same. All printing expense to be borne by purchaser. Refunding bonds issued in lieu of certain 5% 40-year period bonds to be called as
of July 1 1935. A certified check for $2,160, payable to the order of the
Mayor, must accompany the bid.
BEAVER SCHOOL DISTRICT (P. 0. Beaver), Neb.-BOND SALE
-In connection with the recent report that $56,000 of 4%
DETAILS
bonds would be refunded through the Greenway-Raynor Co. of Omaha„
at 33V-V. 140. p. 3250
-we are now inform that the bonds are dated
June 1 1935, are in the denomination of $1,000, and mature on June 1 1954,
optional on June 1 as follows: $2,000, 1936 to 1939. and IMMO in 1940.
Legality to be approved by Wells, Martin, Lane & Offutt of Omaha.
BELLEVILLE, N. J.
-BOND REFUNDING ARRANGED
-The following is taken from the Newark "News" of May 8:
The largest bond issue ever proposed in Belleville, $2,500,000, was
approved last night at an adjourned meeting of the Town Como lesion,
The bonds, which bear interest at 4%% or less, make up a refinancing plan
arranged by Mayor William H. Williams, head of the Revenue and Finance
Department. The Town Commission agreed some time ago to support the
plan outlined by the mayor.
Mayor Williams said $700,000 of the issue is new money to be used in
paying back State and county taxes in the amount of $253,000 as well as
similar taxes up to date. The remainder of the new money, all to be raised
by tax anticipation notes, will go toward meeting current obligations of the
town. The municipality recently went or a cash basis after having operated
nearly three years on a "baby bond" plan devised by the mayor.
The finance director told the commission he expects to wipe off many
book items and refund other old obligations of the town through the refunding program. A list of the accounts to be cleared or refinanced will be made
public in a week or 10 days, the mayor explained.
The refunding plan is being handled by J. S. Rippe' & Co. of Newark.
Mayor Williams assured the commission the interest rate on the block
would be below the figure stated in the ordinance. The bonds now bearer
interest from 43 to 6% he said.
BELLWOOD, Pa.
-BONDS ELECTION
-The Borough Council on
May 6 voted to issue $45,000 sewerage system bonds subject to approval of
the voters at an election to be held on June 11.
BERLIN, N. H.
-STATE GUARANTEES $400,000 LOAN
-City Council has contracted with Brown Co. for a $400,000 loan on notes which will
be guaranteed as to payment of prin. and int. by State of Newilampshire,,
according to report. In consideration of State's guarantee, the council,
it is said, voted an assignment to the State of all right and title to the
moneys and wood which the city holds or may hold under the contract.
This protects the State with respect to its guarantee of payment of the loan.
BERLIN, Md.-BOND OFFERING-Sealed bids will be received at the
office of the Mayor and Council until 8 p. m. on May 27 for the purchase
of $100.000 4% coupon (registerable as to principal) sanitary sewerage
system and sewage treatment plant construction bonds. Dated June 1
1935. Denom. $1,000. Due as follows: $2,000 March 1 1936: $1,000
March 1 1937 and 1938, and $1,000 Sept. 1 1938; $1,000 March I and
Sept. 1 from 1939 to 1942 incl.; $2,000 March land $1,000 Sept. 1 from 1943
to 1946 incl.; $2,000 March 1 and Sept. 1 from 1937 to 1953 incl.; $3,000
March 1 and $2,000 Sept. 1 from 1954 to 1959 incl.; $3,000 March 1 and
Sept. 1 in 1960 and 1961; $3.000 March 1 and $2,000 Sept. 1 1962. All
of said bonds are to be retired by the first of September 1962; any or all
bonds No. 81 to No. 100, incl., however, to be callable at par in inverse
order, at any interest period after Sept. 1 1944, upon 30 days written
notice to the registered holders thereof, and in the event said bonds are not
registered, then by 30 days' notice in one or more newspapers published in
Baltimore, Md. This bond issue is authorized by Chapter 6 of the Acts
of the General Assembly of Maryland, enacted at its 1935 session and approved by the Governor of Maryland on April 29 1935. Said bonds to be
exempted from State. County and Municipal taxation. The right is reserved to reject any and all 'bids. All bids should be sealed and accompanied by a certified check for the sum of $1,000.
-BONDS CONSIDERED
BETHLEHEM, Pa.
-The City Council is
giving attention to a proposed ordinance which authorizes the issuance of
$85,000 bonds.
BEVERLY, Mass.
-BONDS AUTHORIZED-Board of Aldermen voted
to issue $60,000 bonds in order to prevent a sharp increase in the tax rate
for this year and to float an issue of $50.000 for embergency relief.
BEXAR COUNTY WATER CONTROL AND IMPROVEMENT DIS-BONDS VOTED
TRICT NO. 5 (P. 0. South San Antonio), Tex.
-the voters approved the
At the election held on May 10-V. 140. p. 2903
issuance of the $38,000 in 6%.sewer system bonds by a wide margin,according to the President of the Board of Directors. It is said that these bonds
will be offered for sale shortly.
BLACK BAYOU DRAINAGE DISTRICT (P.O. Greenville), Miss.
BONDS REFINANCED-It is reported that the district has recently refinanced its bonded indebtedness through the RFC, lowering the debt
to $433,000, to be paid over a period of 38 years.
BLACKSTONE, Va.-BOND SALE
-It is stated by the Town Treasurer that the $25,000 4% coupon refunding bonds offered for sale on May 14
-were sold for a premium of $702.50, equal to 102.81, a
-V. 140, p. 3080
basis of about 3.75%. Dated July 1 1935. Due $5,000 on July 1 in 1940.
1945, 1950, 1955 and 1960.
-BOND REBLUE EARTH COUNTY (P. 0. Mankato), Minn.
OFFERING-Offering of the $54800 ditch refunding bonds, set for May 8.
has been postponed to May 27. Bids will be received until May 27
by B. E. Lee, County Auditor, for the purchase of the bonds to bear 2;1%
Interest, at not lsse than par and interest. Denoms., 67 for $500; 201 for
$1,000. and 1 for $1,300. Dated May 1 1935. Interest payable semiannually May 1 and Nov. 1. Due yearly on May 1 as follows: $6,500.
1938; $7,000. 1939 to 1944 incl.. and $6,300, 1945.
BONITA UNION HIGH SCHOOL DISTRICT (P. 0. Los Angeles),
-BOND SALE
-The $20,000 issue of school bonds offered for sale
Calif.
on May 13-V.140. p. 3251-was awarded to Weeden & Co. of San Francisco, as 43is paying a premium of $201, equal to 101, a basis of about
4.05%. Due in from I to 10 years.
-BOND ELECBOONE WATER DISTRICT (P. 0. Boone), Colo.
TION CONTEMPLATED-It is stated by the District Secretary that an
election will probably be held in the near future to have the voters pass on
May 18 1935
the issuance of $26,000 in water system bonds to secure a grant of
$14,000
from the Public Works Administration.
BOSTON, Mass.
-BUDGET DATA-OVER-SPENDING SCORED
Following is the gist of Mayor Mansfield's new 1935 budget, presented to
the City Council, May 14, showing the amounts recommended for the
various sections the method of raising the money, and a comparison with the
budget of a year ago:
-Method of Financing
Amounts
Department
Recommended
Revenues
Loans
Tax Levy
City Reguirenets8
$
$
$
Maintenance ____ 40,296,169.34 5,352,000.00 8,000,000.00 26,944,169.34
Debt
11,259,753.32
11,259,753.32
County Reguiremlslool
Maintenance ___- 3,608,758.86 400,000.00
3,208,758.86
Debt
150,850.33
150,850.33
Rev. ReguiremlsMaintenance __
1,678,051.74 1.678.051.75
Debt
104,320.00 104,320.00
Totals for 1935- 57,097,903.59 7,534,371.74 8,000,000.00 41,563,531.85
Totals for 1934- _ _ 56,568,570.71 6,642,329.78 3,800,000.00 46,126,240.93
In connection with the foregoing, we learn that the Boston Municipal
Research Bureau, in a statement issued on May 11, deplored the policy of
borrowing by the city in order to provide for budgetary appropriations and
condemned the alleged failure of the State Government to compel retrenchments in municipal operating costs. Referring to the item of $8,000,000 in
the 1935 budget to be obtained through borrowing, the Bureau declared
that this procedure has become a common practice and maintained that "for
years for cost of government has exceeded the community's taxpaying
ability."
RECOMMENDS PUBLIC OWNERSHIP OF "L"
-Public ownersinip of
Boston Elevated Ry. was recommended on May 16 by legislative committee on metropolitan affairs in a report to legislature, after several
weeks consideration and a number of public hearings.
BOWLING GREEN, Ky.-BOND OFFERING DETAILS
-Sealed bids
for the purchase of $630,000 sewer improvement refunding revenue bonds
will be received until noon, May 20 by H. B. Webb. City Clerk. Dated
June 15 1935. Principal and semi-annual interest payable.at the Citizens
National Bank or at the American National Bank, in Bowling Green.
Due yearly on Dec. 15 from 1935 to 1972, incl. Bidders are to
of interest. Bonds will not be sold for less than par. Certifiedname rate
2% of amount of bonds offered, payable to the City Clerk, check for
required.
Purchaser must furnish blank bonds. City will supply legal opiMon of
Chapman, & Cutler of Chicago.
BRANT COMMON SCHOOL DISTRICT NO.1(P.O. Brant), N.Y.BOND OFFERING
-Sealed bids will be received by the Board of Trustees
until 3 p. in. (Eastern Standard Time), on May 21 for the purchase of
85.000 school site bonds. The bonds are dated June 1 1935. Denom.
$500. Due $500 on June 1 from 1936 to'45 incl. Bidder to name a rate of
interest not exceeding 6% and expressed in a multiple of3.4 or 1-10th of 1%.
Coupon bonds, registerable as to both principal and interest. Payment
of bonds and semi-ann. int. (J. & D.) will be made In lawful money of the
United States at the Evans National Bank, Angola.
must bear the same interest rate. A certified check for All of the bonds
the order of Leonard Carriere, District Treasurer, must $100, Payable to
proposal. The bonds are direct general obligations of the accompany each
district,
from unlimited taxes. The approving opinion of Clay, Dillon & payable
Vandewater of New York will be furnished the successful bidde '.
,
BRIGHTON, Colo.
-BOND CALL-Ralph R. Lee, City Treasurer,
publishes notice that he is calling for payment on June 1 1935 at
Department of the International Trust Co., Denver, $50,000 the Bond
refunding
water bonds, dated June 1 1933, Nos. 1 to 50 incl.
BRYAN COUNTY (P. 0. Durant), Okla.
-BONDS APPROVED
We are in receipt of a report that the Attorney General has given
to a bond Issue of $68.000 which the County Commissioners hadapproval
ordered
for the purpose of paying off warrants outstanding.
BUFFALO COUNTY(P.O. Alma), Wis.-BOND SALE
-The $167,000
highway bonds offered on May 13, as stated in V. 140, p. 3251, were
awarded to Kalman & Co. of St. Paul for a premium of $1,530, equal to
100.916. for 2%s, a basis of about 2.08%. Dated May 1 1935. Due on
May 1 as follows: $40,000, 1939 to 1941. and 847,000 in 1942.
Other bidders for the above bonds were:
BidderInt. Rate Premium
Channer Security Co., Chicago
2.25%
$1,525.00
Central Republic Co., Chicago
2.25
1,060.00
First National Bank, St. Paul
2.50%
1,950.00
First National Bank, Winona, Minn
1,925.00
2.50%
Security Co. of Milwaukee
1.850.00
2.50%
BUFFALO, N. Y.
-LIMITS EXTENDED-Bill signed by Governor
Lehman as Chapters 820, 829 and 831 of the Laws of 1935 provide for
extension of the boundaries of the city through annexation of lands now
owned by the city and used for public park purposes in adjacent towns.
The measures were sponsored by Senator Wojtkowlak of Buffalo.
BUFFALO SCHOOL DISTRICT, Minn.
-BOND ELECTION CONTEMPLATED
-An election is expected to be held soon to vote upon the
proposition of issuing high school and auditorium building bonds. Cost of
lnillding would be $150,000. W. D. Oakley is School Clerk.
BURBANK CONSOLIDATED SCHOOL DISTRICT NO. 2, So. Dak.
-BONDS VOTED
-At a special election held recently the residents
proved a bond issue to erect a new school gymnasium by a vote of 49 to an27,
according to report.
BURGAW, N. C.
-BOND SALE
-A 837,000 issue of 4% semi-ann.
water works bonds is said to have been purchased at par by the Public
Works Administration.
-It is reported by the City Clerk
BUSHTON, Kan.
-BOND SALE
that a $28,000 issue of water works beads was purchased on April 1 by the
Bushton State Bank.
CACHE COUNTY BOARD OF EDUCATION (P. 0. Logan), Utah
-The Board of Education is considering the issuBONDS CONSIDERED
ance of $295.000 bonds, of which proceeds of $170,000 would be used for
extension of school buildings and $125,000 would be used for constructing new schools.
-BOND OFFERING-Sealed bids will be
CALIFORNIA, State of
received until 10 a.m. on June 6 by Charles G. Johnson, State Treasurer,
for the purchase of a $5,000,000 issue of 3% veterans' welfare bonds.
Denom. $1.000. Dated June 11935. Due from Feb. 1 1937 to 1952 Incl.
Prin. and int. (F. & A.) payable in gold coin of the United States of the
present standard of value, subject to the provisions of Public Resolution
No. 10 of the 73d Congress of the United States approved June 5 1933. at
the office of the State Treasurer, or at the option of the holder, at the
State's fiscal agency in New York City. These bonds will be sold to the
highest bidder in parcels of one or more, or as a whole. Bids for less than
par must be rejected.
The maturities in detail on the above issue are as follows: 8530,000, 1937;
$270.000, 1938; $260,000. 1939; $280,000, 1940; $285,000, 1941; $290,000.
1942; $305.000, 1943; 8310,000, 1944; $320,000, 1945; 2330,000, 1946:
$340.000, 1947; 8355 000, 1948; $380,000, 1949; $370,000, 1950; 8385.000,
1951: 810.000 In 195i.
CARSON CITY SCHOOL DISTRICT, Nev.-BOND ELECTION
-It is
learned that on May 18 the voters will pass on a proposal to issue $61,000
high school building bonds.
CEDAR CREEK DRAINAGE DISTRICT NO. 6 (P. 0. Fairfield),
Iowa-BOND ISSUANCE CONTEMPLATED
-The County Supervisors
are said to be planning to issue about $25,000 in bonds for the retirement
of outstanding warrants.
CHICAGO,III.
-MAY OFFER REFUNDING ISSUE
-Local municipal
dealers are discussing the possibility of a new bond Issue by the city to refund outstanding 534% bonds due Jan. I 1940. Of the original issue of
$15.000,000 sold in Dec. 1933, and Jan. 1934, most of which were purchased by holders of bonds maturing Jan. 1 1934, there are now outstanding $8,903,000. The city has retired $6,097,000 through two previous
calls, the first for $3,297,000 and the second for $2,800,000.
The bonds are optional at any time,subject to 30 days'notice prior to any
Interest date. If the redemption were to be effective on July 1, notice
would have to be given by June 1.
Volume 140
Financial Chronicle
City officials recently stated that preliminary consideration has been
given to the matter of refunding the issue but that no final decision has been
reached. It as indicated that it might be taken up at the meeting of
the city council on May 22 when it is expected that Mayor Kelly will have
returned from his vacation.
Although the bonds have been callable, the city previously was lacking
in authority to issue refunding bonds for the purpose of retiring the issue.
That obstacle was removed, however, when the new refunding bill was
signed by Governor Horner a few days ago.
That the city can effect substantial interest savings through refunding of
the bonds is apparent from the present price level of the city's obligations.
Some dealers have expressed the opinion that the present 5).i.4 issue
could be replaced by one bearing interest at the rate of 4% or less. Fifteenyear 4% bonds of th city are quoted off a 3.50% basis.
The present price of the 5s in itself indicates the anticipation of redemption of the bonds. The issue is quoted slightly above par, whereas
non-callable obligations command substantial premiums.
CHINOOK, Mont.
-BOND SALE
-The $24,000 water plant improvement bonds, for which bids were asked on April 27, as stated in V. 140.
p. 2736, have been purchased by the State Land Board.
CINCINNATI, Ohio
-BOND SALE
-It is reported that $94,500 3%
bonds will be taken by the City Sinking Fund.
The issues dated July 1 are:
$60,000 in five-year bonds for highway equipment.
7,500 in 10
-year bonds for boulevard and traffic lights.
12,000 in 10
-year bonds for fire hydrants.
10,000 in five-year bonds for fire hose.
-year bonds for fire alarm cable.
5,000 in 10
CLARK COUNTY (P. 0. Jeffersonville), Ind.
-The
-BOND SALE
$80,000 "advancement fund" poor relief bonds offered on May 10-V. 140.
p. 3081-were awarded to the City Securities Corp. of Indianapolis as 3Xs,
premium of $208, equal to 100.26, a basis of about 3.20%. Dated
for a
May 1 1935 and due as follows: $3,000 June 1 and $4,000 Dec. 1 from 1936
to 1946 ine.l. and $3,000. June 1 1947. Marcus Warrender of Indianapolis.
second high bidder, offered a premium of $46 for 3s.
CLARK COUNTY (P. 0. Neillsville), Wis.-BONDS AUTHORIZED
-According to news reports, a resolution authorizing the issuance of $242.000 road improvement bonds has been passed by the Board of County
Supervisors.
CLARKSVILLE, Iowa-BOND SALE
-The two issues of bonds,
aggregating $12.499.38, offered for sale on May 13-V. 140, p. 3252
were sold as follows:
$6,299.38 street improvement, special assessment bonds to the Carleton D.
Beh Co. of Des Moines.
6,200.00 improvement fund, general obligation bonds to locak banks.
CLAYTON, N. Mex.-BONDS NOT SOLD-The $45,000 issue of not to
exceed 4% semi-ann. water works refunding bonds offered on May 13V. 140, p. 3252-was not sold, according to the Town Treasurer. Due
from March 1 1936 to 1941, inclusive.
CLAYTON (P. 0. Soldiers Grove), 1Wis.-BOND ELECTION
-An
election has been ordered for May 28 for the purpose of voting on a proposed
bond issue of $72,000 for road improvements.
CLEAR LAKE, Iowa-BOND SALE DETAILS
-It Is reported by the
City Clerk that the $45,500 refunding bonds purchased by the Carleton
D. Beh Co. of Des Moines-V. 140, P. 3252-are more fully described as
follows: Denom.$500. Dated June 1 1935. Due on June and Dec. 1,from
1938 to 1949. He states that the bonds were sold as 3Hs.
CLEARWATER COUNTY (P. 0. Bagley), Minn.
-PRICE PAID
It is stated by the County Auditor that the $15,0100 drainage funding bonds
purchased by the First National Bank of Bagley on May 7-V. 140. p. 3252
-were sold as 4s at par. Due $1,000 from May 1 1940 to 1954,inclusive.
3421
of an enabling bill by Governor Horner on May 6. Preliminary discussions
have been held among county officials, local bankers and civic groups
sponsoring the program and definite action in the matter awaits settlement
of the current poor relief impasse, according to a comprehensive survey of
the subject by William H. Bromage in a recent issue of the Chicago"Journal
of Commerce." The refinancing, it is pointed out, would permit adjustment of present defaults and minimize the possibility of further difficulties
by leveling out future maturities. If a plan is placed in operation, it is
expected that holders of past
-due bonds will be offered new issues of extended maturity in exchange, bearing interest at the same rates carried on
the old debts. As to unmatured obligations, it is believed that the refundhags to replace them will be made optional on dates correspohcUng to present
maturities. That the county has made streneous efforts to clear up its
defaults is seen in the fact that the amount of bond interest in arrears has
been reduced from $2,128,910 on Dec. 1 1934 to $48,500 as of May 1 1935.
The article by Mr. Bromage included the fallowing compilation showing
the status of each series of county bonds as of May 1
.
•
Principal
Amount
Outstand. Interest
Series
Maturity
Not Due
In Default
Total
in Default
M
1932-33
$47.500
$47,500
N
1932-35
$50.000
102,500
152,500
$1,000
P1932-38
150,000
157.500
307.500
4.000
1932-39
120,000
Q
94,900
214,900
3.000
1932-40
1,250.000
800.000
2,050.000 33,750
/5
1932-40
250.000
160,000
410.000
6,750
T
1932,45
2,475.000
540,000
3,015,000
U
1932-45
1,391,000
302,400
1,639.400
V
1932-47
9,750,000
1.425.000
11,175.000
W
1932-47
1,950.000
285,000
2,235.000
Y
1933-34
712,500
712.500
Z
1935-42
5,700,000
5,700.000
AA
1932-50
1,454,500
246,550
1,700,050
BB
1933-34
1,000.000
1,000,000
Rfdg.'31_ _ _ _1933
420,960
420,960
Mg.'32_ _ _ _1934
600,000
600,000
CC
1936-49
13,452,000
13,452,000
DD
1937-52
1,600,000
1,600,000
Total
539,591.500 46.894.810 $46,486,310 $48,500
Because of the differences in collections in various years and the specsillcations of levies on individual issues, there has resulted a variation in the
amount paid on past due issues. The following table shows payments on
past due principal of various bonds:
Maturity Percent Paid
SeriesSeriesMaturity Percent Paid
M
June 1 1932
60
U
June 1 1932
40
M
June 1 1933
U
45
June 1 1933
20
N
July 1 1932
55
V
June 1 1932
50
N
July 1 1933
40
V
June 1 1933
40
P
April 1 1932
50
V
June 1 1934
20
P
April 1 1933
35
W
June 1 1932
50
May 1 1932
50
W
June 1 1933
40
May 1 1933
o
35
W
June 1 1934
20
it
Rfdg. '31-- July 1 1933
April 1 1932
50
60
It
April 1 1933
30
Rfdg. '32-_ Feb. 1 1934
40
S
April 1 1932
AA
50
Dec. 1 1932
40
S
April 1 1933
30
AA
Dec. 1 1933
30
June 1 1932
T
BB
40
June 1 1933
55
June 1 1933
20
T
BB
June 1 1934
45
CORTLAND, N. Y.
-BONDS CALLED FOR PAYMENT
-C. M.
DeVaney, City Clerk, announces that the 4% water bonds of April 11910,
due April 1 1940, have been called for payment at the Chase National Bank
of New York, at par and accrued interest, on July 1, after which date
interest accrual shall cease. Coupons should be detached and sent through
for collection in the usual way.
BONDS TO BE SOLD
-City Council has authorized the issuance of
5150.000 not to exceed 3% interest water bonds,to mature $10,000 annually.
CLEVELAND, Miss.
-BOND SALE
-The $30,000 issue 7 6 - 7k
- 7.
COVENTRY, R. I.
construction bonds offered for sale on May 15-V. 140, p. 3082
-BONDS DEFEATED
-At a recent town meeting
-was
awarded to the Cleveland State Bank, as 4%s, paying a premium of $50,
a proposal that the issuance of $75,000 bonds be undertaken to fund the
town's indebtedness was rejected, according to report.
equal to 100.16, according to the City Clerk.
'
CRANSTON, R. I.
-NO BOND FINANCING CONTEMPLATED
P -CLEVELAND, Ohio
-BOND OFFERING
-Louis C. West, Director of
William M.Lee, City Treasurer, reports that the city does not contemplate
Finance, will receive bids until noon June 7 for the purchase of $300,000
public sale of any new bond issues at this time, although there are several
6% coupon or registered ..ity's portion paving and sewer bonds. Denom.
projects under consideration which are contingent upon receipt of Federal
$1.000. Dated Tune 1 1935. Interest payable semi-annually on March 1
funds from the Public Works Administration. Gross bonded debt on May 1
and Sept. 1. Due yearly on Sept. 1 as follows: $27,000 1936 to 1943,
1935 was 53,987.500, including $3,260,500 reported exempt by State law
incl.; and $28.000, 1944 to 1946, imd. A certified check for 3% of amount
from debt limitation for future borrowing. Net bonded debt is placed at
of bonds bid for, payable to the City Treasurer, required. Principal and
$3,634.593 and, in addition, there are $700,000 notes outstanding. Uncolinterest payable at the Irving Trust Co., New York. Favorable opinion of
lected 1934 taxes, of a total levy of $1,494,248, amounted to $244.87E, or
Squire, Sanders & Dempsey of Cleveland will be furnished to the successful
16.38%, as of May 1. On the same day a year ago, 13% of the 1933 levy
bidder. No bids will be entertained unless on form supplied by the city.
was still unpaid.
CLEVELAND, Ohio
-BONDS SOLD TO UNITED STATES
-It is
CUMBERLAND COUNTY (P. 0. Portland), Me.
reported that the United States Government has taken $2,000,000 of the
-BONDS RETIRED
city's bonds for the financing of construction of a sewage disposal plant. -A bond issue of $200,000 was paid off on May 1, according to news
reports. The bonds were floated in 1915 to finance construction of the
The bonds bear 4% interest.
Portland-South Portland bridge.
CLEVELAND, Ohio
-FEDERAL FUND ALLOTMENT
-The following press release (No. 1364) was made public recently by the Public Works
CYPRESS SCHOOL DISTRICT (P. 0. Santa Ana), Calif.
-BONDS
Administration:
-At an election held recently, the voters are said to have
DEFEATED
"An allotment of $125,000 to the Corps of Engineers, War Department,
defeated a proposal to issue $58,000 in school building bonds.
for dredging the Cuyahoga River at Cleveland, Ohio, was announced today by Public Works Administrator Harold L. Ickes.
DALHART, Tex.
-BOND REFUNDING CONTRACT MADE
-The
"The allotment was made from old PWA funds and is subject to the City
City Council has entered into a refunding deal with the Dunne-Davidsonof Cleveland contributing $50,000 toward the work and to the further
Ranson Co. of Wichita, Kan., which will result in the refinancing of its
condition that the City Council authorize an agreement with the Federal
$410.500 indebtedness at lower interest rates. The deal is dependent, howGovernment to protect the United Stator; and the contractor against any
ever, upon the approval of the Bankers Life Co. of Des Moines. Iowa,
damages to private property which may result.
holders of $231,000 of the bonds and upon the State's acceptance of the
"The dredging of the Cuyahoga River is necessary to enable ore carriers
refunding, since the permanent school fund owns :525,000 of the securities
to reach plants located five miles up the river. The Corps of Engineers
The Wichita firm owns $99.000 of the city's bonds. It agrees to bear all
recommended that this work be undertaken immediately in the interests
expenses of the refunding for $1,000. Under the terms of the proposed
of navigation."
financing, new bonds would be issued, par for par, dated March 1 1935.
They would bear 3% interest the first two years; 4% the next three years;
CLIFFSIDE PARK, N. J.
-REFUNDING PLAN
-The refunding plan
5% thereafter. The first principal payment would be due March 1 1941
sponsored by Borough Auditor Carl W. Wright, has been brought before
and equal installments of principal would be due annually thereafter for
the Borough Council. The proposal involves the issuance of $132,000
40 years.
funding bonds of 1935, $495,000 improvement refunding bonds and
$497,000 funding bonds. The interest rate is 4%.
DALLAS COUNTY (P. 0. Adel), Iowa-BONDS AUTHORIZED
The first group will mature in 1945 and are for tax revenue notes of 1933,
The Couidy Supervisors on April 27 passed a resolution providing for the
improvement bonds of 1929, work relief notes and dependency notes. The
issuance of $22,381.43 4% coupon judgment funding bonds. Denom.
latter lots will mature in 1952, and '53 and are for assessment bonds and for
one for $381.43 and 22 for $1,000. Dated April 151935. Principal and semititle obligations,county taxes and unpaid school notes and road construction.
annual interest (May 1 and Nov. 1) payable at the County Treasurer's
office. Due $2,381.43 Nov. 1 1936 and $5,000 yearly on Nov. 1 from 1937
CLOVIS MUNICIPAL SCHOOL DISTRICT NO. 1 (P. 0. Clovis),
to 1940 incl.
N. Mex.-CORRECTION-We are now informed by R. B. Worthington,
County Treasurer, that the above is the correct name of this school district,
DALLAS TOWNSHIP (P. 0. Dallas City), III.
-BONDS PROPOSED
not Curry County School District No. 1, as reported in these columns
-A meeting will be held to consider a proposal to submit a Dallas Township
recently when giving the details on the $65,000 not to exceed 5% semi-ann.
bond issue for graveling country roads.
school bonds, scheduled for sale on June 10-V. 140, p. 3252.
DALY CITY, Calif.
-BONDS CONSIDERED-It is reported that the
COAL CREEK, Tenn.
-BONDS AUTHORIZED-It is reported that
City Council is progressing with plans to call an election to vote on a bond
a $90,000 issue of school and sewer bonds has been authorized recently.
issue of $60.000 for various improvements.
COLDWATER, Ohio
-The Village Council
-BONDS AUTHORIZED
DASSEL, Minn.
-BOND ELECTION
-An election will be held on
on May 6 passed an ordinance which authorizes the issuance of $24,000
May 20 to vote upon the proposition of issuing $10,000 refunding bonds.
4H% town hall bonds. Denoin. $600. Dated Apr. 1 1935. Prin. and
C. M. Anderson is Village Clerk,
semi-ann. int. (Apr. 1 & Oct.1) payable at the Peoples Bank Co., of ColdDAYTON, Ohio
-BOND OFFERING
water. Due $600 each six months from Apr. 1 1936 to Oct. 1 1955, incl.
-Director of Finance Earl Hagerman is receiving bids until noon May 17 for the purchase of $102,000
CONWAY SCHOOL DISTRICT, Pa.
-BOND SALE
-Floyd D. Rose,
sewage plant bonds, now held in the city treasury investment fund. 43_i%
Due
District Secretary, advises us that the $14,000 coupon bonds originally
$9,000 each year from Jan. 1 1943 to Jan. 1 1948: 58.000 Jan. 1 1948:
offered on April 18-V. 140, p. 2576
-were sold on May 10 to S. K. Cunand $6,000 each year on July 1 from 1943 to 1946 and $7,000 July 1 1947.
ningham & Co. of Pittsburgh as 4s, at a price of par. Dated May 1 1935
DELAWARE (State of)
-BOND SALE
and due May 1 as follows: $1,000 from 1944 to 1951, incl., and $2,000 from
-A group composed of the
First Boston Corp., Brown Harriman & Co., both of New York and
1952 to 1954, inclusive.
Dougherty, Corkran & Co. of Philadelphia was awarded the 52,840,000
COOK COUNTY (P. 0. Chicago), 111.
-CALL FOR 1933 CORPORATE
coupon or registered highway refunding bonds offered on May 13-V. 140.
TAX WARRANTS
-Robert M. Sweitzer, County Treasurer, announces
p. 2576. The bankers paid a price of 103.829 for the bonds, which bear
that all 1933 corporate tax warrants with datings up to and including
Interest rates of 23'4, 234 and 23i%. Dated April 1 1935 and due April 1
Sept. 30 1933 are calleu for payment. Interest accrual will terminate on
as follows: $100,000 from 1938 to 1965, Incl. and $40,000 in 1966. CallMay 15 1935, if the warrants are not presented for collection on or before
able at 102.50 on or after April 11936. The issue is divided as follows:
that date. They will bo paid on presentation through any bank or to the
$1.000.000 23.1 %. Due $100,000 each year from 1938 to 1947. incl.
County Treasurer.
1,000,000 234%. Due $100,000 each year from 1948 to 1957, incl.
COOK COUNTY (P. 0. Chicago), III.
840,000 2%%. Due $100,000 each year from 1958 to 1965, incl. and
-REFUNDING PROGRAM
EXPECTED SOON-Early announcement of a plan for the refunding of
$40.000 in 1966.
$46,486.310 bonds. including $39.591,500 =natured and outstanding
Edward B. Smith & Co. and associates bid 103.809 for the bonds; Halsey,
issues and $6,894.810 in default, of which $380,000 represents 1935 maturStuart & Co., Inc., 103.185; Kidder, Peabody & Co.. 101.94 and Lehman
i ties, is expected to be made by the county soon as a result of the signing
Bros. 101.90.1
3422
Financial Chronicle
The purchasers made public re-offering of the obligations, which are to
be approved as to legality by Thomson, Wood & Hoffman of New York,
at prices to yield as follows:
Amounts,Prices and Approximate Yields
To FirstRedeemable
Amount Coupon Maturity
Price Date,April 1 1936 To Maturity.
$1.000.000 2W% 1938-1947 104.35
0.69% to 1.84%
0.03%
1,000,000 2W
1948-1957 104.55
2.09 to 2.23
0.04
840,000 2W
1958-1966 104.75
2.47 to 2.52
0.05
(Accrued interest to be added.)
DENVER, Colo.
-OLD
-AGE PENSION PLAN TO BE VOTED UPON
-The following report on a proposal to pay old-age pensions in this city
amounting to 6200 a month for citizens who have reached the age of 60
years. to be passed on by the voters at the municipal election on May 21.
is taken from a Denver dispatch to the New York "Herald Tribune" of
May 16:
Denver may be the first city in the country to pay old-age pensions
amounting to $200 a month to citizens who have reached the age of 613 years.
Plans to adopt the Townsend old-age pension scheme are under way here,
with a fair chance of receiving approval. In fact, Denver may be paying
old-age pensions of $200 a month by June 1. next.
"Denver citizens will vote at the municipal election next Tuesday on
an amendment to the city charter providing for collection of a 2% sales
tax to pay the old-age pensions. Many observers believe the amendment
will be adopted. Denver has more members of the Townsend old-age pension
clubs than any city of its size in the nation, and while bankers and business
and professional men have been fighting the provision many political
experts believe it has a chance to become a law.
"Persons who receive the pension must agree to refrain from working
and to spend the $200 allotment in full within 30 days.
"To be eligible for a pension citizens must have lived in Denver for five
years, must not have been convicted of a felony, and must abide by the
charter provisions concerning the Pension Act.
The new sales taxes
-which supplement the State tax passed by the last
Colorado Legislature and which are being collected on all sales of more than
10 cents-will be collected on all sales, including professional services.
"The charter amendment to be voted on also provides for the selection
of a board of three to administer the Pension Act. The members of the first
board are elected. Each member would receive $300 a month salary.
"Funds from the sales tax would be handled exclusively by the new board
and not deposited with other monies of the City and County of Denver.
In the event that collections are not adequate in any month to take care of
the pensioners at the rate of $200 a month, the new charter amendment
provides that the money shall be pro-rated."
DENVER, Colo.
-BOND ELECTION
-In connection with the report
carried in these columns recently to the effect that a vote would be held
May 21 on the issuance of a total of $3,250,000 in bonds we quote in part
as follows from a Denver report to the"Wall Street Journal" of May 15:
"Total bonded indebtedness of the City and County of Denver on Dec. 31
1934. after deducting sinking funds and including the city's portion of the
Moffat Tunnel Improvement District bonds, was $53,866,234. Of these,
$3,712,072 are general obligation bonds: $20,253,161 are water bonds;
$7,572,400 local improvements; $8,715,000 are school bonds, and $13,613,600 are Denver's proportion of Moffat Tunnel bonds.
,
'The electorate will vote on May 21 on proposals to issue $3,250,000
general obligation bonds. The largest of these is for $2,000,000 for the
construction of a sewage disposal plant and the others are $750,000 for the
purchase of a site for a technical flying school for the War Department and
$500,000 for materials and supplies as the city's part of the Federal workrelief program. The issuance of these bonds, if authorized, is contingent
upon a Federal grant to aid in the construction of the sewage disposal plant,
impreAvaI of therorDeepartmeig':
iy
ta Dnver an hMderapelief prvaram the Rantoul„
f r re remoogl of
o
ng
•Denver's financial condition has been maintained on a satisfactory
basis during the past four years, having maintained a balanced budget and
shown a surplus at the end of each year."
DENVILLE TOWNSHIP (P. 0. Denville), N. J.
-BOND REFUNDING BY H. L. ALLEN et CO.
-The entire indebtedness of the township
will be refinanced according to a resolution passed by the Township Committee on May 1. The operation will be placed with H. L. Allen & Co. of
New York, will amount to $600,000, and will take care of all indebtedness,
including water bonds. Under this system, past indebtedness to the schools,
the county, and the State will be cleared up.
The rate of interest is 4 W
in place of the 6% that outstanding bonds
require.
Retirement will cover a period of 30 years, starting 1937.
DESCHUTES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Bend),
Ore.
-PRICE PAID-It is stated by I. Gillean, District Clerk, that the
$35.000 issue of notes sold on May 1 to the Lumbermen's National Bank
of Bend-V.140, p.3082
-was sold. as 3X% notes, at par. The only other
bid received was an offer of par on 4s, tendered by the State of Oregon,
DETROIT, Mich.
-IMPROVEMENTS IN FINANCIAL CONDITION SUMMARIZED-In connection with the recent completion of the
1935-1936 balanced budget, City Treasurer Albert E. Cobo, recounting the
a
progress that has been made in restoring the finances of the city on a sound
, attributed the success achieved to adoption of a practical financial
program two years ago and detailed the benefits which have resulted from
application of the plan as follows:
1. It has lowered the tax burden on property, causing taxpayers to
have renewed interest in their homes and property, and stimulated the
building and real estate business.
"2. It has permitted the city to have sufficient cash to pay Interest on its
debt in accordance with the refunding program, with the result that City of
Detroit bonds have climbed from $36 to $98.
'3. It has permitted the removal of scrip as a medium of financing,
saving $200,000 per year in costs of printing, handling and interest.
"4. It has enabled the city to borrow from banks at a 1)% rate, the
lowest in the city's history.
"5. It has permitted the restoration of 10% salary cuts to municipal
employees.
'6. It has enabled the city to save considerable sums through cash discounts for prompt payment of its bills, and enabled the Purchasing Department to buy at better prices because of the knowledge that prompt payment would be made.
"7. Finally, it has resulted in the reduction of $49,000,000 of delinquent
,
taxes outstanding in 1932, to $9,500,000 at the present time."
DODGE CENTER SCHOOL DISTRICT, Dodge County Minn.BONDS APPROVED
-We are informal that a $60,000 addition to the
Dodge Center High School is scheduled to be built this summer as the
result of financing plans approved recently by the board of education.
The plan includes a public works administration grant of $15,000 a
$30,000 bond issue and use of a surplus in the school district treasury, which
has been set aside for the purpose.
DORCHESTER COUNTY (P. 0. St. George), S. C.
-BOND SALE
DETAILS
-The $250,000 coupon funding bonds that were awarded on
April 10 to Fox, Einhorn & Co. of Cincinnati as 5 Ws, at par-V. 140. p.
-are due on May 1 as follows: $3,000, 1937 to 1941: $4,000, 1942 to
2738
1946: $5.000, 1947 to 1951; $7,000, 1952 to 1956: $9,000, 1957 to 1961;
$12.000. 1962 to 1968, and S13.000 in 1969 and 1970. Legality to be approved by Nathans & Sinkler of Charleston and Chapman & Cutler of
Chicago. Prin. and int.(M.& N.) payable at the Chase National Bank in
New York. It is also reported that Charles A. Hinsch & Co., Inc., of Cincinnati, was associated with the above named in this sale.
DOUGLAS COUNTY PUBLIC SCHOOL DISTRICT NO. 1 (P. 0.
-An election will be held
Lithia Springs), Ga.-BOND ELECTION
June 5 for the purpose of submitting to the qualified voters, question of
whether or not the school district shall issue bonds for purpose of building
a school house.
DRY CREEK JOINT ELEMENTARY SCHOOL DISTRICT (P. 0.
-BOND SALE
Auburn), Calif.
-The $6,500 5% semi-ann. school bonds
-was purchased by William
offered for sale on May 7-V. 140, p. 2905
Cavalier & Co. of San Francisco, paying a premium of $11, equal to 100.16.
No other bids were received, according to the Clerk of the Board of Supervisors.
-BONDS PROPOSED-It is reported that plans are
DUBUQUE, la.
under way for the issuance of bonds to finance the construction of a vitrified
tile sanitary sewer.
DULUTH INDEPENDENT SCHOOL DISTRICT (P. 0. Duluth),
-BOND OFFERING-Sealed bids will be received until 7:30 D. m.
Minn.
on May 24 by H. J. Forsberg, Clerk of the Board of Education, for the
May 18 1935
purchase of a $200,000 issue of refunding bonds. Interest rate is not to exceed 4%, payable J. & J. Denom. $1,000. Dated July 1 1935. Due on
July 1 as follows: $10,000, 1938 to 1941, and $20000, 1942 to 1949, all incl.
Prin. and int. payable at the Bankers Trust Co. in New York City. No bid
will be considered at less than par and accrued interest. The approving
opinion of Thomson, Wood & Hoffman of New York will be furnished. A
85,000 certified check, payable to the Treasurer of the Board of Education,
is required.
DULUTH, Minn.
-BONDS AUTHORIZED
-We are informed that the
City Council has authorized the issuance of $100,000 refunding bonds to
retire an equal amount of bonds which had been issued in 1920.
DUNSMUIR, Calif.
-DEBT REORGANIZATION PLANS
-According
to the Dunsmuir "News" of May 3 plans to reduce the heavy burden of
special assessment indebtedness against Dunsmuir property and give the
delinquent property owners of the city a chance to save their homes from
confiscation were revealed to a group of property owners in the City Hall
Council Chamber at a recent meeting by Attorney H. A. Postlethwaite of
San Francisco, engaged by the City Council to work out a settlement with
the bondholders.
Street improvement and sewer bonds in the amount of $305,000, plus
Interest at 7% are outstanding against Dunsmuir property for the street
paving and sewer system. It is hoped to reduce this indebtedness by paying
It off on the basis of 50 cents on the dollar, plus interest charges. Through
voluntary arrangement with the majority of the bondholders, it is expected
to accomplish the desired results.
T consummate the plan, it will be necessary for the city to call a bond
election and the proposition of issuing bonds in the amount of $152,500
submitted to the voters.
If the voters approve the proposition the city will exchange the issue for
the $305,000 worth of bonds now outstanding. Bondholders are being
contacted to secure their consent to the proposition and obtain a pledge
of an many bonds as possible. The bonds proposed to be issued by the
city will be general obligation bonds which will be exchanged for the improvement bonds now outstanding.
The present bonds draw interest at the rate of 7%. The new bonds
would pay interest at the rate of 3% the first five years, 4% the second
five years. and 5% the last 10 years.
Conservatively estimated, the proposed refunding plan should save
Dunsmuir not less than $185.000.
DURHAM, N. C.
-NOTE SALE
-A $50,000 issue of bond anticipation
notes is reported to have been purchased by the Security Bank of Durham,
at 1 W %, plus a premium of $.31.25.
DUVAL COUNTY (P. 0. Jacksonville), Fla.
-TEMPORARY BORROWING-Arrangements are said to have been made by the County
Board of Public Instruction to borrow $93,000 from local banks for operating expenses.
EAGLE COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Red Cliff),
Colo.
-The district will apply to the Public
-TO ASK PWA FUNDS
Works Administration for a loan and grant of about $50,000 to finance a
new school building. William Hill is Secretary.
EAST CARROLL TOWNSHIP (P. 0. Carrolltown), Pa.
-BOND
OFFERING-John S. Springer, Secretary of the Board of Supervisors, will
receive sealed bids at the office of Shettig & Nelson of Ebensburg until
11 a m. (Eastern Standard Time) on June 1 for the purchase of $3,000
5% coupon refunding bonds. Dated June 1 1935. Denom. $500. Due
June 1 1952. Interest payable J. & D. A certified check for $60, payable
to the order of the Township Treasurer, must accompany each proposal.
This issue has been approved by the Pennsylvania Department of Internal
Affairs.
EAST ST. LOUIS,III.
-BOND ISSUANCEPROPOSED-It is reported
that the Park Board recently decided to issue $60,000 bonds,which had been
tied up in litigation.
EAST TUPELO CONSOLIDATED SCHOOL DISTRICT (P. 0.
Tupelo) Miss.
-BOND OFFERING-Sealed bids will be received by
Byron Long, Clerk of the Board of Supervisors, unth June 3,for the purchase
of a $25,000 issue of 6% semi-ann. school bonds. These bonds were approved at an election held on April 9-V. 140, P. 2738.
EDGERTON, WI..
-BONDS PROPOSED
-The City Council is giving
Its attention to a proposal to issue $12,000 refunding bonds.
ELBERT COUNTY SCHOOL DISTRICT NO. 46 (P. 0. Matheson),
Colo.
-O, F. Benwell of Denver has purchased and is now
-BOND SALE
offering to the public an issue of $10,500 5% refunding bonds. Denom.
$1,000 and $500. Dated June 1 1935. Principal and semi-annual interest
(June 1 and Dec. 1) payable at the County 'freasurer's office in Mows.
Due yearly on Dec. 1 as follows: $500, 1936 to 1946, incl., and $LOW,
1947 to 1951, incl.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND SALE
-The
$24.700 refunding bonds offered on May 14-V. 140, p. 2905
-were awarded
to the Indianapolis Bond & Share Corp. of Indianapolis as 3s, at par plus
a premium of $155.61, equal to 100.63, a basis of about 2.88%. Dated
May 15 1935 and due $2,470 on May 15 from 1936 to 1945 incl. Other
bidders were:
BidderInt. Rate
Premium
Fletcher Trust Co
3%
$11240111
Burr & Co., Inc
3%
City ly
i
Corp. and Seasongood & Mayer,
3
171:00
0 60
Salem Bank & Trust Co
3
Albert McGann Securities Co
Marcus Warrender
21.'73
6 7
4 5
-BOND SALE
ELWOOD SCHOOL CITY, Ind.
-An issue of $10,000
2 W % coupon refunding bonds was awarded on May 7 to the Fletcher
Trust Co., of Indianapolis, for a premium of $17.79, equal to 100.1779,
a basis of about 2.82%. Denom. $500. Dated Feb.
1935. Interest
payable Jan. & July. Due $5,000 Feb. 1 in 1938 and 1939.
-The $10,000 improvement bond
EMMITSBURG,Md.-BONDS VOTED
Issue submitted to the voters on May 6, notice of election appearing V.
140, p. 3083, was approved.
ERIE COUNTY (P. 0. Erie), Pa.
-BORROWS 350,000
-County Commissioners on May 14 borrowed $50,000 from a Philadelphia banking house
for use of the poor directors. They gave a four-months' note with the
understanding that the directors will pay the interest charge at the rate
of
%. The directors earlier attempted to borrow the money on their
own note but were refused on a law technicality. The Commissioners were
forced to negotiate the loan because, according to law, they are bound to
turn over sufficient money for the operation of poor board affairs.
ESSEX COUNTY (P. 0. Newark), N. J.
-DISCUSS PARK BOND
ISSUE-President Robert S. Sinclair of the Park Commission on May 6
demanded that the Board of Freeholders undertake the sale of $200,000
bonds to complete work on Brookdale Park and finance the cost of extending
Branch Brook Park. He declared that of the $5,000,000 park bonds
authorized by referendum in 1926, all but $900,000 have been issued. The
request was laid over for two weeks to permit the freeholders to inspect the
parks.
-The Baker, Fordyce, Harpham Co.,
EUGENE, Ore.
-BOND SALE
of Portland, offering to pay 100.27 for the two issues of refunding bonds
offered on May 13, as stated in V. 140, p. 3083, was awarded the bonds,
which are described as follows:
$137,000.00 assessment C bonds. Due yearly on July 1 as follows: $15.000,
1937 to 1945,inclusive, and $2,000 in 1946. Interest at 4%.
55,479.16 assessment D bonds. $24,000 maturing $6,000 yearly on
July 1 from 1937 to 1940, incl., bear 3W % interest, and
$31,479.16 maturing $6.000 yearly on July 1 from 1941 to
1945. and July 1 1946 bear 4% interest.
Dated July 1 1935. Interest rates were named by the successful bidder,
and at the price of 100.27, bonds are costing the city 3.91% average annual
interest to maturity.
-Date of the contemplated elecEUREKA, Calif.
-BOND ELECTION
tion to vote on $65,000 auditorium bonds referred to in V. 140, P. 3253
has been set for June 17, it is reported.
-BONDS PROFAIRFIELD COUNTY (P. 0. Bridgeport), Conn.
-We are informed that a bill which would grant the county
POSED
Volume 140
Financial Chronicle
authority to issue $15,000,000 Merritt Highway completion bonds Is to be
introduced in the State Legislature.
FAIR LAWN. N. J.
-BOND SALE
-A group composed of J. S. Rippel
& Co of Newark; Paine, Webber & Co. and Ewing & Co. of New York,
purchased and are re-offering for public investment, at prices to yield from
3.50 to 4.60%,according to maturity,$631,000 4Yi% bonds, dated June 1
1935 and due serially from 1936 to 1955 incl. They are part of a total
of $1,291,000 bonds authorized in accordance with the provisions of Chapters 60 and 233 of the Pamphlet Laws of New Jersey of 1934.
FAIRVIEW INDEPENDENT SCHOOL DISTRICT,S. Dak.-BONDS
DEFEATED
-At a special election held on April 27 the voters, by 43 favorable to 40 unfavorable, failed to give a proposal to issued $110,000 school
house additional bonds the required 60% majority.
FALL RIVER, Mass.
-The following is
-FINANCIAL STATEMENT
the latest report on the financial condition of the city and was prepared
by Phelps, Fenn & Co. of New York and Tyler, Buttrick & Co. of Boston,
In connection with their joint offering of $350,000 3;5% relief bonds on
a yield basis of from 1.25% to 3.50%, according to maturity, as noted
In V. 140, p. 3253.
Financial Statement May 1 1935
$108.955,500
Assessed valuation (1934)
7.581,000
Total bonded debt
193,000
Water debt
671,000
Sinking fund
6,717,000
Net debt (6.17% of assessed valuation)
Population, 1930, 115,274.
Tax Collections
Collected
Uncollected
Fiscal YearTax Levy
97.3
5124,882
1934
$4.534,213
98.7 o
55,986
1933
4,414,129
99.5%
1932
25,770
4,910,118
semi-ann. reFARMVILLE, Va.-BOND SALE
-The $28,000 33.5%
-were awarded
funding bonds offered for sale on May 14-V. 140, p. 3083
to Frederick E. Notting, Inc. of Richmond, paying a premium of $915.60,
equal to 103.27, a basis of about 2.80%. Due_on Oct.1 1948,„optional
after five years from date of issuance.
FA RMVILLE, Va.-BOND CALL
-Mayor W.C.Fitzpatrick announces
that $35,000 5% refunding series E bonds, dated Oct. 1 1918 and payable
Oct. 11948. are called for payment on June 1 1935. Bonds are to be presented at the First and 1)...erchants National Bank, Richmond.
FAUQUIER COUNTY (P.O. Warrenton), Va.-TEMPORARY LOAN
AUTHORIZED
-The Board of Supervisors is said to have authorized a
$17,000 temporary loan to care for county school expenses.
FERGUS COUNTY HIGH SCHOOL DISTRICT (P.O. Lewistown),
Mont.
-BONDS VOTED
-The proposed $37,000 school bonds submitted
to the voters at an election on May 11, reported in V. 140. P. 2906, were
approved by a vote of 363 to 169. Bonds will bear interest at 4%, and
will be amortized in 20 years, but subject to call after 5 years.,.._Offering
date has not been set as yet.
3423
-We are now informed by
FOREST GROVE, Ore.
-PRICE PAID
H. G. Bond, City Recorder, that the $57,000 refunding bonds of 1935
sold on April 29 to E. M. Adams & Co. of Portland, as 43s
-V, 140. P.
3083
-were awarded at a price of 100.38. (not 100.176), thereby given a
basis of about 4.37%. Dated May 5 1935. Due from May 5 1.936 to
1955, callable on any interest payment date after May 5 1938.1
FREDERICKSBURG, Va.-BONDS SOLD-It is reported by the City
Manager that the $50,000 school bonds were approved by the voters at the
election held on May 7-V. 140, p. 2577. He goes on to state that these
bonds have been sold as 2s at par. Due $10,000 from 1936 to 1940 incl.
The purchaser is required to pay the cost of printing the bonds and the city
will pay the cost of legal opinion.
-BOND SALE
-It is stated by H. C Thomas, City
GADSDEN, Ala.
Clerk, that a $50,000 issue of 5M % refunding bonds was sold recently to
Milhous, Gains & Mayes of Birmingham at a price of 98.55, a basis of
about 5.70%. Denom. $1,000. Dated June 1 1935. Due on June 1 as
follows: 52,000, 1936 to 1940; 53.000, 1941 to 1945; $4.000, 1946 to 1950.
and $5,000 In 1951.
-Eugene R. Courtney,
-BOND OFFERING
GARDEN CITY, N. Y.
Village Clerk, will receive sealed bids until 4.45 p. m. (Daylight Saving
Time) on May 27 for the purchase of $50,000 3% coupon or registered
paving bonds. Dated June 15 1935. Denom. $1,000. Due June 15
as follows: $7,000, 1936 and 1937: $8.000, 1938. and $7,000 from 1939
to 1942 incl. Bids may also be made for the issue to bear a higher interest
rate, of not more than 6% and expressed in a multiple of %. of 1%. All
of the bonds must bear the same interest coupon. Prin. and int. (J. & D.
15) payable at the Garden City Bank & Trust Co., Garden City, or at
the Irving Trust Co., New York. Bonds are general obligations of the
village, payable from unlimited taxes. A certified check for 2% of the
issue bid for, payable to the order of the Village Treasurer, must accompany each proposal. Legal opinion of Thomson, Wood & Hoffman of
New York will be furnished the successful bidder.
GLOUCESTER, Mass.
-BONDS DISAPPROVED BY ATTORNEYS
The $70,000 1 % highway improvement bonds sold to Tyler, Buttrick
& Co. of Boston on April 26, as stated in V. 140, p. 3084, have been disapproved by the attorneys, Ropes, Gray, Boyden & Perkins of Boston, it
Is stated.
COWRIE,Iowa-BONDS SOLD
-Town Clerk J. E. T. Johnson informs
us that the $80,000 6% electric light and power plant revenue bonds referred
to in V. 140, p. 3254. have been sold. Dated Dec. 1 1934. Due yearly on
Dec. 1 as follows: $500, 1935; $3,000, 1936: $4,000, 1937 and 1938: $5.000.
1939; 55.500, 1940; 56.000, 1941: $7.000, 1942 and 1943: $8,500, 1944;
59.000, 1945: $9,500, 1946, and $11,000, 1947.
-NOTE SALE
GRAFTON COUNTY (P. 0. Woodsville), N. H.
$100.000 revenue anticipation notes, maturing $25,000 on Nov. 27 and
Dec.31 1935 and $50,000 April 24 1936. were awarded to the Manufacturers
National Bank of Detroit, on a 0.53% discount basis. Whiting, Weeks
& Knowles of Boston, and the National Shawmut Bank of Boston each
submitted a bid of 0.57% discount.
Other bidders were: National Shatrmut Bank, 0.57%; First Boston
Corp., 0.675% for Nov. and December maturities and 0.84% for April;
Faxon, (lade & Co., 0.68% for November and December and. 0.98% for
April maturity; W. O. Gay & Co., 0.73%.
FLINT, Mich.
-Director
-OFFERING DATE NOT DEFINITELY SET
of Finance Olney J. L. Craft informs us that no definite date has been set for
offering of the $1,636,000 not to exceed 4% refunding bonds referred to in
the report of a contemplated bond offering given in V 140, p. 3083. The
bonds are described as follows: Denom. $1,000. 'Sated July 15 1935.
p GRAND MARAIS, Minn.
-BONDS TO BE TAKEN BY P WA-We
Coupon bonds. may be registered as to interest. Principal and semi-annual
are informed by the Village Attorney that the PWA will take the $75,000
Interest (Jan. and July) payable at the Chase National Bank, of New York.
4% registered waterworks bonds recently voted, as stated in V. 140. yb
Due serially on Jan. 15 from 1938 to 1948, incl. A certified check for 2%
.
3084 Denom. $1,000. Dated April 15 1935. Interest payable annually
will be required with each bid. Legal opinion by Chapman & Cutler of
on April 15. Due $2,000 yearly for 10 years,$3,000 yearly for the following
.
Chicago as to validity of the general obligation bonds and by Miller,
13 years, and $4,000 yearly for the final four years. Principal and interest
Canfield, Paddock & Stone of Detroit, as to legality of special bonds.
payable at Grand Marais.
FLINT SCHOOL DISTRICT,Mich.-BONDSALE-Ann MacPherson,
Assistant Secretary and Treasurer of the Board of Education. informs us
GRANT COUNTY (P. 0. Lancaster), Wis.-BOND ISSUANCE
that the $170,000 4% coupon refunding bonds offered on May 13-V. 140,
-It is reported that the County Board will be asked to call a
PROPOSED
p. 3253
-were sold at public auction to the district sinking fund,following
special election in the near future to have the voters pass on the porposed
rejection of the joint sealed bid offer of the Citizens Commercial & Saving
Issuance of $460.000 in road bonds to match Federal and State funds for
Bank and the Genesee County Savings Bank of Flint. The district purthat purpose.
chased the issue at par plus a premium of $700, equal to 100.41. a basis of
-BOND OFFERING
GRANT COUNTY (P. 0. Marion), Ind.
about 3.92%. Dated March 1 1935 and due $17.000 on March 1 from 1936
Ralph Holdren, County Auditor, will receive sealed bids until 2 p. m.
to 1945 ince Stranahan, Harris & Co. of Toledo also bid for the bonds.
on May 31 for the purchase of $70,000 not to exceed 4M % interest adFLORENCE Ore.-BONDS NOT SOLD-The $8.000 issue of not to
vancement fund poor relief bonds, authorized by Chapter 117, Acts of
exceed 5% semi-ann. water bonds offered on April 26-V. 140, p. 2397
1935. Dated June 1 1935. Denom. $500. Due $3,500 on June 1 and
was not sold.
Dec. 1 from 1936 to 1945 incl. Bidder to name a single interest rate
BONDS RE
-OFFERED-Sealed bids for the purchase of the above bonds
on the issue, expressed in a multiple of Yi of 1%. Interest payable J. & D.
will be received until June 1, by the City Clerk, We have not been informed
A certified check for 3% of the bonds bid for, payable to the order of
of any change in the particulars of the issue. Due on April 1 as follows:
the County Commissioners, must accompany each proposal. Legal
$500, 1937 to 1942, and $1,000. 1943 to 1947. Prin. and int. (A. & 0.)
opinion of Matson, Ross. McCord & Clifford of Indianapolis will be furpayable at the First National Bank of Eugene. The bonds will not be sold
nished the successful bidder. Bonds are direct obligations of the county,
for less than 95% of par and accrued interest. A certified check for 2% must
payable out of unlimited ad valorem taxes to be levied on all taxable
accompany the bid. It is said that these bonds are general city obligations
property therein.
and carry the net earnings of the water plant and general tax levies for the
retirement of principal and interest.
'GRAYSON COUNTY (P. 0. Sherman), Tex.- WARRANT SALE
The Public Works Administration has purchased $100,000 court house and
FLORIDA, State of
-LIMITATION ON GASOLINE TAX PAYMENTS FOR ROAD BONDS PROPOSED
jail warrants at a premium of $1,422.22, equal to 101.422, it is reported.
-We are advised by Harrison,
McCready & Co. of Miami that a bill (Senate Bill No. 1561 is now up
-BOND OFFERINGfor consideration by the State Legislature, regulating and limiting the
GREENE COUNTY (P. 0. Bloomfield), Ind.
use of all moneys derived from gasoline taxes and credited to the account
Eskel Beasley, County Auditor, will receive sealed bids until 10 a. m.
of Road and Road and Bridge Districts, of which Section 1 reads as follows:
on May 25 for the purchase of $75,000 47 poor relief bonds. Dated
"Section 1-Provides that no moneys derived from gasoline taxes and
Due serially. Principal and interest
May 9 1935. Denom. $500.
credited to the account of any county or road district in Florida shall
(J. & D.) payable at the County Treasurer's office.
be used for the payment of any interest on any bonds where interest rate
GREEN ISLAND, N. Y.
-CERTIFICATE ISSUE APPROVED
exceeds 5% per annum, and that no moneys from gasoline taxes shall
-The
Governor has approved as Chapter 824, Laws of 1935, the Byrne bill auhereafter be applied to the payment of interest on any refunding bonds
thorizing the village to issue $10.000 certificates of indebtedness for the
hereafter issued carrying a rate in excess of 5%."
purchase of apparatus for the fire department. The certificates are payable
FLORIDA, State of
-REPORT ON LEGISLATIVE ACTIVITIES
- one year from date of issue, but may be renewed annaully, although reWe are informed by Samuel Brothers, an investment security firm of
tirement must be effected within 10 years.
New York and Orlando, Fla., that due to the balance of power in the
State Legislature which has been in session since April 2. being held by
GREENVILLE, S. C.
-TEMPORARY LOAN
-It is said that B. F.
the smaller counties, which are heavily over bonded and use gas tax money's
Dillard, City Clerk and Treasurer, has arranged for a $50,000 temporary
to retire their bonds at large discounts, they have been predicting right
loan at 2,a4 %. Due in six months, according to report.
along that there would be no serious change in the present 3
-cent allocation
PI GROSSE POINTE PARK, Mich.
-NOTE OFFERING-Waldo I.
of the gas tax which now goes toward retirement of road and road district
Berns, Village Clerk, will receive sealed bids until 8 p. m. on June 7, for
bonds and the purchase of defaulted road and road district bonds under the
the purchase of $76,500 4% tax anticipation notes of 1934. Dated June 1
terms of the K.anner Act.
1935. One note in amount of $500, others $1,000 each. Due May 1 1938.
Our informant goes on to say that it seems fairly certain now that the
Interest payable semi-annually. A certified check for 5% of the bid must
Senate Taxation and Finance Committee has arrived at a definite plan
accompany each proposal.
whereby the schools can obtain the necessary revenue without disturbing,
or in other words, taking away from the road bonds any portion of their
GROVE CITY INDEPENDENT SCHOOL DISTRICT NO. 23,
present share of this gas tax. It is said that everything now points towards
Minn.
-BOND ELECTION
-An election is to be held on May 14 to vote
the schools being allocated the license tax revenue and constitutional oneon the question of issuing $15,000 bonds.
mill ad valorem levy, interest on school funds, revenue from a tax on the
finance companies, a 2% increase in the tax on insurance premiums, and
HANCOCK COUNTY (P. 0. New Cumberland), W. Va.-BOND
a graduated occupational license and privilege tax on chain stores. These
CALL
-Bonds of the Grant Magisterial District, amounting to $34.500,
collections are reported as being estimated to yield the necessary $10,500.000
dated June 1916, issued for road purposes, are being called for payment
budget demanded by the schools.
on June 1 1935 at the Kanawha Valley Bank of Charleston. Interest
The letter goes on to state that if this plan goes through, and they believe
will cease June 1. Bonds called are numbered 27, 28, 32 to 36. 41 to 64,
' that everything points toward it being carried out, they expect an appre66 to 68. 70, 71. and 73 to 76.
ciable improvement in the market for general road and road district bonds,
which market is said to have started to react about a month ago due to
HARRISON SCHOOL TOWNSHIP (P. 0. Terre Haute), Ind.
fears on the part of prospective bond buyers of the possible meddling with
BONE OFFERING-John T. Sankey, Trustee, will receive sealed bids
the present allocation of the gas tax.
until 8 p. m. on June 5 for the purchase of $43.000 5% school building
BILL RESTRICTING BONDHOLDERS' SUITS SIGNED
bonds. Dated June 5 1935. Denom. $1.000 Due $3,000 each year from
-Governor
Shoetz has signed recently a bill requiring the filing of the names and
1937 to 1949 incl. and $4,000 in 1950. Principal and semi-annual interest
addresses of bondholders and the amount of claims held by each in suits
(except in the first year, when it will be paid on an annual basis) will be
brought by bondholders' protective committees against any political subpayable at the Terre Haute First National Bank, Terre Haute. A certified
division or taxing district, according to Tallahassee advices.
check for 5% of the bid, payable to the order of the Trustee, must accomBond suits against three Florida cities, Lakeland, Frost Proof and
pany each proposal.
Plant City have been filed in Federal court recently, all alleging failure to
HAYS, Kan.
meet interest payments on bonded indebtedness, according to report.
-BOND CALL
-It is reported by Emily C. Johnson, City
Treasurer, that she is calling for payment on July 1, a block of $42,000
It is stated that an agreement has been made by a legislative conference
water works bonds, the remainder of a $45,000 issue, dated July 1 1917,
committee at Tallahassee to eliminate Federal bonds or other obligations
from the debt relief bill in order to produce a bill satisfactory to both
due on Jan. 1 1942. and optional on any interest-paying date.
branches.
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
-BOND OFFERFORDYCE SCHOOL DISTRICT, Ark.
-BOND EXCHANGE
-The
ING-Sealed bids will be received until 10 a. in. on May 23. by Al. P.
$208.000 3% refunding bond issue recently authorized by the State Board
Erickson, County Auditor, for the purchase of a $450.000 issue of funding
of Education, as stated in V. 140, p. 3252, is to be issued to present holders
bonds. Bidders to name the rate of interest. Denom. $1,000. Dated
of outstanding bonds to effect a reduction in interest rates, we are informed
June 1 1935. Due $90,000 from June 1 1937 to 1941, incl. Prin. and int.
by J. D. Clary, Secretary of the Board.
payable in lawful money at any suitable bank or trust company designated
3424
Financial Chronicle
by the purchaser. The approvineopinion of JuneIL Driscoll. Fletcher,
Dorsey & Barker, of Minneapolis, will be furnished. A certified check for
$5,000, payable to the county, must.accompany the bid.
May 18 1935
of $26.000 bonds issued for the purpose of completing the erection of a
new school building, the erection of which has been begun by the Board of
School Trustees of the School City of Jasper. Denomination $650.
JEFFERSON COUNTY (P. 0. Brookville), Pa.
-BOND OFFERING
- offering of $40,000 4% refunding bonds is to take place on May 31.
An
Bids will be received until 2 p. m. by David L. Holt, County Commissioners' Clerk. Bonds will be in coupon form, registerable as to principal,
and will bear 4% interest. Denom. $1,000. Dated June 11935. Interest
payable semi-annually on June 1 and Dec. 1. Due June 1 1943. Certified
check for I% of amount of bonds bid for, required.
JEFFERSON COUNTY (P. 0. Fairfield), Iowa-BONDS PLANNED
Plans are said to be under way for the issuance of $25,000 refunding
bonds. Sigurd Jorgenson is County Auditor.
JERSEY CITY, N. J.-$5.000,000 BONDS AUTHORIZED
-TO BE
OFFERED IN JUNE
-The Board of Commissioners of Jersey City on
May 16 passed an ordinance to fund $5,000,000 of floating debt Into serial
funding bonds, a preliminary report concerning which appeared in V. 140,
p. 3255. Of these bonds, 41.800.000 will be issued under the provisions of
Chapter 60 of the New Jersey Pamphlet Laws of 1934, as supplemented by
recently enacted legislation. The remaining $3.200,000 will be issued under
authority of Chapter 233 of the 1934 Pamphlet Laws. The issuance of
bonds under Chapter 60 will automatically commit the city to
a cash-budget basis as defined in the recent supplement. Arthur operate on
Potterton,
Director of Revenue and Finance, states that the $5,000,000 of serial funding bonds will be offered publicly early in June. According to Norman S.
Taber. financial adviser to Jersey City, the city's financial
contemplated by the ordinance passed to-day does not differ program as
those so successfully followed by Newark, Paterson and othergreatly from
New Jersey
cities which have funded $30,715,000 of floating indebtedness under the
provisions of Chapter 60.
"The Act supplementing Chapter 60," said Mr. Taber, "simply means
that Jersey City may borrow annually an amount which,
the collections of second-class railroad taxes, will produce a together with
sum
80% of the second-class railroad taxes levied. This borrowing willequal to
be
sidered as a means of financing under Chapter 60 of this supplement,conand
because the delinquent railroad taxes will be pledged to secure such borrowing, the city will not be required to include the amount of such borrowing
in any future budgets as long as the railroad taxes are in litigation.
"For 1935, this means that Jersey City may borrow about $1.000.000.
Total cash receipts, exclusive of this borrowing are estimated
$25,000,000 for 1935. The current second-class railroad tax levy isat about
approximately $5,300.000, an amount similar to the 1934 levy. The railroads
combined paid 60% of the levy in 1934. Assuming a 60% collection of
road taxes In 1935. the city will be permitted to borrow if necessary railabout
$1.000.000, which would be secured not only by $4,700,000 in delinquent
railroad taxes for the years 1932, 1933 and 1934, but also by any portions of
the 1935 tax that may be delinquent at the end of the year. Under these
conditions, it is evident that any borrowing Jersey City may find necessary
will be amply secured. The contemplated funding operations
course, involve any increase in indebtedness, but simply thewill not, of
placing
permanent serial form of temporary indebtedness now outstanding." in
JEWETT CITY, Conn.
-BONDS PROPOSED
-Plans are under way
for the issuance of $43.500 funding and refunding bonds, it is said.
JOHNSTOWN, Pa.
-BOND OFFERING-James N. McKee, City
Treasurer, will receive sealed bids until 9 a. m.(Eastern Standard Time)on
June 4 for the purchase of $198.000 coupon refunding bonds to bear
interest
at one of the following rates, as named by the successful bidder: 24,
V,‘
3,3%
3% or 4%. Dated June 151935. Denom.$1,000. Due June 15
as follows: 818,000. 1940; 17.000, 1941: $12,000. 1942: 418.000,
1943:'
813.000. 1944: 120.000 in INS and $11,000 from 1946 to 1955 incl. Bonds
to be refunded include those already due or to mature on or before
1936. Interest payable J. & D Sale of the issue depends on approvalJan. 6
of the
bonds by the Pennsylvania Department of Internal Affairs.
JOHNSTOWN SCHOOL DISTRICT, Pa.
-BOND ISSUE DETAILS
The district has announced the complete particulars regarding the issue
of $300,000 refunding and improvement bonds being offered for sale on
June 3
-as previously reported in V. 140, p. 2907. Sealed bids will be
received until noon (Eastern Standard Time) on that day by George B.
Hunter, Secretary of the Board of School Directors. Issue is dated June 15
1935. Denom. $1.000. Due $50.000 on June 15 from 1950 to
All of the bonds will bear one of the following interest rates, 1955 incl.
as named
in the successful bid: 3, 3%. 3%. 3%. 4. 4% or 4%7.. Bonds are
registerable as to principal only. Interest payable J. & D. 15. A certified
check for 2%, payable to the order of the District Treasurer, must accompany each proposal. The bonds and the interest thereon will
without deduction for any tax or taxes except succession or be payable
taxes, now or hereafter levied or assessed thereon under any inheritance
present or
future law of the Commonwealth of Pennsylvania, all of which taxes the
district assumes and agrees to pay. The bonds are issued subject to the
favorable opinion of To- vnsend, Elliott & Munson, of Philadelphia.
.
All bond and interest requirements of the district have boon
and sufficient money is available to meet any requirements met to date
mainder of the fiscal year. Enclose a certified check for 2%,for the repayable to
the District Treasurer.
JONESBORO SCHOOL DISTRICT, Ark.
-BOND REFINANCING
In an effort to refinance the $400,000 indebtedness which faces this district.
members of the School Board have voted to enter into a contract with the
Arkansas Municipal Bond Bureau.
HENRICO COUNTY SANITARY DISTRICT, NO.3(P. 0. Highland
Springs) Va.-BONDS A UTHORI7ED-The County Supervisors are said
to have passed a resolution recently, authorizing a $77,000 water supply
construction bond issue. (A loan and grant of $100,000 has been approved
by the Public Works Administration.)
HIDALGO COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 7 (P. 0. Mission), Tex.
-LEGISLATIVE APPROVAL
SOUGHT ON BOND REFINANCING AND CONSTRUCTION
-A legislative bill is said to be under consideration which would validate the $450.000
canal improvement and the $794,500,refunding bonds that were approved
by the voters at an election on March:5,-and.to validate proceedings authorizing the cancallation of $1,600,000 of district bonds.
HIGHLAND PARK, Mich.
-TO BORROW $180,000 ON NOTES
REFUNDING ISSUES APPROVED-The city;council has voted to borrow
$180,000 on tax anticipation notes, payable Sept. 28 1935. to provide funds
for operating purposes during the remainder of the fiscal year. It has also
authorized issuance of the following refunding bonds:
1930 delinquent tax, $40,000
.bonds of $5,000 each to mature
May 1 1945: 1931 delinquent.tax, 465,000 in 13 bonds of $5,000 each to
mature May 1 1945, with the proviso.of a levy on the general tax roll to
pay interest until 1940. andithereafter, one-fifth to be redeemed each year;
19.33 delinquent tax 455,000, in 11 bonds of $5,000 each. at 4% per annum,
payable semi-annually maturing May 1 1945.
',Payment of bonds and interest totaling $17,198 WAS authorized.'
HILLSBORO SCHOOL DISTRICT NO. 28, Kan.
-BONDS DEFEATED
-A proposal to issue $30,000 school building bonds was defeated
at an election held recently, according to report.
HODGENVILLE,Ky.-BOND OFFERING-Sealed bids will be received
until 2 p. m. (Central Standard time) on June 3, by Shelby M. Howard,
Town Clerk, for the purchase of a $39,000 issue of 43 % semi-ann. water
revenue bonds. A certified check for $200 must accompany the bid.
(These bonds were offered for sale without success on Feb. 5.)
'HOISINGTON, Kan.
-BOND ELECTION CONTEMPLATED
-We
are in receipt of a report that an ordinance has been passed calling a special
election to vote on a proposed $150,000 bond issue for an electric ligl=
mr
.rit.
HOLYOKE, Mass.
-LOAN OFFERING-Lionel BoOvouloir
i ty
Treasurer, will receive sealed bids until 11 a. m.(Daylight Saving Time) on
May 22 for the purchase at discount of a $350,000 current year revenue
anticipation loan. Dated May 23 1935. Denoms. 825.000. $10,000 and
$5.000. Payable Nov. 20 1935 at the First National Bank of Boston or at
the Central Hanover Bank & Trust
New York City. Notes will be
delivered at either place on or about May 24. They will be authenticated as
Co..
to genuineness and validity by the First National Bank of Boston. under
advice of Storey, Thorndike, Palmer & Dodge of Boston.
-• Financial Statement. May 11 1935
..,str'
1
Assessed valuation 1934
$84,962.810
Total bonded debt
3,070,000
Water & other self-supporting debt,incl. in above
1,343.000
1934 levy, $2,460,262.50: uncollected. $366.662.00. The 1933 taxes are
98% collected, and the 1934 taxes are 85% collected. Cash on hand,
$370.000: tax titles. 1398.701. No tax title loans.
HOMESTEAD SCHOOL DISTRICT, Pa.
-BOND SALE
-We are
Informed that an Issue of $63,000 4% school building reptir bonds has been
sold to Dean, Scribner & Dean, of Pittsburgh for a permlum of $55. equal
to 100.085.
1..HOUSTON, Tex.
-HOSPITAL BOND ELECTIOIV CONTEMPLATED
-An agreement is said to have been reached between the city and Harris
County on the holding of an election to vote on the proposed approval of a
82.000.000 city-county hospital project. It is understood that both the
city and county will make a joint application to the Public Works Administration for a grant of $1,000,000, the city to furnish two-thirds of the remainir g 31.000,000 and the county one-third.
HOWARD COUNTY (P. 0. Kokomo), Ind.
-WARRANTS AUTHORIZED-It is reported that:Atha county authorities plan to issue $150,000
time warrants.
INDIANAPOLIS UTILITIES DISTRICT (P. 0. Indianapolis),
Ind.
-FORMAL CALL FOR BIDS ON 88.000,000 BONDS
-Formal
notice has been made of the call for sealed bids until noon on Mt ,28 for
c
/
ur
the purchase of 18,000.000 not to exceed 5X % interest coupon (re terable
as to principal) gas plant revenue bonds. The bonds were originally offered
on May 4, at which time all bids were rejected, as stated in V. 140, p.3254.
As in the first instance, tenders on the loan will be received by Walter 0.
Boetcher City Comptroller. Proceeds of the issue will be used to finance
the acquisition of the plant and properties of toe Citizens Gas Co. of
Indianapolis and to provide for improvements and extensions to the system.
The bonds are to be payable solely from the income and revenues of the
utility and are not to be an indebtedness of the city payable out of taxes.
They will be issued in denoms. of $1.000 and mature in not less than two
nor more than 40 years from date of issuance, as specified by the terms
of the accepted bid. Bonds are not to be sold at a discount in excess of
5%. Principal and semi-annual interest payable at the office of the Treasurer of Marion County or at such bank, trust company or other source in
Indianapolis, Chicago, New York City, or elsewhere as may be agreed
JORDAN, N. Y.
upon between the Utilities Board and the successful bidder or specified
-BOND OFFERING DETAILS
-Sealed bids will be
received until 2 p. m. (Eastern Standard Time) on May 22 by Hugh M.
by the Board. Bids must be for all of the $8,000,000 bonds and accomWyckoff, Village Clerk for the purchase of $28,000 coupon or registered
panied by a certified check for $100,000, payable to the order of the City
Comptroller. The alternative, maturities named in the offering, together
improvement of 1935 bonds. They are to bear interest at a rate of not more
with other features of the sale notice were given in full in V. 140, p. 2740.
than 6%. to be expressed by the bidder in a multiple of
or 1-10th of 1%
and apply to the entire issue. Dated June 11935. Denom. $1,000. Due
Thompson, Rabb & Stevenson of Indianapolis are counsel to the Board
of Directors of the district.
$2,000 on June 1 from 1940 to 1953. incl. Principal and interest (J & 1).)
payable in lawful money of the United States at the Jordan National
INMAN SCHOOL DISTRICT, Neb.-BONDS VOTED
-We learn that
Bank, Jordan, or at the Central Hanover Bank & Trust Co., New York.
an $18,000 school building bond issue was approved by the voters at an
at holder's option. Bonds are general obligations of the village, payable
election held on May 4.
from unlimited ad valorem taxes. A certified check for $580, payable to
the order of the village, must accompany each proposal. The approving
INTERNATIONAL FALLS, Minn.
-BOND ELECTION CANCELLED
opinion of Hawkins, Delafield & Longfellow of New York will be furnished
-The election to vote on $140,000 city hall and recreation building bonds
the successful bidder.
referred to in V. 140, p. 2907, after being postponed from May 7 to May 14,
has now been canceled, it is reported.
KALAMAZOO CITY SCHOOL DISTRICT (P. 0. Kalamazoo),
Mich.
-H. W. Anderson, Secretary of the Board of
-BOND OFFERING
IOWA CITY,Iowa-BOND SALE DETAILS
-The $59,300.97 issue of
Education, will receive sealed bids until 730 P. m. (Eastern Standard
special assessment sewage and paving refunding bonds purchased on
Time) on June 3 for the purchase of $160,000 series No. 26R refunding
April 25 by the Carleton D. Beh Co. of Des Moines, as 3s at a price of
bonds. Dated June 15 1935. Denom. $1,000. Due $10,000 on June 15
101.039-V.140. p.3254
-is more fully described as follows: Coupon bonds
from 1939 to 1954 incl. Rate of interest to be named by the bidder.
in the denomination of $1,000;each. Due on Nov. 1 as follows: $10.000,
Principal and Interest (J. & D. 15) payable at the First National Bank &
1944 to 1948 incl.,and 814,0001n 1949. Interest payable M.& N. Basis of
Trust Co., Kalamazoo. A certified check for 2% of the bonds bid for,
about 2.90%.
payable to the order of the Treasurer of the Board of Education, must
IRONDALE, Ala.
-BONDS VOTED
-By a vote of 54 to 34 the voters
accompany each proposal. Legal opinion of Chapman & Cutler of Chicago
approved the $185,000 city hall and auditorium bonds submitted at the
will be furnished the successful bidder. Bonds will be furnished, printed
ay 14 election, notice of which was given in V. 140, p. 3084
and delivered at the expense of the district.
IROQUOIS SCHOOL TOWNSHIP (P. 0. Brook), Ind.
-WARRANT
Financial Statement (May 15 1935)
OFFERING-Charles Russell, Trustee, will receive sealed bids until 1:30
The School District of the City of Kalamazoo, Mich., comprises the
p. m. on May 18 for the purchase of $5,000 5% warrants. Dated July 15
entire City of Kalamazoo and a portion of the Township of Kalamazoo
1935. Denom. $500. Due $500 July 15 1936: $500 Jan. 15 and July 15
adjacent to the city. The estimated population of the school district is •
in 1937 and 1938, and $500 Jan. 15 1939. Interest payable semi-annually.
65.000. The total bonded debt of the school district, as of May 15 1935,
amounts to $1,978,000. There are no outstanding loans, scrip, or other
IRWIN, Pst.-BOND ISSUE APPROVED
-An issue of $20,_000 various
unpaid obligations as of May 15 1935. This district has never defaulted
purposes bonds was approved on May 8 by the Pennsylvania Department
in the payment of any due item, bonds, interest or otherwise, except for
of Internal Affairs.
two months' salary in 1933, caused by the bank moratorium; these are
JACKSON COUNTY SCHOOL DISTRICT NO. 10 (P. 0. Medford,
now paid in full. The taxable valuation of the school district is $78,-BOND SALE
R.R. No. 4), Ore.
062,955. The school tax rate for 1934-35 is: Operation, 7.90 Per $1,000
-The 87,500 school bonds offered for
valuation; debt service, 3.30 per $1,000 valuation. There is no litigation
salefon May 13-V. 140, p. 3084
-were sold as 5s, at a price of 100.07, a
or controversy pending or threatened concerning this issue of bonds, the
basis of about 4.98%. according to the District Clerk. Due $750 from 1930
corporate existence of boundaries of the school district, or the title of the
to 1945, inclusive.
present offices. This district operates under the General School Laws
JAMESTOWN CITY SCHOOL DISTRICT, N. Y.
-BOND SALE
- of Michigan as a city of the third class. Act 319 of the
Public Acts of 1927.
The $350,000 334% series Htcoupon or registered school bonds offered on
The proceeds from this bond sale will be used directly to pay a like amount
-were awarded to a group composed of Manu-V. 140. p. 3085
May I5
of bonds to be refunded by this issue.
facturers & Traders Trust Co.. Buffalo, Kean, Taylor & Co. and Adams,
Statement of School Tax Collections
McEntee & Co.of New York,at a price of 106 139..a basis of about 2.91%.
Total
Collected
Delinquent May 13'35
Dated June 1 1934 and due serially on June 1 as follows: $40,000, 1945:
May 13 1935
Tax
Amount
P. C.
000, 1946 and 1947;_ $68,000 in 1948 and 1949 and $44.000 in 1950.
5, r
a
Year 1930-31
$1,347,220.72 $1,339,427.98
$7,792.74
Freres of New York bid 105.78 and Halsey, Stuart & Co.. Inc.,
Lazard
Year 1931-32
1,312.262.98
1.264.526.83
47,736.15 3.5
offered 105.68.
Year 1932-33
1,028.843.57
939,703.83
89.139.74 8.66k
JASPER, Ind.-BONDIOFFERING-Sealed proposals will be received
Year 1933-34
887.774.29
786,623.13
101,151.16 11.4
Year 1934-35
at the office of the Clerk-Treasurerluntililune I, 12 noon, for the purchase
874.624.64
695.700.11
178,924.53 20.4
L
Ez
0:e
Volume 140
Financial Chronicle
The budget for next year, 1935-36. will contain $106,000 for the payment
of serial bonds falling due during that fiscal year, and an amount to pay
interest, when due, on all outstanding bonds. Interest coupons on the
proposed refunding bond issue will be paid semi-annually at the First
National Bank & Trust Co., Kalamazoo, Mich., on June 15 and Dec. 15
of each year.
KAMIAH HIGHWAY DISTRICT (P. 0. Kamiah), Ida.
-BOND
CALL-Notice is given that the following bonds were called for payment
on May 1: Bonds Nos. 21-50 incl., dated July 1 1922. of denomination of
$1,000 each, bearing interest of 6%, payable semi-annually on Jan. and
July 1 of each year, and aggregating in all $30,000, bonds maturing on
July 1 1942. Holders are notified to present these bonds for redemption at
office of Highway District Treasurer.
KANSAS CITY, Mo.-TEMPORARY BORROWING-It is reported
that the city will borrow $600,000 at 1X % to operate on a cash basis from
May 1 until tax returns are gathered.
4,
sigifsigig
KANSAS CITY,Kan.
-BOND ORDINANCE
-An ordinance was passed
recently providing for the issuance of bridge bonds in the sum of $8,118
for the purpose of constructing a bridge over Jersey Creek on Third Street
in the City of Kansas City.AHowardPayne is City Clerk.
KEOTA, Iowa-BONDS SOLD-It is reported by the Town Clerk that
the $8,000 water works refunding bonds mentioned in these columns
recently
-V. 140, p. 2228
-have been purchased by the White-Phillips
Co. of Davenport.
KETCHIKAN, Alaska-BOND SALE
-B. J. Van Ingen & Co., Inc..
and James H. Causey & Co., Inc., both of New York, have purchased and
are reoffering for public investment, at prices to yield from 4 to 4.50%,
according to maturity, a new issue of $960,000 5%% public improvement
bonds. Dated March 1 1935. Due March 1 as follows: $60,000. 1940:
$50,000. 1941 to 1946, incl.; $60,000, 1947 to 1951, incl.; $75,000 from 1952
to 1955, incl. Prin. and semi-ann. int. payable at the Marine Midland
Trust Co., New York. Legality to be approved by Thomson, Wood & Hoffman of New York. The bonds, according to the bankers, are fully tax
exempt throughout the United States to the same extent as the United States
Liberty 344% bonds and are self-liquidating. Authority for the issue,
proceeds of which will be used to finance the acquisition by the city of the
local electric light plant, is contained in an Act passed recently by the
United States Senate, following similar approval in the House.
The following additional information has been taken from a statement
prepared by the bankers:
These bonds have been authorized by an Act of Congress of the United
States and being issued by a sub-division of a territory of the United States,
are exempt as to both principal and interest from all taxation imposed by
authority of the United States or any local taxing authority of any State,
except estate, inheritance and gift taxes. The proceeds of the sale of this
issue of bonds will be used for acquiring the electric light, power, water and
telephone_properties of the Citizens Light Power & Water Co. of Ketchikan,
Alaska. These bonds are a direct charge on the net revenues derived from
the operation of the electric light, power, water and telephone properties.
The City of Ketchikan binds itself to establish and maintain such rates as
will always provide a sufficient amount to pay principal and interest on
these bonds when due and all operating and maintenance charges of the
utility properties. At the same time, these bonds are also full faith, credit
and unlimited ad valorem tax obligations of the city.
The maximum annual interest requirement against earnings of the
utility is $52,800. During the first five years of municipal operation it
would appear that a surplus of approximately $400,000 will be accumulated
above interest charges, based on the annual operating results of the last
six years. It is provided by Act of Congress and by resolution authorizing
the bonds, that"revenues derived from the utilities properties over and
above the reasonable expenses of maintenance, operation and depreciation
reserve thereof, shall be pledged to the payment of principal and interest
on said bonds. Under Territorial Laws the issuance of bonds or the creation
of debt is expressly forbidden without direct authority of the Congress of
the United States of America. The only outstanding debt of the City of
Ketchikan prior to the issuance of these bonds was $60,000 school bonds,
maturing serially from 1935 to 1940. The assessed valuation of taxable
property within the city was $6,240,938 in 1934.
3425
water system bonds by a count of 95 to 1. Dated July 1 1935. Due as follows: $500, 1936 to 1943, and $1,000.21944 to 1954. It is said that the
date of sale has not been set.
LENAWEE COUNTY(P.O.Adrian),Mich.
-PA YMENTOFCOVERT
ROAD BONDS
-County Road Commission is completing payment of
$30,712.50 in Covert road bonds and interest due May 1, which wipes out
the county's Covert obligations on bonds sold for county roads. The
county still has over $24,494.28 on bonds sold by the State for a road on
the Lenawee-Monroe County line and $106,043.50 in township road bond
obligations.
-It is reported that the
LEWISTON, Pa.
-BONDS AUTHORIZED
Borough Council has decided to erect a new borough hall, having recently
passed a resolution to that effect, and authorizing the issuance of bonds to
finance the project.
IV LEXINGTON, Mass.
-NOTE SALE
-The issue of $20,000 water construction notes offered on May 14-V. 140, p. 3256
-was awarded to
Tyler, Buttrick & Co. of Boston, as 1345, at a price of 100.03. a basis of
about 1.24%. Dated May 1 1935 and due $4,000 each year from 1936
to 1940 incl. The Lexington Trust Co. bid par for 134s, while bids for
1%5 included offers of 100.062 and 100.06 by Binh & Co. and Faxon.
Gade & Co., respectively.
Other bidders were as follows:
Bidder
Rate
Rate Bid
Int,55/
Bond, Judge & Co
100.23
Newton, Abbe & Co
100.016
Merchants National Bank
100.01
1.50%
Estabrook & Co
100.436
-The town
LIBERTY, Richland County, Wis.-BOND ELECTION
Is to hold a special election on May 28 to vote on the question of bonding
the town for the purpose of putting gravel on the town and part of the
county roads in the town.
LITTLE FALLS, N. J.
-BONDS APPROVED ON FIRST READING
An ordinance which would authorize the issuance of $136.000 bonds to
refund outstanding indebtedness was recently passed on first reading in
the Township Committee.
-At an election held
LITTLE ROCK, Ark.
-BONDS AUTHORIZED
on May 13 the issuance of $50,000 in bonds was authorized to refund outstanding warrants under the provisions of Amendment No. 10, which
authorizes municipalities and counties to issue bonds to cover outstanding
indebtedness.
In a suit involving Prairie County the validity of the said amendment was
upheld recently by the State Supreme Court. The City Council is said
o have authorized the City Clerk to proceed with the issuance of these
onds
bonds.
ONE PINE UNION HIGH SCHOOL DISTRICT (P. 0. Independence), Calif.
-BOND ELECTION NOT SCIIEDL LED--lt is reported
by the County Clerk that it is possible no election will be held this year
-V. 140
to have the voters pass on the school bonds mentioned recently.
P• 2908.
.DISTRICT, Calif
LOS ANGELES METROPOLITAN WATER
BOND SALE
-The $11,164,000 Colorado River waterworks bonds offered
on May lu, as stated in V. 140, p. 2742, and 2908, were awarded to the
Reconstruction Finance Corporation, the only bidder, at par for 5% bonds.
Due yearly on June 1 as follows: $310,000, 1950 to 1981. incl., and $311,000
1982 to 1985, inclusive.
LOWELL, Mass.-BONDSPROPOSEE-We are infcrmed that the City
Council is considering passage of an order providing for the issuance of
$150.000 bonds to run for five years to finance street and sidewalk impts.
n317MINIraTUNiTT 717o.=;78), Tenn.-Bogr-K1
ported that W. S. Estes & Co. of Nashville have purchased $175,000 refunding and $75,000 funding bonds of the county, bearing 434% interest.
-The
-BOND SALE
MADISON COUNTY (P. 0. Anderson), Ind.
$124,000 issue of county bonds offered on Islay 15-V. 140, p. 3086
.0
was awarded to the Harris Trust & Savings Bank of Chicago as 211 a1
par, plus a premium of $98, equal to 100.079. Due semi-annually
1936 to 1945, inclusive.
Other bids were as follows:
Premium
Int. Rate
Bidder
$701.00
Marcus R. Warrender
3%
Union Trust Co., Fletcher Trust Co. and the Indi937.00
3%
anapolis Bond & Share Corp
50.00
Citizens Banking Co. and Anderson Banking Co_..- 3X%
551.75
3%
Seasongood & Mayer and City Securities Corp
Financial Statement (May 1 1935)
Valuation. $4.227,525.00. Population 1910, 3,340: 1920, 4.418: 1930,
8.316. Bonded indebtedness, $58,000. Serial bonds,latest date of maturity,
1945. Balance bond retirement fund, $9,572.31. Balance replacement.
$10,000. Balance general fund, $8,974.20.
MAHANOY TOWNSHIP SCHOOL DISTRICT (P. 0. Mahanoy
City), Po.-BON1,8 APPROVED-The Bureau of Municipal Affairs on
May 7 approved the issue of $65,000 5% school bonds which had been
awarded a few days previously to M. M. Freeman & Co. of Philadelphia
at 106.51, a basis of about 4.56%. Dated April 15 1935 and due in 25 years-A bond issue to "get the city
MARENGO, III.
-BONDS PROPOSED
out of debt" has been presented to the Common Council. It would take
approximately $55,000 bonds to pay off all obligations of the city now
outstanding.
MARIPOSA COUNTY HIGH SCHOOL DISTRICT (P. 0. Mariposa), Calif.
-BOND ELECTION NOT HELD-It is stated by the County
Clerk that no election has been held as yet to vote on he proposed issuance
of $120,000 in high school building bonds. It has previously been reported
that an election on this matter would be held March 29-V. 140, p. 1341.
MARLBORO, Mass.
-BONDS CONSIDEREL-The City Council is
reported to be giving its attention to an order calling for the issuance of
$40.000 in obligations to provide for the purchase of materials to be used
in work relief projects.
-An ordinance has
MARTINS FERRY, Ohio
-BONDS AUTHORIZED
been passed by the City Council which authorizes the issuance of $12,000
fire apparatus purchase bonds, Dated July 1 1935. Due $1,200 yearly on
Sept. 1 from 1936 to 1945,inclusive.
-An ordinance which
MARTINSVILLE, Ind.
-BONDS PROPOSED
would permit the city to issue $12,500 bonds to cover floating debt which
the budget cannot provide for was recently passed by the City Council on
first reading, it is reported.
MASSACHUSETTS (State ot)-MUNTCIPAL UTILITY OWNER-The Legislative Power and Light Committee
SHIP BILLS DISAPPROVED
has reported adversely 19 bills seeking to make more easy the establishment
of municipal lighting plants In Massachusetts. At the same time the Committee reported adversely two temporary rate bills which would permiu the
Department of Public Utilities to establish lower temporary rates pending
the taking over of plants by municipalities.
.4
KIDDER-HARRIS HIGHWAY DISTRICT (P. O. Grangeville),
Idaho
-BOND OFFERING
-Sealed bids will be received until 730 Pm•
on May 18 by Charles L. George, District Secretary, for the purchase of a
$19.0u0 issue of refunding bonds. Interest rate is not to exceed 6%.
Payable semi-annually. Denora. to be any multiple of $100, but not in
excess of $1,000. Dated May 1 1935. Due $2.000 in 1937 and 1938 and
$3.000 in 1939 to 1943. The district reserves the right to redeem any or all
bonds of the last maturity on or after one year from date on any interest
payment date. Prin. and int, payable at the office of the District Treasurer or at the State Treasurer's office, or at some bank or trust company in
New York or in the State of Idaho. A certified check for 2% of the amount
bid, payable to the District Treasurer, is required.
KINGSTON, N. Y.
-BOND OFFERING DETAILS
-Official announcement has been made of the intention of the city to sell the issue of $150.000
work and home relief bonds previously referred to in V. 140, p. 3085.
Sealed bids will be received by City Treasurer C. Ray Everett until 1 p.m.
(Eastern Standard Time) on May 27. Bonds will be issued in coupon or
registered form at an interest rate of not more than 5%. Bidder to name a
single interest rate on the loan, expressed in a multiple of X or 1-10th of 1.
Bonds bear date of June 11935. They are designated general bonds of 1935,
of $1,000 denom.. and will mature $15,000 each year on June 1 from 1936
to 1945, incl. Prin. and in (J. & D.) payable in lawful money of the
United States at the City Treasurer's office. Bids must be for the entire
issue and accompanied by a certified check for $3,000, payable to the order
of the city. The opinion of Hawkins, Delafield & Longfellow of New York
to the effect that the bonds are valid and legally binding obligations of the
city, payable from unlimited ad valorem taxation, will be furnished the
successful bidder.
IOWA COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Chivington)
Colo.
-BONDS VOTED
-A proposal to issue $17,000 43.4 % refunding
bonds, to retire from 1937 to 1956, was approved by the voters at an election on May 6. Dated June 1 1935.
KLAMATH FALLS, Ore.
-By a vote of 2.119
-BONDS DEFEATED
"against" to 1,422 "for," the people on May 7 defeated the proposal to issue
$1,500,000 municipal water system bonds.
-V. 140, P. 2908.
KLEMME, Iowa-BOND SALE
-The $10,500 334% coupon waterworks bonds offered for sale on May 10, notice of the offering appearing
in V. 140, p. 3085, were awarded to the First National Bank of Klemme
for a premium of $237, equal to 102.257, a basis of about 3.25%. Denom.
$500. Dated May 1 1935. Interest payable May and Nov. Due
serially in 20 years: subject to call at any time.
KUTZTOWN, Pa.
-BOND OFFERING
-W. J. Frey, Borough Secretary, will receive sealed bids until June 15 for the pm chase of $16,000
park bonds. Dated June 15 1935. Due in 1940: optional in 1937. The
issue was approved at an election held April 30.
LAERMA TOWNSHIP (P. 0. Mt. Pulaski), III.
-BOND ELECTION
PETITIONED-Petitions asking for a special election to vote on a proposed
bond issue with which to gravel the remaining dirt roads of the township
have been filed with L. E. Hunt, Township Clerk.
MASSACHUSETTS (State Of)-INCREASEYN COLLECTION OF
-LA GRANGE COUNTY (P. 0. La Grange), Ind.
-BONDS AULOCAL TAXES
-The following report on continuation of the trend toward
THORIZED-The County Council recently authorized an issue of $40,000
higher collection of taxes by cities in the State appeared in a recent issue of
poor fund bonds, it is stated.
the Boston News Bureau:
During the first quarter of this year there was seen a continuation of the
LAKE COUNTY (P. 0. Crown Point), Ind.
-$600,000 RELIEF •
improvement in tax collections by Massachusetts cities first significantly
BONDS SOLD AT 3% INTEREST-Although the county announced an
In evidence at the beginning of this year. As of April 1, last, the 39 cities
award on April 27 of $600,00u relief bonds to John Nuveen & Co. of Chiof the State had failed to collect $38,377,161, of 23.43% of the 1934 levy
cago, on a bid of lu,).13 for $300,00L as 274s and $300,000 as 3.10s
-V. 140.
of $163.775.857, whereas on April 1 1934 they had failed to collect $40.p. 3085
-it was subsequently arranged to accept an alternative bid of par
371,149. or 25.4% of the 1933 levy of $159,110,654. On April 1 1933,
for all of thz. bonds as 344 and the sale NM then made on that basis.
there was outstanding 25.8% of the total 1932 levy.
LARIMER COUNTY SCHOOL DISTRICT NO. SO (P. 0. Estes
In the first three months of this year the cities collected $15.704,038 or
Park), Colo.
-BONDS VOTED
-On May 6 the residents of the district
9.59% of last year's levy, while in the first quarter of 1934 they collected
gave their approval to a proposed bond issue of $55,000 for refunding of
$14.157,875 or 8.9% of the 1933 total.
school bonds outstanding. The now bonds will bear 4% interest and will
Boston was one of the few large cities to show a less satisfactory ratio
mature $5,000 yearly from 1936 to 1946. Dated Nov. 1 1935.
of collections on April 1 than one and two years ago. It had failed to coltwo
lect
""LAWRENCE, N. Y.
-OFFERING DATE NOT DETERMINED
- ago.23.74% of the 1934 total, against 22.3% one year and 21.4%themyears
Most of the large cities improved their showing, some of
subEdward R. Jeal, Village Clerk, informs us that the date of the offering of
stantially. Fall River's ratio of uncollected taxes was down to 9.83%
the $30,000 sewer bonds referred to in -V. 140. P. 3256
-is undetermined.
from 17.9%, Lynn's to 16.31% from 22.6%, Newton's to 14.43% from
LEBANON, Va.-BONDS VOTED
-It is stated by the Town Clerk that
22.3%. Springfield's to 14.68% from 27.8% and Worcester's to 21.71%
at a recent election the voters approved the issuance of $15,000 in 4%
from 30.5%.
3426
Financial Chronicle
In the following table are given amounts of taxes not collected by the
11 largest Massachusetts cities on April 1 of this year, 1934 and 1933,
together with percentages of respective levies thus represented (000 omitted):
1934 Taxes
1933 Taxes
1932 Taxes
Uncollected %
Uncollected %
Uncollected
%
Apr. 1 '35 Uncol. Apr. 1 '34 Uncol. Apr. 1 '33 Uncol.
Boston
$14,969
23.74 $13,222
22.3
$14,454
21.4
Cambridge
1.537
21.80
1,426
22.8
1,640
22.8
Fall River
452
9.83
791
17.9
1,293
27.9
Lawrence
873
22.11
839
23.6
1,001
24.6
Lowell
1,309 30.17
1,293 30.5
1.406
28.3
Lynn
16.31
783
1,053
22.6
1.328
26.8
New Bedford_ 16.24
756
880
19.2
1,287
24.2
Newton
14.43
635
903
22.3
921
22.1
Sommervine
_
1,314
29.66
1,194
30.6
1,503 30.0
Springfield
14.68
1,257
2,394
27.8
2,707
27.9
Worcester
2,129
21.71
2.148
30.5
3,781
32.7
MATAMORAS, Pa.
-Public Service Commission recently authorized
the borough to purchase and operate the water works of the Matamoras
Citizens Water Co. The borough's petition placed the purchase price at
$77.500 to be financed by bond issue.
MAYBEE, Mich.
-BOND ELECTION
-A special election has been
called for May 18. at which the voters will consider an issue of $5,000
street improvement bonds.
MECHANICVILLE, N. Y.
-BOND SALE
-The $40,000 coupon or
registered public welfare bonds offered on May 14-V. 140, p. 3256
-were
awarded to the Manufacturers & Traders Trust Co. of Buffalo as 2.40s,
at 100.147, a basis of about 2.37%. Dated May 1 1935 and due on Nov. 1
as follows: $4,000 from 1936 to 1940, incl., and $5,000 from 1941 to 1944.
incl. Second high bidder was the New York State National Bank of Albany
at 100.035 for 2.75s.
MEMPHIS, Tenn.
-BOND OFFERING-Sealed bids will be received
until 2:30 p.m. on June 11 by D. C. Miller, City Clerk, for the purchase of
$648,000 in coupon bonds, described as follows:
$250.000 improvement bonds. Due $10,000 from June 1 1938 to 1962,
inclusive.
209,000 improvement bonds. Due on June 1 as follows: $9,000, 1938 to
1946, and $8,000, 1947 to 1962. all inclusive.
125,000 airport bonds. Due on June 1 as follows: 34,000, 1936 to 1960.
and $5,000, 1961 to 1965. all inclusive.
64,000 refunding bonds. Due on June 1 as follows: 312,000. 1938, and
313,000, 1939 to 1942.
Bidder will name interest rate in a multiple of ji or 1-10th of 1%. No
higher rate of interest shall be chosen than shall be required to insure a sale
at par and all bonds of each issue shall bear the same rate of interest. This
is to be construed as prohibiting a split rate on any single issue, all issues.
however, are not required to bear the same rate of interest. Bidders may
bid for any one issue or all of the issues, but no bid for any issue will be
considered unless it is a bid for all of the bonds of such issue. Comparison
of bids will be by taking the aggregate of interest on all issues at the rates
named in the respective bids and deducting therefrom the premiums to
determine the net interest cost to the city. Denom.$1,000. Dated June 1
1935. Prin. and int. (J. & D.) payable at the City Hall, or at the Chemical
Bank & Trust Co. in N. Y. City, or at the office of the fiscal agent of the
city in New York. The approving opinion of Thomson. Wood & Hoffman
of New York will be furnished the bidder. The city will have all bonds
prepared without cost to the purchaser. A certified check for 1% of the
amount of bonds bid for must accompany each bid, payable to the city.
r MENA, Ark.
-PROPOSED BOND ISSUANCE ENJOINED
-A recent
Supreme Court decision is said to have restrained the city from proceeding
with the issuance of $35,000 in hospital bonds that were approved by the
voters on Dec. 22 1934. The Court ruled that the constitutional debt
limit of 5 mills may be exceeded by a municipality only for water works
and electric plant purposes.
METHUEN, Mass.
-BOND SALE
-Faxon. Gade & Co. of Boston were
awarded on May 15 an issue of $45,000 municipal relief bonds as 234s at
100.13, a basis of about 2.475. Dated May 1 1935 and due serially from
1936 to 1944, inclusive. Other bidder was Tyler. Buttrick & Co.of Boston,
offering 100.13 for 25‘s.
MEXICO, Mo.-BONDS VOTED
-It is reported that the voters have
given their approval to the issuance of $88,000 in sewage disposal plant
bonds, authorized recently by the City Council
-V. 140. p. 2742.
MIDDLESBORO, Ky.-COURT UPHOLDS ISSUANCE OF MUNICIPAL PLANT BONDS
-The State Court of Appeals on May 7, upheld the
right of the City Commissioners to issue $326,000 in electric light and power
plant bonds, according to report. The right of the city to issue these bonds
had been challenged some time ago by the Kentucky Utilities Co. The
company obtained an injunction which prevented the city from proceeding
with the said project.
MIDLAND, Mich.
-BONDS VOTED-It is reported that on May 6 the
voters gave their approval to a proposed bond issue in the amount of $282,000 to finance the construction of a high school building. A favorable
vote of 531, against a negative ballot of 260 gave four votes in excess of the
two-thirds required for approval.
MIDLAND SCHOOL DISTRICT, Mich.
-BONDS VOTED
-'X7
election held recently an issue of $282,000 school building construction
bonds was authorized by a vote of about 4 to 1.
BOND OFFERING-The Board of Education will receive sealed
until 2 p. m.(Eastern Standard Time) on May 28 for the purchase of the
above issue. Bonds will bear interest at not more than 4M % And mature
on June 15 from 1936 to 1940 incl.
may
18 1935
MOUNTAIN IRON, Minn.
-BOND OFFERING-The $70,000 heat,
water and light system bonds recently voted, as stated in-V.140. p. 3257
are being offered for sale on June 1, on which date bids will be received by
Steven Bianchi. Village Clerk. until 7.30 p. m. Interest rate is not to exceed 6%. and sale will not be made at less than par and accrued interest.
Certified check for 10% of amount of bid required.
CERTIFICATE OFFERING-The Village Clerk will also receive bids
until 7.30 p. m. May 27 for the purchase of $6,300 certificates of indebtedness, which are to mature on or before Dec. 31 1935.
MT. UNION CONSOLIDATED SCHOOL DISTRICT (P. 0. Mt.
Union), Iowa
-BONDS SOLD-It is reported by the Secretary of the
Board of Education that the $16,000 refunding bonds mentioned in these
columns recently-V. 140. p. 2400
-were sold on May 1. Denom. $1,000.
Dated May 1 1935. Due serially. Prin. and int, payable at a local bank.
MOUNT VERNON, N. Y.
-BONDS PROPOSED
-We are informed that
the Common Council has engaged Caldwell & Raymond of New York to
draw up an ordinance which would permit the issuance of $23.000 Department of Public Works equipment bonds.
MUSCODA TOWNSHIP, Wis.-BONDS VOTED
-It is reported that
an issue of $30.000 road bonds was recently approved by the voters.
NANTICOKE, Pa.
-BONDS PROPOSED-Permission has been granted
by State officials to float a $60,000 bond issue. It is expected that about
two months will elapse before the issue is floated, but the ordinance providing for it will be presented before Council at its next meeting on May 21.
The city's present bonded indebtedness is $199,500. About $35,000 of
the issue will be used to cancel the 1927 bond issue, which originally totaled
370.000, paying interest at the rate of W. The new issue will be a saving
0
to the city inasmuch as the bonds will bear between 2 and 3% interest.
The balance of the money will be used for street repairs.
NASHVILLE, Mich.
-BONDS AUTHORIZED
-We learn that an
ordinance was passed recently to authorize the issuance of $20,000 water
system improvement bonds.
NAUGATAUCK, Conn.
-REPORTS CASH SURPLUS
-During the
fiscal year ended April 1 1935 the borough collected a total of 3946.411.76
and disbursed $938,049.04, leaving a cash surplus of $8,382.72 at the close
of the year. Bonds retired amounted to $17.000. while interest payments
totaled $22,372.50.
NAVAJO COUNTY (P. 0. Holbrook), Ariz.
-BOND SALE
-A block
of $124.000 4S.% road refunding bonds has been sold to Boetcher & Co.
and others. Denom. $1,000. Dated June 1 1935. Due yearly on June 1
as follows: 34.000, 1942; and $5,000, 1943 to 1966. inclusive.
NEBRASKA CITY, Neb.-BOND CALL
-Ethel Gaskill, City Clerk,
is calling for paymenteither at the office of Ware Hall and Co.. Omaha or at
the office ofcounty treasurer of Otoe County, Nebraska City, as of June 1
1935. on which date interest ceases, the following bonds: $273,000 refund.
4I(% bonds. dated June 1 1930. due June 1 1950, and optional June 1
1935. bond Nos. 1 to 273 incl.; $45,000 refund. 4% bonds dated Dec. 15
1930. due Dec. 15 1950 and optional any time, bonds Nos. 3 to 47 incl.;
$14,000 Sewer District No. 9, 4349" bonds dated Sept. 1 1932, due Sept. 1
1937, optional any time, bonds Nos. 7 to 20 incl.; $4,000 Paving Dist.
No. 30, 434% bonds, dated Mar. 1 1929. due Mar. 1 1939. and optional
any time. bonds Nos. 4 to 7 incl.; $3,000 paving district No. 33, 434%
bonds, dated Nov. 1 1930, due Nov. 1 1940 and optional any time, bonds
Nos. 3 to 5 incl.
NEBRASKA CITY SCHOOL DISTRICT (P. 0. Nebraska City),
Neb.-BOND REFUNDING AUTHORI7ED-The Board of Education at
a recent meeting authorized the Issuance of $60,000 bonds for the purpose
of refunding a like amount of 434% bonds now outstanding, and which
were issued Oct. 1 1930 and became subject to call Oct. 1 next. It is said
that bids are being asked on the bonds for award on May 13.
BONDS SOLD-It is stated by the Secretary of the Board of Education
that the above bonds were sold on May 13 to the Farmers Bank of Nebraska
City as 234s. paying a premium of $500. equal to 100.83.
NEW BEDFORD,Mass.
-BOND SALFA group composed of Newton.
Abbe & Co., Brown Harriman & Co. and Arthur Perry & Co. Inc., all of
Boston. purchased on May 15 an issue of $400,000 poor relief bonds as 3s,
at a price of 100.10.
NEWBURYPORT, Mass.
-TAX RATE AT NEW HIGH
-The city's
tax rate for 1935 was announced recently as $43.60, the highest in its
history. It Is an increase of $3.60 over 1934. The previous high was
$41.60 in 1932. Chief reason for the jump are larger appropriations, the
replacement of the burned shellfish treatment plant, decrease in State
tax receipts. and increase in the county tax.
Some surprise was occasioned when the assessors announced that the
conflagration of last May did not affect the city's valuation as new property
has made up the loss in valuation.
NEW PHILADELPHIA, Ohio
-BOND OFFERING-The $10,500
bonds which we reported in-V. 140. p. 3086-would be offered for sale
about May 10. are being offered on May 28. Roy L. Swinderman, City
Auditor will receive bids until noon on that date for the purchase at not less
than par and interest of $10,500 5% coupon refunding bonds. Denoms.
1 for $500 and 10 for $1,000. Dated April 1 1935. Int. payable semi-ann.
on April 1 and Oct. 1. Due yearly on Oct. 1 as follows: $500, 1936, and
31.000, 1937 to 1946, incl. Bids may be submitted for bonds bearing less
than 5%, but rate must be expressed In a multiple of 34%, Certified check
for $105, payable to the city, required.
-DEBT REPORT
-A recent statement of the
NEW LONDON, Conn.
financial condition of the city fixes the gross bonded debt at $3,073.000 and
net debt at $1.888.697, while the legal limit for additional debt exceeds
$1,000,000. Unfunded obligations total $925,000. The city closed the
fiscal year ended Sept. 30 1934 with a surplus of $66,334, while the excess
of receipts over appropriations in the previous fiscal period amounted to
MILLVILLE, N. J.
-DESCRIPTION OF BONDS
-The $230.000 re$100,615, it is said. Tax collections 1934 were 75% of the total levy,
funding bonds which are to be exchanged for bonds now outstanding will
compared with 73% the previous year.
bear interest at a rate not to exceed 5% and are being issued to retire the
following bonds:
-SELLS 311300.000 TEMPORARY ISSUES
NEW YORK, N. Y.
Due
Ir Assessment Paring BondsAssessment Sewer BondsA syndicate composed of the National City Bank, P. W Pressprich & Co.,
Due
Curbs (Ordinance 355)
1936 West Side Sewer
Lazard Freres, F. S. Moseley & Co.. Baker, Weeks & Harden and Dominick
1935
Broad Street curbs
1940 Sewer Extension No. 14
& Dominick,all of New York, was awarded on May 17 a total of$11,100.000
1936
1924 Paving
1936 Sewer Extension No. 23
temporary obligations of the city, paying par plus a premium of $300 for
1937
1925 Paving
1935
1.35s. The sale consisted of $9,100,000 special corporate stock notes, dated
1926 Paving
1937
May 20 1935 and due Nov. 20 1935 and $2.000.000 special revenue bonds,
1927 Paving
1937
dated May 20 1935 and payable April 10 1936. The $2,000,000 Issue has
West Mill Ile paving
been placed privately; while the remaining $9,100.000 are being re-offered
1936
to yrield 15'. No public advertising for bids was made, tenders on the
1 7=i'ew bonds will mature yearly on July 1 as follows: $15,000fronTEM
7.
obligations having been solicited by Comptroller Frank J. Taylor from a
to'1947. incl.: 316.000. 1948. and 317,000. 1949 and 1950.
WI 1
selected Ilst of banks and investment banking houses. Two other bids were
-CERTIFICATE OFFERING-Sealed bids will
MINNESOTA, State of
received in response to the invitation, aside from that of the National City
be received until 10 a. m. on May 27. by Theodore H. Arens. Conservator
Bank, which bid, incidentally, for all or none. These included an all or
of Rural Credit, for the purchase of a $500.000 Issue of certificates of indebtnone offer by the Chase National Bank, Salomon Bros. & Hutzler and
edness. Denom. $1.000 each, unless larger denominations are specified
Brown Harriman & Co. to purchase the loans at 1345' interest, at par plus
In the bid of the successful bidder. Dated June 1 1935. Due on June 1
a premium of $555. The final tender was that of the'Marine Midland Trust
1936. The certificates will be issued by authority granted to the ConCo. of New York, which agreed to pay a premium of $25 for the $2,000.000
servator under Section 10, Chapter 429. Sessions Laws, 1933. All bids
special revenue bonds to bear 1% interest. The proceeed of the sale will be
shall be subject to accrued interest to date of delivery. An opinion regardused by the city for the following purposes: $6.100.000 to meet a like
ing the legality of this issue by the Attorney-General, will be furnished the
amount of maturing notes; $3,000.000 for new capital expenditures and
purchaser. The certificates will be sold at face value at the lowest interest
$2,000,000 in payment of bills already incurred.
rate obtainable. A certified check for $5,000, payable to the State TreasAPRIL FINANCING-In addition to the public award in April of
urer, must accompany the bid.
long-term 334 and 4% corporate stock and bonds to the
ADDITIONAL OFFERING-Sealed bids will also be received at the same • 350,000.000
Chase National Bank of New York and associates at 100.60, a basis of
time by the Conservator of Rural Credit for the purchase of a block of
-the city borrowed a total of
about 3.507%-V.140. p. 3076
3300.000 Department of Rural Credit certificates of indebtedness, award • through private transactions during the month. This amount$40,816,000
is made up
to be made at face value at the lowest interest rate obtainable. Denom.
of the following obligations: $35,000,000 3% revenue bilis of 1935, due
$1,000. Dated June 1 1935. Due June 11936. Certified check for $3.000
June 29 1935: $5,800,000 1% certificates of indebtedness for work and
payable to the State Treasurer, required.
home relief purposes, issued in exchange for a like amount which matured,
P' MONTGOMERY, Ala.
and due $2.500,000 on Oct. 1 1935 and $3,300,000 July 5 1935. In addi-BOND SALE DETAILS
-The $79,000 refundtion, the city sold 316.000 4% bonds for various purposes to the Public
ing bonds that were purchased at par by Watkins, Morrow & Co. of BirWorks Administration, including $11,000 maturing on July 1 in 1936 and
mingham on May 7-V. 140, p. 3257
-are dated May 1 1935 and bear inter1937 and $5,000 July 1 1936.1
est at 5%. Coupon bonds in the denomination of $1,000. Due on May 1
1985. Interest payable M. & N.
NEW YORK, N. Y.
-BILL PROVIDES FOR SALE OF BONDS TO
MORGAN COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Weldona), P WA-Under the provisions ofthe Devany bill.signed recently by Governor
Lehman as Chapter 784. Laws of 1935, the city is authorized to issue and
-BONDS VOTED-The issuance of 315.000 434% school refunding
Colo.
sell serial and (or) assessment bonds to the Public Works Administration
bonds was voted by the electors at an election held on May 6. Dated
or any other similar agency of the Federal Government for the purpose of
June 11935. Due $1,000 yearly from 1936 to 1950. inclusive.
financing those public improvements authorized by the Board of Estimate
-At an election to be held on June
and Apportionment between April 1 1935 and July 1 1937, which are to be
MORRIS,Minn.-BOVD ELECTION
financed in whole or part by local assessments upon the property improved
18 alproposed boni issue for $150.000 to finance a municipal light and power
thereby.
plant is to be submitted to the voters for approval.
Financial Chronicle
Volume 140
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND OFFERING
W. Emory Towers, County Auditor, will receive sealed bids until 10 a. m.
on June 1 for the purchase of 85,152 6% ditch construction bonds. Dated
June 1 1935. Denom. $103.04. Due $515.20 on Jan. 1 from 1937 to
1946 inclusive. Interest payable J. & J.
NIAGARA FALLS, N. Y.
-DEBT REPORT
-The budget for 1935
amounts to $2,784.406,of which $2,455,681 is to be raised by direct taxation.
Bonded debt on Jan. 1 1935 totaled $13,525,309, while certificates of
indebtedness were outstanding in the amount of $302,900 and notes payable
at $145,000. Assessed valuation for 1934 was $147,119,282. Tax levy
for that year amounted to $3,136,374, of which $295,617 was uncollected
in December 1934.
NINETY SIX, S. C.
-BOND ELECTION CONTEMPLATED-It is
stated that an election will be held in the near future to vote on the proposed
issuance of $35,000 in grammar school construction bonds.
NORFOLK, Neb.-BOND SALE-It Is reported that an issue of $50,000
refunding bonds has been disposed of at a 33% coupon rate, bringing a
price of 101. The bonds mature in from 1 to 17 years.
NORTH BALTIMORE, Ohio
-BONDS CONSIDERED-The Village
Council has passed on first reading an ordinance which provides for the issuance of $100.000 waterworks bonds, according to report.
NORTH-BEND, Ore.
-BONDS NOT SOLD-The $24,000 issue of 6%
semi-ann. refunding bonds offered on May 14-V. 140, p. 3087
-was not
sold as no bids were received, according to the City Recorder. Dated
May 1 1935. Due $2,000 from May 1 1940 to 1951 incl.
NORTH BERGEN TOWNSHIP, N. J.
-FINANCIAL REPORT
At the regular meeting of the Municipal Finance Commission acting in
and for the township on May 3, G. 0. Skillman, Secretary, was directed
to include in the minutes the following data:
Comparison of Hudson County Board of Taxation Valuations
Increase (+) or
Revised ValuationsYear 1935
Decrease(-)
Year 1934
Real estate
$56,599,400.00 $54,731,050.00 -$1,868,350.00
Personal
1,936,200.00
1,837,200.00
-99,000.00
Second Class Railroad,
returned by State Assessor
1,019,512.00
1,065,017.00
-45,505.00
Grand total
$59,600,617.00 $57,587,762.00 -$2,012,855.00
Amount to Be Raised by
Taxation
State school
-$8,838.15
$166,727.78
. $157,889.63
Soldiers' bonus
9,970.14
+1,129.83
8,840.31
County tax
485,608.27
486,431.92
-823.65
Municipal
1,553,086.46
-722.154.46
2,275,240.92
First District Court.... _ _
1,043.13
-1,042.50
2,085.63
Grand total
$2,939,326.56
Tax Rates (per $1,000)
State school
$2.80
Soldiers' bonus
0.15
County tax
8.16
Municipal
38.17
First District Court_ __ _
0.04
$2,207,597.63
-$731,728.93
$2.74
0.17
8.44
26.97
0.02
-$0.06
+0.02
+0.28
-11.20
-0.02
Grand total
$49.32
-$10.98
$38.34
NORTH CAROLINA, State of
-The
-BONDS AUTHORIZED
Legislature is said to have passed the bill authorizing the issuance of8250.000
In State sanatorium construction bonds-V. 140. p. 2056. It is also reported that the Legislature passed on second reading the bill authorizing
a $750,000 issue of State institution bonds, to erect buildings for the mentally deficient
-V. 140, p. 3258. It has been reported that this bond issue
was to be $1,000,000.
NORTH CAROLINA, State of
-HOUSE APPROVES TEXT BOOK
BOND BILL
-The House is said to have passed and forwarded to the Senate
the bill providing for the issuance of 31.500.000 in bonds for the purchase
of text books to be used in State schools.
NORTH MUSKEGON, Mich.-VONSIDERS BOND REFUNDING
The city is considering a proposal to refund part of the total of $72.600 bonds
currently outstanding. All of the debt, except an amount of $1.200, has
been incurred for water system improvements. Harry S. Stanton is City
Clerk.
NORTH PROVIDENCE, R. I.
-William
-BILLS PAYABLE HEAVY
L. Clark, Town Treasurer, informed the Council on May 6 that the $100,000
borrowed a short time previously is all gone and that unpaid bills amounting
to $30,000 have accumulated In addition to those incurred by the legislative
body. He added that no additional funds will be borrowed this summer
because it will be impossible to make another loan in anticipation of taxes
which are not due until Oct. 1. Most of the $30,000 owed is for tuition
bills to the City of Providence and other schools, he pointed out, adding
that he believed sufficient funds would be available to pay the major portion
of teachers' salaries due currently. It is expected that a tax sale which is
scheduled for June 14 will produce enough revenue to help carry on the
town's business possibly to July,
NORWOOD, N. J.
-We are in
-BOND REFUNDING PROPOSED
receipt of a report that the Borough Council is considering passage of an
ordinance which would permit the borough to issue $103.000 4 % refunding
bonds to retire presently outstanding 5X% bonds.
OAKLAND, Md.-BOND ELECTION
-At an election called for June 3
the voters will consider a proposal providing for the 'ssuance of $25,000
reservoir construction bonds.
OAK PARK, 111.
-BOND SALE-Harris Trust & Savings Bank of
Chicago purchased on May 6 an issue of *50.0003% coupon branch library
and site bonds at par plus a premium of $588.50, equal to 101.177. a basis
of about 2.82%. Dated May 1 1935. Denom. $1,000. Due $5,000
on May 1 from 1938 to 1947 incl. Interest payable M. & N.
OGDEN CITY SCHOOL DISTRICT, Utah-BOND ELECTION
The $580,000 issue of school bonds awarded to the First Security Bank of
Ogden. as reported in V. 140, p. 3087
-will be submitted to a vote of the
people for approval at an election to be held on May 21.
OLEAN (CITY AND TOWN) UNION FREE SCHOOL DISTRICT
NO. I, N. Y.
-BONDS OFFERED FOR INVESTMENT
-UNSUCCESS-The Manufacturers & Traders Trust Co. of Buffalo was head
FUL BIDS
of the banking group which was awarded recently an issue of $619,000
bonds as 2.70s at 100.299, a basis of about 2.67%, as reported in V. 140.
P. 3258. The bankers are re-offering the bonds for public investment at
prices to yield, according to maturity, as follows: 1937. 1.40%; 1938,
1.70%; 1939, 1.90%; 1940,_ 2.1070; 1941, 2.20%; 1942 and 1943. 2.25%;
1944 and 1945, 2.30%; 1946 and 1947, 2.40%; 1948 to 1950, 2.50%; 1951
to 1955, 2.65%; 1956 to 1961, 2.707
0. Other members of the account are
Kean, Taylor & Co., Granbery, Safford & Co. and Sage, Rutty & Steele
of Rochester. In addition to the accepted bid, the following other offers
were received by the district:
Int. Rate
Amt. Bid.
Harris Trust & Savings Bank, Chicago, and Roosevelt & Weigold, Inc., New York City
2.90%
$620,956.04
Lehman Bros., N. Y. City; Adams, McEntee & Co.
and Bacon,Stevenson & Co
3.0
0%
621,476.00
Bancamerica-Blair Corp., N. Y City; Geo. B.
Gibbons & Co., Inc.,and Graham,Parsons & Co 3.00%
619.798.51
Halsey, Stewart & Co., N. Y. City, and Shields &
Co
2.90%
621,282.00
Estabrook & Co.,N. Y. City, and Stone & Webster
and Blodgett, Inc
2.90%
620,051.68
E. H. Rollins & Sons, Inc., N. Y. City' B. J. Van
Ingen & Co.,Inc.; A. O. Allyn & Co.,Inc.: Rutter
& Co. and F. I. Dupont & Co
3.00%
621.847.40
Blyth & Co., Inc., N. Y. City, and Dick & Merle
Smith
3.10%
619.476.63
OMAHA, Neb.-LEGISLATURE APPROVES REVENUE BC.A L AUTHORIZATION BILL
-A Lincoln press dispatch on May 16 reported that
both Houses of the State Legislature had approved a bill authorizing the
above city to issue $2,000,000 of revenue bonds with which to purchase
from the Omaha & Council Bluffs Street Railway Co. a bridge across the
Missouri River connecting the two cities.
3427
ONEIDA, N. Y.
-BOND OFFERING-Sealed bids will be received by
H. A. Philipp, City Clerk, until 3 p. m. (Eastern Standard Time) on
May 28 for the purchase of $71,976.15 not to exceed 6% int. coupon bonds,
divided as follows:
$50,000.00 refunding water bonds. Due $5,000 on May 1 from 1936 to
1945 incl.
21,976.15 work relief bonds. Due May 1 as follows: $2,976.15 in 1936;
$2,000 from 1937 to 1944 incl. and $3.000 in 1945.
Each issue is dated May 1 1935. Rate of int. to be expressed by the
bidder in a multiple of X or 1-10th of 1%. Prin. and int.(M.& N.)'sayable in lawful money of the United States at the City Chamberlain's office.
A certified check for $1,500, payable to the order of the city, must accompany each proposal. Legality to be approved by Clay, Dillon & Vandewater of New York.
-BOND OFFERING-Katherine
ONONDAGA (P. 0.Syracuse), N. Y.
Morey, Town Clerk, will receive sealed bids until 2 p.m.(Eastern Standard
Time) at her office in Taunton on May 22 for the purchase of $6.000 not to
exceed 6% interest coupon or registered water bonds. Dated May 15
1935. Denom. $500. Due $500 on May,15 from 1938 to 1949, incl.
Bidder to name a single interest rate on the issue, expressed in a multiple
of ji or 1-10th of 1%. Prin. and int.(M.& N.) payable in lawful money
of the United States at the Solvay Bank. Solvay. The bonds will be issued
to finance improvements to the water works system in Split Rock Gulf
Water District and will be payable in the first instance from a levy upon
property in the district, but if not paid from that source, all of the property
of the town is subject to the levy of unlimited ad valorem taxes to pay principal and interest on the debt. A certified check for $120, payable to the
order of the town, must accompany each proposal. Approving opinion of
& Washburn of New York will be furnished the successful
biRedeAter.HoYt
OUTAGAMIE COUNTY (P. 0. Appleton), Wis.-BOND SALE
The $300.000 coupon highway, series H-1 bonds °fret ad for sale on April
-were awarded to the Harris Trust & Savings Bank of
29-V. 140. p.2744
Chicago, paying a premium of $570 on the first $200.000 of the bonds as
130, the remaining $100,000 as i'% bonds, giving a net interest cost of
ao out0.55%. Dated May 1 1935. Due $100,000 on May 1 from 1938
tb lm 1
.
The following is an official list of the bids received:
Coupon
Bid
1.507
Name of Bidder$200,000
Harris Trust & Say. Bank,Chicago'
Premium
um
$ 70°°
4 0..00
5
2
1..60 I
75
l 15"50
Harris Trust & Savings Bank, Chirago
2,160.00
1 75%
.
75
Harris Trust & Savings Bank, Chicago
1.950.00
1.
.755;
7
Halsey Stuart & Co., Chicago
1,830.00
Milwaukee Co., Milwaukee
1,601.00
First National Bank of Appleton
30.00
1.657'
F. S. Moseley Co., Chicago
1,141.00
1.75
F. S. Moseley Co., Chicago
1.70
Northern Trust Co., Chicago
662..65
23 85
7
1.75
Northern Trust Co., Chicago
360.00
1.75/
R. W. Pressprich Co., Chicago and N. Y
206.00
1.757
Bartlett Knight, Chicago
$100.000
1.507 1
No premium
Appleton State Bank, Appleton __ 100,000
100,000
1.75°
2.0070
1,619.00
2.00%
Securities Co. of Milwaukee
2.00
Outagamie County Bank, Appleton
1*560 50
,255..00
2.00
Braun, Monroe and Co., Milwaukee
1,035.00
2.00
State of Wisconsin Annuity Fund
840.00
2.00
Bancamerica-Blair, N. Y
6,795.00
2.50
State of Wisconsin Annuity Fund
12: 95
5 55
.
.01
3.00
State o Wisconsin Annuity Fund
No premium
2
* Appleton State Bank, Appleton
bid calls for delivery of bonds from time to time as county needs
* This
money.
AR other bids for delivery within reasonable period of time (30-40 days).
-BOND OFFEROTTAWA COUNTY (P. 0. Port Clinton), Ohio
ING
-E. A. Guth, County Auditor, will receive bids until noon June 3
% coupon water line bonds mentioned
for the purchase of the 816,300
in V. 140, p. 3258. Denom. $800 and $900. Dated Feb. 13 1935. Prin.
and semi-annual int. (A. & 0.) payable at the County Treasurer's office.
Due serially for 10 years. Certified check for 8500 required. Legal
opinion by Squires, Sanders & Dempsey.
-BONDS DEOXNARD GRAMMAR SCHOOL DISTRICT, Calif.
FEATED
-The proposed bond issue of 855,000 for school building remodeling submitted at the election on April 30, referred to in V. 140, p.
2911, was defeated, it is reported.
-NOTE OFFERING-Sealed bids will be received
PALMER, Mass.
until noon on May 21 for the purchase of $100,000 notes. dated May 24
1935 and due 850,000 each on -Dec. 14 and Dec. 21 1935.
-BOND BILL PROPOSED IN LEGISLATURE
PANAMA CITY, Fla.
The issuance of 8150.000 in public improvement bonds would be authorized
under the terms of a bill introduced recently in the Legislature.
-BOND OFFERINGS
PASCO COUNTY (P. 0. Dade City), Fla.
REQUESTED-It is stated by A. J. Burnside, Clerk of the Board of County
Conunissioners, that he will on June 3, at 10 a. m., open and consider
sealed offerings of refunding bonds, dated Oct. 1 1932. of the following
issues: Road and bridge refunding, series A and B; Highlands Special
Road and Bridge District, road refunding, series A and B: Special Road
and Bridge District No. I, road refunding, series A and B.
-BOND OFFERING-The Board of Finance has
PATERSON, N. J.
set June 5 as the date for offering $1,380,000 water bonds.
-The $5.000 issue of6% semiPATRICK COUNTY,Va.-BOND SALE
-was awarded
ann.school bonds offered for sale on May 14-V. 140. p. 2744
to the First National Bank of Stuart, paying a premium of $125. equal to
102.50, according to the Superintendent of the County School Board.
-Mayor McVann has
PEABODY, Mass.
-BOND ISSUE URGED
-year bonds under the emergency
recommended that the city sell $75,000 10
down the 1935 tax rate.
relief law as a means of keeping
-BOND SALE
-A $57.000
PENDER COUNTY (P. 0. Burgaw), N. C.
issue of 4% send-ann. court house bonds is reported to have been purchased
Works Administration.
at par by the Public
-BONDS OFFERED FOR
PENNSYLVANIA (Commonwealth of)
INVESTMENT-Moncure Biddle & Co. of Philadelphia are offering for
$395,000 bonds, due at various dates from
public investment a total of
1933 to 1955, at prices to yield from 1.20% to 2.15%. The offering consists
of $340,000 335s. 854,000 4s and $1,000 at 3N% interest.
-It is reported that the Town
PERU, Neb.-BONDS PROPOSED
Council is giving consideration to a proposal that the town build a sewer
system at a cost of about $36,000 to be financed by the issuance of bonds
to the Federal Government.
-BONDED DEBT
-A recent report on the inPETOSKEY, Mich.
ancial condition of the city shows that there were $103,000 bonds outstanding as of Jan. 8 1935. Retirements in 1934 totaled $24.300.
PHILADELPHIA, Pa.
-SEEKS TO INCREASE BORROWING CAPACITY
-A petition to deduct $6.400,000 in water loans from the city's
debt will be filed in Common Pleas Court this week by City Controller S.
Davis Wilson. In announcing his plan in a letter to the City Council on
May 13, the Controller said it would bring the total deductible from loans
for water improvements up to $32,530,000. The Court previously ordered
$26.130,000 deducted as the income from the water works is more than
sufficient to pay interest and sinking fund charges. This, Mr. Wilson said,
would increase the city's borrowing capacity by more than 336.000,000.
-BONDS NOT
PISCATA WAY TOWNSHIP (P.O. Piscataway), N. J.
-The issue of 898.000 not to exceed 6% interest coupon or registered
SOLD
refunding bonds offered on May 10-V. 140, P. 3087
-was not sold, as the
two bids submitted were not opened. In addition to the formal tenders,
it is reported that several inquiries were received by the township regarding
the loan. The bonds are dated May 1 1935 and mature May 1 as follows:
$2.000 from 1940 to 1949 Incl. and $3,000 from 1950 to 1957 incl.
-Anton Bert
Township Treasurer.
BOND ISSUE REOFFERED
until
has announced that new bids will be received Krug.8.30 p.m. on May 28
for purchase of the above issue.
PLATTSMOUTH, Neb.-BOND AWARD DEFERRED
-It is stated
by the City Clerk that the only bid received for the $45,000 funding bonds
3428
Financial Chronicle
May 18 1935
offered for sale on May 13-V. 140, p. 2911-was an offer of par on 44s,
RED BANK SCHOOL DISTRICT, N. J.
-BOND OFFERINGtendered by the Plattsmouth State Bank. Action on this bid is said to
Japhia Clayton, District Clerk, will receive sealed bids until 8 p.m. on
have been postponed until May 27. Due in 20 years, optional in 5 years.
May 28 for the purchase of $35,000 4% coupon or registered school bonds.
Dated Jan. 1 1935. Denom. $1,000. Due Jan. 1 as follows: $3,000 from
PORTAGE SCHOOL DISTRICT, Pa.
-BONDS NOT SOLD
-S. D.
1936 to 1946,incl., and $2,000 in 1947. Prin. and in .(J. & J.) payable at
Boucher, Secretary of the Board of Education, informs us that the $29,000
the Merchants Trust Co., Red Bank. A certified check for 2% ofthe bonds
4% refunding bonds offered on April 30-V. 140, P. 2403
-have not been
bid for, payable to the order of the Custodian of School Moneys, must
sold. r Dated April 1 1935 and due Oct. 1 as follows: $3,000, 1935 and
accompany each proposal. Bonds will be delivered to the purchaser at
1936; $4,000. 1937 and 1938 and $5,000 from 1939 to 1941, inclusive.
the Senior High School building or at any other place within the State, as
PORT ARTHUR INDEPENDENT SCHOOL DISTRICT (P. 0.
may be mutually agreed to on June 4 or as soon as thereafter as possible.
Port Arthur), Tex.
-BOND OFFERING DETAILS
-In connection with
REINBECK, Iowa-CONFIRMATION OF REFUNDING AGREEthe offering scheduled for May 24, of the $250,000 school bonds, a report
MENT
on which appeared in these columns recently
-The recent report to the effect that the Town Council has entered
-V. 140, p. 3259
-it is reinto an agreement with the Carleton D. Beh Co. of Des Moines for the reported by the Secretary of the Board of Education that the transcript of
funding of $28,000 5% and 67° bonds for 34% Judgment funding bonds
proceedings has been forwarded to the Attorney-General of the State, and
V. 140, P. 3088
to Chapman & Cutler of Chicago. A certified check for 2% of the bid is
-is confirmed by the said company. It is said that the
new bonds will mature on May 1 as follows: $2,000. 1936 to 1944, and
required.
$3.000. 1945 to 1948. It is understood that the contract will not become
PORT HURON, Mich.
-FINANCIAL STATEMENT
-The latest reeffective for some time.
port on the financial condition of the city includes the following information:
Total bonded debt May 1 1035
RICHLAND COUNTY (P.O. Mansfield), Ohio-BONDSPROPOSED
$1,391,458.96
Special assessment debt (additional)
-Permission to issue $143.256 in county bonds to retire short-term notes
190,859.19
Water bonds (incl, in total)
Issued for relief purposes, was requested by county commissioners recently
165,000.00
Assessed value real and personal property, 1935, actual
In a communication to the Ohio Tax Commission.
31.262,995.00
Population, 1930, 31,361: 1920, 25,944.
Resolutions for issuing the bonds have already been passed but are being
The city is stated to be making payment of principal and interest charges
held in abeyance pending receipt of ()Maid authority from the Tax
on all obligations regularly. Interest on bonds is payable at the Central
Commission.
Hanover & Trust Co., New York. Bonds coupon in form.
RICHLAND COUNTY (P.O. Richland Center), Wis.-BOND SALE
PORTLAND, Ore.
-BOND CALL
-It is reported that William Adams, -The 884,000 5% highway improvement bonds maturing in from 3 to
City Treasurer, is calling for payment at his office on June 1, the following
5 years, which were offered for sale on May 15, as stated in V. 140, p.3088,
bonds:
were awarded to the Harris Trust & Saving Bank, of Chicago for a premium
Nos. 46,374 to 46,438 of impt. bonds, dated July 1 1929.
of $10,300, equal to 112.26. Harley, Hayden & Co. of Madison offered a
Nos. 707 to 733 of inapt. (lighting system) bonds. Dated Sept. 1 1931.
premium of $10.290.
RIDGEWOOD, N. J.
PORTSMOUTH,R.I.-TEMPORARY LOAN
-BONDS PROPOSED
-The Borough Council is
-The *25.000 revenue note
said to have under consideration a proposed ordinance which authorizes
issue offered on May 13-V. 140. p. 3088
-was awarded to Lincoln R.
the issuance of $30,000 bonds.
Young & Co. of Hartford at 0.69% discount basis. Due Nov. 10 1935.
Bond & Goodwin were second high bidders at 0.83%.
RIO BLANCO COUNTY SCHOOL DISTRICT NO.!
(P.O. Meeker),
Colo.
-BONDS VOTED-The residents of the district on May 6 voted to
POUGHKEEPSIE, N. Y.
-BOND SALE
-The *200.000 coupon or
Issue $32,000 4)6% refunding bonds. Dated June 1 1935. Due $2,000
registered bonds offered on May 17-V. 140. p. 3259
-were awarded to the
yearly from 1940 to 1955,incl.
Harris Trust & Savings Bank of New York as 1.905, at par plus a premium
of $154, equal to 100.077. a basis of about 1.897 The sale comprised:
0.
RIPLEY, Miss.
-LEGALITY OF REVENUE BOND AUTHOR A$100,000 relief bonds. Due June 1 as follows: $20,000 from 1937 to 1939
TION ACT TO BE TESTED IN COURT
-The State Supreme Court is
incl. and $10,000 from 1940 to 1943 incl.
said to have accepted for decision a suit of a local taxpayer against the
100,000 refunding bonds. Due June 1 as follows: $10,000 in 1940 and
city, involving the constitutionality of a 1934 legislative act which author$30,000 from 1941 to 1943 incl.
izes municipalities to issue revdnue bonds for improvements. The city
Each issue is dated June 1 1935. The Bancamerica-Blair Corp. and
was contemplating issuing $52,000 water works improvement bonds to
Spencer, Trask & Co., both of New York,jointly, were second high bidders,
the Public Works Administration under the terms of the Act, and thereby
offering a premium of $442 for 2s.
obtain a grant of about $13,000 for the project. The Supreme Court
heard oral arguments on the case May 13. Should the Court hold the
PROVIDENCE, R. 1.
-BONDS CONSIDERED-City Council is said
said Act unconstitutional it is probable that PWA projects would be
to have under consideration resolutions which would provide authority for
greatly curtailed. gig
the issuance of $200,000 highway bonds and $75,000 gutter construction
bonds.
.
P RIVER ROUGE Mich.
-NOTE SALE
-City Clerk R. J. Peters
forms us that the aomoo tax anticipation notes recently authorized as rePROWERS COUNTY SCHOOL DISTRICT NO. 12 (p. o. La Mar)
Colo.
ported in V. 140, p. 3260, have been sold to Shannon, Kenower & Co. of
-BOND CALL
-Fred Clark, Treasurer of Prowers County, publishes
notice that the following bonds of School District No. 12 are called for payDetroit. Two notes were issued, one for $15.000, bearing 2)6% interest
ment at the office of Oswald F. Benwell. Denver, on June 1 1935, interest
and maturing Aug. 211935,and the other for $25,000, bearing 2% interest
and maturing July 23 1935.
to cease on that date: $12.000 6% school bonds, Nos. 1 to 24, incl., dated
March 15 1919 and $1,500 6% school bonds, Nos. 1 to 3 incl., dated Dec.
ROARING SPRINGS INDEPENDENT SCHOOL DISTRICT, Tex.
15 1919.
BONDS TO BE OFFERED SOON
-J. D. Mitchell, Secretary of the Board
of Trustees, informs us that the $36.000 bonds mentioned in V. 140. p.
"'PUEBLO COUNTY SCHOOL DISTRICT NO.8(P.O.Lime), Colo.
BONDS VOTED
3088, will be offered for sale in the near future. The bonds will bear 4%
-An issue of 318,000 447 school building bonds received
the approval of the voters at an election held on May 5. Dated June 15
Interest, payable semi-annually Feb. 1 and Aug. 1. Denom. $500 and
1935. Due $1,000 yearly front 1939 to 1948, and $2,000 yearly from 1949
$1,000. Due in 30 years. Dated Feb. 1 1935. Bonds will be either coupon
to 1952.
or registered, at holder's option. Principal and interest payable at the First
State Bank, of Matador. A certified check for 5% will be required.
PUEBLO COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Pueblo),
ROCHESTER, Minn.
-BOND SALE
Colo.
-BONDS VOTED
-It 15,stated by the Secretary of the Board of
-The $90.000 refunding bonds
.
offered on May 13 were awarded to Thrall, West & Co., of Minneapolis,
Education that at the election on May 6 the voters approved the issuance
of $599,000 in not to,exceed 434% refunding bonds. Dated Aug. 1 1935.
for a premium of $14,417. The bonds were held in the sinking fund as
investments, and bear various rates of interest. Justus F. Lowe Co.,
Due on Aug. 1 1960.
of Minneapolis, the next best bidder, offered a premium of $14,113.70.
PUEBLO PARK DISTRICT NO. 1 (P. 0. Pueblo), Colo.
-BOND
-We are now informed by George W. Clark, City Clerk, that an
SALE
ROCK HILL, S. C.
-CITY DECLINESBIDS ON BONDS:
-SALE TO
issue of $131,000 44% coupon refunding bonds was purchased at par by
FEDERAL GOVERNMENTPROBABLE
-The following report on the proGray B. Gray of Denver. Denom.$1.000. Dated Nov.1 1931. Interest
posed disposition of $204,000 In 4% sewer revenue bonds is taken from the
payable M.& Nd
Rock Hill "Evening Herald" of May 6:
"City Council in special session this morning with Mayor Pro Tern
"PULASKI COUNTY (P. 0. MoundiCity), 111.
-BOND ELECTION
J. C. Hardin presiding and Councilmen J. J. Rauch and James P. Poag
PROPOSED
-At a recent meeting of the Board of County Commissioners
present,decided not to sell the remaining $104,000 in 4% city sewer revenue
a resolution was passed to call an election in June to vote on a bond issue
bonds on the open market, preferring to sell them to the Federal Governfor the purpose of funding the indebtedness of the county.
ment, which has the first $100.000 of the bonds, which were issued in a
total amount of $204.000.
." PULASKI, Tenn.
-BONDSALE-An issue o $11.000 44% semi-ann.
"Council had sought. if possible, to dispose of the entire $204,000 on the
refunding bonds is reported to have been purchased at par by Gray, Shillingopen bond market, but the city was advised by the Government that it
law & Co. of Nashville.
was unable to release the first *100.000 which had already been sold to
PUNXSUTAWNEY, Pa.
-BONDS VOTED-By a vote of 2,377 to 909,
the Government. Because of this situation and because the city fathers
the residents approved a proposed bond issue of $95,000 for,school purposes
felt that some benefit might accrue from selling the entire amount of bonds
which was submitted at an election on May 7.
to the Government, the bids on the open market were declined.
"Bids had been submitted by G. H. Crawford & Co., Inc., of Columbia,
PUTNAM VALLEY, PHILIPSTOWN AND FISHKILL10ENTRAL
and Smith, McAlister & Pate, Greenville, bond brokers. Both submitted
SCHOOL DISTRICT NO. 1 (P. 0. Cold Spring), N. Y.
-BIDS REbids of 3100.25, which would amount to a premium of $260 net on the
JECTED
-Bids submittedOor the $190,000 coupon or registered school
$104,000."
constructionlbonds offered on May 11-V. 140, p. 3259
-were rejected.
High bid of 100.63 for 3.90s wasitendered by J. &. W. Seligman & Co. of
ROCKLAND-WESTCHESTER CAUSEWAY AND TUNNEL AUNew York. This was followed by an offer of 100.623 for 3.90s made by
THORITY, N. Y.
--CREATED BY GOVERNOR-Under the provisions of
the Manufacturers & Traders Trust Co. of Buffalo, while other tenders for
the Garrity bill, signed recently by Governor Lehman as Chapter 896, Laws
the same coupon included that of 100.37 by George B. Gibbons & Co.,
of 1935, the above Authority is created and authorized to undertake the
Inc., and 100.318 by A. C. Allyn & Co. Bonds are dated March 1 1934
construction of a causeway and tunnel with termini at or near Nyack in
and due serially on March 1 from 1944 to 1954,inclusive.
Rockland County and Tarrytown in Westchester County. The measure
empowers the authority to issue bonds to pay the cost of the project and
QUINCY, Mass.
-BOND SALE
-The $400,000 bonds offer&1 on
to levy such tolls and charges as may be necessary to service the debt
May 14-V. 140, p. 3259
-were awarded to a syndicate composed of
Incurred.
Blyth & Co.: E. H. Rollins & Sons; Graham, Parsons & Co., and Burr &
Co.. all of Boston, which paid a price of 100.156 for the $300.000 high school
ROSEBURG, Ore.
-FEDERAL FUND ALLOTMENT
-The following
Issue, due $15,000 each year from 1936 to 1955 incl.. as 2gs, and 100.457
release (No. 1363) was made public recently by the Public Works Adfor the $100,000 street construction loan, due $10,000 each year on May!
ministration:
from 1936 to 1945 incl., as 24s.
"An allotment of $35,000 to the Veterans' Administration to furnish
Other bidders were: Whiting, Weeks & Knowles and Harris Trust &
sewage disposal for the Veterans' Facility at Roseburg, Ore. was anSavings, 100.91 for all as 2s;Halsey, Stuart & Co.. 100 plus $105 premium,
nounced to-day by Public Works Administrator Harold L. Ickes.
for 1 to 15 year bonds as 2gs. and 16 to 20-year bonds as 2 s; Brown
"The allotment, which was made from old PWA funds, is a contribution
Harriman & Co. and F'. S. Moseley & Co.. 101.2199 for 3s; stabrook
to the City of Roseburg as the Government's share of the cost of construct& Co., R. L. Day & Co. and Newton, Abbe & Co., 101.06 for 3s and
Ing connecting sewers and a sewage disposal plant to serve the Veterans'
Faxon, Gade & Co., 100.59 for 35.
Facility at that place.
QUINCY, Mass.
"The allotment is made subject to a satisfactory agreement between the
-BOND SALE
-The *300,000 North Quincy high
school bonds, payable from 1936 to 1955 incl., and 3100,000 street conFederal Government and the City of Roseburg, which alreday has received
struction bonds, due from 1936 to 1945 incl., all dated May 11935. offered
a loan and grant of $72,000 for the construction of a sewage disposal plant."
on May 14 were awarded to a syndicate composed of Blyth & Co., Burr
ROWAN COUNTY (P. 0. Salisbury), No. C.
-BOND OFFERING=
& Co., Inc., Graham, Parsons & Co. and E. E. Rollins & Sons on their bid
The $147,500 bonds recently authorized, as stated in V. 140, p. 2912, are
of 100.156 for the 3300.000 issue as 2;45 and the $100.000 loan as 2g5.
being offered for sale on May 21. Bids will be received until 10 a. m. May 21
An offer of 100.91 for the entire $400,000 bonds as 2gs was submitted
by W. E. Easterling Secretary of the Local Government Commission at
jointly by Whiting, Weeks & Knowles and the Harris Trust & Savings
Raleigh for the purchase of the bonds, to bear interest at a rate named by
Bank. Bid of 100.026 for the bonds of each issue due from 1936 to 1950
the successful bidder but not to exceed 6%. The bonds comprise two
incl. as 2gs and the remaining maturities as 2gs was tendered by Halsey,
Issues, described as follows:Stuart & Co., Inc.
- $100,000 school funding bonds. Denom. $1,000. Due yearly on May 1
RANDOLPH, Mass.
-BONDS PROPOSED-News reports state that a
as follows: *7.000 1944 to 1953, incl.; and $15,000, 1954 and 1955.
proposed bond issue of $12,000 to finance the instalation of a ventilating
47.500 general funding bonds. Denom. 81.000 and $500. Due yearly on
and sanitary sewer system in school buildings Is being considered.
May 1 as follows $3,000. 1944 to 1953 incl.: $7,500. 1954; and
810,000, 1955.
RANSOM•COUNTY (P. 0. Lisbon), No. Dak.-BOND ELECTION
CONTEMPLATED
Dated May 1 1935. Interest payable semi-annually on May 1 and Nov.l.
-A special election may be held in June to vote upon
the proposition of issuing County Court House Building bonds. The
Certified check for $2,950, payable to the State Treasurer, required.
court house would cost $100,000.
Approving opinion of Reed, Hoyt & Washburn, New York, will be furnished
to the purchaser.
RARITAN TOWNSHIP, Middlesex County, N. J.
-REFUNDING
BONDS AUTHORIZED
ROXBURY, Vt.-BOND OFFERING-Phil S. Flint, Town Clerk,
-A resolution authorizing the issuing of $63,000
of 4% refunding bonds to replace a like amount of outstanding tax title and
will receive sealed bids until 2 p. m. on May 25 for the purchase of $20,000
tax revenue bonds was passed at a meeting of the Raritan Township Com0
3)67 coupon refunding bonds. Dated May 15 1935. Denom. $1,000. Due
mission recently. The refunding bonds will replace bonds now bearing
$1.000 on Jan. 1 from 1936 to 1955 incl. Interest payable semi-annually.
interest rates of from 5% to 6% and will mean a considerable saving to the
Peter Giuliani, 52 State Street, Montpelier, is handling the legal details in
township. Commissioner of Finance Walter C. Christensen said that he
connection with the issue.
believed the saving would be approximately $1,200.
-It is reported by the City Clerk that
RUPERT, Ida.
-BONDS SOLD
READING, Mass.
-BONDS VOTED-According to news reports, a
the $17,000 septic tank construction bonds approved by the voters at an
bond issue of $33,000 to relieve deficit in current revenues has been authorelection held on March 11-V. 140. P. 2232
-have been purchased by the
First National Bank of Idaho, of Rupert.
zed under the terms of the new Halliwell bill.
Volume 140
Financial Chronicle
RUSK COUNTY COMMISSIONER'S PRECINCT NO. 1 (P. 0.
Henderson), Tex.
-BONDS DEFEATED-The proposed $1,000,000 road
bond issue which was submitted to a vote on May 4, report on the election
being given in V. 140, p. 2912,failed to receive a favorable two-thirds vote.
as required for approval, 497 favorable votes being recorded against 267
unfavorable.
RUSHFORD INDEPENDENT SCHOOL DISTRICT (P. 0. Ruirford), Minn.
-PRICE PAID-It is stated by the Distirct Clerk that the
$30,000 school bonds sold on April 23 to the First National Bank of Rushford, at a price of 100.50, a report on which appeared in these columns
recently
-V. 140, p. 3260
-were sold as 3X% bonds, giving a basis of
about 3.21%. Dated May 1 1935. Due on May 1 1964.
Ind.-BOREO W/NC A UTHOR/ZED-Authorization of
the borrowing of $60,000 by revenue bonds to meet expenses of the city for
the remainder of the year was recently authorized by an ordinance passed
by the city council,it is stated.1
;II RUSSELL, Kans.-BOND SALE
-The $120,000 waterworks bonds
offered on May 15, as reported in V. 140. p. 3260, were awarded to the
Russell Farmers State and the Home State banks, of Russell on a bid of
100.10 for 28
bonds,
,% bon,a basis of about 2.73%. Dated May 1 1935. Due
$4.000 each six months from Feb. 1 1936 to Aug. 1 1950, incl.
SACO, Me.
-BONDS AUTHORIZED
-The City Council is ,eported to
have given its approval to the issuance,of $50,000 refunding bonds which
would mature $10,000 yearly for five years. with interest at 3%.
SABULA SCHOOL DISTRICT, Iowa-BONDS SOLD
-At a recent
meeting of the school board a contract was entered into with the Carleton
D. Bell Co. of Des Moines, to issue $7,500 in refunding bonds to replace
a similar amount that are callable at any time. The present interest rate
is 4j!,,% and the new bonds will only bear 3 % interest. By making
this exchange the school district will be saved something like $435 in
interest over a period of about 15 years.
SAGUACHE COUNTY SCHOOL DISTRICT NO. 31 (P. 0. Saguache), Colo.
-BONDS VOTED
-At an election held on May 6 the voters
gave their approval to a proposal to issue $29,000 4)i% refunding bonds.
Dated June 1 1935. Due $1,000 yearly from 1936 to 1949, and $1,500
yearly from 1950 to 1959; all bonds due after 1945 optional at any time,after
1945.
-ST. CLAIR COUNTY (P. 07Port Huron), Mich.
-TO RETIRE REFUNDING ROAD BONDS
-The Board of Count) Road Commissioners
announces that funds will be on deposit with the St. Clair County Treasurer,
Port Huron, Mich., June 15 1935, to retire all refunding bonds issued on
Road Districts Nos. 30 to 89, inclusive, due May 1 1938. Interest will be
paid on these bonds up to and including June 15 1935. The calling in or
redemption of these bonds is in accordance with the option reserved in the
issuance of said bonds. Same will mature and no interest oe paid after
June 15 1935. All bonds of like numbers of the original issue on Road
Districts Nos. 30 to 89, incl.. which were due May 11934. not having been
exchanged, are hereby called on the same basis.
ST. FRANCIS LEVEE IMPROVEMENT DISTRICT (P. 0. West
Memphis) Ark.
-BOND CALL
-The following report is taken from the
Chicago "Journal of Commerce" of May 11:
"With another 1935 call anticipated before Jan. 1, the St. Francis Levee
Improvement District of eastern Arkansas July 1 will redeem $133,000 of
its _bonds, including 1943, 1945 and 1949 maturities. Its cash on hand is
approximately $700.000 and is being increased by more rapid collection of
taxes. Two other developments have assisted the district in reaching Its
present position. In 1934,it won a suit involving back taxes charged against
railroad property and settled its $400,000 claim for $345,000 cash. This is
regarded as an admission by the railroads that the tax is legal and that it
will be paid in the future. The second development was the reduction to
$440,000 in amounts expended for rights-of
-way, damages and other
costs, for which a $552,000 loan was obtained from the Public Works
Administration. After the July 1 redemption, the district's obligations will
Include $1,179,000 of 6% bonds, $937,000 of 5% bonds and $8,421,000 at
535%. Those are in addition to the 4% loan obtained from the PWA."
ST. JOSEPH, Mo.-BONDS SOLD-The 3136,000 2%% coupon refunding bonds recently authorized, as reported in V. 140. p. 3260. have
been sold. Dated May 1 1935. Due yearly on March 1 as follows:
$8,000, 1940 to 1947 incl., and $9,000. 1948 to 1955 incl.
ST. LOUIS, Mo.-BOND OFFERING-Sealed bids will be received
until 10 a. m. (Central Standard Time) on May 28, by Louis Nolte, City
Comptroller,for the purchase of an issue of $1,800,000 relief muds. Interest
rate to be specified by the bidder. These bonds are coupon bonds, registerable as to principal, or as to principal and interest, and are exchangeable
for fully registered bonds in the denominations of $10,000, $50,000 and
$100,000. Fully registered bonds may again be exchanged for coupon bonds
in the denomination of $1,000, on the payment of $2 per thousand. Dated
June 1 1935. Due on June 1 as follows: $350,000, 1941 to 1943, and $375,000
In 1944 and 1945. All bonds are optional for prior payment on any interest
paying date on or after June 1 1940. Prin. and int. (J. & D.) payable at the
Guaranty Trust Co. of New York in lawful money of the United States.
No bid at less than par and accrued interest will be considered. Legal
approving opinion of Benj. H. Charles of St. Louis, will be furnished the
purchasers. Delivery of the bonds will be made at the Comptroller's office
on or aboub June 5. Each bid must be submitted on a form furnished by the
Comptroller. A certified check for 1% of the par amount of the bonds bid
for, payable to the above Comptroller, is required.
The following information is furnished with the official offering notice on
the bonds:
Financial Statement, Fiscal Year 1934-1935
Assessed valuation for taxes of year 1934
$28,218,616.1,1
Value of property owned by the city.
230,303,741.15
Total debt outstanding
79,822,t,00.00
Water works debt (included in above)
8,007,000.00
Sinking fund
1,730.453.32
Water works sinking fund (Included in above)
129,866.62
Interest and sinking fund receipts and balance
7,003,052.24
Interest payment and sinking iund accruals
6,201,354.55
Water works revenue receipts and balance
5,203,541.44
Water works revenue expenditures. incl. int. & sinking fund- 2,986,321.48
Municipal revenue receipts
18,845,437.23
Municipal revenue expenditures, approps. & incumbrances
19,729,760.37
ST. MARTIN PARISH (P. 0. St. Martinville), La.
-REPORT ON
BOND REFUNDING PLAN
-The following statement was sent to us on
May 8 by Sutherlin & Scranton, Inc., dealers in investment securities, from
New Orleans:
"To holders of 5% Public Impt. bonds dated Nov. 1 1917: 5'7 Road and
Bridge bonds of Road Dist. No. 1, dated July 1 1919; 6
bends of
Sub-Road Dist. No. 2 of Road Dist. No. 1, dated March 1 1927, and
6% certificates of indebtedness dated Mar. 1 1930, all of St. Martin
Parish, La.:
"By reason of general economic conditions and circumstances over which
the Parish of St. Martin has had no control,it is impossible for it to continue
the present rate of burdensome taxation with which to meet the principal
and interest payments on its several outstanding issues of bonds as above
enumerated. The disastrous flood which the Parish suffered in 1927. with
consequent accumulation of delinquent taxes, and other causes beyond its
control have caused a substantial amount of the former taxable property of
the Parish to be adjudicated to the State, leaving an assessed valuation at
this time of only $4,670,000 as compared with an assessed valuation of a
decade ago of $9,400,000.
" order to effect a necessary reduction in the present rate of taxation
In
and yet maintain proper security for its creditors, the Police Jury finds it
necessary to avail itself (with the consent of the various bondholders)
of the provisions of Act No. 85, Regular Session 1934, which authorizes
the 'readjustment, unifying and refunding, the whole or any part, of its
outstanding bonds and certificates of indebtedness. . .
The Parish of St. Martin is now in the process of issuing refunding bonds
to refund each of the issues of bonds outstanding as Indicated in the address
of this conununication. It asks for no compromise in the principal nor the
interest rate of the bonds presently outstanding. It simply requests that
the owners of its bonds exchange them for a like principal amount at the
same rate of interest for now refunding bonds to be issued over an extended
period of time, as is indicated thus: Public improvement bonds of 1917.
which'presently mature from 1934 to 1952, to be extended so as to mature
March '1 1938 to 1959, inclusive; that Road District No. 1 bonds, which
presently mature from July 1 1934 to 1939, be extended so as to mature
March 1 1938 to 1958, inclusive; that Sub-Road Dist. No. 2 of Road Dist.
3429
No. 1 6% bonds, which presently mature from March 1 1935 to 1952,
inclusive, be extended so as to mature March 1 1938 to 1963, inclusive,
that the 6% certificates of indebtedness presently maturing 1934 to 1950,
inclusive, be extended so as to mature March 1 1938 to 1959. inclusive.
"The exchange of bonds will be accomplished without expense to the
holders of the old bonds and the new bonds will carry the approving opinion
as to their validity by a nationally recognized bond attorney. In making
such an exchange the owner sacrifices none of his original security, rights
and privileges. It is earnestly hoped that you will promptly indicate your
willingness to exchange bonds or certificates which you own by sending
a description of such securities by date of issue, purpose of issue, interest
rate and exact date of maturity, to Mr. John E. Sutherlin, care of Sutherlln
& Scranton, Inc., Investment Securities, RA 3119 Carondelet Bldg., New
Orleans.
"Ad adjustment of the interest accrued will be made at the time of the
exchange of your bonds for new refunding bonds. Your prompt co-operation
In this matter will facilitate our efforts and will be greatly appreciated.
"Very truly yours,
"R. L. THOMAS,
"Secretary, Police Jury."
ST.PAUL,Minn.
-MAYOR VETOES ORDINANCEFOR MUNICIPAL
POWER PLANT
-In connection with the report given in these columns
recently that the City Council had approved a resolution calling for the
issuance of $16,965,000 in municipal power plant bonds
-V. 140. P. 3260
we quote as follows from the May 11 issue of the "Commercial West"
of Minneapolis:
"Proponents of a municipal electric light and power plant in St. Paul
got a real setback this week when Mayor Gehan vetoed an ordinance
proposing a bond issue of $17.000,000 for the purpose of constructing such
a plant.
"In his veto message Mayor Gehan characterized the municipal power
plant program as 'hazardous and unplanned,' and said 'In all probability
such an undertaking would bankrupt our city.' He said further, 'it is
the height of folly.'
"Continuing, the St. Paul Mayor said the light and power problem
the city now is more nearly solved than at any time in recent years.
"Both electric power and gas are provided St. Paul by the Northern
States Power Co."
ST. PAUL, Minn.
-BOND RESOLUTION VETOED-Mayor Gehan
has vetoed the resolution recently passed by the City Council as reported in
V. 140, p. 3260, which would have provided for the calling of an election to
vote the issuance of $16,965,000 municipal power plant bonds. City Council
has sustained the veto..
SALEM, N. J.
- City; Treasurer, re-BOND SALE
-Arthur S."Taylor. .
ports that the $9,000 coupon or registered fire department equipment
-were awarded as 45 to J. B.
bonds offered on May 13-V. 140, p. 3260
Hanauer & Co. of Newark at par plus a premium of $59.94, equal to 100.66,
a basis of about 3.87%. Dated June 1 1935 and due $1,000 on June 1
from 1937 to 1945 inch
SALEM, Ore.
-BOND SALE
-The $30,000 issue of refunding, series
-was awarded
1935. B bonds offered for sale on May 6-V. 140, P. 2912
to E. M. Adams & Co. of Portland as 3),s at a price of 100.09, a basis of
about 3.21% to optional date. Dated May 15 1935. Due from May 15
1936 to 1045, optional on or after three years,
-The
-NOTE SALE
SALEM SCHOOL DISTRICT NO. 24, Ore.
issue of $100,000 1-year notes offered for sale on May 14, as reported in
V. 140, p. 3260, was awarded to the First National Bank of Portland
on a bid of 1%%. The next bid was submitted by Jaxtheimer & Co..
who offered to take the notes on a
% interest basis, plus a premium
of $150.
SALINA, Kan.
-CORRECTION
-It is now stated by the City Clerk
that the $18,340.53 issue of 2;4% semi-annual improvement bonds were
purchased by Estes, Payne & Co. of Topeka, not by Small, Milburn Ss
Co. of Wichita, as previously reported-V. 140. p., 3260. The bonds
are said to have been sold for a premium of $234.75. equal to 101.27,La
basis of about 2.25%. Due from Dec. 1 1935 to 1944 incl.
SALINAS, Calif.
-At the May 10 election the voters
-BONDS VOTED
gave their approval to a proposed bond issue of $140,000 for construction
of an underpass.
SALUDA COUNTY (P. 0. Saluda), S. C.
-BOND SALE CORRECTION
-In connection with the report that the county had sold $40,000
-V. 140,
of 5% bonds to local banks, as noted in these columns recently
p. 3260
-it is stated by the County Supervisor that the real amount of
bonds sold was $45,000, of which $37,000 was for past due claims and
notes, and $8,000 was for past due bonds. He states that the issue was
purchased by the Saluda County Bank of Saluda, and the Bank of Ward.
of Ward.
SAN DIEGO (City and County), Calif.
-FEDERAL FUNDS SOUGHT
-Proposal that the city and county hold an election in November to secure
necessary Federal aid, gift and loan, to make possible a new civic center was
made to the Board of Supervisors recently by the County Planning Commission, it is stated.
The program of the Commission is somewhat in the nature of a compromise proposal. It would install administrative departments of the city and
county in a central civic center building on the city-county waterfront site
of 18 acres and would house the courts, jails and law enforcement offices in
remodeled quarters on the site of the present courthouse.
Such a project, the Commission estimates would cost $1,200,000, of
which $900,000 would be used on the harbor front building and the remaining $300,000 on the rebuilding of the present court house into a hall
of justice.
SAN MIGUEL COUNTY SCHOOL DISTRICTS (P. 0. Las VeTair,
N. M.
-BOND CALL
-Alfredo II. Martinez, Treasurer of San Miguel
County, publishes notice that the following bonds are called for payment
on June 1 1935: $8,500 School Dist, No. 21 bonds dated June 1 1920:
$2.500 School Dist. No. 27 bonds dated June 1 1920; $4.000 School that.
No. 40 bonds dated June 1 1920.
SANPETE IRRIGATION DISTRICT (P. 0. Sanpete), Utah-FEDERAL FUND ALLOTMENT
-The following press release (No. 1367)
was made public by the Public Works Administration recently:
"An additional allotment of $75,000 to the Bureau of Reclamation,
Department of the Interior, for the construction of the Ephraim and Spring
City units of the Sanpete Irrigation Project at Sanpete. Utah was announced
to-day by the PWA.,,,The allotment was made from old PWA funds.'
SANTA FE IRRIGATION D1STRICTr(P. 0. Encinitas), Calif.
BOND ISSUANCE ON RFC LOAN CONTEMPLATED
-It is stated by the
District Secretary-Manager that the $394,000 refunding bonds approved by
the voters at the election held recently
e to be issued
-V. 140, p. 30
to secure a loan from the Reconstruction Finance Corporation.
.
SANTA MONICA, Calif.
-BOND REFUNDING NOT CONTEMPLATED
-It is stated by the Commissioner of Finance that we were incorrect in reporting that the city was planning to effect the refunding of
about $600,000 in special assessment bonds
-V. 140, p. 2912.
SCHENECTADY, N. Y.
-BONDS AUTHORIZED-Common Conial
has authorized a bond issue of $25.000 to provide a loan to the Schenectady
Housing Authority for administrative work and to repay loans of $12.000
made to the Authority last year by a group of business men.
SCHUYLKILL COUNTY(P.O. Pottsville), Pa.
-BONDS APPROVED
-The $1.123,000 2%% refunding bonds due from 1937 to 1955, incl.,
awarded on April 29 to Brown Harriman & Co. and associates at 100.56,
a basis of about 2.44%, were approved on May 8 by the Pennsylvania
Department of Internal Affairs.
SCOTTSBURG,Inc.
-BOND OFFERING
-On June 1 at 10 a.m. at the
Town Hall the Board of Trustees of the Department of Waterworks will
offer for sale an issue of $23,000 of 5% waterworks revenue bonds.
SEDGWICK COUNTY SCHOOL DISTRICT NO. 35 (P. 0. Ovid).
Colo.
-BONDSSOLD
-An issue of $28,50035 % refunding bonds recently
voted has been sold to the J. K. Mullen Investment Co. of Denver. Dus
$2.000 yearly from 1937 to 1950, incl. and $500 in 1951.
SEDG WICK COUNTY SCHOOL DISTRICT NO. 46 (P. 0. S
wick), Colo.
-BOND SALE
-The J. K.Mullen Investment Co. of Denver
has purchased an issue of 17.400 33/% refunding bonds recently voted.
Denom.$400 and $500. Dated May 15 1935. Due $400 May 15 1936 and
$500 yearly May 15 from 1937 to 1950 incl.
3430
Financial Chronicle
-BOND CALL
SENECA, S. C.
-The town is reported to be calling for
payment all outstanding electric power plant and transmission system
bonds issued on Dec. 1 1908, due on Dec. 1 1948, redeemable on any int.bearing date.
SHAWNEE COUNTY(P.O. Topeka), Kan.
-BOND SALE DETAILS
-It is reported by the County Clerk that the $21.000 internal impt.
bonds purchased recently by the Columbian Securities Corp. of Topeka.
at a price of 101.569-V. 140. p. 2/32
-were sold as 2 Xs, giving a basis
of about 2.58%. Dated Jan. 1 1935. Due on Jan. 1 1945.
SHERIDAN, Wyo.-PWA LOAN REQUESTED-Application for a
$122,750 Federal loan and grant for a paving project has been received
from the City of Sheridan by F. C. Williams, State PWA Engineer,
according to report.
SHOREWOOD SCHOOL DISTRICT NO. 4 (P. 0. Milwaukee),
Wis.-BOND ELECTION
-An election is reported to be scheduled for
May 21 to vote on the issuance of $45,000 in school auditorium bonds.
SILVER CREEK SCHOOL DISTRICT NO. 6, Nob.
-BOND OFFERING-The $12,000 school building addition bonds voted on April 2. as
reported in V. 140, p. 2912, are being offered for sale on May 27, on which
date bids will be received until 8 p. m. Bonds are coupon in form, and are
to bear no more than 6% interest. Denom. $1,000. Interest payable
annually. Principal and interest payable at the County Treasurer's office
in Central City. Due in 1947.
SIOUX RAPIDS CONSOLIDATED SCHOOL DISTRICT, Iowa
BONDS PROPOSED-It is reported that the directors of the District will
meet on May 20 to take steps to issue $39,000 school refunding bonds.
SKIATOOK, Okla.
-BONDS VOTED-It is reported that the voters
recently approved the issuance of $93,000 in water line and pumping station
bonds.
SOLOMON, Kan.
-BOND REFUNDING INDEFINITE
-In connection with the report given in these columns recently
-V. 140, p. 2232
that the city officials intended to refund a total of $68.000 water works
bonds now held by the State School Commission, it is stated by the City
Clerk that no action has been taken as yet.
SOUTH BEND, Ind.
-BONDS STILL • UNSOLD-Fred Woodward,
City Comptroller, informs us that the $50,000 4% right-of-way bonds
offered on April 26. bids for which were unopened due to court litigation
-remain unsold. Dated May 1 1935 and due in 10 years.
-V.140, p.3088
SOUTH DAKOTA (State of)
-BOND SALE
-The $3,000,000 issue of
Rural Credit. series A. 1935 bonds offered for sale on May 15-V. 140, P.
-was awarded to a syndicate composed of Edward B. Smith & Co. of
3089
New York; the Wells-Dickey Co., the First National Bank & Trust Co.,
both of Minneapolis; the First National Bank of St. Paul; the Northwestern
National Bank & Trust Co. and Thrall, West & Co., both of Minneapolis;
Kalman & Co. of St. Paul; the Allison-Williams Co.. Piper, Jaffrey & flopwood,Bigelow, Webb & Co., Justus F. Lowe Co.. all of Minneapolis: Harold
E. Wood & Co. of St. Paul; the First National Bank & Trust Co.. the
Security National Bank & Trust Co., both of Sioux Falls, and the Illinois
Co. of Chicago, as 4)4g. paying a premium of $3,000, equal to 100.10, a
basis of about 4.49%. Dated May 1 1935. Due from May 1 1943 to 1950.
-OFFERING-It was reported by the bankers that the bonds
PUBLIC RE
were all sold on May 16, at prices yielding from 4.10% to 4.30%, according
to maturity.
SOUTH NORWALK, Conn.
-LOAN PROPOSED
-It is said that the
Common Council is planning to borrow $400,000 on short-term notes in
anticipation of taxes.
SPENCER COUNTY (P. 0. Rockport), Ind.
-BOND OFFERING
W. P. Jolly, County Aludtor, will receive sealed bids until 9 a. m. on
June 3 for the purchase of $35,000 4% coupon poor relief bonds. Dated
April 1 1935. Denom. $500. Due $1,500 June 1 and $2,000 Dec. 1 from
1936 to 1945 incl. Interest payable J. & D. A certified check for 3%,
of the bonds bid for, payable to the order of the Board of County Commissioners, must accompany each proposal. The indebtedness of the
county. including the proposed issue. is less than 2% of the liable present
assessed value of the taxable property therein.
SPOKANE, Wash.
-LIST OF BIDS
-The following is an official list
of the bids received on May 9 for the $500,000 water revenue of 1935 bonds,
the sale of which was reported in V. 140, p. 3261:
BidderRate
Price
First National Bank of Seattle and Wm. P. Harper
& Son & Co.(delivery 15 days, May 24)(successful
bidder)
2%
98.543
Spokane & Eastern Trust Co., Ferris & Hardgrove, 2
98.21
Murphey, Fevre & Co., Wells, Dickey & Co. and t2
51
Grande. Stolle & Co
&mate bonds,
1 to 5 years.
2%
100.01
Richards & Blum, Inc. Blyth & Co., Seattle, and
Dean Witter & Co., Seattle
2%
98.03
Rutter & Co., New York;First National Bank,Port-123. %
99.355
land., and Bramhall & Stein, Seattle
j2H%
100.67
Harold H. Huston & Co., National Bank of Corn-13%
100.04
merce,Seattle, and Seattle Trust Co., Seattle_ _ _ _
Alternate
97.39
2X%
Old National Bank & Union Trust Co., Spokane
No. 1-$41,000 (1936)
2X%
100.000
No. 2-$43,000 (1937)
23j%
100.000
No. 3-$45.000 (1938)
100.000
2X%
SPOONER AND BEAVER BROOK JOINT SCHOOL DISTRICT
NO. 1, Wis.-BOND ELECTION
-At an election to be held on May 17
the voters will be asked to approve a proposed bond issue of $24,000, which
if approved are to be offered to the State Trust Fund. The bonds would
bear 4% interest and would be payable in 10 annual instalments.
SPRINGFIELD, Mass.
-STATE BODY APPROVES LOANS
-According to news reports the State Emergency Finance Board recently granted
the city authority to issue $1.700.000 bonds, including the $500,000 loan
being made under the Halliwell Bill.
SPRINGFIELD, Mass.
-BOND SALE
-6500.000 municipal relief bonds
offered on May 15, were awarded to Jackson & Curtis. Blyth & Co., Bond &
Goodwin and E. H. Rollins & Sons of Boston, on a bid of 100.182 for 1 X%
bonds, a basis of about 1.72%. Dated June 1 1935. Due $50,000 yearly
from 1936 to 1945. incl.
TEMPORARY LOAN
-OTHER BIDS FOR BOND ISSUE
-George W.
Rice, City Treasurer, has sold privately to Boston banks a $275,000 revenue
anticipation loan. due Aug. 14 1935. at 0.18%. This is the lowest rate
ever paid by the city for short-term funds. Similarly the bond issue was
sold on the best terms ever obtained by the city. Unsuccessful bidders and
their bids for the bond issue follow:
BidderInt. Rate
RateBid
Gertier & Co., New York
100.14
13i%
F. S. Moseley & Co.: Kidder Peabody & Co.,
jointly. of Boston
2%
100.65
Brown Harriman & Co.; Stone & Webster and
Blodget, Inc., Boston
2%
100.586
Edw. B. Smith & Co.; Newton, Abbe & Co.; Burr,
Gannett & Co., jointly, of Boston
2%
100.537
Graham, Parsons & Co.; Burr & Co., jointly, of
Boston
100.487
Halsey, Stuart & Co., Boston
100.455
27
90
The First Boston Corp.; R. L. Daly & Co.: Estabrook & Co.: Whiting Weeks & Knowles, jointly,
of Boston
100.419
27
Hornblower & Weeks, Boston
2i
0
100.157
Harris Trust & Savings Bank; The Northern Trust
Co., jointly. Chicago
100.087
2%
•Salmon Bros.& Hutzler
100.82
2%
•Bid received after award was made.
SPRINGFIELD SCHOOL DISTRICT (P. 0. Springfield), Mo.-The following is an official list of the other bids received
OTHER BIDS
on May 9 for the purchase of the $150,0_00 coupon refunding bonds, which
were awarded to Stern Bros. & Co. of Kansas City, as 1)4s and 1(s, at a
price of 100.08, a basis of about 1.57%. as Previously reported in these
columns:
may
18 1935
BiddersRate
Price Bid
Fox Einhorn Co., C,ncinnac., Ohio
$151,389.00
Fox Einhorn Co., Cincinnati, Ohio
2%
150,309.00
Harris Trust & Savings, Chicago
2Y
153.117.00
Metropoliton St. Louis Co., St. Louis
2
151,813.50
City National Bank & Trust,Kansas City, Mo
151,702.50
2
City National Bank & Trust, Kansas City. Mo
2
150,540.00
Prescott, Wright, Snider Co., Kansas City
152.280.00
2 %
Prescott, Wright, Snider Co., Kansas City
2
151,194.00
Boatmen's National Bank & Trust, St. Louis
2
152.671.50
Boatmen's National Bank & Trust, St. Louis
151,576.50
2
Boatmen's National Bank & Trust, St. Louis
1
150,496.50
Mississippi Valley Trust, St. Louis
2
152,340.00
Mississippi Valley Trust, St. Louis
2
151,312.50
Mississippi Valley Trust, St. Louis
1
150.235.50
Halsey, Stuart & Co., Chicago
150,525.00
2
Mercantile Commerce Bank & Trust, St. Louis
152,719.50
2 %
Mercantile Commerce Bank & Trust, St. Louis
2/0
150.331.50
STAMFORD, Conn.
-We
-CHARTER AMENDMENT PROPOSED
learn that the State Legislature has under consideration a proposed amendment to the City Charter which would allow the city to issue $1,500,000
to finance current expenses.
STANLEY, Va.-DETAILS ON FEDERAL FUND ALLOTMENT
The report that a loan and grant of $23,000 for water works system construction had been approved by the Public Works Administration
-V. 140.
p. 2899
-is confirmed by Mayor J. S. Bledler, and he states that the loan
portion will be $18.000, to be secured by bonds dated June 1 1935, and
maturing on June 1 as follows: $500, 1937 to 1950, and $1,000, 1951 to
1961, all incl. It is said that an election will be held soon to vote on the
issuance of these bonds.
SUTTON, Neb.-BOND ELECTION
-An election is to be held on May
18 for the purpose of voting on two bond issues, one of $36,000 for lighting.
purposes and the other of $17,000 for warrant funding.
TAUNTON, Mass.
-BONDS PROPOSED-Councilmen are reported to
have passed on first reading an order calling for the issuance of $167.000
relief bonds under the terms of the recently enacted Halliwell Bill, which
Permits municipalities to borrow on bonds to finance deficits in current
revenues.
TERRE HAUTE, Ind.
-BOND SALE
-An issue of $100,000 refunding
bonds was purchased by Brown Harriman & Co. of New York on May 6
as 2)45, at a price of 100.056, a basis of about 2.49V. Dated May 11935.
Due $5,000 Jan. 1 and July 1 from 1938 to 1947 incl. Interest payable
J. & J. Legality approved by Smith, Remoter. Hornbrook & Smith of
Indianapolis.
THOMPSON, Iowa-BOND SALE-The Polk-Peterson Corp. of Des
Moines recently purchased $8.000 3X% refunding bonds, paying a premium
of $67.50, equal to 100.843, a basis of about 3.33%. Due $1.000 yearly
for 4 years and $500 yearly for eight years following.
THOR, Iowa-BONDS VOTED-Voters at a special election favored a
bond issue for the erection of a town hall and community building and piano
are under way for its construction at a cost of $10,000.
THURSTON COUNTY (P. 0. Olympia), Wash.
-CONFIRMATION
OF BOND OPINION
-It is stated by the Deputy County Auditor that the
report to the effect that the State Supreme Court upheld the right of the
County to proceed with the issuance of $50.000 in not to exceed 6% relief
bonds, carried in these columns recently-V. 140, p. 3089-is correct.
but she observes that the Court stressed the fact that its decision could not
be construed as upholding the imposition of bond payment levies in excess
of the legal limit, set by the last Legislature. The County does not contemplate offering these bonds for some time, according to report.
TOLEDO, Ohio
-DEBT SERVICE NEEDS SHOW INCREASE
-Provision for payment of prin. and int, charges represented 497 of the city's
0
tax dollar in 1934, compared with 41% in 1933 and 32% in 1932. according
to report. Appropriations for other operating purposes have been lowered
proportionately, it is said.
TOMBALL INDEPENDENT SCHOOL DISTRICT, Texas
-BONDS
VOTED
-On May 4 the voters by a ballot of 90 to 32 voted approval of a
$25,000 bond issue for the erection of a new school, it is reported. The
bonds will bear 6% interest and mature in 25 years.
TORRINGTON, Conn.
-BOND ISSUANCE CONSIDERED-The
city authorities are said to be planning to authorize the issuance of $100.000
relief bonds which the State Legislature approved in a recent enactment.
TROY, N. Y.
-NOTE SALE
-In connection with the report which
appeared in V. 140, P.3262,that the city Board of Aldermen had authorized
a loan of $98,000 against anticipated tax collections, City Comptroller
John J. Mulcahy informs us that a block of $97,000 1932 tax-anticipation
certificates of indebtedness had been sold to local banks.
TROY, Ohio
-City Auditor Geo. L. Dalton informs us
-BOND SALE
that the $10,000 street surfacing bonds recently authorized, as reported
In V. 140, p. 3262, will be taken by the sinking fund.
TUSCALOOSA COUNTY (P. 0. Tuscaloosa), Ala.
-FINANCIAL
STATEMENT
-The following information is furnished to us in connection
with the offering scheduled for June 1, of the $25,000 issue of not to exceed
5% semi-ann. refunding bonds,report on which was given in these columns
recently.
-V.140, p. 3263:
Financial Statement
Estimated actual value property in Tuscaloosa County
$55,000.000.00
Assessed valuation all property as last assessed
24,859,900.00
That the total amount of bonds outstanding is -$830,000.00
That the present total warrant and other indebtedness of Tuscaloosa County is
67,000.00
Making a total debt of
897,000.00
Less Tuscaloosa County bonds held ins. f__-- $22,000.001
36.144.16
Less cash in sinking fund bond account
14,144.16j
Net county debt
$860,855.84
Population, 1930 Federal Census,64,718.
TUTTLE, Okla.
-BOND SALE DETAILS
-In connection with the
report that S12.000 sewer bonds had been sold recently
-V.140,p. 2913
we are now informed that the bonds were purchased by Mr. R. L. McGee
of Shawnee, as 6s at par, Due $1,000 from April 15 1938 to 1949 Incl.
UPPER COLORADO RIVER AUTHORITY (P. 0. Austin) Tex.CREATION OF DISTRICT APPROVED
-A bill creating this district Is
reported to have been signed by Governor Allred. It is planned to remit
about $65,000 in State taxes annually over a period of 20 years, in Coke
County and Tom Green County, in order to guarantee Federal funds for
the construction of dams and reservoirs for irrigation purposes. The district
Is said to be expecting a total of approximately $4,000,000 In funds from the
Federal Government.
-REPORT ON EXPENDITURES PER CAPITA
UNITED STATES
FOR 13 LARGEST CITIES FOR 1932
-The Boston "News
-Bureau" of May
16 carried the following report on a survey made of the expenditures per
capital of the 13 largest cities in the United States for 1932:
"The Boston Municipal Research Bureau, of which A. Lawrence Lowell
is Chairman, presents the following tabulation giving the expenditures per
capita of the 13 largest cities in the United States for 1932. the latest year
for which comparable statistics are available:
Expenditures
Expenditures
Per Capita
CityCityPer Capita
1. Boston
$81.19
R. Cleveland
$44.68
2. New York
9. Baltimore
67.77
42.72
3. Buffalo_
10. Detroit
67.77
42.51
4. Milwaukee
59.89
11. St. Louis
41.66
5. Los Angeles
12. Philadelphia
57.66
40.66
6. Pittsburgh
51.63
13. Chicago
39.45
7. San Francisco
46.16
Boston's costs are excessive whether the comparison is made with any
one, or any combination of the cities with populations over 500.000.
4
"Annual studies of tax rates, adjusted to the same basis of valuation
by a national authority, show that Boston's adjusted tax rates of recent
years are far out of line. In 1934. Boston was highest with a $37.10 rate,
Detroit was second with $30.23, and San Francisco was thirteenth with
only $17.00."
VALLEY STREAM, N. Y.
-BOND SALE
-The $85,000 tax revenue
bonds offered on May 14-V.140, p.3090
-were awarded to Bacon, Steven-
zg%
Volume 140
Financial Chronicle
son & Co. of New York as 2 Ns. at a premium of $42.50, equal to 100.05,
a basis of about 2.74%. Included in the sale were $60,000 series A bonds,
due $15,000 each year on June 1 from 1936 to 1939 incl., and $25.000 of
series B, due $7.000 on June 1 1936 and $6,000 June 1 from 1937 to 1939
incl. Among the other bidders were:
BidderInt. Rate Premium
Hemphill, Noyes & Co
Starkweather & Co
$12 ..90
78 00
7
3%
Other bidders were:
NameInt. Rate
Premium
Bank of Rockville Center Trust Co
No premium
3N %
South Shore Trust Co., Rockville Centre
3Ji%
Geo. B. Gibbons & Co., Inc, New York
4%
$ 3e850
95 5
8
VERMILION, Ohio-BONDS AUTHORIZED-Ordinances have been
adopted by the Village Council which authorize the issuance of the following
6% coupon bonds:
$25,000 special assessment water bonds. Denom. $1,000. Due yearly on
Dec. 1 as f illows: $5.000, 1936; $4.000, 1937 to 1941 incl.
23,640 special assessment water bonds. Denom. $1,000 and $640. Due
yearly on Dec. 1 as Mows:$3,640. 1936; $5.000. 1937 to 1940 incl.
Dated June 1 1935. Principal and semi-annual interest (June 1 and Dec.
1) payable at the office of the Vermilion Banking Co., Vermilion.
VERMONT (State ofI-PROPOSED BOND ISSUE-Although nothing
definite in the matter has been determined as yet, the State may come to
market with an issue of $600.000 bonds after the close of the current fiscal
year on June 30. Authority to borrow $600.000 to retire notes issued two
years ago in connection with the bovine tuberculosis eradication program
was granted at the recent session of the State Legislature. Thomas H. Cave
is State Treasurer.
VERONA, N. J.
-BONDS AUTHORIZED-The Borough Council has
passed on final reading an ordinance authorizing the issuance of $191,000
sewer bonds, it is reported.
WABASH SCHOOL TOWNSHIP (P. 0. Geneva), Ind.
-BONDS
PROPOSED
-We learn that the Township Trustees are giving consideration
to a plan to issue bonds for the purpose of financing a new school building.
WALDEN FIRE DISTRICT NO.2(P.O.Walden), N. Y.
-CREATION
OF DISTRICT APPROVED-The action of the Erie County Board of
Supervisors in establishing the above district and the procedure followed
In authorizing an issue of $12,500 bonds, with provision for re-payment of
the debt, is validated and confirmed in all respects by the Cheney bill which
was signed recently by Governor Lehman as Chapter 823, Laws of 1935.
WALLACE, Ida.
-BONDS SOLD-The $56,000 4% refunding bonds
recently authorized, as stated in V. 140, p. 3263, have been sold to local
banks, we are advised by the City Clerk. Dated July 1 1935. Due July 1
1955: optional 2 years after date of issue.
WALLINGFORD, Conn.
-BONDS PROPOSED-It is stated that the
Court of Burgesses is planning to ask that a bill be introduced in the Legislature which would provide the borough with authority to issue $225,000
refunding bonds.
WALTON UNION FREE SCHOOL DISTRICT NO.1(P.O. Walton),
N. Y.
-BOND OFFERING-Henry S. White, District Clerk, will receive
sealed bids until 11 a. m. (Eastern Standard Time) on May 24 for the
purchase of $113.000 not to exceed 4% interest coupon or registered school
bonds. Dated Sept. 11934. Denom.$1,000. Due Sept. 1 as follows: 83,000
from 1935 to 1941 incl. and $4,000 from 1942 to 1964 incl. Bidder to name
a single interest rate on the issue, expressed in a multiple of N or 1-10th of
1%. Principal and interest (M. & S.) payable in lawful money of the
United States at the First National Bank & Trust Co., Walton. A certified
check for $2,260, payable to the order of the above-mentioned official, must
accompany each proposal. Legal opinion of Reed, Hoyt & Washburn of
New York will be furnished the successful bidder.
Financial Statement
Assessed valuation
$3,399,385
Total bonded debt (incl. present offering)
134,000
Population, 1930 census
3,496
Tar Collections
Uncollected
Uncollected
Fiscal Year (Begins July 1)Levy
End of Year May 7 1935
1931-1932
$23.800.20
$318.15
None
1932-1933
23,948.18
130.55
None
1933-1934
23,812.66
523.25
None
1934-1935
23,795.70 (Collected to date $22,500)
WAPELLO, Iowa-BOND ELECTION PETITIONED-It is reported
that petitions are being circulated requesting the calling of an election to
vote on the question of issuing $12,000 jail bonds.
WARREN COUNTY AGRICULTURAL HIGH SCHOOL DISTRICT
(P. 0. Vicksburg) Miss.
-BONDS CALLED-It is reported that 5%
school bonds of an issue dated May 9 1917, are being called for payment
at par at the First National Bank & Trust Co. of Vicksburg. Due on May 9
1942.
WATER VALLEY, Miss.
-BOND LEGALITY APPROVED
-A $19,000
issue of 6% refunding bonds is said to have been approved as to legality by
Benjamin H. Charles of St. Louis.
WATERBURY, Conn.
-BOND SALE-Bidding a premium of $120.
equal to 100.035, for $160,000 bonds, to bear 23
4% Interest., maturing from
1936 to 1943, and $179,000 bonds to bear 2M % interest, maturing from
1944 to 1952. Halsey, Stuart & Co. of New York and the R. F. Griggs Co.
of Watefbury ware awarded the $339.000 bonds offered on May 15. as
stated in V. 140. p. 3263. At the price received, the funds are costing the
city about 2.61% annually. Dated May 1 1935. Due yearly on May 1 as
follows: $20,000, 1936 to 1951, and $19.000 in 1952.
The bonds are being re-offered by the bankers for public investment at
prices to yield from 0.50% to 2.65%, according to maturity. They are
declared to be legal investment for savings banks and trust funds in the
States of New York and Connecticut and,in the opinion of counsel, constitute general obligations of the city, payable from unlimited ad valorem
taxes against all taxable property therein.
FINANCIAL STATEMENT(MAY 11935)
Grand list
$194,356,123.00
Tax rate per $1,000 assessed valuation (payable May 1
and Oct. 1 1935)
32.00
Estimated Revenue for Year 1935
Taxes
5,194.000.00
Miscellaneous items-special taxes, State grants, licenses,
water rents, &c
634,216.84
Total
$5,828,216.84
Bonded Indebtedness
Water
$6,953,000.00 Park
$305,500.00
School
1,349,000.00 Street improvement__
250.000.00
Sewage disposal
318.000.00 Stormwater drainage_
80 000 00
City llall, police and
Permanent paving_ _ _ 33.000.00
fire station
500,000.00 Comfort station and
Sewerage
garage
rage
1,510,000.00
25,000.00
Bridge
776,000.00 Fire Department
156,000.00
Isolation hospital
225,000.00 General improvement_ 3,300:LO:00
8 0
8
00
Funding
Total bonded indebtedness
Loss water bonds
Amounts in sinking funds
$16.660,500.00
6,953.000.00
$9,707,500.00
177.362.90
Net bonded indebtedness
$9,530.137.10
Population at Different Periods
-1880, 20,270; 1890, 33,202: 1900, 51.139;
1910, 73,141; 1920, 91,715; 1930. 101,025.
The Water Department is owned and operated by the municipal government and has a total storage capacity in excess of 3 billion gallons.
There is no controversy or litigation pending or threatened affecting the
corporate existence or the boundaries of said municipality, or the title of
its present officials to their respective offices, or the validity of its bonds,
and no default has ever been made in payment of any obligations.
3431
WATERTOWN, Mass.
-LOAN OFFERING-H. W. Brigham, Town
Treasurer, will receive sealed bids until 3.30 p. m. on May 20 for the purchase at discount of a $100,000 revenue anticipation loan, payable March 27
1936.
WATERTOWN, Mass.
-TEMPORARY LOAN
-H. W. Brigham, Town
Treasurer, made award on May 10 of a $5,000 loan to the National Shawmut
Bank of Boston at 0.54% discount. Due Nov. 1 1935. Other bidders were:
Biddernion Market National Bank
U
1
Faxon, Gade & Co
Discount641 R
PWA ALLOTMENT
-The following press release was made available
recently by the above Federal agency:
"An allotment of $25,000 of PWA funds for the purchase of materials to
be used in repair work at the Watertown Arsenal, Watertown, Mass., was
announced to-day by Public Works Administrator Harold L. Ickes.
"This allotment, made from old PWA funds, will result in continuing
work for approximately 2,200 FERA skilled workmen from Boston and
nearby cities. The repair work consists of plumbing, interior painting,
removal of an old chimney. remodeling of the armor plate heating room,
pointing up brick work, repairs to electrical equipment, roof repairs, &c."
-It is stated
WAXAHACHIE, Tex.
-BOND REFUNDING REPORT
by the City Secretary that the refunding of the $68.500 4)4% semi-ann.
water works and street impt. bonds, authorized recently by the City Council
-V.140,p. 2234-was handled by Donald O'Neil & Co. of Dallas. Denom.
$1,000. Due serially in 15 years. Prin. and int. (M. & N.) payable at
the Chase National Bank in New York.
WELD COUNTY SCHOOL DISTRICT NO. 60 (P. 0. Lucerne),
-BONDS VOTED-The issuance of $11,000 4% refunding bonds
Colo.
was authorized by the voters at an election held on May 6. Dated June 15
1935. Due $1,000 yearly from 193610 1946. incl.
WELD COUNTY SCHOOL DISTRICT NO.60 (P. 0. Greeley) Colo.
-An $11,000 issue of 4% refunding bonds was purchased
-BOND SALE
recently by Bosworth, Chanute, Loughridge & Co. of Denver. Denom.
$1.000. Dated June 151935. Due $1,000 from June 15 1936 to 1946 incl.
Prin. and int. (J. & D. 15) Payable at the County Treasurer's office.
Legality to be approved by Pershing, Nye, Bosworth & Dick of Denver.
WELD COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Plateville),
-An issue of $24,000 4;4% refunding bonds was
Colo.
-BOND SALE
recently voted and sold to 0. F. Benwell of Denver. Dated June 15 1935.
Due 31,000 yearly from 1937 to 1950, and $2.000 1951 to 1955.
-BONDS PROPOSED-It is reported that the
WELLINGTON, Ohio
Village Council is considering an ordinance to authorize the issuance of
$7.500 swimming pool bonds.
-BORROWING AUTHORI7ED-Final passage
WESTFIELD, Mass.
to an order authorizing the city to borrow $50,000 was approved at an
adjourned meeting of the City Council on May 15. This sum is to be
borrowed under a recent legislative enactment that allows cities or towns
to borrow not more than 1% of the assessed valuation of the city or town
for the past three years. Under the act the city could borrow a slightly
larger sum, but it elected to authorized the borrowing of a smaller amount.
The money if borrowed will be used to keep down the 1935 tax rate that
has not as yet been estimated by the board of assessors and it will not be
until the budget is approved.
-BOND
WEST POINT HIGHWAY DISTRICT (P.O. Wendell), Ida.
SALE
-The $21,000 coupon general obligation refunding bonds offered
-were purchased jointly by Sudler.
for sale on May 11-V. 140. p. 3090
Wegner & Co. Inc. of Boise, and Murphey. Favre & Co. of Spokane, as
4s. Denom.$1.000. Dated May 1 1935. Due from 193710 1942. Interest
payable M.& N.
-BOND REFUNDING CONSIDERED-It is
WESTPORT, Conn.
reported that the Board of Finance is considering their refunding of all
bonds of the town now outstanding, except for the $360,000 issue floated
recently.
-BONDS CONSIDERED-The town
WEST SPRINGFIELD, Mass.
authorities are giving their attention to a plan to issue $50,000 revenue
deficit relief bonds under the terms of the Halliwell bill.
-BOND SALE
-The $1.000.000 issue of
WEST VIRGINIA (State of)
coupon or registered road bonds offered for sale on May 16-V. 140, p. 3263
-was awarded to a syndicate composed of Halsey, Stuart & Co., the Bancamerica-Blair Corp. Geo. B. Gibbons & Co. and Burr & Co. Inc., all of
'
New York, paying a:premium of $150, equal to 100.015, a net interest cost
of 2.804%, on the bonds divided as follows:
$480,000 bonds, maturing $40,000 from July i 1935 to 1946 incl., as 3s.
520.000 bonds, maturing $40,000 from July 1 194710 1959 incl.. as 2,4a.
-The successful syndicate reBONDS OFFERED FOR INVESTMENT
offered the above bonds for public subscription at prices yielding from 0.75%
to 2.85%, according to maturity.
The award of the above issue carried with it an option to purchase an
additional $750.000 of bonds on the same terms.
(The official advertisement of this offering appeared on page iv of this
issue.)
-It is
WEST VIRGINIA, State of-SINKING FUND BOND CALL
reported by Mrs.J. Beverly Dooley. Assistant Secretary of the State Sinking
Fund Commission, that she Is calling for payment on June 1, on which date
Interest shall cease, various 5% bonds in the amount of $162 400
-The Borough
WESTWOOD, N. J.
-BOND REFUNDING PROPOSED
Council is reported to be giving consideration to a proposed refunding
program which would involve the issuance of about $200,000 bonds to
retire present outstanding indebtedness. The new bonds would bear 4;4%
or 5%,as compared with 6% interest being paid on the present debt.
Nat 7
8 cinal
-The Second oz i%o
-TEMPORARY LOAN
WEYMOUTH, Mass.
Bank of Boston was awarded on May 14 a $100.000 revenue anticipation
nz
mscou:
loan at 0.54% discount basis. Due May 8 1936. Other bidders were
Bidder
Merchants National Bank of Boston
0.61
National Shawmut Bank
0.675
Faxon, Wade & Co
-MATURITY
-It is reported by the Town
WHITEHALL, Mont.
Clerk that the $5,900 refunding bonds awarded on May 6 to the Whitehall
-V. 140, p.
State Bank, as 5s at par, as reported recently in these columns
3264
-are due in 10 years.
%
WICHITA, Kans.-BOND OFFERING-The $103.266.79
coupon refunding bonds recently authorized, as reported in V. 140, P. 3264,
are being offered for sale on June 24, until which date bids will be received
by the City Clerk. Denom. $266.79 and $1,000. Dated June 1 1935.
Principal and semi-annual interest (June and December) payable at the
office of the fiscal agent in Topeka. Kans. Due yearly on June 1 as follows:
$11,266.79 in 1936; 810.000 in 1937 and 1938; $11,000 in 1939. 1940 and
1941, and $10,000 in 1942, 1943 and 1944. Certified check for 2% required.
Legal opinion of Bowersock, Fizzell & Rhodes, Kansas City, Mo. supplied
at city's expense.
Two other issues of bonds, details of which are not complete, will be
offered for sale at the same time.
WICHITA FALLS, Tex.
-BONDHOLDERS DENIED INJUNCTION
-Plea for an injunction restraining the City of Wichita Falls and its officials from transferring a large sum of money from a special sinking fund to
its general fund is reported to have been refused by Federal Judge W. H.
Atwell.
The action was brought by a group owning $300.000 of the city's bonds
and followed a suit filed by the city in the State court seeking to force the
city depositary to make the transfer.
WINDHAM, Me.
-LOAN VOTED-The residents at a recent meeting
gave their approval to a plan to borrow $20,000 in anticipation of taxes,
according to report.
WINNEBAGO COUNTY (P. 0. Rockford), Ill.
-PROPOSED BOND
ISSUE-The county is expected to sponsor a measure in the State Legislature empowering it to issue $250,000 bonds.
WISCONSIN (State of)
-BOND REFERENDUM APPROVAL BY
MAJORITY OF TOTAL VOTE PROPOSED-The Senate recently passed
a joint resolution which would require, when a popular vote is taken on proposed State bond issues, a majority of all the votes cast at the elect(
would be necessary for approval of the bonds.
3432
Financial Chronicle
WOBURN, Mass.
-TEMPORARY LOAN
-Michael J. Curran, City
Treasurer, informs us that the $300.000 revenue anticipation loan offered
on April 26 has been sold to the First National Bank of Boston at 2.47%
discount basis. Dated April 26 1935. Issue was offered to mature $100,000
each on Feb. 5, March 5 and April 6, all in 1936.
WOOD COUNTY (P. 0. Wisconsin Rapids), Wis.-BOND
ING-It is stated that sealed bids will be received until 9 p.m. on OFFERby J. A. Schindler, County Clerk, for the. purchase of $105,000 ofMay 23
county
bonds maturing as follows: Corporate purpose, series of 1933. $28,000 from
1936 to 1938, and highway improvement, series A. due $21,000 in 1936.
(This report supplements the tentative offeringi.notice_given recently
V. 140, p. 3264.)
WORCESTER, Mass.
-BONDS PROPOSED
-It is reported that Mayor
John C. Mahoney is urging the Common Council to authorize
of $800.000 bonds to relieve the deficit in current revenues. the issuance
WORCESTER, Mass.
-TEMPORARY LOAN
-The Day Trust-Co. of
Boston was awarded on May 16 a $400,000 issue of notes at 0.24% discount. Due Nov. 27 1935. Several other bids were submitted at the sale.
WORLAND, Wyo.-BONDTELECTION-The3Town"Council is said to
have voted to submit to the voters at an election on June 11 a proposaLto
Issue $20,000 bonds for construction of a community bullding.4 .
WORLEY, Ida.
-BONDS NOT SOLD-The $11,000 Issue
not to
exceed 6% semi-annual water bonds offered on May 11-V. 140.of 25864
P.
was not sold, according to the Village Clerk. It is said that arrangements
are being made for the Public Works Administration to purchase these
bonds. Dated March 1 1935. Due in not to exceed
20 years.t • •
WYANDOTTE, Mich.
-BOND OFFERING-Lawrenc
City Clerk, will receive sealed bids until 4 p. m.on May 24e J. LaCourse,
for the purchase
of $615,000 refunding bonds, divided as follows:
$526,000 series A not to exceed 334s. Due Oct. 1 as follows $56,000,
1935; 575.000, 1936; $90,000. 1937 and 1938: $100.000 in 1939
and $115.000 in 1940. Bonds will be ready for delivery on June 1
1935, but the city may, at its option,defer delivery of not more
than $23,000 until July 1 1935. Legal opinion of Miller. Canfield.
Paddock & Stone of Detroit approving the bonds as general
obligations of the city, will be furnished to the purchaser at the
expense of the city. 13ids for the loan must be accompanied by a
certified check for $5,000.
89,000 series B bearing 4% interest. Due Oct. 1 as follows 53.000, 1935:
$11.000. 1936 and 1937; $13,000, 1938; $14.000. 1939: 515,000 in
1940 and $22.000 in 1941. Bids must be unconditional, provide
for delivery and payment of the bonds on or before June 1 and
be accompanied by a certified check for $1,000.
Each issue Is dated June 11935. Interest payable A. & H.
.•.1
YAKIMA COUNTY (P. 0. Yakima), Wash.
-WARRANT CALLED
-It is report3d that the County Treasurer called for payment S April 24
on
various school district, old age pension, indigent blind relief, irrigation,
drainage and diking district warrants.
YUMA COUNTY SCHOOL DISTRICT NO.1 (P. 0. Yuma), Colo.
CORRECTION
-BONDS VOTED
-It is
by the Superintendent of
Schools that the $98,000 43.1% refunding stated reported to have been sold
bonds
recently
-V. 140, p. 3264
-were purchased by
at par, not by tho group previously mentioned. Benwell & Co. of Denver
He also states that at the
election on May 6 the voters approved the issuance ca these bonds by a
count of 101 to 8.
ZION-BENTON TOWNSHIP HIGH SCHOOL
BONDS PROPOSED-Leading business men of Zion DISTRICT, Ill.
to swing enough votes in the special school election to are making an efforc
have bonds issued to
buy a site and erect a high school building.
May 18 1935
may profit by periods of lower interest rates, if the administration puts into
effect the recommendation contained in a motion submitted by Aldermen
Seigler and Biggar at the City Council meeting on May 13.
Aid. Francois J. Leduc, of Ahuntsic ward, affirmed-and not for the
first time-that the city's credit now Is so good that it could get $330.000,000
"at 3% or lower" and pay off the banks charging 434%. Whereupon
Mayor Camillien Houde, C.D.E., plainly incensed, called upon the alderman to give up his secret and, from his seat on the floor of the Council. to
tell the City Hall where all this cheap money lurks. Ald. Leduc sat mum.
But a few moments later he referred to last year's London loan of $6.000,000
obtained through the personal intervention of Premier Bennett, and hinted
that the city might reach out more in that direction.
The motion: "That the Executive Committee be requested to consider
the advisability of providing that bonds hereafter issued by the city be
serial or, if otherwise, that the said city may, after a certain delay, redeem
the same, with or without premium, at a price to be determined at the time
of issue, in order to allow the said city, by replacing them, to benefit, if
possible, by the reduction in the rates of interest."
The average of our interest now is 4.80 or 4.85, said Ald. Seigler, supporting his motion. "If we were to issue our bonds in series, maturing at
different periods, or say on the face of each bond that it can be redeemed
when the city thinks fit, we might buy it at 103 or 104 at the time we see
fit and make money. We pay $13.000,000 in interest, and if we could do
this now I say we could save $3,000,000 a year at least."
NANAIMO, B. C.
-DEBT REPORT
-The city had a total debenture
debt of $907,872 at the end of 1934, compared with $930,660 at the end of
1933. Sinking fund amounted to $301,325 in 1934, compared with $327,226
in 1933. Arrears of sinking fund amounted to 521,398, against $16,012.
Other liabilities amounted to $88,288 in 1934, compared with $82,115 in
1933.
NEWFOUNDLAND (Government of)
-FUNDED DEBT REPORT
Public debt of Newfoundland at June 31 1934 was £19,719,226, plus
$625,000, according to the "Financial Post" of May 11, which added:
Advances made by the United Kingdom, $625,000 in December 1932 and
$1.850.000 in June 1933, have been made free grants, and are therefore
wiped off the debt. The debt of 5625.000 represents a 3% loan from a syndicate of Canadian banks, guaranteed by the Dominion of Canada. This
represents the Canadian share of the funds obtained in December 1932,
and remains as part of the debt. In addition to the outstanding debt, there
is $4,100 of matured bonds not yet presented for payment.
A number of items of dollar debt are Included in the total debt given
In sterling in the recently Issued revenue and appropriation accounts.
These are converted into sterling at the rate of 54.8665. The debt figures
reflect the results of the recent conversion of most of the island's bonds into
3% sterling stock guaranteed by the United Kingdom. Bonds were still
being received for conversion into the guaranteed securities in June 1934,
but a complete list of unconverted securities is to be presented when the
conversion operations are complete. Unconverted bonds are lumped in
the statement below:
Newfoundland Debt, June 30 1934
3% U. K. guaranteed stock
*£17,638.609
Trustee stocks, not convertible
£1,516,882
Unconverted securities
E163,735
Bank syndicate loan
5625,000
U. K.loan
x £400.000
Total
£19,719.226
$625,000
*E15.619,608 due to conversion of former debt; rest for funding and
expenses. x Interest on this not being paid.
OTTAWA, Ont.-OTHER BIDS
-The $1.008,225 335% various issues
of bonds awarded to A. E. Ames & Co. of Toronto and associates at a price
of 101.794, as reported in V. 140. p. 3090, were also bid for as follows:
BidderRate Bid
Bank of Montreal
101.617
Dominion Securities Corp
101.539
BELLEVILLE, Ont.-UNCOLLECTED TAXES
Bank of Toronto
101.36
tax arrears at Dec. 31 1934 were $259.616, including -The city's- total
Gairdner & Co., J. L. Graham & Co. and C. H. Burgess & Co_
$143,224 of the 1934
101.2567
levy of $578,769 not collected within the year.
Wood, Gundy & Co., Royal Bank of Canada, Dominion Bank and
,
Nesbitt, Thomson & Co
101.147
CALGARY, Alta.
-LOSES ASSESSMENT CASE
-The city has lost
W. C. Pitfield & Co
its appeal to the Alberta Public Utilities
100.973
Commission for reduction of its
Bank of Nova Scotia. R. A. Daly & Co., Hanson Bros., Inc.,
$32.000.000 assessment for Provincial supplementary revenue.
Matthews & Co., Cochran. Murray & Co., Griffis, Fairclough
The city
applied for reduction to its own assessment total of about
& Norsworthy, Ltd., Dyment, Anderson & Co. and Midland
$25,000,000.
CANADA (Dominion of)
Securities Corp
100.7093
-CONTINUANCE OF LOW INTEREST
RATES ON EiONDS SEEN
Bell. Gouinlock & Co., McLeod, Young, Weir & Co. and Fry.
-Bond firms look for
interest rates in Canada, according to a survey of a continuation of low
Mills, Spence & Co
100.55
current offering circulars
by the "Financial Post" of recent date.
•
PETERBOROUGH, Ont.-TAX REPORT
•
-Tax collections in 1934
The fact that the Government
willing to Issue
showed $145,750 of the year's levy of $909,544 uncollected within 1934 and
securities for the recent financingwas$48.4 millions short and middle term
of
of C. N. R. debt "may
total tax arrears of $261,948 at the end of the year.
be taken as an indication that the authorities anticipate
low interest rates
will continue for a long period,' according
SASKATCHEWAN (Province of)
-53
.000.000 DEFICIT FORECAST
to Harrison & Co., Toronto
bond firm.
The Province's deficit for the year ended April 30 1935 will be about
The reason for this statement is that the recently-issued
33,000,000, accerding to a recent statement by Premier J. G. Gardiner.
securities will
mature in 1938 and 1944. The new financing has
This would be the third largest deficit in the Province's history. Budget
saving of interest, and has removed the hazard resulted in a substantial
experience in Saskatchewan has been as follows:
entailed by the former
obligations to pay optionally in any of three currencies. But the
Year
Revenue
Expenditure
long-term
Deficit
advantages will depend upon the ability of the C. N. R.
1933-34
to refinance the
514.253.000
$1,394,000
515.647,000
new maturities at favorable rates in
1932-33
1938 and
14,835.000
579,000
15.414.000
The volume of funds seeking employment 1944.
1931-32
is
11,903,000
5,820,000
17,723,000
trend of interest rates downward and provide continuing to direct the
1930-31
strength in the Canadian
14,346,000
3,857,000
18,203.000
bond market, according to the monthly bulletin
1929-30
16,562.000
518,000
17,080,000
This firm sees the movement toward conversion of Wood, Gundy & Co.
of outstanding bonds into
Issues bearing lower interest rates as the
VANCOUVER, B. C.
-IMPROVEMENT IN FINANCIAL CONDIoutstanding feature of the present
TION NOTED
market.
-A report on the financial condition of the city at Dec. 31
"We understand that consideration is being
1934. prepared by City Comptroller W. Wardhaugh, Indicates some imgiven to the advisability
of a further reduction of interest
provement compared with its status a year previously and discloses a better
letter of McLeod, Young, Weir rates on savings deposits," states the bond
standing than that enjoyed by many other Canadian municipalities, ac& Co. This will possibly be on a basis
cording to an analysis of the report in the "Financial Post" of May 11.
whereby the present rate will
on larger, deposits, states thebe maintained for small deposits but reduced
In connection with the demands of Mayor McGeer that creditors agree to
letter. Such action,
a reduction In the rates of Interest carried on bonds and other debts, first
result in highr prices for short and medium dated it is claimed, should
made some months aao, it is stated that the Mayor has shown no disposithe firm therefore holds the opinion that bonds of thishigh-grade bonds, and
type are a purchase.
tion to abandon the proposal, notwithstanding the fact that the difficulties
CANADA (Dominion of)
cited by him as necessitating the relief sought were not sustained in the
-BONDS PUBLICLY OFFERED-Public
offering of a new issue of $60.000,000 Dominion bonds was made
independent report on the city's finances prepared some time ago by Thomas
on May 15
by Finance Minister E. N. Rhodes. The issue,
Bradshaw, municipal finance expert of Toronto. The Mayor's latest prowhich
used for general purposes, will be in two series,proceeds oftwenty will be
posal, it is said, is to ask Federal and Provincial Governments to agree to
eight and
years,
and will bear coupons at the rate of 234 and 37, respectively.
sanction along-term refunding of the city's debt at 3% interest. In connec0,
The eight-year bonds will matore June 1 1943, and will sell
tion with the City Comptroller's statement of condition, the newspaper says:
at 99.50.
giving a field of 2.57%. The 20
"According to the Comptroller's reports to the 'Post,' Vancouver appears
-year series will
1 1955. and
will sell at 98.50. yielding 3.10%. The shorter mature Junewill
to be about $1,000.000 better off in its debt position than it was at the end
term issue
be noncallable, but the 20
of 1933. Its tax arrears have grown to a total of more than 50% of the tax
-year maturities will be callable at par on Juno 1 1950,
or on any interest payment date thereafter.
levy, but substantial arrears are apparently being collected. The budget
- •
•
The bonds were entirely taken up by
has been reduced. The sinking fund has grown slightly faster than the
same day, according
to announcement by officials of the Bankinvestors theThis Institution acted
arrears in the account.
of Canada.
as agent for the Dominion in receiving applications for the offering. All of
"After deduction of net sinking fund, Vancouver's debt, including bank
the bonds are dated June 1 1935 and the proceeds will be used by the Govloans, was approximately 559.500,000 at the end of 1934, compared with
ernment for general purposes. Principal and interest (J. St D.) payable In
$60,400,000 at the end of 1933.
lawful money of the Dominion at any branch in Canada of any chartered
"Here are the civic figures as condensed by the 'Financial Post' from
bank. The financing was negotiated by the Government at record low
Mr. Wardhaugh's statements:
interest cost.
Vancouver Statistics
Budget:
1934
1933
GUELPH, Ont.-TAX ARREARS
-The city's 1934 tax levy was
Revenue
$14.360,379
$15.078,183
5808,259, of which $254,182 was not collected within the year. leaving total
Expenditure
15,020,862
14,525,019
arrears of $577,066. Deducting reserve for uncollectibles of $80,608,
Taxation:
net arrears were $496,458,
_
Tax levY
_
z
12,004,700
11,903,880
Uncollected
HAMILTON, Ont.-TAX COLLECTIONS
3,415,746
3,676,750
-Tax levy for z 1.93
Total arrears
$6,914,222, of which $1,600,492 was uncollected within the year. -rTras
7,780,838
6,871,636
Total
Debt:
arrears were $2,964,343 at Dec. 31 1934. compared with $2,751,345 at
Debentures
the end of 1933.
66,448,893
66,772,932
Sinking fund
21.987,182
19,814,522
KITCHENER, Ont.-DEBT REPORT
Sinking fund arrears
-Funded debt at Dec. 31
7,028,956
5,138,103
$
was 53,949,800, compared with $4,213,215 in 1933. Bank loans 1934
Bank loans
were
6,542,765
7,023,068
$707,317, against $608.917, and other liabilities;$73,804, against $92,785.
Other liabilities
1,473,699
1,335.855
Net total tax arrears in 1934 were $364,624, against $343,736 in 1933.
VICTORIA, B. C.
-FINANCIAL DATA-The city had outstanding
MANITOBANProvincego0-T0fI5SUE $600,0007BONDS-The Provdebentures of $16,386.481 at Dec. 31 1934, compared with $16,456,081
ince will pay its share of theriVinnipe4$4.000.000 sewage-dispoeal developat the end of 1933. Sinking fund grew to $4,525,272 In 1934 from 54.277,ment in 20
-year,4% bonds. The securities, amounting tok$600,000, will be
563 in 1933. Floating debt at the end of 1933 amounted to $168,420 plus
paid, in lieu.of cash, to successful tenderers.
obligations on the purchase of Goldstream water works of $1,153,224, making a total of $1,321.644. This compares with $1,625,468 at the end of
MONTREAL,Que.-CALLABLE FEATURE IN BONDS ADVOCATED
1933. Net profits of municipal water works, after all charges, amounted
-City bonds in future will be callable or issued In series so that the city
in 1934 compared wit $35,575 in 1933.
to
535,575
CANADA, Its Provinces- and Municipalities.
@FedFRASER