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The Financial Situation
HE Administration and the business com- of the Banking Act of 1933/ the Securities Act of
munity are apparently once more at the 1933, the Securities Exchange Act of 1934 and a
parting of the ways. Late last summer and during number of others. Then let them inspect the Conthe early autumn, various gatherings of business gressional calendar and note the measures now
men showed unmistakable symptoms of deep dis- pending with Administration approval, the proposed
satisfaction with the New Deal program quite Banking Act of 1935, the public utilities holding
generally, and a disposition to speak their con- company bill, the social insurance measure, the
victions directly and with vigor. But for reasons of NRA renewal bill, and others almost as injurious.
policy most of them were persuaded to soften their If they are still in need of convincing, they might
utterances and to "make peace in public" with the reread the recent radio address of the President and
President as one clever
take careful note of the
headline writer expressed
real purport of the PresiHow to Foster Recovery
dent's message, buried as
it at the time. The coun"Industry recognizes fully its responsibility
sellors of peace at any
it is beneath the studied
to the unemployed, and no group is more sinprice have, however, evicourtesy of his phrases.
cere in its efforts to bring a speedy end to the
depression. We therefore urge at this time
dently lost ground during
Does anyone suppose
that Congress and the Administration give
that the concomitance of
the past half year. Both
every assistance toward eliminating uncertainties which act as obstructions to rethis outspoken resistance
the National Association of
covery, and that each manufacturer follow
Manufacturers and the
on the part of the business
with full and complete support of a program
which would muster the full force of AmeriChamber of Commerce of
community and the highly
can initiative against the walls of depression
United States have
encouraging growth of inthe
during the next few months."
during the past week made
dependence in the Senate
We have seen no better suggestion for ending the depression,and few that go so directly
it clear that they can no
is merely a coincidence?
to the root of present difficulty as this which
longer be dissuaded from
Can there be any serious
was made by the National Association of
Manufacturers in a recently published stateexpressing their honest
question that both are
ment.
and on the whole welloutgrowths of a rising tide
One of the singular errors of Adminiswarranted convictions
of dissatisfaction with the
tration thinking, and of the ideas prevailing,
we must believe, in substantial sections of the
"after the manner of the
fundamental tenets of the
population, seems to be that for some strange
English, in straight-flung
New Deal among the rank
reason the average business man, or at least
the "big business man," has some esoteric
words and few."
The
and file of the business
reason for not wishing recovery to take place
President, according to the
men of the country? Is
at the earliest possible date and to be of the
most durable variety.
daily press, has shown his
it not highly probable that
A companion fallacy is involved in the
displeasure by withholding
the determination of the
notion that it is the function of the Governformal greetings from the
Senate to do some of its
ment at Washington to "take the lead" in
efforts to get the wheels of business turning
Chamber of Commerce
own thinking has been
again. We have grown so accustomed to such
gathering, an action on his
strengthened and sustained
doctrines which are expressed or implied in
numberless statements of the day that it is
part ,that is said to have
by action such as that of
difficult for many to realize how utterly
been narrowly averted last
the Chamber of Commerce
strange they are to the genius of our trayear when the American
ditions and to sound economic principles.
and the National AssoIt is upon the desire for material gain, or
Bankers Association was
ciation of Manufacturers?
the "profit motive," about which the Adin convention in the City
Is not such assertion of
ministration is fond of breathing hot and
cold at the same moment,that we have always
of Washington.
independence of mind on
in the past depended to resuscitate business
the part of Congress our
when it has grown temporarily faint. If we
Strange Criticism
are wise we shall continue to depend upon
only hope of salvation
this natural impulse of the human spirit.
It seems strange to us
from the devastating efThe Government has a duty in the matter,
the number of people who,
fects of policies framed
to be sure, but it is that of seeing to it that
unnecessary restrictions largely of political
without more sympathy
and sponsored by the faorigin are removed and that a minimum of
with current Government
natics of the day?
interference with business operations be
policies than have the
permitted. To this fact.the National Association of Manufacturers now calls timely
How Else Protect Ourselves?
members of the Chamber
attention.
of Commerce or of the
If not by boldly telling
National Association of
the truth and urging action
Manufacturers, are deploring this "strategy" on the in consonance with it, how are we to protect ourselves
part of the leading representatives of the business in an emergency such as that now unquestionably
world. These critics are again saying that the confronting the country? In some quarters there is a
Administration is in office for at least another year tendency to speak of the resolutions of the Chamber
and a half and may be in power for a further four of Commerce and the National Association of Manuyears, and that in consequence it would be far wiser facturers as "declaring war" on the Administration.
to keep on good terms with the President. These This is an odd view of the matter, but if such a
doubtless quite sincere commentators seem to us to mode of expression is to be employed, the reply is
be crying peace, peace, when there is no peace. If obvious. It is that in the same sense the Administhey suppose that American business can escape the tration declared war upon business-the day it came
darts of the New Deal by making genuflections into authority, and has relentlessly carried forward
before the White House, let them run over the list its hostile operations to this day. It has always been
of enactments now on the statute book, including our opinion that leaders in industry and trade have
the NRA, the AAA, the deposit guarantee sections been far too reluctant to stand frankly and boldly
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Financial Chronicle
for truth and common sense ever since the foolish
experiments of the New Deal were begun. We did
not think then, and do not believe now, that there
is anything to be gained by soft-spoken words which
more than half conceal the truth within at a time
when vital principles and the basic economic welfare
of the country are at stake.
Let us see just what it is that the Chamber of
Commerce has done. It opposed the proposed
Banking Act of 1935 on grounds that to our mind
are unimpeachable. It condemned holding company
legislation that everybody knows is punitive in
character and well calculated to cause unnecessary
hardship and suffering. It opposed disastrous social
security and labor legislation. It expressed dissatisfaction with a type of Fascism that has been
effected through the NRA. It resented efforts to
extend the AAA so that it becomes an autocrat in a
democratic business world. Since these are the
views of representative business men and citizens,
and we for our part are glad that they are, why
should they not be given frank and full expression
by the Chamber of Commerce? Has this country
ceased to be a democracy and become a land like
Germany, Russia or Italy, where views disliked by
the Government must not be expressed or at best
must be whispered only where two or three trusted
friends are gathered together?
As a matter of fact, the Chamber did not complain
of all the policies of the Administration. It expressed
substantial agreement with the New Deal in tariff,
transportation, merchant marine, land policy and
aviation matters. We do not find ourselves always in
agreement with the views of the Chamber concerning
these matters, as indeed is true of the other resolutions. We should at a number of points raise
objections where the Chamber appears content, and
some of the Chamber's own proposals seem to us to
be of doubtful wisdom. But there is no question in
our mind that this representative body of business
men has placed its finger upon the most seriously
sore spots of the situation with admirable courage.
It is of course not necessary, as some seem to
suppose, to endorse the course of bankers during the
nineteen-twenties in order to condemn current
Washington proposals to set up machinery and to
install policies that must inevitably result in similar
abuses and have the same final consequences. There
is nothing inconsistent in refusing to defend public
utility abuses of the New Era, and at the same time
condemning current designs to burn the house without even roasting the pig. Indeed our objection to
New Deal policies is in substantial part based upon
belief that these policies are often apparently designed
to perpetuate and to enlarge upon the economic
derelictions of the nineteen-twenties although at
other points they seem to be intended to punish
offenders who are no longer within the grasp of the
Government. At any rate, it is our considered
opinion that there is but one way to deal with programs such as those sponsored by the Administration,
and that is to oppose them with force and logic at
every turn and to do so directly and consistently.
Nothing else will avail in the long run.
Independence in the Senate
ENCOURAGING as we find the growing
courage on the part of the rank and file of the
business community, the situation in the Senate
ik
May 4 1935
seems even more heartening. The Senate Finance
Committee on Wednesday, in spite of the pressure
exerted by the White House, endorsed a resolution
prolonging the life of the NRA (with reduced powers)
for a period of 10 months instead of the two-year
period with wider powers desired by the President.
We should have preferred to have the Committee
refuse to have anything to do with any plan for the
continuance of the NRA in any form, but this
evidence of independence in the Senate,coming as it
did upon the heels of the President's appeal to the
voters over the radio, can hardly fail to gain the
approval of thoughtful business men. We venture to
hope that this action on the part of the Finance
Committee is indicative of the attitude of the Senate
when such measures as the social security, banking,
holding company and labor bills reach the critical
stage in the Upper Chamber.
In expressing our hearty approval of the courage
of organized business men as shown in their outspoken opposition to unfortunate legislation and
current legislative proposals, we would not give the
impression that these practical executives assumed
an attitude of hopelessness concerning the future of
American business, or that they gave any evidence
whatever of belief that American industry does not
possess the power to resume its constructive and
profitable course whenever it is given a reasonable
opportunity to do so. On the contrary, the National
Association of Manufacturers, in calling upon the
Government to remove uncertainties impeding business, made public the results of a careful survey of
the current situation in industry and trade which is
very distinctly optimistic in tone and content.
We quote the following paragraphs:
"Surveys indicate that close to $20,000,000,000 in expenditures, which would give employment to 4,000,000 men
for two years, is pent up in the field of factory expansion,
renovation and rehabilitation alone. The release of this flow
of private capital by removing political uncertainties would
dwarf the billions appropriated by Congress for relief and
make unnecessary the expenditure of much of the taxpayers'
money.
"Other billions of purchases, largely within the durable
goods field, are dammed up in the hands of small consumers,
awaiting the stimulus based upon elimination of those
factors which caution purchase only of those articles of
absolute immediate need."
Of course, figures such as those cited above are,
and of necessity must be, merely estimates. It may
be that "wishful thinking" has in some degree
colored the opinions expressed. But there is no
question in our mind that the picture presented is
accurate in substance, and that all that is needed for
a marked improvement in business is a more favorable
general policy in Washington.
Silver Confusion
HE silver markets, which were in a turmoil late
last week and early this week as a result of
unexpected steps taken in Washington and of inexplicable rumors of steps to come, have settled down
considerably. Protests from such "silver using"
countries as China, which were, according to Government advisers and silver speculators, to benefit so
greatly from our efforts to raise the price of the
metal, have never been of avail with the authorities in
Washington. However, the past week has also
brought very serious monetary difficulties in Mexico,
the largest producer of silver in the world. 'Whether
these troubles have been eliminated remains to be
seen. Here of course there is a countervailing consideration from the viewpoint of Mexico, since that
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Volume 140
Financial Chronicle
country is enabled by our silver madness to sell the
product of its mines to us at greatly enhanced prices.
Of what possible advantage this insistence on paying
the higher price to Mexican producers can be to this
country the deponent sayeth not.
There is a disposition in some quarters to suppose
that in our silver policy we have found a "cheap
way" to "buy off" the inflationists. In other words,
by the relatively inexpensive purchase of silver we
may,it is said,succeed in avoiding more damaging inflationary action which otherwise would be politically
unavoidable. Such reasoning is in our judgment
utterly invalid, as the experience of many years with
pension and bonus schemes ought to have taught us.
Compromises with principle, and "sops" to this,
that and the other group in the population never
serve to quiet complaints. On the contrary, they are
much more like a drop of blood upon a tiger's tongue,
merely whetting the appetites of the recipients.
Each foot of ground yielded makes the defense of the
remaining territory just so much more difficult.
There never has been any rhyme or reason in this
silver business, and there appears to be less now than
ever before. The sooner we can persuade the powers
that be to drop the whole sorry program the better.
Federal Reserve Bank Statement
EW changes of any immediate significance are
recorded in the condition statement of the 12
Federal Reserve banks, made available yesterday.
High records again are achieved in the reserve deposits of member banks with the Federal Reserve
System, and in gold certificate holdings, but such
performances have been frequent for a year or more,
and they require little comment. It is of some
interest, however, that reserve deposits of member
institutions advanced $2,011,000 despite heavy withdrawals by the United States Treasury from its war
loan deposits with the member banks during the
week covered by the current report. The fact is, of
course, that such deposits filter back rapidly into
the commercial banks, the only important change
being that reserves must be set up against them
when they are made by corporations or private individuals. For this reason the excess reserves over
requirements actually declined a little in the week
to May 1, despite the increase in member bank deposits on reserve account, and the aggregate was
estimated at $2,250,000,000. This is only $15,000,000 to $20,000,000 under the estimated peak
attained last February. Of some interest, also, is
a deposit of gold certificates by the United States
Treasury with the Reserve System corresponding to
the $20,000,000 gain in the monetary gold stocks.
This weekly correspondence has been lacking for
some months, although the figures naturally evened
out over a period of time.
Gold certificate holdings of the Federal Reserve
banks increased to $5,750,844,000 on May 1 against
$5,730,265,000 on April 24, while total reserves were
marked up to $6,015,881,000 from $5,997,858,000.
Federal Reserve notes in actual circulation moved
up to $3,161,879,000 from $3,145,805,000, month-end
requirements occasioning this increase, which was
a little more than might have been expected. Member bank deposits on reserve account and Treasury
deposits on general account both advaniced, the
former to $4,721,320,000 from $4,719,309,000, and
the latter to $76,209,000 from $56,874,000. But
F
2917
foreign bank and "other" deposits both declined, and
total deposits increased only to $5,073,584,000 on
May 1 from $5,064,252,000 on April 24. These
changes caused a recession in the ratio of total reserves to circulation and deposit liabilities combined to 73% from 73.1%. Discounts fell $446,000
to $6,378,000, but industrial advances continued
their modest upward movement and attained a total
of $26,444,000. Open market bankers' bill holdings
were quite unchanged at $4,696,000. The aggregate
of United States Government security holdings was
$243,000 higher at $2,430,475,000.
Foreign Trade in March
HE foreign trade of the United States for March
shows a little improvement over the preceding
months this year, merchandise exports being slightly
higher, notwithstanding a further reduction in the
foreign shipments of cotton, while imports are in
excess of any month for four years. Total foreign
shipments of merchandise for the month just closed
were valued at $185,001,000 and imports at $177,279,000, the excess of exports for the month being
$7,722,000. For the short month of February exports were valued at $163,990,000 and imports at
$152,478,000, the export trade balance for that month
being $10,512,000, while in March 1934 exports
amounted to $190,890,000 and imports to $158,105,000, the excess of the former being $32,785,000.
For the nine months of the current fiscal year
from July to March, inclusive, the value of merchandise exports has been $1,621,563,000, compared with
$1,531,503,000 for the same time in the preceding
fiscal year. The increase for the past nine months
was $90,060,000, equal to 5.9%. There was a decrease
in exports for March this year over last year amounting to $5,889,000, or 3.1%. Merchandise imports
for the past nine months were also larger in value
than they were for the same period of 1933-1934.
The gain, however, was very small. The total value
of imports for the nine months of the current fiscal
year was $1,287,963,000 against $1,284,031,000, the
increase for the latest period being only $3,932,000,
or 0.3%. There was a loss in imports in five out
of the nine months since last June, but an increase
for each of the three months of this year. For March
the value of imports was $19,174,000 higher than it
was in that month last year, equal to 12.1% . The
slight tendency in the direction of improvement in
the foreign trade was quite clearly on the import
side.
Cotton exports in March were 336,085 bales, and
were the smallest exports for March in many years.
In March 1934 cotton exports were 567,196 bales,
the reduction this year compared with a year ago
being 231,111 bales, or 40.8% lower. In value, the
amount for the month just closed was $21,816,598
against $34,688,195 a year ago, a decline this year
of 42.6%. Exports other than cotton in March were
valued at $163,184,000 compared with $156,202,000,
an increase of 4.5%.
The Department of Commerce in its March foreign
trade statement deemed it necessary to explain a
little more elaborately than usual the recent increase
in imports of cotton cloth, a very large part of
which comes from Japan. Total imports of cotton
cloth in March amounted to 9,773,000 square yards.
No figures are given for March 1934, but reference
to the detailed report for that month published at
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2918
Financial Chronicle
the time shows that for bleached and unbleased cotton cloth, total imports in that month were 3,445,400
square yards.
Considerable confusion is created in the Department's statement by mixing up the figures for imports with those showing the withdrawals for consumption. Of the 9,773,000 square yards imported
in March this year, 4,595,040 square yards were
entered for consumption, and in addition 2,521,000
square yards were withdrawn from bonded warehouses. The Japanese cotton cloth entering for consumption in March amounted to 4,595,000 square
yards, a decrease of about 280,000 square yards
below that for February.
For the three months of 1935, total imports of
cotton cloth have been 24,759,000 square yards, of
which 16,721,000 square yards, or 68%, came from
Japan. During the same period in 1934, total imports of cotton cloth, including the bleached and unbleached cloth, was 8,603,200 square yards. Of the
latter, only 998,352 square yards were of unbleached
cloth.
The specie movement with foreign countries in
March was again considerably smaller than in preceding months. Gold exports in March were slightly
higher, but amounted to only $540,000, while imports were very much less than for any month since
October last, the value of the latter being $13,543,000. For the nine months of the current fiscal
year, from July to March, inclusive, gold exports
amounted to $40,496,000 and imports to $620,399,000, the excess of imports being $579,903,000;
for the same time in the preceding year, exports
amounted to $277,758,000 and imports $701,02,000,
the excess of imports being $423,874,000. Exports
of silver in March were $3,128,000, and were the
highest for any month since September 1933, while
imports amounted to $20,842,000.
Business Failures in April
PRIL business failures in the United States were
slightly more numerous than in the two preceding months this year, and for the first time since
September 1932 show an increase over the number
of defaults as compared with those reported a year
ago. The records of Dun & Bradstreet, Inc., show
1,115 bankruptcies in commercial lines for the month
just closed, against 976 in March and 1,052 for
April last year. The increase over the number
reported a year ago was equal to 6.0%. For the
four months of 1935 there were 4,280 business defaults recorded against 4,567 for the same period of
1934. Notwithstanding the increase in April, the
reduction in the number for the four months this
year was 6.3%.
Liabilities involved in April were smaller; also for
the four months' period as well. The total for the
month just closed was $18,063,923, compared with
$18,522,840 in March, and $25,786,975 for April
1934. For the four months this year, liabilities reported amounted to $74,148,117, against $105,364,632 during the same time, a year ago. The reduction
in liabilities for April as compared with a year ago
was $7,723,052, or 30.0%, while for the four months
it amounted to $31,216,515, or 29.6%. Fewer large
failures than usually occur in these reports, will
account for the reduced liabilities. Failures where
the amounts involved are in excess of $100,000 in
each instance were this year down to 2.9% of the
total number, whereas for last year the ratio was
A
May 4 1935
in excess of 5%. At that time the total indebtedness reported for these larger failures was more
than 55% of the entire amount reported.
There was some improvement in the April report
of failures this year in the manufacturing division,
the increase being wholly among retail dealers. For
manufacturers, 260 defaults were reported in April
involving $5,600,643 of liabilities; a year ago there
were 281 failures, owing $10,299,796. Of defaults
in the retail lines, there were 692 for $8,216,267
last month, against 591 in April 1934, involving
$8,874,039 of liabilities. Among wholesale dealers
the number last month was 85, for $1,574,138, and
in April a year ago there were 78 owing $1,294,302.
In the fourth division, mainly agents and brokers,
78 defaults occurred for $2,672,875, compared with
102 for $5,318,838 last year.
Separating the April failure report by geographical
divisions, the increase over that month in 1934 was
very largely in the East and in some sections of the
West, the Southwest and the Pacific Coast States.
The large increase was in New York, covering the
second Federal Reserve District. Quite an increase
also appeared in the New England States, and the
number was larger in the Third Federal Reserve
District, covered by Philadelphia. More failures
also occurred in the St. Louis Federal Reserve District, in the Kansas City District, the Minneapolis
and the Dallas districts. In three of the four districts last mentioned, omitting Dallas, liabilities were
heavier in April this year than last, and including
the San Francisco District, where the number was
slightly higher also. These four of the Federal
Reserve districts out of the twelve were the only
ones where an increase appeared in the total amounts
involved. The reduction in the number of failures
last month compared with a year ago was quite
marked in the Atlanta Federal Reserve District.
The number and liabilities were also less last month
than in April of last year in the Richmond,the Chicago
and the Cleveland Federal Reserve districts.
Corporate Dividend Declarations
IVIDENDS declared by corporate entities the
present week were largely favorable. Among
the more noteworthy were the following: Chrysler
Corp. declared an extra dividend of 25c. a share as
well as the regular quarterly of like amount on the
common stock, payable in both instances on June 29.
Inland Steel Co. increased the quarterly payment
on the capital stock from 25c. a share to 50c. a share,
payable June 1. Caterpillar Tractor Co. declared
an extra of 25c. a share, in addition to the regular
quarterly disbursement of like amount, both payable May 31.
D
The New York Stock Market
ITH the exception of selected issues and a few
special groups, stocks were quiet and generally easier in trading on the New York Stock Exchange this week. Turnover showed remarkable
stability at between 800,000 and 900,000 shares in
each of the full sessions, but much of the trading
was accounted for by heavy transactions in metal
company stocks, and especially those with an interest in silver. Fluctuations in the metal group overshadowed other sections of the market, and they
were related in general to the movements of silver
metal in the world markets. Although the United
States Treasury did not raise its purchase price
NV
Volume 140
FLTancial Chronicle
for American production this week, holders of silver
stocks were not discouraged and prices of the shares
were well maintained, despite the fluctuations. A
general reaction occurred last Saturday, with silver
stocks leading the downward movement. But on
Monday these shares advanced despite an adverse
trend of silver metal. Railroad stocks were depressed in the initial session of the week, while
other groups followed an indifferent course. The
tendency on Tuesday Vas mostly toward lower
levels, owing mainly to a further drop in world silver quotations. But oil company shares and food
stocks improved, despite the general tendency.
Movements were small on Wednesday until the final
hour, when increasing labor difficulties in the automobile industry made an unfavorable impression
and caused some liquidation. Losses predominated
in this session, but they were small. Changes again
were small on Thursday, but on this occasion more
gains than losses were recorded. There was active
buying of a few market leaders, such as American
Telephone & Telegraph stock, and motor company
shares did well despite the labor troubles. But silver stocks receded on a further sharp dip in the
world price of that metal. In yesterday's trading
a pronounced upward movement developed, and
most stocks showed sizable gains. A. T. & T. was
again a favorite, owing in part to the possibility of
material interest savings through the refunding of
high-coupon bond issues with lower interest obligations. Silver stocks recovered most of the losses
of the previous two sessions, while industrial issues
were stimulated by a Federal Court decision in Ohio
favoring the merger proposal of the Republic Steel
Corp. and the Corrigan-McKinney Steel Co.
In the listed bond market good buying of United
States Treasury securities appeared on several occasions, and virtually all the long-term direct Treasury bonds advanced to record high levels. Quiet
demand for highly rated corporate bonds kept these
issues firm, but speculative bonds drifted about in
general accord with the trend of equities. Local
traction securities proved strong throughout the
week, on reports of progress in the unification proposals. Foreign dollar bonds were uncertain. In
the commodity markets tendencies were irregular,
some grains showing net losses for the week. Tin,
rubber and sugar advanced early in the week, but
declined thereafter. The gold currencies of Switzerland and Holland were soft in the foreign exchange
market, but the movements otherwise were not unusual or important.
On the New York Stock Exchange 118 stocks
touched new high levels for the year and 41 stocks
touched new low levels. On the New York Curb
Exchange 116 stocks touched new high levels and
32 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 585,210
shares; on Monday they were 886,450 shares; on
Tuesday, 860,860 shares; on Wednesday, 820,960
shares; on Thursday, 882,970 shares, and on Friday,
953,350 shares. On the New York Curb Exchange
the sales last Saturday were 135,300 shares; on
Monday,172,300 shares; on Tuesday, 155,575 shares;
on Wednesday, 150,635 shares; on Thursday, 153,595
shares, and on Friday, 224,375 shares.
2919
The volume of trading on the Stock Exchange the
present week was on a greatly reduced scale, with
pronounced irregularity in the trend of prices.
Yesterday a modest recovery in prices set in, and the
market closed, in some instances, higher than on
Friday of the previous week. General Electric
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2
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closed yesterday at 2418 against 24 on Friday of
last week; Consolidated Gas of N. Y. at 23% against
/
23; Columbia Gas & Elec. at 614 against 6%;Public
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4
Service of N. J. at 283 against 27½; J. I. Case
Threshing Machine at 55% against 56%; International Harvester at 41 against 40; Sears, Roebuck &
/
Co. at 373 against 3678; Montgomery Ward & Co.
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4
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at 2614 against 24%; Woolworth at 58% against
58½; American Tel. & Tel. at 115 against 113, and
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4
American Can at 120 against 1223 .
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Allied Chemical & Dye closed yesterday at 14334
against 145 on Friday of last week; E. I. du Pont
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/
de Nemours at 971 8 against 9718; National Cash
Register A at 14% against 15; International Nickel
at 27% against 27%; National Dairy Products at
/
1438 against 1418; Texas Gulf Sulphur at 31 against
/
/
1
4
31%; National Biscuit at 25 against 23 ; Conti/
nental Can at 7278 against 73%; Eastman Kodak
at 138 against 144; Standard Brands at 14 against
/
1
2
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14; Westinghouse Elec. & Mfg. at 431 8 against 43;
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1
Columbian Carbon at 792 against 79; Lorillard
at 21 against 20%; United States Industrial Alco/
/
1
hol at 412against 42½; Canada Dry at 978 against
10; Schenley Distillers at 25% against 23%, and
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1
4
National Distillers at 24 against 25.
The steel stocks for the most part closed under
the levels of the previous week. United States Steel
closed yesterday at 32 against 32% on Friday of
last week; Bethlehem Steel at 26 against 26½; Republic Steel at 13 against 12%, and Youngstown
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1
2
/
1
.
Sheet & Tube at 15 against 164 In the motor
group, Auburn Auto closed yesterday at 20 against
/
4
202on Friday of last week; General Motors at 303
/
1
/,
against 30½; Chrysler at 41% against 3778 and
/
4
Hupp Motors at 1% against 13 . In the rubber
group, Goodyear Tire & Rubber closed yesterday at
1734 against 18% on Friday of last week; B. F.
/
4,
Goodrich at 8 against 83 and United States Rub/
1
4
/
1
4
ber at 12 against 12 . The railroad shares suffered
declines and closed the week lower. Pennsylvania
/
4
/
1
2
RR. closed yesterday at 203 against 21 on Friday
of last week; Atchison Topeka & Santa Fe at 40%
against 42%; New York Central at 16 against
/
1
2
17½; Union Pacific at 90 against 92½; Southern
Pacific at 15 against 16%; Southern Railway at
/
1
2
11 against 1138 and Northern Pacific at 16 against
/,
17. Among the oil stocks, Standard Oil of N. J.
14
closed yesterday at 43 against 42/ on Friday of
/
1
4
last week; Shell Union Oil at 718 against 7 , and
/
/
1
2
/.
Atlantic Refining at 23% against 2418 In the
copper group, Anaconda Copper closed yesterday at
1378 against 1334 on Friday of last week; Kennecott
/
/
Copper at 173 against 181 American Smelting &
4
%;
Refining at 4378 against 433 and Phelps Dodge at
/
4,
17% against 18.
Most of the leading industrial indices now are
reflecting an unfavorable drift of business. Steelmaking activities for the week ending to-day were
estimated by the American Iron & Steel Institute at
43.1Z, of capacity against 44.6% last week. Production of electric energy was 1,673,295,000 kilowatt
hours in the week to April 27 against 1,701,945,000
kilowatt hours in the preceding week, the Edison
2920
Financial Chronicle
Electric Institute reports, this reduction being more
than seasonal. Car loadings of revenue freight
amounted to 558,886 cars in the week ended April 27,
according to the American Railway Association,
this being a reduction of 52,019 cars from the previous week.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 971 8c. as against 100Y the close on
/
4c.
Friday of last week. May corn at Chicago closed
yesterday at 88%c. as against 89 c. the close on
/
1
2
Friday of last week. May oats at Chicago closed
yesterday at 463
/ as against 5058c. the close on
4c.
/
Friday of last week.
The spot price for cotton here in New York closed
yesterday at 12.25c. as against 12.25c. the close on
Friday of last week. The spot price for rubber
yesterday was 11.38c. against 11.75c. 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 3338 pence
4
per ounce as against 361 pence per ounce on Friday
of last week, and spot silver in New York closed
/
1
2
yesterday at 72 c. as against 81c. on Friday of
last week. In the matter of the foreign exchanges,
cable transfers on London closed yesterday at
/
$4.83% as against $4.8112 the close on Friday of
last week, and cable transfers on Paris closed yester/
day at 6.5934c. as against 6.62c. the close on Friday
of last week.
European Stock Markets
RICE movements were small and irregular this
week on stock exchanges in all the leading
European financial centers. The London Stock Exchange was firm in the early sessions, but profittaking developed in the mid-week dealings and the
early gains were canceled. The Paris Bourse was
fairly steady, while prices tended to decline in most
sessions on the Berlin Boerse. All markets remained
under the disturbing influence of the steady and
strenuous armaments activities of all European
countries. In some centers, stocks of companies that
manufacture armaments were in favor for this
reason, but in general the effect was dampening.
Renewed uncertainty regarding international monetary matters also proved an adverse influence. Some
of the gold currencies fell again this week to levels
that make gold exports profitable. Louis GermainMartin, Finance Minister of France, insisted on
Tuesday that there will be no devaluation of the
French franc. But consternation was caused on
Wednesday by an address in which Sir Frederick
Leith-Ross, economic adviser to the British Government, sought to bring members of the League of Nations Economic Committee at Geneva around to
the view that devaluation by all members of the small
remaining gold bloc is advisable. European trade
and industrial reports, meanwhile, show a rather
more decided improvement than in some months
past. The total of British unemployed fell 109,410
during April, to 2,044,460, which is the smallest aggregate since August 1930. Unemployment in Continental countries likewise is receding, owing in
good part to the increased armaments activities.
Firm conditions prevailed on the London Stock
Exchange in the opening session of the week, with
business rather active. British funds failed to share
in the advance, which was most pronounced in stocks
of aircraft manufacturing concerns. Almost all
P
may
4 1935
issues in the industrial group were firm, but German
bonds were lower in the foreign section owing to
political apprehensions, while other international
securities showed little change. In an active session
on Tuesday, British funds regained all losses of the
previous day. Stocks of oil and aircraft companies
advanced sharply, the former on an increase in gasoline prices and the latter on expectations of increased orders by the British Government to match
the German expansion. Industrial issues generally
were firm, while international securities held steady.
Precedents were broken at London, Wednesday,
when the market remained open despite the fact that
May Day had been observed for 134 years by a suspension of trading. There was little business and the
trend was uncertain. British funds were marked
downward and industrial securities were mixed.
The international section was depressed owing to
unfavorable reports from New York. In a quiet
market on Thursday, British funds again tended to
move lower. Aviation stocks were in fair demand
and some industrial issues likewise improved, but
there were many recessions as well. The tone was
dull in the international group. Small gains were
general in a quiet market at London, yesterday.
Aviation stocks declined, however, due to profittaking.
Trading on the Paris Bourse was very quiet on
Monday, with the trend irregular. Rentes drifted
slightly lower, as attention was centered on a new
Algerian loan. Some French industrial stocks improved, but utility and bank stocks receded. There
was some demand for Dutch stocks, but other international securities were lower. The month-end
settlement on Tuesday was effected easily with funds
at 1% for the carry-over, against 58% two • weeks
/
earlier. But little new business was done. Rentes
were firm and minor gains were reported in French
bank and industrial stocks, while the international
section was uncertain. Fears of inflation prevailed
at Paris on Wednesday, owing to an admission by
officials of the Government that the budgetary difficulties were far from solved. Rentes fell sharply,
and funds were placed in equities, which advanced.
French industrial stocks were favored, but bank
issues also were in demand. In the early trading on
Thursday, the trend of the previous session was continued, but a reversal took place in the last half of
the session, and the Bourse thus was marked by
much irregularity. Net changes were small in these
circumstances. The tone was firm on the Bourse
yesterday, but changes were small. Optimism was
occasioned by conclusion of the Franco-Russian
accord.
Turnover on the Berlin Boerse was very modest
in the initial session of the week, but even small
offerings sufficed to depress quotations sharply and
losses of two and three points were recorded in
many stocks. Some speculative issues dropped as
much as four points. Fixed-income issues were
steady, but little trading developed in this section.
Movements on Tuesday again were downward in a
very inactive market. Losses were general but less
pronounced than in the preceding session. The
Boerse was closed Wednesday, in observance of the
May Day holiday. Improvement set in on the
German market when trading was resumed Thursday, and it was continued throughout the session,
which proved to be the best in about two weeks.
There had been general expectation of wage ad-
Volume 140
Financial Chronicle
vances on May 1, but when these failed to materialize much more confidence was shown by investors.
Gains of a point or two were common, and some
speculative favorites showed much larger advances.
Some good gains were recorded yesterday in stocks
of chemical companies, but others were quiet.
Silver Crisis in Mexico
TN startling contrast with the "good neighbor"
1 policy so often proclaimed by the United States
Government in international affairs is the effect
upon Mexico recently exercised by the peculiar
silver purchase and monetization program of the
Administration in Washington. Increases in the
world price of silver, occasioned by the American
purchases and the rapid advance of the figure at
which American production is absorbed. by the
Treasury, caused a crisis in Mexico late last week,
and the Mexican Government found it necessary to
close all banks in that country last Saturday while
adjustments were made to the new situation. The
silver coins which circulated so largely in Mexico to
the end of last week contain a relatively large quantity of the white metal. When the American price
was increased and the world price followed, it became profitable to melt down the Mexican silver
coins for their silver content, and this factor jarred
the Mexican peso loose from its relationship of 3.60
pesos to the dollar at which it had been pegged for
three years. The peso advanced to 3.30 to the dollar,
and the dangers inherent in this situation caused
the Mexican Government to adopt stringent
measures for the nationalization of silver and the
substitution of paper money and copper coins for
the silver currency. Conferences followed at Washington between Secretary of the Treasury Henry
Morgenthau, Jr., and officials of the Mexican
Government, and it was indicated that the conversations were "mutually satisfactory." Quite obviously, however, the American silver policy has
forced upon Mexico a drastic alteration of monetary•
arrangements.
A bank holiday is the traditional governmental
recourse against financial panic, and the fact that
the Mexican Government found it necessary to declare a holiday last Saturday is a sufficient indication of the increasingly disturbing effects of the
American silver policy. President Lazaro Cardenas
issued a statement that the peso will be maintained
at a level "proven to be most beneficial to Mexico,"
by which it was assumed he meant a rate of 3.60
pesos to the dollar. Accompanying the Presidential
statement and the order for the closing of all banks
in Mexico was a 5,000 word explanation by the
Mexican Secretary of the Treasury, Narciso Bassols,
of the reforms which the Government had decided to
place in effect. It was indicated in this declaration
that all silver would be withdrawn from circulation
and added to the reserves of the Bank of Mexico, as
backing for paper currency. For a period of one
month silver coins are to be legal tender up to 20
pesos, only. To replace the silver, the Bank of
Mexico was authorized to place in circulation an unlimited amount of one-peso paper notes, which the
Government decreed shall be acceptable as legal
tender„ while subsidiary silver coinage is to be replaced by the issuance of 1, 2, 5, 10 and 20 centavo
copper coins. Bank holdings of silver and any
similar funds in bank deposits were ordered turned
over to the Mexican Treasury, to be exchanged for
2921
paper money and copper coins, and exports of Mexican silver coins were prohibited under strict regulations and severe penalties.
In a proclamation to the Mexican people, President Cardenas requested that they have the same
confidence in the small paper bills as in the larger
ones, from five pesos upward, which have been circulating in ever-larger amounts in recent years. The
small bills will have the same guarantees as the
larger ones, he announced, and he added that the
silver reserve will enable the Government to maintain the exchange at the most convenient level. "I
hope the situation will not be taken advantage of by
unscrupulous speculators," a United Press dispatch
reported the President as saying. The limit on issuance of paper pesos and fractional copper currency was set, provisionally, at double the commercial value of the monetary reserves. Treasury officials proceeded to withdraw silver from the banks
of the country, last Saturday, and it is reported
that 40,000,000 pesos in that metal were taken from
the banks in and around the capital in a single day.
The banks in Mexico were permitted to reopen again
last Monday, and the exchange rate promptly fell to
its normal relationship of 3.60 to the dollar. Although enormous amounts of paper pesos and copper
coins were placed in circulation, an acute shortage
of small change for business transactions was reported. In many restaurants and shops in the capital, the prospective buyer was asked if he intended
to pay with change or banknotes, and if he had no
change he could not buy, the Assoc. Press reported.
The situation outside the capital was even worse, the
dispatch said.
Protracted discussions were held in Washington
last Sunday and Monday by officials of the United
States and Mexican Governments. Roberto Lopez,
Assistant Secretary of the Mexican Treasury, came
to Washington by airplane to confer on the matter
with Secretary Morgenthau, and he was joined by
the Mexican Ambassador, Castillo Najero. After
the initial conversations, last Sunday, it was indicated by the Mexican officials that co-operation in
respect to silver should be feasible between the
United States and Mexico. The belief was general
in Washington, a'dispatch to the New York "Times"
said, that the Mexicans requested an easing of the
American silver-buying program. The conversations were concluded on Monday, and an announcement by Senor Lopez said that they were "mutually
satisfactory." The talks were of a friendly nature,
Senor Lopez remarked, and they covered all aspects
of the silver situation. "As a silver-producing and
using nation," he added, "Mexico cannot but look
favorably upon revalorization of the metal. For
this reason she will always be ready to co-operate
toward the attainment of that end." In Washington dispatches it was indicated that Mexico probably will endeavor to obtain more American gold in
exchange for her silver, now that the American
policy has given silver a market value out of all proportion to its intrinsic value.
Trade Treaties
ONCURRENTLY with the coming into effect of
the reciprocal trade treaty between the United
States and Belgium, announcement was made at
Washington, Tuesday, that negotiations are to
begin with France and her colonies for still another
reciprocal tariff agreement. This represents a
C
2922
Financial Chronicle
May 4 1935
marked change in the attitude at Washington British and German representatives, to be held in
toward France, for it is only a month since Secre- London later this month. The German officials adtary of State Cordell Hull intimated that France mitted last Monday that a submarine school already
might be placed first on the "blacklist" of countries is in operation at Kiel. There were rumors this week
to which the tariff concessions by the United States that Germany is preparing to fortify the demilitarwould not be generalized under the most-favored- ized Rhineland zone, and it was also reported that
nation principle. Ratification by France of the the Reich already has constructed a naval base on
treaty against double taxation of American firms an isolated island in the North Sea, but such reports
there probably had much to do with the change. lack confirmation. General Hermann Wilhelm
For a period of six months, it is now announced, Goering, the Reich Minister of Aviation, declared on
France will receive the benefits of reductions in Thursday that conscription would begin in Germany
American tariffs effected under the various recipro- on Oct. 1. He assured press correspondents that
cal treaties, and it is anticipated that the special the German air force would be more than a match
agreement with France will have been concluded by for any assailant, owing to the possession of highly
that time. Almost equally significant is an an- modern planes and well-trained flyers. Contrasting
nouncement at Washington, made Wednesday, that with all these war preparations was a declaration
a new treaty of "friendship and commerce" is under by Chancellor Hitler, on May 1, that Germany denegotiation between the United States and Ger- sires neither unrest nor war,but only peace.
many. The pact contemplated would take the place
Prime Minister Ramsay MacDonald addressed
of the treaty denounced by Germany last year, but the British House of Commons on Thursday, and
it is held quite possible that it will not contain a indicated to that anxious body that the National
"most-favored-nation" clause.
Government already is taking steps for an accelerated expansion of the British air force. The exEuropean Armaments
pansion now contemplated is beyond that provided
IPLE evidence again was presented in Europe for in the budgetary estimates, he said, and details
this week of the hasty preparations being of the program are to be supplied hereafter. Almade for a war which all governments declare they though Germany is building submarines in violawish to avoid, but which one and all are busily tion of treaties, Great Britain is prepared to receive
engaged in making virtually unavoidable. Since German representatives later this month for naval
the German rearmament declaration was issued on conversations, Mr. MacDonald said. He comMarch 16, hardly a day has gone by without some mended to all governments, and particularly to the
indications of increased armaments elsewhere, while German Government, that an agreement be reached
revelations also have been made of vast progress by for the limitation of air armaments, and in this conthe German Government in its armament program. nection the Prime Minister dwelt on the appallingly
All European nations, large and small, appear to be destructive possibilities of aerial warfare. "Our
engaged in an armaments race that is quite as peril- policy is not aimed at military alliances, but at the
ous as the one that led up to the World War. Alli- widest co-operation," Mr. MacDonald said. "The
ances also are being made that are reminiscent of present good understanding between France and
the pre-war period. Animated by a desire to counter Italy and ourselves is a guarantee of peace. It chaland offset the menace of a rearmed Germany, offi- lenges no one." Some comfort was taken, however,
cials of France and the Soviet Union finally con- in Chancellor Hitler's publicly declared determinacluded last Thursday a pact of mutual defense tion to observe both the spirit and the letter of the
against aggression. Similar treaties probably will Locarno pact.
be arranged by many other nations. Great Britain,
On the European Continent, the chief answer to
in this situation, continues to seek the role of a the German rearmament this week was the signamediator between the opposing Continental camps. ture by France and Russia of a pact of mutual
And every step toward increased armaments is assistance against aggressors. This treaty was
accompanied by a declaration of the most peaceable signed at Paris, Thursday, after protracted negotiaintentions.
tions during which the treaty requirements apparIt was reported in London, last Saturday, and ently were lessened quite considerably. The French
quickly confirmed, that Germany has ordered parts insist that the treaty differs from a military alliand equipment for a dozen small submarines, and ance, an Associated Press report states, but the pact
this revelation created a profound impression in is said virtually to pledge the army of each country
Great Britain, where the memory of the German to aid the other in case of "unprovoked attack" by
U-boat activities of the World War still is vivid. any other European nation. All the terms are careThe British Naval Attache in Berlin confirmed the fully related to the covenant of the League of Nareports that 250-ton vessels were to be constructed. tions, and any action to be taken under the treaty
Such ships are largely for coast defense, but it was will conform fully to the League requirements.
assumed in London that they may serve also as train- Italian armaments plants are "humming with
ing ships in preparation for the building of larger activity," according to a Rome dispatch to the New
submarines. Germany, moreover, is prohibited, York "Times," and the Italian people were warned
under the Versailles treaty, from possessing any by Premier Mussolini last Sunday to be prepared
submarines whatever, and the building now in prog- for a "hard period" that will "engage all the forces
ress is a further flagrant violation of that unfor- of the Italian People." France, of course, already
tunate document. It is now assumed that the Reich has taken steps toward increasing her land and air
will build other types of warships prohibited by the forces. Rumania was reported this week to have
existing treaties and a tonnage of 166,000 for the started on a vast national defense scheme, designed
new German navy is rumored as the immediate aim to make that country the strongest military power
of Nazi authorities. These matters will receive some in southeastern Europe. The Baltic States are
attention in a preliminary naval discussion between hastily developing their air forces, and even the
A
Volume 140
2923
Financial Chronicle
Scandinavian countries are making preparations for
larger aerial defense units.
co-operate in another endeavor to negotiate an
armistice and peace.settlement, but Brazil hesitated
about joining, and the four countries addressed a
formal petition to Rio de Janeiro last Monday. The
Brazilian Government announced its acceptance
of the invitation on Wednesday, and another effort
to find a pacific solution of the border dispute
between Paraguay and Bolivia thus was started.
A score of previous efforts came to nothing, but it
is evident that the two belligerents are rapidly being
depleted of men and resources in the struggle, and
they may now be more inclined than heretofore to
accept reasonable suggestions.
Italy and Ethiopia
REPARATIONS continue to be made on a large
scale by Italy and Abyssinia for any possible
conflict between these two countries over the frontiers of Italy's African dominions and the ancient
Ethiopian Kingdom. There is no likelihood of any
immediate outbreak of hostilities, owing to the onset of torrid weather, but the possibility remains
that Premier Mussolini will find a pretext for a
"punitive expedition" next autumn. Rome dispatches this week indicated that increasing resentDiscount Rates of Foreign Central[Banks
ment is felt in Italy over brigandage on the border
between Ethiopia and the Italian colony of Eritrea.
HE Bank of Switzerland increased its discount
In Italian Somaliland and Eritrea, meanwhile,
rate on May 2 to 23/2% from 2%,the 2% rate
Italian technical experts and laborers are engaged having been in effect since Jan. 22 1931 at which
in an ambitious road-building program and in the time it was reduced from 23/2%. The Bank of
construction of other works which may be equally Danzig on May 3 raised its discount rate from 4%
useful in time of peace or war. Two divisions of to 6%, the former rate having been established on
Italian regular troops already have reached the Sept. 21 1934 at which time it was raised from 3%.
Italian colonies, and these forces have been aug- Present rates at the leading centers are shown in the
mented by numerous specialists and workmen. It table which follows:
is estimated that approximately 45,000 Italians
mscouNT RATES OF FOREIGN CENTRAL BANKS
recently have been sent to the Italian colonies, and
Rate in
PreRate tn
PreEffect
Country
Date
Hone
Effect
Country
Date
Wow
further groups of volunteers are sailing steadily.
May 3 Established
Rate
May 3 Established
Rate
The Ethiopian Government, alarmed by the concen- Austria_ 4 Feb. 23 1935 431 Hungary
431 Oct. 17 1932 6
Belgium—. 231 Aug.
1934 3
India
331 Feb. 16 1934 4
tration of Italian forces, assembled 100,000 men in Bulgaria—. 7 Jan. 28 1934 8 Ireland
3
June 30 1932 334
3
231 Mar. 11 1935 _
Italy
331 Mar.25 1935 4
areas near the borders of the Italian colonies. Em- Canada__ 4 Jan. 24 1935 431 Japan
Chile
3.65 July 3 1933 3
331 Oct. 31 1934 4
peror Haile Selassie indicated in many interviews Colombia— 4 July 18 1933 5 Java
CsechosloJugoslavia
. 5
Feb. 1 1935 631
vatle____
331 Jan. 25 1933 44 Lithuania
6
Jan. 2 1934 7
that he desires only peace and an amicable settle- Dentlg____ 6 May 3 1935 4 Norway
334 May 23 1933 4
Denmark._
234 Nov. 29 1933
1933
ment of all the current difficulties with Italy. But England..__ 2 June 30 1932 3 Poland__ _ _ 5 Oct. 25 1934 6
5
Dec. 13
234 Portugal_
5I4
Estonia__
5
Sept. 25 1934 535 Rumania. .
04 Dec. 7 1934 6
war preparations evidently are considered advisable Finland__ 4 Dec. 4 1934 434 SouthAfrica 4 Feb. 21 1933 5
France _ _ __
254 May 31 1934 3
Spain
by the Ethiopian authorities, as 400 machine guns Germany _ _ 4 Sept. 30 1932 5 Sweden__ _ _ 6 Oct. 22 1932 6
234 Dec. 11913 3
Greece _ _ _ _
7
Oct. 13 1933 734 Switzerland 2.4 May 2 1935 2
and 20,000 modern rifles recently were reported Holland ___ 44 Ara. 91935 335
shipped from Belgian and Czechoslovakian arms
Foreign Money Rates
plants to Abyssinia. Efforts were made by the
IN LONDON open market discounts for short bills
representatives of Emperor Haile Selassie to air
on Friday were 9-16% as against 9-16% on
the dispute with Italy in the League of Nations
Friday of last week, and 9-16@%% for threeCouncil meeting last month, but the Italians insisted that they were prepared to arbitrate the months' bills as against 9-16@%% on Friday of
matter, and the Council decided to postpone con- last week. Money on call in London on Friday was
sideration of the problem until its regular meeting M%. At Paris the open market rate remains at
24% and in Switzerland at 2%.
later this month.
Bank of England Statement
Chaco War
HE statement for the week ended May 1 shows
HE tide of warfare has changed in the Gran
a small gain of £43,595 in gold holdings and
Chaco, where the troops of Paraguay and
this together with a contraction of 003,000 in cirBolivia continue to contend for advantages that
probably will mean relatively little when the peace culation resulted in reserves increasing £647,000.
Public deposits rose £383,000 and other deposits
terms finally come under consideration. The steady
£17,814,070. Of the latter amount, £17,387,028 was
advance of Paraguayan troops, which carried them
to bankers'accounts and £427,042 to other accounts.
far into nominally Bolivian territory, appears to The reserve ratio dropped rather
sharply from 41.19%
have been halted by a blunt and frantic Bolivian a week ago to 37.01%. A year ago the ratio was
attack. Victories were claimed by both sides in the 45.91%. Loans on Government securities increased
fighting this week, but reports from the neutral city £17,814,000 and those on other securities £435,761.
of Buenos Aires indicate that Bolivian forces have The latter consists of discounts and advances and
recaptured numerous positions held by the Para- securities which rose £182,993 and 052,768 respecguayans and are steadily pushing their advantage. tively. The rate of discount did not change from
2%. Below are compared the figures for five years:
Paraguay admitted the loss of the important city
BANK OF ENGLAND'S COMPARATIVE STATEMENT
of Charagua, and this seems to require a retreat
May 1
May 2
May 3
May 4
May 6
from the advanced positions along the line from
1934
1935
1933
1932
1931
Charagua to Villa Montes. It has been characteris- Circulation
392,579.000 378.508,821 373,507,315 356,580,278 356,217,211
Public deposits
8,007,000 7.840,485 8,811,136 10,296,748 5,998,939
155,547,683 152,508,239 137,440,957 111,730,222 94,083,685
tic of this three-year war that each nation suffers Other deposits
Bankers' accounts. 115,522,833 116.210,757 99,655,022 75,080,256 58,572,050
Other accounts_ 40,024,850 36,297,482 87,785,835 36,669,966 35,511.635
defeat when its troops get too far from the home Govt. securities
104,872,044 89,329,209 67,656,127 69,075,906 34,414,684
15,876,215 15,124,658 22,912,341 30,812,810 31,158,318
bases, as transportation difficulties are enormous Other securities
Dint.& advances_
6,002,842 5.345,808 11,634,554 11,584,952 5,634,695
Securities
9,873,373 9.778,850 11,277,787 19,227,858
in the Chaco. Efforts by neutral nations to end the Reserve notes St coin 60,531,000 73,633.246 73.420,911 39,879,901 25,523.623
52,265,303
Coln and bu1l1on_ _ _ _ 193,110,380 192,142,087 186,927,226 121,480,179 148,482,514
conflict again are to be made. Argentina, Chile, Peru Proportion of reserve
to liabilities
37.01%
45.91%
50.297
,
52.21%
32.6
.
1%
and the United States agreed several weeks ago to
p
T
T
T
'Rank ink tf.
9
,
907-
207
Financial Chronicle
2924
Bank of France Statement
HE weekly statement of the•Bank reveals a further decline in gold holdings, the current loss
being 90,856,771 francs. Total gold holdings are
now at 80,932,676,995 francs, in comparison with
75,755,983,799 francs last year and 80,866,019,308
francs the previous year. French commercial bills
discounted and creditor current accounts show increases of 195,000,000 francs and 191,000,000 francs,
while credit balances abroad, bills bought abroad
and advances against securities register decreases of
4,000,000 francs, 38,000,000 francs and 30,000,000
francs, respectively. Notes in circulation record a
contraction of 34,000,000 francs, bringing the total
of notes outstanding down to 82,351,165,795 francs.
Circulation a year ago aggregated 81,501,825,055
francs and two years ago 84,992,402,770 francs.
The Bank's ratio is now 79.97%, compared with
77.52% the corresponding week last year. Below
we furnish a comparison of the various items for
three years:
T
RANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Apr. 26 1935
Apr. 27 1934
Apr. 28 1933
Francs
Francs
Francs
Francs
—90,856,771 80,932,676,995 75,755,983,799 80,866.019,308
13,554,466 2,440,477.045
8,153.302
—4,000,000
Gold holdings
Credit bals. abroada French commercial
bills discounted
+195,000.000 4,280,418,773 5,706,801,566 3,805,431.421
b Bills bought abr'd
—38,000,000 1,054.720,263 1,052.517,123 1,405.563.620
Adv. against scours.
—30,000,000 3,093,333,147 3,015.695,980 2,649,352,576
Note circulation
—34,000,000 82,351,165,795 81,501,825,055 84,992,402,770
Credit current accts. +191.000,000 18,849,911,813 16,222.816,491 19,521,169,327
Propor'n of gold on
hand to sight nab_
77.37%
77.52%
—0.22%
79.97%
a Includes bills purchased in France. b Includes bills discounted abroad.
may 4 1935
money market this week. The Committee of the
New York Clearing House Association announced
on Monday that the modest interest of 1A% heretofore paid by the member institutions on demand deposits of mutual savings banks and on time deposits
will be discontinued entirely, only term deposits
left for six months or more being excluded. Interest will cease May 15 on the demand deposits of the
mutual savings banks, it was indicated, while the
same condition was made to apply on new time deposits made May 1 or thereafter, which by their
terms are made payable within six months from the
date of deposit or demand.
In other respects the money market was a dull
and routine affair this week. Call loans on the New
York Stock Exchange held at 1
4%,while time loans
of all maturities continued at their range of
14@%%. Commercial paper and bankers' bill
rates were likewise unchanged. The Treasury sold
on Monday a further issue of $50,000,000 discount
bills due in 273 days, and awards were made at an
average discount of 0.153%, computed on an annual
bank discount basis. The comprehensive brokers'
loan compilation of the New York Stock Exchange,
covering the entire month of April, reflected an increase of $31,442,182 in that period, to an aggregate
of $804,565,448.
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 3 of 1%
Bank of Germany Statement
remained the ruling quotation all through the week
HE Reichsbank's statement for the last quarter for both new loans and renewals. The market for
of April reveals a further increase in gold and time money shows no change this week, no transacbullion, the gain this time being 581,000 marks. tions having been reported. Rates are Yi% on all
The Bank's gold stands now at 81,713,000 marks, maturities up to three months and V% for longer
which compares with 204,998,000 marks a year ago maturities. The market for prime commercial paper
and 410,541,000 marks two years ago. A decrease has been moderately active this week, though the
appears in reserve in foreign currency of 270,000 demand has been in excess of the supply for prime
marks, in silver and other coin of 56,580,000 marks, paper. Rates are Y for extra choice names runi%
in notes on other German banks of 10,093,000 ning from four to six months and 1% for names less
marks, in investments of 16,713,000 marks, in other known.
assets of 17,603,000 marks, in other daily maturing
Bankers' Acceptances
obligations of 24,569,000 marks and in other liabilities of 86,000 marks. Notes in circulation show
HERE has been very little demand for prime
a gain of 286,745,000 marks, bringing the total of
bankers' acceptances during the week and
the item up to 3,710,815,000 marks. Circulation while the market has been fairly firm there have
been
last year aggregated 3,640,108,000 marks and the few bills available. Quotations
of the American
previous year 3,538,312,000 marks. The propor- Acceptance Council
for bills up to and including 90
tion of gold and foreign currency to note circulation
days are 3-16% bid and V% asked; for four months,
is now 2.31%; a year ago it was 5.8% and the year
l%
before, 14.4%. Bills of exchange and checks and y bid and 3-16% asked; for five and six months,
advances register increases of 316,920,000 marks and V% bid and 5-16% asked. The bill buying rate of
45,848,000 marks respectively. A comparison of the the New York Reserve Bank is M% for bills running
different items for three years appears below:
from 1 to 90 days, Y for 91-to 120-day bills, and
l%
REICHSBANK'S COMPARATIVE STATEMENT
1% for 121-to 180-day bills. The Federal Reserve
Changes
banks' holdings of acceptances remain unchanged at
for Week
Apr. 30 1935 Ayr. 30 1934 Apr. 29 1933
$4,696,000. Their holdings of acceptances for foreign
Retchsmarks Retchsmarks Retch:marks
Retchsmarks
Assets—
81,713,000 204.998,000 410,541,000
+581,000
Gold and bullion
correspondents decreased from $27,000 to $20,000.
21,818,000
No change
Of which depos. abroad
20,238,000
39,319,000
—270,000
Reserve in foreign curr.
6,789.000
4,048,000
99,507,000
Open market rates for acceptances are nominal in so
Bills of exch. and check, +316,920,000 3,887,222,000 3,192,759.000 3,149,256,000
'
Silver and other coin
—56,580,000 119,735,000 194,335,000 170,874,000
far as the dealers are concerned, as they continue to
Notes on other Ger.bks.
4,864,000
—10,093,000
4.731,000
3.182.000
Advances
+45,848,000
86,532,000 139,552,000 177,081,000
fix their own rates. The nominal rates for open
Investments
—16,713,000 700,706,000 639,131,000 316,937,000
Other assets
—17,603,000 614,470,000 561,175,000 407,976,000
market acceptances are as follows:
Liabilities—
D
T
T
Notes in circulation- Other daily matur.obill.
Other liabilities
Propor.of gold and torn
curr. to note &can_
+286.745.000 3,710,815,000 3,640,108,000 3,538,312,000
—24,569,000 951,514,000 515,393,000 406,005,000
—86,000 215,646,000 165,305,000 167,886,000
—0.18%
2.31%
5.8%
14.4%
New York Money Market
VIDENCE of the seriously dislocating effect
of the official easy money policy now pursued
in this country again was afforded by the New York
E
Prime eligible bills
SPOT DELIVERY
—180 Days— —150 Days—
Bid
Asked
Bid
Asked
gni
Prime eligible blll
—90Dan—
Bid
Asked
i.
34
—MO Days—
Bid
Asked
—60 Days— —30 Days—
Bid
Asked
Bid
Asked
i.
34
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member tanks
'is
34
Si% DM
Si% bid
Financial Chronicle
Volume 140
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Rate its
Effect on
May 3
Date
Established
Previous
Rate
2
134
2
2
234
2
2
2
234
234
214
2
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
Feb. 3 1934
Jan. 11 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
Jan. 8 1935
Dec. 21 1934
Jan. 8 1935
Feb. 18 1934
234
2
234
211
a
234
234
234
3
3
3
234
Course of Sterling Exchange
TERLING exchange and all currencies continue
to fluctuate rather widely, although the pound
moved this week within narrower limits and was on
the whole steadier than last week in terms of the
dollar. The range for sterling this week has been
between $4.81% and $4.843 for bankers' sight bills,
4
compared with a range of between $4.80% and
$4.85 last week. The range for cable transfers has
2
been between $4.82 and $4.843/, compared with a
range of between $4.80% and $4.853/g a week ago.
In terms of French francs or gold sterling is fractionally easier, continuing the trend which developed on
Friday of last week.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS
Saturday, Apr. 27
72.875 1 Wednesday, May 1
Monday, Apr. 29
73.103 Thursday, May 2
Tuesday, Apr. 30
72.990 1 Friday,
May 3
72.942
73.291
73.437
LONDON OPEN MARKET GOLD PRICE
Saturday, Apr. 27
1458. 44. I Wednesday, May L.__ _1455.
Monday, Apr. 29
144s. 5)id. Thursday, May 2__144s. 44.
Tuesday, Apr. 30
1448 8d.
Friday,
May 3___-143s.1134d.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Apr. 27
$35.00
$35.00 1 Wednesday, May 1
Monday, Apr. 29
35.00
35.00 Thursday, May 2
Tuesday, Apr. 30
35.00
35.00 Friday,
May 3
Market interest continues to center on the course
of silver prices. Past and current world silver prices
and the effect on the price of silver of the adoption
of the present United States silver purchase policies
were discussed in these columns last week on page 2759.
Silver speculators seem to be convinced that the price
will ultimately be worked up to $1.29 an ounce,
although important repercussions to the American
silver policies which have occurred since, especially
in Mexico, China, India, and London, seem to have
caused a temporary suspension of American official
operations. As a result speculators seem to have
deferred their hopes of higher silver to the less
immediate future and profit taking, especially in
foreign markets, has been reflected in a marked
decline from the recent high of 81 cents. On Thursday
the New York price dropped to 713‘ cents, nearly
6 cents under the latest official United States price
for newly mined domestic silver, which for a brief
period had been exceeded by the world price. There
was a rush to unload in London and it would seem
that owing'to the international complications which
have arisen, the forces which have been bulling the
market cannot again become active until these
matters are clarified.
2925
Aside from the effects of the action of silver on the
foreign exchange market, the sterling situation is not
greatly changed from last week. There is undoubtedly
some flow of funds from London and the Continent
to the United States, which offsets in a measure
movements of funds to London for investment, safekeeping, and for operations in the gold and silver
markets. General business in Great Britain continues to display steady improvement. The most
important aid to this progress is the building boom
taking place with respect to dwellings. Building
plans approved in more than 146 municipal districts
at the end of March exceeded L1:10,000,000, a record
level. Mr. Charles R. Hook, President of the
American Rolling Mill Co., who returned from
Europe this week, said: "The change in England
since my last visit 20 months ago, economically
speaking was remarkable. I talked with a man high
in the councils of the Bank of England and found that
the general estimate was that England had made at
least an 80% recovery."
London open market money rates continue to
reflect the abundance of money in London and the
confidence of the public in sterling. Call money
Two-months' bills are 9-16%,
against bills is
three-months' bills are 9-16% to %%,four-months'
bills are 9-16% to %%, and six-months' bills are
%% to 11-16%.
All the gold available in the London open market
this week was taken for unknown destinations,
understood to be for account of private hoarders.
On Saturday last there was so taken £382,000, on
Monday £329,000, on Tuesday £725,000, on Wednesday L$260,000, on Thursday £304,000, and on
Friday £320,000.
The gold movement at the Port of New York for
the week ended May 1, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,APRIL 25—MAY 1 INCLUSIVE
Imports
Exports
$11,755,000 from Holland
2,517,000 from Canada
None
645,000 from India
13,000 from Guatemala
$14,930,000 total
Net Change in Gold Earmarked for Foreign Account
Increase: $13,000.
Note—We have been notified that approximately $320,000 of gold
was received from China at San Francisco.
The figures given above are for the week ended
Wednesday. On Thursday $1,107,800 was received
from France. There were no imports of the metal or .
change in gold held earmarked for foreign account.
On Friday $841,000 of gold was received from
Canada. There were no imports of the metal
or change in gold held earmarked for foreign account.
Canadian exchange continues at a slight discount
in terms of the United States dollar. On Saturday
last Montreal funds were at a discount of %% to
9-16%, on Monday at M% to 7-16%, on Tuesday
at 17-32% to 13-32%, on Wednesday at %%, on
Thursday at 5-16%,and on Friday at 5-16%.
Referring to day-to-day rates,sterling exchange on
Saturday last was quiet. Bankers' sight was 4.81%
@$4.83; cable transfers, $4.82@$4.833.j. On Monday sterling was firm. The range was $4.833/®
8
$4.839. for bankers' sight and $4.833/2@$4.84 for
cable transfers. On Tuesday sterling eased off
slightly. Bankers' sight was $4.83@$4.839/, cable
8
transfers $4.83%@$4.833/ On Wednesday sterling
2
.
was steady. The range was $4.823@$4.833 for
bankers' sight and $4.82%@$4.833/ for cable trans-
Financial Chronicle
2926
fers. On Thursday exchange on London continued
steady. The range was $4.837 @$4.84% for bankers'
A
sight and $4.84@$4.843/ for cable transfers. On
2
Friday sterling was steady, the range was $
4.833/2@
2
/
$4.843 for bankers' sight and $4.83/@$4.843/ for
cable transfers. Closing quotations on Friday were
$4.834 for demand and $4.834 for cable transfers.
Commercial sight bills finished at $4.83%, 60-day
bills at .82 3, 90-day bills at $4.8234, documents
for payment (60 days) at $4.82% and 7
-day grain
bills at $4.83. Cotton and grain for payment closed
at $4.83/.
Continentaland Other Foreign Exchange
XCHANGE on the Continental countries presents no new features of importance from last
week. French francs have been ruling irregularly
firmer above points at which gold could be expected to come from France to the United States.
However, the franc continues at a discount in terms
of the dollar, and while somewhat firmer this week
with respect to sterling, future exchange on London
is ruling at a slight premium in Paris.
Money rates in Paris show a marked tendency to
advance. Renewal of pressure against the gold curA
rencies sent the French franc down 7 of a point to
697 on Thursday, approaching the point at which
4
gold shipments can be made with profit.
The Belgian unit continues firm, ruling this week
from 16.96 (new dollar parity is 16.95) to 17.01.
The belga is the only European currency at a premium
with respect to the dollar. It is also at a premium
in terms of French francs and the other Continental
currencies, as well as in relation to sterling. The
firmness of the belga is ascribed to the fact that in
the general opinion of the market the currency is
still undervalued, even at its new parity. There has
been a steady return flow of funds to Belgium since
the devaluation of the unit and in consequence of the
firm tone gold has been going to Antwerp from
Paris, Amsterdam and other European centers.
Italian lire are on average slightly firmer than last
week. Money rates are also firming up in Rome as
in Holland, Switzerland and France. This is contrary to the trend of money in New York, London,
and Berlin. Recent dispatches from Rome are to the
effect that Italy's finances are improving. During
the first three-quarters of the current fiscal year the
deficit totaled 1,772,000,000 lire, against 3,222,000,000 lire in the corresponding period last year.
The Free City of Danzig has devalued the Danzig
gulden by 42.37%, which places it on a parity with
the Polish zloty. The currency is of very minor
importance in the foreign exchange market. The
change is believed to have been motivated by political
considerations. The bank rate was also raised from
4% to 6%.
The following table shows the relation of the
leading European currencies still on gold to the
United States dollar:
E
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity
6.63
3.92
16.95
13.90
5.26
8.91
32.67
19.30
68.06
40.20
Range
This Week
6.59% to 6.62%
16.93 to 17.01
8.24% to 8.28%
32.36 to 32.50
67.55 to 67.91
The London check rate on Paris closed on Friday
at 73.35, against 72.81 on Friday of last week. In
New York sight bills on the French center finished on
Friday at 6.593/, against 6.62 on Friday of last
4
week; cable transfers at 6.593 , against 6.6234, and
May 4 1935
commercial sight bills at 6.5734, against 6.59%•
Antwerp belgas finished at 16.93 for bankers' sight
bills and at 16.94 for cable transfers, against 16.98
and 16.99. Final quotations for Berlin marks were
40.27 for bankers' sight bills and 40.28 for cable
transfers, in comparison with 40.39 and 40.40.
Italian lire closed at 8.23 for bankers' sight bills and
at 8.24 for cable transfers, against 8.27 and 8.28.
Austrian schillings closed at 18, against 18.89;
exchange on Czechoslovakia at 4.173/2, against
4.193/; on Bucharest at 1.0134, against 1.01%;
2
on Poland at 18.90, against 18.94, and on Finland
at 2.1434, against 2.13. Greek exchange closed
at 0.93 for bankers' sight bills and at 0.933/ for
cable transfers, against 0.94 and 0.943,.
XCHANGE on the countries neutral during the
war follows the general trends manifest for
many weeks. The Scandinavian currencies move
always in sympathy with sterling, with which they
are commercially allied. Holland guilders and Swiss
francs continue to rule at a discount in terms of the
dollar. Renewed pressure was felt in the latter
part of the week. On Thursday the guilder broke 13
points at the close to 67.59 cents, after having
declined to 67.55. The theoretical gold point is
67.61. Symington and Wilson, London authorities
on rubber, in a recent review of the rubber market,
state that concerning the possible devaluation of the
guilder, the opinion should be emphasized that the
Dutch would not be willing to accept the same price
in devalued guilders for rubber as they are receiving
now. These writers point out that among British
and Dutch rubber producers much complaint is heard
that the price is not better to-day. Money rates are
firming up in Amsterdam and also in the Swiss
centers. Switzerland has been losing gold to France
for many weeks. The Swiss National Bank increased
its rediscount rate on Thursday from 2% to 23/2%.
The 2% rate had been in effect since Jan. 22 1931,
when it was reduced from 23/2%. The Swiss gold
reserves declined 23% since the gold drain began
in March, from 1,782,000,000 Swiss francs to 1,372,000,000. The theoretical gold point of the Swiss
franc is about 32.41 cents. The unit touched 32
.363/2
cents on Thursday. Decline in spot rates of the
gold currencies was accompanied by a dip in future
quotations, indicating uneasiness as to the outlook.
Bankers' sight on Amsterdam finished on Friday
at 67.61, against 67.74 on Friday of last week; cable
transfers at 67.62, against 67.75, and commercial
sight bills at 67.59, against 67.72. Swiss francs
closed at 32.37 for checks and at 32.38 for cable
transfers, against 32.50 and 32.51. Copenhagen
checks finished at 21.61 and cable transfers at 21.62,
against 21.50 and 21.51. Checks on Sweden closed
at 24.94 and cable transfers at 24.95, against 24.83
and 24.84; while checks on Norway finished at 24.32
and cable transfers at 24.33, against 24.20 and 24.21.
Spanish pesetas closed at 13.653/ for bankers' sight
bills and at 13.663/i for cable transfers, against 13.71
and 13.72.
E
XCHANGE on the South American countries
presents no new features of importance. The
Argentine project for a new central bank was fully
discussed here last week. The Argentine official
rates of exchange continue to be pegged to sterling
and the normal quotations in New York move with
E
Financial Chronicle
Volume 140
2927
Gold Bullion in European Banks
the pound. Brazilian milreis are steady. The
maintain the official
authorities at Rio de Janeiro
HE following table indicates the amount of gold
rate in harmony with sterling exchange. However,
bullion (converted into pounds sterling at par
the unofficial or free market rate for the milreis of exchange) in the principal European banks as of
has been showing a tendency toward weakness for May 2 '1935, together with comparisons as of the
nearly a month.
corresponding dates in the previous four years:
Argentine paper pesos closed on Friday, official
1932
1931
Banks of1935
1934
1933
quotations, at 32.30 for bankers' sight bills, against
£
£
£
£
121,460,179 148,482,514
2 France a___ 193,110,380 192,143.067
32.09 on Friday of last week; cable transfers at 323/, England.._ _ 647,461,416 606,047,870
622,896,573 444,943,007
Germany
2,994,750
38,295,600 107,838,300
8,013,050
against 3234. The unofficial or free market close Spain b. 90,776,000 90,493,000
90,017,000
96,894,000
60,868,000
57,435.000
Italy
83.005,000
74,350,000
was 25.40@253,/2, against 25.40@25. Brazilian Netherlands 55.163,000 65,534.000
75,530,000
37,498,000
Nat. Belg'm
72,049,000
82,042,000
77.163,000
41,273.000
milreis, official rates, are 8.05 for bankers' sight bills Switzerland 49,918,000 61,118.000
68,031,000
25,712,000
Sweden
17,002,000
14,857,000
11,440,000
13,322,000
/
and 834 for cable transfers, against 8.04 and 83s. Denmark
7,394,000
7,398,000
8,032,000
9,546.000
6,561.000
8,133,000
6,599,000
6,576,000
was 5.90, against Norway
The unofficial or free market close
Total week. 1,215,465,546 1,203.689,987 1,280,748,030 1,173.180,352
5%. Chilean exchange is nominally quoted on the Prey. week- 1.216.408.752 1.201.584.225 1.281.057.993 1.168.957.377 991,076.821
998.557.281
gold
reported in
new
new basis at 5.20, against 5.20. Peru is nominal of a These are theGold holdings of the Bank of France asare exclusivethe gold form
statement. b
holdings of the Bank of Germany
of
held
abroad, the amount of which the present year is £1,090,090.
at 23%, against 23%.
T
E
Foreign Exchange Rates
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
APRIL 27 1935 TO MAY 3 1935. INCLUSIVE
Country and Monetary
Unit
Noon Butting Rate for Cable Transfers in New York
Value in United States Money
Apr. 27
Apr. 29
Apr. 30
May 1
May 2
May 3
Europe8
Austria, sch Ming _ _ .188091* .188075* .188275* .188275. .187841. .187958.
Belgium, belga
.189746 .169646 .169903 .169723 .169276 .169284
Bulgaria, lev
.012625* .012750* .012625* .012835* .012833* .012750.
Czechoslovakia, krone .041846 .041851 .041889 .041832 .041725 .041750
Denmark, krone
.215291 .215745 .215733 .215491 .216025 .216141
England. pound sterl'g 4.823571 4.835333 4.831583 4.828583 4.840418 4.842000
Finland. markka
.021287 .021329 .021316 .021308 .021341 .021350
France. franc
.066133 .066111 .036210 .066110 .065959 .065941
Germany, relchsmark .403707 .403535 .404100 .403900 .402650 .402838
Greece, drachma
.009387 .009375 .009390 .009375 .009357 .009365
Holland, guilder
.877035 .676896 .678671 .678164 .675507 .675707
Hungary, pengo
.295250* .295375. .296500• .296875. .296750* .294625*
082739 .082687 .082731 .082608 .082425 .082410
Italy, Era
Norway. krone
.242291 .242825 .242827 .242508 .243150 .243225
Poland, zloty
.188920 .189000 .189020 .189220 .188600 .188620
Portugal, escudo
.043814 .0438n8 .043950 .043850 .043968 .043991
.010090 .010090 .010095 .010100 .010045 .010055
Rumania.leu
.136953 .136930 .137153 .137023 .136653 .136617
Spain, peseta
.248575 .249183 .249150 .248816 .249500 .249604
Sweden,krona
Switzerland, franc- .324578 .324396 .324864 .324519 .323619 .323596
Yugoslavia, dinar-- .022825 .022850 .022825 .022850 .022787 .022793
AsiaChinaChefoo (yuan) dol'r .403750 .409166 .409166 .410416 .401250 .409583
Hankow(yuan)dol'r .404186 .409583 .409583 .410833 .401658 .410000
shanghal(yuan)dol. .403750 .408958 .409375 .410000 .401093 .409791
Tientsin(Yuan) dol'r .404166 .409583 .409583 .410833 .401666 .410000 •
Hongkong, dollar.- .604687 .592500 .593437 .600000 .587187 .593750
.363575 .384510 .364350 .364210 .365010 .365160
India. rupee
.283785 .284500 .284570 .284285 .284785 .285140
Japan. yen
Singapore (S. S.)dol'r .561250 .583750 .563437 .562500 .564375 .563750
Australasia
Australia. pound
3.822343* 3.833750* 3.829375* 3.824062'3.840937*3.837812*
New Zealand. pound_ 3.845625* 3.856875* 3.852912*3.847812.3.864062*3.860937*
Africa-South Africa, pound-- 4.767875* 4.780750*4.778500*4.772500. 1.787500.4.783000*
North America
.993906 .995000 .995113 .995807 .996484 .997057
Canada, dollar
.999200 .999200 .999150 .999200. .9992(‘O .999200
Cuba, Peso
Mexico, peso (silver). .299925. .277500. .277437 .278036 .278066 .278066
Newfoundland, dollar .991500 .992500 .992637 .993250 .994000 .994750
South America
.321150. .322112. .321887. .321762* .322325. .322437*
Argentina, peso
.082483* 082568* .082650* .082850. .082616* .082583*
Brazil, milreis
.051000* .051000* .051000* .051000* .051000* .051000.
Chile. Peso
.802900. .803000. .804750* .804500. .801500. .802000*
uruguaY. Peso
.561800. .561800* .561800. .561800* .561800* .561800*
Colombia. Peso
• Nominal rates: firm rates pot available.
§§§§§§§§§
1
6C405 C
.,7c:g
1-:060;t:06,
4
iGno.7clogo0,00mo,
OicritiLe;eitZcc7
com.. mnisco.
XCHANGE on the Far Eastern countries is
seriously affected by the wide fluctuations and
the erratic course of the silver market. This aspect
of exchange is considered in the resume of sterling.
The Shanghai dollar is at a heavy discount from
its theoretical silver parity. The Indian rupee reflects
the action of sterling, to which it is legally affixed
at the rate of is. 6d. per rupee. In connection with
the high price for silver and the rather general
expectation that the metal will advance still further,
it is of interest to note that Bombay and Calcutta
silver operators have taken a stand in the market
which indicates that they are anticipating lower,
rather than higher, prices for silver.
Closing quotations for yen checks on Friday were
28.55, against 28.47 on Friday of last week. Hong
Kong closed at 59@60 5-16, against 61 5-16@613/;
2
Shanghai at 413/s@41 7-16, against 4134@41%;
Manila at 50, against 50.05; Singapore at 56%,
against 56; Bombay at 36.56, against 36.42, and
Calcutta at 36.56, against 36.42.
An Experiment in Unemployment Insurance-The New York Statute
The Unemployment Insurance Act of New York
which became effective on April 25 with the approval
of the bill by Governor Lehman marks an important
step toward the realization of the co-ordinated system of State and Federal unemployment insurance
which President Roosevelt has advocated. The Social
Security bill, carrying unemployment insurance as
one of its features, which passed in the House of
Representatives on April 19 calls for the approval
by a Federal Social Security Board of State laws
and regulations before Federal grants in aid can be
secured, but it seems highly improbable that the
elaborate measure which the New York Legislature
has just enacted was framed without reasonable
assurance that its provisions would meet with Federal approval, notwithstanding that the Federal bill
is not yet law. The New York statute may, accordingly, be regarded as a fair example of the kind of
legislation which the States may be expected to
adopt, and, to some extent at least, of the principles
upon which State treatment of unemployment insurance is likely to be based.
In a "declaration of public policy" with which the
New York Act is prefaced, all question about the
wisdom of unemployment insurance is set aside by
the adoption by the Legislature of the conclusion
reached by a joint legislative committee on unemployment, created April 9, 1931, to the effect that
"the problem of unemployment can better be met by
the so-called compulsory unemployment insurance
. plan than it is now handled by the barren actualities
of poor relief assistance backed by compulsory contribution through taxation. Once the facts are apprehended," the report continues,"this conclusion is
precipitated with the certainty of a chemical reaction." The scope of the Act is not, however, unlimited, its benefits not being extended to farm
laborers, the spouse or minor children of an employer, or persons engaged in other than manual
labor whose wages exceed $2,500 a year or $50 a week.
Employees of religious, charitable, scientific,literary
or educational organizations, no part of whose net
earnings inures to the benefit of private shareholders or individuals, are also excluded along with all
State or municipal employees.
The employers affected are those who have employed at least 4 persons within each of 13 or more
calendar weeks in 1935 or any subsequent year. Any
person engaged by an employee to assist him is to be
deemed an employee, whether paid by the person who
2928
Financial Chronicle
hires him or by that person's employer, provided
such employment is "with the knowledge, actual,
constructive or implied," of the employer. In determining whether the prescribed number of four or
more persons has been employed and the cOntribution to which the employer is subject, the Act deems
an employer to have employed all persons employed
by a subcontractor unless the latter assumes "exclusive liability" for the contributions required, and
an employer having several places of business in the
State is regarded as the employer of all his employees. Wages embrace "every form of remuneration for employment received by an employee from
his employer," including salaries, commissions,
bonuses,"the reasonable money value of board, rent,
housing, lodging or similar advantage," and even
gratuities if the employer is not the giver.
The benefits which the Act provides become payable two years after the employers' contributions
are due. Benefits are not to be paid, however, to any
person not totally unemployed, nor to one who has
not registered himself as unemployed and given
notice of his continuance as such, nor to one who has
not had at least 90 days (18 weeks of 5 days) of employment in the 12 months preceding the date when
benefits begin, or alternatively, 130 days in the 24
months preceding such date. Special regulations are
to be made for part-time and seasonal workers. Benefits may also not be claimed after certain prolonged
periods of unemployment following the time when
the person was employed, and provision is also made
for certain waiting periods before payment of benefits can be claimed. Benefits are to be paid in the
ratio of one week of benefit for each 15 days of insurable employment in the preceding 52 weeks, and
at the rate of 50% of the employee's full-time weekly
wages, with a minimum of $5 and a maximum of $15
a week. A waiting period of three weeks (in certain
cases 10 weeks) before benefits can be claimed is
stipulated, and not more than 16 weeks in a consecutive 52 weeks are to be paid for.
Benefits may not be claimed by an employee who
"refuses to accept an offer of employment for which
he is reasonably fitted by training and experience,"
but the right to benefits is not to be lost if the refusal
is due to the fact that acceptance "would either require the employee to join a company union or would
interfere with his joining or retaining membership
in any labor organization," or if there is a strike,
lockout of other industrial controversy in the establishment where employment is offered, or if the employment offered is outside the State or at an unreasonable distance, or where "the wages, hours and
conditions offered are substantially less favorable to
the employee than those prevailing for similar work
in the locality, or are such as tend to depress wages
or working conditions."
The fund from which unemployment insurance
benefits are to be paid under the Act is to be built
up mainly from the proceeds of a tax on pay rolls.
The tax begins with 1% for the calendar year 1936,
and rises to 2% in 1937 and 3% thereafter. The
annual contributions are to be "deposited in or invested in the obligations of the'Unemployment Trust
Fund' of the United States Government, or its authorized agent,60 long as said trust fund exists," the
amounts needed from time to time being requisitioned from that fund by the Industrial Commissioner. Amounts received from the Federal Government, or apportioned to the State by the Federal
May 4 1935
Social Security Board, together with any other
money received by the State for the administration
of the Act, are to be paid into an Unemployment
Administration Fund and used for administrative
purposes. It is expressly provided that the State
of New York undertakes the administration of the
insurance fund "without any liability on the part
of the State beyond the amount of moneys received
through allotment from the Federal Social Insurance Board or other Federal agency."
An interesting provision of the Act, apparently
foreshadowing an extension of the insurance plan
which would make the present Act seem elementary,
is one creating a State Advisory Council charged
with the duty of investigating the operation of the
Act "upon the basis of the actual contribution and
benefit experience hereunder, with a view to classifying or grouping employers, employments, occupations or industries with respect to the frequency and
severity of unemployment of each, taking due account of any relevant and measurable factors relating thereto, and to report on the practicability of the
establishment of a rating system which would most
equitably operate to rate the unemployment risk and
fix the contribution to such fund for each employer,
group of employers, employment, occupation or industry, and to encourage the stabilizing of employment therein." It is especially declared, however, to
be "the public policy" that the rate of contribution
on pay rolls to be imposed upon each employer shall
not be less than one per cent. The Advisory Council
is to make its report to the Governor and the Legislature not later than March 1 1939. As the Act elsewhere stipulates that no contribution-shall be made
prior to March 1 1936, the insurance scheme will
presumably have been under observation for three
years or thereabouts when the Council makes its
report.
To what extent the fund which the Act is to create
will be enlarged by grants from the Federal Treasury
cannot now, of course, be determined. The Social
Security bill which is before Congress levies a tax
upon the pay rolls of employers having 10 or more
employees at the same rates as those of the New York
Act, but allows a deduction up to 90% for payments
made by the same employers to State unemployment insurance funds. By supplementing the proceeds of the pay roll tax with direct Federal appropriations, it is possible that the State may receive
enough to double the minimum and maximum benefits which its own system provides. It cannot hope
to receive any Federal money at all, however, unless
both the law and its administration conform to the
standards set by a Federal board.
The New York statute is probably as good a
measure of its kind as any State is likely to have.
As long as it remains a law, one should hope that it
may be honestly and faithfully administered. No
recognition of its formal merits, however, should
blind any one to the futility of the ultimate purpose
which the law is expected to serve, or to the complications which are certain to result from its enforcement. The law undertakes to insure certain classes
of wage earners against an economic situation whose
causes are many and varied, and whose occurrence
and continuance cannot with any assurance be predicted. It throws the burden of financing the risk
upon the employer, apparently on the theory that, no
matter what happens to his business, he will always
be able to carry it, and exempts all employees from
Volume 140
Financial Chronicle
contributions notwithstanding that those who are to
benefit from the system ought in all justice to contribute to its maintenance. The one, two or three per
cent tax on payroll may, perhaps, be absorbed without great difficulty when business is prosperous,
but business at present is not prosperous and the indications of returning prosperity are still unsatisfactory, and the tax will make a substantial difference to employers who are still struggling to keep
their accounts out of the red. Even if the machinery
of the Act works perfectly, it will neither prevent
nor discouraged the kind of labor union activities
which are directed to fomenting strikes, while the
pay roll tax, added to other taxes and exactions
which are multiplying in all directions, will tend to
discourage wage increases by making reasonable
profits more uncertain.
There can be no assurance, in short, that such unemployment insurance legislation as New York has
enacted will either cope effectively with the present
unemployment situation or make the recurrence of
unemployment less likely. All that such laws can do
is to provide a dole, at the expense of employers, for
certain classes of wage earners whose chances of
stable employment, or of any employment at all, the
law does nothing to improve. It is certainly not by
this avenue of approach that depressed conditions
in business or industry are to be most effectively
dealt with.
How Reciprocal Tariff Agreements
Are Made
In a debate in the Senate, on April 26, some interesting and important information was brought
out concerning the procedure followed by the Department of State in the negotiation of tariff agreements under the so-called Trade Agreements Act of
June 12 1934. The Act, in form an amendment of
the Tariff Act of 1930, authorized the President,
"whenever he finds as a fact that any existing duties
or other import restrictions of the United States or
any foreign country are unduly burdening and restricting the foreign trade of the United States," and
that the declared purpose of the Act will be served, to
enter into foreign trade agreements and proclaim
such modifications of duties or restrictions as the
agreements may embody. No proclamation was to be
made, however, increasing or decreasing any existing duty by more than 50% or transferring any
article between the dutiable and free lists. The duties
or restrictions so proclaimed were to apply "to articles the growth, produce or manufacture of all
foreign countries, whether imported directly or indirectly," and might be suspended in case of discriminatory treatment of American commerce. The declared purpose of the Act was to expand foreign
markets for American products "by regulating the
admission of foreign goods ... in accordance with
the characteristics and needs of various branches of
American production, so that foreign markets will
be made available to those branches of American production which require and are capable of developing
such outlets by affording corresponding market opportunities for foreign products in the United
States."
Senator Steiwer of Oregon, Republican, after referring to the agreements with Cuba, Brazil, Belgium and Haiti which are all that have thus far been
made, described the procedure, as far as he had been
able to ascertain it, under which negotiations are
2929
carried on. The first step is a "public notice" in the
form of a State Department press release, announcing the nation to be negotiated with,fixing the date
of a hearing for interested parties, and indicating
"the nature of the hearing or the showing which may
be made." The showing of interested parties, however, is not made before the officials who conduct the
negotiations, but before a "Committee for Reciprocity Information." This committee, according to
Senator Steiwer, "has no authority, it claims no
authority, and it exercises no duties at all with
respect to the negotiation of the treaty." It holds
formal sessions, receives briefs or verbal statements,
and informs the persons interested that the briefs
and statements will be sent to the agencies which
actually conduct the negotiations. A summary of
the material submitted is also, as a rule, prepared.
The body which conducts the negotiations is
known as the Trade Agreements Committee. Precisely how this committee is constituted Senator
Steiwer had had difficulty in ascertaining. If it
actually exists as a committee at all, it appears to
exist only in the form of a group whose personnel is
constantly changing. Secretary of State Hull, to
whom Senator Steiwer applied for information, replied on April 16 that "the actual negotiations with
representatives of foreign Governments are conducted by officers of this Department, with the assistance of representatives of other departments,
and on the basis of information and advice supplied
by the interdepartmental organization and by nongovernmental interests through the Committee for
Reciprocity Information. The personnel of the group
participating in the actual negotiations varies for
each agreement." It was Senator Steiwer's conclusion that the group or "committee" was a variable
body "the membership of which is not publicly
known," and he declared that no announcement has
been made by the State Department regarding the
names of its advisers or the advisers of the "committee" in the trade negotiations whose procedure
he was discussing.
Senator Steiwer found much to object to in this
"secret and confidential" arrangement. "The Committee for Reciprocity Information," he asserted,
"stands rather as a barrier to all American interests and to all Americans." In a letter of March
18 to President Roosevelt, he referred to it by implication as"a buffer agency set up for the sole purpose
of collecting information and then transmitting it
to a committee on foreign trade agreements." In a
long reply under date of April 8 (both letters are
given in full in the "Congressional Record") Mr.
Roosevelt declared that the committee was "in no
sense" a buffer agency, but "a convenient channel
through which interested persons may bring their
views to the attention of the several governmental
agencies actively concerned in formulating recommendations in regard to proposed trade agreements." As for the alleged "present division of
authority" between the two committees, Mr. Roosevelt replied that"no such division of authority exists
or can exist," the Committee for Reciprocity Information being "only an agency of the trade agreements organization for obtaining the information
and views of interested persons."
Mr. Roosevelt's reply did not meet the criticism
that the Department proceedings were essentially
secret and in practice one-sided. American interests,
it was pointed out, had practically to withdraw after
2930
Financial Chronicle
their case had been presented at a formal hearing,
notwithstanding that foreign interests, through their
representatives, have direct access to the Department and, presumably, to whatever body is actually
negotiating an agreement. Foreign representatives
have thus an opportunity to learn what American interests want, while American interests are debarred
from learning what foreign representatives are prepared to offer. Moreover, American interests, according to Senator Steiwer, are not advised by the
State Department, "save in a very general way," of
the particular articles or commodities which are the
subjects of negotiation, and the Department "feels
itself under no obligation to give any advices at all."
"In connection with all four of the treaties heretofore executed," Senator Steiwer declared,"no information has been furnished to American interests of
the type which would enable them to stand upon a
parity with the foreign interests in the matter of
presenting their case against proposals to cut own
duties and to facilitate bringing in foreign articles."
A general "public notice" is not likely to be carried
widely by the press, and it was apparently only after
the thing was done that American interests learned
that 11 paragraphs of the Belgian agreement were
rewritten "to provide for concessions on a part of
May 4 1935
the imports covered by a broader classification."
It seems, too, that information is not always forthcoming even when it is asked for. Senator White of
Maine told the Senate that when a Canadian reciprocity treaty was in prospect, a short time ago, he
went to the State Department and undertook to find
out, in behalf of his constituents,"what Canada was
asking for and what was under consideration by the
Department." He received "no information whatsoever," but in a press release the Department, commenting on the representations of school children
and others in Maine regarding the threatened reduction in the duty on potatoes, declared that "the
fact that the pleas voiced in the letters are based on
the wholly false assumption that it has already been
decided to reduce the duties on potatoes and certain
other products, or remove them altogether, creates
the distinct impression that those who have inspired
the correspondence are propagandists of high protection who are not so much distressed over the condition of the producers as they are desirous of furthering their own selfish interests and of hampering
the whole trade-agreement program by arousing
fears that have no basis in reality. It would appear
that these tariff lobbyists, or ex-officials, interested
in maintaining their positions in Washington or re-
(Continued on page 2934)
The New Capital Flotations in the United States During the Month of
April and for the Four Months Since the First of January
The record of new financing in this country during the
month of April was of even more imposing proportions than
that for the month of March. In our article for the month of
March we mentioned that the financing for that month had
been on a larger scale than any other month since July 1934.
The grand total of new offerings for the month of April
reached no less than $503,148,393 exceeding the March total
of $288,494,956 by $214,653,437 and established a new high
record since April 1931 when $o91,410,493 of new issues
were floated. Our tabulations, as always, include the stock,
bond and note issues by corporations, by holding, investment and trading companies, and by States and municipalities, foreign and domestic, as well as farm loan and publicly offered governmental agency issues. The grand total of
the offerings of new securities under these various heads, as
just stated, was $503,148,393 in April, represented by $151,769,593 State and municipal issues, $155,878,800 corporate
issues, an offering of $162,000,000 Federal Land banks
% bonds and an issue of $33,500,000 Federal Intermediate
Credit banks 1%% Debentures. Refunding operations, as
in other recent months, predominated the month's new emissions and no less than $413,298,800 out of the grand total of
$503,148,393 comprised refunding issues, that is they were
put out to take up or retire existing obligations. The
strictly new capital raised during April was only $89,849,593.
Financing by the United States Government was along the
usual lines during April and included four offerings of Treasury bills on a discount basis. There was also a combined
-year 15 %
4
3%
offering of 20-25 year 2N Treasury bonds and 5
Treasury notes made in exchange for approximately $1,933,000 called First Liberty Loan bonds, the call date
thereof being June 15. ID our remarks further below, we
record the details in respect to these offerings.
In view of the magnitude and importance of Federal
financing we present below a summary of all such issues
marketed during April and also those offered during the
three months preceding, furnishing full particulars of the
various issues, and giving a complete record in that respect
for the first four months of the ensuing year.
New Treasury Financing During the Month of April
1935
Mr. Morgenthau on March 28 announced a new offering
-day Treasury bills.
of $50,000,000, or thereabouts, of 272
The bills, however, were dated April 3 and mature Dec. 31
1935, and hence form part of the Government's financing
for the month of April. Subscriptions to the issue totaled
$119,428,000, of which $50,018,000 was accepted. The average price for the Treasury bills was 99.882, equivalent to
an average rate of 0.157% on a bank discount basis. Issued
to refund maturing bills.
Secretary of the Treasury Morgenthau on April 21 announced an offering of 2%% Treasury bonds of 1955-1960,
and of 1%% Treasury notes of series A-1940, to be issued
solely in exchange for the $1,933,209,950 First Liberty
Loan bonds which were called for redemption on June 15
1935. The amount of the two new issues was limited to
the amount of First Liberty bonds tendered and accepted.
No cash subscriptions were received. The newly offered
2%% Treasury bonds and 1%% Treasury notes, which were
dated March 15 1935, are additions to and form part of the
bond and note issues offered by the Treasury in its March 15
quarterly financing and are identical, except that in the
case of the notes the additional denomination of $50 was
made available. Both offerings were made at par.
The new 273% bonds are dated March 15 and will mature
4
March 15 1960, but are redeemable at the option of the
United States at par and accrued interest on and after
March 15 1955. The 1%% notes are also dated March 15
1935, and will mature March 15 1940. The notes are exempt,
both as to principal and interest, from all taxation, except
estate or inheritance taxes, and the bonds are exempt from
all taxation except estate or inheritance taxes and the surtaxes. Subscriptions received and allotted on the two offerings totaled $1,297,000,000, of which approximately $502,000,000 was for the 2%% Treasury bonds of 1955-1960, while
$795,000,000 was for the 1%% Treasury notes, series A
1940. No statement was made as to when the bond subscription books would close. However, subscriptions to the notes
ended Thursday, May 2.
An offering of $50,000,000, or thereabouts, of 273-day
Treasury bills was announced on April 4 by Secretary of
the Treasury Morgenthau. The bills were dated April 10
and will mature Jan. 8 1936. Subscriptions to the issue
totaled $109,147,000, of which $50,062,000 were accepted.
The average price for the Treasury bills was 99.867, equivalent to an average rate of 0.176% on a bank discount basis.
Issued to replace maturing bills.
On April 11 Mr. Morgenthau announced another offering
of $50,000,000, or thereabouts, of 273-day Treasury bills.
The bills were dated April 17 and will mature Jan. 15 1936.
Subscriptions to the issue totaled $124,413,000, of which
$50,020,000 was accepted. The average price for the Treasury bills was 99.866, equivalent to an average rate of 0.176%
on a bank discount basis. These bills were used to replace
a similar offering of bills.
Mr. Morgenthau on April 18 announced a further offering
of $50,000,000, or thereabouts, of 273
-day Treasury bills.
The bills were dated April 24 and will mature Jan. 22 1936.
Applications to the issue totaled $115,059,000, of which $50.155,000 was accepted. The average price for the Treasury
bills was 99.872, the average rate on a bank discount basis
being 0.169%. This financing provided for the refunding
of a similar amount of maturing bills.
Another offering of $50,000,000, or thereabouts, of 273day Treasury bills was announced on April 29 by Mr. Morgenthau. The bills, however, were dated May 1, and will
mature Jan. 29 1936, and hence form part of the Government's financing for the month of May. Subscriptions to
the issue totaled $213,212,000, of which $50,085,000 was
accepted. The average price for the Treasury bills was
99.884, the average rate on a discount basis bing 0.153%.
Issued to replace maturing bills. The rate on this offering
compares with 0.169%, bills dated April 24; 0.176%. bills
dated April 17 and April 10, and 0.157% on bills dated
April 3.
In the following we show in tabular form the Treasury
financing done during the first four months of this year.
The results show that the Government disposed of $4,710,629,182, of which $4,547,493,200 went to take up existing
issues and $163,135,982 represented an addition to the
public debt. For April by itself, the disposals aggregated
$1,497,255,000, all of which represented refunding.
UNITED STATES TREASURY FINANCING DURING THE FIRST FOUR
MONTHS OF 1935
Date
Offered
182 days
182 days
182 days
182 days
182 days
$
214.130,000
141.685,000
142,359,000
232,573,000
203,618,000
5
75,150,000 Average
75,185,000 Average
75,079.000 Average
75.129,000 Average
75,106,000 Average
182 days
182 days
182 days
182 days
273 days
262,895,000
196,853,000
156.544,000
120.712,000
165.180.000
CM0.•,"
.0INN
Yield
99.949 .0.10%
99.942 *0.12%
99.926 *0.15%
99.927 .0.15%
99.931 *0.14%
75,185.000
75,112,000
75,024.000
50,054,000
50.185,000
Average
Average
AverAge
Average
Average
99.939 *0.12%
99.944 *0.11%
99.941 *0.117%
99.946 *0.108%
99.874 *0.166%
325,560,000
10 years
348,012,982 y38,012,982
*2.90%
182 days
152,020,000
50,114,000 Average 99.949 •0.10%
273 days
157,560,000
50,072,000 Average 99.889 *0.147%
20-25 yrs. 1559,600.000 1559,600,000
100
2.875%
5 years
513,884,200 513,884,200
100
1.625%
129,722,000
50,052,000 Average 99.953 *0.094%
182 days
273 days
120,615,000
50,149,000 Average 99.893 *0.141%
182 days
50,125,000 Average 99.953 *0.094%
104,570,000
273 days
67,406.000
50,006,000 Average 99.889 *0.147%
182 days
50,079,000 Average 99.945 *0.109%
108,329,000
273 days
117,186,000
50,071,000 Average 99.864 *0.180%
2 512,165,182
s
MOC•V.0 ,
0
272 days
119,428,000
50,018,000 Average 99.882
273 days
109,147,000
50,062,000 Average 99.867
273 days
50,020,000 Average 99.866
124,413,000
273 days
115,059,000
50,155,000 Average 99.872
20-25 yrs. z502,000,000 s502,000,000
100
5 yrs.
z795,000,000 z795,000,000
100
*0.157%
*0.176%
*0.176%
*0.169%
*2.875%
1.625%
1,497,255,000
•
.
i
Grand
..,007.0.002M00,ts
2 rimatOt 3
aeee2 2
April
ittit
Mar. 28
Apr. 4
Apr. 12
Apr. 18
Apr. 21
Apr. 21
xxxxx2n =
i Marc
Price
375,649,000
1
›.
Febru
Mar. 1
Feb. 28
Feb. 28
Mar. 3
Mar. 3
Mar. 7
Mar. 7
Mar. 14
Mar. 14
Mar. 21
Mar. 21
CM°
"
.NO2
Jan. 31
Feb. 5
Feb. 14
Feb. 25
Feb. 25
i
Arnount
Accepted
2
a
0
Janua
6
1
.,1d2g; - 4444.
t 444ta
Dec. 25
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Amount
Applied for
Due
Dated
4,710,629,182
y Amount based on purchase price. z Approximate. • Average rate on a bank
discount basis.
USE OF FUNDS
Dated
Ian
Ian
Ian.
Ian.
Ian.
2
9
16
23
30
2931
Financial Chronicle
Volume 140
Type of
Security
Treasury
Treasury
Treasury
Treasury
Treasury
bills
bills
bills
bills
bills
Total Amount
Accepted
Refunding
575.150.000
75,185,000
75,079,000
75,129,000
75,106,000
375.150,000
75.185,000
75,079,000
75,129,000
75,106,000
$375.649,000
New
Indebtedness
4
California Edison Co.,Ltd., refunding mortgage 33 % bonds
due 1960, all of which represented refunding.
The largest corporate offering during April was the
$73,000,000 Southern California Edison Co., Ltd., refunding
mortgage 33 s 1960, priced at 984 flat, the bonds being
4
dated. May 1 1935 and carrying interest from July 1 1935.
Another important public utility offering was the $10,440,000 Consolidated Gas Electric Light & Power Co. of
4
Baltimore 1st refunding mortgage 33 s 1960 sold at par to a
group of seven insurance companies. Railroad financing
during April was featured by the following: $12,000,000
The Monongahela Ry. Co. 1st mortgage 4s A 1960, sold at
1013, to yield over 3.90%; $9,000,000 Boston & Albany
RR. Co. 1st mortgage 4s A 1943, priced at 96%, yielding
5% and $6,400,000 Lehigh & New England RR. Co. general
mortgage 4s A 1965, offered at par. Industrial and miscellaneous issues worthy of special mention were as follows:
$19,371,800 Commercial Credit Co. 534% cony. pref. stock,
issued at $102 per share, to yield 5.39%; $6,000,000 Hudson
Motor Car Co. serial notes due 1936-40, placed privately;
$5,000,000 Reynolds Metals Co. 5.4% cum. cony. pref.
stock, offered at par ($100) and $5,000,000 United Biscuit
Co. of American 5% debentures 1950, issued at 101M to
yield 4.85%.
Included in the month's financing was an issue of $162,000,000 Federal Land Banks consolidated 3%% bonds due
May 1 1955, offered at 100%,to yield 3.16% to first redeemable date, May 1 1945 and 3.25% thereafter to redemption
or maturity. This issue provided for the retirement on
May 1 of an approximately equivalent amount of 5% obligations. There was also an offering of $33,500,000 Federal
debentures running for
Intermediate Credit banks 1
3, 6 and 9 months, made as usual at price on application.
This issue refunds $30,000,000 of similar maturing obligations.
No foreign issues of any description were floated here in
April and it is also to be noted that there were no new fixed
investment trust offerings during the month.
Two of the April offerings contained provisions for conversion into common stocks, namely: $19,371,800 Commercial
Credit Co.5M% cony. pref. stock, convertible into common
stock at rate of 1 share of common for each $55 par amount
,
of preferred, and $5,000,000 Reynolds Metals Co. 516%
cum. cony. pref. stock, convertible into common stock at
rate of 3 shares of common for each share of preferred.
The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
-for April and the four months ending
farm loan issues
with April:
$375,649,000
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING
1935
Total
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Feb. 27
Treasury
Treasury
Treasury
Treasury
Treasury
bills
bills
bills
bills
bills
Total
Mar. 1
Mar. 8
Mar. 8
Mar. 15
Mar. 15
Mar. 18
Mar. 13
Mar. 20
Mar.20
Mar.27
Mar.27
$325.560,000
Savings bonds
Treasury bills
Treasury bills
214% Treas. bonds
152% Treas. noted_
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Total
Apr. 3
Apr. 10
Apr. 17
Apr. 24
Mar. 15
Mar. 15
575.185,000
$75,185,000
75,112,000
75.112,000
75,024.000
75,024,000
50,054,000 1 75.065,000
50,185,000 J
5300,386,000
525,174.000
y$38,012,982
50,114,000 1 75.290,000
50,072,000 I
1,559,600,000 1,559,600,000
513,884,200
513,884,200
50,052,000
' 75,365,000
50,149.000
50,125,000
75.041,000
50,006.000
50.079,000
75,023.000
50,071,000
$38,012,982
24,896,000
52,512,165,182 52,374,203.200
Treasury bills
Treasury bills
Treasury bills
Treasury bills
234% Treas, bonds
194% Treas. notes
$25,174,000
50,018,000
50.062,000
50,020,000
50,155,000
z502,000,000
z795,000,000
,
24,836.000
25,090,000
25.127.000
$137,961,982
50,018,000
50,062,000
50.020,000
50,155,000
z502,000,000
s795,000,000
Total
$4,710,629,182 $4,547,493,200
Amount based on purchase price
$163,135,982
z Approximate.
Features of April Private Financing
Continuing further with our analysis of the corporate
offerings in April, we obserN e that public utility issues led
in volume with $84,339,000, as against $58,470,000 reported
for that group in March. Industrial and miscellaneous
flotations amounted to $44,139,800 in April, as compared
with $44,750,000 for March. Railroad issues sold during
April amounted to $27,400,000, showing an increase over the
$16,945,000 put out in March.
Of the total corporate offerings of all kinds sold during
April, amounting to $1.55,878,800, long-term bonds and notes
comprised $122,507,000, short-term bonds and notes aggregated $9,000,000, while stock flotations contributed $24,371,800. The portion of the month's financing raised for
refunding purposes amounted to $133,890,800, or over
86% of the total. In March the refunding portion was
$112,220,000, or slightly over 93% of the total for that
month. In February it was $23,291,000, or about 78% of
the total, while in January the refunding portion was
$2,459,000, or about 31% of that month's total. In April
1934 the amount for refunding was $59,283,000, or slightly
over 67% of the total for that month. The largest refunding
issue floated during April (1935) was $73,000,000 Southern
Total corporate
anadian Government
Other foreign Government
Parm Loan and Government Agencies
Municipal, States. Cities, &c
United States Possessions
Grand total
$1,497,255,000 $1,497,255.000
Grand total.
MONTH OF APRIL;orporate-DomesticLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
FOUR MONTHS ENDED APR. 30
:lorporateDomesticLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
anadlan Government
Other foreign Government
Farm Loan and Government Agencies
'Municipal, States. cities. &c
United States Possessions
New Capital
Refunding
Total
$
$
10,988,000
6.000,000
5,000,000
111.519,000
3,000,000
19,371,800
122,507,000
9,000.000
24,371,800
21,988,000
133,890,800
155,878,800
3,500.000
64,361,593
192.000,000
87.408,000
195.500.000
151.769,593
89,849,593
413,298.800
503.148,393
s
$
$
$
234.874.000
17,615,000
19,371,800
261.085,000
26,100,000
25,296,800
1,079,000
41.700,000
271,860,800
313,560.800
9,500,000
289,377,973
433,000
254,700,000
163,137.298
264,200.000
452.515.271
433,000
26,211,000
8,485,000
5,925,000
1,079,000
.
Grand total
341,010.973 689.698.098 1.030.709,071
• These figures do not include funds obtained by States and municipalities from
any agency of the Federal Government.
In the tables on the two succeeding pages we compare the
foregoing figures hi* 1935 with the corresponding figures
for the four years preceding, thus affording a five-year
comparison. We also furnish a detailed analysis for the
five years of the corporate offerings, showing separately
the amounts for all the different classes of corporations.
Following the full-page tables we give complete details
of the new capital fl3tations during April, including every
issue of any kind brought out in that month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF APRIL FOR FIVE YEARS
MONTH OF APRIL
1935
1934
1933
1932
New Capital
Total
New Capital
Refunding
Corporate—
Refunding
Total
New Capital, Refunding
Total
New Capital
Refunding
Total
New Capital
Domestic—
$
$
sS
s
$
5
s
s
Long-term bonds and notes_
10,988,000 111.519.000 122.507,000
23,146,100
58283.000
81,f29,100
400.000
5,902,500
61
02,500
13,572,000
2,449,000
16,021,000
110.630.800
Short-term
6.000.000
3,000,000
9,000,000
500.000
500,000
16,000,000
10,704,000
26,704,000
1,497,500
30,675,000
32,172,500
55.132.000
Preferred stocks
5.000,000
19,371,800
24,371,800
325.000
325.000
36,140,888
Common stocks
4,369,500
4.369,500
934,976
934,976
65,567.500
Canadian—
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other Foreign—
Long-term bonds and notes_
Short-term
1,200.000
1,200,000
1,600,000
1,600,000
Preferred stocks
Common stocks
Total corporate
21,988.000 133.890,800 155,878.800
28,240,600
59,283,000
87,523,600
17,334,976
35,541.476
18.206,500
15,069,500
33,124,000
48,193,500
267,471.188
Canadian Government
17,793.000
Other foreign Government_
Farm Loan and Govt. agencies
3,500.000 192,000.000 19a,500,000
15.000.000
30.000.000
45,000,000
25.000,000_ 25,000,000
*Municipal, States, cities, &c
64.361.593
87,408,000 151.769.593
102.674,721
3,714,701 106,389,422
8,554,495
2,345,500
10.899.995
,500
30,534,525
39.102
- -69,637.025
10i, - -- 65,ioL
0
United States Possessions_
Grand total
89.819.593 413.298.800 503.148,393
2,997,701 238,913,022
145.915,321
25.889.471
20.552,000
46.441.471
70,604,025
72.226,500 142.830,525
387,329,293
* These figures do not include funds obtained by States and municipalities from any agency of the Federal Government.
1931
Refunding
s
154,706,500
32,500,000
Total
s
265,337,300
87,632,000
36,140,888
65,567,500
2,000,000
2,000,000
189,206,500
456.677.688
17.793.000
11,000,000
3,909,700
11,000,000
105,974,805
204,116,200
591,445.493
Total
$
New Capital
$
1931
Refunding
$
Total
$
15,531,000
57,070,000
43,689,800
1,080,000
1,250,000
1,250,000
490,000
7,235,000
7.235,000
16,021.000
306.000
110,630,800
2,194,000
154,706,500
2,500,000
265,337,300
30.675,000
4,000,000
19.000,000
2,000,000
2.000,000
6.000,000
21,000.000
6,850,000
4,940,000
342,000
30,000,000
36,850.000
4,940.000
342,000
500,000
500,000
20,000,000
89,632,000
1,497,500
32,172,500
20,000,000
55,132,000
146.450,000
6,062,500
34,500.000
203,520,000
49,752,300
1,080.000
81,140,888
81.140,888
8.000,000
8,000,000
12,567.500
101.708,388
12,567,500
101,708,388
4,000,000
157.210,888
43,689,800
1,080,000
2,000,000
148,450,000
6,062,500
6.000.000
305,660,888
49,752,300
1,080,000
16,100.000
4,940.000
7,577,000
30,000.000
490,000
46.100,000
4.940,000
7,577.000
1,497,500
48,193,500
32,873.500
267,471,188
500.000
2.194,000
189,206.500
500,000
35,067,500
456,677,688
46,206.000
ST6I 1 Au17
,
1935
1934
1933
1932
MONTH OF APRIL
New Capital
Refunding 1
Total
New Capital
Refunding
Total
New Capital
Refunding
Total
New Capital
Refunding
Long-Term Bonds and Notes—
$
$
$$
II
$
$
$
$
Railroads
6,200.000
21,200,000
27.400.000
23,t
46.100
52.500.000
75,546,100
3,177,500
3 p77.500
,
Public utilities
84,339.000
84,339,000
5,583,000
400,000
5,583.000
1.000.000
1,400.000
13.082.000
2,449,000
Iron, steel, coal, copper. &c
3,000,000
3.000,000
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
4.220,000
2,980,000
7,200,000
1,725,000
1,725.000
Oil
Land, buildings, &c
568,000
568,000
490,000
Rubber
Shipping
Inv. trusts, trading, holding. &c__ _
Miscellaneous
10,988,000 111.519,000 122,507,000
Total
23,046,100
58,083.000
81.129.100
400.000
5.902,500
6.302,500
13.572,000
2.449,000
Short-Term Bonds & Notes—
Railroads
1.200,000
1,200.000
1,600,000
1,600.000
Public Utilities
16.000,000
10,704,000
26,704,000
30,675,000
Ig•on. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
6.000,000
6.000,000
Other industrial and manufacturing
011
500,000
500,000
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c
3,000.000
Miscellaneous
3.000.000
--------1.497.500
Total
3,000,000
6,000,000
0.000.000
500,000
1,200,000
1,700.000
16.000.000
12.304.000
28,304.000
1,497,500
30,675,000
Stocks—
Railroads
Public utilities
5,000,000
5,000,000
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
4,694,500
Other industrial and manufacturing
4.694,500
934.976
934.976
Oil
Land, buildings. &c
Rubber
Shipping
Inv. trusts, trading, holding. dm__ _
19,371.800
19.371.800
Miscellaneous
19,371,800
4,694,500
5,000,000
24.371.800
Total
4,694.500
934.976
934.976
Total—
27.400.000
21,200,000
23,046.100
6.200,000
53.700.000
76,746.100
Railroads
4,777,500
4,777,500
84.339,000
84.339.000
5.583,000
Public utilities
5,583,000
16,400,000
11,704,000
28,104,000
13,082.000
33.124,000
5,000,000
8,000,000
3.000.000
Iron. steel, coal. copper. &c
Equipment manufacturers
6.000,000
6.000,000
accessories
is,fotors and
4,220,000
2,980.000
4,694,500
7.200.000
4,694.500
Other industrial and manufacturing
934.976
1,725.000
2,659.976
500.000
Coil
500.000
568.000
568,000
Land, buildings, &c
490,000
Rubber
Shipping
Inv. trusts, trading, holding, &c.-22,371,800
22371,800
Miscellaneous
1,497,500
59.283,000
28.240.600
87,523.600
21.988.000 133,890.800 155.878.800
17.334,976
18,206.500
Total corporate securities
35.541.476
15.069.500
33,124,000
apy.10.173 16131[ELM
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF APRIL FOR FIVE YEARS
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS
1932
Refunding sr
11,587.000
35,925,000
1,897,320
Total
S'
137.109.000
50,174,000
6.775,275
4,194,220
1931
Refunding
Total
New Capital
$
587,605,100
110,247,350
77,023,667
106,223,594
462,910.200 1,050,515,300
48,328,500 158,575,850
77,023,667
106,223.594
79,500,000
New Capital
S .125,522,000
14,249,000
6.775,275
2,296.900
79,500,000
50,000,000
5.000,000
148,843,175
49,409,320
198,252,495 1,010,599,711
37,778.000
30.000.000
312,313,227
47,500.000
40,027.622
77,500,000
352,340,849
491.156,402
136,936,942
29,500.000
548,159,394
628,093.344 1,626.037.105
aran10
4
4 MONTHS ENDED APRIL 301
1935
1934
1933
'New Capital iJtefundino
Total
New Capital I,Refunding
Total
New Capital
Refunding
Total
CorporateDomestic
S
S
Long-term bonds and notes_
26,211,000 234,874,000 261.085.000
31.957.900
20,121,000
69,045,500
89.166,500
74,460,200 106,418.100
Short-term
8,485,000
12,750,000
12,750,000
16,500,000
26,162,000
42,662,000
17.615,000
26.100,000
Preferred stocks
1.650.000
3,250,000
3,250,000
5,925.000
25.296,800
1,650.000
19,371.300
Common stocks
6,352,754
1.079,000
14.693.985
14,693,985
4,104,976
2,247,778
1,079,000
Canadian
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other ForeignLong•term bonds and notes_
Short term
1,600,000
1,600.000
1,200,000
1.200.000
Preferred stocks
Common stocks
Total corporate
61.051,885
75,660,200 136,712,085
43,975,976
99,055,278 143,031,254
41,700,000 271,860,800 313,560,800
Canadian Government
Other foreign Government_
Farm Loan and Govt. agencies
10.900,000
9,500,000 254.700.000 264,200.000
30,000,000
76,900,000 106,900,000
10,900,000
*Municipal, States, cities, &c
78,235,058
289,377.973 163.137.298 452,515,271
278,190,695
46,464,641 324.655,336
71,688,163
6,546,895
United States Possessions__ _ _
433,000
433,000
Grand total
126.564.139 105,602.173 232,166,312
341,010.973 689.698,098 1.030.709.071
369,242,580 199.024.841 568,267,421
* These figures do not include funds obtained by States and municipalities from any agency of the Federal Government.
50,000.000
5,000,000
516,238,700 1,526,838,411
39,778,000
2,000,000
11,000,000
7,419,000
40,500,000
555,578,394
536,657,700 2,162.694.805
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS
New Capital
1934
Refunding
Total
52.500.000
19.652.200
82,027,100
22.083.000
2,308,000
29,527,100
2,430.800
I
New Capital
2,308,000
1933
Refunding
Total
34,802.500
32,518,000
46,802,500
39,739,000
1,725,000
12.000.000
7,221,000
New Capital
1932
Refunding
$
Total
1.725,000
900,000
900.000
122.852.000
11,587,000
134,439,000
New Capital
3
241,126,300
269,576,000
102,939,800
11.970.000
1931
Refunding
145,895,700
307,338,000
6,062,500
62,917,000
2,470,000
2,470.000
16,440,000
Total
387122,000
576,914,000
109,002,300
11,970,000
62,917,000
920,000
17,360.000
1,650,000
106,418,100
1,200.000
12,000,000
1.200,000
12.000,000
500.000
20,121,000
69,045,500
89.166,500
16,500,000
6,216,000
17,204,000
4.342,000
6,216,000
33,704,000
4,342,000
500.000
7,375,000
750,000
1,650,000
11.587,000
200,000
137,109,000
10,486,000
717,105,100
2,694,000
13,180,000
462,910.200 1,180,015,300
1,000,000
34,825,000
100,000
8,375,000
35,575,000
100,000
4,000,000
53,537,500
2,000,000
15,337,500
6.000.000
68.875,000
33,500,000
791,000
1,200.000
54,285.000
6,440,000
7,375,850
500,000
74,460.200
31,957,900
200,000
125.522,000
500,000
20,100.000
163.575.850
4,056,000
4.056,000
20,785,000
5,649,000
6,175,850
1,200.000
250,000
13,950,000
35,925,000
2,068,000
50,174,000
20,100,000
110,247,350
16,500,000
1.897,320
6,809,495
149,638,511
149,638,511
7.354,976
13,256,250
2,052,500
1,032,500
13,256,250
2,052,500
1,032.500
2,300,000
14.967,500
183,247.261
27,762,000
44,262,000
2,068.000
14.249,000
2,147,778
250.000
12,750,000
apirwitio Iefaueuu
1935
4 MONTHS ENDED1APRIL 30'New Capital
Total
Refunding
Long Term Bonds and Notes
$
4
$
7,145,000
Railroads
45,200,000
52.345.00(
Public utilities
8,778,000 136,209,000 144,987.00(
Iron, steel, coal, copper. &c_
3,000,000
3,000,00(
Equipment manufacturers
5,500.000
Motors and accessories
2,441,000
7,941,00(
Other industrial and manufactur ng
4,220,000
51.800,001
47,580,000
Oil
Land, buildings, &c
568,000
568,000
Rubber
Shipping
Inv. trusts, trading, holding. &c_
Miscellaneous
444,000
444.000
Total
26,211,000 234,874,000 261.085,000
Short Term Bonds & Notes
Railroads
Public Utilities
10,000,000
10,000.000
Iron, steel, coal, copper, &c__
Equipment manufacturers
Motors and accessories
6,000,000
6,000,000
Other industrial and manufacturliag
2,485,000
1,615,000
4,100,000
Oil
Land, buildings, Scc
Rubber
Shipping
Inv. trusts, trading, holding, &c_
6.000,000
6.000,000
Miscellaneous
Total
26,100,000
8.485,000
17,615,000
Stocks
Railroads
_
1,785,250
Public utilities
1,785,250
5,000,000
Iron, steel, coal. copper. &c
5,000,000
Equipment manufacturers
Motors and accessories
218,750
Other industrial and manufacturi ig
218,750
Oil
Land, buildings, &c
_
Rubber
Shipping
Inv. trusts, trading, holding, &c_ - 19,371.800
19,371,800
._
Miscellaneous
26,375,800
7,004,000
19,371,800
Total
Total-52,345,000
45,200,000
7,145.000
Railroads
10.563.250 146,209.000 156,772,250
Public utilities
8,000.000
3,000,000
5,000,000
._
Iron, steel, coal copper, &c
Equipment manufacturers
-13,941,000
2.441,000
11,500,000
Motors and accessories
56,118,750
49,195,000
Other industrial and manufacturi ig
6,923,750
Oil
•568,000
Land, buildings, Ste
568.000
._
Rubber
Shipping
Inv. trusts, trading, holding, &c_ 25.815,800
25,815.800
Miscellaneous
41.700.000 271.860.800 313.560.800
Total corporate securities_ -
2.147,778
4,912,175
100,000
7,454.976
491,250
491,250
53,328,500
15,818.985
15,818,985
525,000
525,000
2,168,750
2,168,750
1,500,000
9,072,175
1,897,320
1,500,000
10,969,495
2,300,000
14,967,500
183,247,261
1.000,000
48,309,320
100,000
8,375,000
176,823,495
100,000
245,126,300
472,752,011
102,9P. .800
11,970,000
147,895,700
322.675,500
6,062,500
393,022,000
795,427,511
109,002,300
11,970,000
96,958,250
7,701,500
23,648,350
33.500,000
791,000
2,120,000
130,458.250
8,492,500
25,768.350
16,343,985
7.354.976
2,247,778
9,602,754
29,527.100
14.430,800
53,700.000
19.652,200
83,227,100
34,083.000
12,000,000
23,721,000
41,018,500
51.869,778
4,342,000
53,018,500
75,590,778
4,342,000
15,818,985
500,000
2,308,000
18.126,985
500,000
7,354,976
1,825,000
9,179,976
491,250
491,250
900,000
6,526,000
2,168,750
6,526,000
2,168,750
16,343,985
900,000
525,000
250,000
61.051.885
525,000
75,660,200
250.000
136.712,085
43,975,976
99.055.278
143.031,254
7.375.000
128,514,175
3.768.000
148,843.175
49,409.320
1,650,000
2,300,000
45,553.500
3,768.000
198,252,495 1,010,599,711
1,650,000
500,000
2.800.000
2,694,000
48,247.500
516.238,700 1.526.838,411
CAD
2934
Financial Chronicle
May 4 1935
DETAILS OF NEW CAPITAL FLOTATIONS DURING APRIL 1935
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS)
Amount
Purpose of Issue
To Yield
About
Price
Railroads—
9.000,000 Refunding
5.00 Boston-& Albany Railroad Co. Maine Line 1st M. 44s A, 1943. Offered by First Boston Corp..
Whiting, Weeks & Knowles, Inc.; R. L. Day & Co.; Kidder, Peabody & Co.; White, Weld & Co.;
F. S. Moseley & Co.; Lee Higginson Corp.: Estabrook & Co.; Jackson dr Curtis; Paine, Webber &
Co.; Hornblower & Weeks; Stone & Webster and Blodget. Inc., and Hayden. Stone dr Co.
4.00 Lehigh & New England RR. Co. Gen. M. 45 A, 1965. Offered by Kidder, Peabody & Co.; Brown,
Harriman kr Co.. Inc.; Edward B. Smith & Co., and The First Boston Corp.
3.90 The Monongahela Railway Co. 1st M. 48 A. 1960. Offered by Kuhn, Loeb & Co.
96%
6,400,000 Refunding
100
12,000,000 Refunding; capital expenditure_ _ _
Company and Issue and by Whom Offered
1014
27,400,000
Public Utilities—
899,000 Refunding
10,440,000 Refunding
944
100
73.000.000 Refunding
984 (flat)
84,339,000
Iron, Steel, Coal, Copper, &c.
3,000,000 Refunding
100
Other Industrial & mfg.—
2,000,000 Retire bank loans; working caPltal-
Beaver Valley Water Co. let Lien & Ref. M.5s A, 1960. Offered by Grubbs, Scott Co., Pittsburgh.
3.75 Consolidated Gas, Electric Light & Power Co. of Baltimore Ref. M. 33is, 1980. Placed with
group of seven insurance companies.
Southern California Edison Co., Ltd. Ref. M. 39s. 1960. Offered by First Boston Corp.; E. H.
Rollins & Sons, Inc.; Blyth & Co.. Inc.; Brown, Harriman & Co., Inc.; Lazard Freres & Co.. Inc.;
Edward B. Smith & Co.: Dean Witter & Co.; Field, Glore & Co.; William R. Stoats Co.; Kidder.
Peabody & Co.: White, Weld & Co.; Coffin & Burr, Inc.; Pacific Co. of California; Stone & Webster
and Blodget, Inc.
4.00 St. Joseph Lead Co. 10
-year 4% notes. Placed privately with a single buyer.
3-54 Addressortraph-Multigraph Corp. 3% to 555% Debentures. 1936-45. Offered by Estabrook &
Co.; Stone dr Webster and Bloc!get, Inc.; Putnam & Co., and Hayden, Miller dr Co., Cleveland.
____ Bay City Rice Mills, Inc.. 10
-Year 58, 1945. Offered by B. E. Buckman & Co.. Madison, Wis.
4.85 United Biscuit Co. of America 5% Debentures, 1950. Offered by Goldman. Sachs & Co.: Lehman
Bros.* Blyth & Co., Inc.. and Kidder, Peabody & Co.
100
200,000 Improvements; working capital_
95
5,000.000 Refunding;retire notes payable,&c. 1014
7,200,000 Land, Buildings,
568.000 New construction
1.00-4.25 Regents of the University of Colorado 438% and 44% Dormitory Bonds, 1935-60. Offered by
Brown. Schiessman. Owen & Co.. Denver. Colo.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS)
Amount
Purpose of Issue
To Yield
About
Price
Company and Issue, and by Whom offered
$
Motors and Accessories—
6,000,000 Retire bank loans; working capital_
Placed privately
Hudson Motor Car Co. Serial Notes due 1936-40.
Miscellaneous—
3.000,000 Refunding
Placed privately
Newberry (J. J.) Co. 5
-year 35% Notes May 1 1940.
Placed privately.
Placed privately.
STOCKS
Par or No
of Sharek
a Amount Price
To Yield
Involved Per Share
About
Purpose of Issue
Company and Issue, and by Whom Offered
Iron, Steel, Coal, Copper, &c.
5.04)0.doo Retire bk. debt: devel.; plant expert]
5.50 Reynolds Metals Co. 54% Cum. Cony. Preferred Stock. (Each share convertible into 3
Shares of Common Stock). Offered by Chas. D. Barney & Co.; Reynolds & Co.;
Cassatt & Co.; Clark. Dodge & Co.; Dominick & Dominick; Hornblower dr Weeks;
G. M.
-P. Murphy & Co.; White, Weld & Co.; Estabrook & Co.. and Dean, Witter & Co.
111,371,800 102
Miscellaneous—
19,371,800 Retire preferred stocks
5.000,000 100
5.39 Commercial Credit Co. (Del.) 54% Cony. Preferred stock. (Convertible into Common
Stock at rate of I Share of Common jar Each 555 Par Amount of Pref.) offered by
Kidder. Peabody & Co. and First Boston Corp.
FARM LOAN AND GOVERNMENTAL AGENCY ISSUES
Amount
Issue and Purpose
Price
To Yield
About
Offered hY
70
$
33,500,000 Federal Intermediate Credit Banks 14%
deba. dated April 15 1935 and due in 3,6 and
9 mos. (refdg.; prov. funds for loan purposes) Price on applicat'n Charles It. Dunn, Fiscal agent, New York.
162,000,000 Federal Land Banks consolidated 34% bonds
due May 1 1955 (refunding)
1004
3.16 Alex. Brown & Sons: The Chase National Bank, N. Y.: Brown, Harriman & Co.; Guaranty
Trust Co. of N. Y.; The National City Bank, N. Y.; Edward B. Smith & Co.; First
195.500,000
Boston Corp., and Lee. Higgisnon Corp.
ISSUES NOT REPRESENTING NEW FINANCING
Par or No.
Shares
$
20,000 she
20,000 abs
Involved
Price
360,0C° Mkt-18
340,000 17
To Yield
About
Company and Issue, and by Whom Offered
Chicago Mail Order Co. Common Stock. Offered by Hammons & Co., Inc.
The Cleveland Graphite Bronze Co. Common Stock. Offered by F. Eberstadt & Co., Inc.. and Prescott, Bigger &
Co..
Cleveland.
700.000
ii
Preferred stocks of a stated par value are taken ar par, while preferred stocks of no par value and all classes of common stock are computed at their offering prices.
How Reciprocal Tariff Agreements
Are Made
(Concluded from page
2930)
gaining their public offices, have generated these
fears by circulating rumors and false statements designed to befuddle and mislead the farmers and
others whose interests they profess to safeguard."
As Senator White added,"so in substance the people
of Maine, instead of getting information, got a lecture and got abuse."
The episode is interesting as showing how far we
are, in tariff matters, from the "open covenants
openly arrived at" which President Wilson aspired
to make one of the cornerstones of his war diplomacy. The Tariff Act of 1934 was brought forward
not only to assist American foreign trade, but also
to facilitate tariff revision by authorizing -the President to conclude new trade agreements for limited
periods without the accompaniment of protracted
tariff discussion in Congress. Congressional control
was retained by restricting changes in duties to a
maximum of 50% up or down, prohibiting transfers
from the dutiable to the free list or vice versa, and
limiting to three years the period within which the
President might act. Tariff bargaining under the old
order of things had often been a scandal, but the
schedules were at least agreed upon only after public
hearings and full Congressional debate. It was never
the intention that the new method of 1934, while presumably more expeditious, should open the way to
negotiations either actually and intentionally secret
for all practical purposes, or so arranged that American interests likely to be affected by changes in
duties would be held at arm's length from the real
negotiators and left to find out as best they might
the specific article or commodities under consideration and the particular changes proposed. The situation is not improved by releasing to the press departmental statements arraigning objectors as
propagandists or protection lobbyists and charging
them with attempts to befuddle the public, nor by
such irritable remarks about opposition to the tariff
program as Secretary Hull made on Thursday before
the Chamber of Commerce of the United States. The
people and industries affected by tariff agreements
are entitled to know what offers the Department of
State is making and what offers it is receiving. To
leave them to cool their heels, after making initial
statements, unless they can contrive to break in
upon negotiations going on behind closed doors, is
neither good business nor good politics.
The Course of the Bond Market
Recent upward trends in bond prices have continued during the week, with the exception of a decline in the case of
lower-grade rails. New highs for the year have been recorded by many utility bonds, industrials for the most part
have registered advances, but rails have declined several
points, except for the better rail issues, which remained
steady.
United States Government bonds again pushed up fractionally to new tops, the Treasury bonds, with few exceptions, attaining, on May 1, new highs since issuance. Highest-grade corporate bonds remain close to recent .highs, the
advance in the averages having been checked by the possibility of refunding operations, many of which already have
been successfully launched. The underlying situation re
mains favorable for refunding, interest rates being at extraordinarily low levels and bank reserves at record highs.
High-grade railroad bonds have shown small price
changes. Baltimore & Ohio 1st 5s, 1948, closed at 107
/
3
4
compared with 106% last week. Union Pacific 1st 4s, 1947,
ended the week at 112%,down / Medium-grade rails have
3
4
.
also been quiet. Cleveland Union Terminal 1st 4%s, 1977,
advanced 1% points to 86%; Illinois Central 4s, 1955, closed
at 70%, up / The trend of lower-grade rails has been
3
4
.
downward. The Erie 5s, 1975, declined % point to 59%;
/
3
4
2s,
New York Chicago & St. Louis 4Y 1978, lost 3 points
to 52%; Southern Pacific 4%s, 1981, closed at 64%, off %.
Except for a few high grades such as Buffalo General
Electric 41
/8s, 1981, and Pennsylvania Water & Power 4%s,
1968, which sold off as a result of call possibilities, utility
bonds have been fractionally better this week. Bonds of
medium-grade investment status have been decidedly
stronger. Birmingham Electric 4%s, 1968, advanced 6
points to 87 for the week; Central Power 5s, 1957, at
/
3
4
79% were up 6; Kentucky Utilities 5s, 1969, gained 3%
/
3
4
points, closing at 80 , and South Carolina Power 5s, 1957,
advanced 4% to 92%. Holding company bonds maintained
a firm tone, and New York tractions advanced moderately.
Postal Telegraph & Cable 5s, 1953, continued their decline
started last week on rumors of reorganization, but recovered somewhat, closing the week at 33, down 6%.
Several of the second-grade steel bonds Showed strength
this week. After making a new top at 95, the Otis Steel 6s,
1941, closed at 93%, which was a net gain for the week of
1% points, and follows a gain of 8% points last week.
The Wheeling Steel 4%s, 1953, made a new high at 98,
closing at 9718 for an increase of 1% points for the week.
/
Metal and oil bonds have been rather quiet, but the General
Cable 5%s, 1947, continued their advancing tendencies,
gaining 1% points to 95. Among miscellaneous groups the
motion picture issues were outstanding, including a strong
advance in the Paramount Publix 5%s, 1950, to 90, up 4%
points.
The principal features of the foreign bond market are
represented by strength in Argentine and Japanese issues
and some recovery in Italian bonds. In the latter group,
however, Isarco Hydro-Electric 7s declined 4% points to
75 . Scandinavian issues were higher. Germans were
/
3
4
weak as a group, declines being particularly noticeable in
several industrials and public utilities.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICES 7
(Based on Average Y(ekts)
1935
Daily
Averages
120
U. S.
Govt. Dcnnestic
Bonds
44
Corp.*
May 3-- 108.89
2_ 108.98
1_ 109.04
Apr. 30_ 108.92
29._ 108.77
27_ 108.69
26_ 108.61
25.. 108.64
24... 108.65
23._ 108.66
22_ 108.43
20._ 108.41
19._
18_ 108.40
17._ 108.37
16_ 108.33
15._ 108.30
13- 108,31
12_ 108.25
11_ 108.32
10._ 108.49
9_ 108.53
8._ 108.57
6._ 108.54
5.. 108.54
4_ 108.39
3.. 108.34
2._ 108.35
1_ 108.23
WeeklyMar.29_ 108.07
22. 107.79
15.. 107.94
8.. 107.85
1 _. 108.22
Feb. 23__ 108.44
15.. 107 49
8.. 107.47
1.. 107.10
Jae, 25- 107.83
18.. 106.79
11- 106.81
4 10576
High 1935 108.66
Low 1935 105.86
High 1934 105.81
Low 1934 99.06
Yr. A gomay 334 104.68
2 Yrs.Ago
May 3'33 101.50
101.81
101.81
101.47
101.47
101.64
101.64
101.81
101.81
101.47
101.31
101.14
10098
120 Domestic Corporate*
by Ratings
Aaa
118.66
118.66
118.66
118.66
118.86
118.45
118.66
118.86
118.86
118.86
119.07
119.07
100.81
100.6o
100.418
100.81
100.81
100.81
100.65
100.81
100.65
100.49
100.49
100.17
119.07
119.07
119.07
118.86
118.86
119.07
119.07
119.07
119.07
119.07
119.07
119.07
99.68 118.86
99.68 118.66
99.52 118.45
99.52 118.45
99.36
100.49
100.49
101.64
102.47
102.81
102.30
101.64
101 31
102.14
100.81
100.81
100 33
102.81
99.20
100.00
84.85
2935
Financial Chronicle
Volume 140
Aa
A
Baa
MOODY'S BOND YIELD AVERAGES t
(Based on Individual Closing Prices)
120 DOMalie
Corporate* by ("soups
RR.
110.05 101.47 82.50 94.29
110.23 101.31 82.38 94.29
110.05 101.31 81.90 94.29
110.05 100.98 82.14 94.73
110.05 100.81 82.38 95.18
110.05 100.98 82.38 95.18
110.05 100.98 82.87 95.63
110.05 100.98 82.62 95.48
110.05 100.65 82.02 95.03
109.86 100.65 81.78 94.88
109.68 100.65 81.42 94.73
109.68 100.17 81.18 94.43
Stock E xchang e Cloned
109.68 100.00 80.60 93.99
109.86 100.00 80.37 93.99
109.86 100.00 80.95 94.58
109.86 99.84 80.95 94.43
109.86 99.68 81.07 94.43
109.68 99.68 80.84 94.29
109.68 99.68 80.72 94.14
109.68 99.68 80.84 94.29
109.49 99.52 80.60 93.85
109.49 99.52 80.26 93.55
109.68 99.36 80.14 93.26
109.49 99.36 79.56 92.82
109.31 98.88 78.88 91.96
109.12 99.04 78.77 91.67
109.31 98.88 78.44 91.25
109.12 98.88 78.44 91.25
109.12
109.86
110.61
110.98
111.35
111.16
110.79
110.42
110.05
110.05
109.31
109.12
108.94
111.54
108.57
108.75
93.11
98.88
100.17
100.33
101.14
101.64
102.14
101.14
100.49
100.33
100.81
99.52
99.52
98 88
102.14
98.73
99.04
81.78
77.88
79.45
79.11
81.42
82.99
83.97
83.60
82.50
82.38
84.35
82.26
82.50
81.54
84.60
77 88
83.72
66.88
90.83
93.55
93.26
95.63
97.78
99.68
99.68
99.04
99.04
10049
99 68
100 17
10000
100.49
90.69
100.49
85.61
98.57 112.31 106.07
97.00
82.87
99.52
118.66
119.27
119.07
119.48
119.48
119.48
119.07
118.66
118.04
118.04
117.43
117.63
117.43
119.69
117.22
117.22
105.37
77.99
P. U. Indus.
103.99
103.65
103.32
102.98
102.47
102.47
102.64
102.47
102.14
102.14
101.07
101.81
107.67
107.85
107.85
107.67
107.67
107.49
107.67
1117.67
107.67
107.67
107.49
107.49
101.47
101.31
101.31
101.31
101.14
101.14
101.14
101.14
101.14
101.14
101.14
101.14
100.98
100.81
100.81
100.81
107.49
107.49
107.49
107.31
107.49
107.49
107.49
107.49
107.49
107.49
107.49
107.31
107.14
107.31
107.31
107.31
100.98
100.98
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98 73
96.23
95 93
9485
103.99
94.14
94.58
742.5
107.14
107.49
108.03
108.57
1041.39
108.21
107.85
107.85
107.31
107.49
106.78
106.96
106 96
105.75
106.78
106.78
96.54
AU
120
1935
DomesDaily
tic
Averages
May 3_
2._
1__
Apr. 30__
29__
27_.
26_.
25_
24._
23__
22._
20__
19_.
18..
17_
16_
15_
13._
12._
11_
10..
9_
8_
6._
5_
4_
3_
2_.
1_
120 Domestic Corporate
by Ratings
A
Aaa
Aa
4.84
4.64
4.66
4.66
4.65
4.65
4.64
4.64
4.66
4.67
4.68
4.69
3.73
3.73
3.73
3.73
3.72
3.74
3.73
3.72
3.72
3.72
3.71
3.71
4.17
4.16
4.17
4.17
4.17
4.17
4.17
4.17
4.17
4.18
4.19
4.19
4.70
4.71
4.69
4.70
4.70
4.70
4.71
4.70
4.71
4.72
4.72
4.74
4.77
4.77
4.78
4.78
3.71
3.71
3.71
3.72
3.72
3.71
3.71
3.71
3.71
3.71
3.71
3.71
3.72
3.73
3.74
3.74
4.19
4.18
4.1/4
4.18
4.18
4.19
4.19
4.19
4.20
4.20
4.19
4.20
4.21
4.22
4.21
4.22
4.79
4.72
4.72
4.65
4.60
4.58
4.61
4.65
4.67
4.52
4.70
4.70
4.73
4.58
4.80
4.75
5.141
3.73
3.70
3.71
3.69
3.69
3.69
3.71
3.73
3.76
3.76
3.79
3.78
3.79
368
3.130
3 80
4.43
4.22
4.1.8
4.14
4.12
4.10
4.11
418
4 15
4 17
4 17
4.21
4.22
4.23
4.09
4.25
4.21
5.20
4.82
4.74
4.73
4.68
4.65
4.62
4.68
4.72
4.73
4.70
4.78
4.78
4.82
4.62
4.83
4.81
6.06
4.84
4.05
4.39
4.94
4.66
6.00
4.67
6.01
4.67
6.05
4.69
6.03
4.70
6.01
4.69
6.01
4.69
5.97
4.69
5.99
4.71
6.04
4.71
6.06
4.71
6.09
4.74
6.11
Stock E xchang e
4.75
6.16
4.75
6.18
4.75
6.13
4.76
6.13
4.77
6.12
4.77
6.14
4.77
6.15
4.77
6.14
4.78
6.16
4.78
6.19
4.79
6.20
4.79
6.25
4.82
6.31
4.81
6.32
4.82
6.35
4.82
6.35
Weekly-
92.53 104.51
Mar.29__
22_
15_
8._
1__
Feb. 23._
15_
14....
1_
Jan, 25..
18._
11_
4
Low 1935
High 1935
Low 1934
Bleb 1934
Yr. Ago
May 3'34
2 Yrs.Ago
May I'33
Baa
120 Domatic
Corporate by Groups
RR.
tt
30
Pot
P. U. Indus. signs
5.12
5.12
5.12
5.09
5.06
5.06
5.03
5.04
5.07
5.08
5.09
5.11
Cloned
5.14
5.14
5.10
5.11
5.11
5.12
5.13
5.12
5.15
5.17
5.19
522
5.28
6.30
5.33
5.33
4.51
4.53
4.55
4.57
4.60
4.60
4.59
4.60
4.62
4.62
4.63
4.64
4.30
4.29
4.29
4.30
4.30
4.31
4.30
4.30
4.30
4.30
4.31
4.31
5.97
5.88
5.90
5.90
5.91
5.92
5.93
5.93
5.93
5.91
5.91
5.90
4.66
4.67
4.67
4.67
4.63
4.68
4.68
4.68
4.68
4.68
4.63
4.68
4.69
4.70
4.70
4.70
4.31
4.31
4.31
4.32
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.32
4.33
4.32
4.32
4.32
5.91
5.94
5.98
6.04
6.09
6.11
6.17
6.15
6.11
6.15
6.17
6.23
6.28
6.33
6.38
6.40
6.40
6.26
6.29
609
5.96
5.88
5.91
6.00
6.01
5.85
6.02
6.00
6.08
5.83
6.40
5.90
7.58
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
4.69
4.69
4.69
4.66
4.65
4.68
477
485
4.88
4.08
4.99
5.01
5.10
4.51
5.13
5.10
6.74
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.85
4.34
4.34
4.24
4.35
4.35
4.97
6.46
6.33
6.16
6.12
6.03
6.03
6.01
6.01
6.13
6.11
6.11
631
6.30
5.83
6.441
6.31
8.61
5.97
4.78
5.24
4.48
7.21
85.87 74.88 60.38 76.25 74.05 83.97
6.39
4.82
5.73
6.68
8.24
6.65
6.76
6 RR
051
* These prices are computed from average yields on the basis o one "Ideal" bond (4%% coupon, ma tiring in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way the 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,
** Actual average price of 8 longterm Treasury issues. t The latest complete list of bonds used In computing these indexes was published in the issue of Oct. 13 1934.
page 2264 tt Average 0(30 foreign bonds but adjusted to a comparable basis with previous averages 01 40 foreign bonds.
98.88
Georgia Supreme Court Upholds Gold Act
-Decision
Approves Currency Payment on Note in Lieu
of Gold
The Georgia Supreme Court on April 11 joined in upholding the action of Congress in its 1933 Act calling in all gold
coins and providing for payment of obligations in an equal
amount of currency, according to the Atlanta "Constitution" of April 12, which also reported:
The decision was in the case of Mrs. Corrine S. Smith, of Atlanta, against
Mrs. Frances Dukofzer, also of Atlanta.
Mrs. Smith contended she executed a note to Mrs. Bukofzer calling for
payment in gold coin and inasmuch as she was unable to get the coins
she was slandered when Mrs. Bukofzer sued her in City Court of Atlanta
for the 810,000. Mrs. Smith filed a counter suit for $15.000 charging her
reputation had been damaged, but no verdict was reached in this case,
although Mrs. Bukofzer was given a judgment for her $10,000.
The Supreme Court held that Congress provided that currency should
substitute for the gold coin and upheld the verdict against Mrs. Smith.
2936
Financial Chronicle
May 4 1935
Indications of Business Activity
-COMMERCIAL EPITOME
THE STATE OF TRADE
Friday Night, May 3 1935.
Business activity continued its upward trend, with a
better consumer demand and a further expansion in operations of some of the large industries. An increase in
forward buying tended to help many industries to maintain
operating schedules, which usually show a falling off at
this season of the year. On the whole, industrial operations
were well maintained despite some curtailment in production of electricity and steel and a sharp drop in freight
loadings. The steel operating rate was down to 43.1% of
capacity, the lowest level this year, and compares with
55.7% a year ago. Electric output fell 1.7% for the week,
but exceeded last year's level. Bank clearings were larger,
and failures showed a decrease of 5.0% from last year.
Retail sales increased sharply in most sections of the country owing to a better demand for clothing and house furnishings, particularly on the Pacific Coast. Retail sales in the
Middle West showed gains of 10 to 15% over those of last
year, despite labor troubles in some sections. Factory employment in New England fell off somewhat, but there was
a steady consumer demand. Wholesale business continued
to gain, and more interest was shown in summer goods.
All indications point to an early clearance of spring lines.
Orders for hardware and building materials were larger,
and there was a good call for marine equipment. Woolen
and worsted mill operations were reported to be close to
capacity, and enough orders are said to be on hand to
maintain satisfactory schedules well into the summer. Commodity markets were dull and generally lower. Cotton declined under light selling attributed at times to the weakness in silver. Uncertainties over Washington developments checked trading. Grains were depressed by rains
over the belt and the failure of silver to show renewed
strength. Other commodities reflected the weakness in
cotton and grain. The weakness of silver was the dominating influence in all markets. In Walla Walla, Wash.,
on April 28, frost killed fully two-thirds of the tomatoes
thus far planted. In western Washington, on the 29th inst.,
the humidity was down to 11%, one of the lowest points on
record, and temperatures set new highs for the year. It
was the worst fire menace weather there in years. Elizabeth, in Allen Parish, La., was swept by a tornado on the
30th ult., which demolished and carried away 10 smokestacks from the sawmill and paper mill and blew down a
tower from the Elizabeth ice plant. Telephone service was
also disrupted. Forest fires in New Jersey and on Long
Island did considerable damage, and heavy loss of deer
was reported. Unless the 10
-day drought is broken very
soon crops in Pennsylvania and surrounding States are
threatened with destruction. Baltimore early in the week
had a severe thunderstorm which deluged the city with
an inch of rainfall. Freakish hail storms were reported
in outlying districts. Half a dozen Middle Western and
Southwestern States were again subjected to severe dust
storms which further hampered the Red Cross in their
efforts to reduce the deaths and illness of several thousand
dust sufferers. In some sections the visibility was cut
to "zero-zero." Amarillo, Texas, on the 28ult. had dust,
rain and hail at the same time. At Tuler 3.8 inches of
rain and hail stones fell in 21 minutes, and streams and
creeks were running over their banks. The dust storm
area of Colorado received light welcomed rain on the
2nd inst. It was generally cloudy and cool here during
the week with intermittent rains. A thunder storm hit
New York early in the week. On the 28th ult., however,
near-record spring temperatures prevailed. To-day it was
raining and cool here, with temperatures ranging from
44 to 54 degrees. The forecast was for rain to-night;
Saturday clearing. Probably fair Sunday, continued cool.
Overnight at Boston it was 38 to 48 degrees; Baltimore,
46 to 60; Pittsburgh, 48 to 60; Portland, Me., 36 to 56;
Chicago, 36 to 42; Cincinnati. 54 to 72; Cleveland. 40 to 46;
Detroit, 34 to 46; Charleston, 70 to 78; Milwaukee, 34 to
42; Dallas, 56 to 70: Savannah, 70 to 82; Kansas City,
42 to 64; Springfield, Mo., 44 to 72; Oklahoma City, 42
to 66; Denver, 30 to 46; Salt Lake City, 42 to 52; Los
Angeles, 54 to 66; San Francisco, 60 to 72; Seattle, 46
to 68; Montreal, 32 to 48, and Winnipeg, 32 to 48.
Revenue Freight Car Loadings Decline 50,818 Cars From
1934 Week
Loadings of revenue freight for the week ended April 27
1935 totaled 558,886 cars. This is a loss of 52,019 oars or
845% from the preceding week, and a decline of 50,818 cars
or 8.3% from the total for the like week of 1934. The
oompaiisonywith the corresponding week of 1933 is more
favorable, the present week's loadings being 20,077 cars or
3.7Vhigher. For the week ended April 20 loadings were
3.2% above the corresponding week of 1934 and 23.0%
above those for the like week of 1933. Loadings for the week
ended April 13 showed a gain of 1.3% when compared with
1934'andfan increase of 18.0% when the comparison is with
the same week of 1933.
The first 17 major railroads to report for the week ended
April 27 1935 loaded a total of 263,758 cars of revenue freight
on their own lines, compared with 287,091 cars in the preceding week and 291,997 cars in the seven days ended April
28 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-
Receivedfrom Connections
Weds Ended
Apr. 27 Apr.20 Apr. 28 Apr. 27 Apr. 20 Apr. 28
1935
1935
1934
1934
1935
1935
Atchison Topeka & Santa Fe Ry_
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR_ _ _ ..
Chic. Milw. St. Paul & Pao. Elyy Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago & Bt. L. Ry_
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette RI
Southern Pacific Lines
Wabash Ry
17,844
23,115
17,332
12,541
15,998
12,852
2,798
2,228
3,907
12,532
39,334
4,080
15,458
50,447
5,512
23.143
5,021
19,428
25,850
20,025
13,647
16,536
13,411
3.383
2,058
4,383
13,545
43,217
4,262
17,838
55,438
8,088
22,885
5,301
18,889 5.888 5,362 5,224
28,801 12,200 15,043 12,594
20,398 8,683 8,329 8,541
13,995 8,631 7,534 5,989
113,517 8,588 7,781 6,154
45.076 8,517 9,485 8,782
3,129 1,234 1,270 1,374
2,787 2,338 2,345 2,455
4,392 2,528 2,797 2.744
13,340 7,420 8,084 7,923
44,048 48.996 59,329 57,381
4,511 7,272 8,433 7.687
18,182 3,378 3,978 3.887
56,179 31,484 37,342 33.916
5,405 4,282 5,038 4,911
21,253
x
x
x
5,115 7,979 8,617 7,449
Total
283,758 287.091 291.997 183,154 100.747 176.891
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
April 27 1935
Chicago Rock Island & Pacific Ry _
Illinois Central System
St. Louis-San Francisco RI
Total
April 20 1935
April 28 1934
20,488
24,427
11,582
22,351
27,489
12,789
19,318
25,121
12,022
56,497
62,629
56,461
The Association of American Railroads, in reviewing the
week ended April 20, reported as follows:
Loading of revenue freight for the week ended April 20 totaled 610,905
cars, the Association of American Railroads announced to-day. This was
an increase of 23,220 cars above the preceding week, 19,200 cars above
the corresponding week in 1934, and 114,393 cars above the corresponding
week in 1933.
Miscellaneous freight loading for the week ended April 20 totaled 249,718
cars, an increase of 9,678 cars above the preceding week, 9,035 cars above
the corresponding week in 1934, and 62,889 cars above the corresponding
week in 1933.
Loading of merchandise less than carload lot freight totaled 160,364
cars, a decrease of 905 cars below the preceding week, 5,482 cars below
the corresponding week in 1934, and 92 cars below the same week In 1933.
Coal loading amounted to 115,363 cars, an increase of 5,161 cars above
the preceding week, 13,156 cars above the corresponding week in 1934,
and 41,236 cars above the same week in 1933.
Grain and grain products loading totaled 29,422 cars, an increase of
3,854 cars above the preceding week, and 3,115 cars above the corresponding week in 1934, but a decrease of 5,432 cars below the same
week in 1933. In the Western districts alone, grain and grain products
loading for the week ended April 20 totaled 18,384 cars, an increase of
1,809 cars above the same week in 1934.
Live stock loading amounted to 12,499 cars, a decrease of 219 cars
below the preceding week, 6,190 cars below the same week in 1934, and
4,145 cars below the same week in 1933. In the Western districts alone,
loading of live stock for the week ended April 20 totaled 10,153 cars, a
decrease of 5,018 cars below the same week in 1934.
Forest products loading totaled 26,243 cars, an increase of 1,854 cars
above the preceding week, 2,322 cars above the same week in 1934, and
9,121 cars above the same week in 1933.
Ore loading amounted to 10,787 cars, increases of 8,334 cars above the
preceding week, 2,357 cars above the corresponding week in 1934, and
7,369 cars above the corresponding week in 1938.
Coke loading amounted to 6,519 cars, an increase of 463 cars above
the preceding week, 887 cars above the same week in 1934, and 8,447 care
above the same week in 1933.
All districts reported increases in the number of cars loaded with revenue
freight for the week of April 20, compared not only with the corresponding
week in 1934, but with the corresponding week in 1933.
Loading of revenue freight in 1935 compared with the two previous
years follows:
1935
Four weeks in January
Four weeks in February
Five weeks in March
Week of Apr. 6
Week of Apr. 13
Week of Apr. 20
Total
1934
2,170,471
2,325,601
3,014.609
545,627
587,885
610,905
2,183,081
2,314,475
3,087,812
559,070
579,981
591,705
1,924,208
1,970,568
2,354,521
492,061
498,182
496,512
9.254,898
9,295,924
7.738.050
1933
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
April 20 1935. During this period a total of 83 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 Chicago Milwaukee St. Paul & Pacific RR., the Baltimore & Ohio RR., the Reading Co., the Norfolk & Western
RR., the Chesapeake & Ohio RR., the Southern System,
the Missouri Pacific RR., the Illinois Central System, and
the Louisville & Nashville RR.
2937
Financial Chronicle
Volume 140
-WEEK ENDED APRIL 20
iv:VENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Total Loads Received
from Connections
Total Revenue
F eight Loaded
Railroads
1933
1935
1,650
2,414
7,960
1,045
2,459
9,366
601
2,209
2,845
7,057
985
2,369
10,509
607
1,541
2,214
6,151
571
1,970
8,752
562
291
4,828
10,689
1,826
2,442
12,673
1,088
262
4,978
10,178
2,156
2,618
11,190
1,088
25,495
26,581
21,761
33,837
32,470
6,499
10,298
13,621
210
1,984
8,233
1,666
19,715
1,840
216
355
5,839
9,563
13,523
210
1,639
7,726
1,665
19,802
1,817
292
298
3,364
6,453
9,600
256
1,298
6,177
1,350
16,400
1,616
305
257
6,965
6,541
13,857
1,924
1,153
7,316
43
29,468
2,328
32
214
6,346
6,592
13,139
1,735
814
7,158
45
26,923
1,980
32
228
64,637
Total
Group II
Delaware Rz Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_ _
Pittsburgh & Shawmut
Pittsburgh Shawmut & North_
Total
62,374
47,076
69,846
64,992
Group C
Ann Arbor
Chicago Indianapolis & Loutsv.
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit At Toledo Shore Line..
Detroit Toledo dr Ironton
Grand Trunk Western
Michigan Central
Monongahela
N. Y. Chicago & St. Louis__
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia_ Wabash
•
Wheeling & Lake Erie
•
643
1,074
7,473
30
288
327
3,336
4,901
8,538
2,980
4,262
6,086
4,969
697
5,301
3,495
630
1,133
6,735
21
228
301
2,238
4,642
8,699
1,632
4,490
5,412
5,242
1,371
5,302
3,206
447
1,133
7,017
25
238
226
1,252
2,953
5,955
2,677
3,476
3,752
2,674
972
4,830
2,501
1,225
1,982
11,972
57
119
2,967
1,417
7,201
9,379
201
8,433
5,038
3,531
1,187
8,617
2,854
1,040
1,643
9,607
71
88
2,465
1,093
6,299
8,943
230
7,483
4,715
3,842
922
7,289
2,942
Total
•
54,400
51,183
40,128
66,160
58.672
108,965
169,843
527
25,850
1,932
252
623
6,837
638
289
51
863
967
55.436
14,229
6,362
40
3.115
542
24,550
2,628
264
764
6,402
581
193
75
717
1,151
56,072
13,503
8,104
13
2,334
294
21,532
1,192
197
a
4,143
1
154
62
1,004
972
45.786
8,960
3,131
58
2,495
551
15,043
1,426
7
25
11,235
55
26
19
3,370
1,391
37,342
13,971
1,534
0
5,261
505
12,205
1,390
6
17
9,602
41
18
25
2,795
1,085
30,534
13,118
2,194
1
4,502
118,011
117,893
89,981
91,256
78,038
20,025
17,838
1.669
3,187
19,936
17,377
1,846
2,933
15.382
12,383
2,161
2,490
8,329
3,978
1,131
742
8,126
3,679
1,156
756
.
42,719
42,092
32,416
14,180
13,717
Southern District-.
Group A
Atlantic Coast LineClinchfield
Charleston & Western Carolina.
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
•
Richmond Fred. & Potomac_ Seaboard Air Line
•
Southern System
•
Winston-Salem Southbound.. .
8,917
958
349
132
50
1,158
417
358
7,981
19,160
136
9,077
1,021
400
152
55
1,140
470
353
8,139
19,051
133
9,284
869
396
137
43
1,619
432
268
7,245
18,474
127
4,700
1,710
1,185
358
140
1,265
869
3,907
4,043
12,696
688
4,447
1,581
1,054
517
125
1,422
965
2,895
3,376
11,985
649
39.616
39.991
38,894
31,561
29,016
Allegheny District
Akron Canton Ay Youngstown
Baltimore& Ohio
•
Bessemer At Lake Erie
•
Buffalo Creek dr GauleY
Cambria dy Indiana
Central RR. of New Jersey--.
Cornwall
•
Cumberland & Pennsylvania- Ligonier Valley
Long Island
•
Penn-Reading Seashore Lines..
PennsylvaniaSystem
.
Reading Co
.
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
.
Norfolk & Western
Norfolk At Portsmouth Belt LM 3
Virginian
.
Total
Total
1933
1935
284
649
723
4,096
333
1,820
875
324
1,531
17,594
18,033
147
139
1,656
2,996
363
212
678
708
3,828
232
1,402
842
363
1,428
16,822
16,342
103
120
1,807
3,032
378
199
709
799
3,968
178
1,441
1,036
295
1,141
14,766
13,432
123
126
1,735
3,075
302
123
867
1,095
2,780
272
490
1,498
430
956
10.508
4,496
628
229
1,465
2,487
639
1934
161
676
953
2,199
241
478
1,273
393
676
8,340
3,802
429
275
1,325
2,385
556
51,563
48,297
43,325
28,963
24,162
Grand total Southern District....
91,179
88,288
82,219
60,524
53,178
Northwestern District
Belt By. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P. AL Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe dr Northern..._
Duluth South Shore & Atlantic
Elgin Joliet At Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay dr Western
Lake Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. Paul & S.8. M
Northern Pacific
Spokane International
Spokane Portland & Seattle...
677
15,609
2,057
16,536
3,119
892
683
5,583
390
12,253
630
508
1,488
4,469
8,815
95
2,015
860
15,173
2,379
16,221
3,157
581
568
5,392
279
8,504
505
326
1,487
4,472
8,350
108
1,390
643
12,810
2,268
15,372
3,250
298
274
3,146
298
7,362
497
162
1,692
4,294
6,693
86
715
1,582
9,485
2,982
7,781
3,068
137
366
5,274
134
3,067
577
64
1,752
2,502
3,031
184
965
1,388
8.778
2,371
6,121
3,029
99
379
4,468
115
2,345
490
88
1,294
2,391
2,240
178
1,014
75,819
69,752
59,860
42,951
36,788
19,428
2,767
212
13,647
1,370
11,234
2,479
780
1,862
418
1,181
1,823
742
76
16,311
185
270
11,374
296
1,246
19,516
2,616
182
14,060
1,160
10,403
2,131
772
1,632
158
1,127
1,702
576
132
15,532
226
308
11,207
148
1,371
18,178
2,757
159
12,658
1,185
10,163
1,993
737
1,417
116
1,011
1,905
362
103
12,219
233
330
10,109
234
1,044
5,362
2,137
36
7,534
603
7,287
2,116
1,146
2,180
15
960
1,303
218
95
3,928
246
1,140
7,577
5
1,539
4,852
1,715
33
5,839
525
5,561
1,826
830
2,012
21
931
909
281
67
3,344
268
885
6,733
3
1.537
87,681
84.959
76.913
45,427
38,172
117
139
119
2,796
4,016
61
1,272
1,135
136
138
458
68
4,238
11,204
48
111
7,189
1,979
5,476
3,614
1,813
51
a
3.220
4,306
274
352
145
148
1,194
1,270
2,158
2,345
1,006
1.094
1,374
1,618
768
827
326
371
789
787
438
423
197
218
2,553
2,797
7,839
8,064
7
19
108
141
4,135 • 3,526
1,877
2,174
2,526
2,721
3,527
3,964
15,841
15,916
44
34
71
159
46,158
53,883
Total
Total
Central Western District
Atch. Top.& Santa Fe System
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago & Illinois Midland.- Chicago Rock Island dr Pacific
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Wester
Denver & Salt Lake
Fort Worth & Denver
•
City.Ilnos
Terminal
•
North Western Pacific
•
Peoria & Pekin Union
•
Southern Pacific (Pacific)
Sc. Joseph & Grand Island._
•
Toledo Peoria & Western
•
Union Pacific System
•
Utah
•
Western Pacific
Total
•
Southwestern District
•
Alton & Southern
•
Burlington-Rock Island
Fort Smith & Western
•
Gulf Coast Lines
•
International-Great Northern..
Kansas Oklahoma & Gulf _ _ .
Kansas City Southern
•
Louisiana & Arkansas
.
Louisiana Arkansas & Texas .
•
Litchfield dr Madison
•
Midland Valley
Missouri & North Arkansas__ _ .
Missouri-Kansas-Texas Lines_ .
•
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louts-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. of St. Louis. .
Weatherford M. W. & N. W_ •
Wichita Falls & Southern....
.
Total
124
132
141
3,383
2,058
110
1,509
1,149
83
436
455
136
4,383
13,545
24
148
7,398
1,980
6,374
4,442
2,683
35
236
50.964
"
140,138
Group R
Alabama Tennessee dr Northern
Atlanta Birmingham & Coast_
Atl. & W.P.
-W.RR.of Ala....
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile de Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah__ _
Mississippi Central *
Mobile & Ohio
Nashville Chattanooga az St. L.
Tennessee Central
1934
pia ".-7
144,532
156,134
Grand total Eastern District--
1935
1934
00.MONO$0
ONWONONNt.:”*M0000,
CCONVIMW..WOM.MMWOOMWg .
0
0.00.MV..N .00/WW
N.
1934
1935
Eastern District
Group A
Bangor At Aroostook
Boston & Albany
Boston R. Maine
Central Vermont
Maine Central
N. Y. N. H. & Hartford
Rutland
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
48.583
49,80E
• Previous figures. a Not available.
Number of Surplus Freight Cars in Need of Repairs
on April 1
Class I railroads on April 1 had 274,775 freight cars in
need of repairs, or 14.8% of the number on line, the Association of American Railroads announced on April 27. This
was a decrease of 2,676 cars compared with the number in
need of such repairs on March 1, at which time there were
277,451, or 14.9%.
Freight cars in need of heavy repairs on April 1 totaled 214,558, or
11.6%, an increase of 632 cars compared with the number In need of
such repairs on March 1, while freight cars in need of light repairs totaled
60,217, or 3.2%, a decrease of 8,308 compared with March 1.
Locomotives in need of classified repairs on April 1 totaled 10,389, or
22.5% of the number on line. This was a decrease of 34 compared with
the number in need of such repairs on March 1, at which time there were
10,423, or 22.5%.
Class I railroads on April 1 had 4,087 serviceable locomotives in storage,
compared with 3,725 on March 1.
Expenditures of Class I Railroads During 1934 Show
Large Increase Over 1933
Class I railroads of the United States expended $600,224,000 for fuel, material and supplies in 1934, according to
reports just filed by the railroads with the Bureau of Railway
Economics of the Association of American Railroads and
made public May 1. This was an increase of $134,374,000
compared with the amount of such expenditures in 1933
but a reduction of $729,311,000 below 1929, the last year
prior to the depression. No reports as to such purchases
were compiled by the Bureau of Railway Economics in
1930, 1931 and 1932. The reports filed with the Association
further disclosed that:
The railroads spent a larger sum in 1934 for each class of fuel, material
and supplies than was expended in the preceding year. This was due not
only to an increase in traffic in 1934 compared with the preceding twelve
months, but was also due somewhat to increased construction work, partly
as a result of Public Works Administration loans. The fact that prices of
materials and supplies, as well as fuel were on a somewhat higher level in
1934 than in 1933 also accounted for a part of the increase.
Class I railroads during the past calendar year paid $217,294.000 for
fuel, an increase of $36,768,000 compared with the amount purchased in
1933. Of the amount bought, $175,061,000 was paid for bituminous
coal in 1934, an increase of $26.411,000 above the amount paid in 1933,
while for fuel oil the railroads paid $34,221,000 in the past year compared
with $24.850,000 in the preceding year.
The railroads also bought $159,758,000 worth of iron and steel products
in 1934, an increase of $49,038,000 compared with the amount of such
purchases in 1933. For new and second hand steel rails, the railroads
in 1934 paid $31,107,000 while in 1933, the corresponding amount was
$11,835,000. For track materials such as fastenings, bolts, spikes, tie
plates, rail anchors, frogs, switches and crossings, the railroads expended
$31,283,000 in 1934 compared with $16,691.000 in 1933. They also Purchased locomotive and car castings, beams, couplers, frames and car roofs
costing $24,583.000 compared with $18,562,000 in the preceding year.
Purchases of forest products amounted to $64,271,000 in 1934, an increase of $21,829,000 above such expenditures in 1933. Included in the
amount of forest products bought during the year 1934 were $35.605.000
for cross ties and $4.340.000 for switch and bridge ties. In 1933 cross ties
purchased totaled 321,746,000, and switch and bridge ties. $2,901.000.
2938
Financial Chronicle
Total fuel
217,294,000 180,526,000 364,392,000
Forest Produces
Cross-ties (treated and untreated)
35,605,000
Switch and bridge ties (treated and untreated) 4,340,000
Timber and lumber
21,508,000
Other forest products
2,818,000
Total forest products
21.748,000 83,421.000
2,901,000 10,642,000
16,576,000 55,002,000
1,225,000 8,486,000
64,271,000
Iron and Steel Products
Steel rail (new and second-hand, except scrap)
Wheels, axles and tires
Frogs, switches, crossings, track fastenings
and bolts, spikes, tie-plates, rail anchors, Ac
Iron bridges, turn tables, structural steel, bar
iron and steel, forgings, fabricated and unfabricated shapes and pressed steel parts_ _
Flues and tubes for locomotive and stationary
boilers
Telegraph and telephone, interlocking and
signal material
Bolts, nuts, washers, rivets, springs. Sic
Locomotive and ear castings, beams, couplers,
frames and car roofs
Machinery, boilers, repair parts and all other
iron and steel products
Total Iron and steel products
42,442,000 157,551,000
31,107,000
16,323,000
11,835,000 94,195,000
17,991,060 41,269,000
31,283,000
16,691,000
19,459,000
13.851,600 57,330,000
70,971.000
3,653,060
3,265,000
9,087,000
8,791,000
8,393,000 30,878,000
8,636,000 20,272,000
24,583,000
18,562,000 65,086,000
15,472,000
13,496,000 50,645,000
7,194,000
159,758,000 110.720,000 437.840,000
Miscellaneous
Cement
1,763,000
Lubricating oils and greases, illuminating oils
boiler compound, waste
13,705,000
Metal and metal products
22,482,000
Ballast
6,236,000
Air brake material and appliances for locomotives
9,485,000
All electrical materials
10,54.6,000
Stationery and printing
12,884,000
Commissary supplies for dining ears and restaurants
11,647,000
Rubber and leather goods
4,969,000
Painters supplies and chemicals
18,062,000
Automotive equipment and supplies
2,851,000
Train and station supplies and all other miscellaneous purchases
44,278,000
Total miscellaneous purchases
1,674,600
7,628,000
14,018,000 24,328,000
18,511,000 57,497,000
9,335,000 23,750,000
8,473,000 25,043,000
6,511,000 17,641,000
11.628,000 25,587,000
9,367,000 28,899,000
4,265,000
9,657,000
13,913,000 35,985,000
1,253,000
2,545,000
37,214,000 111,212,000
158,901,000 132,162,000 369,752,000
Grand total
600,224,000 485,850,000 1329535000
Note-Figures include freight and handling charges.
Moody's Daily Commodity Index Moderately
Lower for Week
Basic commodity prices weakened moderately during the
week just passed. World silver prices, which had risen
sharply to 81 cents, declined to 723/i cents on Friday. Wheat
prices were also under pressure as was crude rubber. The
Index now stands at 156.8 compared with 158.3 on Friday a
week ago.
Of the basic commodities comprising the Index, only three
advanced last week, namely, top hogs, hides and coffee.
Substantial declines have been recorded by silver, wheat and
rubber and smaller declines by silk, cocoa and corn. Items
remaining unchanged for the week included scrap steel,
copper, lead, cotton, wool and sugar.
The movement of the Index number during the week, with
comparisons is as follows:
Fri.
Sat.
Mon.
'rues.
Wed.
Thurs.
Fri.
Apr. 28
Apr. 27
Apr. 29
Apr. 30
May 1
May 2
May 3
158.3
157.4
157.4
157.2
157.0
--156.6
156.8
2 Weeks Ago, Apr. 18
157.3
Month Ago, Apr. 5
152.2
Year Ago.
May 4
134.4
1933 High, July 18
148.9
Low, Feb. 4
78.7
1934-5 High-Jan 8, 1935._ _ _ _160.0
Low-Jan. 2, 1934- - -126.0
"Annalist" Weekly Index of Wholesale Commodity
Prices Dropped 0.2 Points During Week of April 30
--Monthly Average for April Above March
A decline of 0.2 points in the "Annalist" Weekly Index of
Wholesale Commodity Prices during the week, to 126.7 on
April 30, was due to a reaction in livestock and meat prices,
lower prices for hides, anthracite, and to a less extent, for
rubber, butter, coffee and cocoa. Advances in cotton, eggs,
sugar,oranges,leather and gasoline failed to offset the declines,
the "Annalist" said, presenting as follws its weekly index:
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
Unadjusted for seasonal variation 1913=100)
Apr. 30 1935
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
r. •n ".....trnntlItloa ntw afar! hAstla
123.8
132.2
•104.7
161.8
109.9
111.5
98.6
80.9
126.7
7A 1
Apr. 23 1935
Mao 1 1934
124.2
132.5
a104.5
162.0
109.8
111.7
98.6
78.9
126.9
90.5
107.7
113.9
161.4
112.4
114.0
99.8
89.5
109.4
75 rw
Rd ft
Preliminary. a Revised. S Based on exchange quotations for France. Switzerland and Holland.
As to wholesale prices during April the "Annalist" repurted:
Reflecting the recent advances in the weekly index, the
monthly average for April rose to 125.8 from 123.5 in March,
and 108.6 in April 1934. Higher prices for livestock and the
meats were largely responsible.
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES
Unadjusted for seasonal variation (1913=100)
April 1935
1
4L4
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
h All commodities on gold basis
•
RAILWAY PURCHASES OF FUEL, MATERIALS AND SUPPLIES
CALENDAR YEARS 1929, 1933 AND 1934
Railways of Class I in the United States
Item1929
1933
1934
Fuel
Bituminous coal
175,061,000 148,650,000 287,999,000
Anthracite coal
3,219,000
2,633,000 8,372,000
Fuel oil
34,221,000 24,860,000 62,132,000
All other (coke, wood, Ac.)
4,393,000 5,889,000
4,793,000
May 4 1935
ri.4001-.00.0{.Jba
IP Cm CZ 00
OP 0
tl•
C 0>
. .
CO
tO
Purchases of miscellaneous materials and supplies totaled $158,901,000
in 1934 compared with $132,162,000 in 1933. Miscellaneous supplies
included metals and metal products, cement, lubricating oils and greases,
ballast, air brake material, electrical materials, stationery and printing,
commissary supplies for dining cars and restaurants, rubber and leather
goods, painters' supplies and chemicals, and automotive equipment and
supplies.
A detailed statement showing the amount in dollars of purchases of fuel,
material and supplies made by the Class I railroads of the United States
in 1934. 1933 and 1929 is given below:
March 1935
April 1934
al19.1
127.2
104.8
159.8
109.6
111.8
98.7
79.3
123.5
73.1
91.1
106.3
118.0
160.8
107.2
113.8
100.2
88.1
108.6
64.4
Preliminary. a Revised. b Based on exchange quotations for France, Switzerland and Holland.
Wholesale Commodity Price Average Advanced SlightIy
During Week of April 27 According to National
Fertilizer Association
The general trend of wholesale commodity prices was
upward in the week ended April 27, according to the index
of the National Fertilizer Association. This index, based
on the 1926-1928 average as 100, advanced to 78.3 from 78.2
In the preceding week. A month ago the index was 77.2, and
a year ago, 70.8. In noting the foregoing, an announcement
Issued April 29 by the Association said:
Five of the component groups of the index moved upward last week, and
two declined. In every case the fluctuations were relatively small. The
advance in the foods group carried it to the highest level which has been
reached in the recovery period. The trend of foodstuff prices, however,
was mixed last week, with four commodities in the group advancing and
five declining. The rise in the textiles group was due entirely to higher
cotton prices; the only other change in this group was a alight decline in
silk prices. The sharp advance in silver prices was reflected in the metals
group index, although the rise in the group was due also in part to higher
quotations for lead and tin. The grains, feeds and livestock group declined
slightly, although seven items advanced and six declined. The fats and
oils group index again declined, but there was no general downward movement in the commodities in this group. The fertilizer materials index
remained unchanged, a decline in cottonseed meal prices counterbalancing
a rise in ground bone.
Twenty-seven commodities advanced last week and 18 declined; in the
preceding week there were 33 advances and 26 declines; in the second
preceding week there were 33 advances and 16 declines.
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476 COMMODITY
PRICES (1926-1928=100
Per Cent
Each Group
Bears to the
Total Index
23.2
18.0
12.8
10.1
8.5
6.7
6.8
8.2
4.0
3.8
1.0
4
.4
3
Intl n
&pup
Latest
iVeek
Pre
.4 pr. 27 ceding
1935
Week
Foods
80.3
Fuel
89.3
Grains, feeds and livestock.90.6
Textiles
66.7
Miscellaneous commodities- - 68.9
Automobiles
87.3
Building materials
78.7
Metals
82.5
House-furnishing goods
84.9
Fats and oils
78.2
Chemicals and drugs
94.4
Fertilizer materials
65.3
Mixed fertilizers
76.0
Agricultural implements
101.6
All
arum.; combined __ _ _
78.3
Month
Ago
Year
Ago
80.1
69.2
90.8
66.5
68.7
87.3
78.7
82.2
r84.9
78.3
94.4
65.3
76.0
101.6
78.4
68.3
88.1
65.2
68.5
87.3
78.9
81.7
84.9
79.5
94.4
65.2
76.1
101.6
71.5
68.9
52.1
68.5
70.4
91.3
81.0
79.8
85.6
50.2
93.0
66.7
76.1
92.4
752
'779
,
70
a
r Revised.
Increase of 2', in Retail Food Prices During Two Weeks
Ended April 9 Reported by United States Department of Labor
Retail prices of food advanced 2.0% during the two
weeks' period ended April 9 1935, Commissioner Lubin, of
the Bureau of Labor Statistics of the United States Department of Labor, announced to-day (Tuesday, April 23).
The announcement said:
Of the 42 articles of food included in the index, 22 increased in price, 16
registered no change, and four declined.
Of the six commodity groups into which these foods are classified, cereals
alone showed no change. All other groups advanced, fruits and vegetables
leading with a rise of 6.8%.
Increases occurred in all of the 51 reporting cities except Norfolk and
San Francisco. In these two cities food prices dropped 0.4 of 4%.
In issuing the announcement, Mr. Lubin stated:
The current index, 124.1 (1913 equals 100.0), is 7.1% higher than on
Jan. 2 1935 and 15.6% above that of a year ago. It is 17.9% below the
level of April 15 1930, when the index was 151.2.
Meat priced increased 1.3%. All items in this group, with the exception
of leg of lamb, registered advances. The price of pork chops rose 2.5%.
Meat prices, as a whole, have advanced 22.6% (luring the current year.
They are at the level of April 15 1931.
Dairy products rose 3.0%, due entirely to an increase of 9.2% in the
price of butter. Butter prices are higher now than at any time since 1930.
Egg prices rose 3.6%, this upturn coming earlier than the usual seasonal
advance.
Fruit and vegetable prices moved upward 6.8%. Increases of 21.1%
for cabbage, 12.3% for onions, and 5.9% for potatoes were mainly responsible for the rise in this group.
Miscellaneous foods rose 0.4 of 1%. Prices of fats and oils continued
their advance. An increase of 1.9% in Vac price of sugar was offset by a
decrease in coffee prices.
From the announcement we also take the following:
INDEX NUMBERS OF RETAIL PRICES OF FOOD (1913=100.0)
1930
1933
1934
1935
Var.26 Jan. 15 Oct. 9 July 3 Apr. 10 Apr. 15 Apr. 15
Apr. 9 2 .rks. 3 Mos. 6 Mos. 9 Mos. 1 Yr. 2 Yrs. 5 Yrs.
Ago
Ago
Ago
Ago
Ago
Ago
Ago
All foods
Cereals
Meats
Dairy products
Eggs
Fruits and vegs_
Miseell. foods...
124.1
151.3
151.7
115.8
84.0
130.3
101.0
115.6
152.0
128.4
105.4
103.5
110.8
96.1
118.5
151.2
132.3
112.3
109.0
107.6
98.5
121.7
151.3
149.8
112.4
81.1
122.0
100.6
109.6
146.6
120.0
101.1
73.6
121.7
89.8
107.4
144.7
110.5
99.7
69.5
130.3
89.1
151.2
160.3
183.3
138.9
100.0
206.4
125.0
90.4
112.8
98.8
88.7
53.3
95.3
83.3
Prices used in constructing the we ghted rides are based upon reports
from all types of retail food dealers in 51 cities and cover quotations on 42
important food items. The index is based on the average of 1913 as 100.0.
The weights given to the various food items used in constructing the
Index are based on the expenditures of wage earners and lower-salaried
workers.
The following table shows the percentages of price changes for individual
commodities covered by the Bureau for April 9 1935 compared with
March 26 and March 12 1935, April 10 1934, April 15 1933, and
April 15 1930:
CHANGES I
2939
Financial Chronicle
Volume 140
Sales of Wholesale Firms During March in New York
Federal Reserve District Reported 63% Below
March last Year
"March sales of the reporting wholesale firms in the
/
1
%
Second (New York) District were 62 below a year ago,
the least favorable year-to-year comparison since last
July." In stating this, the Federal Reserve Bank of New
York, in its "Monthly Review" of May 1, added:
Sales of the reporting jewelry firms showed the largest decline from a
year ago since June 1933, and sales of the grocery, men's clothing, drug,
hardware and stationery concerns showed the least favorable comparisons
in six to nine months. Smaller declines than in the previous month,
however, were shown in the dollar volume of sales of cotton goods, shoes,
and in yardage sales of silk goods. The paper and diamond concerns continued to record moderate gains in sales over last year.
Stocks of merchandise held by the grocery, drug and diamond firms
again were higher than last year, although the increases were smaller than
in other recent months. Stocks of the reporting jewelry concerns were
unchanged from a year ago, while the silk and hardware firms reported
a smaller amount of merchandise on hand this year than last. Collections
this year in a majority of reporting lines were lower than last year,
which represents a change from the situation that has prevailed for some
months, perhaps due to the lateness of Easter retail trade.
RETAIL FOOD PRICES, APRIL 9 1935 BY COMMODITIES
Commodity
Precent Change
-April 9 1935 Compared with
1934
1935
1933
1930
Ayr. 10
(1 Year
Ago)
Apr. 15
(2 Years
Ago)
Apr. 15
(5 Years
Ago)
Net
Sales
Commodities
Mar. 26
(2 Weeks
Ago)
Mar. 12
(4 Weeks
Ago)
All foods
+2.0
+2.0
+15.8
+37.3
-17.9
Cereals
Bread, white
Cornflakes
Cornmeal
Flour, wheat
Macaroni
Rice
Rolled oats
Wheat cereal
Meats
Beef-Chuck rout.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...
0.0
0.0
0.0
0.0
0.0
+0.6
0.0
0.0
0.0
+1.3
+1.7
+1.3
+1.4
+1.4
+1.0
+1.0
0.0
+1.1
+0.2
+2.5
+3.0
+9.2
0.0
0.0
0.0
+3.6
+6.8
--2.6
+6.5
0.0
0.0
+0.1
0.0
-2.3
+2.0
0.0
+0.6
+1.2
0.0
+0.8
+1.4
+3.1
+2.5
+2.0
+2.6
+1.3
+2.5
-1.8
+1.6
+0.5
-0.6
+2.2
+6.3
-1.5
+1.4
0.0
-0.7
+10.7
-4.3
+8.7
-0.9
0.0
-1.6
0.0
+43.3
0.0
+24.2
0.0
+5.9
+1.0
+0.3
-2.2
+1.1
+2.1
+0.5
-1.9
+0.1
+2.3
+4.6
+3.8
-5.5
+20.9
+4.2
+1.3
+5.1
+14.9
+0.8
+37.3
+51.0
+58.8
+44.2
+40.6
+34.5
+17.0
+9.1
+47.7
+30.6
+38.8
+16.2
+37.5
+8.3
+7.4
+7.2
+20.8
0.0
+0.5
+12.3
-0.9
+3.2
+3.4
+4.5
+145.7
+14.2
+86.4
+6.7
-33.3
-0.9
+13.4
-2.5
+82.5
+54.0
-0.9
0.0
+5.3
+14.1
+34.1
+29.7
+3.6
+52.9
+61.3
+9.7
+45.6
+37.5
+9.9
+53.5
+56.0
+62.0
+45.6
+48.8
+42.1
+35.0
+29.1
+82.3
+51.0
+84.8
+30.6
+58.7
+24.3
+25.9
+17.8
+57.7
+36.7
-2.2
-23.4
+28.4
+7.7
+36.4
+9.4
+115.0
+33.0
+158.3
+38.6
+12.5
+23.5
+21.3
-1.8
+138.0
+57.7
+15.3
+7.8
+13.3
+18.5
-5.6
-5.7
-8.5
-1.9
+2.0
-19.0
-13.5
-11.5
3.9
-17.2
-19.9
-20.6
-18.4
-16.5
-17.6
-24.3
-23.2
-10.4
-19.3
-11.3
-16.7
-16.2
-27.5
-21.5
-15.0
-16.0
-36.8
-27.5
-48.9
-37.6
-19.0
-49.2
-21.3
-12.2
-16.2
+46.4
+7.3
-56.1
-16.7
-19.2
-35.3
+11.9
-25.4
-33.8
-12.7
-5.3
-10.3
0.0
+21.1
0.0
+12.3
-1.1
+5.9
0.0
+0.4
-1.1
+0.5
+1.0
+0.5
+1.9
+0.3
+1.9
Increase of 12% Over Year Ago Noted in March Sales of
Chain Stores in New York Federal Reserve District
Sales during March of the reporting chain store systems
in the Second (New York District were almost 12% below
a year ago, which, said the Federal Reserve Bank of New
York, reflects "in part one less shopping day this year than
last, and also the late occurrence of Easter this year." Continuing, the bank also had the following to say in its
"Monthly Review" of May 1:
With Easter three weeks later this year, the 10-cent, shoe, and candy
chains whose business was especially affected showed large declines in sales
iron: a year ago. The grocery chain store systems also reported a substantial reduction in sales from a year ago, and sales of variety chain
stores, which were also affected to some extent by the late Easter, showed
a small decline from a year ago following increases in each preceding
month since March 1933. Chain drug stores, however, showed the most
favorable year-to-year comparison in average daily sales for any month
since December 1929.
Only a slight decline in the total number of chain stores operated occurred
between March 1934 and March 1935. A reduction in the number of shoe
and grocery stores was largely offset by additions to other types of chain
stores, so that the decrease registered for Bales per store of all reporting
chains was only slightly smaller than that recorded for total sales.
Type of Store
Percentage Change March 1935
Compared with March 1934
No. of Stores
Total Sales
i Sales per Store
Grocery
Ten cent
Drug
Shoe
Variety
Candy
-3.1
+1.1
+6.4
-6.3
+0.8
+3.3
-11.4
-15.0
+4.2
-31.7
-3.6
-45.6
-8.8
-15.9
--27.1
--4.4
--47.4
Total
-0.9
-11.7
-10.9
Percentage Change
March 1935
Compared with
March 1934
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
-3.8
-13.9
-7.4
Stock
End of
Month
+7.0
P. C. of Accounts
Outstanding Feb. 28
Collected in
March
1934
1935
100.3
52.2
38.7
62.0
92.7
49.7
38.1
57.4
27E5
41.0
52.7
49.4
27.4
24.1
36.3
55.4
51.9
26.6
-8.7
+0.4
--3.9
+2.4
+8.1
--14.7
-2.7
45:6
0.0
Weighted average
-6.4
62.6
58.7
• Quantity figures reported by the National Federation of Textiles. Inc., not
Included in weighted average for total wholesale trade.
Slight Decrease in Wholesale Prices During March
Reported by United States Department of Labor
The general level of wholesale prices for March receded
slightly to 79.4% of the 1926 average, according to the
composite index compiled by the United States Bureau of
Labor Statistics. The decrease, which approximated 0.1%,
was the first that has occurred in the monthly index since
October of last year, said an announcement issued April 29
by the United States Department of Labor, which added:
In comparison with the corresponding month of 1934. the March index
was 7.7% higher. It was 31.9% above two yzars ago, when the index
was 60.2. The minor recession in March was the fourth monthly decline
In the past two years. during which time the general trend of wholesale
prices has been steadily upward.
The weakening in commodity prices during the month was quite general.
Of the 10 major groups covered by the Bureau, seven registered decreases.
Two groups, fuel and lighting materials and chemicals and drugs were
higher, while the group of housefurnishing goods remained unchanged.
NUMBER OF COMMODITIES SHOWING PRICE CHANGES BY GROUPS
Groups
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
House furnishing goods
Miscellaneous
Total
Increases
Decreases
19
35
41
50
8
37
7
4
9
7
6
8
2
4
94
No Change
16
5
5
18
7
37
33
71
8
118
64
76
54
32
190
500
5
Raw materials, Including farm products, cocoa beans, copra, hides,
skins, raw silk, hemp, jute, sisal, crude rubber, crude petroleum, scrap
steel and other similar commodities registered an average decline of 1%
from February, but were 16.2% above the March 1934 level. Finished
products, among which are included more than 500 manufactured articles,
advanced nearly 0.3% over February and were approximately 6% above
tbe corresponding month of last year.
Semi-manufactured articles, including such items as raw sugar, leather.
iron and steel bars, pig iron, and like commodities, increased fractionally
as compared with the preceding month. However, when compared
with the corresponding month of a year ago they were lower by over 37.•
The combined index of all commodities, exclusive of farm products and
processed foods, registered a minor decrease between February and March
and was lower than a year ago by 1.5%. The non-agricultural commodities group, which includes all commodities except farm products,
advanced 0.1% to a point 4% above a year ago.
The most pronounced drop from February to March was recorded by
the miscellaneous commodities group, with the average declining nearly
1.3%. due to declines of 10% in crude rubber. 6% in cattle feed. 2% in
auto tires and tubes, and a smaller decrease in paper and pulp. The subgroup of miscellaneous commodities, including cylinder oil, cigars, cigarettes, and soap products, was unchanged.
Farm products, with an index of 78.3, registered a decline of 1%. An
Increase of 9% in livestock and poultry was more than offset by decreases
of 5% in grains and 6% in the sub-group of "other farm products." which
includes cotton, eggs, fresh apples, lemons, hay, hops, seeds, potatoes
and wool. Important farm products increasing in price were calves,
cows, steers, hogs, sheep, live poultry, oranges. peanuts, tobacco, dried
beans and onions. The March level of farm product prices was nearly
28% above a year ago, when the index was 61.3 and 83% above two years
ago, when the index had declined to 42.8% of the 1926 level.
Wholesale food prices also registered a drop of 1% during March, because of declines of appro.dmately 5% in butter, cheese and milk, and
Financial Chronicle
2940
minor decrease in fruits and vegetables. Meats, on the other hand,
followed livestock prices and rose 4%, while cereal products recorded
a minor increase. Other price decreases reported affected flour, hominy
grits, corn meal, canned peaches and pears, dried apricots, peaches, prunes.
raisins, veal, cocoa beans, coffee, glucose and cottonseed oil. Food items
increasing in price were powdered milk, bread, crackers, macaroni, lard.
oleomargarine, raw and granulated sugar, and most vegetable oils. The
level for the group as a whole declined to 81.9. It was 21.7% over the
corresponding month of last year when the index was 67.3, and 50% over
March 1933 when the index was 54.6.
A third group to show a decrease of 1% was textile products. The
index for this group receded to 69.4. With the exception of clothing,
which remained at the February level, all sub-groups shared in this decline. The sub-group of silk and rayon was lower by nearly 3%; knit
goods. 1.7%; other textile products. 1.3%; cotton goods, 1%. and woolen
and worsted goods, 0.7%•
Sharp declines in prices of hides and skins and slightly lower prices for
leather forced the index for hides and leather products down 0.7%. Average
prices of shoes and other leather products were unchanged.
Weakening prices for iron and steel and non-ferrous metals resulted
in the group of metals and metal products showing a minor decline. Plumbing and heating fixtures were slightly higher, while agricultural implements
and motor vehicles remained at the February level.
In the group of building materials, higher prices for cement and paint
materials were more than counter balanced by lower prices for brick and
tile, lumber and other building materials, with the result that the index
for the group as a whole decreased 0.1% to 84.9.
Chemicals and drugs registered an advance of 1.4% because of advancing
prices for chemicals and fertilizer materials. Drugs and pharmaceuticals
were on the average slightly lower, while mixed fertilizers were unchanged.
Rising prices of petroleum products and gas resulted in the index for the
group of fuel and lighting materials increasing 0.7% to 73.0. Anthracite
and bituminous coal were lower, while coke remained stationary.
Strengthening prices for furniture did not influence the general index
average
for the group of house furnishing goods. No change was restored in
prices of furnishings.
is composed of 784 Price
The index of the Bureau of Labor Statistics
country's
series, weighted according to their relative importance in the
markets, and based on the average prices of 1926 as 100.
Index numbers for the groups and sub-groups of commodities for March
six
1925, in comparison with Fen. 1935 and March of each of the past
years are contained in the accompanying table:
a
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES
(1926=100.0)
Groups and Sub-groups
Mar. Jan. Mar. Mar. Mar. Mar. Mar. Mar.
1935 1935 1934 1933 1932 1931 1930 1929
50.2
43.5
51.4
52.1
62.3
64.2
68.3
62.3
61.4
57.1
77.3
88.5
44.7
73.4
98.8
58.0
66.1
56.2
54.9
33.5
62.7
69.5
67.9
89.9
83.5
80.4
04.4
97.5
39.8
80.8
85.0
79.7
95.3
50.5
64.4
73.2
79.3
75.0
61.5
75.4
64.4
79.7
80.6
75.3
80.9
59.7
68.6
73.2
77.1
75.4
79.1
64.7
39.2
52.4
76.8
7.2
84.5
58.1
60.8
71.5
69.3
70.6
59.3
70.7
74.2
77.8
83.5
74.5
74.3
82.0
71.4
87.6
94.9
62.1
88.4
02.0
70.0
78.1
72.4
63.8
45.8
71.8
77.0
68.3
88.4
86.0
83.7
95.9
94.6
41.8
86.4
94.3
85.4
94.0
69.3
86.6
82.5
85.0
84.1
74.7
81.4
86.6
84.3
87.6
82.9
86.4
64.8
80.8
88.7
88.0
84.5
91.9
72.0
48.9
82.1
82.6
16.0
89.6
69.5
72.9
79.6
77.2
94.7
83.5
99.6
95.2
94.3
98.3
84.9
102.3
104.2
82.6
103.2
103.8
95.8
107.4
106.1
84.8
87.7
90.3
83.8
73.6
82.0
86.9
79.4
91.2
89.9
84.2
95.1
94.1
63.7
96.6
95.5
91.4
02.8
99.6
94.1
93.9
92.6
92.7
91.2
94.3
94.1
91.9
96.7
91.4
96.5
68.9
88.2
94.3
93.5
92.5
94.6
80.9
53.0
103.8
87.7
31.6
99.2
89.3
88.1
90.9
89.2
107.2
98.8
111.0
107.5
98.3
109.0
87.3
83.3
108.5
92.7
108.2
108.6
107.9
112.8
107.2
92.4
91.6
100.6
89.9
82.5
91.1
95.5
82.1
91.4
92.1
85.2
94.0
92.1
68.5
102.3
99.2
95.0
107.3
117.3
96.7
06.7
94.7
94.6
96.4
92.7
96.7
97.0
99.6
95.3
100.3
72.1
94.7
96.7
93.8
93.4
94.3
82.4
55.1
122.2
88.9
50.6
96.4
99.0
96.1
94.8
93.8
65.8
70.9
77.2
88 2
92.1
60.2
66.0
76.0
90.2
96.1
78.3
Farm products
82.8
Grains
Livestock and poultry - - 85.8
72.1
Other farm products
81.9
Foods
Butter, cheese and milk_ 82.9
92.1
Cereal products
Fruits and vegetables_ 63.2
91.6
Meats
73.4
Other foods
Hides and leather products_ 85.4
97.2
Boots and shoes
66.6
Hides and skins
74.2
Leather
84.6
Other leather products
69.4
Textile products
78.5
Clothing
82.4
Cotton goods
62.5
Knit goods
27.3
Silk and rayon
Woolen and worsted goods 73.1
67.7
Other textile products_
Fuel and lighting materials 73.0
81.1
Anthracite coal
96.3
Bituminous coal
88.8
Coke
Electricity
Gas
49.8
Petroleum products
Metals and metal products 85.7
Agricultural implements. 93.6
86.0
Iron and steel
93.6
Motor vehicles
67.1
metals
Non-ferrous
Plumbing and heating,. _ 67.2
84.9
Building materials
90.2
Brick and tile
94.4
Cement
79.9
Lumber
Paint and paint materials 79.4
Plumbing and heating... 67.2
92.0
Structural steel
Other building materials_ 90.1
81.5
and drugs
Chemicals
88.1
Chemicals
Drugs cfc pharmaceuticals 73.0
86.3
Fertilizer materials
72.8
Mixed fertilizers
80.7
goods_ _
Housefurnishing
84.1
Furnishings
77.3
Furniture
89.2
Miscellaneous
Automobile tires & tubes 46.6
102.2
Cattle feed
80.6
Paper and pulp
23.5
Rubber, crude80.1
Other miscellaneous
76.6
Raw materials
-manufactured articles 71.8
Semi
81.7
Finished products
Non-agricultural commod._ 79.5
All commodities other than
farm Products and foods 77.3
79.1
84.4
78.4
76.8
82.7
87.0
91.9
63.6
87.9
77.2
86.0
97.2
69.6
74.6
84.6
70.1
78.5
83.3
63.6
28.1
73.6
68.6
72.5
82.3
96.4
88.8
90.3
87.7
48.7
85.8
93.6
86.1
93.6
67.2
67.1
85.0
90.6
93.9
80.5
78.8
67.1
92.0
90.3
80.4
86.5
73.1
66.2
72.8
80.7
84.1
77.2
70.1
47.5
109.0
80.9
26.2
80.1
77.4
71.7
81.5
79.4
61.3
62.3
49.5
67.7
67.3
88.9
85.3
71.6
56.5
63.5
88.7
98.5
73.4
79.7
86.7
76.5
87.2
89.1
65.6
29.4
84.0
78.5
71.4
81.2
91.1
83.4
88.5
89.4
48.7
87.1
85.2
86.3
97.8
66.3
72.7
86.4
88.5
93.9
86.4
79.7
72.7
86.8
89.9
75.7
79.0
71.9
69.5
72.6
81.4
83.2
79.8
69.3
44.6
79.6
82.7
22.8
83.2
65.9
74.3
77.2
76.2
42.8
36.0
43.0
45.3
54.6
50.9
62.7
54.3
50.5
55.8
68.1
83.2
41.4
55.6
77.9
51.3
61.3
50.0
47.1
25.5
53.2
66.7
82.9
88.3
79.3
75.2
100.5
96.6
33.1
77.2
83.1
76.4
90.9
47.9
59.4
70.3
74.9
81.8
57.8
68.4
59.4
81.7
78.4
71.2
79.3
54.8
61.9
60.1
72.2
72.9
71.8
58.9
41.3
47.3
72.2
8.3
72.6
49.4
56.9
65.7
63.8
77.4
78.5
79.4
All commodities
•Data not yet available
79.5
73.7
March Production of Electricity Higher Than Preceding
Month and 3% Above Like Month of 1934
The Geological Survey, Department of the Interior, in its
monthly electical report discloses that the production of
electricity for public use in the United States during the
month of March totaled 7,973,426,000 kilowatt-hours.
This is a gain of 3% when compared with the 7,716,891,000
kwh. produced in March 1934. For the month of February
1935 output totaled 7,488,532,000 kwh.
May 4 1935
Of the March 1935 output a total of 3,552,940,000 kwh.
was produced by water power and 4,420,486,000 kwh. by
fuels. The Survey's statement follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS)
Total by Water Power and Fuel
Changes in Output
from Previous Year
Division
Jan. 1935
Feb. 1935
Mar. 1935 February
March
New England
620,632.000 544.861,000 575,171,000
Middle Atlantic_ _ 2,267,120,000 2,002,012,000 2,088,809,000
East North Central 1,932,160,000 1,764.788,000 1,858,374,000
West North Central 565,674,000 498,761,000 532,662,000
South Atlantic_ _ _ _ 966,035,000 870,783,000 987,931,000
East South Central 366,114,000 340,552,000 342,111,000
West South Central 375.594,000 345,524.000 366,680,000
251,666,000 233,145,000 257,892,000
Mountain
Pacific
1,004,157,000 888,106,000 983.796,000
+4%
0%
+7%
+16%
+13%
+18%
+5%
+10%
+5%
+3%
-1%
+2%
+17%
+4%
+14%
+7%
+10%
+0%
Total Un.States. 8,349.152,000 7,488.532.000 7,973.426,000
+6%
+3%
The average da ly production of electricity for public use in the United
States in March was 257.200,000 kilowatt-hours, a decrease from the
average daily production in February of about 4%; the average change is
a decrease of about 2%.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
1935
Over
1934
1934
Over
1933
Kilowatt Hrs. Kilowatt Hrs.
8,349,152,0007,631,497,060
7,488,532.0607,049,492,000
7,973,426,000 7,716,891,000
7,442,808,000
7,682,509,000
7,471,875,000
7,604,926.000
7,709,611,000
7.205,757,000
7,830.819,000
7,605,730,000
8.058.361,000
9%
6%
3%
......
---____
____
____
____
...._
____
.......
10%
12%
15%
15%
10%
3%
1%
0%
x2%
5%
5%
8%
91010.274.000
____
6.5%
1935
January
February
Marsh
April
May
June
July
August
September_
October
November.
December
Total
x Decrease.
1934
Produced bs
Water Power
1935
1934
39%
90%
45%
._
__
...._
39%
33%
40%
47%
42%
36%
34%
32%
33%
34%
39%
39%
____
____
__
_.....
____
.112*/-
Coal Stocks and Consumption
The stocks of coal at electric power utility plants were increased by
441,361 net tons during the month of March 1935, and on April 1 stood
at 7,217.447, or a gain of 6.5% when compared with the tonnage on hand
on March 1. Bituminous coal stocks rose 8.4%, standing at 6,030.910.
tons, while stocks of anthracite fell 2.1%, being 1,186,537 tons on April 1.
Consumption of coal ny the electric power utilities decreased 2% in
March, when 2,628,311 net tons was consumed. Of this tonnage 2,501.206
tons was bituminous coal and 127,105, anthracite.
At the daily rate of consumption prevailing in March there was enough
bituminous coal in stock on April 1 at the electric utility plants to last 75
days and enough anthracite for 289 days' requirements.
The quantities given in the tables are based on the operation of all power
plants production 10,000 idlowatt-hours or more per month, engaged in
generating electricity for public use, including central stations, both commercial and municipal, electric railway plants, plants operated by steam
railroads generating electricity for tranction, Bureau of Reclamation plants,
public works plants, and that part of the output of manufacturing plants
which is sold. The output of central stations, electric railway and public
works plants represents about 98% of the total of all types of plants. The
output as published by the Edison Electric Institute and the Electrical
World includes the output of central stations only. Reports are received
from plants representing over 95% of the total capacity. rho output of
those plants which do not submit reports is estimate; therefore the figures
of putput and fuel consumption as reported in the accompanying tables
are on a 100% basis.
[The Coal Division. Bureau of Mines, co-operates in the preparation of
these reports.)
Business Conditions in Philadelphia Federal Reserve
District-Activity Reported Well Sustained Since
Early February
In reporting that business activity in the Third (Philadelphia) District on the whole "has been well sustained since
early February," the Federal Reserve Bank of Philadelphia,
in its "Business Review" of May 1, said:
Industrial production was slightly larger in March than in February.
owing mainly to increased operations in manufacturing. The value of
building contracts awarded turned sharply upward as it usually does in this
period, the most noticeable gains taking place in awards for residential
and non-residential construction. Agricultural activity appears to measure
up to a normal spring level and farmers are disposed to increase the planting
of some spring and summer crops. . . .
The value of retail trade sales showed an increase from February to
March, but was smaller than last year both on a monthly and quarterly
basis. Dollar sales by wholesale dealers have continued to increase for the
third month and exceeded those of last year. .
Manufacturing
The market for products manufactured in this District reflects seasonal
slackening, although demand for some of the textile and leather products,
paper, chemicals and most of the building materials appears to have been
slightly more active since the middle of last month. The largest decline
in the volume of unfilled orders during the month seems to have occurred
In the case of fabricated metals and textiles, while forward commitments
for paper, sole leather, cement and lumber show some upturn. . . .
Output of manufacturers in this District generally showed an increase of
a somewhat greater proportion than usual. This Bank's index number of
productive activity, which is adjusted for the usual seasonal variation, rose
to 72, on the basis of the 1923-25 average as 100. compared with 70 in
February, 69 in January and 68 in March 1934. The rate of factory production was about 7% greater in the first quarter this year than last. The
output of both durable and non-durable goods shared in this gain, though
the increase in the latter class was somewhat less pronounced than in the
case of durable products such as machinery and equipment.
Most of the industrial groups registered during March either increases
larger than usual or declines that were not as large as is ordinarily expected.
The greatest relative gain over March 1934 occurred in the output of metal
and textile products, and building materials, chiefly brick and cement.
1
Financial Chronicle
Volume 140
February Sales of Electricity to Ultimate Consumers
-Revenues Rise 4.9%
Up 7.4%
The following statistics, covering 100% of the electric
light and power industry, were released on April 25 by the
Edison Electric Institute:
SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE
CONSUMERS
Month of February
1934
1935
2 Kilowatt-hours Generated (net)
By fuel
By water power
%
4,233,544,000 4,441,940,000 -4.7
2,735,557,000 2,069,633,000 +32.2
Total kilowatt-hours generated
Additions to Supply
Energy purchased from other sources
Net international imports
6,969,101,000 6,511,573,000
+7.0
167,090,000
78,071,000
245,161,000
Total
Total energy for distribution
Energy lost in transmission, distribution. &c.
Kilowatt-hours sold to ultimate consumers
Sales to Ultimate Consumers (Ktch.)Domestic service
Commercial-Small light and power (retail).
Large light and power (wholesale)
Municipal street lighting
Rallroads-Street and interurban
Electrified steam
Municipal and miscellaneous
65,101,000 -8.3
111,576,000 -4.9
165,767,000
176,677,000
7,048,495,000 6,608,356,000
854,684,000
842,440,000
6,193,811,000 5,765,916,000
-8.2
+6.7
+1.5
+7.4
1,211,438,000 1,122,776,000 +7.9
1,164,101.000 1,085,323,000 +7.3
3,102,791,000 2,831,491,000 +9.6
212,900,000
201,970,000 +5.4
391,263,000
388,024,000 +0.8
62,049,000
61,594,000 +0.7
49,269,000
74,738.000 -34.1
Total sales to ultimate consumers
6,193,811,000 5,765,916,000
Total revenue from ultimate consumers__ $162,469,900 $154,831.700
12 Months Ended Feb. 28
1935
x Kilowatt-hours Generated (net)
By fuel
By water power •
Month of-
1935
+7.4
+4.9
1934
%
53.442,538,000 39,123,308,000
32,224,871,000 31,131,464,000
+8.8
+3.5
Total kilowatt-hours generated
85,667,409,000 80,254,772,000
Purchased energy (net)
2,971,020,000 3,091,036,000
Energy used in electric ry. and other depts.,_ 2,002,811,000 1,912,953,000
Total energy for distribution
86,635,1318,000 81,432,855,000
Energy lost in transmission, distribution, &c. 14,868,021,000 14,401,305,000
Kilowatt-hours sold to ultimate consumers._ 71,767,597,000 67,031,550,000
Total revenue from ultimate consumers.... 81,852,714,800 81,780,270,000
Important Factors
Percent of energy generated by water power.
37.6%
38.8%
Average pounds of coal per kilowatt-hour
1.44
1.45
Domestic Service (Residential Use)Avge. ann. consumption per customer(kwh.)
637
607
Average revenue per kilowatt-hour
5.26c
5.46c
Average monthly bill per domestio customer
52.79
$2.76
+6.7
-3.9
+4.7
+6.4
+3.2
+7.1
+4.1
January.... 7.762,513.000 7,131.158,000
February _ ... 7,048,495,000 6,608,356.000
March
7,198,232,000
April
6,978,419,000
May
7,249,732,000
June
7,056,116,000
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
515.584124.000
+4.9
-3.7
+1.1
1934
23,765,900 23,986.500
8,952,100 9,007,100
461.900
500,800
Total generating capacity In kilowatts
33,218,800 33.455.500
Number of Customers
Farms in Eastern area (included with domestic)
(534,849) (504,957)
Farms in Western area (included with commercial. large). (209,957) (205,423)
Domestic service
20,503,594 20,067.553
Commercial-Small light and power
3,736,939 3,683,964
Large light and power
521,698
499,560
All other ultimate consumers
67,220
89.681
Total ultimate consumers
24,809,774 24,340.433
As reported by the United States Geological Survey with deductions for certain
plants not considered electric light and power enterprises.
Weekly Electric Output Declines from Total for Preceding Week But Stays Above Like Week of 1934
The Edison Electric Institute, in its weekly statement,
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended April 27 1935 totaled 1,673,295,000 kilowatt hours.
Total output for the latest week indicated a gain of 0.3%
over the corresponding week of 1934, when output totaled
1,668,564,000 kilowatt hours.
Electric output during the week ended April 20 1935
totaled 1,701,945,000 kilowatt hours. This was a gain of
1.7% over the 1,672,765,000 kilowatt hours produced during
the week ended April 21 1934. The Institute's statement
follows:
PERCENTAGE INCREASE OVER 1934
Week Ended
Week Ended
Week Ended
Apr, 27 1935 Ayr. 20 1935 Apr. 13 1935
Week Ended
Apr. 6 1935
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
:12.3
2.1
7.8
7.4
7.0
7.2
17.6
x10.1
3.1
4.5
6.9
7.7
8.1
17.2
x5.2
0.3
Total United States_
1.7
5.1
152
Decrease.
DATA FOR RECENT WEEKS
Week of-
1935
1934
P. C.
Ch ge
Weekly Data for Previous Years
in Millions of Kilowau-Hours
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
1,632,766,000
May 4May 11------1,643,433,000
1933
1932
6,480,897,000
5,835,263,000
6,182.281,000
6,024,855,000
6,532,686,000
6,809,440,000
7.058,660.000
7,218,678.000
6,931,652,000
7,094,412,000
6,831,573,000
7.009,164,000
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
____ 80.009.501.000 77.442.112,000
New York Federal Reserve Bank Reports Decrease of
About 13% in Department Store Sales During
March as Compared with March 1934
-Sales in
Metropolitan Area of New York During First Half
of April 1% Above Year Ago
The Federal Reserve Bank of New York reports that
total March sales of the reporting department stores in the
Second (New York) District were "approximately 133%
below a year ago, the largest decline reported since March
1933. The reduction resulted partly from the fact that
there was one less shopping day this year than last, however, and partly from the delayed Easter buying this year
and, after allowance for these factors, March business compared favorably with other recent months," the bank said.
In its April 1 "Monthly Review" it also stated:
Department stores in practically all localities registered substantial decreases in sales from a year ago, the most marked declines occurring in
the New York, Syracuse, northern New York State, southern New York
State, Westchester and Stamford, and Hudson River Valley district department stores, and in the apparel stores. In the Buffalo, Rochester, northern
New Jersey and Bridgeport department stores the reduction in sales were
more moderate, and in the Capital district, sales on an average daily basis
were slightly higher than a year ago.
Stocks of merchandise on hand, at retail valuation, remained below a
year ago for the eighth consecutive month. The rate of collections during
March of accounts outstanding at the end of the previous month was
practically unchanged from a year ago in the department stores, but was
lower than 1934 in the apparel stores.
Percentage Changefrom
a Year Ago
1935
Generating capacity (kw.)
-Steam
Water power
Internal combustion
New England
Middle Atlantic
Central Industrial_ _
West Central
Southern States
Rocky Mountain
Pacific Coast
+8.9
+6.7
____
____
......
__
____
____
____
____
__
____
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%.
Basic Information as of Feb. 28
Major Geographic
Regions
,
.,,
Change
1934
273,480.000 -10.3
59,686,000
108,081,000
Total
Deductions from Supply
Energy used in electric railway departments
Energy used in electric & other departments
200,002,000 -16.5
73,458,000 +6.3
2941
DATA FOR RECENT MONTHS
+4.6
+4.7
+4.7
+4.0
+2.8
+5.2
+5.1
+1.7
+0.3
-_
____
1932
1931
1930
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
1,882
1,889
1.680
1,847
1,641
1,676
1,644
1,837
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
1A83
1,880
1,683
1,697
1,709
1,700
1,688
1,698
Net Sales
New York
Buffalo
Rochester
Syracuse
Northern New Jersey
Bridgeport
Elsewhere
Northern N.Y. State
Southern N. Y.State
Hud. Riv. Valley Dist._ _ _
Capital District
Westchester & Stamford
All department stores
Apparel stores
Feb.tomar.
-15.2
-9.6
-8.6
-13.6
-7.7
-10.3
-12.9
-22.1
-16.2
-18.1
-2.6
-18.4
-13.6
-15.2
-9.0
-4.4
-6.8
-2.3
-6.8
-17.2
-9.1
-9.8
+1.4
-13.4
-7.7
Stock on
Hand End
of Month
1934
1935
-2.1
-9.5
-3.5
-3.5
-3.4
+10.2
-11.2
48.3
44.6
47.8
34.1
42.4
34.3
29.0
46.8
49.0
48.4
37.4
42.7
36.2
31.4
44.8
+5.6
March
42.7
44.7
41.7
March sales and stocks n the principal departments are compared with
those of a year previous in the following table:
Net Sales
Percentage Change
March 1935
Compared with
March 1934
Furniture
Home furnishings
Musical instruments and radio
Cotton goods
Linens and handkerchiefs
Hosiery
Women's and Misses ready-to-wear
Women's ready-to-wear accessories
Mks and velvets
Toilet articles and drugs
Men's and Boys' wear
Books and stationery
Woolen goods
Shoes
Luggage and other leather goods
Men's furnishings
Toys and sporting goods
Silverware and Jewelry
Miscellaneous
Stock on Hand
Percentage Change
March 31 1935
Compared with
March 31 1934
-2.0
-2.8
-6.4
-7.5
-11.8
-11.9
-13.4
-16.1
-16.3
-16.4
-18.0
-20.5
-20.7
-21.3
-21.5
-21.5
-23.9
-24.4
-17.3
-5.1
-25.8
-20.0
-16.7
-8.6
-2.6
+3.0
-7.9
-4.2
+9.4
-0.6
-5.6
+4.8
+3.1
-5.5
+1.6
-1.8
+0.4
In its "Monthly Review" the bank had the following to
say regarding department store sales in the Metropolitan
area of New York during the first half of April:
During the first half of April, total sales of the reporting department
stores in the Metropolitan area of New York were 1% ahead of the corresponding period a year ago, but, due at least in part to the inclement
weather, this increase was smaller than was expected in view of the postponement of much of the Easter buying until April this year.
1929
1,423
1,391
1,375
1,410
1,402
1,399
1,410
1,431
1,428
1,436
1.468
Locality
P. C. of Accounts
Outstanding
Feb. 28 Colleaed
in March
Wholesale Trade in Chicago Federal Reserve District
Increased Less Than Seasonal During March
Department Store Sales Higher-Mid-West Distribution of Automobiles
"The majority of reporting groups on wholesale trade in
the Seventh (Chicago) District experienced a less than seasonal increase in sales volume for March over February,"
Financial Chronicle
2942
says the Federal Reserve Bank of Chicago, in its "Business
Conditions Report" of April 30, adding that "the grocery
/
1
%,
/
1%, drugs 6%, and dry goods 112
trade gained only 42
as against an average expansion for the period of 13, 14 and
17%, respectively. Hardware sales, on the other hand, increased 49% over the preceding month, whereas the 19251934 average for March shows an increase of but 35%, and
the gain of 9% in electrical supplies approximated the average increase." The bank also had the following to say
regarding wholesale trade in the Chicago district:
The decline of 1% in the grocery trade from last March was the first
to be recorded in the yearly comparison in 15 months, and the increases
In all groups except hardware were noticeably smaller than a month
previous; in the dry goods trade, the majority of firms reported declines
from a year ago. Cumulative sales for the first quarter of 1935 showed
/ in drugs, 5% in
2
%
gains over the corresponding period of 1934 of 21
groceries, 8% in dry goods, 12% in hardware, and 19% in electrical
supplies. General declines took place between February and March in the
ratios of accounts outstanding to net sales, during the period, and in all
groups except dry goods they continued below those of last year.
WHOLESALE TRADE IN MARCH 1935
Per Cent Change
from Same Month Last Year
Stocks
Accts, Outstanding
ColSections
Ratio of
Accts. Outstanding to
Net Sales
+12.7
+11.4
+1.1
+1.4
-1.9
-13.0
-0.8
-0.7
-8.6
+1.4
+4.6
+1.3
+9.3
+6.4
+20.7
89.1
175.5
211.0
160.0
144.4
Commodity
Net
Sales
Groceries
Hardware
Dry goods
Drugs
Electrical supplies-
-
-1.1
+17.2
+0.9
+0.3
+15.6
As to department store sales in the Chicago district the
bank reported:
The expansion of 22% over February recorded for March this year in Seventh District department store trade was close to seasonal in extent, the
201
2
%
1925-1934 March average showing a . / increase for the period. Of the
larger cities in the district, Indianapolis, with a gain of 37% over the
month, had the largest increase; sales by Milwaukee firms expreceding
panded 33%; those of Detroit stores gained 25%, and Chicago trade was
heavier by 16%; total sales of stores in smaller cities rose 28% over the
-was shown for the
-2%
February volume. Only a small increase
district over last March, this being the smallest gain in the year-ago comthe beginning of the expansion in June 1933. However, the
parison since
preponderance of Easter trade took place in March last year; furthermore,
with one less trading day in the month this year, daily average sales
totaled 6% larger in the comparison. It will be noted in the table that
sales for the first quarter of 1935 exceeded those of the same period last
year by 6%. Stocks, which aggregated 8% heavier at the close of March
than a month previous, increased somewhat more than seasonally, but were
slightly lower than a year ago at the same time.
DEPARTMENT STORE TRADE IN MARCH 1935
Per Cent Change
March 1935
from
March 1934
Locality
P.C.Change
3 Months
1935from
SamePeriod
1934
Ratio of March
Collections
to Accounts
Outstanding
End of February
Net
Sales
Chicago
Detroit
Indianapolis
allivraukee
Other clues
Seventh District
Stocks End
of Month
Net
Sales
1935
1934
+1.1
+1.7
+7.0
+10.0
-2.4
-1.3
+5.8
-13.2
-3.5
+3.1
+4.7
+10.8
+10.8
+4.7
+1.8
36.4
47.1
43.4
38.9
34.7
32.6
46.6
42.7
35.7
33.4
+1.9
-0.9
+6.0
39.6
37.5
Following a contrary to seasonal gain in February, sales of shoes by
reporting dealers and department stores rose 58% in March over that
month, the 1926-1934 average for the period showing an increase of but
47%. Despite this favorable trend, sales in the month this year totaled
4% less than in March 1934, the volume sold at that time having expanded
74% over the preceding month. Although this decline represents the first
one in the year-ago comparison since November 1933, it should be taken
into account that, as in the case of department store trade, Easter buying
was a major factor in the sharply expanded volume of trade last year.
For the year through March, sales aggregated 3% heavier than in the
first three months of 1934. An 11% expansion was recorded' in stocks at
the close of March over the end of February and one of 8% over the corresponding date last year.
/
2
% was shown in the
In the retail furniture trade, an expansion of 61
dollar sales volume for March from the preceding month, which is about
average for the period. Dealer sales totaled slightly less than in March
last year, whereas department store sales were larger, the latter effecting
/
2
%
a gain of 161 in the aggregate over a year ago. Stocks increased 8%
in the month but were 2% smaller than at the close of March 1934.
Sales of 13 reporting chains, operating over 2,800 units in March,
totaled 9% larger than a month previous, the result of gains in the drug,
five-and-ten-cent store, cigar, men's clothing, and musical instrument
groups, grocery and shoe chains experiencing a decline in the month. Owing
principally to declines from a year ago in five-and-ten-cent store and shoe
sales, aggregate sales were 6% smaller in the comparison, the other major
groups-groceries and' drugs-having larger sales than in March last year.
In reporting on the distribution of automobiles in the
Middle West the bank had the following to say:
The gain of 67% over February in wholesale distribution of new automobiles in the Middle West was sharply greater than that shown in the
preceding month over January or in a similar comparison for March last
year. Sales to users likewise increased more than they did in February
over the first month of the year or than in March 1934 over a month earlier.
Both wholesale and retail trade in March were much heavier than a year
ago. Sales of used cars were considerably larger than a month previous,
but only moderately greater than in the same period of 1934. Furthermore,
stocks of used cars at the end of March were about half again as large
in number as they were a year ago, whereas new car stocks were less than
6% heavier. The ratio of deferred payment sales to total retail sales
of dealers reporting the item was the same in March as a month previous
44%-but was somewhat smaller than the 48% reported for March last
year.
May 4 1935
Business Conditions in St. Louis Federal Reserve
District-Activity During Latter Half of March
and First Half of April Considerably Changed from
Previous Month
"Available data and statistics bearing on business activity in the Eighth (St. Louis) District during the past 30
days," said the April 30 "Monthly Review" (compiled
April 20) of the Federal Reserve Bank of St. Louis, "reflected a considerable degree of variance as contrasted with
the similar period immediately preceding, both between the
several types of business and geographic9.1 locations." The
bank continued:
In some lines there were distinct symptoms of slowing tendencies and
diminishing confidence, while elsewhere the improvement of recent months
was fully maintained, and in certain instances carried further forward.
Taken as a whole, the volume of industry and commerce was about on a
parity with that of the corresponding period a year ago, and for the first
three months this year reached the highest total recorded for any first
quarter since 1931. Seasonal demand for merchandise in many important
lines failed to show the usual expansion, owing to a number of influences,
chief among which was the prolonged spell of unfavorable weather and
the very late Easter date. . . .
The general level of industrial production in March showed little change
as compared with the preceding month. . . .
Weather conditions during March and the first half of April were favorable for fall planted grain crops and pastures, but adverse to progress in
preparation for and planting of spring crops. In virtually all sections of
the district, precipitation was above normal, and as a whole plowing and
general routine spring farm operations at mid-April were from two to
three weeks behind the seasonal schedule. . . .
March retail trade in the Eighth District, as reflected by department
store sales in the principal cities, was 29.5% greater than in February
and 3.7% less than the March 1934 total; cumulative total for the first
quarter of this year showed a slight decline under the comparable period
last year. Combined sales of all wholesaling and jobbing firms reporting
to this bank in March were 3% larger than in February, but 10% less
than in March 1934; first quarter sales of these firma were 9% smaller
than for that period a year ago.
Business Conditions in San Francisco Federal Reserve
District
-Less Than Seasonal Expansion Noted in
March
Twelfth (San Francisco) District business expanded by
less than the customary amount during March following an
Improvement in February of more than seasonal proportions. Aggregate employment in private industry increased
only fractionally from February to March. In noting the
foregoing, the Federal Reserve Bank of San Francisco on
April 23 said:
Except for lumber and canning operations, the usual small gains in
activity in those industries for which information is available were recorded
in March. Lumber production increased less than is customary during
March, and this bank's adjusted index receded by approximately as much
as it increased in the preceding month. Adverse weather conditions delayed
early vegetable canning. Petroleum production remained substantially
unchanged during the month, but flour milling expanded and, after
seasonal adjustment, was more active than in any month since last
August. . . .
More than the customary rain and snow in March and early April insured
adequate water for irrigation purposes throughout the district this season.
Low temperatures and frosts caused some damage to fruits and vegetables
and retarded soil preparation and seeding of many other crops. Growth
of forage for livestock in the Pacific Northwest was delayed to some extent
by cold weather, but district ranges generally are in fair to excellent
condition except in Utah. Volume of crop marketing& was somewhat
greater in March than in February. Prices of farm products increased in
early April, regaining most of the decline which took place in the last
half of March.
Continued Gain in San Francisco Business Reported
by Wells Fargo Bank & Union Trust Co.
Business in San Francisco is maintaining the gains of
recent months for most lines, with automotive sales showing sensational increases over last year, according to the
April "Business Outlook" of the Wells Fargo Bank & Union
Trust Co. of San Francisco. The bank also noted:
For the first quarter of 1935 San Francisco department stores did
approximately as much business as in the same period, last year. By
mid-April, with one week of Easter buying yet to go, year-to-date comparisons with last year show substantial increases, in spite of the effect
of recent bad shopping weather. Reports from representative retailers
indicate year-to-date volumes for the most part about 10% ahead of those
of lest year; however, a few larger gains were reported, and some considerably smaller. Prices are about even with those of a year ago, but
many reports indicate an appreciable increase in the quality of the
average purchase.
New Orders Continue Gain at Lumber Mills
New business at the lumber mills has shown progressive
increase for three consecutive weeks with the unrevised
total volume booked during the week ended April 27 1935,
the heaviest of any week since November 1933. Shipments
were in excess of those of any week since July 1933, production was heaviest since September 1934. Southern and
Western lumber regions shared in the gains. Orders were
.
32% above those of corresponding week of 1934; shipments
were 26% in excess of thase reported for the 1934 week and
production was 1% above similar 1934 output. These
comparisons are based upon telegraphic reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of 1029 leading hardwood and softwood mills which produced 190,470,000 feet
during the week ended April 27 1935; shipped 225,268,000
feet and booked orders totalling 236,104,000 feet. Revised
The recent upward swing which brought the wholesale
commodity price level to a five-year peak was retarded during the week ending April 27 the index remaining at 80.3,
the level of the previous week, Commissioner Lubin of the
Bureau of Labor Statistics, U. S. Department of Labor,
=flounced May 2, stating:
Although the alt commodity index showed no change, eight of the 10
major groups included in the Bureau's weighted index registered fractionai
increases over the previous week. Minor decreases were reported for farm
products and textile products.
The large group of "All Commodities other than Farm Products and
Foods" recorded another small increase. The index for this group. 77.5,
however, is below the level of all other groups except textile products, fuel
and lighting materials, and miscellaneous commodities.
The all commodity index is 3% above the low of the current year which
was reported early in January. It is 3% above the high point and 13%
above the low point 011934. When compared with the peak of prices in
1933, this week's index Is higher by 12%, and when compared with the
bottom of prices in that year, which was the depth of the depression period.
the increase has been nearly 35%.
All commodity groups, with the exception of foods and hides and leather
products, which are at the high point of the current year, are below their
respective 1935 peaks, ranging from 0.1% for farm products and fuel and
lighting materials to 3% for miscellaneous commodities. Each of the 10
groups is above its respective 1935 low, ranging from 0.1% for textile
products, building materials, and housefurnishing goods to over 8% for
farm products and foods.
When compared with their 1934 highs,farm products and foods are 10%
above and chemicals are 3% higher. Each of the other seven groups is
lower, the spread ranging from 2% for fuel and lighting materials and
houseturnishing goods to over 10% for textile products. Eight groups are
above their 1934 lows, ranking from less than 0.5% for housefurnishing
goods to 42% for farm products. Textile products and building materials
werelees than 1% below their 1934 lows.
Farm products, foods, metals and metal products, chemicals and drUfts,
and miscellaneous commodities are above their 1933 high points. The
range is from 2% for metals and metal products to 30% for farm products.
The five remaining groups are lower, ranging from 0.2% for housefurnishing goods to 10% for textile products. When compared with their 1933 lows,
all groups are higher, the increases ranging from 11% for metals and metal
products to over 103% for farm products.
Mr. Lubin's announcement also contained the following:
Index numbers by groups of commodities for the high and low weeks of
each year, 1935, 1934 and 1933, are shown in the following table:
1935
1934
1933
Commodity Groups Dale and Date and Date and Date and Date and Date and
High
Low
High
Low
High
Low
Commodity Groups
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods
Miscellaneous
All commodities other than farm
nrndludA And fnndA
April April April April Mar. April Aprtl
29
30
28
13
6
27
20
1935 1935 1935 1935 1935 1934 1933
80.3
81.7
85.4
87.9
68.8
74.3
85.2
84.4
80.8
82.0
68.9
80.3
81.8
85.3
86.5
69.0
74.0
85.1
84.3
80.7
81.9
68.7
79.9
81.0
84.5
85.9
68.8
74.0
85.0
84.5
80.5
81.9
68.4
COMCOMMV=WWVV I
W..04 0 4.0047fNMC
,
,
United States Department of Labor Reports Wholesale
Commodity Prices Unchanged During Week of
April 27
77_5
77.8
77.2
6a 4.ipi.zWbb,;o44i.:
All regions but Northern Hemlock, Northeastern Hardwoods and North
Central Hardwoods reported orders above production during the week
ended April 27. Total softwood orders were 25% above output: hardwood
orders, 6% above hardwood production. Total shipments were 18%
above production. All regions but Northern Hemlock and Northern
Hardwoods reported orders above those of corresponding week of 1934.
Total softwood orders were 33% above those of last year's week; hardwood
orders were 23% above in similar comparison.
Unfilled orders on April 27, as reported by 1.243 mills were 829.510,000
feet and gross stocks, 4,476,710,000 feet. Identical softwood mills reported
unfilled orders on April 27 as the equivalent of 28 days' average production
and stocks of 136 days', compared with 25 days and 148 days on corresponding date of last year.
Forest products carloadings totalled 26,243 cars during the week ended
April 20 1935. This was 1,854 cars above the preceding week, 2,322 cars
above the same week of 1934 and 9,121 cars above similar week of 1933.
Lumber orders reported for the week ended April 27 1935. by 846 softwood mills totalled 222,938,000 feet; or 25% above the production of the
same mills. Shipments as reported for the same week were 211.686,000
feet, or 19% above production. Production was 178,060.000 feet.
Reports from 209 hardwood mills give new business as 13,166,000 feet.
or 6% above production. Shipments as reported for the same week were
13.582.000 feet. or 9% above production. Production was 12.410,000
feet.
Unfilled Orders and Stocks
Reports from 1,243 mills on April 27 1935, give unfilled orders of 829.510,000 feet and gross stocks of 4,476,710.000 feet. The 738 identical
softwood mills report unfilled orders as 657,493,000 feet on April 27 1935,
or the equivalent of 28 days' average production, compared with 600.862,000 feet, or the equivalent of 25 days' average production on similar
date a year ago.
Identical Mill Reports
Last week's production of 743 identical softwood mills was 175,854,000
feet. and a year ago it was 173.341.000 feet; shipments were respectively
210.141.000 feet and 164,153.000: and orders received 221,093,000 feet.
and 166,853.000 feet. In the case of hardwoods, 198 identical mills reported
production last week and a year ago 12,092.000 feet and 12,269,000 feet:
shipments 12,884,000 feet and 12,318,000 feet and orders 12,975,000 feet
and 10,562,000 feet.
4%. Average prices of shoes and leather products were unchanged. The
index for the group as a whole, 87.9. was higher by 1.6%.
Average prices of gasoline raised the index for fuel and lighting materials
approximately 0.5%. Anthracite coal was lower, while bituminous coal was
slightly higher. Coke remained unchanged.
Sharp increases in cattle feed and a slight increase in crude rubber prices
were responsible for an increase of 0.3% in the group of miscellaneous commodities. Automobile tires and tubes, paper and pulp, and other miscellaneous commodities were unchanged.
The foods group was one of five groups which registered increases of
0.1%. The sub-group of other foods, including copra, glucose, salt, granulated and raw sugar, and cocoanut oll was up 1%. Meats were 0.4% higher
due to advancing prices for fresh pork. Strengthening prices of flour
resulted in an increase of 0.3% for cereal products. The sub-group of
butter, cheese, and milk, on the other hand, was lower by 1.7%, and fruits
and vegetables were down 0.3%. Other food items decreasing in price were
hominy grits, cornmeal, prunes, mutton, mess pork, veal, dressed poultry.
coffee, lard, and most vegetable OHS. The index for the group as a whole
rose to 85.4% of the 1926 average, the highest level reached this year.
It is 28% above a year ago, when the index was 66.6%, and 47% above
two years ago, when the index was 58.1.
The resulting influence o. higher prices for bar silver, pig lead, pig zinc.
and malleable iron castings was a minor increase in the index for the group
of metals and metal products. The present index is 85.2. Little ex no
fluctuations occurred in average prices of agricultural implements, motor
vehicles, and plumbing and heating fixtures. The indexes for these subgroups remained at the level of the previous week.
Building materials registered an increase of 0.1% due to higher prices
for lumber.Brick and title, cement, paint and paint materials, structural
steel, and other building materials remained unchanged.
Advancing prices of certain chemicals were responsible for the increase of
0.1% in the group of chemicals and drugs. Average prices of drugs and
pharmaceuticals, fertilizer materials, and mixed fertilizers were stationary.
An increase of 0.1% also was recorded by the group of housefurnishing
goods because of a minor increase in average prices for furnishings. Prices of
furniture were unchanged.
Weaking prices for knit goods,silk and rayon,raw jute, and binder twine
accounted for the decrease of 0.3% in textile products. The index for this
group, 68.8, is the lowest of any of the 10 major groups. Average prices of
clothing, cotton goods, and woolen and worsted goods were unchanged.
Following the 5.5% increase of the past four weeks farm products registered a slight reaction and declined 0.1% due to a decrease of 1.6% in
grains and 0.1% in other farm products including cotton, apples, lemons,
oranges,seeds, and wool. Lower prices were also reported for calves,steers,
whethers, and live poultry. although the sub-group oflivestock and poultry
Increased 0.7%. Important farm products showing an increase in price
were cows, hogs, lambs, eggs, hops, beans, onions, and potatoes. The
present index for the group, 81.7, is 38% higher than a year ago and 76%
higher than two years ago, when the indexes were 59.1 and 46.4. respectively.
The index number of the Bureau of Labor Statistics is composed a 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 live weeks and for the weeks of April 28 1934, and
April 29 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS ENDING
APRIL 27, APRIL 20, APRIL 13, APRIL 6, AND MARCH 30 1935, AND
APRIL 28, 1934, AND APRIL 29 1933
(1926=100)
v
figures for the preceding week were mills, 1,071; pr3duetion,
190,480,000 feet; shipments, 211,935,000 feet; orders,
232,956,000 feet.
All commodltlee
Farm products __
Foods
Hides and leath
Textile products_
Fuel and lighting_
Metals and meta
products
Building materials
Chemicals& drug
HousefurnIshings
Miscellaneous _ ...
All commodities
other than, &a
2943
Financial Chronicle
Volume 140
78.9
77.5
81.8
85.7
68.8
74.2
85.0
84.9
80.4
81.9
68.8
73.5
59.1
66.6
89.6
75.0
73.5
88.3
87.1
75.3
83.0
69.2
61.5
46.4
58.1
71.8
52.4
62.5
77.6
70.5
72.0
72.3
58.6
77.3
79.2
66.2
of Montreal Issues First Crop Report for Season
Reports Canadian Crops Delayed by Bad Weather
The first crop report of the season issued yesterday
(May 3) by the Bank of Montreal says that "farming operations have been delayed in many parts of Canada by unpropitious weather. In British Columbia the season is fully
two weeks later than usual," the Bank says, while "in the
Prairie Provinces it is one to two weeks late and in Quebec
and the Maritime Provinces it is somewhat backward. In
Ontario, on the other hand, the season is about 10 days
earlier than usual and farming operations in that Province
are well advanced." The Bank further stated:
Bank
Beetling is becoming fairly general in the southern and central districts of
Manitoba and Saskatchewan, but it has barely been commenced in the
northern areas of these provinces and in Alberta. While initial moisture
conditions generally are ample, subsoil moisture reserves are meagre over
large areas. In Quebec. spring ploughing is not yet general due to continuance of frost in the ground.
Fall wheat in Ontario has come through the winter fairly well and seeding
Is general. In the Maritime Provinces, owing to adverse weather, seeding
will be delayed by as much as two weeks in certain sections. Fall wheat
wintered well in British Columbia and sowing of spring grains is 50%
completed. Germination, however, has been slow and growth is backward.
4-27 80.3
4-20 81.8
4-27 85.4
4-27 87.9
1-26 70.0
2-2 74.4
1-5
1-5
1-5
4-6
71 11-18 71.7
57.4 7-22 62.7
62.7 7-22 66.5
84.2 9-2 92.9
69.3 9-23 76.4
72. 11-11 74.7
34 59.6
2-4 40.2
34 53.4
3-11 67.5
3-4 50.6
6-10 60.8
1-12 85.6
3-23 85.
3-9 8.16
2-9 82.3
1-12 71.0
3-23 84.9 5-12 88.8 1-6 83.311-25 83.5
4-2084.3 6-30 87.812-22 84.712-30 85.4
1-5 79.112-29 78.3 1-6 73.311-25 73.8
4-20 81.9 5-26 83.9 1-27 81.711-11 82.2
4-13 68.412-15 71.2 1-6 65.912-30 65.6
4-8 76.7
2-18 69.6
4-15 71.2
5-6 71.7
4-8 57.6
Sugar Futures Trading on New York Coffee & Sugar
Exchange During April Increased While Trading
in Coffee Futures Dropped Below Year Ago
The New York Coffee & Sugar Exchange announced
May 1 that sugar futures trading during April on the Exchange was above April 1934, but trading in coffee futures
was lower. The announcement of the Exchange follows:
1-12 78.1 4-13 77.2 4-28 79.2 1-6 77.612-30 77.6 4-22 65.5
The most substantial increase during the week was recorded for the group
of hides and leather products. Hides and skins were up 5% and leather
Trading in sugar futures on the Exchange during April totaled 723.600
tons, the largest volume for any month since July 1933. During March
503.800 tons were traded, and during April last year 441,350 tons. During
the first four months trading amounted to 2,315,250 tons, compared
77.9 9-8
75.6 9-8
78.5 9-8
85.6 2-10
88.7 2-24
3-16 73.811-17
77.8 1-6
74.3 1-6
77.2 1-6
90. 8-18
76.7 12-8
76.1 3-31
2944
Financial Chronicle
with 1,688,900 tons during the similar 1934 period,ra7galn this year:of
828,350 tons, or 37.2%.
Trading in coffee futures during April amounted to 521,000 bags, against
831,250 during March and 364,750 during April a year ago. During the
first four months the turnover was 2,696,500 bags, a difference of but
2.000 bags, or less than 0.1 of 1%. from the trading during the similar
1934 period which amounted to 2,698.500 bags.
Sugar Exports by Cuba Jan. 1 to April 27 Reported
34.5% Above Year Ago-570,575 Long Tons Shipped
to United States
Cuban exports of sugar from Jan. 1 to April 27 totaled
650,214 long tons, raw value, as against 483,329 tons in
the corresponding period last year, an increase of 166,885
tons, or 34.5%, according to Havana advices received by
Lamborn & Co. An announcement by the firm May 1
added:
To the United States there were shipped 570.575 tons, as contrasted
tons.
with 359.764 tons in the same period last year, an Increase of 210,811
or 58.6%.
To other countries, principally in Europe, the exports aggregated 79.640
tons,
tons, as compared with 123,565 tons last year, a reduction of 43,925
or approximately 35.5%•
Java Sugar Carryover April 1 Reported 848,286 Tons
Below Year Ago
The carryover of sugar in Java on April 1 this year
amounted to 1,603,532 long tons, as contrasted with a
carryover of 2,451,818 tons last year, a decrease of 848,286
tons, or 34.6%, according to Lambom's Statistical Department, said an announcement issued April 27, which
added:
crop,
This reduction is due primarily to the curtailment of the 1934
which totaled 838.147 tons as against 1,378.804 tons in 1933. a falling off
current 1935 crop, harof 742.857 tons, or approximately 54%. The next week, is forecast at
vesting of which is expected to start within the
according
479,000 tons, or a further reduction of around 157,000 tons,
to a cable received by Lamborn & Co.
the 1935 crop approximate the estimate,
-turn of
Should the final out
when the
the yield will be the smallest in over 40 years, or since 1893,
production was 479,860 tons.
made in 1928.
Java's record sugar crop of 2,939,000 tons was
Foreign Cotton Acreage and Production for Current
Season Estimated Below 1933-34 Crop by Bureau
of Agricultural Economics
In a preliminary report on foreign cotton production,
prepared by the Bureau of Agricultural Economics, United
States Department of Agriculture, at the request of Secretary of Agriculture Wallace, and which forms part of a
comprehensive study of the world cotton situation, intended
to show the competition of foreign cotton with American,
factors affecting demand and production in the United
States, and the effect of the adjustment program upon cotton
production and the income to cotton growers, it is estimated
that foreign production, exclusive of China and Russia, for
the current season will be 8,842,000 bales. This, the Bureau
said, is slightly smaller than the 1933-34 crop in those
countries, now estimated at 8,865,000 bales, and is about
10% larger than the average production in those countries
for the 10 years ended with 1932-33, but 100,000 bales below
the previous peak of 1925-26. An announcement issued in
the matter on April 29 continued:
The area of foreign cotton, exclusive of Russia and China,for the current
is approxiseason is estimated at a little less than 34,400,000 acres which season and
mately 1.200,000 acres less than the estimate for the previous
1925-26. The estimate of foreign acreage
2,200.000 acres below the peak of
the
for 1934-35, not including Russia and China, is about 5% larger than
average for the 10 years ended 1932-33.
production, exclusive of China,
In the decade 1891-1900. foreign cotton
amounted to about 30% of the world total (excluding China), whereas in
the last 10 years it represented about 40%,says the Bureau.
Cotton acreage in foreign countries, as in the United States, tends to
increase or decrease annually with material changes in actual cotton prices
within these countries or with significant changes in cotton prices relative
to prices of alternative products, it is stated. season had averaged about
If American cotton prices during the current
prices and
10 cents per pound with the ratio of foreign to domestic cotton the report.
the prices of other commodities as they have been," according tobut little if
would probably be
"cotton acreage in foreign countries in 1935
any greater than in 1934.
"If American cotton had been around 15 cents, on the other hand, and
with other conditions as specified," the report continues, "foreign acreage,
excluding Russia, in 1935-36 might have increased about 10% over the
estimated acreage for the current season."
Bureau finds that "competition of foreign cotton is also becoming greater
varieties
on a quality basis," since India and China have been shifting toAmerican
that produce a staple length more nearly similar to that of the
crop. Brazil and Egypt, the last few years, have been producing an increasingly large proportion of similar staple, and many of the smaller producing countries are reported to be producing large proportions of American
upland varieties.
Acreage in India next season is expected by the Bureau to be increased
about 5%, but it is stated that Egyptian acreage may be reduced. The
Bureau says the trend of acreage in Brazil, particularly in the Southern
States, is likely to continue upward unless cotton prices decline materially
or coffee prices increase materially. As to Russia, the Bureau says it seems
probable that further expansion will be slow. In China, it is stated, "it
is not improbable that cotton production will continue to increase, although
perhaps at a rather slow rate. Chinese and Russian cotton do not enter
international trade in material voltune. The most significant cotton areas
from the standpoint of international competition are first the U. S.;second.
ndia; third, Egypt, and fourth, on the basis of 1934 performance, Brazil."
Manufactured and Natural Gas Revenues Rise 3.1%
During February
Manufactured and natural gas utility revenues amounted
to $70,351,800 in February 1935 as compared with $68,265,100 for the corresponding month of 1934, an increase
of 3.1%, the American Gas Association stated in its monthly
summary.
The manufactured gas industry reported revenues of $33,481,900 for
the month, a decrease of 1.3% from the same month of the preceding year.
May 4 1935
The natural gas utilities reported revenues of $36,869,900, or 7.4% more
than for February 1934.
Total sales of manufactured gas for the month were 33,943,400,000 cubic
feet, an increase of 2.3%. Natural gas utility sales for the month amounted
to 100,626,200,000 cubic feet, an increase of 9.5%.
Manufactured gas sales for domestic uses, such as cooking, water-heating,
refrigeration, &c., continued to lag, running 6.2% below February 1934.
Sales for house-heating purposes, however, gained 31.1%, while industrial
and Commercial uses gained 8.6%, somewhat offsetting the decline in
domestic sales.
Petroleum and Its Products—Senate Mining Committee
Reports Thomas Bill—Governor Allred Gets TruckTraffic Control Bill—Federal Tender Board Investigation Force to Be Enlarged—C. B. Ames
Hits NIRA Codes—Daily Average Crude Output
Exceeds Allowable
The Senate will have an opportunity to vote upon an
amended version of the Thomas oil bill, which seeks to vest
control of the industry in the hands of the Federal Government, it was indicated Thursday in Washington when the
Senate Mining Committee disclosed that it had agreed to
amended version to the Senate.
report
While the Committee's action could not be called a favorLogan(Dem.Ky.)said he pointed
able report,Senator M. M.
out that his colleagues had ruled that the whole Senate
should have a voice in the final disposal of the bill.
"I would not say that we reported the bill reluctantly,
but I feel that on such controversial matter as this, a committee, with only a few members of the Senate, should not
say definitely that a bill should be killed before it reaches
the floor," he added.
The Texas Legislature continued to pass new measures
designed to eliminate movements of "hot" crude or refined
petroleum products in the intra-State market, the latest
approved Act being one which would prohibit truck movements of illegal crude or refined within the State's boundaries.
The bill, sent to Governor Allred for his consideration
Wednesday, would require all transporters of oil and gasoline
to obtain receipts showing the character of the consignments,
its approved tender, from whom purchased and the source
of the product.
Early introduction of a bill sponsored by Attorney-General
McCraw to deal with stocks of 'hot" oil held in East Texas
into the Legislature was anticipated in Texas oil circles.
The bill, it was indicated, would provide for the State's
disposal of approximately 3,000,000 barrels of illegal crude
held in East Texas after it had been declared illegal by the
courts and withdrawn from commerce.
A reduction of 21,155 barrels in daily average crude oil
.
production in Texas during May to 1,027,846 was ordered
by the Texas Railroad Commission. The total, which
compared with a Federal quota for the State for the month
of 1,032,900 barrels, will probably be lifted by automatic
increases in the East Texas production as additional wells
are completed during the month.
Expansion of the investigating unit of the Federal Tender
Board was promised by G. W. Fleet, director of the newly
created Federal Petroleum Agency, with headquarters in
Kilgore. Mr. Fleet also announced that separate investigating units heretofore operating in the field will be merged
into the new agency.
Charging that "the best thing about NIRA, NRA, the
Blue Eagle, and the administration of them, is the fact
that public sentiment has repudiated," C.B.Ames,Chairman
of the Texas Corp., told the United States Chamber of
Commerce members attending the meeting in Washington
Tuesday, that business favored the expiration of the NIRA
in June, with a simplified substitute enacted for either one
or two years.
Mr. Ames submitted a list of eight suggestions to be considered in drawing up the new legislation, which follow:
1. Codes should be voluntary; that is to say, they should be prepared
and proposed by the industry affected.
2. Codes should be drafted with tho greatest care so as to prescribe a
rule of action which is clear, consistent and understandable.
3. Codes should be limited to a clarification of methods of unfair competition within a particular industry.
4. Labor provisions in such codes should be limited to minimum wages
and maximum hours, and the prohibition of child labor.
5. Such codes of fair competition should be approved by a quasi-judicial
body (the Federal Trade Commission) and not by an executive agency.
6. The enforcement of such codes should be by judicial process.
7. In addition to the codes of fair competition, the law should permit
agreements in restraint of trade when approved by a proper Federal agency.
8. If this analysis of the possibilities and limitations of code regulation
is correct, then there is no reason for the statute being limited to one year,
or two years, but it should be made permanent. •
If, however, he added, we are to have a re-enactment of
the confused jumble of Title I of the NIRA, it should be
limited to one year so that Congress may substitute for it
reasonable legislation at the next session.
Crude oil production continues to hold above the Federal
allowable despite a reduction of 28,900 barrels in the daily
average for the week ended April 27, to 2,561,400 barrels,
which compared with a quota of 2,527,300 barrels, reports
released by the American Petroleum Institute disclosed.
California's output dipped 24,500 barrels to 493,300,
against its allowable of 457,300 barrels. Oklahoma, despite
a cut of 14,400 barrels, was far above its 493,300-level at
522,750 barrels daily. A gain of 6,700 barrels in Texas
lifted the total to 1,032,550 barrels, 11,550 barrels in excess
of the allowable.
Volume 140
Financial Chronicle
A rise in stocks of crude oil during March to 65,354,000
barrels from 64,830,000 at the close of the previous month
was reported by the Oil Administrator during the week.
A drop of 37,000 barrels in daily average crude runs to stills
pared the total to 2,472,000 barrels. Imports of crude, including imports held in bond, average 84,000 barrels daily,
against 68,000 barrels in February.
There were no price changes posted during the month.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford. Pa
$2.35 Smackover, Ark., 24 and over
$0.70
Lima (Ohio Oil Co.)
1.15 Eldorado. Ark.. 40
1.00
Corning,Pa
1.32 Rusk, Tex., 40 and over
1.00
Illinois
1.13 Darst Creek
.87
Western Kentucky
1.08 Midland District, Mich
1.02
Mid-Cont., Okla., 40 and above-- 1.08 Sunburst, Mont
1.35
Hutchinson, Tex.. 40 and over
.81 Santa Fe Springs, Calif..40 and over 1.84
SpIndletop, Tex., 40 and over
1.03 Huntington. Calif., 26
1.01
Winkler. Tex
.75 Petrolla. Canada
2.10
REFINED PRODUCTS
-NEW YORK
-NEW ENGLAND RETAIL,
BULK GASOLINE PRICES ADVANCE
-CAMDEN PRICE WAR
ENDED-STANDARD OF INDIANA LIFTS PRICES
-GASOLINE STOCKS DIP AS CONSUMPTION SPURTS
2945
the new schedule Manhattan and Long Island are posted at
18 cents. Sings
and Queens at 17.5 cents.
Gasoline. Service Station, Tax Included
tNew York
Cincinnati
$ .18
5.185
Minneapolis
$ 149
tBrooklyn
.175
Cleveland
.185
New Orleans
195
Newark
.185
Denver
21
Philadelphia
16
Camden
165
Detroit
17
Pittsburgh
17
Boston
133
Jacksonville
195
San Francisco
185
Buffalo
.182
Houston
17
St. Louis
158
Chicago
169
Los Angeles
18
t Not including 2% city sales tax.
Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery
New York.
1 North Texas_ 5.03 -.033f iNew Orleatus-$.04
(Bayonne)
$0.053i1Los Angeles_ .0431-.053$ I Tulsa
.0336-.0113(
Fuel 011, F.O.B. Refinery or Terminal
N.Y.(Bayonne).
California 27 plus 13
Gulf Coast C
0.00
Bunker C
51.05-1.20 i Phila.. bunker C__-_ 1.15
Diesel 28-30 D____51.15
1 89INew Orleans C_
1.00 I
Gas Oil. F.O.B. Refinery or Terminal
N. Y.(Bayonne).
I Chicago.
Tulsa
5.02-.0235
27 plus
$.04)6-.05 1 32-36 GO--.._ 5.02-.0231 I
U. S. Gasoline. Motor (Above 65 Octane). Tank tar Lots, F.O.B. Refinery
Standard Oil N. J.,
New York.
Chicago - -Motor, U. S
LOB
Colonial
-Beacon..5.06
New Orleans. .0514
Socony-Vacuum
.06
Texas
.063i Los Aug., ex. .04 4-.04tf
Tide Water 011 Co__ .06
Gulf
OM Gulf ports__ .053(-.0535
Richfield 011 (Calif.) .063i
Republic 011
663( Tulsa
05-.053$
Warner-Quinlan Co_ .08
Shell Eastli Pet.. .06
A series of advances in retail and wholesale prices of
gasoline in the New York-New England marketing area,
correction of the sub-normal market conditions in Camden,
N. J., and further advances in prices by Standard Oil of Coal Production for Latest Week Shows Gain
over
Indiana throughout the Mid-West, afforded graphic evidence
Preceding Week and Like Week of 1934
during the past week of the rising trend of refined petroleum Pt The weekly coal report
of the United States Bureau of
product prices.
Mines
Socony-Vacuum posted two advances affecting the New during disclosed that the total production of bituminous coal
York-New England area during the week, the first Monday 900,000the week ended April 20 1935, is estimated at 5,net tons, slightly more than in the corresponding
and the second Thursday. The latter boost also took in week last year when an output
of 5,847,000 tons wasrecorded.
the tank-car market along the Atlantic seaboard territory.
The
An increase of 0.8 cents a gallon posted by the company April 1low levels of production which have prevailed since
Monday lifted Manhattan service station levels to 17.8 during are largely due to the abnormal stocks accumulated
cents, Kings and Queens to 17.3 cents, Long Island to 17.8 against March, when consumers were building up reserves
a possible suspension of mining upon expiration of
cents and Staten Island to 18.8 cents, State and Federal the wage agreement.
taxes included. The markup also affected Westchester, all in consumers' stocks It is now known that the net increase
during the month of March amounted
changes being effective April 30.
to over 6,000,000 tons.
The second increase, 0.2 cents a gallon, took in not only
Anthracite production in Pennsylvania during the week
the latter areas but was extended into the New England and
April 20
eastern New York markets. Service station prices under the ended with the is estimated at 1,320,000 net tons. Compared
output
new schedule, in effect May 6, post Manhattan and Long gain of 37,000 tons, or in the preceding week, this shows a
2.9%.
Island at 18 cents with Brooklyn posted at 17.5 cents, State
During
and Federal taxes included. Staten Island was not affected 125,661,00the calendar year to April 20 1935 a total of
0 net tons of bituminous coal and 16,584,000 net
by this boost. Tank-car prices were lifted y, cent a gallon tons of anthracite were
produced. This compares with
at seaboard terminals, also effective May 6.
120,049,000 tons
The Camden price war was ended with an advance of 4 coal produced in of soft coal and 21,332,000 tons of hard
cents a gallon in service-station gasoline postings made by ESTIMATED UNITEDthe corresponding period of 1934.
STATES PRODUCTION OF COAL AND BEEHIVE
Standard of New Jersey Monday. The increase, effective
COKE (NET TONS)
the following day,lifted "pump" prices to 16.5 cents a gallon,
taxes included, and also took in Atlantic City where quotaWeek Ended
Calendar Year to Date
tions were lifted 0.8 cents a gallon to 17.2 cents, same basis.
April 20 April 13 April 21
Independents were quick to fall in line with the higher price
1935 c
1935
1934
1935
1934 d
1929
scale posted by Standard of Jersey, increasing prices 33
Bitum. coal: a
cents a gallon during the following two days to 15.5 cents a
Total period_ 5,900.000 5,522.000 5,847.000 125,661,000 120,049,000 165.592,000
Daily avge__
gallon, taxes included. This restored the 13 -cent a gallon Pa. anthra. b: 983,000 920,000 975,000 1,348,000 1,287,000 1,782.000
differential between advertised and non-advertised prices
Total period_ 1,320,000 1,283,0001,273.000 16,584,000 21,332,000 22,102,030
Daily avge._ 220,000 213,800 212,000
customary in the Camden area.
179,300
230,600
238,900
Beehive coke:
Strengthening in the Mid-West bulk gasoline market was
Total period_
15,800
16,500
15,400
329,900
447,700 1,900,100
Daily avge__
2,633
2,750
reflected in another advance of 0.3 cents a gallon by the
2,567
3,473
4,713
20,001
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Standard Oil Co. of Indiana. The increase, posted WednesSullivan County, washery and dredge coal, local sales, and colliery fue . c Subject
day and effective the following day, applied to sub-normal to revision. d Adjusted to make comparable the number
of working days in the
as well as normal price areas, the company pointed out. three years.
It was effective in Mich., Ind., Ill., Wis., Minn., Mo., ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)
[The current weekly estimates are based on railroad carloadIngs and river
Kans. and the Dakotas.
shipments and are subject
receipt of monthly tonnage
Further seasonal gains in consumption added by the favor- and State sources or ofto revision onreturns from the operators.1reports from district
final annual
able weather conditions prevailing over a large part of the
country brought a decline of 768,000 barrels in gasoline stocks
Week Endedduring the final week of April, reports made public by the
31ale
April 15
April 6
April 14 April 15 April 13
American Petroleum Institute disclosed. The April 27 total
1935 p
1935 p
1934 r
1933 r
1929
was 55,097,000 barrels.
Alaska
1,000
1,000
2,000
(s)
s
The decline in gasoline holdings developed despite a rise of Alabama
156,000
85,000
76,000
134,000
339,000
Arkansas
18,000
18,000
9,000
1.3 points in refmery operations to 71.3% of capacity. as Colorado and Oklahoma._
11,000
46,000
86,000
65,000
70,000
82,000
140,000
daily average runs of crude oil to stills mounted 43,000 barrels Georgia and No. Carolina_
1,000
1,000
•
a
s
Illinois
527,000
364,000
to total 2,429,000 barrels. Gas and fuel oil stocks were off Indiana
584.000
546,000
788,000
155,000
100,000
254,000
214,000
248,000
459,000 barrels to 96,787,000 barrels on April 27.
Iowa
21,000
18,000
34,000
51,000
58.000
Stocks of gasoline held at refineries showed a drop of Kansas and Missouri
70,000
57,000
78,000
91,000
88,000
658,000 barrels during the week, with supplies held at bulk Kentucky-Eastern a.--- 541,000 355,000 534,000 384,000 692,000
Western
96,000
81,000
122,000
126,000
196,000
terminals declining 110,000 barrels, the report pointed out. Maryland
29,000
27,000
22,000
20.000
43,000
4,000
5,000
15,000
Representative price changes posted during the week follow: Michigan
3,000
7,000
Montana
35,000
40,000
33,000
31,000
April 29-Socony-Vacuum Corp. posted an advance of 0.8 cents a gallon
in service station prices of gasoline in Greater New York, Long Island
and Westchester, effective May 1. The new price is 18.6 cents in Staten
Island, 17.8 in Manhattan, 17.3 in Kings and Queens and 17.8 cents in
Long Island, State and Federal taxes included.
-Standard Oil Co., New Jersey, advanced service station
April 29
prices of gasoline 4 cents a gallon in the Camden, N.J., area to 16.5 cents,
taxes included. The company also lifted Atlantic City levels 0.8 cents a
gallon to 17.2 cents, both boosts being effective April 30.
May 1-Standard Oil Co. of Indiana advanced service station and tank
wagon prices of gasoline 0.3 cents a gallon throughout its entire marketing
area, effective May 2.
May 1-United Petroleum Co., an independent, advanced service station
prices of gasoline in the Camden, N.J.. area 334 cents a gallon to 15 cents.
taxes included, establishing a differential of i3 cents under the majors'
levels.
-Spur and Pep, independents, advanced service station prices of
May 2
gasoline in the Camden, N. J., area 3% cents a gallon to 15 centa, taxes
included, meeting the 1H-cent differential established May 1.
May 2-Socony-Vacuum Corp. posted an advance of 0.2 cents a gallon
in retail gasoline prices in Greater New York, Long Island, Westchester,
New England and Eastern New York, and also advanced tank-car prices
yi cent a gallon at seaboard terminals, all changes effective May 6. Under
Nex Mexico
23,000
24,000
22,000
North and South Dakota_
31,000
38,000
19,000
Ohio
270,000
151,000
307,000
Pennvylvanla (bituminous) 1,510,000 1,122,000 1,772,000
Tennessee
31,000
23,000
57,000
Texas
13,000
14,000
14,000
Utah
40,000
41,000
31,000
Virginia a
172,000
119,000
168,000
Washington
25,000
29,000
18,000
West Virginia-Southern b 1,258,000
770,000 1,409,000
Northern o
323,000
230,000
110,000
Wyoming
86,000
75,000
78,000
Other Western States d
•
Total bituminous coal
5,522,000 3,853,000 5,838,000
Penn. anthracite e
1,283,000
703,000
999,000
Grand total
6.805.000 4.556.000 6.837000
51,000
17,000
45,000
*21,000
220,000
228,000
365,000
1,254,000 2,529,000
59,000
89.000
15,000
21,000
31,000
90,000
127,000
215,000
23,000
50,000
1,077.000 1.551,000
321.000
614,000
65,000
110,000
64,000
s4,000
4.935,000 8,399,000
719,000 1,100,000
5R4 non n anti Ann
• Less than 1,000 tons.
a Coal taken from under the Kentucky mountains through openings
in Virginia Is
credited to Virginia in the current reports for 1935, and the figures
are therefore not
directly comparable with former years. b Includes
C.& 0., Virginian, K.& M., B. C.& G., and on the operations on the N. ez W.
B. Jr 0.in Kanawha, Mason,
and Clay counties. c Rest of State,Including Panhandle District and
Grant. Mineral
and Tucker counties. d Includes Arizona. California, Idaho, Nevade
and Oregon.
e Includes Sullivan County. washery and dredge coal, local sales,
colliery fuel, and
coal shipped by truck from established operations. Does not
amount of "bootleg" production. p Preliminary r Revised. include an unknown
s
North Carolina, and South Dakota included with "Other Western Alaska, Georgia,
States."
Daily Average Crude Oil Production Falls 28,900 Barrels
in Week, but Stays Above Federal Quota
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
April 27 1935 was 2,561,400 barrels. This was a drop of
28,900 barrels from the output of the previous week, but
exceeded the Federal allowable figure which became effective
April 1 by 34,100 barrels. Daily average production for the
four weeks ended April 27 1935 is estimated at 2,567,450
barrels. The daily average output for the week ended
April 28 1934 totaled 2,450,250 barrels. Further details
as reported by the Institute follow:
Imports of crude and refined oil at principal United States ports totaled
952.000 barrels for the week, a daily average of 136,000 barrels, against
135,429 barrels the week before and daily rate of 177,643 barrels over the
last four weeks.
There have been no reports of receipts of California oil at Atlantic and
Gulf Coast ports for the week.
Reports received from refining companies owning 89.8% of the 3,795.000
barrel estimated daily potential refining capacity of the United States.
Indicate that 2,429,000 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 36.747,000 barrels of finished gasoline; 5.906.000
barrels of unfinished gasoline and 96,787.000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and in pipe lines amounted to 18,350,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 476,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrcis)
Average
Aaual Production
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
Apr. 27
Apr. 27 Apr. 20
Effective
1935
1935
1935
Apr. 1
Week
Ended
Apr. 28
1934
537,150
146,550
515,750
145,400
532,350
129,900
61,150
58.250
23,300
152,900
49.550
441,500
43.250
81,850
60,100
58.100
23,900
152.700
49,850
443,950
44,300
61,650
58.750
55,950
26,350
138,350
48,900
462,150
50.050
48.900
138,100
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Donroe
3outhwest Texas
Doastal Texas (not including Conroe)
522,750
146,000
61,650
58,450
23,300
152,950
48,800
443,600
43.300
62,400
493,300
141,000
3klahoma
Kansas
134,100
135,150
113,450
1,021,000 1.032,550 1,025,850 1,029.700 1,002,850
Total Texas
22.900
101,450
North L01118111110
Doastal Louisiana
111,000
Total L011181808
124,350
23,000
100,000
123,000
Total Rocky Mt. States
New Mexico
Dalifornia
30.200
108,450
40,900
30,200
103,700
39,000
33,100
10.450
5,000
36,750
10,650
4,900
47,700
48,550
52,300
49,700
493,300
.
30,700
108,900
32,700
34.300
9,700
3,700
Mkansas
Eastern (not incl. Mich.),
Michigan
Wyoming
Montana
Dolorado
50,350
457,300
50,750
481,800
23,000
99,550
25.900
49,000
122,550
74,000
30,350
105.800
38,750
30,500
97,650
27,100
35,250
10,650
5,050
50,950
48,700
479,500
30,200
6,950
2,600
39,750
45,450
469,800
2,527.300 2,581,400 2,590,300 2,587,450 2.450,250
Total United States_
-The figures indicated above do not include any estimate of any oil which
Note
might have been surreptitiously produced.
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED APRIL 27 1935
(Figures in thousands of barrels of 42 gallons each)
Stocks
Stocks a Stocks
of
of b Stocks
of
of
Gas
UnPinand
Daily P. C. ished finished Other
Repot int)
Aver- Oper- Gaso- Gaso- Motor Fuel
Oil
Fuel
line
Wed line
Total P. C. age
Daffy Refining
Capacity of Plants
District
May 4 1935
Financial Chronicle
2946
PolesHal
Rate
East Coast__
Appalachian.
Ind., Ill.. Ky
Okla. Kans.
Missouri__
Inland Texas
Texas Gulf__
Ls. Gulf __
-Ark
No. La.
Rocky Mt__
California_
582
150
446
582 100.0
140 93.3
422 94.6
461
351
601
168
92
96
848
386
167
587
182
77
64
822
Totals week
Apr.27 1935
•••... 7/11920
Crude Runs
to St Us
465 79.9 17,253
100 71.4 2,138
357 84.6 9,546
785
304
761
67.9 5,682
52.1 1,376
87.1 6,543
66.7 1,310
58.4
273
901
64.1
55.1 10,075
709
215
1,837
213
29
111
942
235
120
50
8,971
727
4,162
3,795
2 790
83.7
47.6
97.7
96.4
83.7
66.7
96.9
262
87
511
108
45
41
453
395 4,027
720 1,736
290 8,939
__-- 3,104
313
180
50
770
2,760 64,038
3.409 89.8 2,429 71.3 c55,097 5,906 4,800 96.787
3.409 89.8 2.386 70.0 d55.865 5,751 4,695 97.246
b Estimated.
a Amount of unfinished gasoline contained in naphtha distillates. blended motor
Includes unb ended natural gasoline at refineries and plants; also
fuel at plants c Includes 36,747,000 barrels at refineries and 18,350,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 37,405,000 barrels at refineries
and 18,460,000 barrels at bulk terminals, in transit and pipe lines.
Production of World Silver During March Shows
Upward Trend
World production of new silver during the month of
March 1935 totaled approximately 15,940,000 ounces, according to preliminary figures released by the American
Bureau of Metal Statistics. This compares with 14,869,000
ounces produced during February and 16,559,000 ounces
produced during Jan. 1935. World silver output for the
month of March 1934 totaled 13,640,000 ounces. The
Bureau's report further disclosed that:
United States production in March totaled 2.950,000 ounces as against
3,411.000 ounces during February. 2.722,000 ounces during January and
2.791,000 ounces mined during the month of March 1935.
Mexico, the world's largest producer of silver, mined approximately
6,500,000 ounces as against 5.500.000 ounces the previous month.6,892,000
ounces during January and 4,495.000 ounces during March 1934.
Canada, the third of the "big three' silver producers, mined about
966,000 ounces of the white metal during March 1935. This compares
with 905,000 ounces produced during February, 1,531,000 ounces during
January and 1,085.000 ounces during March 1934.
Latest statistics on silver production of the world in thousands of fine
ounces follow:
March
Feb.
Jan.
Dec.
Nov.
Oct.
2,950
966
a 6,500
844
950
1,400
735
3,411
905
a 5,500
704
900
1,275
575
2,722
1,531
6,892
807
950
1,370
600
2,917
1,187
5,614
937
1,000
1,375
695
1,976
1,517
6,241
828
970
1,400
706
2,099
1,039
6,821
768
1,050
1,400
707
275
s590
490
225
85
30
250
s520
490
230
79
30
300
580
480
230
87
30
300
615
480
220
87
35
300
590
480
220
86
35
300
580
480
215
87
35
10 040
United States
Canada
Mexico
Peru
Other America
Europe
Australia, refined
Other Australia and
New Zealand
Japan
Shrman, refined
Other Asia
South Africa
Other Africa
14 RRQ
10 AM
10 407
15 240
10 051
a Conjectural.
Lead Sales in Good Volume-Silver Reacts After
Touching 81 Cents April 26
"Metal & Mineral Markets" in its issue of May 2 stated
that failure in Washington to revise the price of newly mined
domestic silver upward when the foreign quotation moved
past the figure established by the Administration late on
April 24 brought out substantial offerings of the metal abroad,
the price in the open market falling to 75 cents per ounce
against the recent high of 81 cents. Those interested in
silver seem greatly confused over the immediate outlook,
but believe that the Government's program will be continued
at a slower pace. Lead was fairly active and the price firm.
Copper, domestically, was inactive. Zinc was quiet.
Foreign quotations for metals were higher on heavy speculative purchases. "Metal & Mineral Markets" further
stated:
Copper Firmer Abroad
Buying of copper was fairly active abroad, and the price moved up
moderately,compared with a week ago. Some of the buying was attributed
to purchases by speculators against possible monetary difficultues in countries now on the gold standard. Reports on consumption of copper abroad
continue favorable. The May 1 export quotation of 7.400 cents, f. o. b.
refinery, was 10 points higher than earlier in the week.
Exports of refined copper from the United States during March totaled
23.668 short tons. against 22,996 tons in February and 20,980 tons in
January. Exports during February and March, by countries, were as follows, in short tons:
To
March
February
ToFebruary
March
8 Sweden
18
Mexico
578
920
1,281 China and Hong..
504
Belgium
kong
3,468
2,208
France
240
315
2,271 Japan
2,208
Germany
4,825
6,241
4,504 Other countries..___ 533
6,500
Great Britain
1,267
2,448
4.758
Italy
Totals
1,020
549
Netherlands
22,996
23,668
copper from the United States during the first three
Exports of refined
months of the current year totaled 67,644 tons, against 51,944 tons in the
same period in 1934.
Imports of copper in ore, &c., during March amounted to 2,182 tons:
unrefined. 16,556 tons; refined, 2,688 tons.
The domestic market lacked snap. Fabricators and producers are by no
means certain just what the politicians in Washington are going to do about
the National Recovery Administration. There is even talk of a new code.
The result is an atmosphere of increased caution. Demand for copper
products in some lines has slackened. Sales for the week ended April 30
totaled 5,942 tons, against 6,062 tons a week previous. Sales of "Blue
Eagle" copper for the month of April totaled 26,690 tons, against 32,300
tons in March.
Phelps Dodge obtained the higher copper capacity
rating that was granted
conditionally early in April on the basis of its recently acquired United
Verde Copper property. The National Industrial Recovery Board has
fixed the monthly sales quota at 1.67% of a 236.000
-ton annual productive
capacity.
Lead Holds Firm
Demand for lead last week again was above the average, sales totaling
more than 6,000 tons. The buying was well distributed among four of the
-battery, pigments,foil and sheet and pipe.
important outlets for the metal
Quotations were unchanged on the basis of 3.75c., New York, which was
also the contract settling basis of the American Smelting & Refining Co..
and 3.60c., St. Louts. St. Joseph Lead sold a fair tonnage of its own
brands at a premium over the market price. The undertone at the close
was firm in all directions.
Producers look for favorable April statistics, there being a possibility that
domestic shipments for the month will amount to 40.000 tons, according to
one observer. This gain in shipments reflects, in part, the call for lead that
came into the market prior to the advance in freight rates. Just what the
recent advance in silver will do to lead production is being discussed in trade
circles. So far, producers are not greatly excited about this development.
Zinc Trading Slow
Though business booked in zinc during the last week was limited to less
than 2,000 tons, the market gave a good account of itself so far as prices
were concerned. Producers held out for 4.10c., St. Louis,on Prime Western
and most sellers were not disposed to offer metal at this figure for shipment beyond June. The April statistics will be favorable. Recent curtailment in production, plus good shipments to consumers, should bring down
stocks considerably.
Tin Visible Reduced
The chairman of the buffer-stock tin conunittee announced on April 30
that 800 tons of tin had "inadvertently" been stored in New York nonreporting warehouses, but this quantity will be transferred to reporting
warehouses during May. Naturally, this news from London was somewhat
of a jolt to those who believe in statistics. The so-called world's visible
supply of tin on May 1 was estimated by the Commodity Exchange, ex
the lost 800 tons, at 16.614 long tons, against 19,416 tons a month previous.
United States deliveries during April amounted to 5,825 tons, against
5.495 tons in March. The domestic market was inactive last week, with
prices showing little net change.
2947
Financial Chronicle
Volume 140
Chinese tin, 99%, was quoted nominally as follows: April 25, 49.500c.;
Apri126,49.250c.; April 27, 49,250c.; April 29,49.125c.; April 30, 49,65004
May 1, 49.700c.
World Zinc Production Higher During March
.According to figures recently released by the American
Bureau of Metal Statistics the world production of zinc
during March 1935 was at the rate of 4,020 short tons
daily or a total of 124,613 short tons for the entire month.
This compares with 110,927 ions or a daily average of 3,962
tons produced during the preceding month of February.
January output totaled 120,636 tons
-a daily average of
about 3,896 short tons. Production for the first three months
of 1935 totaled 256,311 tons, against 312,868 tons of the same
period of a year ago.
The following table gives in short tons world production
of zinc, according to primary metallurgical works unallocated
as to origin of ore:
CountryUnited States
Other North America
y Belgium
France
Germany
Italy
Netherlands
Rhodesia
Spain
Anglo-Australian
x Elsewhere
March 1935
36,312
16,937
17,300
4,802
11,105
2,564
1,841
1,999
782
12,570
18,500
Feb. 1935
33,072
13.944
15,400
4,597
10,155
2,179
1,626
1,848
719
10,487
16,900
World's total
124,613
110,927
United States
33,072
36,312
Elsewhere
77,855
88,301
x Includes Norway. Poland, Japan and Indo-China, together with estimates for
Czechoslovakia. Yugoslavia and Russia. y Partly estimated.
Increase Noted in Exports of Tin During March Under
International Tin Agreement as Compared with
February
Tin exports during March by the five countries participating in the International Tin Agreement amounted to
5,776 tons, which compares with 5,646 tons in February and
7,716 tons in January, we learn from a communique issued
by the International Tin Committee. The communique also
referred to 800 tons of buffer stock tin, now in New York,
which was inadvertently stored in non-reporting warehouses during April and which will be placed in a reporting
warehouse in May. The communique, made available on
May 1 by the New York office of the International Tin
Research & Development Council, follows:
The monthly statistics as to exports are as follows:
Monthly Export
Permissible
Exports
Jan. 110
Mar. 31 1935
January
February
March
1,211
363
1,550
2,398
816
N. E. I
Nigeria
Bolivia
Malaya
Siam
1,305
277
1,545
3,289
1,300
894
341
1.407
2,139
865
1,077
228
1,802
1,743
926
The chairman of the Buffer Stock T'n Committee announces that 800
tons of buffer stock tin now in New York were inadvertently stored in
non-reporting warehouses. Of this total quantity 150 tons arrived in
New York on March 28 and were stored in April. A further 650 tons arr ved
and were stored in April. The whole amount will be placed in a reporting
warehouse during May.
Decrease Noted in Tin Consumption During Year
Eqded Feb. 28 as Compared with Previous 12
Month Period, According to International Tin
Research and Development Council
According to the April issue of the "Bulletin" of the International Tin Research and Development Council, published
by The Hague Statistical Office, world consumption of tin
In manufacture for the year ended Feb. 28 1935 amounted
to 130,200 tons compared with 137,300 tons for the previous
year. From an announcement issued by the New York
office of the Council, on April 29, we also take the following:
The following table shows the apparent consumption of those countries
which used more than 5,000 tons in the period under review:
Year Ended February
1935
United States
United Kingdom
Germany
France
U. S. S. R
Other countries
Apparent world consumption
World consumption in manufacture(approx.)
Approximate depletion of consumers stocks_
1934
45;795
20,890
9,932
8,853
6,278
28,047
119,795
130,200
10,400
57,971
20,481
10,417
9,954
3,815
24,936
127,574
137,300
9,700
Percentaoe
Dec.(-) or
Inc.(-1-)
--21.0
A-2.0
--4.7
--11.1
A-64.6
A-12.5
--6.1
--5.2
The consumption of 6,278 tons of tin in Russia during the year ended
February 1935 is the highest recorded for that country and represents an
increase of 2,463 tons or 64.6% over the previous 12 months. Considerable
increases are shown also in the following countries: Canada, 47.0%;
Japan, 28.9%; Denmark, 27.8%; Poland, 18.4%; Sweden, 16.0%; Norway, 11.9%. Decreases of 21.0%, 11.1% and 4.7%, respectively, are
recorded for the United States, France and Germany.
Consumption in Recent Months
The world's apparent consumption of tin during February 1935 was
10,063 tons compared with 9,751 tons in the previous month and with
9,146 tons in February 1934. The apparent consumption in the United
States in February 1935 was 4,071 tons against 3,024 tons in February
1934; in the United Kingdom, 1,846 tons against 1,979 tons; and in
other countries, 4,146 tons against 4,143 tons. In the first two months
of 1935 the approximate world consumption of tin in tinplate was 8,300
tons compared with 6,700 tons in the corresponding period of 1934, and
the quantities of tin used in the automobile industry in the same two
periods were 2,550 tons and 1,780 tone, respectively.
Indices of Metal Prices
A new section introduced in this month's issue of the "Statistical
Bulletin" contains tables showing the relationship between the prices of
various metals. The figures are expressed as indices on the basis of 1913
equaling 100 and the prices of gold are included, affording a measure of
the changes in the value of money. Sterling and gold prices in London
and dollar and gold prices in New York are tabulated separately, the
figures being given annually since 1925 and monthly since January 1934.
The following figures selected from these tables show the price of tin
compared with five other metals, London sterling prices 1913 equaling 100:
1929
Gold
Copper
Aluminum
Nickel
Tinplate
Tin
1931
1934
March
1935
100.0
110.5
113.6
101.8
134.2
1011
109.0
56.3
106.2
108.8
102.7
58.8
162.1
44.4
119.6
125.2
124.9
114.2
172.8
41.8
119.6
119.1
136.3
107.1
World Stocks of Tin
At the end of March 1935 the world visible stocks of tin amounted to
20,813 tons, including the buffer stock. A comparison of the statistics
of actual and apparent consumption indicates that there was a decrease
of about 600 tons in the world's invisible stocks during February 1935.
Pig Iron Production Off 2.8% in April-Ingot Output
Averages 46% with Future Course Obscured
The "Iron Age" in its issue of May 2 said that pig iron
production in April totaled 1,664,000 tons as compared with
1,770,028 tons in March. The daily rate in April, at 55,470
tons, represented a decline of 2.8% from the March average
of 57,098 tons a day. 97 furnaces were in blast on May 1
as against 98 on April 1, a net loss of one. The "Iron Age"
further added:
Current steel production, at 46% of capacity, is one point lower than a
week ago. Operations have risen seven points to 95% at Detroit, but are
off 1M points to 52% at Chicago, five points to 51% in the Valleys, four
points to 48% in the Cleveland-Lorain district, and eight points to 27% at
Buffalo. Elsewhere output is substantially unchanged.
In contrast with the drop in ingot output, scrap prices are giving a
demonstration of stability in virtually all markets. Recent advances in
freight rates have helped to steady prices, and in the East Heavier exports
have been a factor. An increase in heavy metling steel at Philadelphia
has lifted the "Iron Age" scrap composite from $10.33 to $10.42 a ton.
Definite trends in steel demand are still lacking. The flow of steel to
the automotive industry has tapered, but the recession has been due to
strikes at a Michigan steel mill and at two Chevrolet plants rather than to
any appreciable decline in the requirements of motor car makers. Steel
releases from manufacturers unaffected by labor disputes have shown
little change despite the fact that the peak of this year's bulge in production
has apparently been passed. April assemblies are estimated at 475,000
units, and preliminary schedules for May call for 440,000, though that
total may not be attained if labor trouble continues to spread.
Tin plate output has dipped five points to 80% of capacity, but this
setback is regarded as temporary, since utlimate consumption is expanding
rather than contracting. Demand for wire products has receded moderately, but present mill operations of 50% are expected to be maintained
for at least another month.
Farm implement makers are beginning to feel a seasonal falling off in
business and stove makers will soon have to curtail, but tractor manufacturers are booked in excess of their ability to deliver, with some plants
enjoying the best trade in their history.
Demand for heavy-rolled products remains subnormal, though the longrange outlook is favorable in view of the extensive public works projects
planned under the Federal works relief bill.
Higher iron and steel prices for third quarter, which have been under
consideration ever since the freight surcharges were imposed, have not
passed the discussion stage. Iron ore, on which the freight rate increase
is 11.2c. a gross ton, has been reaffirmed at the prices that have prevailed
for the past six years. Cold-finished bars may be advanced to offset the
recent $3 a ton decrease which, owing to the absence of a comparable
decline in hot-rolled bars, is proving onerous to non-integrated makers.
The general dispostion of the steel trade, however, is to await the extension
or revision of the Recovery Act before taking any steps to alter the price
structure.
Fabricated structural steel awards total 15,250 tons, of which 9,350
tons is for Government dams. New projects of 6,850 tons compared with
12,250 tons last week and 5,700 tons two weeks ago. Structural steel
contracts in April aggregated 60,275 tons as against 79,150 tons in March
and 46,105 tons in February.
Vessels provided for in the new Naval bill, passed by the House, will
require 46,000 tons of steel, but it will be late summer or early fall before
orders for any of this material can reach mill books.
The Chicago Sz Eastern Illinois has bought 2.500 tons of rails and 500
tons of the tie plates, and the Pere Marquette is in the market for 1,100
tons of rails.
The "Iron Age" composite prices for finished steel and pig iron are unchanged at 2.124c. a lb. and $17.90 a ton respectively. The recent advance
of $I a ton on cast iron pipe has now become generally effective.
THE -IRON AGE- COMPOSITE PRICES:
Finished Steel
April 30 1935. 2.124e. a lb
(Based on steel bars, beams, tank plates.
One week ago
2.1240.1 wire, rails, black pipe, sheets and not
One month ago
2.124c. I rolled strips. These products make
One year ago
2 1990.1 8.5% of the United States output.
High
Low
2.124c, Jan, 8
1935
2.1240. Jan. 8
1934
2.199c. Apr. 24
2.0080. Jan. 2
1933
2.015c. Oct. 3
1.867e. Apr. 18
1932
1.977c. Oct. 4
1.926c. Feb. 2
1931
2.037e. Jan. 13
1.9450. Dec. 29
2.273c, Jan. 7
1930
2.018c. Dec. 9
1929
2.317c. Apr. 2
2.273e. Oct. 29
1928
2.286e. Dec. 11
2.2170. July 17
1927
2.402c. Jan. 4
2.2120. Nov. 1
2948
Financial Chronicle
rig Iron
April 30 1935. $17.90 a Gross Ton
(Based on average of baste Iron at Valley
One week ago
$17.901 furnace and foundry irons at Chicago.
One month ago
17.901 Philadelphia. Buffalo. Valley and
One year ago
17.90 Birmingham.
High
Low
$17.90 Jan. 8
$17.90 Jan. 8
17.90 May 1
16.90 Jan. 27
16.90 Dec. 5
13.56 Jan. 3
14.81 Jan. 5
13.56 Dec. 6
15.90 Jan. 6
14.79 Dec. 15
18.21 Jan. 7
15.90 Dec. 16
18.71 May 14
18.21 Dee. 17
18.59 Nov. 27
17.04 July 24
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
Apr11 30 1935,$10.42 a Gross Ton "Based on No. 1 heavy melting steel
One week ago
310.331 quotations at Pittsburgh. Philadelphia
One month ago
10.151 and Chicago.
One year ago
12.17
High
Low
1935
$12.33 Jan. 8
$10.33 Apr. 23
1934
13.00 Mar. 13
9.50 Sept. 25
1933
6.75 Jan. 3
12.25 Aug. 8
1932
6.42 July 5
8.50 Jan. 12
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
1935
1934
1933
1932
1981
1930
1929
1928
1927
The American Iron and Steel Institute on April 29 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 43.1%
of the capacity for the current week, compared with 44.6%
last week, 44.4% one month ago, and 55.7% one year ago.
This represents a decrease of 1.5 points, or 3.4%, from the
estimate for the week of April 22. Weekly indicated rates
of steel operat ons since April 9 1934 follow:
1934Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9
1934-1934July 16
28.8% Oct. 22
July 23
27.7% Oct. 29
July 30
26.1% Nov. 5
Aug 6
25.8% Nov. 12
Aug. 13
22.3% Nov. 19
Aug. 20
21.3% Nov. 26
Aug. 27
19.1% Dec. 3
Sept. 4
18.4% Dec. 10
Sept. 10
20.9% Dec. 17
Sept. 17
22.3% Dec. 24
Sept.24
24.2% Dec. 31
44.7% Oct. 1
23.2%
193528.0% Oct. 8
23.6% Jan. 7
27.5% Oct. 15
22.8% Jan. 14
47.4%
50.3%
54.0%
55.7%
56.9%
58.6%
54.2%
56.1%
57.4%
56.9%
56.1%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
39.2%
1935Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar.25
Apr. 1
Apr. 8
43.4% Apr. 15
47.5% Apr. 22
Apr. 29
49.5%
52.5%
52.8%
50.8%
49.1%
47.9%
48.2%
47.1%
46.3%
46.1%
44.4%
42.8%
44.0%
44.6%
43.1°7,
"Steel" of Cleveland, in its summary of the iron and steel
markets, on April 29 stated:
Gains in steelworks operations at Pittsburgh and Chicago, responsive to
slightly better demand for heavy finished steel, were offset last week by
losses in some other districts due to lighter specifications for sheets and
strip, continuing the national average at 46%.
Although automobile assemblies again were increased by 1,000 to 111,000
for the week, new commitments were smaller, manufacturers working down
inventories. Full-finished sheet production dropped 8 points to 74%;
cold-rolled strip, 8 to 54.
Steel shipments to Chevrolet's Toledo transmission plant were suspended
by a strike, which, however, is not considered serious unless it spreads
to other company units. A nearby sheet mill recently operating at capacity
for automobile builders has been down for more than a week due to labor
difficulties.
May 4 1935
May 22 is the date when steelmakers must decide on prices for third
quarter, and while some express strong sentiment for an advance, others
believe it might prove too great a burden on consumers coming so soon
after a general freight rate increase. These also contend that the only
result would be to drive in tonnage ahead of the effective date, with a
sharp depression in July and August, and little tonnage at the higher
levels until fourth quarter.
Structural shape awards in the week increased moderately to 13,900 tons,
including 7,500 tons of steel piling for piers at the Boston army base.
Additional requirements of 30,000 tons of shapes will be up for figures
shortly for New York's Triboro bridge and the New York approach to the
midtown Hudson River tunnel. Also, in addition to 15,000 tons of reinforcing bars for the Fort Peck, Mont., dam spillway gate structure, now
pending, 17,000 tons are to be purchased soon for the spillway. American
Oil Co., Baltimore, will build a river transport terminal at Hays, Pa.,
which will take 3,000 to 4,000 tons of plates.
A large tonnage of shapes and plates will be required if Congress passes
the naval construction bill as introduced last week, calling for 24 new
ships, and funds for continuing work on 30 others now being built.
New York City Board of Transportation will open bids May 28 on 500
subway care, its largest list in several years. Grand Trunk Western is
considering purchasing 10,000 tons of rails, and is reported to have
awarded 150 gondola cars.
Republic Steel Corp. has placed an order for a cold-rolled strip mill at
its Warren, Ohio, plant, and American Sheet & Tin Plate Co. has awarded
a 72-inch continuous hot and cold strip mill for Gary, Ind.
Reports from foundries in the Middle West indicate their business still
is improving, with further gains in pig iron shipments. Sentiment in the
scrap market is stronger at Chicago and Pittsburgh, but a reduction of
50c. a ton at Philadelphia reduces "Steel's" scrap composite 8c. to $9.92.
Lake Superior iron ore prices have been reaffirmed for the seventh consecutive year, and lake shipments have started several weeks earlier than
in 1934.
Chicago steelworks operations last week were advanced 2 points to 52%;
Pittsburgh, 1 to 37. Youngstown was off 2 to 56; Cleveland, 6 to 57;
Buffalo, 3 to 34; eastern Pennsylvania, / point to 29; New England, 27
1
2
to 25. Detroit held at 82; Wheeling, 76; Birmingham, 541
/
2
.
"Steel's" iron and steel price composite is off lc. to $32.30, while the
finished steel index is unchanged at $54.
Steel ingot production for the week ended April 29 is
placed at 46% of capacity, according to the "Wall Street
Journal" of May 2. This compares with 463% in the
previous week, and 453% two weeks ago. The "Journal"
further added:
U. S. Steel is estimated at 42%. against 43% in the week before and
42M% two weeks ago. Independents are credited with 49%%, the seine
as in the preceding week. Two weeks ago they were at 4836%.
,
The following gives a comparison of the percentage of production with
the nearest corresponding week of previous years, together with the approximate change, in points, from the preceding week:
Industry
1935
1934
1933
1931
1930
1929
1928
1927
46 - 15
55 -2
2831+4
4834- 3-4
7734- 14
101 -F 3
85
82 -2
U. S. Sleet
42
42
24
50
80
103
90
90
-1
+2
-1
-1
+3
-134
Independents
4914
66 -4
32 +431
4714
75
99 +3
80
75 -2
s1932 figures not available.
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 1, as reported by
the Federal Reserve banks, was $2,468,000,000, a decrease
of $9,000,000 compared with the preceding week and of
$22,000,000 compared with the corresponding week in 1934.
After noting these facts, the Federal Reserve Board proceeds as follows:
On May 1 total Reserve bank credit amounted to $2,463,000,000, an
increase of $11.000.000 for the week. This increase corresponds with increases of 330,000,000 in money in circulation and 32.000.000 in member
bank reserve balances and a decrease of $7,000.000 in Treasury and National
bank currency, offset in part by an increase of $20.000.000 in monetary
gold stock and a decrease of $7,000,000 in non-member bank deposits and
other Federal Reserve accounts.
Relatively small changes were reported in holdings of discounted and
purchased bills and industrial advances. An increase of 364.000,000 in
holdings of United States Treasury notes was offset by decreases of $36,000.000in United States bonds and 328,000,000in Treasury bills.
Beginning with the week ended Oct. 31 1934, the Secretary
of the Treasury, made payments to three Federal Reserve
banks,in accordance with the provisions of Treasury regulation issued pursuant to subsection (3) of Section 13-B of
Federal Reserve Act, for the purpose of enabling such banks
to make industrial advances. Similar payments have been
made to other Federal Reserve banks upon receipt of their
requests by the Secretary of the Treasury. The amount of
the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)" to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended May 1, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 2992 and 2993.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
May 1 1935, were as follows:
May 1 1935
$
6,000,000
5,000,000
2,430,000,000
Bills discounted
Bills bought
U. S. Government securities
Industrial advances (not including
17,000,000 commItments-May. 1) 26,000,000
Other Reserve bank credit
-5,000.000
Increase (-I-) or Decrease (-)
Since
Ayr. 24 1935
May 2 1934
$
$
-1,000.000
-32,000,000
-- 3,000,000
,
-2,000,000
+11,000,000
+26.000,000
-11,000,000
Total Reserve bank credit
2,463,000,000
Monetary gold stock
8 721,000,000
Treasury and National bank currency.2,543,000,000
+11.000,000
+20,000,000
-7,000,000
-21,000,000
+964,000.000
+162.000,000
Money in circulation
5,489,000,000
Member bank reserve balances
4 721,000,000
Treasury cash and deposits with Federal Reserve banks
2 978,000,000
Non-member deposits and other Federal Reserve accounts
530,000,000
+30,000,000 +130,000,000
+2.000,000 +1,151,000.000
-199,000,000
-7,000,000
+24,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans
.delow 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 fullistatement 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
2949
Financial Chronicle
Volume 140
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 90,000,000 on May 1 1935, an increase of
$43,000,000 from the previous week.
Increase (+) or Decrease (--)
Since
April 25 1934
April 24 1935 April 17 1935
8
—27,000,000 +1,146,000.000
Loans and investments—total— --18,617.000,000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
Accepts, and conal paper bought
Loans on real estate
Other loans
New York
May 1 1935 Apr. 24 1935 May 2 1934
Loans and Investments—total
7 830,000,000 7,736,000.000 7,142,000,000
Loans on securities—total
1,655,000,000 1,608,000,000 1,729.000,000
To brokers and dealers:
In New York
Outside New York
To others
832,000,000
58,000,000
765,000,000
Accepts. and commercial paper bought
Loans on real estate
Other loans
791,000,000
56,000,000
761,000.000
756.000.000
46,000,000
927.000,000
203,000,000 206,000.0001
129,000,000 128,000,0001,561,000,000
1,214,000,000 1,211.000.0001
U.S. Government direct obligatIons____3,290,000,000 3,263.000.000 2,699,000,000
Obligations fully guaranteed by United
00
States Government
262,000,000 261.000.00011,153,000, 0
Other securities
1,077,000,000 1,059,000,0001
Reserve with Federal Reserve bank
Cash in vault
1,699,000,000 1,734,000,000 1,194,000.000
37,000,000
44,000,000
41,000,000
Net demand deposits
Time deposits
Government deposits
7 295,000,000 7,185,000,000 5,975,000,000
630,000,000 627,000,000 668,000,000
495,000,000 526,000.000 588,000,000
Due from banks
Due to banks
83,000,000
69,000,000
70,000.000
1 994,000,000 1,949,000,000 1,522,000.000
Loans on securities—total
3,067,000.000
+44,000,000
—449,000,000
To brokers and dealers:
In New York
Outside New York
To others
850,000,000
168,000,000
2,049,000,000
+54,000,000
+6,000,000
—16,000,000
—23,000,000
—5,000.000
—421.000,000 •
395,000,0G0
963,000,000
3,217,000,000
—6.000.000
—1,000,000 r
*-27,000,000I
—29.000,000
7,336,000,000
U.S. Govt. direct obligations
Obligations fully guaranteed by the
711.000,000
United States Government
2,928,000,000
Other securities
Net demand deposits
Time deposits
Government deposits
14.636,000,000
4,498,000.000
1,014,000,000
1,819.000,000
4,438,000,000
Due from banks
Due to banks
Borrowings from F.R.banks
Loans on securities—total
210,000.000
To brokers and dealers:
In New York
Outside New York
To others
213,000,000
292.000,000
20,000.000
48,000,000
224,000.000
2,000,000
32,000,000
178,000,000
9,000,000
29,000.000
175.000,000
27,000,000
16,000,000
248,000,000
29.000.0001
17.000,000 303,000,000
248,000.0001
U. S. Government direct obligations_ _ 746.000,000
Obligations fully guaranteed by United
States Government
79,000,000
Other securities
234,000,000
74S.000,000
Reserves with Federal Reserve Bank
Cash in vault
533,000,000
35,000,000
Net demand deposits
Time deposits
Government deposits
571,000,000
34,000,000
547.000.000
79,000,0005 291,000,000
232,000.0005
380.000,000
40,000.000
1,560,000,000 1,516.000.000 1,274.000,000
452,000,000 411,000,000 364,000.000
31,000,000
42,000,000
38,000,000
Due from banks
Due to banks
266,000,000
516,000,000
190,000,000
502,000,000
165,000,000
385,000,000
Borrowings from Federal Reserve Bank.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which (time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business April 24:
The Federal Reserve Board's condition statement of weekly reporting
member banks In 91 leading cities on April 24 shows increases for the week
of $106,000,000 in net demand deposits and $193,000,000 in reserve balances
with Federal Reserve banks, and a decrease of $27,000,000 in total loans
and investments.
Loans on securities to brokers and dealers in New York increased $90,000.000 at reporting member banks in the New York district and $51,000,000 at all reporting member banks, and declined $12,000,000 in the
San Francisco district and $9,000,000 in the Chicago district; loans to
brokers and dealers outside New York increased $6,000,000; and loans on
securities to others declined $11,000,000 in the New York district and
$16,000,000 at all reporting member banks. Holdings of acceptances and
commercial paper bought declined $6,000,000 in the New York district
and at all reporting member banks; real estate loans showed little change
for the week, and "other loans" declined $20,000,000 at reporting member
banks in the New York district and $27,000,000 at all reporting member
banks.
Holdings of United States Government direct obligations declined $56,000,000 in the New York district and $35,000,000 at all reporting member
banks, and increased $19.000,000 in the Chicago district; holdings of
obligations fully guaranteed by the United States Government declined
$10,000,000 in the New York district and 84,000.000 at all reporting member banks, and holdings of other securities increased $2,000,000.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,229,000,000 and net
demand, time and Government deposits of $1,441,000,000 on April 24,
compared with $1,248,000,000 and $1.459,000.000. respectively, on April 17.
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 April 24 1935,follows:
+759,000,000
+39,000.000
+106,000.000 +2,364,000,000
+21,000,000
+4.000,000
—163,000.000
+35.000,000
+20,000,000
+249,000,000
+843,000,000
—6.000,000
1,000.000
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA
Mar. 30 1935 Feb.28 1935 211 r. 31 1934
$
6,959,780
9,481,493
TotaL
Dominion notes—
In Canada
Elsewhere
$
39,235,912
9,896,966
51,113,778
49,132,883
1 200,190,733
178,448,108! 125,669,994
10,213
200,190,733
Notes of other banks
United States & other foreign currencies_
Cheques on other banks
Loans to other banks in Canada,secured,
including bills rediscounted
Deposits made with and balance due
from other banks in Canada
Due from banks and banking correspondents in the United Kingdom
Due from banks and banking correspondents elsewhere than in Canada and the
United Kingdom
Dominion Government and Provincial
Government securities
Canadian municipal securities and British, foreign and colonial public securities other than Canadian
Railway and other bonds, debs.& stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover
Elsewhere than In Canada
Other current loans dr distils in Canada_
Elsewhere
Loans to the Government of Canada_ _ _
Loans to Provincial Governments
Loans to cities, towns, municipalities
and school districts
Non-current loans, estimated loss provided for
Real estate other than bank premises—
Mortgages on real estate sold by
Bank premises at not more than cost,
bank__.
less amounts (if any) written off
Liabilities of customers under letters of
credit as per contra
Deposits with the Minister of Finance
for the security of note circulation_ _
Deposit in the central gold reserves
Shares of and loans to controlled cos_ __
.
Other assets not included under the foregoing heads
Total assets
$
39,463,300
11,650,477
16,441,273
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Accepts,and commercial paper bought
Loans on real estate
Other loans
+193,000,000
—1,000.000
Comparative Figures of Condition of Canadian Banks
In the following we compare with condition of the Canadian
banks for March 30 1935 with the figures for Feb. 28 1935
and March 31 1934.
Assets
ChIcado
1 560,000,000 1,566,000,000 1,433,000,000
—4,000,0001 +570,000,000
+2,000,000f
April 17 figures revised (Chicago district).
Borrowings from Federal Reserve Bank
Loans on investments total
3,538,000,000
281,000,000
Reserve with Fed. Res. banks....
Cash in vault
—35,000,000 +1,054,000.000
178,448,108
125,680.207
6,364,153
20,712,024
77,759.823
7,279,337
20,894,117
78.069,808
12,572.459
20,449,983
74,013,262
3,757,152
5,170,855
5,274,124
29,611,616
30.535,202
11.699.396
60,948,866
61,821,425
74,439,176
797,731,644
807,092,730
649,805,775
132,070,281
40,313,437
137,356,078
39,466,620
136,690,895
48,143,414
80,515,080
94,118,143
819,133,461
137,530,214
85,577,211
90,354,375
815,362,236
136,343,831
103,102,791
106,209,509
874,774.952
138,381,385
28,187,254
31,220,896
26,492,252
117,430.183
110,385,445
127,451,098
14,517,462
7,900,608
5,509,142
14,318,730
7,858,561
5,499,071
13,824,306
7,678,593
6,092,603
77,498,772
77,730,389
78,236.643
53,828,339
54,519,930
51,262.098
6,724,046
13,288,683
6,717,349
11,781,732
12,752,469
6.513.162
21,681.732
13,489.101
2.748,494
2,363,340
1,738,557
2,844,830,999 2.880,023,732 2,784,830.458
Liabilities
124,675,833 125,977,687 140,910,153
Notes in circulation
Balance due to Dominion Govt. after de26,360,435
14,345,717
25,080,441
ducting adv. for credits, pay-lists, &c..
40,144,000
34,840,000
Advances under the Finance Act
29,539,603
33,726,241
Balance due to Provincial Governments_
32.793,116
Deposits by the public, payable on demand in Canada
512,504,847 516,238,111 470,182,368
Deposits by the public, payable after
notice or on a fixed day In Canada. 1,446,695,027 1,428,323,176 1,366,528,536
Deposits elsewhere than in Canada
322,945,063 321,873,170 320.785,536
Loans from other banks in Canada,
secured, including bills rediscounted_ _
Deposits made by and balances due to
11,527,211
other banks in Canada
10.025,761
11,319,007
Due to banks and banking correspond6,167,072
ents In the United Kingdom
6,922,342
6,636,101
Elsewhere than in Canada and the
26,800,810
United Kingdom
25,996,878
26,371,132
844,795
Bills payable
472,525
674,737
Letters of credit outstanding
51,262,098
53,828,339
54,519,930
2,353,716
Liabilities not incl, under foregoing heads
2,268,182
2,532,572
Dividends declared and unpaid
630.284
807,040
2.945,979
Rest or reserve fund
132,750,000 132,750,000 132,500,000
Capital paid up
145,500,000 145,500,000 144,500,000
Total liabilities
2,832,244,486 2,869,594,575 2,771.041,664
Nose—Owing to the omission of the cents In the official reports, he footings in
the above do not exactly agree with the totals given.
Germany to Create Labor in Saar-100,000,000 Marks
Will Be Used at Start of Program for the Relief
of Territory
A labor-creation program for the Saar Basin involving an
initial expenditure by the Reich of 100,000,000 marks (the
Financial Chronicle
2950
mark closed yesterday at 40.36 cents) was announced on
April 26 by Joseph Buerckel, Reich Commissar for the
Saar Basin, at a mass meeting in Neunkirchen, said advices
to the New York "Times" from Saarbruecken, Germany, in
which it was also stated:
The program, he said, will correspond to that adopted elsewhere in
Germany and will primarily seek to meet the immediate requirements of
the Saar's industry and agriculture.
The economic statistics issued by the recent League of Nations governing
commission, Herr Buerckel charged, were "favorably colored" and concealed the true state of affairs in the basin. Among the early difficulties
confronting Germany after it took over the basin was the problem of
adjusting the wage and commodity levels to those obtaining elsewhere in
the land.
Peru Places Embargo on Silver Exports
Peru yesterday (May 3) followed the lead of Mexico in
placing an embargo on silver exports because speculators
were selling Peruvian coins in the bullion markets, said
United Press advices from Lima (Peru) which added:
The Government decree was issued to prevent further exodus of coins
which has been causing difficulties in commercial transactions. The speculation in coins was a result of the recent sharp rise in the price of silver in
world markets.
Peruvian silver coins can be melted and sold at a profit in bullion markets
when the world silver price is around 60 cents an ottace. Little was done
along this line, however, until the price soared recently to 81 cents. It
declined subsequently. To-day the world silver price was 72% cents
which would give the speculator a considerable margin of profit.
The Peruvian unit of circulating currency is the gold sold, worth at
present 23.32 cents. Coins in circulation are the sol and half sol pieces
which are 50% silver. . . .
Silver produced by mining companies can be exported when the companies prove the origin of the metal, the decree added.
Travellers leaving Peru can only take with them up to 20 sols ($4.66) in
silver coins, according to the decree.
The decree also forbids any transaction in silver coins in any section of
the country.
In order to supply jewellers and silver shops with silver metal, the Finance Ministry will issue special regulations that will prevent any illegal
methods of securing the metal.
The decree imposes severe penalties for violation.
March-Imports and
Exports
The Bureau of Statistics of the Department of Commerce
at Washington on April 27 issued its statement on the
foreign trade of the United States for March and the nine
months ended with March, with comparisons by months
back to 1930. The report is as follows:
Country's Foreign
Trade in
Following the usuai tendencies, United States foreign trade in March
was considerably higher than in the short month of February. The value
of exports, which usually increases 11% from February to March, was
13% higher and the value of imports, which usually advances about
12%, was 16% greater. Gains were spread generally throughout the entire
list of imports and all but three of the 11 commodity groups contributed
to the increased value of exports. The Import value was larger than in
any other month since May 1931.
Exports, including re-exports, were valued at $185,001.000 in March.
compared with $162,990,000 in February 1935 and $190,890.000 in March
1934. General Imports, which include goods entering consumption channels
immediately upon arrival in the United States, plus goods entered for
storage in bonded warehouses, aggregated $177,279,000, compared with
$152.478,000 in February 1935 and $158,005,000 in March 1934. The
excess of merchandise exports over merchandise imports amounted to
87,722,000, compared with 810,512,000 in February 1935 and $32,785,000
in March 1934.
Imports for consumption, which include goods entering consumption
channels immediately upon arrival in the country, plus withdrawals from
bonded warehouses for consumption, were valued at $175,408,000, compared with $152,233,000 in February 1935 and $153,396,000 in March 1934.
Manufactured articles were again the principal items exported in larger
quantities in March. Exports of total machinery and vehicles aggregating
851,775,000 increased 26% over February; the value of this group of exports
In March was the highest shown for any month since February 1931.
Automobile exports, including parts and accessories, made up approximately half the amount of $25,018,000, the largest monthly figure since
May 1930. Among the other manufactured articles exported in larger
quantity in March than in February, were mineral oils, iron and steel
manufactures, rubber manufactures, cotton cloth and numerous miscellaneous manufactured articles. Unnaanufactured tobacco exports were also
larger in March than in February.
Total exports of agricultural products declined, however. mainly as a
result of the continued recession in shipments of unmanufactured cotton,
although exports of lard, fresh apples, and canned fruit were also smaller
than in February. Exports of unmanufactured cotton were smaller in
quantity in March than in the corresponding period of any year since
1924. Because of the higher level of prices, however, the March 1935
value of unmanufactured cotton exports was larger than in the same month
of 1933, when quantity shipments were 49% greater.
The expansion in exports of industrial products, as compared with a
year ago, is very apparent when the results of the first quarter of each
year are tabulated. Exports of finished manufactures were valued at
$242,330,000, in the period January-March 1935, or 19% more than
a year ago. Among the leading commodities, exports of automobiles,
including parts and accessories, showed an increase in value of 41%;
machinery, including electrical appliances, increased by 29%. The value
of iron and steel manufactures, including semi-manufactures, advanced
by 12%.
The expansion in value of import trade during March was due to larger
purchases of a wide range of commodities. The value of agricultural commodities increased 11%, while non-agricultural products showed a gain
of 22%. Among the agricultural commodities, the percentage increase
in imports of grains, meats, butter, edible vegetable oils, oilseeds, fruits,
vegetables, tea, spices and Cuban sugar was particularly large. Coffee
imports were slightly less in value than in February, although the quantity
Imported increased moderately. Sugar imports from the Philippine
Islands dropped off substantially in March. Among the non-agricultural
products, the leading import commodities showing increases in quantity
In March included tin, petroleum, newsprint, sodium nitrate and crude
May 4 1935
iodine. Crude rubber and raw silk imports declined In both quantity and
value as compared with February.
Imports for consumption during the three-month period ending with
March 1935 showed an increase of $89,000,000, or 22%, in comparison
with the same period of 1934. Approximately 30% of this expansion
resulted from an increase in imports of farms products, namely meats,
butter, vegetable oils, grains and other feedstuffs; about one-sixth was
due to larger imports of Cuban sugar, while a large part of the balance
resulted from the expansion in value of crude rubber and tin imports.
Imports of farm products began to enter our markets in substantial quantities during the last half or 1934 and during 1935 they have become increasingly heavy.
Over 9% million square yards of cotton cloth arrived in the United
States during March; of this amount 4.595,000 square yards entered consumption channels upon arrival in the country and 5,178,000 square yards
entered for storage in bonded warehouses. During the month 2,521,000
square yards were withdrawn from bonded warehouses for consumption.
The total number of square yards remaining in bonded warehouses at the
end of March was 9,727,000 square yards, an increase of 2,657,000 square
yards since Feb. 28 1935.
Japanese cotton cloth entering consumption channels during March
totaled 4.575.000 square yards, a decrease of approximately 280,000
square yards from February. Of the imports for consumption from Japan
1,412,000 square yards represented withdrawals from bonded warehouse
for consumption. During the month 4,128,000 square yards of Japanese
cotton cloth arrived in the country for storage in bonded warehouses,
making the net addition to the stocks of Japanese cloth in bonded warehouses 2,716,000 square yards.
Since the first of the year a total of 24,759,000 square yards of cotton
cloth has arrived in the United States, of which 16,721,000 square yards,
or 68%, were from Japan. During the first quarter total arrivals have
represented between 1% and 1 % of the total domestic production of
countable cotton cloth.
MERCHANDISE TRADE BY MONTHS
TOTAL VALUES OF EXPORTS INCLUDING RE-EXPORTS AND GENERAL
IMPORTS
(Preliminary Murex for 1935 corrected to April 26 1935)
March
3 Months Ended March
Exports and Imports
1935
Exports
Imports
Excess of exports
Excess of Imports
Month or Period
Exports including
Re-exports
January
February
March
April
May
June
July
August
September
(weber
November
December
1934
1935
1,000
Dollars
185,001
177,2)9
1,000
Dollars
190,890
158,105
1,000
Dollars
524 214
496,750
7,722
32,785
27,464
Increase(+1
Decrease(-)
1,000
Dollars
525,839
426,564
99,275
Hon
1934
1933
1934
1932
1,000
Dollars
-1,625
+70,186
1931
1930
1,000
1,000
1,000
1,000
1,000
Dollars Dollars Dollars Dollars Dollars
176.223 172,220 120,589 150,022 249,598
182,990 162,729 101,515 153,972 224,346
185,001 190,890 108,015 154.876 235,899
179,427 105,217 135,095 215,077
160.201 114.203 131,899 203,970
170,550 119.790 114,148 187,077
161,670 144,109 106,830 180,772
171,964 131,473 108.599 164,808
191,688 160.119 132,037 180.228
206,491 193,069 153,090 204,905
194,865 184,256 138,834 193,540
170.673 192,638 131,614 184,070
1,000
Dollars
410,849
348,852
369,549
331,732
320,035
294,701
266,762
297,765
312,207
326,896
288.978
274,866
3 months ended March 524,214 525,839 330,119 458,870 709,843 1,129,250
9 months ended March 1.621,563 1,531,503 1,101,123 1,567.192 2,477,306 3,747,157
General Imports
January
February
March
April
May
Tune
July
August
September
Dctober
November
December
166,993
152,478
177,279
135,706
132,753
158,105
146.523
154.647
136,109
127,229
119,513
131.658
129,635
150,919
132,258
96,006 135,520
83,748 130,999
94.860 131,189
88,412 126,522
106,869 112.276
122,197 110,280
142,980
79,421
154,918
91,102
146,643
98,411
150.867 105,499
128,541 104,468
133,518
97,087
183,148
174,946
210,202
185,706
179,694
173,455
174,460
166.879
170.384
168,708
149,480
163.773
310.968
281,707
300,460
307,824
284,683
250,343
220,558
218,417
226,352
247,367
203,593
208,635
3 months ended March 496,750 426,564 274,614 397,708 568,296 893,135
/months ended March 1,287,963 1,284.031 850.602 1,381,192 1,893,219 3,006,121
TOTAL VALUES OF EXPORTS OF U. S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION
March
3 Monlhe Ended March
Exports and Imports
Inerease(+)
1935
1934
1035
1934
Decrease(-)
1,000
Dollars
Exports (U. S. mdse.) _ 181,969
Imports for consumpt'n_ 175.408
Month or Period
1935
1,000
Dollars
187,370
153,396
1934
1.000
Dollare
515 825
496 250
1933
1 000
Dollars
5 6,542
407,419
1932
1931
Exports
-U. S. Me?- 1.000
1,000
1,000
1,000
1,000
Dollars Dollars Dollars Dollars Dolsars
chandise-January
173.560 169,577 118,559 146,906 245,727
February
160,296 159,595
99,423 151,048 220,660
March
181,969 187,370 106,293 151,403 231,081
April
176.490 103,265 132,268 210,061
157,165 111,845 128,553 199,225
May
June
167,932 117,517 109,478 182,797
July
159,125 141,573 104.276 177,025
169,832 129,315 106.270 181,494
August
189,233 157,490 129,538 177,382
September
203.613 190,842 151,035 201,390
October
November
192,310 181,291 136,402 190.339
168.463 189,808 128.975 180,801
December
1,000
Dollars
-717
+88,831
1930
1,000
Dollars
404,321
342,901
363,079
326,536
312,460
289,869
262.071
293,903
307,932
322,676
285,396
270,029
3 months ended March 515,825 516,542 324,275 449,357 697,468 1,110,301
9 months ended March 1,598,402 1,506,861 1,080,770 1,537,788 2,439,474 3,688,865
Imports for Consum p1500
January
February
March
April
May
June
July
August
September
October
November
December
168,610
152,233
175,408
128,976
92,718
125,047
84,164
153,396
91,893
141.247 88,107
147.467 109.141
135.067 123,931
124,010 141,018
117.262 152,714
149.893 147,599
137.975 149,288
149,470 125,269
128,193 127.170
3 months ended March 496,250 407,419
9 months ended March 1,301.052 1,250.478
134,311
129,804
130,584
123,176
112,611
112,509
79,934
93,375
102,933
104,662
105,295
95.898
183,284
177,483
205,690
182,867
176.443
174,516
174,559
168,735
174,740
171,589
152,802
149,516
316,705
283,713
304,435
305.970
282,474
314,277
218,089
216,920
227,787
245,443
196,917
201,367
268,775 394,699 566,457 904,853
850.872 1,386,639 1,872.960 3.012.809
for purchase at prices below par. An announcement in the
matter said:
GOLD AND SILVER BY MONTHS
3 Months Ended liarch
.Varch
Increase(+)
Decrease(-)
GoldExports
Imports
1935
1934
1935
1934
1,000
Dollars
540
13,543
Exports and Imports
1,000
Dollars
44
237,380
1,000
Dollars
949
286,116
1.000
Dollars
4,809
691,949
Excess of exports
Excess of imports
Silver
Exports
Imports
13,003
237,336
285,167
665
1,823
6,037
56,279
2,257
7,543
Excess of exports
Excess of Imports
17,714
1,158
.50.242
1,000
Dollars
-3,860
-405,833
687,140
3,128
20,842
5.286
Exportstannery
February
March
April
Hay
lone
luly
august
Ieptember
Detober
November
December
1935
1934
1933
1932
1935
1934
1933
1932
1,000 1.000 1,000 1.000 1,000 1,000 1.000 1.000
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
363
46
540
4,715
51
44
37
1,780
6,586
114
14.5.56
22,255
2.173
310
140
14 107.863
21,521 128,211
28,123 43,909
16.741 49,509
22,925 212,229
4,380 226,117
85,375 23,474
81.473 18,067
60
58,282
81
34.046
16
2,957
13
10,815
1,248
1.661
3,128
859
734
665
1,425
1,638
2,404
1.789
1,741
1,424
1.162
1.698
1,014
949 4,810 49,658 279,983 6,037 2,258
3 mos.end. Mar_
mos. end. Mar_ 40,496 277,758 91,347 745,989 14,864 18,498
)
Imports
tannery
February
March
April
May
lane
July
August
3eptember
October
November
December
+3,780
+48,736
Silver
Gold
Month or
Period
2951
Financial Chronicle
Volume 140
1,551
209
269
193
235
343
2.572
7,015
3.321
2,281
464
590
1,611
942
967
1,617
1,865
1,268
828
433
868
1.316
875
1.260
2,029 3,520
7,610 15,229
......
oo.pw
2,097
2,009
1,809
1.890
1,547
1.401
1,288
1,554
2,052
1,305
1.494
1,203
3 M04.end. Mar_ 286,116691,950 173,824 91,795 56,279 7,544 4,311 5,915
3 mos.end. Mar. 620,3991701.633 389,290 463.973 139,640 41,191 13.207 20.546
149,755 1,947
122,8 17 452,622
.3,543 237,380
54,785
35.362
70,291
52,460
51,781
3,585
13,010
121,199
92,249
34,913 19,085 3.593 1.763
855
37,644 16,351 2.128
19,238 20,842 1,823 1,693
1,955 1.520
19,271
4,435 5.275
16,715
5,431 15,472
20,070
2,458 5,386
20.037
21,926 11,602
24.170
20,831 3.494
27,957
14,425 4,106
20.674
15.011 4,083
21,756
8.711 4.977
100,872
Argentina Names National Cotton Board for Government Control of Industry
The Argentine Government, according to Buenos Aires
advices April 29 to the New York "Times," has appointed
a national cotton board to establish a strict government
control of all phases of the cotton industry from selection
of the seed to sale of the ginned fibre. The advices to the
"Times" say;
Tenders of these bonds, with subsequent coupons attached, must be
made at a flat price, below par, before noon on June 1. If tenders so accepted are not sufficient to exhaust the available moneys, additional purchases upon tender, below par, may be made up to Aug.30 1935. The notice
by the fiscal agents follows receipt of cabled advices from the Argentine
Ambassador that the Government of the Argentine Nation will turn over
to the fiscal agents the sum of $457,275 prior to June 1 for sinking fund
purposes.
Partial Payment Made by State of Rio Grande do Sul
(Brazil) on May 1 Coupons on 7% Sinking Fund
Gold Bonds, External Loan of 1926-Rulings on
Bonds by New York Stock Exchange
Ladenburg, Thalmann & Co., New York, as special agent,
are notifying holders of State of Rio Grande do Sul (United
-year 7% sinking fund gold bonds,
States of Brazil) 40
external loan of 1926, that pursuant to a decree of the chief
of the Provisional Government, of Feb. 5 1934, funds have
been deposited sufficient to make a payment, in lawful
currency of the United States of America of 22M% of the
face amount of coupons due May 1 1935 amounting to
4
37.874 for each $35 coupon and $3.933 for each $17.50
coupon. An announcement in the matter continued:
Acceptance of such payment is optional with holders of said bonds and
coupons, but pursuant to the terms of the decree and of said deposit with
the special agent, such payment, if accepted by holders of bonds and
coupons must be accepted in full payment of such coupons and of claims for
interest represented thereby. Holders of coupons due May 1 1935 may
obtain payment of the specified amounts only upon presentation and surrender of these coupons for final cancellation at the office of the special
agent,25 Broad Street. No present provision has been made for the coupons
due Nov. 1 1931 to Nov. 1 1933, inclusive, but the notice urges they be
retained for future adjustment.
The following announcement of rulings on the bonds by
the New York Stock Exchange was issued on May 2 by
Ashbel Green, Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
May 2. 1935.
Notice having been received that payment of $7.875 per $1,000 bond is
now being made on surrender of the coupon due May 1, 1935, from State
-Year 7% Sinking Fund Gold Bonds, External
of Rio Grande Do Sul 40
Loan of 1926. due 1966:
•
The Committee on Securities rules that transactions made on and after
Friday, May 3 1935, shall be settled by delivery of bonds bearing only the
Nov. 1 1931 to Nov. 1 1933 inclusive (ex May 1 1934 to May 1 1935 inclusive), and Nov. 1 1935 and subsequent coupons: and
That the bonds shall continue to be dealt in "Flat".
ASHBEL GREEN, Secretary.
(This circular supercedes S-1512. dated December 14 1934.)
The board was hurriedly appointed two days after it was announced
American capitalist's would invest $10,000,000 in the installation of gins
and mills in Argentina. . . .
The wording of the decree appointing the board indicates one of the
Government's motives is to prevent control of Argentina's new cotton
Industry from falling into foreign hands.
The decree says all the advantage of lower production costs can be wiped
out when competing in foreign markets if the Government does not control
the profit of ginners. The decree indicates there will be an intensive planting program under Government supervision during the next three years.
Argentina increased her cotton production 32% last year as a result of a
Government-inspired campaign following announcement of the United
States program for decreasing acreage.
State of San Paulo (Brazil) 7% Coffee Realization Loan
1930
-Redemption Requirements Completed for
Last Half of Year Ended March 31 1935
Speyer & Co. and J. Henry Schroder Banking Corp. announce that, in accordance with the terms of Decree No.
23,829 issued by the Federal Government of Brazil on Feb.
5, 1934, 75,000 dollar bonds and £320,200 Sterling bonds
of the State of San Paulo 7% Coffee Realization Loan 1930
have been purchased and cancelled, completing redemption
requirements for the last half of the year ended March 31,
1935. An announcement issued for release yesterday (May
3) also said:
Argentina Offers Issue of Internal 43.% Bonds in
Amount of $8,000,000
As to a new internal 44% loan of Argentina, amounting,
it is stated, to 25,000,000 pesos, or about $8,000,000, a
cablegram from Buenos Aires, April 29, to the New York
"Times" of April 30 said:
Out of original issues of $45,000,000 dollar bonds and £12,808,000
sterling bonds there remain outstanding $22,387,000 dollar bonds and
£8,192,200 sterling bonds.
There remain pledged for the Loan 1.911,893 bags of Government coffee
and 8.702.316 bags of planters coffee.
Federico Pinedo, Finance Minister, announced to-day the flotation of a
,
new internal 41i% loan to be used in paying off an equal amount of foreign
debt. It was floated by the banking syndicate composed of Demberg &
Co. and Brecht & Co. which floated a 50,000,000-peso loan last November,
reselling it to the public.
Senor Pinodo said the new issue would not be offered to the public, having
been subscribed entirely by local banks at 86% of par. The loan contract
provides for annual payment of yi of 1% into a sinking fund.
Tenders of Argentine External Sinking Fund 6% Gold
Bonds, due December 1958, Invited to Exhaust
$312,774 in Sinking Fund
The Chase National Bank, acting for the fiscal agents of
the Government of the Argentine Nation external sinking
fund 6% gold bonds of 1924, series B, due Dec. 1 1958, is
inviting tenders of such bonds at prices below par, in an
amount sufficient to exhaust the sum of $312,774.65, which
will be available in the sinking fund on June 1 1935. Tenders
will be received until noon on June 3 1935 at the Corporate
Trust Department of the bank, 11 Broad Street.
$457,738 Available for Purchase for Sinking Fund of
External Sinking Fund 6% Gold Bonds, due
June 1959, of Argentina
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, are notifying holders of Government
of the Argentine Nation external sinking fund 6% gold
bonds, issue of June 1 1925, due June 11959, that $457,738
in cash will be available for the purchase for the sinking fund
of so many of these bonds as shall be tendered and accepted
Funds Received for Payment of 20% of May 1 Coupons
on City of Sao Paulo (Brazil) 6% External Secured
Fund Gold Bonds of 1919
The Chase National Bank, special agent, announced this
week that it has received funds with which to pay to the
holders of City of Sao Paulo (Brazil) 6% external secured
sinking fund gold bonds of 1919, due Nov. 1, 1943, in lawful
currency of the United States, 20% of the face value of the
coupons due May 1, 1935, amounting to $6.00 per $30.00
coupon. This payment the announcement said, is made
under decree of the Federal Government of Brazil dated
Feb. 5. 1934, which provides that this payment of 20% of
face vaue,if accepted,shall be in full payment of the coupons.
Payment will be made at the Corporate Trust Department
of the Bank, 11 Broad Street.
City of Sao Paulo (Brazil) Remits 20% of May 1 Coupons
-Year 8% Secured Sinking Fund
on External 30
-New York Stock Exchange
Gold Bonds of 1922
Rules on Bonds
Announcement was made this week by the City Bank
Farmers Trust Company, New York, special agent, that it
had received funds far the payment of the May 1 1935
coupons appertaining to City of Sao Paulo (United States
-year 8% secured sinking fund gold
of Brazil) external 30
bonds of 1922, due March 1 1952, at the rate of 20% of
the face amount of such coupons. Accordingly, the announcement said, these coupons will be paid at the rate of
$8.00 per $40.00 coupon and $4.00 per $20.00 coupon at
the offices of the agent, 22 William Street, New York. No
2952
Financial Chronicle
provision for unpaid coupons due prior to May 1 1934 has
been made, but they should be retained for future adjustment, it was stated.
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement of rules by the Exchange
on May 2:
NEW YORK STOCK EXCHANGE
Committee on Securities
May 2 1935
Notice having been received that payment of $8 per $1.000 bond is now
being made on surrender of the coupon due May 1 1935, from City of Sao
Paulo 30
-year 8% external secured sinking fund gold bonds, due 1952:
The Committee on Securities rules that transactions made on and after
Saturday, May 4 1935, shall be settled by delivery of bonds bearing only
the Nov. 1 1931 ($19 paid) to Nov. 11933. inclusive (ex May 1 1934 to
May 1 1935, inclusive), Nov. 1 1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.
$31,425 Available for Purchase of 5% Funding Bonds
of 1932 of Costa Rica
J. & W. Seligman & Co., New York, as fiscal agents for
the Republic of Costa Rica, have announced that $31,425
is available for the purchase of Republic of Costa Rica 5%
funding bonds of 1932, due Nov. 1 1951, bearing coupons
due on and after Nov. 1 1935, at the best prices obtainable
below par, and tenders of bonds are invited. Tenders should
be made on or before May 31 at the office of the bankers.
Uruguay Paying May 1 Coupons on 6% Bonds of 1926
and 1930 at Rate of 3M% Per Annum
J. Richling, Minister of Uruguay to the United States,
announced, April 30, that in accordance with the decree
of his Government dated Dec. 13 1933, and the budget law
of 1935, the coupons due May 1 on the 6% Uruguay bonds
of 1926 and 1930 would be paid by Hallgarten & Co., New
York, and Halsey, Stuart & Co., Inc., Chicago, the fiscal
agents, at the rate of ni% per annum.
New York Stock Exchange Adopts New Rules Regarding Printing of Sales in Stocks or Bonds
Under new rules announced on April 29 by the New York
Stock Exchange, a transaction in'a stock or bond, not recorded on the tape or sheet of the same day, may, at the
request of a member or firm, be printed on the tape before
9:45 the following day, provided the price does not affect
the high, low, opening or close of the previous day, or on
the sheet of the day following the day of the transaction, or
any subsequent day within one week. The new rules were
made known in the following circulars sent to members by
Ashbel Green, Secretary of the Exchange:
NEW YORK STOCK EXCHANGE
Committee on Bonds
April 29 1935.
To the Members of the Exchange:
Effective immediately, the following rules will obtain regarding printing
of sales iS bonds:
1. A transaction in bonds not appearing on the tape or sheet may be
printed on the tape before 9:45 a. m. of the following business day, when a
request therefor is made by a member or firm and approved by a member of
the Committee on Bonds, provided the price does not affect the high, low,
opening or close of the previous day.
2. A transaction in bonds may be printed on the sheet of the day following
the day of the transaction, or any subsequent day within one week, when
request therefor is made by a member or firm and approved by a member
of the Committee on Bonds.
S. When the price of a transaction printed on the sheet, in pursuance
of Rule No. 2 hereof, establishes a new high, low, opening, or close the
request for printing must be accompanied by an agreement, by the member
or firm making the request, to assume responsibility for any claims that
may be made as a result of such printing.
4. A transaction which may not be printed either on the tape or sheet
may be confirmed by the Secretary, upon the written request of one of
the parties, provided the Secretary is able to verify the transaction with
the buyer and seller.
ASHBEL GREEN, Secretary.
NEW YORK STOOK EXCHANGE
Committee of Arrangements
April 29 1935.
To the Members office Exchange:
Effective immediately, the following rules will obtain regarding printing of sales in stocks:
1. A transaction in stocks not appearing on the tape or sheet may be
printed on the tape before 9:45 a. m. of the following business day, when
a request therefor is made by a member or firm and approved by a
member of the Committee of Arrangements, provided the price does not
affect the high, low, opening or close of the previous day.
2. A transaction in stocks may be printed on the sheet of the business
day following the transaction, or any subsequent day within one week,
when request therefor is made by a member or firm and approved by a
member of the Committee of Arrangements or the Secretary, provided the
price does not affect the high, low, opening or close of the day on which
the transaction was made, except as provided in Rule 3 hereof.
3. In the case of stocks dealt in on a 10-share unit basis, by means of
cabinets, a transaction may be printed on the sheet of a subsequent day
within one week, provided (1) that the price does not conflict with bids
and offers in the cabinets at the time of the transaction and (2) that,
when the price of the transaction establishes a new high, low, opening or
close, the request for printing is accompanied by an agreement, by the
member or firm making the request, to assume responsibility for any claim
that may be made as a result of such printing.
4. A transaction which may not be printed either on the tape or the
sheet may be confirmed by the Secretary, upon the written request of one
May 4 1935
of the parties, provided the Secretary is able to verify the transaction
with the buyer and seller.
ASHBEL GREEN, Secretary.
The Exchange said that the circulars supersede previous
circulars on the same subject.
Rulings by New York Stock Exchange on 8% Mortgage
Loan Gold Bonds, Due 1954, of Municipality of
Graz (Austria)
The New York Stock Exchange, through its Secretary
Ashbel Green,issued the following announcement on April 25:
NEW YORK STOCK EXCHANGE
Committee on Securities
April 25 1935.
Notice having been received that the interest due May 1 1935 on Municipality of Graz 8% Mortgage Loan Gold Bonds, due 1954. will be paid on
that date in Austria in schillings:
The Committee on Securities rules that transactions made on and after
May 1 1935 shall be settled by delivery of bonds bearing only the Nov. 1
1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.
New York Stock Exchange Rules on Two Bond Issues
of Kingdom of the Serbs, Croats and Slovenes
(Yugo-Slavia)
The following announcements were issued on April 29 by
Ashbel Green, Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
April 29 1935.
Notice having been received that payment of 10% in cash and the
balance in scrip will be made May 1 1935 on surrender of the coupon then
due,from Kingdom of the Serbs, Croats and Slovenes 40
-Year 8% Secured
External Gold Bonds, due 1962:
The Committee on Securities rules that transactions made on and after
May 1 1935 shall be settled by delivery of bonds bearing only the Nov. 1
1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
April 29 1935.
Notice having been received that payment of 10% in cash and the balance
in scrip will be made May 1 1935 on surrender of the coupon then due.
from Kingdom of the Serbs, Croats and Slovenes 7% Secured External
Gold Bonds, Series 13, due 1962:
The Committee on Securities rules that transactions made on and after
May 1 1935 shall be settled by delivery of bonds bearing only the Nov. 1
1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary,
Margin Deals Do Not Constitute Gambling, According
to New Jersey Supreme Court
Marginal stock speculation does not constitute gambling
in the opinion of New Jersey's Supreme Court, said the
"Jersey Observer" of April 12, which in Trenton advices
that date, added:
In deciding a case yesterday the Court ruled that "the appellant
argues
the buying of stock on margin is a transaction interdicted by the gaming
act. Plainly it is not."
The decision was rendered in the case of Mrs. Emilie It. Enunons, of
Atlantic City, who sought to have set aside a verdict for $7,000
returned
against her by an Atlantic County Jury in favor of Orvis Brothers & Co.,
brokers.
In 1929. on the day of the stock market collapse, Mrs. Emmons said she
had received five minutes' notice to deposit $7,000 with the brokers as
margin. Before the check reached them, they sold her holdings. When
she learned what happened she stopped payment on the check. Counsel
argued that she had never actually bought the stock, that no certificates
were delivered to her or would have been, and that accordingly the transaction was gambling.
Treasury Ruling on Sales of Margined Stock Reversed
by Supreme Court—Sellers May Identify Stock
Disposed of, in Computing Taxes
The United States Supreme Court on April 29 reversed
a Treasury ruling which provided that when shares of stock
are sold from margin purchases which have been made at
different dates and different prices, the gain or loss for taxing
purposes must be calculated, when it is impossible to identify
the shares sold, on the assumption that the stock sold was
that which was purchased earliest. The Court's opinion,
delivered by Justice Brandeis, said that marginal dealers
in stocks are permitted to identify the shares they wished
to sell, although they did not have the stock certificates to
deliver. The Court ruled that the dealer would sufficiently
identify the stock to be sold by saying that he wished to sell
stock purchased on a certain day and at a certain price.
Associated Press Washington advices of April 29 gave
further details of this decision as follows:
The question was presented in two cases from Philadelphia affecting
taxes imposed on John A. Snyder and the late Richard B. Turner.
The/
dealt in Philadelphia's United Gas and Improvement Company stock.
At the beginning of 1928 Mr. rumor had 1.500 shares, 1,200 having
been
bought with money inherited from his father. and 300 obtained as a stock
dividend on his holdings.
During the year he bought 1,000 more shares on margin and sold
1,300.
He indicated to his broker that the stock he sold was the 300
dividend
shares and the 1,000 he had bought.
Mr. Snyder at the beginning of 1928 bought 5,300 shares of the stock:on
margin and during the year sold part of his holdings. He declared it was
his intention to sell the shares last acquired by him.
_
The Conunissioner of Internal Revenue assessed $11,173 additional
taxes against Mr. rurner and $192,143 against Mr. Snyder. The Third
Volume
Financial Chronicle
140
2953
Circuit Court of Appeals reversed the ruling on Mr. Turner. holding that
he had identified the stock he was selling. It sustained the Commissioner
In the Snyder case, holding that his announced intention was not sufficient
Identification.
Time
1. Net borrowings on collateral from New York banks
or trust companies
8471,354.899 3291,065,900
2. Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
City of New York
38,565.649
3,579,000
Market Value of Stock Listed on New York Stock
Exchange May 1, $33,448,348,437, Compared with
$30,936,100,491 April 1-Classification of Listed
Stocks
3509,920,548 3294,644,900
Combined total of time and demand borrowings
804,565,448
Total face amount of "Government securities" pledged
as collateral for the borrowings included in items
(1) and (2) above
87,644,860
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
As of May 1 1935, there were 1,182 stock issues aggregating 1,301,900,490 shares listed on the New York Stock
Exchange with a total market value of $33,548,348,437.
This compares with 1,184 stock issues aggregating 1,303,680,865 shares listed on the Exchange April 1, with a total
market value of $30,936,100,491, and with 1,182 stock issues
aggregating 1,302,902,206 shares with a total market value
of $32,180,041,075 March 1. The Exchange, in making
public the May 1 figures on May 4, said:
As of May 1 1935, New York Stock Exchange member total net borrowings on collateral amounted to 11804,565,448. The ratio of these member
total borrowings to the market value of all listed stocks, on this date,
was therefore 2.40%. Member borrowings are not broken down to separate
those only on listed share collateral from those on other collateral: thus
these ratios usually will exceed the true relationship between borrowings on
all listed shares and their market values.
As of April 1 1935, New York Stock Exchange member
total net borrowings on collateral amounted to $773,123,266.
The ratio of these member total borrowings to the market
value of all listed stocks on that date was therefore 2.509 .
1
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
May 1 1935
Market
Value
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing..
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel. Iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. & radio).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous businesses
Leather and boots
Tobacco
Garments
U. S. companies operating abroad
Foreign companies (incl. Cuba & Can.)
All listed stocks
2,207.592,525
777,108.531
4,022,709,791
299,317,171
894,755,136
2,390,554,688
231,088,102
474,786,747
154,378,877
34,944,815
1,288,297,288
1,193,322,970
4,018,975,650
231,699,128
1,919,667,756
3,073,577,384
1,270,949,458
169,260,649
1,439,752.871
935,257,220
2,498,555,690
141,379,548
161,885,418
304.666,351
6,865,339
25,180,214
85,326,189
226,604,571
1,621,315,188
18,815,781
674,243,219
755,514,172
April 1 1935
A vet.
Price
21.09
14.17
54.31
18,96
24.45
31.70
22.89
40.01
10.17
7.07
25.89
21.63
20.92
14.61
31.49
26.68
32.75
14.18
20.72
9.68
67.35
14.73
7.50
28.95
3.28
8.31
15.20
38.19
62.65
19.72
20.08
20.61
Market
Value
Ayer
Price
2,084,712,247
731,565,026
3,760,788,776
268,992,071
861,773,280
2,326,550,280
219,945,719
438,921,252
143,401,515
33,364,216
1,208,578,097
1,014,917,525
3,501,385,361
213,363,560
1,805,352,464
2,909,741,610
1,143,271,949
160,355,713
1.292,321,739
808,815.461
2,291,291,149
137,467,984
138,991,177
280,187,598
6,401,665
23.792,212
77,301,265
214,543,120
1,497,604,898
17,686.602
619,313,278
703,401,682
20.22
13.34
50.78
17.04
21.08
30.85
21.79
36.90
9.52
6.74
24.55
18.39
18.36
13.45
29.11
25.26
29.46
13.44
18.60
8,37
61.78
14.33
6.44
26.62
3.06
7.86
13.77
36.16
57.87
18.54
18.44
19.18
33.548,348,437 25.77 30,936,100,491 23.73
We give below a two-year compilation of the total market
value and the total average price of stocks listed on the
Exchange:
Market
Value
1933May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1934Jan. 1
Feb. 1
Mar. 1
Apr. 1
Mar 1
Average
Price
$26,815,110.054
32.473,061,395
36.348,747,926
32,762,207,992
36,669,889,331
32,729,938,196
30,117.833,982
32,542,456,453
820.73
25.10
28.29
25.57
28.42
25.32
23.30
25.13
33,094,751,244
37,364,990,391
36,657,646,692
38,699,914,685
36.432.143.818
25.59
28.90
28.34
23.37
251 IR
Market
Value
1934
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1935Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
Ann*,
Price
833.816,513,632
34.439.993,735
30.752.107,676
32,618,130,662
32,319,514,504
31,613,348,531
33,888,023,435
$26.13
26.60
23.76
24.90
24.61
24.22
25.97
33,933,882,614
32,991,035.003
32.180.041,075
30,936.100,491
33,548,348,437
25.99
25.29
24.70
23.73
25.77
Demand
Below we give a two-year compilation of the figures:
1933Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dec. 30
1934
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov.30
Dec. 31
1935
Jan. 31
Feb. 28
Mar.30
Apr. 30
Demand Loans
207,385,202
398,148,452
582,691,556
679.514,938
634,158,695
624,450,531
514,827,033
544,317,539
597,953,524
Time Loans
115,106,988
130,360,986
197,694,564
236,728,996
283,056,579
272,145,000
261,355.000
244,912,000
247.179,000
Total Loans
322,492.188
528,509,438
780.388.120
916.243.934
917,215,274
896,595,531
776,182,033
789,229,539
845,132,524
626,590,507
656,626,227
714,279,548
812.119,359
722.373,686
740,573,126
588,073,826
545,125,876
531,630,447
546,491.416
557,742,348
616,300,286
276,484,000
281,384,000
267,074,400
276,107,000
294.013,000
341,667,000
334,982,000
329,082,000
299.899,000
280,542,000
273,373,000
263.962,869
903,074,507
938,010,227
981,353,948
1.088.226,359
1,016.386.689
1,082,240,126
923,055,826
874.207,876
831,529.447
827,033,416
831,115,348
880,263,155
575,896,161
573,313,939
552.998.766
509 920,548
249,062,000
242,544,500
220.124.500
294.644,900
824,958,161
815,858,439
773.123.266
804.565,448
New York Stock Exchange Enlarges Committee on
Bonds, Appointed to Inquire Into Trading in Bonds
At a special meeting of the Governing Committee of the
New York Stock Exchange held May 2 a resolution was
adopted increasing the personnel of the Special Committee
on Bonds from five to seven members. The resolution
provides that the President of the Exchange "be empowered
to appoint the additional members in accordance with the
provisions of the resolution under which the Committee was
first formed." The Committee was formed several months
ago to investigate and inquire into all matters pertaining to
dealings in bonds and other similar securities listed on the
Stock Exchange. The resolution providing for the original
appointment of the Committee was given in our issue of
January 12, page 234.
Registration with SEC of Issue of $15,000,000 of National Distillers Products Corp. 434% Debentures
An issue of $15,000,000 of National Distillers Products
Corp. 4%% debentures was registered with the Securities
and Exchange Commission on May 2. The Commission said
that this was one of the most important pieces of new senior
financing undertaken under the Securities Act since the new
form for seasoned corporations was adopted in January.
The Commission also announced:
Of the issue, approximately $10,000,000 will be used for additional
working capital and general corporate purposes, and the balance to pay
off $5,000,000 of bank loans outstanding on April 30.
The debentures will mature in 10 years, on May 1 1945. Sinking fund
Provisions will become operative in 1936, and redemption prices have been
established. The price at which the debentures will be sold has not yet
been determined. The underwriters, all of New York City,and the amounts
underwritten, follows:
Field, °lore & Co.
$4,275,000
Brown, Harriman & Co., Inc.
4,275,000
2,850,000
Blyth & Co., Inc
Hayden, Stone & Co.
2,850,000
Emanuel & Co
750,000
The prospectus lists $600,000 as the total gross underwriting discounts
or commissions in connection with the offering. In connection with the use
of the proceeds, the prospectus states in part:
The net proceeds are to be used for additional working capital and general
corporate purposes. It is contemplated that the greater part will be used
to enable the Corporation to carry out its progrm, inaugurated just prior
to the repeal of the Eighteenth Amendment, of manufacturing whiskeys on
a large scale and storing a substantial part thereof in warehouses for maturing over a period of years. Part of said net proceeds may be used for
further acquisitions but no specific properties are now under consideration.
Filing of Registration Statements Under Securities
Act of 1933
Outstanding Brokers' Loans on New York Stock
The Securities and Exchange Commission announced
Exchange Increased $31,442,182 During April to
$804,566,448
-Follows Three Consecutive Drops
- April 29 the filing of seven additional registration statements
$87,864,860 of Government Securities Pledged as under the Securities Act of 1933 during the week ended
April 24. The total involved is $5,956,968, of which $4,Collateral
Following three consecutive monthly declines, outstanding 023,968 represented new issues. The securities involved
brokers' loans on the New York Stock Exchange increased are grouped as follows:
No.of
$31,442,182 during April to $804,565,448 April 30 from Issues
Type of Issue-Total
$773,123,266 March 30. The April 30 total, however, is
Commercial and industrial
6
54,023,968
Certificates of deposit
1
$283,660,911 below the April 30 1934figure of $1.088,226,359.
'1,933,000
In the report for April 30 it is noted that demand loans
•Represents aggregate face value. Market value of the securities is $193,300.
dropped to $509,920,548 from $552,998,766 March 30, while
The SEC said April 29
time loans increased to $294,644,900 from $220,124,500. 1395 inclusive) for which that the securities (Nos. 1390registration is pending, follow:
The report shows that 7,644,860 of Government securities
Penn Valley Crude Oil Corp. (2-1390, Form A-1) of Wilmington. Del..
were pledged as collateral for the borrowings during April
seeking to issue 200.000 shares of $6 par
as compared with $69,278,261 in March. The report for shares of $0.01 par value class B stock, value class A stock and 100,000
to be offered in units of one share
April 30 was made public as follows:
of class A and one-half share of class B,to be sold only in lots of two units
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York, as of the.close of business April 30
1935. aggregated $804,565,448. The detailed tabulation follows:
at $7.75 a unit. Charles E. Krampf of Allegany, N. Y.,is President, and
E. G. Wyckoff & Co., of Philadelphia, Is the underwriter. Filed April 17
1935.
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Financial Chronicle
Atlantic & Pacific Mining Co. (2-1391, Form A-1) of Pony. Mont.,
seeking to issue 199,970 shares of $1 par value common stock, to be offered
at par. Carroll M. Murnane of Bethesda, Md., is President. Filed
April 17 1935.
Bonanza Consolidated Gold Mines, Inc. (2-1392, Form A-1) of Detroit.
Mich., seeking to issue 600,000 shares of $1 par value common stock.
The first 100,000 shares are to be offered at 50 cents a share, with 10 rants
per share increase on each succeeding 100,000 shares, or an average of
75 cents per share for the entire issue. George R. Gunn of Ferndale,
Mich., is President. Filed April 20 1935.
Corporate Leaders Reserve Fund, Inc. (2-1393, Form A-1) of New York
City, seeking to issue $500,000 certificates of beneficial interest. Guy W.
Renyx of New York is President. Corporate Leaders of America, Inc.,
also of New York,is the underwriter. Filed April 19 1935.
Bondholders Protective Committee for the Southern New England Ice Co.
BM% First Mortgage Bonds, Series A, Due 1942 (2-1394, Form Di) of
Buffalo, N. Y., seeking to issue certificates of deposit for $1,933.000 of
first mortgage sinking fund gold bonds, series A. due Feb. 1 1942. The
market value of the bonds as of April 15 1935 was $193,300. Filed April 22
1935.
Pacific American Fisheries. Inc.(2-1395, Form A-2) of South Bellingham,
Wash., seeking to register 12,000 shares of $100 par value 5% cumulative
convertible preferred stock and 72,000 shares of $5 par value common
stock. The preferred is to be offered at $100 a share, and the common
Is to be reserved for conversion at the rate of one share of preferred to six
shares of common. The underwriters are Elworthy & Co.of San Francisco:
Drumheller,Erlichman & White of Seattle,and Dulin & Co.of Los Angeles.
Archie W. Spiels of Bellingham is President. Filed April 22 1935.
Doris Ruby Mining Co. (2-1349, Form A-1, refiling) of Buena Vista.
Colo., seeking to issue 123,998 shares of $1 par value common stock, to
be offered at $1 per share. Henry Krueger of Buena Vista is President.
Filed April 20 1905.
In making public the above list the Commission said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in our issue of April 27, page 2780.
Dollar Value of Trading on National Securities
Exchanges During March Totaled $973,845,486
The total dollar value of trading on 21 registered securities exchanges in the United States during March, the
Securities and Exchange Commission announced April 27,
aggregated $973,845,485, which compares with 24,489,314
on 22 exchanges in February and $1,202,822,707 in January.
The totals for January and. February also include the New
York Produce Exchange which has since abandoned securities trading. Total turnover of stocks in March was
$627,154,324, the Commission said, while bond trading
value was $346,691,161. The Commission's announcement
continued:
Turnover of stocks in the first quarter was $2,000,222,521. against
$2.2C5,036.702 in the preceding quarter. The value of bond trading was
$1,000,934,985. compared with $847,877,979 in the last quarter of 1934.
Stock and bond irading in the first quarter of 1935 had P. value of $3,001,157,507. against $3,052,914,680 in the final quarter of 1934.
During the six-months' period October 1934 to March 1935 inclusive,
stocks traded had a total value of $4,205,259,223; bond turnover was
$1,848,812,964; aggregate trading value, $6.054.072,187.
The two leading New York exchanges accounted for $3,964,232.407 of
the stock trading for the six-months' period, or 94.3% of the aggregate.
Ofthe total bond trading value for six months these two exchanges accounted
for $1,845,106,138, or 99.8% while the corresponding percentage for stocks
and bonds combined was 96%.
SEC Issues Interpretations of Items in Form 10 and
Form A-2, Relating to Remuneration of Officers,
Employees, &c., and Affecting Expenditures for
Advertising
The Securities and Exchange Commission issued, on
April 25, the following interpretation as to the meaning of
Item 27 in Form 10 and Item 37 in Form A-2, which items
require registering corporations to list persons (other than
directors, officers, or employees) to whom remuneration of
more than $20,000 was paid during the past fiscal year:
The question has arisen as to the meaning of Item 27 of Form 10 and
Item 37 of Form A-2. The Commission has ruled that these items do not
require information concerning ordinary expenditures made for advertising,
whether the payments are made directly to an advertising medium or to an
advertising agency. (It is to be noted that an agreement with an affiliate
for advertising, if material, should be set forth in answer to Item 31 of
Form 10.) However, remuneration for publicity advice and counsel, not
directly connected with the obtaining of space or other advertising medium,
should be set forth.
Upon inquiry as to whether ordinary payments for freight and express
services and similar matters should be set forth, the Commission has ruled
that such class of services, which have rates determined by law or mercantile usage, are not such services as fall within the meaning of the items
in question.
SEC Exempts from Provisions of Section 16 of Securities Exchange Act of 1934 Securities Purchased
or Sold by Odd-Lot Dealers
The Securities and Exchange Commission on April 30
announced a rule exempting from Section 16 of the Securities Exchange Act of 1934, on certain conditions, securities
transactions of odd-lot dealers who are also directors, officers or principal stockholders of companies whose equity
securities are listed on a national securities exchange.
Section 16 deals with the duties and liabilities of such officers, directors and principal stockholders, said the Commission's announcement, which added:
The odd-lot dealers exempted by this rule perform the function of
purchasing and selling securities in amounts less than the unit of trading
May 4 1935
on the exchange of which they are members. The usual unit of trading
is 100 shares, and transactions of less than that amount must be consummated through an odd-lot dealer. Since odd-lot dealers usually accept
all orders to buy or sell at prices determined by the next round lot sale
on the exchange, their transactions in odd lots are not ordinarily speculative in character.
The exemption contained in Rule NA5 will permit such persons to act
as odd-lot dealers, and in the course of such dealings to take a short
position on occasion, and to retain profits realized from purchases and
sales made in carrying on an odd-lot business. The exemption will also
relieve the odd-lot dealer from the necessity of filing reports as to such
transactions.
The rule is, however, carefully restricted to prevent evasions of the
purpose of Section 16. The exemption does not apply to transactions by
an odd-hot dealer which involve his taking a position on the long or
short side in excess of that necessary to transact his odd-lot business. An
odd-lot dealer who takes a position acting on inside information obtained
through his directorship, rather than in reasonable anticipation of odd-lot
orders, will remain subject to all the duties and liabilities of Section 16.
Rules and Regulations in Regard to Contents in
Prospectuses Consolidated by SEC—Only One
Material Change Involved
The Securities and Exchange Commission published on
May 2 a consolidation of the various rules and regulations
now in effect in regard to the contents of prospectuses. This
consolidation was adopted by the Commission as a revision
of Article 16 of the rules and regulations of the SEC. The
revised article applies to prospectuses for securities registered
on all forms except for those registered on Form A-2, for
which a special rule is contained in the instruction book for
that form. An announcement by the Commission further
said:
The only material change involved in the revision of Article 16 is a
new requirement that where the prospectus omits information which is
contained in the registration statement, this fact should be stated in the
prospectus. The provisions of the revised article may be availed of immediately but are mandatory only as to prospectuses for securities for which
statements become effective on or after June 15 1935.
Rules Governing Financial Newspaper Advertising
Eased by SEC
The Securities and Exchange Commission adopted a rule
on May 2 setting forth special instructions winch modify
the information required to be included in newspaper and
periodical prospectuses by issuers using Form A-2 for registering. "The instructions," the Commission said, `are
drawn with a view to making possible a newspaper prospectus of about the compass of the offering advertisement
as used before the passage of the Securities Act." The
Commission points out that the term "newspaper prospectuses" as used in the instructions applies only to newspaper and periodical advertisements, and does not apply
to reprints, reproductions, or detached copies of the advertisements. The Commission further announced:
The requirements are such that the offering advertisement, as permitted,
will not purport to give complete information. A statement is required
calling attention of the prospective investor and the fact that complete
information may be had from the registration statement and the prospectus.
Further, a statement is required to the effect that the issue, though registered, is not approved by the SEC. The purpose of this last statement is
to warn investors that the registration of a new issue with the Commission
Is not to be regarded as an indication of approval by the Commission.
The instructions require that a copy of the advertisement must be filed
with the Commission, giving the date and manner of publication. This
copy, however, need not be filed until a week after the publication of the
advertisement.
Reporting the new rules of the SEC, Washington advices,
May 2, to the New York "Herald-Tribune" of May 3, said:
Coming after five months of study by the SEC staff in co-operation
with representatives of the publishers, the new instructions make possible
a condensed prospectus, giving essential facts on the new issue but casting
aside the tremendous amount of data, which has been required under rules
originally promulgated by the Federal Trade Commission.
Since the passage of the Securities Act, which compels Federal registration of all new securities, in 1933, issuers have been checkmated, it was
admitted at the Commission,from telling the story of their issues directly
to the public through the newspapers because the prospectus to be published was of an extremely bulky character. It is now proposed to return
to the conditions existing before the Act. . .
Bulk of Reports Removed
In short, what the new instructions do is to establish a new concept for
advertising of new securities under the Federal law, namely that the insertions will not purport to give complete information. To that end, the
Commission has taken the prospectus given purchasers under the Act and
has removed over 50 items of information, considered unessential in telling
the story through the newspapers to the investor. The remaining material
will serve the purpose, the Comnlission believes, of giving all the facts
.
needed to be related in the medium. .
The SEC had no connection with the promulgation of the original advertising requirements, since it was created in the spring of 1934 and began
operation in the fall of that year, an extended period after the Securities
Act of 1933 was passed. The Commission was created primarily to adinnils•
ter the new law, the Securities Exchange Act of 1934, and was given also
administration of the 1933 Act. Ever since the Commission began to operate, it was said at its office, the problem of impossible restrictions on
financial advertising has been considered and for the last five months
Intensive study had been given the question.
The new requirements were drawn up as a result of conferences between
the SEC and representatives of the American Newspaper Publishers' Association, speaking for newspapers in all parts of the country. Included
In the publisher representatives, who have conferred with Mr. Kennedy
and who have presented through analyses of the difficulties placed in the
way of advertising by the Act, were James 0. Parsons, of the New York
"Herald Tribune," who has acted as Chairman: Don U. Bridge, of The
Volume 140
New York "Times"; John Mench, of the Hearst newspapers; Chester M.
Campbell, of the Chicago "Tribune," and Kenneth C. Hogate, of "The
Wall Street Journal." Harold L. Cross. of New York, has acted as special
counsel for the newspaper committee, and Elisha Hanson. of Washington,
general counsel of the American Newspaper Publishers' Association.
The new rules were issued as follows by the Commission:
Amendment No. 6 to Instruction Book for Form A-2
The SEC pursuant to authority conferred upon it by Section 10 of the
Securities Act of 1933 nereby amends the instruction book for Form A-2
for corporations, as amended, by adding after the title "Instructions as to
the Prospectus," the following sub-title:
"I—Instructions as to Prospectuses Other Phan Newspaper Prospectuses",
and by adding the following at the conclusion of said instructions:
"II—Instructions as to Newspaper Prospectuses."
Notwithstanding the provisions of Article 16 of the rules and regulations
of the Commission under the Securities Act of 1933. as amended, and
pursuant to the powers conferred by subsections (2). (3) and (4) of Section
10 (b) of the Act, and the Commission finding that the requirements for
newspaper prospectuses hereinbelow contained are necessary or appropriate
In the public interest or for the protection of investors for the class of prospectuses and the issuers to which applicable, and that the statements
required by the items permitted to be omitted are not necessary or appropriate in the public interest or for the protection of investors for the class
of prospectuses and issuers to which applicable, the following rule shall
govern newspaper prospectuses for securities registered on Form A-2 for
Corporations:
1. The term "newspaper prospectuses" as used in these instructions
shall comprise only advertisements of securities printed in newspapers,
magazines or other periodicals which are admitted to the United States
mails as second class matter and which are not distributed by the advertiser. The term shall not include reprints, reproductions or detached copies
of such advertisements.
2. Newspaper prospectuses shall not be deemed to be "a written prospectus meeting the requirements of Section 10" for the purpose of Section
2(10)(a) or Section 5(b)
(2) of the Securities Act of 1933, as amended.
3. Notwithstanding the provisions of Article 17 of the rules and regulations of the Commission under the Securities Act of 1933, a copy of a
newspaper prospectus need not be filed until the seventh day subsequent
to the first date of publication; such copy shall be accompanied by a statement of the date and the manner of publication.
4. Where the incorporation by reference in the registration statement
proper of matter contained in exhibits is permitted, a similar incorporation
by reference may be made in the newspaper prospectus.
5. The information set forth in the newspaper prospectuses may be
expressed in condensed or summarized form. The information need not
follow the numerical sequence of the items of information in the registration
statement.
6. There shall be placed at the head of the newspaper prospectuses In
conspicuous print, the following statement:
This issue, though registered, is not approved by the SEC, which does
not pass on the merits of any registered securities.
7. There may be omitted from a newspaper prospectus matter contained in the registration statement in regard to the following:
) The facing sheet.
) Calculation of registration fee.
c) The following items of the registration statement proper: Items 2,
4a,6. 7, except as to the general character of the principal plants and other
Important units. 8, 9A, except that total of outstanding funded debt shall
be stated: Columns B, D, E, F and G of Item 10A; 11A except that the
total of Column 0 shall be stated; Columns B. C, E and F of Item 12A;
information set forth in answer to Item 13A similar to that which may be
omitted as to Items 9A, 10A, 11A and 12A: 14; paragraphs e, h, I, provided
that a statement be made that substitution is permitted, if such is the case,
and, if so, a statement be further made as to whether or not notice is required in connection with any such substitution, k,I, m,n and o of Item 15;
16;Items 18 and 19 other than as to securities to be offered; Items 20,22, 23.
25, 26, 27. 29, 30, 31. 32, 33, 34, 35, 36, 37, 38, 39, 40. 41, 43, 44, 45. 46;
any item not set forth above other than Items 7 and 21, as to which the
answer is in the negative.
(d) The enumeration of the contents of the registration statement.
) The signatures and consents of experts.
) All financial statements and schedules thereto.
) All exhibits.
8. There shall be placed at the foot of the newspaper prospectus, a
statement to the following effect.
Further information, in particular financial statements, is contained
In the Registration Statement on file with the Commission, and in the
offering prospectus which must be furnished to each purchaser and is
obtainable from the undersigned. (Insert names.)
rb
Vg
Form A-2 for corporations was given in our
issue
of Jan.
19, page 382.
Proposed Banking Legislation Condemned by Girard
Trust Company—Pending Bills Would Eliminate
Private Banking in This Country, Article Asserts
—Views on Canada's Central Bank
Pending bills for the rearganization of banking in the
United States would, if enacted, cause serious consequences
to industry, trade, finance and the public, according to an
analysis of banking legislation in the April issue of "The
Girard Letter," published by the Girard Trust Company
of Philadelphia. Title II of the Administration's proposed
banking act, the article declares, would complete the Government's control over the Federal Reserve System and "would
make it, for all practical purposes, as subservient to the
whims of political influence as if it were actually owned
by the Government." In analyzing the bill introduced
by Senator Nye on March 4, the article says that the provision requiring banks to keep on deposit United States
notes for 100% of demand deposits would destroy the
private banking system in this country, and "would put
all privately owned banks out of business, since obviously
it would be impossible for them to pay their costs of operation and a reasonable return on the capital invested if they
were required to hold in cash all demand deposits left with
them."
In its analysis of proposed banking legislation, the article
states, in part:
Phat it is now desirable to make a thorough-going study of a revision
In our banking and currency laws is not questioned, but little can be gained
by the hasty passage of such hap-hazard and ill-conceived banking legis-
2955
Financial Chronicle
lation as that now before Congress. Time, at least, should be taken for
extensive study, deliberation and discussion.
Technical students of central banking are agreed that measures designed
to correct weaknesses in our central banking system should: "seek to
increase, rather than destroy, its independence of political influence. They
should increase, not reduce, its commercial nature. rhey should assure,
not impair, its liquidity. And they should free it from Government
financing rather than link it more closely to the fiscal needs of the Government"—a statement recently made public by the Economists' National
Committee on Monetary Policy.
The article also discusses the recent revision of the Canadian banking laws with recommendations for the establishment of a central bank, and adds:
The Central Bank now established is an entirely privately-owned institution. Its directors are elected by its shareholders and its shares are
held by the Canadian public. The Government is permitted to buy such
shares as are not subscribed by the public, but apparently there is no way
for the Government to secure a controlling interest in the capital of the
bank, except through new legislation. The newly appointed Governor
and Deputy Governor are both men with technical training and experience
in commercial and central banking.
The intention in the establishment of the new "Bank of Canada" was
not to supplant the existing privately-owned Canadian banking system
nor to effect any experimental utopian schemes for obtaining prosperity
through monetary manipulation. It will act as a Central Bank of issue
and rediscount, act as fiscal agent of the Government. centralize and.
manage the gold reserve and co-ordinate the existing banking system. It
will not make loans to or accept deposits from the public, but will deal only
with the Dominion government, provincial governments, chartered banks,
and the Quebec savings banks.
That the Canadian plan would be suited to the central banking needs
of this country is most improbable. Only a thorough and careful study
can insure adoption of the appropriate revisions in our banking laws.
Re-employment Paramount Task of Government and
Business, According to Guaranty Trust Co.—
Solution of Problem only Through Private Business
Expansion
The main problem facing the country to-day, states the
Guaranty Trust Co. of New York in the current issue of
"The Guaranty Survey," its monthly review of business and
financial conditions in the United States and abroad, published April 29, is that of re-employment, and its solution
can come about only through private business expansion.
Consequently, the governmental objectives of relief and
reform, instead of being distinct from, and partly antagonistic to, that of recovery, actually depend upon it.
"The enactment of the work relief bill, carrying appropriations of nearly five billion dollars, together with the
steady month-by-month increase in Federal relief expenditures to a series of new high records," says "The Survey,"
"emphasizes once more the key position of unemployment
among the various problems of depression. Unemployment
is crucial from every point of view—social, political and
financial." In part, "The Survey" continues:
it is the greatest cause of human suffering and degradation. It Is the
most dangerous breeder of social and political unrest. And it is the
most prolific source of budget deficits, crushing tax burdens, and monetary
disorders. In the United States the situation has already taken on some
of the aspects of a race between business recovery and re-employment on
the one hand and inflation on the other. . . .
On the whole, the business situation seems distinctly better than it was
two years ago, although it is very doubtful to what extent the improvement
is a result of natural recuperative forces and to what extent it is a consequence of the Government's recovery program.
Dangerous Features of Relief
The reason why the uncertain validity of the present recovery policies
is so disquieting to business confidence is that the methods now being
followed cannot be maintained over an extended period. The public debt
is increasing at a rapid rate, mainly because of the cost of caring for the
unemployed. Such a situation may be defensible as a temporary expedient,
but not as a permanent policy.
Private Business Recovery Essential
The only escape from the dilemma is through private business recovery.
This is the sole alternative to the financial disorder and the moral disintegration that lie in the direction of long-continued unemployment relief.
It follows that the greatest task of government and business at present
is to co-operate in every possible way in helping private industry and
trade to put men back to work.
The principal steps necessary to this end consist fully as much in the
avoidance or abandonment of unwise measures as in the adoption of wise
ones. Their essential purpose is to allow business enterprise to proceed
in a normal manner with a minimum of restrictions on its freedom of
action and on its prospects of reasonable profit.
It is essential that unemployment relief be placed on a basis that can be
maintained over an extended period. This means, first, that its cost
should be reduced to a minimum by the abandonment of work relief in
favor of direct relief; and, second, that the cost should be met with
current receipts, rather than by means of borrowing. . . .
It should be clearly recognized that the prospect of profit is indispensable
to business recovery, and all existing and proposed recovery legislation
should be reviewed with this thought in mind. The principle of diverting
purchasing power into consumption channels by arbitrarily reducing hours
of labor and raising wage rates has been tried and found ineffective. When
carried too far, this practice raises costs to a level where either business
is conducted at a loss and operations are abandoned, or prices rise so high
as to reduce demand and force curtailment of output. In either case,
employment is reduced and the purpose of the program defeated. Instead
of increasing demand and stimulating employment by diverting business
profits into the channels of consumption, such artificial interference reduces
demand and diminishes employment by raising costs.
Initiative and Safety
Closely related to the question of profits is that of freedom of initiative.
Competent and experienced business men feel confidence in their ability
to openate successfully only when they are free to exercise their independent business judgment. Price-fixing, wage-fixing and output restrie-
2956
Financial Chronicle
tion destroy the balance of the economic mechanism. Prices, wages, output,
and demand are interrelated parts of an organic whole; and any effort
to interfere with the movements of one or more of these elements has
effects, often unpredictable, on all the others. Recent experience has
tended to confirm the view that no human agency can provide a satisfactory substitute for the natural interplay of economic forcecs in directing
the course of business affairs.
No less important than the prospect of profit to the business enterprise
is the prospect of safety of principal and income to the investor. Without
such a prospect the flow of capital into productive enterprise ceases, and
business expansion becomes impossible. At present, the safety of the
investor is attacked from several directions. The obligations of debtors
have been modified by amendments to the bankruptcy laws; the profits
of business enterprises, from which the income on securities is derived,
have been threatened; and the value of the currency, the bedrock of all
values, has been placed in question. Of all these influences, this last is
perhaps the most destructive of confidence. Whether inflation comes
about as a deliberate policy designed to offer a recovery panacea or a
consequence of public extravagance makes little difference. As long as it
remains a significant factor in business calculations sound recovery will
be deferred.
Michigan Judge Holds State Courts Have No Jurisdiction in Cases Affecting Banks Which Are Members
of Federal Reserve System—Ruling Grew Out of
Closing Union Industrial Trust & Savings Bank of
Flint, Mich., and Guardian Detroit Union Group
Under a decision handed down at Flint, Mich., on April 25,
by Circuit Judge Paul V. Gadola, it is held that State
courts have no jurisdiction in criminal cases involving
banks which are members of the Federal Reserve System.
Advices from Flint to the Detroit "Free Press," from which
we quote, also had the following to say regarding the court's
conclusions:
The ruling, which may have national ramifications, was given in quashing charges against Herbert It. Wilkin, former Executive Vice-President of
the closed Union Industrial Trust & Savings Bank of Flint, and James L.
Walsh, former Vice-President of the Guardian Detroit Union Group.
The defendants had been indicted on charges of making false banking
reports.
The decision of Judge Gadola, if sustained in the Supreme Court, would
mean that all the bankers sentenced for embezzlement of $3,690,000 from
the Union Industrial Trust it Savings Bank in 1929, before the stock market
crash, were convicted and sentenced illegally.
Sentences Called Invalid
Attorney Edward N. Barnard, of Detroit, counsel for Wilkin, declared
in his argument that every Federal Reserve System banker convicted in
any State court could erase the record by a proper appeal or could obtain
his liberty if he still is serving a prison sentence.
Judge Gadola adhered closely to the Barnard brief in deciding the case
and ruling that State courts have no jurisdiction where the alleged crime
is covered by Federal laws. The court held the jurisdiction in the Wilkin
and Walsh case was exclusively in the Federal courts, which have both
former bankers under indictment on charges similar to the counts lodged
against them in Flint.
Citing numerous Supreme Court decisions, Judge Gadola declared the
preponderance of authority expressly gave Federal courts the exclusive
jurisdiction.
One decision applied particularly to bankers convicted of embezzlement
such as the Flint bank case in 1929 and reserved the right of trial exclusively to the Federal courts if the bankers were employed by member banks
of the Federal Reserve.
Evidence Questioned
Barnard asked the court to quash the case against his clients on the
ground of lack of jurisdiction and because the testimony of a municipal
court examination failed to produce sufficient evidence to warrant the trial.
Judge Gadola declared the court did not have time to investigate the
charge of insufficiency of evidence, but the jurisdictional question was
discussed thoroughly.
Before Prosecuting Attorney Andrew J. Transue and his assistant,
Phillip Elliott, left for Hart to try a factory theft case last Saturday, Mr.
Elliott intimated the prosecution would carry the case to the State Supreme
Court in the event of an adverse verdict.
The decision of Judge Gadola is the second Circuit Court verdict for
Wilkin and Walsh. Judge James S. Parker, sitting as a one-man Grand
Jury, refused to indict the two bankers on the question of jurisdiction and
because the Federal Grand Jury had taken official cognizance of the case.
The Prosecutor insisted upon the arrests on complaint of a deputy sheriff
who was impressed to sign the complaint.
In a dispatch from Flint, April 25, to the New York
"Times" it was stated that the decision, according to leading Detroit attorneys here for the case, means that bankers
have been illegally prosecuted in State courts throughout
the country, and that any banker in Michigan whose bank
was a member of the Federal Reserve System and who was
convicted in a State court can seek his release on a writ
through Judge Gadola's decision. In part, the advices to
the "Times" said:
The decision was termed to-day by attorneys for a score or more indicted
bankers as "a marvelous victory of nation-wide significance."
Mr. Wilkin, Senior Vice-President of the Union Guardian Trust Co. and
Executive Vice-President of the Guardian Detroit Group, Inc., was placed
In Flint as Executive Vice-President of the Union Industrial Trust ik Savings Bank, the Guardian Group bank here, in 1931 and 1932, following
discovery that the bank allegedly had been looted by sane of its officers.
Walsh also was an officer in the Guardian Group and in the Flint bank.
Judge Gadola, in his decision, quoted Article VI, Paragraph 2, of the
United States Constitution as follows:
"
'This Constitution, and the laws of the United States which shall be made In
pursuance thereof and all treaties made, or which shall be made, under the authority
of the United States, shall be the supreme law of the land, and the judges in every
State shall be bound thereby, anything In the Constitution or the laws of any State
to the contrary notwithstanding.'"
He then quoted Section 371, Title 28, of the United States Criminal
Code:
'The jurisdiction vested In the Court of the United States and in the Cases and
"
proceedings hereinafter mentioned, shall be exclusive of the courts of the several
States:
May 4 1935
"'1. Of all crimes and offenses cognizable under the authority of the United
States.'"
Continuing, Judge Gadola said:
"Considering the authorities quoted, the court Is of the opinion that the offenses
charged in the information filed against the defendants are completely covered by
acts of Congress.
"Under the Constitution, the Judicial Code, Criminal Code,and the Banking Code
of the United States, the subject matter is completely covered, involving the Instant
Information, and being so covered, it makes the matter charged a Federal offense,
and, therefore, under the jurisdiction of the Federal Court."
Mr. Wilkin and Mr. Walsh were charged with "window dressing" in
their conduct of the Flint bank. They are both under indictment in the
Federal court at Detroit.
Federal Reserve Board Issues Four Amendments to
Regulations Governing Margin Requirements
Under Securities Exchange Act of 1934
The Federal Reserve Board issued on May 1 four amendments to Regulation T, Series of 1934, which governs marginal requirements under the Securities Exchange Act of
1934. The amendments will become effective on May 10.
The first amendment defines the term "days" as used in the
Regulation; the second provides for the maintenance of
credit without collateral or on collateral other than exempted
or registered securities; the third revises the procedure on
bona-fide cash transactions, and the last makes clear the
payment by a creditor, to or for a customer, of interest or
cash dividends collected by the creditor for the customer's
account. The full text of Regulation T was given in our
issue of Sept. 29 1934, pages 1923-1926, and Oct. 27, page
2593. A Washington account May 1, special to the New
York "Times" of May 2, had the following to say regarding
the amendments:
One change would make possible the transfer of unregistered, nonexempted securities from a combined account to a cash account for the
purposes of their sale as a bond-fide cash transaction. The effect would be
to permit the 7-day interval in which to complete the transaction.
In the case of a registered security, a creditor if receiving approval of the
business conduct committee of an exchange would be permitted to transfer
a cash transaction to a margin, but this is not allowed in connection with
dealings in unregistered or non-exempted securities.
One of the amendments to-day puts formally into effect an earlier opinion
by the Board intended to make unnecessary liquidation of an account
which had fallen short of meeting the margin requirements, because securities
In it which formerly had a loan value had lost that status.
The opinion was given some time ago when a number of bank stocks lost
their standing as registered securities with the closing of the securities
division of the New York Produce Exchange. on which they had been listed.
Further extension of credit in such accounts, however, can be made only on
the basis of the loan value of registered or exempted securities.
Another amendment permits a creditor to pay to or for a customer from
any account interest and cash dividends if payment is made within 35 days
after being credited to the account, provided that in the meantime the interest or dividend had not been employed to permit transactions in the
account which could not otherwise have been effected.
The text of the amendments issued by the Federal Reserve
Board May 1, and effective May 10, follows:
Amendments of Regulation T
Amendment No. 1 of Regulation T—Effective May 10 1935:
Section 2 of Regulation T is hereby amended by adding at the end
;hereof a now sub-section reading as follows:
"(n) The term 'days' as distinguished from 'business days' and 'full
business days' means calendar days, but if the last day of a specified period
of days be a Saturday, a Sunday or a holiday, such period shall be considered to end on the next full business day."
Amendment No. 2 of Regulation T—Effective May 10 1935.
Section 5 of Regulation T is hereby amended by adding at the end thereof
a new sub-section reading as follows:
"(d) Maintenance of credit without collateral or on collateral other
than exempted or registered securities. Any credit which was initially
extended prior to Oct. 11934. or which was extended in conformity with this
regulation and which is or has become, without violation of this regulation, credit maintained without collateral or on collateral other than exempted or registered securities, may be maintained without collateral or
on collateral other than exempted or registered securities until July 1 1937:
Provided, That any collateral securing such credit other than exempted or
registered securities (a) shall not be the basis of any additional extension
of credit which is for the purpose of purchasing or carrying securities, and
(b) shall be given no value in determining the maximum loan value of the
securities in the account."
Amendment No. 3 of Regulation T—Effective May 10, 1935.
Section 6 of Regulation T, entitled "Cash Transcations," is hereby
amended to read as follows:
Section 6
Cash Transactions
"Notwithstanding any other provision of this regulation, a creditor may,
n a special cash account recorded separately, subject to the conditions
specified in this section (1). effect bona fide cash transactions and transactions incidental thereto and (2). make, for limited periods not exceeding
seven days, extensions of credit which are Incidental to bona fide cash
transactions.
bona fide cash transaction Is (1) a transaction In which a customer
buys a security (whether registered or unregistered) through a creditor
acting as broker or from a creditor acting as dealer, pursuant to an agreement made in good faith, and not to evade or circumvent the provisions
of this regulation, that the customer will promptly make full cash payment
for such security, or (2) a transaction in which a customer sells, through a
creditor acting as broker or to a creditor acting as dealer, a security (whether
registered or unregistered) which the creditor holds in the special cash
account of such customer or which, pursuant to an agreement made In
good faith and not to evade or circumvent the provisions of this regulation,
Is to be deposited in or transferred to such account.
"The creditor shall record the full details of every bona fide cash transaction and,of every transaction incidental thereto which Is effected in the
special cash account provided for in this section and shall record in the
special cash account itself the following details: (1) In the case of every
security purchased by the customer, the name of the customer, the date
of Payment by the creditor, and the date of payment by the customer,
and (2) in the case of every security sold by the customer the name of the
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MONEY OUTSIDE OF THE TREASURY
Stock of Money in the Country
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. The figures this time are for
March 31 1935 and show that the money in circulation at
that date (including, of course, what is held in bank vaults
of member banks of the Federal Reserve System) was
$5,493,137,741, as against $5,466,702,738 on Feb. 28 1935
and $5,393,689,530 on Feb. 28 1934, and comparing with
ct
F.
00 0. 0 04
MONEY HELD IN THE TREASURY
Oct. 26
Nov. 2
134,096
33,808
45.803
152,331
38.135
57.085
19,994
54,822
7,615
5,183
6.755
66,771
50.259
9.C9
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Total
Oct. 19
Weeklineted— Fine Oa.
1935—
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. I
Mar. 8
Mar. 15
Mar.22
Mar.29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
TOTAL
AMOUNT
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Week Ended— Fine Ou.
1934—
3,665,239
33,465,091 Nov. 9
338.191
26,088,019 Nov. 16
261,870
12,301,731 Nov. 23
66,662
4.144,157 Nov.30
292,358
3,984,363 1)ee. 7
444,308
8.435,920 Dec. 14
892.795
2.550,303 Dec. 21
63.105
2,474,809 Dec. 28
2,883,948
1935—
309.117
1,044,127 Jan. 4
535.734
746,469 Jan, 11
75.797
7,157.273 Jan. 18
62.077
Jan. 25
---40--.
0
Amt. Held as Reserve Against
Security AO'net United States
Notes
Gold and Silver
Certificates (& (and Treasury
Notes
Treasury Notes
of 1890)
of 1890)
Week Ended— Fine Om.
1934—
KIND OF
MONEY
Following are the weekly receipts since the order of Aug.9
was issued:
: Ei ii
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6
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.
.
.
b
03
0
1,168,903.166 5,493,137.741
50,259.00
Total for week ended April 26 1935
9.387,758,9141 6,448,222,682
Denver
New Orleans
Seattle
14,522.785,710
Philadelphia
New York
San Francisco
888888
c0Mbb
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§4=.000o
4,856,948,920
3,437,767,100
1,212,360,791
Fine Ounces
18,167.00
21,054.00
10,178.00
136.00
344.00
380.00
g• • Re
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5,466.702,738
5,393.689,530
5.698,214,612
4,172,945,914
3.459,434,174
816.286,721
During the week of April 26 a total of 50,259 fine ounces
of silver was transferred to the United States under the
Executive Order of Aug. 9 1934, nationalizing the metal.
A statement issued by the Treasury Department on April 29
showed that receipts since the order was issued and up to
April 26 totaled 112,7191940 fine ounces. The order of
Aug. 9 was given in our issue of Aug. 11 1934, page 858.
The statement of the Treasury of April 29 shows that the
silver was received at the various mints and assay offices
during the week of April 26 as follows:
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1,247,529,884
1,357.951,728
1,063.216,060
953,321.522
Silver Transferred to United States Under Nationalization Order-60,259 Fine Ounces During Week of
April 26
PgrNF.1
6.398.229,819
4,996,733,764
718,674,378
2,681,691,072
1,507,178.879
21,602.6401
Nov. 17, page 3074.
;r1"42Vg§
9,307.298,844
8,258,666,744
2,436,864.530
2,952.020,313
1845,569.804
212,420,402
The interpretations of Regulation T by the Federal Reserve
Board, mentioned in the above amendments, were given in
the "Chronicle" as follows: Nos. 16 and 27, Oct. 20, page
2442; No. 30, Oct. 27, page 2593; No. 34, Nov. 10, page
2917; Nos. 35 and 36, Nov. 17, page 3075, and No. 38,
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:
14,480,250,567
13,452,311,018
8,479,620,8241
5,396.596,877
3,797.825.099,
1,007,084,483I
customer, the date of deposit of the security in or the transfer thereof to
the account, the date of payment to the customer, and the date of the
crediting of the proceeds of the sale to the account.
"No extension of credit which is incidental to any such bona fide cash
transaction shall constitute a violation of this regulation (1) if. within the
time specified above, payment is received by the creditor (who may disregard for the purpose of this clause any sum due not exceeding $50), or
(2) if, within two full business days after the time when payment should
have been received under this section, the creditor (a) in the case of any
security purchased by the customer from the creditor acting as dealer,
cancels the sale or resells the security, or (b) in the case of any security
purchased through the creditor acting as broker, sells the security, or (c) in
the case of any security sold through the creditor acting as broker, resells
the security or is repaid by the customer. Provided, however, that, in
exceptional cases, any regularly constituted committee of a national securities exchange having jurisdiction over the business conduct of its members,
of which exchange the creditor is a member or through which his transactions are effected, may. on application of the creditor, grant a further
extension of time not exceeding thirty-five days or, in the case of a registered security, authorize the creditor to extend credit on such security
subject to the provisions of this regulation, if such committee is satisfied
that the transaction was a bona fide cash transaction, that the creditor
is acting in good faith in making the application, and that the circumstances warrant such action.
"The special cash account provided for in this section shall not be used
in any way for the purpose of evading or circumventing any provision of
this regulation.
"No transaction shall be effected in such account except bona fide cash
transactions and transactions incidental thereto, and no extension of credit
shall be made in such account except extensions incidental to bona fide
cash transactions."
Note—The Board's rulings numbered 16, 27, 34 and 35 interpreting
Regulation T may be disergarded with respect to transactions occurring
on and after the effective date of the foregoing amendment. After enactment of Amendment No. 3, Ruling No. 36, interpreting Regulation T,
will still be controlling as to the facts stated in the ruling, but it is contemplated that the ruling will be of less general interest because of the possibility under Amendment No. 3 of transferring unregistered, non-exempted
securities from a combined account to a cash account for the purpose of
effecting their sale as a bona fide cash transaction.
Amendment No. 4 of Regulation T—Effective May 10 1935.
Sub-section (b) of Section 8 of Regulation T is hereby amended by adding
at the end thereof a new paragraph reading as follows:
"Nothing in this regulation shall be construed to prevent a creditor
from paying to or for a customer from any account (including anyl restricted account) interest and (or) cash dividends collected by the creditor
for the customer's account, If such payment is made within thirty-five
days after the day on which, in accordance with the creditor's usual practice, such interest or dividends are credited to the account, and if the
crediting of such Interest or dividends has not served in the meantime to
permit in the account any purchase of securities or other transaction
which could not otherwise have been effected in accordance with this
regulation."
Note—The Board's rulings numbered 30 and 38 interpreting Regulation
T must be disregarded with respect to transactions occurring on or after
the effective date of the foregoing amendment.
Aug. 17
Aug. 24
Aug. 31
2957
Financial Chronicle
Volume 140
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•Revised figures.
a Does not Include gold other than that held by the Treasury.
b These amounts are not Included in the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is included
under gold,standard sliver dollars, and silver bullion, respectively.
c $83,337,146 secured by silver bullion held In the Treasury.
d This total includes $5.648,755 deposited for the redemption of Federal Reserve
notes ($1,240,420 in process of redemption).
e Includes $1,800,000,000 Exchange Stabilization Fund.
Includes $22,943,926 lawful money deposited for the redemption of National
bank notes ($20,284,941 in process of redemption, incaiding notes chargeable to
the retirement fund), $1,350 lawful money deposited for the retirement of additional
circulation (Act May 30 1908), and 550,748,982 lawful money deposited as a reserve
for Pasta! Savings deposits.
g The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held in the Treastirl
to arrive at the total amount of money in the United States.
h Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
i The money In circulation includes any paper currency held outside the continental limits of the United States.
Note—Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption for uses authorised by law: silver certificates are secured dollar
for dollar by standard silver dollars held In the Treasury for their redemption (or by
silver bullion): United States notes and Treasury notes of 1890 are secured by •
gold reserve of $156,039,431 held in the Treasury. Treasury notes of 1890 are also
secured dollar for dollar by standard silver dollars held in the Treasury; these notes
are being canceled and retired on receipt, Federal Reserve notes are obligations
of the United States and a first lien on all the assets of the issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold certificates or of gold certificates and such discounted
or purchased paper BS is eligible under the terms of the Federal Reserve Act, or.
until March 3,1937, of direct obligations of the United States if so authorized by a
majority vote of the Federal Reserve Board. Federal Reserve banks must maintain
a reserve in gold certificates of at least 40%, including the redemption fund which
must be deposited with the United States Treasurer, against Federal Reserve notes
In actual circulation. Federal Reserve bank notes are secured by direct obligations
of the United States or commercial paper, except where lawful money has been
deposited with the Treasurer of the United States for their retirement. National
bank notes are secured by United States bonds exempt where lawful money has been
Financial Chronicle
2958
deposited with the 'Treasurer of the United States for their retirement. A 5% fund
Is maintained In lawful money with the Treasurer of the United States for the
redemption of National bank notes.
Newark Clearing House Banks Adopt Measured Service
Charge on Checks—Effective May 1
Member banks of the Newark Clearing House Association
have adopted a measured service charge on checks to be
put into effect on May 1, we learn from the Newark "News"
of April 19, which said:
Checking accounts will be analyzed monthly, with the service perormed by the bank on each account measured and the earnings on the
account computed. If the account earns enough to pay for the service
no charge will be made. If not, the difference will be charged to the
account.
The schedule of charges calls for a monthly service charge of $1 if the
balance is $200 or less a month. For accounts with balances above
$200 there will be no service charge.
Free checks will be allowed monthly to each account, the number depending upon the size of the account. Each check in excess of the free
allotment will cost the depositor 5 cents. This is in addition to the service
charge. The number of free checks, according to the account size, follows:
Free Checks Allowed
ks
( Balance in Account— Free Checks
Balance in Account— Free Checks
10
20 ;100.00 to $200
$400.01 to $500
5
15 Under $100to $400
101
$200.01 to $300
New York Clearing House Abolishes Interest Rates on
Time Deposits Due Within Six Months--Also Discontinues After May 15 Interest on Demand
Deposits of Mutual Savings Banks
The New York Clearing House announced April 29 that
interest would be eliminated on time deposits dated May 1
or thereafter and payable within six months from the date
of deposit or demand. The announcement said that this
regulation does not apply to time deposits payable in more
than six months, which are subject to other regulations.
The member banks of the Clearing House had been paying
Yi of 1% on time deposits due within six months since June
22 1933, the rate at that time having been lowered from M
of 1%; at the same time, as noted in our issue of June 24
1933, page 4378, the interest on demand deposits was
abolished.
The Clearing House also advised its members on April 29
that the Clearing House Committee had ruled that on and
after May 15 1935 the payment of interest be discontinued
on demand certificates of deposit issued to, and credit
balances payable on demand of mutual savings banks. As
to the changes effected by the Clearing House, the New York
"Times" of April 30 said:
As is customary at the time of issuance of rulings, the Clearing House
Committee made no explanation concerning Its latest order. The power
to do so under the Clearing House constitution is merely cited. The move
however, reflects the growing cheapness of money and the difficulty of the
banks in obtaining anything but a small return on high-grade Investments. . . .
The new rulings by the Clearing House wiping out all interest on deposits
not left in member banks for more than six months will automatically
become city-wide inasmuch as non-member banks must clear checks
through member banks and therefore will be subjected to the same rules as
the member banks. The ruling, of course, does not affect interest rates
paid by savings banks to their depositors, except as it reduces the income of
the savings banks. Nor will the rulings affect the present status of thrift
accounts of commercial banks on which interest is paid at rates usually
slightly less than those of savings banks.
The notice issued April 29 by the Clearing House follows:
NEW YORK CLEARING HOUSE
New York, Apri129 1935.
Dear Sir:—
Acting under the provisions of SECTION 2, ARTICLE XI of the Clearing House constitution, relating to interest on deposits to be paid by Clearing
House institutions, we beg to advise you that the Clearing House Committee
has ruled that on and after May 15 1935 the payment of interest be discontinued on demand certificates of deposit issued to, and credit balances
payable on demand of mutual savings banks.
And the Committee has further ruled that no interest shall be paid on
any certificates of deposit or time deposits dated May 1 1935, or subsequent
thereto, which by their terms are payable within six months from the date
of deposit or demand. In this connection attention is called to Ruling
No. 2 reading in part as follows:
On all time deposits and on certificates of deposit without fixed maturity.
but payable only upon notice on or after the number of days constituting
a time deposit, as shown in the effective interest schedule, each member
and each non-member clearing through a member, upon any decrease in
any maximum interest rates shall immediately give notice thereof and shall
bring the rates then paid on such deposits within the maximum interest
rates permitted by such decrease not later than the last day of the period of
notice required by the interest schedule after the effective date of such
decrease;
Certificates of deposit or time deposits payable more than six months
from the date of Issue or demand are not subject to regulation as to the rate
of interest payable, nut are subject to other regulations, including Ruling
No. 15.
By order,
ALBERT A. TILNEY,
Chairman.
Clearing House Committee
CLARENCE E. BACON,
Manager
Tenders Totaling $213,212,000 Received to Offering of
$50,000,000 or Thereabouts of 273
-Day Treasury
Bills Dated May 1—$50,085,000 Accepted at Average
Rate of 0.153%
Announcement was made on April 29 by Secretary of the
Treasury Henry Morgenthau, Jr., that tenders of $213,212,000 had been received up to 2p. m., Eastern Standard Time,
May 4 1935
that day, at the Federal Reserve banks and the branches
thereof, to the offering of $50,000,000 or thereabouts of
273
-day Treasury bills. The offering of the bills, which are
dated May 1, 1935, and mature Jan. 29, 1936, was referred
to in our issue of April 27, page 2784. In his announcement
of April 29 Secretary Morgenthau also said:
Except for one bid of $30,000, the accepted bids ranged in price from
99.887, equivalent to a rate of about 0.149% per annum,to 99.884, equivalent to a rate of about 0.153% per annum,on a bank discount basis. Only
part of the amount bid for at the latter price was accepted. The average
price of Treasury bills to be issued is 99.884 and the average rate is about
0.153% per annum on a bank discount basis.
The average rate of 0.153% compares with previous rates
at which recent issues of Treasury bills sold of 0.169% (dated
April 24), 0.176% dated April 17 and April 10), and 0.157%
(dated April 3).
Books Closed on Treasury's Exchange Offering of 15 %
4
Treasury Notes of Series A-1940 for Called First
Liberty Loan Bonds—Books Remain Open for
Offering of 2 8% Treasury Bonds—Exchanges to
April 30 Totaled $1,297,000,000
The subscription books for the Treasury's offering of
5
-year 14% Treasury notes of Series A-1940, issued only in
exchange for called First Liberty Loan bonds, were closed
at the close of business May 2, with subscriptions placed in
the mail before midnight May 2 being considered as having
been entered before the books closed. The Treasury, in
announcing on April 29 that the books for the notes would be
closed May 2, said that the books for the offering of 20-25
year 24% Treasury bonds of 1955-60, also issued solely for
the called First Liberty bonds, will remain open until further
notice. This refunding operation of the Treasury was referred to in our issue of April 27, page 2785. The Treasury's
announcement of its intention to close the bonds with respect
to the Treasury notes on May 2, was made available as
follows by the Federal Reserve Bank of New York:
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
[Circular No. 1535. April 30, 1935]
Subscription Books to Close May 2, 1935 On Offering of United
States of America 1%% Treasury Notes of Series A-1940 In Exchange for First Liberty Loan Bonds
To all Banks and Others Concerned in the
Second Federal Reserve District:
The following statement by the Secretary of the Treasury was to-day
made public:
Secretary of the Treasury Morgenthau announced last night that the
subscription booksfor the current offering of Treasury notes of Series A-1940
will close at the close of business May 2, 1935. Subscriptions placed in the
mail before 12 o'clock, midnight, May 2, will be considered as having been
entered before the close of the subscription books. This offering is open
only to the holders of First Liberty Loan bonds, called for redemption on
June 15, 1935.
The subscription books for the Treasury bonds of 1955-60, which are also
open only to holders of First Liberty Loan bonds, will remain open until
further notice.
Announcement of the amount of subscriptions for the Treasury notes and
their division among the several Federal Reserve districts will be made later.
The subscription books for the offering of Treasury notes of Series A-1940
will close accordingly.
GEORGE L. HARRISON, Governor.
The Treasury announced April 30 that of the $1,933,000,000 of First Liberty Loan bonds called for redemption June 15,
$1,297,000,000 or 67%,had been tendered in exchange up to
that day (April 30) for the new 24% bonds and 14
8%
notes. The total, covering a nine-day period, included
$502,000,000 tendered for the 20-25 year bonds, and $795,
000,000 for the 5
-year notes.
Offering of 273-Day Treasury Bills in Amount of
of S50,000,000 or Thereabouts—To Be Dated May 8,
1935
Henry Morgenthau, Jr., Secretary of the Treasury, on
May 2 announced a new offering of $50,000,000 or there-day Treasury bills, to be dated May 8, 1935,
abouts of 273
and mature on Feb. 5, 1936, and on the maturity date the
face amount to be payable without interest. An issue of
Treasury bills in amount of $75,075,000 will mature on
May 8. Tenders to the new offering will be received at the
Federal Reserve banks,or the branches thereof, up to 2p.in.,
Eastern Standard Time, Monday, May 6, but will not be
received at the Treasury Department, Washington. The
bills will be sold on a discount basis to the highest bidders,
and 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). Secretary Morgenthau on
May 2further said:
New
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 ot 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers In investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on May 6.
1935,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the
following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action In any such respect shall be final. Those sub-
Financial Chronicle
Volume 140
witting 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 8, 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.
Treasury's Proposals for Inheritance and Gift Taxes
to Meet Soldier Bonus Payments
Secretary of the Treasury Morgenthau, who on April 23
warned the Senate Finance Committee of additional taxes
which would result with the enactment of any bill involving
cash payments to war veterans, has outlined the Treasury's
tax proposals incident to bonus payments in a letter to
Chairman Harrison of the Senate Committee. Mr. Morgenthau's warning of new taxes was referred to in our issue
of a week ago, page 2791. In his letter to Mr. Harrison,
made public on Ap:il 26, Secretary Morgenthau indicated
the proposals as follows:
In accordance with the Committee's request during yesterday's hearing
I am glad to outline below a revenue measure which would provide funds
for the payment of the soldiers' bonus.
•
1. From the standpoint of immediate feasibility no less than that of our
fundamental objectives, the best source of additional revenue at this
juncture would be a system of taxes on the receipt of inheritances and gifts.
Such a system, supplementing our present estate and gift taxes, would
fit in well with the rest of our Federal tax structure; would add to its balance
and strength; and would not materially interfere with the present estate
and gift taxes.
2. The program that is here suggested would be relatively simple to
formulate and to administer; yet it would be effecitve. In brief, it is, with
certain qualifications, to subject all inheritances and gifts to a system of
rates similar to that of the Federal income tax law.
3. The result of this proposal would be that gifts and inheritances would
be taxed at progressive rates, and, under it, the Congress could provide
for the effective rates to vary with the tax-paying capacity of the recipients
of bequests and gifts. On very large bequests or gifts during a single year
31,000,000 or more—if the existing income tax rates are applied, the total
would approximate 60%.
tax
4. To prevent the necessity for hasty liquidation of large properties in
order to pay the tax,it might be provided that inheritance taxes be payable
in a convenient number of instalments.
5. The preliminary estimate is that such a tax would yield in 1936
approximately 8300,000,000 and might range upward to $600.000.000 annually. Our present estate tax is estimated to yield some $190.000,000
In 1936. It may be observed that, from estate and inheritance taxes.
England, with a population of approximately one-third that of the United
States and a smaller per capita wealth and income, collected more than
$400,000,000 in death duties in the fiscal year ended March 31 1935.
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases—Totaled 67,703.59
Fine Ounces During Week of April 26
According to figures issued April 29 by the Treasury
Department, 67,703.59 fine ounces of silver were received
by the various United Statesmints during the week of April
26 from purchases made by the Treasury in accordance with
the President's proclamation of Dec. 21 1933. The proclamation, which was referred to in our issue of Dec. 23 1933,
page 4441, authorized the Department to absorb at least
24,421,000 fine ounces of newly-mined silver annually.
Since the proclamation was issued the receipts by the mints
have totaled 34,619,000 fine ounces, it was mdicated by the
figures issued April 29. Of the amount purchased during
the week of April 26, 60,059.59 fine ounces were receive
at the San Francisco Mint, and 7,644 fine ounces at the
Mint at Denver. The total receipts by the mints since the
issuance of the proclamation follow (we omit the fractional
part of the ounce):
Week Ended— Ounces
1934—
Jan. 5
1,157
Jan. 12
547
Jan. 19
477
Jan. 26
94.921
Feb. 2
117.554
Feb. 9
375.995
Feb. 16
232,630
Feb. 23
322,627
Mar. 2
271.800
Mar. 9
126,604
Mar. 16
832.808
Mar. 23
369,844
Mar. 30
354,711
Apr. 6
369,274
Apr. 13
10.032
Apr. 21)
/53.938
Apr. 27
436.043
May 4
647.224
May 11
600,631
May 18
503,309
May 25
885,056
June 1
295,511
Week Ended— Ounces
200.897
June 8
206.790
June 15
380.532
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
1.054.287
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
Week Ended—
Nov. 23
Nov.30
Dec. 7
Dec. 14
Dee. 21
Dec. 28
1935—
Jan 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. II
Mar. 15
Mar.22
Mar.29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Ounce,
443,531
359,296
487.693
648,729
797.206
484.278
467.385
604.363
732,210
973,305
321.760
1,187.706
1.126,572
403,179
1,184.819
844.528
1.655,985
654,454
695.556
836,198
1,438.681
502.255
67,704
*Corrected figures
$355,944 of Hoarded Gold Received During Week of
April 24—$21,794 Coin and $334,150 Certificates
•
Figuresissued by the Treasury Department on April 29
ssued
indicate that gold coin and certificates amounting to $355,943.84 was received during the week of April 24 by the
Federal Reserve banks and the Treasurer's office. Total
receipts since Dec. 28 1933, the date of the issuance of the
order requiring all gold to be returned to the Treasury, and
up to April 24, amount to $122,279,164.19. The figures
show that of the amount received during the week ended
2959
April 24, $21,793.84 was gold coin and $334,150 gold certificates. The total receipts are shown as follows:
Gold Coin Gold cenutuues
Received by Federal Reserve banks:
Week ended April 24 1935
Received previously
Total to April 24 1935
Received by Treasurer's Office:
Week ended April 24 1935
Received previously
$324.050.00
321,793.84
30.238,494.35 89,319,620.00
$30,260,288.19 $89,643,670.00
261,506.00
10,100.00
2,103,600.00
Total to April 24 1935
$261,506.00 82.113,700.00
Note—Gold bars deposited with the New York Assay Office to the amount of
9200,572.69 previously reported.
Increase in United States Silver Price Occasions Calling
in of Silver Money in Mexico—Banks Reopen after
Closing for a Day—Conversations in Washington
Between Secretary Morganthau and Assistant
Secretary Lopez of Mexican Treasury Reported
Satisfactory
One effect of the action taken in the United States on
April 24 in increasing the price of silver, was witnessed in
Mexico on April 26, when the sharp rise in the peso against
the dollar (incident to soaring silver prices in world markets)
prompted the institution of measures by President Cardenas
to prevent the exportation or melting down of the currency;
a decree was issued directing the silver money in circulation
exchanged for paper notes backed by the reserves of the
Bank of Mexico.
From a cablegram, April 26, from Mexico, D. F. to the
New York "Times," we quote as follows regarding the developments:
All banks will be closed to-morrow in order to allow Government a free
hand and to avoid disastrous speculation.
The Government will issue a new series of paper bills backed by reserves
to be held by the Bank of Mexico. The President explained that the
tion was unavoidable if national interests were to be protected from undesirable speculation.
During the day the peso fluctuated between 3.30 and 3.45 to the dollar
and speculation was keen.
Roberto Lopez, right hand man to Narciso Bassols. the Minister of
Finance, took a plane to Washington this afternoon with Thomas Lockett,
the American commercial attache to discuss the situation arising out of
President Roosevelt's policy of advancing the price of silver. They departed after a conference between the Ministry of Finance officials and
those of the United States Embassy.
During the last two years in which the peso has been held at 3.60 to
the American dollar, Mexico has developed a prospering export trade with
the United States. Mexico, like all mining and agricultural countries,
must subsist mainly on exports, which will become impractical if her
currency increases too much in value as compared with the dollar.
Another factor is that Mexico will be faced with the danger of the dumping
of American manufactured goods at prices lower than those of local manufacturers.
Indicating that monetary troubles in Mexico were taken
directly on April 28 to Secretary of the Treasury Morgenthau
by the Mexican representatives, Associated Press accounts
from Washington on that date said:
For an hour President Roosevelt's first financial advisor conferred with
Ambassador Castillo Najera and Roberto Lopez, Assistant Secreatry of the
Mexican Treasury, who was sped to Washington by his Government when
climbing silver prices forced orders for the surrender of silver coins and
closed banks over the week end.
With Secretary Morgenthau were Herman Oliphant, the Treasury's
general counsel, and Herbert Feis, economic advisor be the State Department.
Officials of neither nation would discuss the meeting beyond indicating
further conferences. But before the session Senor Lopez said, "It would
seem proper that both countries should find a way to co-operate in this
matter."
Secretary Morgenthau's office reiterated there would be no change in the
77.57 cents an ounce price tor newly-mined domestic metal before to-morrow
at the earliest.
During the day Representative Dies,Texas Democrat,author of the silver
purchase act, predicted a continuation of the Administration's present
silver policy eventually would force international currency stabilization.
On April 28 it was announced that the conversations had
been "mutually satisfactory." Secretary Morgenthau, indicating this at his conference with the newspaper men in a
breif statement as follows:
"Mr. Lopez, a representative of the Mexican treasury. and I had mutually satisfactory conversations to-day. I just have to stand on that statement."
Mr. Lopez have out a somewhat more extended statement,
the significant part of which it was noted in the "Times"
was that as a large silver producers, his country "cannot
but look favorably on revalorization of the metal," and
expressing readiness to co-operate toward that end.
The statement issued by Mr. Lopez follows:
My conversations with Mr. Morgenthau came to-day to a most satisfactory end. Contrary to current comments, my mission to this country
was of a friendly nature.
As is well known, Mexico had to adopt certain measures in order to meet
the situation arising from the increase in silver prices. The laws enacted
while I was flying to Washington had been carefully planned before my
departure from Mexico City. On that account I was able to express to
Mr. Morgenthau in our first conversation that those measures had been
most timely and successful, that banks would not be closed for more than
one day and that the Bank of Mexico was ready to meet any demands of
foreign currencies.
I was pleased to learn that Mr. Morgenthau was favorably impressed as
to the rapidity and effectiveness of the steps taken by the Mexican Government.
Our conversations covered other aspects of the silver situation. As a
silver producing and using nation Mexico cannot but look favorably upon
the revalorization of the metal. For this reason she will always be ready
to co-operate toward the attainment of that end.
2960
Financial Chronicle
On leaving Washington I want to express my deep obligation to Mr.
Morgenthau for the courtesies he extended to me and the friendly cooperation he has offered my government.
The Washington advices, April 29, to the "Times" reported that there was the intimation also in Mexican circles
that that Government would seek to acquire more American
gold in exchange for silver so as to continue the process of
building up its monetary reserves on a basis which would
assure the stability of its currency. Silver, it was said, now
forms about 60% of the monetary base. These advices
went on to say:
The exact course that the Treasury will pursue was difficult to asapas
because of Mr. Morgenthau's refusal to discuss policy beyond to-day, or
comment upon any further talks he may have had with Senators of the
silver bloc.
The indications, however, were that no sharp increase in the domestic
price was being considered at this time. Monetarily, also, the Treasury's
hand is not being forced by speculative advances,the world price remaining
well below the domestic price of 77.57 cents fixed by Presidential proclamation on April 24.
There appeared to be the greatest satisfaction in Mexican circles here
.
as a result of the turn taken by the Morgenthau-Lopez conversations
in
It was pointed out in one quarter that once Mexico had succeeded
substantial metallic
getting her currency safely on a managed basis, with
as a producer
reserves locked up in the Treasury,that country would profit
also would
by price enhancement and the value of the silver in its reserves
increase.
Paper Circulation Increases
about three
The Bank of Mexico was established in 1925, and until
more than from
years ago the paper currency in circulation was not much
as a medium
its use
5.000,000 to 6.000,000 pesos. In 1931, however,
pesos.
increased and there is in circulation around 110,000,000
will be readily accepted and used by the people,
The Mexicans feel that it
long as the Mexican
and that no depreciation in its value will occur so
understood to be
Treasury maintains a large metallic reserve, which is
its present program.
problems presented
The indications here to-day were that the different
separately as they preby Mexico, China and India would be considered
sent different aspects.
The following is likewise taken from the same advices:
through the use of the
Asked if silver could be sold as well as bought
by the Gold Reserve
stabilization fund of $2,000,000,000 which was set up
It was pointed out,
Act, Mr. Morgenthau replied in the affirmative.
of 1934 forbade the Treasury from
however, that the Silver Purchase Act
the value went above $1.29,
selling any of the sliver acquired under it. unless
the statutory monetary value of the metal.
In Associated Press advices from Mexico, D. F., April 29
it was stated:
after being
Mexican business resumed nearly normal operations to-day
against foreign currencies
upset for several days by the rise of the peso
silver.
and the Government's withdrawal of
to-day to the Bank
More than 50,000 pesos were delivered by banks
against which new paper currency
of Mexico, to be added to reserves
3.60 pesos.
will be issued. The United States dollar was quoted at
pesos in
Financial experts estimated that an additional 100,000,000
in the next few days,
silver coins would be withdrawn from circulation
well over 300,000,000 pesos in
of
giving the Bank of Mexico reserves
gold and silver.
Mexico is acquiring gold, it was said, with the idea that
The Bank of
gold standard, although such
the country eventually will return to the
action is unlikely in the near future.
Saturday's holiday.
Banks in general were open to-day, following
Regarding the decree issued on April 26 ordering the
exchange of the silver currency for paper notes of the Bank
Press
of Mexico, we quote the following from Associated
accounts April 26 from Mexico City, D. F.:
said:
The principal paragraph of the decree
the old silver money in the monetary
The compulsory concentration ofexportation of the metal is prohibited,
reserve has been established. The
for bank notes is ordered. Any
the change of the coins in circulation is declared illegal.
monetary use whatever of these coins
Sanctions were provided for violation of the decree.
session.
The action was taken at a special Cabinet
President Cardenas said the
In a statement accompanying the decree,
which in no way lessens the
action "constitutes a means of protection
contrary, will serve as a solid
guarantee of the nation's money and, on the
and the firmness of the
aid to the stability of prices within the Republic
exchange abroad."
to check on the stocks of silver
For the present no effort will be made
held by individuals.
United Press advices April 26 from Mexico City had the
following to say:
will act to maintain the peso
President Lazaro Cardenas said that "we
beneficial to Mexico." This Indicated
rate at a level proved to be most
to peg the peso at a rate
that reform of the banking laws was calculated
dollar, which has been
of approximately 3.60 pesos to the United States
the rate for the last three years.
a 5,000 word explanation
Secretary of Treasury Narciso BassoLs signed
following principal points:
of the reforms, which contained the
the Bank of Mexico in unlimited circu1. Issuance of one-peso bills by
tender.
lation with compulsory acceptance as legal
centavo copper coins replacing
2. Same issuance of 1, 2, 5, 10 and 20
silver pieces with the same compulsion.
to be added to the Bank
3. All silver to be withdrawn from circulation
bills.
of Mexico's reserves to guarantee the paper
coins to be legal tender only up to
4. During the next 30 days silver
-pesos limit.
a 20
Treasury offices, postofflces and
5. The Bank of Mexico and branches,
for old.
telegraph offices will exchange at par new coins
in all silver money to the
6. All public offices mu.stimmediately turn
money and fractional coins.
Treasury to be exchanged for new paper
credit institutions, no matter if In
7. All deposits in bankslother than
made after Feb. 15 1935 are subject
sealed pouches or other containers
new money.
to immediate exchange for
to-night to consider the situaThe Cabinet met in extraordinary session States had caused the dollar
in the United
tion whereby rising silver prices
peso from 3.60 pesos to 3.30.
to decline in relation to the
May 4 1935
President Roosevelt's proclamation increasing the price
for newly-mined domestic silver from 71.11 cents per fine
ounce to 77.57 cents per ounce was given in our April 27
issue, page 2788.
President Roosevelt Speeds Organization to Carry Out
$4,000,000,000 Work-Relief Program—Issues Executive Orders and Confers with Chief Aides—Secretary of Interior Ickes Begins Taking Applications
Similar to Those on PWA Basis
Steps designed to insure the early beginning of disbursement of the $4,000,000,000 work-relief fund were taken
by President Roosevelt on May 1, when he held a White
House conference of officials who will administer the operation of the fund. Previously the President had issued the
Executive Orders needed to establish the Rural Resettlement
Administration, to be administered by Under-Secretary of
Agriculture Tugwell. Frank C. Walker, director of "clearing house" activities under the program,requested Secretary
of the Interior Ickes on April 27 to open immediate applications for loans and grants, which will be made on the
same basis as under the Public Works Administration
program.
Completion of the organization to carry out the workrelief program was noted as follows in a Washington dispatch of May 1 to the New York "Times":
rhe White House conference was attended by Joseph P. Kennedy,
Chairman of the Securities and Exchange Commission, and unofficial
business adviser to the President on relief matters; Secretaries Morgenthau
and Ickes; Harry L. Hopkins, Chairman of the Progress Division of the
relief establishment; Frank C. Walker. Chairman of the Emergency Council;
Mr. Tugwell; Daniel W. Bell Jr., Director of the Budget; Charles West.
contact man between the White House and Congress, and Mr. Cooke.
A pledge of complete co-operation with the President by the Conference of
Mayors was given personally by Mayor La Guardia of New York, who
came here both on behalf of his own city and to confer with officials on the
•
part that cities will play in the new relief program.
Mr. La Guardia was especially concerned over the plight of cities that
-works projects of their own but which
for public
would like to borrow money
already have exhausted their legal borrowing capacity.
His questions, however, had been partly answered by the President at a
press conference this morning, in which Mr. Roosevelt said that no hard
and fast rules would be adopted on such loans. He indicated that if meritorious projects serving the needs of the program were submitted,some loans
might be granted to municipalities regardless of their financial difficulties.
Mr. Roosevelt said reports to him indicated that cities generally were
finding themsevies in much better condition, with back taxes being paid up
and old bond issues maturing, permitting new financing.
To Complete Organisation
,
ks The White House conference was devoted, it was officially stated, to7a;
exchange of ideas and discussion of the needs of the various divisions of the
relief organization. Executive orders completing the organization are
scheduled for early issuance, with the first one probably being devoted to
the allotment board, already informally named, with Secretary Ickes as
head.
It was reaffirmed that Secretary Morgenthau will have broad control over
the financing of projects, while Mr. Kennedy will play an important role
as business adviser.
Mr. Walker reported that his division, the one that sifts applications, had
not been conpleted but that many applications for projects had been
received.
Mr. Tugwell's new duties were outlined in three executive orders, the first
of which created the Rural Resettlement Administration. The other orders
provided for routine work and allocated $250,000 to Mr. Tugwell for immediate expenses in employing a field force of probably 1,800 surveyors and
other technicians now on relief rolls. As originally issued, the orders granted
$10,000,000 to him, but this was cut to-day with the explanation that rural
resettlement would be financed on a monthly basis pending completion of a
definite study of unemployed groups by Mr. Hopkins.
President Roosevelt in "Fireside Talk" Over Radio
Tells of Work Relief Plans—Work for 332 Million
Now on Relief Rolls Problem for Private Industry
as Well as Government—Outlines Pending Legislation as Essential to Recovery—Proposed Banking
Legislation, He Says, Deserves Prompt Action
Besides indicating that his "most immediate concern is
in carrying out the purposes of the great work program just
enacted by Congress," President Roosevelt, in a "fireside
talk," on Sunday night, April 25, enumerated pending legislation which he regards as "essential factors in a rounded
program for national recovery." Among other things, the
President stated that "certain proposals made to amend
the Federal Reserve Act deserve prompt and favorable
action by the Congress." He described the program for
social security now pending before Congress "as a necessary
part of the future unemployment policy of the Government,"
and went on to say:
While our present and projected expenditures for work relief are wholly
within the reasonable limits of our national credit resources, it is obvious
that we cannot continue to create governmental deficits for that purpose
year after year. We must begin now to make provision for the future.
That is why our social security program is an important part of the
complete picture.
1
/
"Our problem," he continued, "is to put to work 32 million employable persons now on the relief rolls. It is a
problem quite as much for private industry as for the
Government." The bill to extend the National Industrial
Recovery Act is one of the measures which the President
referred to as one of the "essential factors in a rounded
program for national recovery." There is likewise pending
before Congress, he said, "legislation to provide for the
elimination of unnecessary holding companies in the public
utility field," as to Which he said: "I consider this legisla-
Volume 140
Financial Chronicle
tion a positive recovery measure." The President declared
that "this legislation will serve the investor by ending the
conditions which have caused that lack of confidence and
good-will. It will put the public utility operating industry
on a sound basis for the future, both in its public relations
and in its internal relations." He further said:
This legislation will not only in the long run result in providing lower
electric and gas rates to the consumer but it will protect the actual value
and earning power of properties now owned by thousands of investors who
have little protection under the old laws against what used to be called
frenzied finance. And remember that it will not destroy legitimate values,
Further measures, whose enactment the President said
will stimulate recovery, are:
Legislation providing for the regulation of inter-State transportation by
buses and trucks,
To regulate transportation by water.
New provisions for strengthening our merchant marine and air transport.
Measures for the strengthening of the Interstate Commerce Commission
to enable it to carry out a rounded conception of the national transportation system.
The President spoke over the nation-wide broadcasting
systems from his study in the 'White House. His address
follows in full:
Since any annual message to the Congress on Jan. 4 last I have not
addressed the general public over the air. In the many weeks since that
time the Congress has devoted itself to the arduous task of formulating
legislation necessary to the country's welfare. It has made and is making
distinct progress.
Before I come to any of the specific measures, however, I want to
leave
in your minds one clear fact. The Administration and the Congress are
not proceeding in any haphazard fashion in this task of government. Each
of our steps has a definite relationship to every other step. The job of
creating a program for the nation's welfare it, in some respects,
like the
building of a ship. At different points on the coast
where I often visit
they build great seagoing ships. When one of these ships is under construction and the steel frames have been set in the
keel, it is difficult
for a person who does not know ships to tell how it will finally look when
it is sailing the high seas.
It may seem confused to some, but out of the
multitude of detailed
parts that go into the making of the structure,
the creation of a useful
instrument for man ultimately comes. It is that way
with the making
of a national policy. The objective of the nation
has greatly changed in
three years. Before that time individual self-interest
and group selfishness
were paramount in public thinking. The general good
was at a discount,
Three years of hard thinking have changed
the picture. More and more
people, because of clearer thinking and a better understandi
ng, are considering the whole rather than a mere part
relating to one section, or one
crop, or one industry or to an individual private occupation.
That Is a
tremendous gain for the principles of democracy. The
overwhelming majority
of people in this country know how to sift the wheat
from the chaff in
what they hear and what they read. They know that the
process of the
constructive rebuilding of America cannot be done in
a day or a year,
but that it is being done in spite of the few who
seek to confuse them
and to profit by their confusion. Americans
as a whole are feeling a lot
better—a lot more cheerful than for many, many
years.
The most difficult place in the world to get a clear
and open perspective
of the country as a whole is Washington. I am reminded
sometimes of
what President Wilson once said: "So many people
come to Washington
who know things that are not so, and so few people
who know anything
about what the people of the United
States are thinking about." That
Is why I occasionally leave this scene of action
for a few days to go
fishing or back home to IIyde Park, 60 that I can
have a chance to think
quietly about the country as a whole. "To get
away from the trees," as
they say, "and to look at the whole forest." This
duty of seeing the country
in a long-range perspective is one which, in a very
special manner, attaches
to this office to which you have chosen me. Did you
ever stop to think
that there are, after all, only two positions in the nation that
are filled
by the vote of all of the voters—the
President and the Vice-President?
That makes it particularly necessary for the Vice
-President and for me
to conceive of our duties toward the entire country.
I speak, therefore,
to-night to and of the American people as a whole,
Immediate Concern Carrying Out of Work Program
My most immediate concern is in currying out
the purposes of the great
work program just enacted by the Congress. Its
first objective is to put
men and women now on the relief rolls to work and,
incidentally, to assist
materially in our already unmistakable march
toward recovery. I shall
not confuse my discussion by a multitude of
figures. So many figures
are quoted to prove so many things. Sometimes
it depends upon what
paper you read and what broadcast you hear.
Therefore, let us keep our
minds on two or three simple essential facts
in connection with this
problem of unemployment. It Is true that,
while business and industry
are definitely better, our relief rolls are still
too large. However, for the
first time in five years the relief rolls have declined
instead of increased
during the winter months. They are still declining.
The simple fact is
that many million more people have private
work to-day than two years
ago to-day or one year ago to-day, and every day
that passes offers more
chances to work for those who want to work.
In spite of the fact that
unemployment remains a serious problem, here
no in every other nation,
we have come to recognize the possibility
and the necessity of certain
helpful remedial measures. These measures are
of two kinds. The first
Is to make provisions intended to relieve, to minimize
and to prevent future
unemployment; the second is to establish the
practical means to help
those who are unemployed in this present emergency.
Our social security
legislation is an attempt to answer the
first of these questions. Our work
relief program the second.
Social Security Necessary Part of Government'
s Unemployment Policy
The program for social security now pending
before the Congress is a
necessary part of the future unemployme
nt policy of the Government.
While our present and projected expenditures
for work relief are wholly
within the reasonable limits of our national
credit resources, it is obvious
that we cannot continue to create governmental deficits
for that purpose
year after year. We must begin now to make provisions
for the future.
That is why our social security program is
an important part of the
complete picture. It proposes, by means
of old age pensions, to help
those who have reached the age of retirement to
give up their jobs, and
thus give to the younger generation greater opportunitie
s for work and
to give to all a feeling of security as they look toward
old age.
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The unemployment insurance part of the legislation will not only help
to guard the individual in future periods of lay-off against dependence
upon relief, but it will, by sustaining purchasing power, cushion the
shock of economic distress. Another helpful feature of unemployment
insurance is the incentive it will give to employers to plan more carefully
in order that unemployment may be prevented by the stabilizing of employ.
anent itself.
Provisions of social security, however, are protections for the future,
Our responsibility for the immediate necessities of the unemployed has
been met by the Congress through the most comprehensive work plan in
the history of the nation. Our problem is to put to work three and onehalf million employable persons now on the relief rolls. It is a problem
quite as much for private industry as for the Government.
We are losing no time getting the Government's vast work relief pro
gram under way, and we have every reason to believe that it should be
in full swing by autumn. In directing it, I shall recognize six fundamental principles:
1. The projects should be useful:
2. Projects shall be of a nature that a considerable proportion of the money spent
will go into wages for labor.
3. Projects which promise ultimate return to the Federal Treasury of a considerable proportion of the costs will be sought.
4. Funds allotted for each project should be actually and promptly spent and not
held over until later years.
5. In all cases projects must be of a character to give employment to those on the
relief rolls.
6. Projects will be allocated to localities or relief areas in relation to the number
of workers on relief rolls in those areas.
I next want to make it clear exactly how we shall direct the work:
(1) I have set up a Division of Application and Information to which
all proposals for the expenditure of money must go for preliminary study
and consideration.
(2) After the Division of Application and Information has sifted these
projects, they will be sent to an Allotment Division composed of representatires of the more important governmental agencies charged with carrying
on work relief projects. The group will also include representatives of
cities, and of labor, farming, banking and industry. This Allotment
Division will consider all of the recommendations submitted to it, and
such projects as they approve will be next submitted to the President
who, under the Act, is required to make final allocations.
(3) The next step will be to notify the proper Government agency in
whose field the project falls, and also to notify another agency which I am
creating—a Progress Division. This division will have the duty of co-ordinating the purchase of materials and supplies and of making certain that
people who are employed will be taken from the relief rolls. It will also
have the responsibility of determining work payments in various localities,
of making full use of existing employment services, and to assist people
engaged in relief work to move as rapidly as possible back into private
employment when such employment is available. Moreover, this division
will be charged with keeping projects moving on schedule.
(4) I have felt it to be essentially wise and prudent to avoid, so far as
possible, the creation of new governmental machinery for supervising this
work. The National Government now has at least 60 different agencies
with the staff and the experience and the competence necessary to carry
on the 250 or 300 kinds of work that will be undertaken. These agencies,
therefore, will simply be doing, on a somewhat enlarged scale, the same
sort of things that they have been doing. This will make certain that
the largest possible portion of the funds allotted will be spent for actually
creating new work and not for building up expensive overhead organizations here in Washington.
For many months preparations have been under way. The allot'
ment of funds for desirable projects was already begun. The key
men for the major responsibility of this great task already have
been selected. I well realize that the country is expecting before this
year is out to see the "dirt fly," as they say, in carrying on this work,
and I assure my fellow citizens that no energy will be spared in using
these funds; effectively to make a major attack upon the problem of
unemployment.
Our responsibility is to all of the people in this country. This is a great
national crusade to destroy enforced idleness, which is an enemy of
the
human spirit generated by this depression. Our attack upon these enemies
must be without stint and without discrimination. No sectional, no political
distinctions can be permitted. It must, however, be recognized that when
an enterprise of this character is extended over more than 3,000 counties
throughout the nation, there may be occasional instances of inefficiency
,
bad management, or misuse of funds. When cases of this kind occur
there
will be those, of course, who will try to tell you that the exceptional
failure is characteristic of the entire endeavor. It should be remembered
that in every big job there are some imperfections. There are
chiselers
in every walk of life; there are those in every industry who are
guilty
of unfair practices ; every profession has its black sheep, but long
experi•
ence in government has taught me that the exceptional instances
of wrongdoing in government are probably less numerous than in almost
every other
line of endeavor. The most effective means of preventing such
evils in
this work relief program will be the eternal vigilance of the
American
people themselves. I call upon my fellow citizens everywhere
to cooperate with me in making this the most efficient and the cleanest
example
of public enterprise the world has ever seen. It is time
to provide a
smashing answer for those cynical men who say that a
democrary cannot
be honest and efficient. If you will help, this can be done.
I therefore
hope you will watch the work in every corner of this
nation. Feel free
to criticize; tell me of instances where work can be done
better, or where
improper practices prevail. Neither you nor I wants
criticism conceived
in a purely fault-finding or partisan spirit, but I am
jealous of the right
of every citizen to call to the attention of his or her
Government examples
of how the public money can be more effectively
spent for the benefit of
the American people.
Remaining Business Before Congress
I now come, my friends, to a part of the remaining
business before the
Congress. It has under consideration many measures
which provide for the
rounding out of the program of economic and social
reconstruction with
which we have been concerned for two years. I can
mention only a few of
them to-night, but I do not want my mention of
specific measures to be
interpreted as lack of interest in or disapproval
of many other important
proposals that are pending.
NIRA
••
The National Industrial Recovery Act expires
on the 16th of June. After
careful consideration, I have asked the Congress
to extend the life of this
useful agency of government. As we have proceeded
with the administration
of this Act we have found from time to time
more and more useful ways
of promoting its purposes. No reasonable person
wants to abandon our
present gains; we must continue to protect
children, to enforce minimum
wages, to prevent excessive hours, to safeguard,
define and enforce collective
2962
Financial Chronicle
bargaining, and, while retaining fair competition, to eliminate, so far as
humanly possible, the kinds of unfair practices by selfish minorities
which, unfortunately, did more than anything else to bring about the
recent collapse of industries.
There is likewise pending before the Congress legislation to provide
for the elimination of unnecessary holding companies in the public
utility field.
I consider this legislation a positive recovery measure. Power production in this country is virtually back to the 1929 peak. The operating
companies in the gas and electric utility field are by and large in good
condition. But under holding company domination the utility industry
has long been hopelessly at war within itself and with public sentiment.
By far the greater part of the general decline in utility securities had
occurred before I was inaugurated. The absentee management of unnecessary holding company control has lost touch with and has lost the sympathy
of the communities it pretends to serve. Even more significantly it has
given the country as a whole an uneasy apprehension of overconcentrated
economic power.
A business that loses the confidence of its customers and the good-will of
the public cannot long continue to be a good risk for the investor. This
legislation will serve the investor by ending the conditions which have
caused that lack of confidence and good-will. It will put the public utility
operating industry on a sound basis for the future, both in its public
relations and in its internal relations,
This legislation will not only in the long run result in providing lower
electric and gas rates to the consumer, but it will protect the actual value
and earning power of properties now owned by thousands of investors who
have little protection under the old laws against what used to be called
frenzied finance. It will not destroy values.
Legislation in Interest of Transportation Agencies
Not only business recovery, but the general economic recovery of the
nation will be greatly stimulated by the enactment of legislation designed
to improve the status of our transportation agencies. There is need for
legislation providing for the regulation of inter-State transportation by
buses and trucks, to regulate transportation by water, new provisions for
strengthening our merchant marine, and air transport measures for the
strengthening of the Interstate Commerce Commission to enable it to carry
out a rounded conception of the national transportation system in which
the benefits of private ownership are retained, while the public stake in
these important services is protected by the public's government.
Banking Legislation
Finally, the re-establishment of public confidence in the banks of the
nation is one of the most hopeful results of our efforts as a nation to
re-establish public confidence in private banking. We all know that
private banking actually exists by virtue of the permission of and regulation
by the people as a whole, speaking through their Government. Wise
public policy, however, requires not only that banking be safe, but that
its resources be most fully utilized in the economic life of the country.
To this end it was decided more than 20 years ago that the Government
should assume the responsibility of providing a means by which the credit
of the nation might be controlled, not by a few private banking institutions,
but by a body with public prestige and authority. The answer to this
demand was the Federal Reserve System. Twenty years of experience with
this System have justified the efforts made to create it, but these 20
years have shown by experience definite possibilities for improvement.
Certain proposals made to amend the Federal Reserve Act deserve prompt
and favorable action by the Congress. They are a minimum of wise readjustrnent of our Federal Reserve System in the light of past experience and
present needs.
These measures I mentioned are, in large part, the program which under
my constitutional duty I have recommended to the Congress. They a
essential factors in a rounded program for national recovery. They con
plate the enrichment of our national life by a sound and rational orfrg
eak
of its various elements and wise provisions for the protection of th
against the strong. Never since my inauguration, in March 1933, have I
felt so unmistakably the atmosphere of recovery. But it is more than the
recovery of the material basis of our individual lives. It is the recovery
of confidence in our democratic processes and institutions. We have survived all of the arduous burdens and the threatening dangers of a great
economic calamity. We have, in the darkest moments of our national trials,
retained our faith in our own ability to master our destiny. Fear is
vanishing and confidence is growing on every side, renewed faith in the
vast possibilities of human beings to improve their material and spiritual
status through the instrumentality of the democratic government. That
faith is receiving its just reward. For that we can be thankful to the God
who watches our America.
President Roosevelt Signs Bill Repealing Income Tax
Publicity
The bill to repeal the "pink slip" provision in the Federal
income tax law relating to publicity of certain statements of
income, was signed on April 19 by President Roosevelt it
is learned from the "Congressional Record" of April ,29.
Final Congressional action on the bill was taken April 11
when both the House and Senate adopted the conference
report. The passing of the bill by the Senate, with an
amendment, and its subsequent submittanee to conference
was noted in our issue of March 30, page 2107. In reporting
the House and Senate action on the conference report, United
Press advices from Washington, April 11, appearing in the
New York "Herald Tribune" of April 12, said:
The Senate and House approved the conference report on the resolution
which will preserve secrecy of income tax returns and nullify the "pink
slips" which all taxpayers were required to file. The Treasury prooably
will destroy the slips.
There will be only one exception. Under a Senate amendment officials
charged with administration of State tax laws may be permitted to inspect
Federal returns.
Senator George W. Norris, Republican, Nebraska, opposed the amendment, asserting he did not believe even official agencies should be permitted to "snoop" in the tax records. The Senate, however, adopted the
conference report without a record vote and sent the bill on its way to the
White House.
The bill now contains all the provisions of the proposal originally passed
by the House, plus a Senate amendment which would throw Federal income
tax return records open to any official commission or agency charged with
administration of any State tax law. The inspection could be made only
upon written request of the Governor of a State and he would have to
designate the person to make the inspection,
May 4 1935
Thomas Oil Control Bill Reported by Committee to
Senate
The Thomas Oil Control Bill containing sweeping modifications which, according to Washington advices to the
New York "Journal of Commerce," in some instances
broaden powers of the Secretary of Interior beyond those
originally contemplated, was reported to the Senate by the
Senate Mines and Mining Committee on May 2. The advices also stated:
With members of the Committee readily admitting their inability to
harmonize divergent views on the question of controlling the petroleum
industry, the measure was submitted without a report and for such action
as the Senate may see fit to take. Continued opposition to the Legislation,
however, indicates the measure will fail of enactment.
Change in Bill
One change the Committee made in the bill was to set up the Federal
Petroleum Board as a part of the Interior Department, rather than as an
independent agency, with complete authority over production, even in
States operating under compacts. . . .
Broadening the base for the determination of production allocations, the
Committee amended the bill to require "equitable" instead of "unreasonable" allocations among producing States and wrote into the measure a
requirement that in the determination of demand allowance shall be made
for reasonable seasonal variations and for proper fluctuations in stocks to
meet them.
Anti-Lynching Bill Shelved in Senate—Filibuster Ended
The filibuster in the Senate, (led by Southern Senators)
which had continued for six days against the CostiganWagner Anti-lynching bill, ended on May 1, when a motion
to adjourn was carried by a vote of 48 to 32. Advices May 1
from Washington to the New York "Herald Tribune" said in
part:
This automatically displaced the motion of Senator Edward P. Costigan.
Democrat, of Colorado, to proceed to consideration of the anti-lynching bill
and permitted the Senate to make the bonus measure the unfinished business.
The break in the long deadlock came when Senator William E. Borah,
Republican, of Idaho, rallied to the Southern cause, assailing the constitutionality of the Costigan-Wagner measure in giving to the Federal government power in lynching cases.
The effect of displacing the Costigan motion will be to kill the anti-lynching bill for the session in all probability, though Senator Robert F. Wagner.
of New York, denied this. It was predicted to-night in most Senate circles
that the measure would go the way of the Dyer anti-lynching bill of past
years. Senator Wagner said it was the purpose to bring up the bill again
after the Administration program was out of the way, when Senators would
have no excuse for not taking it up.
The motion for adjournment was made by Senator Joseph T. Robinson,
of Arkansas, Democratic leader.
After being in adjournment 13 minutes the Senate reconvened at 3:30
p. m. Prayer was offered by the chaplain and after the brief routine of
"morning business," as if beginning a new legislative day, Senator Pat
Harrison, Democrat, of Mississippi, Chairman of the Finance Conunittee,
moved to take up his bonus compromise bill. This motion prevailed without
a roll call.
&fore Senate Banking Committee Comptroller of
Currency O'Connor Declares as Dangerous Changes
by House in Banking Bill—Criticizes Provision
Governing FDIC Requirements for Insuring Banks
At the hearing on April 30 on the Administration's Banking Bill before the Sub-Committee of the Senate Banking
and Currency Committee (headed by Senator Glass), a
plea to give the Federal Deposit Insurance Corporation discretionary power in issuance of certificates of insurance to
State non-member banks, was made by J. F. T. O'Connor,
Comptroller of the Currency, who characterized a change
embodied in the House measure as "most dangerous." We
quote from a Washington dispatch, April 30, to the New
York "Herald Tribune" which also had the following to say:
The House amendment would force the F. D.I. C. to insure banks on the
basis of "financial condition and adequacy of capital structure," while the
Senate change, approved by Mr. O'Connor, would give discretion not only
in regard to financial condition but also in regard to earnings, management
and the need for the bank.
Tying of the hands of the Corporation to the limited degree of the House
measure, Mr. O'Connor said would be an invitation "to those who want to
speculate in banks" to start institutions, knowing that the F. D.I. C. woula
have to grant insurance. He pointed out that 12,000 banks have closed in
the last 11 years and that every safeguard should be enacted to see that too
many institutions are not opened.
Mr. °Connor, before the Senate committee, also urged adoption of the
amendment ending the double liability for national bank stockholders. The
bill would end the liability on July 1 1937. and Mr. O'Connor said that he
thought this action wise because "the stockholders are least able to pay"
when a bank closes. He pointed out that the bill also provides that the
banks must carry one-tenth of net profits over to surplus until the surplus
equals the common capital, which should make up for any loss of "safety"
through ending the liability.
Under questioning from Senator Glass the Comptroller made no definite
commitment on whether he favored the House repeal of the provision that
state non-member banks, which are insured, must become members of the
Federal Reserve System by 1937. He explained that plenty of time should
be afforded the banks, many of which cannot meet the requirements to
-day,
but that the ultimate purpose of the banking legislation is to bring one banklog system.
As to testimony by Mr. O'Connor before the Senate Committee on April 26, Associated Press advices from Washington
on that date said:
Reports that two Government agencies were giving conflicting advice
to banks on making loans were denied by J. F. T. O'Connor, the Comptroller of the Currency.
Senator Couzens, Republican, of Michigan, at a hearing on the omnibus
banking bill by the Senate banking subcommittee, said there had been
complaints that the RFC was urging bank loans and the Comptroller's
office examining staff was advising banks to go slow and "resist" loans.
Financial Chronicle
Volume 140
Mr. O'Connor said his office must follow the law to protect depositors
by questioning bad loans, but he added criticisms that his examiners had
not been liberal enough, had been run down and found largely untrue.
The question as to the possibility that under the broad
language of the omnibus banking bill proposing to give the
Federal Reserve Board authority to ease requirements for
the admission of State banks, the latter might be relieved
from the prohibition against charging fees for the clearance
of checks, was brought up by Senator Glass at the Senate
Committee hearing on May 1, according to the Washington
Correspondent of the New York "Journal of Commerce,"
who also stated in part:
Interrogating Comptroller of the Currency O'Connor in this connection,
he was informed that while that might be possible it was not believed to be
the idea of the Administration to grant such a prerogative to any bank.
Mr. O'Connor appeared before the Committee to conclude his testimony
on Titles I and III of the bill, explaining many of the technical provisions
and suggesting a new amendment designed to lessen the possibilities of
duplicate bank examinations by Federal and State authorities. His
proposal was as follows:
Terms of Section Proposed
Sec.—The last sentence of the third paragraph of subsection )k) of Section 11 of the Federal Reserve Act, as amended (U. S. C., title 12, sec.
248 (k), is amended to read as follows:"The State banking authorities may
have access to reports of examination made by the Comptroller of the Currency in so far as such reports relate to the trust department of such bank,
but nothing in this act shall be construed as authorizing the State banking
authorities to examine the books, records and assets of such bank"
Renewing his advocacy of a unified system of banking for the United
States, O'Connor told the subcommittee of the work done by the Department of Justice in dealing with crime against national and State member
banks.
Senator Couzens (Rep., Mich.) complained of the confusion in the minds
of business interests and other large depositors in the banks occasioned by
the fact that the character of the reports published of condition required
by the Comptroller and those voluntarily issued by the banks differ so
materially. He suggested that efforts should be made to cure this situation
either administratively or by law.
Mr. O'Connor explained that it is desired that Congress repeal the rigid
statutory definitions of "demand deposits" and "time deposits" and give
to the Federal Reserve Board the authority to define for the purposes of the
law the terms "demand deposits," "gross demand deposits," "deposits
payable on demand," "time deposits." "savings deposits" and "trust
funds," to determine what is to be deemed a payment of interest and to
prescribe regulations to effectuate the purposes of the law.
He revealed that there had been a number of discussions in the Federal
Reserve Board following passage of the Glass Banking Act of 1933 as to
what the statutory definitions meant.
Action of Banks Stressed
Banks were found devising means of getting around these and the Board
had to take various steps to circumvent them in turn.
NIRA Extension Until Next April Voted by Senate
Finance Committee—Price-Fixing and Jurisdiction
Over Intra-State Commerce Eliminated—President
Roosevelt Had Sought Prolongation Until 1937
The Senate Finance Committee, which has spent several
weeks hearing proposals for an extension of the National
Industrial Recovery Act and its revision, voted on May 1
by 16 to 4 to continue the NIRA in an amended from from
its expiration on June 16 only until April 1, 1936. It was
explained in a dispatch from Washington on May 1 to the
New York "Herald Tribune" that the resolution approved
on May 1 by the Finance Committee was substantially the
proposal for extension made earlier in the week by Senator
Bennett C. Clark, Democrat, of Missouri. It was added
that while it was introduced in the Senate late on May 1 by
Senator Clark, it was planned to give it the Committees final
and formal approval the next day. On May 2 the Committee
voted 13 to 4 to report the Clark resolution to the Senate.
From the account May 2 to the New York "Times" we quote:
It (the resolution) provides a ten months' extension, with exclusion of all
intra-State businesses from operation of codes, and definite outlawry of
price-fixing.
Amendments Beaten Down
Efforts were made just before the Committee vote was taken to-day to
write in a prohibition against production control and to provide code control
for intra-State industries that might seriously and obviously effect
Inter-State commerce. Both were voted down by decided divisions.
Opposition to the committee's plan was quick in developing. Senator
Walsh, although voting to report the resolution, issued a statement dedaring that the clause removing intra-State business altogether from code
regulation would deal a death blow to the whole NRA. Ile announced that
he would join with Senator Barkley in pressing an amendment correcting
the evil he saw in this provision.
"If this provision is retained it will break up the administration of the
NIRA more quickly and more completely than anything lean conceive of."
Mr. Walsh said. "It would be far better to repeal the whole law. . .
Senator Wagner. one of the sponsors of the orginal National Industrial
Recovery Act and now counted upon to support a more permanent extension
than recommended by the Committee, has received this telegram from the
Industry and Business Committee for NRA Extension, an organization
with headquarters at 10 East 40th Street, New York:
Temporary ten months' or one year extension of emasculated NRA
would be utterly disastrous to business and industry. This is conclusion of
our Committee, representing 60 groups of industry and business operating
under codes with over 30b,000 units employing several million workers,
doing annual business of over 810,000,000,000.
Our Committee staunchly supports passage of Harrslon bill with necessary
changes and prompt action to end serious present business unres and uncertainty.
WARD CHENEY, Chairman.
Regardless of the opposition, Senator Harrsion expressed the view that
the Clark resolution was an admirable solution to the present NRA problem,
and believed it could be put through the Senate with the minimum of delay.
He plans to call it up soon after the bonus bill, now pending, has been disposed of.
2963
Regarding the amendments which were rejected by the
Committee on May 2,Associated Press advices from Washington said:'d
Senator Couzens, Republican. of Michigan, sought to amend the resolution to eliminate production control as well as price fixing, but he was defeated without a recorded vote.
Senator Black, Democrat, of Alabama, then tried to eliminate all Price
fixing, including the mineral natural resource industries, but was beaten,
13 to 4. The Alabama Senator promptly moved to limit profits and salaries
where price fixing was permitted, but this was defeated, 14 to 1.
Friends of NRA then attempted to tack on a number of liberalizing
amendments but they also were rejected under the prevailing agreement
among the majority to pass the continuing resolution as it stands.. .
Senator Barkley, Democrat, of Kentucky, moved to include under the
codes intra-State business "of such character and dimensions as materially
and substantially effects" inter-State commerce.
This was rejected by the closest vote of the session. 14 to 7.
An amendment by Senator Costigan. Democrat,of Colorado, to extend
the NRA until April 1, 1937, instead of 1936. was rejected without a recorded vote.
Adoption of the Clark resolution was interpreted as a
partial defeat for President Roosevelt, who had expressed a
desire for a new law which would be affective for a period of
two years. The Finance Committee resolution besides
amending all NRA codes to exclude price fixing provisions,
except those applying to mineral resources, and would eliminate from NRA jurisdiction all companies engaged only in
intra-State commerce. It also provides that the President
shall within 30 days after June 16 strike from existing codes
certain practices specified by the Committee.
As indicated in these columns (March 30, page 2112 and
April 6, page 2284) a bill was introduced in the Senate on
March 29 by Senator Harrison, Chairman of the Senate
Finance Committee to extend the NIRA for two years; it
was described at the time as constituting "merely a basis
upon which the Committee will work." A Washington dispatch May 1 to the New York "Journal of Commerce" regarding the Committee's action of May 1 said in part:
Belief was expressed in Senate corridors that in all probability to-day'
course'
vote clearly indicates the sentiment of the full body, although, of
How
there will be some who will bitterly contest the proposed extension.
than
ever, it is forecast that the resolution will receive much less discussion
would the Harrison Bill proposing a 2-year extension of the law with its
material changes from the present statutes.
Views of Harrison
Senator Pat Harrison (Dem., Miss.), Chairman of the Senate Finance
Committee, has all along encouraged this proposal as a means of quickly
disposing of a most troublesome piece of legislation. He declined to-day
to say whether the President approves the resolution, but there is said to be
the belief that he will accept it, if sent to him by the Congress, but does
not want it to appear to be an Administration measure.
Some of the President's most important advisers on NIRA are unqualifiedly opposed to the extension resolution. It is said Donald R. Richberg.
Chairman of the National Industrial Recovery Board, bases his opposition
adverse
on the fear that tbe United States Supreme Court will render an
ruling on the present law and that it thus will pass from the statute book.
Secretary of Labor Perkins is also believed to be against the resolution
preferring new legislation.
The following is the text of the Clark resolution:
Seventy-fourth Congress, 1st Session S. J. RES. 113
JOINT RESOLUTION
To extend until April 1 1936. the provisions of Title I of the NIRA,and
for other purposes.
Resolved by the Senate and House of Representatives of the United
Sta.tes of America in Congress assembled, That section 2 (c) of Title I of
the NIRA 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
11936."
Sec. 2. (a) 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 provisions 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 included 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 fair competition shall be applicable to any person whose
business is wholly intra-State.
Sec. 3. fhe 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 for such review, such codes are hereby continued in effect (subject to cancelation or modification pursuant to the provisions of this joint
resolution) for a period of thirty days after June 15, 1935. unless previously
reviewed and superseded; but no such code shall continue in effect after the
-day period unless the President has reviewed such
expiration of such 30
code and has approved it and finds that the code in the form so approved
conforms to the requirements of this joint resolution.
Debate Opened In Senate on Harrison "Compromise"
Soldier Bonus Bill—Vinson Bill Offered as Substitute
Debate on the Harrison "Compromise" soldier bonus bill
opened in the Senate on May 2, at which time the Vinson
full cash payment plan was offered as a substitute by Senator
Clark (Democrat) of Missouri. In Associated Press advices
from Washington May 2 it was noted:
Under the Vinson Bill, which was defeated in the House by a narrow
margin by the inflationary Patman bill, veterans could immediately cash
their bonus certificates for their full race value. Its cost has been estimated
at more than either of the two other leading proposals.
The compromise bill, which was presented to the Senate by Senator
Harrison Democrat, of Mississippi, the Chairman of the Finance Committee, in an effort to obtain legislation satisfactory to the administration,
2964
Financial Chronicle
May 4 1935
would move the issuance date of the certificates back to the end of the war
and cash their current redemption value. In the average Lase that would
be $770 instead of 61,000.
the "Herald Tribune") to approve an extension of certain
remarks for the record. In this account it was also stated:
Regarding yesterday (May 3) developments in the Senate
we quote the following from the Associated Press accounts:
An attack on opponents of the banking bill, who call it "a political bill
setting up a political board," including the "subsidized" press, was made
by Representative T. Alan Goldsborough, Maryland, Democrat, the only
speaker on the measure. He said that reports of change in the basic
philosophy of a central banking system, embodied in the measure, have
been "grossly exaggerated and grossly misstated."
A "commodity dollar" amendment Mr. Goldsborough said, would be
proposed by him later. It seeks to establish a dollar based on commodity
prices from 1921 to 1929, and kept stable through a commodity index of
some 30 commodities.
As the Senate started the second day of debate on the hotly disputed
measure, no one apparently was ready to talk.
Vice-President Garner called for a vote on the motion of Senator Clark
(Dem., Mo.) to substitute the Vinson cash payment bill for the Harrison
compromise.
Senator Thomas (Dem., Okla.) protested that the matter was of such
importance that a vote should go over until next week when more Senators
would be on hand.
Senator Harrison then proposed a limitation of debate to start Monday.
but Senator Smith (Dem., S. C.) and Senator McNary (Rep., Ore.) served
notice it would not be acceptable.
Senator Smith said the measures before the Senate included other issues
than the bonus, apparantly referring to the Patman proposal for new
currency.
The approval on April 25 by the Senate Finance Committee
of the Harrison bill in amended form, was noted in our issue
of a week ago, page 2791. Under date of April 25 United
Press advices from Washington stated:
The Committee reported out the Harrison measure without a record vote
after approving, 12 to 8, a minion by the chairman to substitute the bill for
the American Legion plan, which does not specify a method of payment.
Earlier Senator Bennett Champ Clark (Dem.. Mo.) had obtained adoption of a motion to substitute the Legion proposal for the Patman 82.000,000.000 currency expansion measure, which passed the House.
The Committee adopted an amendment by Senator Tom Connolly(Dem..
Tex.) giving veterans the privilege of accepting cash or negotiable bonds
under the Harrison bill.
It defeated, 11 to 7, a proposal by Gore to authorize the President to
negotiate new agreements with foreign debtors and to use money collected
on the war debts for bonus payments. Gore said he would offer the plan
again.
Debate Begun in the House on Administration's
Banking Bill
The Administration's banking bill was taken up for
debate in the House on Monday,April 29, under a rule
providing for 15-hours of general.debate without restrictions
on amendments. Action to permit unlimited amendments
was taken by the House Rules Committee on April 26, when
it denied a request by the House Banking and Currency
Committee for a "gag" rule. From a dispatch April 26
from Washington to the New York "Times" we quote:
"The bill is the most important before the House this session," Chairman
Steagall of the Banking and Currency Committee told the Rules Committee
in requesting a "gag." "If ever a closed rule was needed to protect important legislation it is on this measure."
Several amendments will be offered by the Banking Committee, Mr.
Steagall revealed. One of these would provide for a Monetary Authority
to replace the Federal Reserve System.
Representative Hollister. ranking Republican member of the Banking
Committee, declared that Title II would bring "a basic revolutionary
change in the Federal Reserve System."
Further quoting Mr. Hollister with the start of debate on
the bill, the Washington account to the "Times" April
29 said:
Representative Hollister of Ohio, ranking Republican on the Banking
Committee,interpreted President Roosevelt's reference to banking legislation
to mean fine H of the pending bill.
"Title II should be retained for further detailed consideration, notwithstanding official pressure," he told the House. "There must be a
, stop to the continual yielding to demands for more and more power in
the Executive, particularly when this power could be subjected so easily
to abuse, as is the case when the delicate functions of credit are concerned.
"...'he experience of the civilized world demonstrates that the central
banking system of the country should be kept as far as possible removed
from government control.
"The credit system of a country is its life-blood, and a large part of the
freedom of that country disappears when the sources of credit may be
manipulated by the government for its own purposes."
These advices continued:
Agreement Indicated
Representative Cavicchla of New Jersey spoke along the same line,
and it wasindicated that Republican members of the Committee had agreed
on a floor fight against some elements of Title II.
Representative Fish of New York charged that the bankers of the country
"are terrorized, paralyzed with fear" into silence about the pending bill. He
said that some banks had as much as $200,000,000 invested in government
bonds.
"Should the government let these bonds decline 15 points in price, every
bank in the country would be bankrupt," he declared. "Of course, the
bankers have to play ball. There are no more cowardly people in America
than the bankers."
He was twice called to order by Representative Woodrum of Virginia,
who was presiding, for trying to discuss Mr. Roosevelt's radio address.
The rule under which the bill is being considered provides that remarks
must be confined to the bill.
Expounding the bill, Chairman Steagall of the Banking Committee
confined himself to its deposit insurance features, declining an appeal by
Representative Cox of Georgia to give an Administration explanation of
Title II. He spoke of the "delinquency in the (banking) system which
permitted solvent banks to be closed by public apprehension."
A conference on the bill was held to-day by President Roosevelt with
Secretary Morgenthau, Marriner S. Eccles, Governor of the Federal
Reserve Board, and Leo T. Crowley, Chairman of the Federal Deposit
Insurance Corporation,
Mr. Morgenthau said that it was a "get-together" meeting in preparation
for hearings before the Senate Banking Committee at which Administration
fiscal advisers are expected to testify.
Little headway was made in the House on April 30, as a
result of a dispute between the Republicans and Democrats
with the refusal of the latter (said Washington advices to
On May 1 Chairman Steagall of the House Banking and
Currency Committee,in defending the bill, declared that the
Federal Reserve System was under the control of one Reserve
Bank "during the most critical period of recent years." He
declined to name the bank, saying he wished to avoid
personalities, said a Washington dispatch May 1 to the
New York "Times" which also stated in part:
Mr. Steagall devoted most of his time to defending the centralization
of power in the hands of the Federal Reserve Board, as provided in the bill,
and championing the small country banks against the large city institutions.
Representative Hollister of Ohio, ranking Republican member of the
Banking Committee, expressed doubts as to the wisdom of conferring the
powers granted in Title II of the bill.
"I would not take the greatest President we ever had and put the country's
credit in his hands," he said.
He announced that he would try to amend Title II and would move that
the bill be recommitted to the Banking Committee with instructions to
strike out what he considered the most drastic provisions.
May 1 advices from Washington to the "Herald Tribune"
reported:
Oppose Four Grants of Power
The Republicans, as a result of a caucus under the leadership of Minority
Leader Snell, have developed a program for centering their attack on four
Board provisions of Title II the disputed section. Following the suggestion of Mr. Hollister, at least the bulk of the Republicans will work to
have the following grants of power removed from the measure:
Granting the Federal Reserve Board more specific power over the Federal
Reserve banks.
Extension of Presidential authority toward the end of giving greater
control over the Federal Reserve Board.
Placing in the Federal Reserve Board the power to control open market
operations of the Reserve banks.
Giving the Federal Reserve Board power to change the Reserve Board
requirements of the banks.
Through a dispatch to the "Times" it is learned that the
debate on May 2 was given over largely to left-wing criticism
although Representative Gifford of Massachusetts, attacked
it from the conservative side. It was likewise stated in the
dispatch:
Mr. Gifford said that the:bankers and business men of the country
were "so frightened that they are afraid to move," and called the bill "a
political measure that will further undermine the nation's credit."
"This bill is sugar water to make the castor oil not taste so bad," said
Representative Feisinger of Ohio, advocating currency inflation.
Representation Lemke of North Dakota called the measure "a rehash
of present laws and an international bankers' bill."
Representative Cross of Texas favored a commodity-dollar amendment
designed to restore the price level of 1926 and stabilize commodity values
at that level.
$458,000,000 Naval Appropriations Bill Passed by
House Without Record Vote—Provides Largest
Peace
-Time Naval Program in
History—Early
Approval by Senate Is Expected
A naval appropriation bill carrying a total of almost $458,000,000 was approved by the House of Representatives
without a record vote on April 26, with no essential change
from the form in which it was reported by the Committee
on Appropriations. Prior to passage of the measure, the
House defeated a notion to recommit by 289 to 56. The bill
was transmitted early this week to the Senate Appropriations Committee. The bill, which makes provision for the
House was on April 23, by the Appropriations Committee, which recommended that $457,786,261 be spent on
naval establishment in the next fiscal year, with an
increase to a continuing naval expense of $565,000,000 annually after 1941, when the "treaty navy" will be in operation. The Appropriations Committee ascribed the heavy
cost of building up the navy to the "folly and futility" of
the course followed by this country after the Washington
treaty of 1922.
The Senate on April 9, without a record vote, passed and
sent to President Roosevelt for his signature a bill authorizing $38,098,000 for naval construction projects. This bill
was originally approved by the House without a record vote,
on March 27, and no changes were made in the measure
by the Senate.
A Washington dispatch of April 23 to the New York
"Times" described the report of the House Appropriations
Committee on the naval appropriation bill as follows:
Acting on a belief that some international agreement on tonnage limitation was still possible, despite lack of progress in London, the Appropriations Committee cut in half the Administration's proposed building program for next year. The budget had provided $29,380,000 for beginning
the following construction, estimated to cost $197,427,000 when completed:
One aircraft carrier
$27,895,000
Two light cruisers
19,150,000
Three destroyers, over 1,600 tons
7,830,000
Twelve destroyers, not over 1,500 tons
6,155,000
Six submarines
5,647,000
Even after cutting this expenditure in half, the report pointed
out.
$208,000,000 will be available for ship construction during 1936.
Volume 140
Financial Chronicle
Decision Left to President Roosevelt
"If for reasons deemed to outweigh those here advanced, the Administration should elect not to defer the construction of such ships, there is
nothing in the bill to hinder that course, which, however, most likely
would necessitate the provision of a supplemental appropriation early in
the next session," the report said.
Representative Cary of Kentucky, Chairman of the subcommittee, took
the floor in defense of the bill and explained the Committee's viewpoint.
"In view of world conditions, with war clouds hanging over Europe,
with every important nation of that continent expanding Its military and
naval forces, replacing and rebuilding their armaments, spending untold
millions for armies and navies and going to the extent of conscripting
soldiers, building the greatest war machines that ever have been built,
It is necessary for us to take this notice and so prepare ourselves that
we may be able to defend this fair land of ours in case such an emergency
should arise," said Mr. Cary.
He told the House that "there is but one course for us to pursue, and
that is to maintain an army that is unequaled, a navy that will be the
mistress of the seven seas, and for each of these a competent air corps that
will meet all the needs of the present day."
Charging that Great Britain and Japan had shaped our naval policy,
he said that "the course they have pursued is responsible for the size of
the bill I bring to you to-day."
The bill for $38,000,000 in naval construction, passed by
the House on March 27, was recommended by the Navy Department, and provides for additions to the fleet's defenses
in the Canal Zone, on the Pacific Coast and in Hawaii.
Chairman Vinson of the Naval Affairs Committee explained
to the House that the full-strength navy contemplated for
1942 would comprise 313 vessels, including 191 combat units.
The approval by the House,of this bill was described as
follows in a Washington dispatch of March 27 to the New
York "Herald Tribune":
Except for an occasional protest of the speed with which the House
worked, there was no opposition to a bill authorizing an expenditure of
$38,000,000 for the Canal and Pacific defenses. In the authorization were
provided $10,000,000 for a floating drydock at Pearl Harbor, Hawaii;
$4,600,000 for a drydock at Puget Sound; $3,500,000 for a drydock at
Mare Island, Calif., and $2,534,600 for submarine base facilities at Coco
Solo, C Z
The first protest came from Representative Merlin Hull, Progressive, of
Wisconsin, who asked postponement of consideration of the $38,000,000
authorization until a larger number of members could be assembled.
"A $38,000,000 bill is to be acted on," he said, "and there are about 38
members on the Chamber."
He received support from Representative Vito Marcantonio, Republican,
of New York, who quieted Ohairman Vinson by saying that no one was
going to raise a point of no quorum.
"Nevertheless," said Representative Marcantonio, "we are squeamish and
we delay passage of the appropriation designed to alleviate the suffering
of those in actual want, and yet, with less than 38 of us in the Chamber
we sweep ahead and pass a $38,000,000 bill—a bill with Which we propose
to wave the flag along the Pacific. We throw away measures designed to
guarantee a living wage under public works and authorize $38,000,000
for war."
House Passes Resolution Authorizing Inquiry into
Alleged Chain Store Lobby to Influence Congressional Legislation
Prompted by press reports that a super-lobby, to be known
as the American Retail Federation, was recently formed
to promote the business of chain stores throughout the
United States and to influence the actions of members of
Congress with reference to legislation affecting chain stores
and their holding companies, a resolution, introduced in the
House, was passed by that body on April 24 to investigate
the American Retail Federation. The resolution, sponsored
by Representative Cochran, of Missouri, said that "the sum
of $750,000 has already been pledged or contributed to this
super-lobby by the greatest aggregation of rich and powerful
department stores and chain stores of America ever brought
together for the purpose of directly or indirectly nullifying
the effects of the National Recovery Administration, the
Agricultural Adjustment Administration, the Sherman Act,
the Clayton Act, and other anti-trust laws now on the statute
book of this nation." The following is the resolving clause
of the resolution as passed:
Resolved, That a special committee of seven, to be named by the Speaker,
be created and hereby is authorized and directed to investigate the aforesaid American Retail Federation, its capitalization, its membership, its
objectives, the sources of its funds, its financial connections, and its officers
and agents, and to investigate the record of stock dividends, officers'
salaries, profits, interlocking directorates and banking affiliations of all
corporations directly affiliated with, or contributing to, the said American
Retail Federation; and be it further
Resolved, For the purpose of this resolution the Committee, or any subcommittee thereof, is authorized to hold such hearings, to sit and act at
such times and places in the United States, whether or not the House is
sitting, has recessed, or has adjourned, to require, by subpena or otherwise,
the attendance of such witnesses and the production of such books and
documents, to administer such oaths, and take such testimony as it deems
necessary and advisable.
A special House committee was named on April 29 by
Speaker Joseph W. Byrns to conduct the investigation called
for in the resolution. The committee will be headed by
Representative John J. Cochran, Democrat, of Missouri,
who sponsored the investigation resolution, said a Washington dispatch, April 29, to the New York "Herald Tribune,"
which also stated:
The other members of the committee are Representatives Lindsay 0.
Warren, North Carolina; John F. Dockweiler, California, and Scott W.
Lucas, Illinois, Democrats, and Donald H. McLean, New Jersey; W.
Sterkung Cole, New York, Republicans, and Gerald J. Boileau, Wisconsin,
Progressive.
2965
In the April 26 issue of the "Herald Tribune" it was
stated that the American Retail Federation has no fear of
examination by a Congressional committee, Louis E. Kirstein, Vice-President of Wm. Filene's Sons Co., Boston, and
Chairman of the Federation's Executive Committee, said on
April 25, in a statement commenting on the House resolution. From the April 26 item in the paper indicated we
also quote:
Mr. Kirstein, in his statement, again set forth the purposes of the new
Federation as they were listed at the time of the formal announcement of
its organization last week. The Federation was formed, he reiterated, to
fill a need that long has existed and that has been brought forcibly to the
attention of forward-looking retailers during the last 18 months.
Denies Large Finn Control
He denied charges that large retail interests sought to run the association.
"So that there might be no thought that the large retail firms or corporations were trying to control the Federation, the plan of organization provides," he explained, "that the majority both of the trustees and of the
Executive Committee shall be representatives of national retail associations." . . .
Roscoe R. Rau, Executive Vice-President of the National Retail Furniture Association, Chicago, who is in New York attending a furniture
advertising conference at the Pennsylvania Hotel, issued a statement yesterday afternoon in which he said that the "Congressional inquiry is welcomed
because it should help clear the atmosphere of inaccuracy and misinformation that has abounded since the press last week carried first announcements
of the American Retail Federation."
Mr. Rau added that "despite the inference of Representative Cochran's
resolution, our Association has received no communication, official or
otherwise, from any officer or sponsoring leader of the American Retail
Federation." He also said that his association had taken no action in
regard to the Federation and could not do so until the May 2 meeting of
the Board of Governors.
Bill Introduced in House to Encourage Domestic
Production of Tin—Report Submitted Showing
Dependence of United States on Foreign Nation
for Supply
A bill, designed to provide for the National defense by
encouraging the domestic production of tin, and by decreasing the dependence of the United States upon foreign nations
for a supply of the metal, was introduced in the House on
April 23 by Representative McReynolds, of Tennessee. The
bill, as stated in Washington advices April 23, to the New
York "Journal of Commerce" of April 24, would impose a
processing tax of 6 cents a pound on the first processing in
the United States of metallic tin not the product of domestio
smelteries and would empower the President. to proclaim a
6 cents per pound tariff duty on imports of tin ore or cassiterite and at the same time embargo all exports of tin scrap.
The advices contined:
Declaring the natural resources of tin in this country to be deficient or
Insufficiently developed to supply industrial and military needs, the bill
would also create a special board of seven members to investigate supplies
and passible development of substitutes. These investigations would get
under way within 60 days and the findings of the board would be the basis
for the proclamations of the President.
In a Washington account, April 23, to the New York
"Times" of April 24, it was stated:
The bill would appropriate $175,000 a year for the next three years to
finance prospecting under Government supervision for tin ore supplies in
this country and $200,000 a year for the next five years for research in the
development of substitutes for tin.
Should the board find that the supply of any metals, ores, compounds,
materials or commodities, is "insufficient to meet the industrial and
military needs of the country," the President would be empowered to
declare such item a "strategic material" and the board would then extend
its investigations to such materials
Simultaneously with the introduction of the bill a report
was submitted to the House by a sub-committee of the House
Foreign Affairs Committee, of which Representative
McReynolds is Chairman, showing the extent to which the
United States is dependent upon foreign nations for its tin
supply. A resulution calling for this investigation was given
in our issue of June 23, 1934, page 4219. From the advices
April 23 to the "Journal of Commerce," we take the following
regarding the report:
Results of the investigating committee's finding were . . . . flied
with the House when the bill was introduced. These studies revealed, the
report said, that there are a number of remedial steps which could be
taken, any one of which might relieve to a greater or lesser degree disadvantages of the present dependence of the United States upon foreign
nations.
The chief of the suggested remedies, it was declared, appeared to be the
following:
1. Importation of tin ore and establishment of a smelting industry in
the United States.
2. More through prospecting for possible tin sources in the United States.
3. A well-organized and Government
-financed research for substituties
for tin.
4. Prohibition of the exportation of tin-bearing scrap and possibly of all
tin-bearing material.
5. Acquisition and holding by the Government of a reserve stock of tin
for use in an emergency.
The processing tax imp.ised in the bill would have the effect of carrying
out the first recommendation of the committee, that is, development of a
tin smelting industry in this country.
Urging this Government to begin conversations with foreign tin producing
countries with a view to insuring an adequate supply of tin for this country,
the committee said that with a tin smelting industry firmly established in
the United States the American consumer would enjoy benefits of an
assured supply and a greater freedom from more or less arbitrary fluctuations in price.
"Stocks in consumer warehouses could be reduced and consuming industries would be relieved of a large portion of the uncertainty as to future
conditions," it was declared, "which invariably obtain when the corn-
Financial Chronicle
2966
modity consumed is wholly the product of and controlled by foreign
countries.
"Tin ore afloat en route to the smelteries. ore in stock piles, ore and tin
in process and tin stocks held by smelteries would in the aggregate represent
a most important and substantial reserve in time of emergency. This fact,
coupled with establishment of the smelteries for the procurement of ore,
would prove a most valuable item in the national defense
"Further benefits would accrue from the substantial additional employment afforded to American labor, not only with respect to direct labor at
the smelteries but with respect to labor employed in the numerous industries
serving these plants."
Administration's Banking Bill Defended by Chairman
Fletcher of Senate Banking and Currency Committee—Declares Enactment of Title II Essential
to Establishment of Financial Security
In an address delivered in Washington on April 28,
Duncan U. Fletcher, Chairman of the Senate Banking and
Currency Committee defended the proposed centralization
of credit and monetary control which would be effected
through the pending Administration's Banking Bill. Senator
Fletcher's address, which was part of the weekly "American
Fireside" program of the National Home Library over a
National Broadcasting Co. network was devoted chiefly to
a defense of the disputed Title II of the bill, according to a
Washington account to the New York "Herald Tribune"
which continued in part:
Sees Aid to Economic Security
Pointing out that rifle II "is bearing the brunt of almost all the opposition made to the entire piece of legislation," Senator Fletcher said: "The
general public must not be misled. This legislation will serve a publlc
purpose and its enactment is essential to the establishment of the financial
and economic security of this Nation's domestic enterprises."
This part of the bill, he explained, "deals almost wholly with the creation
of machinery for the effective regulation of a definite monetary policy in
accordance with the campaign promises of President Roosevelt" and the
Democratic platform declarations for "a sound currency to be preserved at
all hazards" and for ending 'the indefensible expansion and contraction
of credit for private profit, at the expense of the public." He said it also
sought to carry out the President's declared purpose to "seek to establish
and maintain a dollar which will not change its purchasing and debt paying
power during the succeeding generation" after restoring the price level.
fitle II of the bill
"With one or two exceptions." the Senator said, "
deals with the control over the monetary policy of this Nation. Such
monetary policy operations can not and should not be merged with purely
banking operations. . . .
Banking Problem Cited
He charged that there have oeen a few bankers "in the know" and also
in a dominant position for laying down the rules for making money "tight
or easy"—of literally determining the trend—yet the latter have not personally been singled out nor can they,"under our present system, be called
to account for the disastrous results of their acts."
"It is my earnest desire," he continued, "that the 15 or 20 thousand
bewildered bankers, who have never known and cannot be expected to
know why money is 'tight' or 'easy,' demand that this great destabilizing
and disturbing factor of monetary policy be separated from banking per se
and placed in the bands of men who must and who shall be held responsible
and accountable for their acts."
An individual banker, he held, has almost no part in the creation of
periods of expansion and contraction.
Outlines New Banking Policy
"After the uptrend is established, however." he added, "milkers may or
may not follow the trend by increasing their loans and coincidently increasing their deposits at the same time that all other banks are expanding.
On the other hand, when a period of contraction sets in, every banker
must, in self-defense, not only refuse to extend further loans: but, more
often, is forced of necessity to call loans and refuse to permit the extension
of the life of loans which are at the time outstanding."
He said he was not condemning bankers individually, but was offering
a defense of them, "except to the extent they have failed to recognize the
facts which I am now pointing out." . . .
"Political control over the system is not our object, nor is it the issue.
Again I say. 'Do not be misled.' The people of this Nation, through the
Congress, are determined to 'nail down' and fix the responsibility for the
expansion and contraction of our credit and currency, and concentrate those
powers in the hands of men who must 'do the job'."
An earlier statement on the bill by Senator Fletcher appeared in our April 27 issue, page 2782.
Comment by Chairman Steagall of House Banking
Committee on Political Control of Credit by
Incident to Administration's Banking Bill
Chairman Steagall of the House Banking and Currency
Committee in replying on April 27 to Republican attacks
on the Administration's Banking Bill asserted that the
Government is political and anything the Government did
about banking would reflect the political wishes of the
people as expressed at the election. Representative Steagall
was quoted to the foregoing effect in Washington advices
to the New York "Journal of Commerce." Further comments by Representative Steagall, are taken as follows from
a Washington dispatch April 27 to the New York "Times":
Replying to criticism of the measure by some conservatives, he said:
"The whole Federal Reserve System is the result of political action.
It was enacted to carry out the platform of the Democratic Party.
"Democratic members of the Banking Committee locked the committee
room doors and wouldn't let the Republicans in. Then they held a caucus
and bound all Democrats to vote for the bill when it came to the floor.
That's the history of the Federal Reserve System."
Question of Lending Policy
Representative Steagall disagreed with published interpretations of the
Federal Reserve objective, as outlined in the Banking Bill, which held that
the Federal Reserve Board would become the central agency in a planned
economy for the country. According to these versions, the Board would
May 4 1935
encourage or discourage lending by member banks corresponding to the
national need for the industry seeking the loan.
The actual objective, written into the bill at the suggestion of Marriner
S. Eccles, Governor of the Federal Reserve Board, and designed to counter
commodity dollar and fixed price level proposals, read as follows:
=Wall be the duty of the Federal Reserve Board to exercise such
powers as it possesses to promote conditions making for business stability
and to mitigate by its influence unstabilizing fluctuations in the general
administration."
level of production, trade, prices and employment,so far as maybe possible
within the scope of monetary action and credit
Denial of Discrimination
Mr. Steagall declared that "there is nothing whatever in this language
or in any other part of the bill, that would give the Federal Reserve Board
power to require that member banks or the Reserve banks to refuse loans
or grant loans for one branch ofindustry,conunerce,or agriculture as against
another.
"And there is nothing in this language that would give the Federal
Reserve Board power to restrict credit in a particular field of business activity on the ground that, in the Board's opinion, a state of overproduction
or overequipment existed in that field," he went on.
"Under the new bill, as under existing law,it is for the individual member
banks to determine whether they will or will not lend to any particular
business enterprise: and it is for the individual Reserve Banks to determine
whether they will or will not accept from a member bank for rediscount the
paper of any particular borrowers."
Power of Member Banks
"Member banks 'may' lend. the Reserve Bank 'may' discount, the
Federal Reserve Board has no power to require or prevent transactions on
the part of either the member banks or the Reserve Banks.
"Neither Governor Eccles, who was questioned at, considerable length
on the whole problem of a desirable objective, nor the majority members
of the committee who decided to write on the objective given above has
even remotely in mind the allocation of capital as between industries.".
With fifteen hours of general debate permitted under the special rule
authorizing consideration, Speaker Byrns said to-day that he was not sure
the House would dispose of the measure next week.
Mr. Steagall denied that he had asked for a "gag rule" and said that his
committee was so divided that he could not in fairness have requested a
limitation on the right of debate and amendment
Executive Committee of A. B. A. Endorses Attitude of
Officers and Special Committee Toward Administration's Banking Bill
The position of the officers of the American Bankers
Association and its special committee authorized to consider
the Banking Act of 1935, in which they approve Titles I
and III in substance and recommend that Title II be rewritten so as to avoid political control of banking, has been
unanimously endorsed by the Executive Council of the
Association, it is announced in the May issue of its official
publication, "Banking." It is indicated that a "full and
unrestricted discussion" of this measure was a chief subject
considered in the recent three-day session of the Council at
Augusta, Ga. The statement in "Banking" points out that
the stand taken by the Association in respect to Title II
calls for its redrafting along lines "which would strengthen
the independence of the Federal Reserve Board and preserve its freedom from political control," with a clear understanding that Title II would be opposed vigorously in
Its present form.
In presenting this subject to the Executive Council, the
Association's journal says, President R. B. Hecht stated
that although some bankers favored opposing Title II without compromise, practical considerations at Washington
made such a course unwise and ineffective. The better procedure was, he said, "to make clear that we are ready to
help in molding and guiding whatever legislation is to be
enacted so that it will be conceived along lines of sound
banking and public policy." He added:
We have made is clear that we are unalterably opposed to anything like
partisan or political domination of banking and would favor Title II only
if changes essential to proper independence of the Federal Reserve Board
are carried out.
When the Council was thrown open for discussion, says
the Association's magazine, full advantage was taken by a
number of members representative of various types of banking and sections of the country, "manifestly in an earnest
desire to analyze and understand fully the position taken
by the Association officers and to add their own views in
arriving at a sound working program."
In every instance where a specific question or issue was
raised the officers of the Association were able to give a
constructive answer, the statement continues, indicating
either that their position already taken covered the suggestions made or else giving reasons why it would be impracticable to go any further along the lines suggested.
The journal further says:
Those who spoke showed a distinct tendency to analyze very closely the
question whether the association was taking a sufficiently strong stand
against tendencies at Washington to extend Government and political
domination over banking through creating in effect a centralized and
politically controlled version of the Federal Reserve System. The final
outcome was complete approval by the Council of the position that had
been taken by the Association's representatives.
This was expressed, it says, by endorsement of the following statement made by Richard S. Hawes, who was
President of the Association in 1919:
For over 20 years I have attended these Council meetings. In my
recollection I do not know, except probably in connection with the 1913
incident of the Federal Reserve, when more valuable and constructive
work has been done by a committee than that which is being done by the
one which is working on the proposed Banking Act of 1935. If therefore
occurs to me that this Council should express its gratitude for the fine
efforts of these gentlemen and say to them that we are behind them in their
Financial Chronicle
Volume 140
efforts and that we approve their recommendations as they have been
presented.
Mr. Hecht's statement at the meeting of the Association's
Executive Council at Augusta, April 16, was referred to in
our issue of April 20, page 2637, and the changes recommended in the banking bill by the special committee were
noted in these columns March 30, page 2101.
Unlimited Power for President to Control Monetary
Policies of Federal Reservp System Seen by 0. How. ard Wolfe in Proposed Banking Act of 1935
Unlimited powers for the President of the United States
to control politically the credit and monetary policies of
the Federal Reserve System are contained in the proposed
Banking Act of 1935, 0. Howard Wolfe, Cashier of the
Philadelphia National Bank, told the Credit Men's Association of Eastern Pennsylvania at a meeting in the Adelphia
Hotel, Philadelphia, on April 24. Discussing changes in
the banking laws of the country, the speaker, according to
the Philadelphia "Inquirer," opened his address with a
statement that he would prefer to talk on the proposed new
laws as "a symptom of a peculiar kind of economic affliction which seems to have troubled us for at least 100
years." The "Inquirer" continued:
Re termed the "affliction" as one bearing the thought that any kind
of economic upheaval can be cured and recurrence prevented by changing
the banking laws of the country.
Gives Unlimited Power
"It is with Title II that we are most concerned," Mr. Wolfe said.
-Although certain amendments have been suggested, which may be adopted,
we can only. discuss the Act as it has been presented in the House and in
the Senate. The increased power given the Federal Reserve Board is in itself
perhaps not a cause of concern, especially if we could always be certain
to secure as members of that Board the best in the way of ability and
experience available.
"However, the Banking Act of 1935 gives to the President of the United
States unlimited power to control politically the credit and monetary
policies of the Federal Reserve System. Under the present Act, the
Governor of the Federal Reserve Board, like other members of the Board,
is chosen by the President with due regard to a fair representation of the
financial, agricultural and commercial interests of the country. The
Governor of the Federal Reserve Board may only be removed for cause.
Under the new Act, the Board shall be well qualified by education or
experience, or both, to participate in the formulation of national economic
and monetary policies, a qualification which may mean much or nothing.
"The significant provision, however, is that the Governor shall serve
as such until the further order of the President."
A. P.
Giannini Takes Issue With Views of James P.
Warburg on Administrations Banking Act
In a statement issued April 28, A. P. Giannini declares
i
himself in opposition to the views of James P. Warburg on
the Administrations banking bill, as presented by the later
to the Senate Banking and Currency Committee on April 24.
"In view of the possibility that his (Mr. Warburg's) attitude
may be taken as that of bankers as a class" says Mr.Giannini,
"I wish to take issue with him." However typical his (Mr.
Warburg's) attitude may be of that of the New York banker,
it by no means represents the attitude of many bankers outside of New York. In part Mr. Giannini says:
Mr. Warburg attacked the banking bill by suggesting that it tended "to
undermine the 'American order' and was an important step toward Communism." . . .
"Mr. Warburg professes to believe that the power to control the money
of the country is in any case a useless power since, he maintains in effect,
it is quite impossible to inffuence business conditions by inflating or deflating
money. . .
Personally I would rather that this power be exercised
by a public body in the public interest than by the New York banking
fraternity.
"I am opposed to a government
-owned central bank, but I support the
idea of giving the Federal Reserve Board a large degree of authority in
the system's policies. I think it wise that the Governor of the Federal
Reserve Board be made the President's representative on the Board, his
term to run concurrently with that of the President, and he, as such representative, should sit in on all monetary conferences with foreign governments rather than the Governor of the Federal Reserve Bank of New York
as is the case at present."
The views of Mr. Warburg who is Vice-Chairman of the
Bank of the Manhattan Co., of New York, were noted in
our issue of April 27, page 2792.
Mr. Giannini is President and Chairman of the board of
the Bank of America National Trust and Savings Asso.,
of San Francisco, and a director of the National City Bank
of New York. He is also chairman of the board of the
Transamerica Corp.
Government Urged by National Association of Manufacturers to Lay Aside Legislation Which Tends
to Hamper Flow of Private Capital—Urges Action
Be Deferred on Banking Bill, 30-Hour Week Bill,
Unemployment Insurance, Utility Holding Bills
&c.—Analysis Shows Billions of Dollars Awaiting
Clearing Away of Uncertainties
Based upon an extensive study of the economic situations,
the National Association of Manufacturers, speaking for
industrialists throughout the Nation, stated on April 28
that "careful analysis of the business outlook indicates that
this country to-day is closer to breaking the back of the
depression than at any time since the forces of recovery began
working through the world in 1932." The analysis showed
2967
that billions of dollars of stored up demand which, if unloosed, would dwarf the Federal relief appropriation await
only the clearing away of political uncertainties.
While urging that Congress and the Administration recognize that any legislation which would delay recovery
in the next few months be shelved, the Association called
upon every manufacturer in the country to "follow will full
and complete support a program which would muster the
fullforce of American initiative against the walls of depression
during the next few months." The statement follows:
Careful analysis of the business outlook indicates that this country
to-day is closer to breaking the back of the depression than at any time since
theforces ofrecovery began working through the world in 1932.
Surveys indicate that close to 20 billion dollars in expenditures, which
would give employment to four million men for two years, is pent up in the
field of factory expansion, renovation and rehabilitation alone. The release
of this flow of private capital by removing political uncertainties would
dwarf the billions appropriated by Congress for relief and make unnecessarY
the expenditure of much of the taxpayer's-money.
Other billions of purchases, largely within the durable goods field, are
dammed up in the hands of small consumers, awaiting the stimulus based
upon elimination of those factors which caution purchase only of those
articles of absolute immediate need.
Virtually every business index studied points upward at this time. There
Is an undoubted spirit of optimism in the land. Recovery is within our
grasp if we as a Nation co-operate to prevent the disappointing curve
downward which has followed each business rise of recent years. Next
year a National election impends, with its traditional disturbing effects
upon business, and if this year's opportunity to activate business and
curtail unemployment is lost, experience dictates that conditions will be
less favorable in 1936.
What then are the needs of the situation? One,that industry and business
contribute to the fullest extent toward re-employment both in their own
establishments, and in the purchase of those postponed items which will
provide jobs in other plants; two, that Congress and the Federal Government co-operate to the fullest by eliminating uncertainties as to future
legislation which forbid long-term commitments by industry.
This means the laying aside temporarily of any legislation which is not
aimed directly and positively at ending the depression and restoring the
millions of idle persons to work within private industry, and the adjournment of Congress as soon as possible. Consideration of legislation designed
to meet future situations, but which would be a disturbing element during
the coming year by compelling a halt while industry makes the necessary
adjustments,should be shelved until the next Congress convenes only seven
months hence.
Into this classification would fall the unemployment insurance bill,
plainly designed to meet contingencies of the future; the banking bill,
the utility holding company bill, changes in the railroad laws which would
add millions of dollars to freight charges and increase consumer costs. In
-hour
addition, there is the continuing threat of monetary inflation, the 30
week bill, the Wagner Labor Disputes Bill, extension of the authority of the
Secretary of Agriculture, and the Guffey coal bill, which if enacted would
compel a waiting period for recovery while business adjusted itself to their
provisions.
A survey by the Metal and Allied Products Institute, based upon actual
replies from manufacturing plants, shows $18,000,000.000 of machinery
purchases withheld over the past five years, which would give employment
to 4.000,000 men for two years. This does not take into consideration the
current machinery needs of the next two years.
The Committee for Economic Recovery estimates a delayed demand
for durable goods of $49,275,000,000, which would keep this country near
the industrial peak for 10 years. Colonel Leonard Ayres, noted Cleveland
economist, estimates 80 billions of waiting demand.
Industry recognizes fully its responsibility to the unemployed, and no
group is more sincere in its efforts to bring a speedy end to the depression.
We therefore urge at this time that Congress and the Administration give
every assistance toward eliminating uncertainties which act as obstructions
to recovery, and that each individual manufacturer follow with full and
complete support of a program which would muster the full force of American
initiative against the walls of depression during the next few months.
Our problems call for a broad understanding in every walk of life that
Prosperity is dependent upon the recovery of all groups, and that the
stirring of antagonisms between groups can but delay the attaining of our
common goal.
Resolutions of United States Chamber of Commerce
Oppose Utility Bill, NRA Extension, Banking
Legislation and Wagner Labor Measure--Business
Leaders Declare Against President Roosevelt's
Major Policies
Opposition to leading policies of the Roosevelt Administration was voiced in a series of resolutions adopted on May
2 by the Chamber of Commerce of the United States at the
closing session of its annual convention in Washington.
These resolutions urged that utility holding company legislation should not give any Federal body authority over
State commissions; declared that the proposed Federal
Reserve legislation would result in political domination of
the country's banking system; said that the National Industrial Recovery Act should provide only for voluntary cooperation, and recommended drastic changes in the Wagner
labor bill. After passage of these resolutions Harper Sibley,
a banker of Rochester, N. Y., was elected President of the
Chamber to succeed Henry I. Harriman.
The absence of a message from President Roosevelt to
the Convention served to attract attention. Two years
ago it was noted the President addressed the annual meeting
of the Chamber, and last year a message from the Executive
was read. At the White House on May 2 it was said that
no request had been received there for the President to send
a message to the Convention. Mr. Roosevelt on May 2
arranged a conference with the Government's Business and
Advisory Council, a group of business men organized by
the Administration to advise on business matters.
A summary of the resolutions of the Chamber as given in
a Washington dispatch May 2 to the New York "Times"
follows:
2968
Financial Chronicle
Opposition to Administration Program
Social Security—"The propriety as well as the constitutionality" of the
omnibus social security program was questioned, and opposition was
expressed to the old-age assistance, old-age annuity and unemployment
Insurance provisions. "Postponement for thorough examination" was
recommended.
NRA—The present NIRA "should be allowed to expire in June." but
prior to expiration, substitute legislation should be enacted for a definitely
limited period on a temporary and voluntary basis.
Trade Associations—"Freedom from special forms of governmental controls of trade associations" was demanded on the ground that governmental
agencies will limit the field and functions of trade associations.
Utility Holding Companies—Opposition was expressed to the pending
utility bill as it would "not only seek to super-impose Federal regulation
upon State regulation of operating utilities but would undertake to destroy
utility holding companies."
Labor Legislation—Opposition was expressed to the Wagner Labor Disputes bill and the 30
-hour week bill, as the former would "disrupt rather
than promote proper relations between employer and employe" and the
latter would prevent "flexible adjustment of hours."
Banking—The charge was made that the pending changes in the banking
Act would subject the Federal Reserve System "to a greatly increased
danger of political domination."
Agriculture—Opposition to Agricultural Adjustment Administration
amendments was expressed.
Agreement with Administration Program
Tariff—Reciprocal trade agreement program.
Transport—Federal regulation of all forms of interstate transportation.
Merchant Marine—Direct subsidies for rehabilitation of merchant
marine.
Land Policy—Co-operation of Federal and State governments for removing
unprofitable lands from production.
Aviation—Regulation of air transport in domestic and foreign commerce
by a Federal commission.
The reported misunderstanding between the majority of
the delegates to the convention and President Roosevelt
was described in part as follows in a Washington dispatch
of May 1 to the "Times":
The Convention yesterday opened with a series of attacks on the Administration which grieved not only the conservative members of the
Chamber, but had their repercussions in the White House. As the hours
went by and no message came from the President, the staff of the Chamber,
aware that a delicate situation had been created, sought counsel with
retiring Chamber President Henry I. Harriman and his associates.
Talk of Truce Abandoned
For an hour to-day a group of key men in the administration of the
Chamber conferred on the situation, but they were compelled to give up
their discussion when it became known publicly that the President had no
desire to prevent his obvious censure of the Chamber from becoming
public. . . •
The permanent staff of the Chamber as well as outstanding leaders on
Important committees, it developed, were in the minority and were unable
to muster sufficient influence to sway those who were intent on jamming
through the derogatory sections embodied In the resolutions. . . .
Constitutionality of Mississippi Mortgage Moratorium
Act Upheld by State Supreme Court
The Mississippi Mortgage Moratorium Act was upheld
on April 22 by the State Supreme Court by a vote of 5 to 1.
The majority opinion, written by Justice Cook, was concurred in by Chief Justice Sidney Smith and Associate
Justices J. G. McGowen, Virgil Griffith and George
Ethridge. Justice Anderson dissented. Justice Cook in
his conclusions said:
Conceding that the Act. in some measure, temporarily impairs the obligations of the mortgage contract, still we do not think it goes beyond
what is reasonably necessary to give relief in the emergency found by
the Legislature to exist and to justify and require relief.
From the Jackson, Miss.,"News" we quote:
The Court's decision came on the case of Wilson Banking Co. Liquidating
Corp., et al, vs. M. W. CoIvard of Greenwood.
Mr. CoIvard borrowed $26,750 on his homestead in Greenwood. the
value of which was estimated at "between $40,000 and $60,000." He
executed a mortgage as security to the banking company, and met the
Instalments due on his note until the bank closed its doors in 1930. Thereafter the payments were in arrears, and in May 1934 the home was advertised tor sale to satisfy the debt.
Mr. CoIvard obtained an injunction in the Leflore Chancery Court to
stop the sale, as provided under the provisions of the Mortgage Moratorium Act, which had just gone into effect.
liThe creditor appealed, attacking the Act as unconstitutional, contending that it impaired contracts and was in violation of both the State
and United States Constitutions.
In affirming the lower court decision as it affected the constitutionality
of the Act, the majority opinion held that the statute was an emergency
measure coming within the police powers of the State. . . .
The ruling opinion set out that the creditor was not without remedy
under the law, and that the Moratorium Act provided that if a sale was
postponed "the court must determine the reasonable value of the income
of said property" while the law is effective (until May 1 1936), and that
the debtor is to be assessed with this against the property in the final
accounting.
It was upon this point that the Court remanded the case for further
hearing In the lower court, at which time the "reasonable income" provision is to be met.
The following from Jackson, Miss., is from the New
Orleans "Times-Picayune":
The Mortgage Moratorium Act, which was approved April 4 1934.
and expires May 1 1936. authorizes Chancellors to stay foreclosures in
their discretion and stipulates the method of protecting the mortgage
holder during the suspension of his right to foreclose for defaults.
Enactment of the mortgage moratorium law was an effort on the part
of the Legislature to alleviate the financial condition of the property owners
during the economic depression, a recital of the condition then existing
being cited at length in the preamble to the emergency act.
The majority opinion, written by Associate Justice W. H. Cook of
Hattiesburg, accepts these conditions as cited by the Legislature as being
May 4 1935
facts, and offers its own knowledge of these conditions. Citation is made
to the Minnesota Mortgage Moratorium Act,the constitutionality of which
was upheld by the United States Supreme Court by one its 5_to 4 decisions.
1Justice:Anderson1Dissents
Associate]Justice W. D. Andersoniof Tupelo,sin a dissentingjopinion,
charged that the majority opinion "flouts the Constitution" and doge,
that the economic conditions are as bad as they were in the past, especially
during the war between the States, when similar legislation was held
to be void.
"There was no starvation or freezing among the people" following the
war between the States,"when a once prosperous people were bankrupted."
declared Justice Anderson. "The present depression compared with that
is a molehill to the highest mountain.
"The outgrowth of all these hardships (following the war between the
States) was a strong, independent, self-reliant citizenship led by statesmen
who were moulders of right-thinking on public questions."
"Conceding that the Act. in some measure, temporarily impairs the
obligations of the mortgage contract, still we do not think it goes beyond
what is reasonably necessary."
Decision of New York Court of Appeals Holding
Invalid New York State (Schackno) NRA Enforcement Act
The four-to-three decision of the New York Court of Appeals, handed down at Albany on April 26, holding unconstitutional the New York State NRA enforcement Act
(known as the Schackno Act) was referred to in these
columns last week (page 2798), in which it was also noted
that almost immediately following the court's ruling Governor Lehman signed the Joseph bill amending the statute so
that code enforcement under the State laws might continue
without interruption. The opinion holding the Schackno
Act invalid was written by Chief Judge Frederick E. Crane,
and was concurred in by Judges John F. O'Brien, Irving G.
Houcks and John P. Loughran. The minority opinion was
written by Judge Irving Lehman (brother of Governor Lehman), and was concurred in by Judges Leonard C. Crouch
and Edwin R. Finch. As was indicated in our item of a
week ago, the decision was rendered in the action brought
by Gustave C. Darweger, a Binghamton coal merchant, who
challenged the right of the Divisional Code Authority to
set the price at which he might sell his fuel. In upholding
his contention the court declared the Schackno Act invalid
because, in effect, it gave to a national administrator the
power to declare "what shall or shall not be a crime in this
State." "We conclude," said Judge Crane, in the majority
ruling, "that this gate law which we are reviewing is un-
constitutional as an unauthorized delegation of legislative
functions contrary to our State Constitution."
According to Albany advices, April 26, to the New York
"Times," the main issue as elicited in the decision of the
Court of Appeals, as well as that of the Appellate Division,
which also upheld the coal dealer, dealt with the fact that
under the Schackno Act mere filing of a national code with
the Secretary of State had the effect of writing the provisions of the national code into the State law for intra-
State commerce. The dispatch also observed that the
majority decision of the Court of Appeals held that this
provision of the law, giving the Secretary of State no option
on acceptance of a code, was an unconstitutional delegation
by the Legislature of its power to make law. From the
dispatch we also quote:
It gave national officials the power to write State laws, the majority
judges held.
The prevailing opinion also struck at the fact that the Schackno Act did
not specifically declare an emergency, but Judge Irving Lehman, . . .
In a dissenting opinion, questioned the strength of this argument and also
questioned the delegation of law-making authority. . .
Under the Joseph law the Secretary of State must act within 15 days
on a code filed with him. At present hundreds of national codes are on
file at Albany as State law under the invalid Schedule Act. The Secretary
of State has 15 days in which to act on all these to determine if they shall
continue in force.
Faced with the new situation, the Secretary's office made plans to-night
to rush a corps of NRA lawyers from Washington to make a thorough
study of the codes on file here so the Secretary could act within the
required 15 days and maintain State control over purely intra-State commerce covered by the codes.
Thus at present there is presented the picture of the highest State
court ruling the State NRA Act invalid and the Governor moving swiftly
to change the law to meet the objections.
Whether the Joseph law meets all of the Appeals Court's objections and
thus continues, a State NRA Act will be left to further court test, but
for the time being, anyway, the State will go ahead as though it still had
a State NRA law. . . .
All industry was not required to he codified, Judge Crane wrote, saying:
"There is an option given to the President as well as to various trades.
The whole matter rests upon the approval of the President, based upon
findings made in accordance with law."
Judge Crane added that it was not contended the national NRA had any
application to the coal dealer or his business, it being conceded that his
business was purely intra-State.
"How, then, comes it," he asked, "that this little retail business, purely
intro-State and carried on by the plaintiff in Binghamton, is thus threatened
with prosecution for violation of the law?"
Legislature Is Criticized
Judge Crane asserted that national recovery legislation dealing solely
with inter-State commerce would "have no more effect here for IntraState commerce than would a law of Connecticut, Massachusetts or
California."
Nowhere in the State law was it stated how an emergency should be
met, he added, and there was no finding of the Legislature that an emergency existed in the coal industry.
The Legislature left this entirely with the President or to the National
Code Authority, "and, more so, left to the National Code Authority to
determine that even an emergency exists."
Volume 140
Financial Chronicle
Judge Crane added that "the Legislature has left too many things to be
determined by other bodies to make this law constitutional. The Legislature cannot leave it to Congress to determine if an emergency exists,
and Congress has not attempted to do so."
He asserted that to say the Nebbia case (the court's approval of recovery
legislation in the milk industry) was an authority for the Legislature to
fix prices of all commodities was not justified by the decision. . . .
Judge Lehman, in his dissenting opinion, referring to the emergency
which existed in 1933, said:
"It is immaterial whether or not we call this condition an emergency.
It was certainly a condition from which the country urgently needed
relief."
He declared that the Legislature chose to co-operate with the National
Government effectively; to provide that the same regulations and the
same machinery applicable to inter-State commerce should be applied also
in local business within the State.
"We are concerned with only the power of the Legislature to make the
choice it did," Judge Lehman wrote. "If there has been any delegation
of legislature authority to the President, to representatives of industry or
Code Authority, that delegation was made by Congress before the Legislature of this State enacted the statute which is now challenged.
"The Legislature dealt with a condition already existing. If the Federal
statute was valid within the meaning of inter-State commerce, then, so
the Legislature decided, it should be applied in all business; and even
if eventually the Supreme Court should declare the Federal statute unconstitutional, in the interval and so long as the executive Federal authorities
sought its enforcement, there could be no effective regulation by any other
system."
In another part of his opinion, Judge Lehman stated:
"The rule that the Legislature cannot delegate legislative power is
merely an application of the basic rule that the legislative power of the
State is vested solely and completely in the Legislature."
Judge Lehman concluded:
"I have not overlooked the fact that there may be doubt whether under
the Constitution of the United States the price-fixing provisions in codes
are valid and enforceable regulations in inter-State conwnerce. If they
are invalid in inter-State commerce, then I concede that they are equally
invalid in intra-State business.
"There should, however, be more doubt as to their validity before this
court would be justified in sustaining a suit in equity to set them aside
in the absence of any expression of opinion on the question by the Supreme
Court of the United States."
The court also sustained a decision of the Supreme Court, which had
refused to enjoin the Jamaica Galleries, Inc., of Jamaica, L. I., from
conducting auctions in alleged violation of the NR.A code.
This decision was based on the authority in the Darweger case. Harry
Gross, a retail Jamaica jeweler, sought the injunction, and upon the refusal
of the special term took the case to the Appellate Division, First Dep...rtment. That court reversed the special term and granted the injunction.
The majority and dissenting opinions of the New York
Court of Appeals, as given in the New York "Times,"
follow:
MAJORITY OPINION
Gustave C. Darweger, plaintiff-respondent, against Charles B. Stoats,
Michael T. Bannigan, Charles A. Elwood, John D. Juriga, Layton A. Hall,
Frank G. Sawmiller, Edward E. Powell, Philip S. Savage, S. Van Rensselaer
Spaulding, Charles B. Nellie, Frank M. Carpenter, H. Russell Hoperaft,
defendants-appellants.
Appeal by the defendants from an order of the Appellate Division, Third
Department, which affirmed two orders of the special term, one denying
the defendants' motion to dismiss the complaint, and another granting
motion for an injunction.
Permission to appeal was granted by the Appellate Division, which certified to the Court of Appeals the following question:
"1. Does the complaint herein state facts sufficient to constitute a cause
of action?"
Hinman, Straub dc Hughes for the appellants.
John J. Bennett Jr. (Henry Epstein, Solicitor-General), in support of
the constitutionality of Chapter 781, Laws of 1933 (State Recovery Act).
Pearls & Resseguie for the respondent.
Thomas Francis Woods, amicue curiae.
Crane, Ch. J.
National Emergency Declared to Exist
The National Industrial Recovery Act, passed June 16 1933, declared a
national emergency in these words:
"A national emergency productive of widespread unemployment and disorganization of Industry, which burdens Inter-State and foreign commerce, affects the
public welfare and undermines the standards of living of the American people, Is
hereby declared to exist. It is hereby declared to be the policy of Congress to remove
obstructions to the free flow of Inter-State and foreign commerce which tend to
diminish the amount thereof; and to provide for the general welfare by promoting
the organization of industry for the purpose or co-operative action among trade
groups, to induce and maintain united action of labor and management under
adequate governmental sanctions and supervision, to eliminate unfair competitive
practices, to promote the fullest passible utilization of the present productive capacity
of industries, to avoid undue restriction of production (except as may be temporarily
required), to Increase the consumption of industrial and agricultural products by
increasing purchasing power, to reduce and relieve unemployment, to improve
standards of labor, and otherwise to rehabilitate industry and to conserve natural
resources."
As a step in the direction of effectuating this national policy, Section 8
(NIRA) provides for codes of fair competition:
"(a) Upon the application to the President by one or more trade or industrial
associations or groups, the President may approve a code or codes of fair competition
for the trade or industry or subdivision thereof, represented by the applicant, or
applicants, if the President finds (I) that such associations or groups impose no
inequitable restrictions on admission to membership therein and are truly representative of such trades or industries or subdivisions thereof, and (2) that such
code or codes are not designed to promote monopolies or to eliminate or oppress small
enterprises and will not operate to discriminate against them, and will tend to
effectuate the policy of this title. . . .
"(9) After the President shall have approved any such code, the provisions of
such code shall be the standards of fair competition for such trade or industry or
subdivision thereof.
"(d) Upon its own motion . . . the President . . . may prescribe and
approve a code of fair competition for such trade or industry."
By Section 10, Subdivision B, "the President may from time to time
cancel or modify any order, approval, license, rule or regulation issued
under this title; and each agreement, code of fair competition or license
approved, prescribed or issued under this title shall contain an express
provision to that effect."
All Industry Not Required to Be Codified by Law
Attention is directed here to the option given to the President as well
as to various trades. All industry is not required to be codified. First,
it is optional with the business or enterprise; secondly, it may be forced
2969
by the President at hie option; and further yet, after a code has been
adapted and approved, it may be modified by the President as to any of
its regulations in the future. The whole matter rests upon the approval
of the President, based upon findings made in accordance with the law.
Under these provisions of the NIRA the retail solid fuel industry prepared
its code, which was approved on Feb. 14 1934. Section 1 of Article III
established two agencies:
(a) The National Code Authority; (b) the Divisional Code Authorities.
Pursuant to subdivision 9 of this article, the Divisional Code Authority,
Division 3, was established and was stated to embrace the State of New
York, with the exception of the counties of Bronx, New York, Kings,
Queens, Richmond, Nassau and Suffolk.
Discretionary Powers Given to Two Authorities
Here again we find in this code that both the National Code Authority,
which was duly established, and the Divisional Code Authority have been
given certain discretionary powers. Under Article V, dealing with
marketing practices, we find these provisions in Subdivision 4:
"Whenever, upon complaint or upon its own initiative without complaint, the
National Code Authority is of the opinion that an emergency exists within the
industry or within any retail trade area thereof, in that destructive price-cutting is
being engaged in to such an extent as to render ineffectual or seriously endanger
effectuation of the purposes of this code or of the Act ,the National Code Authority
shall forthwith certify such conclusion to the Divisional Code Authorities.
"(a) Upon receipt of such notice each Divisional Code Authority, after a full
hearing upon notice to ad known interested parties within the respective trade areas,
shall determine whether or not such an emergency exists within the division or within
any one or more trade areas thereof, and In the event It appears necessary to declare
such an emergency to exist, thereupon to open the hearing for presentation of all
matters which may have a bearing upon costs to be ascertained and determined as
provided in Subdivisions (b) and (c) hereof.
"(b) In any retail trade area of any division where such emergency has been
declared to exist the Divisional Code Authority shall forthwith ascertain to the extent
reasonably practicable for such retail trade area the cost to members of the industry
of their products and services on the basis of actual cost sheets of members of the
industry within such retail trade area and all other available data, for each kind
grade, size and blend of solid fuel and each classification of customers within such
retail trade area.
"(c) On the basis of costs ascertained as above, the lowest costa (which shall
Include an allowance for all items of actual cost, but exclusive of any elements of
profit or return on capital) which shall still insure within such retail trade area the
maintenance of rates of pay, hours of labor, fair competition, and other purposes
of this code and of the Act, shall be determined by the Divisional Code Authority.
such figure to be the lowest figure reasonably compatible with the maintenance of
the purposes herein set forth."
Codification Is Left to Industry or President
Reviewing these provisions we find the NIRA declaring an emergency,
but requiring no particular industry to be codified, leaving it entirely to
the option of the industry or the President. When it comes to price-fixing
we again find that an option has been left, not only to the National Code
Authority in the solid fuel industry, but also to the Divisional Code
Authorities. First, the National Code Authority must find that an emer- •
gency exists; second, upon certifying the fact to the Divisional Code
Authority, the latter shall again determine whether or not an emergency
exists requiring the fixing of prices. But this is not all.
The Administrator, by Section 2 of Article III, may appoint one nonvoting member of the National Code Authority, who May also sit with the
Divisional Code Authority at the request of the Administrator. Paragraph (d) of Subdivision 4 of Article V gives this administrative appointee
further discretion. It reads:
"Such determinations of cost shall promptly be approved or disapproved in
writing by the administrative appointee on the Divisional Code Authority, and upon
approval shall become effective, subject to the right of the Administrator to approve,
disapprove or modify the same. All such determinations of cost by the Divisional
Code Authorities shall forthwith be filed with the National Code Authority and the
Administrator."
The Divisional Code Authority, Division 3, on June 29 1934, after a
hearing and taking of testimony, promulgated its Order 3e, which fixed
a floor-level price for the sale of coal in certain counties embraced in said
division, including the County of Broome. Said order, in ;tart, reads as
follows:
"It is hereby resolved, that in the trade area of Broome, Cortland, Chenan,go,
Otsego, Delaware and Sullivan Counties, also the Counties of Chemung. Tioga,
Tompkins, Schuyler, the townships of South Waverly, Sayre and Athens in Pennsylvania, and Southern Seneca County Including Townships of Romulus, Ovid.
Lodi, Covert and Varick, the lowest figure of cost covering the cost of products and
the cost of services on the various domestic sizes of anthracite coal, including pea
coal, shall be the Old Line Co.'s circular price plus the net ton freight rate destination
plus 53.15 per ton service charge: and on steam sizes of anthracite shall be the Old
Line Co.s circular price plus net ton freight to destination plus $2.75 per ton service
charge; and on coke shall be the producing company's circular price plus the net ton
freight to destination plus 53.15 per ton service charge; and on all grades, kinds and
sizes of bituminous coal shall be the bituminous coal mine price plus freight to
destination plus $2.75 per ton service charge."
Computations Given on Floor Level Prices
That by the said order the said floor-level price was computed as
follows:
"(a) On domestic anthracite coal, including pea coal, the Old Line Co.'s circular
price plus net ton freight to destination plus $3.15 per ton service charge.
"(b) On steam 1,12e9 of anthracite, the Old Line Co.'s circular price plus net ton
freight to destination plus 52.75 per ton service charge.
"(c) On bituminous coal, the bituminous code mine price plus freight to destination plus $2.75 per ton service charge."
Section 5 of Article V of the code reads WI follows:
"The selling or offering for sale of any of the products or services of this industry
for which the costs may have been determined as provided in Section 4 of this Article
V,at such prices or upon such terms or conditions of sale that the buyer shall pay less
therefor than such determined cost, shall be deemed an unfair competitive practice
in violation of requirements of this code."
By Section 10a of the NIRA, any violation of the rules and regulations
prescribed by the President shall be punishable by fine of not to exceed
$500, or by imprisonment for not to exceed six months, or both.
The plaintiff in this case is a retailer of solid fuel and has his yard and
principal place of business in the city of Binghamton, N. Y. He has been
threatened by the defendants, "the Divisional Code Authority, Division 3,
for the Retail Solid Fuel Industry," with prosecution and imprisonment
for failure to comply with the price regulations as fixed by Order 3e.
It is not claimed that any of the provisions of law heretofore referred
to, the NIRA or the retail solid fuel industry code, have any application
to him or to his business. It is conceded that his business is purely
intra-State and these measures, above quoted, have application solely to
inter-State business.
The Solicitor-General of the State, upon the argument and also in his
brief, states that the Act of Congress and the codes thereunder relate solely
to inter-State commerce. How, then, comes it that this little retail
business, purely intra-State and carried on by the plaintiff in Binghamton,
is thus threatened with prosecution for the violation of law?
Pertinent Provisions in State Law Quoted
The law is the State law, Chapter 781 of the Laws of 1933, sometimes
referred to as the State Recovery Act. As it constitutionality is challenged, we quote in full the pertinent provisions:
Financial Chronicle
2970
"Section 1. Legislative finding; statement of policy. A national emergency
productive of widespread unemployment and disorganization of industry. which
likewise prevails in the State of New York, which burdens intra-State, inter-State
and foreign commerce, affects the public welfare and undermines the standards of
living of the American people and of the people of the State of New York, is hereby
declared to exist.
The existence in this State of such present acute economic emergency, and the
effects and certain causes thereof as declared In Section One of Title One of the NIRA
enacted by the Congress of the United States, effective June 16 1933, are hereby
recognized; and it is hereby declared that said emergency, the causes and effects
thereof, as so declared, relate as well to commerce in this State wholly intraState
in character as to inter-State and foreign commerce and transactions affecting InterState and foreign commerce carried on in this State.
"It is hereby declared to be the policy of this State to co-operate in the furtherance
of the objects and purposes declared in said Act of the Congress, and each and every
Provision of this Act shall be construed in accordance with the policy so declared,
and to make uniform the standards of fair competition prevailing in intra-State commerce and industry with those of Inter-State commerce required by the provisions
of the said NIRA which are applicable in inter-State commerce in the State of
New York.
"2. Filing of codes and agreements. I. The Secretary of State is hereby authorized to receive for filing and shall file In the office of the Department of State a copy
of each code, agreement, license, rule or regulation in effect pursuant to such Act of
the Congress, pertaining, affecting or in any way relating to the conduct of business
in the State and duly certified as a true copy of such document or documents by the
officials in charge of the administration of the provisions of Title One of the said
NIRA or by their duly authorized agents.
"Upon such filing of a copy so certified as a code of fair competition for any
trade, industry or subdivision thereof, as approved by the Freddent of the United
States, or of any agreement or license or of any rule or regulation provided for under
Title One of the said NIRA, such code, agreement, license, rule or regulation shall
be the standard of fair competition for such trade or industry or subdivision thereof
In the State as to transactions intra-State in character, and any violation of any
provision of such code, agreement, license, rule or regulation shall be a misdemeanor,
and upon conviction thereof, the person convicted shall be fined not more than
8501) for each offense, and for each day such violation continues a separate offense
subject to the fine herein prescribed shall be deemed to have been committed."
As is evident, Section 1 of this law merely expresses the same policy
as that of the NIRA. Section 2 snakes the filing of any code approved by
the President the law of this State, a violation of which is a misdemeanor.
Question Is Raised on Constitutionality
At this point certain considerations are necessary in passing upon the
one question—whether the Legislature has passed any law regarding unfair
competition, or has declared any emergency in the coal industry which
requires legislation, or whether it has passed this legislative function over
to other bodies.
Considering that the NIRA and this fuel code have no application to the
State of New York, dealing solely with inter-State commerce, they have
no more effect here for intra-State commerce than would a law of Connecticut, Massachusetts or California.
They are made to operate here by the mere declaration of the Legislature
that, by the filing in the office of the Secretary of State of the code, it
shall become the law of the State of New York relating to unfair competition. Would it be constitutional for our Legislature to adopt a law
of Massachusetts or of Connecticut or of California in any such way?
Section 1 merely declares a policy, merely says an emergency exists in
industry and in employment, but how that emergency shall be met or what
measures shall be taken in the wisdom of our Legislature to meet the
emergency is nowhere stated. There is no statement or finding by the
Legislature that an emergency exists in the coal industry or that it is
necessary or in the judgment of the Legislature requisite that a code of
unfair practices be adopted by that industry.
The Legislature has left this determination entirely to the President of
the United States or to the National Code Authority. But more than this,
it has left to an outside body—outside the State of New York, a National
Code Authority—to determine that even an emergency exists. The necessity of price-fixing in the coal industry depends upon an emergency declared
by the National Code Authority. This is not enough; the price regulation
must be approved by the Federal Administrator.
Stripped of all its verbiage, and narrowing these provisions down to
the real authority, we find that the Legislature of the State of New York
has turned ovei to the National Administrator the question of determining
whether there shall be price-fixing in New York State of coal and what
it shall be. The Legislature has left too many things to be determined
by other bodies to make this law constitutional.
State Cannot Leave Decision to Congress
The State Legislature cannot leave to Congress to determine that an
emergency exists in intra-State business in the State of New York, and we
may say in passing that Congress has not attempted to do so. The Legislature cannot leave to a body of industrials throughout the United States to
declare that an emergency exists here in intra-State business and to provide
methods and means for meeting that emergency. The Legislature cannot
leave to a National Administrator to declare what shall or shall not be a
crime in New York State.
The law governing the functions of the Legislature is well understood.
Section 1 of Article III of the New York State Constitution provides:
"Section 1. Legislative powers. The legislative power of this State shall be
vested in the Senate and Assembly "
This legislative power cannot be passed on to others. What is legislative
and what administrative is not always easy to define, but the difficulty
is not apparent here.
"The Senators and Assemblymen are selected by the electors of their
respective districts to represent them in the Legislature of the State and
to enact such laws as shall be requisite and advisable. The people who
have entrusted them with legislative power have the right to demand the
exercise of their knowledge, judgment and discretion in the framing and
In the enactment of laws, and in so far as their duties are strictly legislative have prohibited them from delegating that power to others."
(Stanton v. The Board of Supervisors, 191 N. Y. 428.)
Power is given to a public service commission to fix rates is the subject
of inquiry in Wichita RR. v. Public Utilities Commission (260 U. S. 48).
The Court said:
"In creating such an administrative agency the Legislature to prevent its being
a pure delegation of legislative power, must enjoin upon it a certain course of procedure and certain rules of decision in the performance of its function It is a whole
some and necessary principle that such an agency must pursue the procedure and
rules enjoined and show a substantial compliance therewith to give validity to its
action When, therefore, such an administrative agency is required as a condition
precedent to an order, to make a finding of facts, the validity of the order must rest
upon the needed finding"
(See also Panama Refining Co. V. Ryan, 293 U. S. 388; also Barto v.
Himrod, B. N. Y. 483.)
In United States v. Grimaud (220 U. S. 606) it was stated':
"While It is difficult to define the line which separates legislative power to make
Jaws and administrative authority to make regulations. Congress may delegate
power to fill up details where it has indicated its will in the statute. awl It mac make
violations of such regulations punishable as indicated in the statute. Authority to
make administrative rules is not a delegation to legislative power, and such rules
do not become legislation because violations thereof are punished as public offenses."
May 4 1935
Trend of Legislation to More General Laws
In this day when the demands upon the State Legislatures for necessary
and important laws are increasing every year we must not be rigid in our
construction of legislative power. More and more must the laws become
general in form, leaving to commissions, boards or other administrative
bodies the establishment of rules and regulations and the determination
of the facts to which the general law will apply.
To makd the violation of any such adopted rule or regulation a crime
is not a delegation of legislative power. (See Village of Saratoga Springs
v. Saratoga Gas & Electric Light & Power Co., 191 N. Y. 123.) "The law
books are full of statutes unquestionably valid, in which the Legislature
has been content to simply establish rules and principles, leaving execution
and details to other officers."
We have here, however, in this Act before us no such establishment of a
rule or principle. The Legislature has declared an emergency in industry
and left it for others beyond its power or control to do the rest. It has
not created or appointed any agency representing the people of the State
to form rules or regulations or to even determine that price-fixing in the
coal business is necessary.
In arguing support of this law, three assumptions are made:
1. That the Legislature has found an emergency in the coal business
and that the facts necessitate fixing the sales price of solid fuel.
2. That the Legislature has appointed or created an agency to carry out
its will and administer the law through reasonable rules and regulations.
3. That the Legislature itself has the power to fix the sales price of
all commodities useful to man by declaring an emergency.
The first two are lacking in this case and' the third is very questionable.
This court and the United States Supreme Court have never so decided.
This law, Chapter 781, Laws of 1933, is a mere shell, leaving to national
bodies or officials the power to make the laws of New York State. To
repeat, the Legislature does not declare that any emergency exists in the
coal trade as conducted in intra-State commerce.
It does not even declare that this business needs regulating. It leaves
it entirely to an outside authority to say whether or not it shall be regulated
and what the regulations shall be.
It leaves it to a National Code Authority or a National Administrator
to say whether the emergency exists in that trade in New York State
and to fix the price at which coal shall be sold. The delegation of its
power is even more extreme, for it makes it a misdemeanor for any citizen
to violate any rule or regulation hereafter made by these authorities.
The only thing required by this law is the filing of the nationalized
codes in the Secretary of State's office. To this extent the Legislature
has acted and no further. Everything else has been delegated.
Milk Price-Fixing Case Analyzed in Opinion
The briefs place much emphasis upon Nebbia v. New York (291 U. S.
502); Peo. v. Nebbia (262 N. Y. 259), and claim that this is an authority
to sustain legislation fixing the price of any commodity—shoes, clothes,
coal, hardware or anything else that may strike the Legislature's fancy,
provided an emergency be declared.
The fixing of the price of milk in the Nebbia case was a mere incident
to other regulations which tried to meet an abuse growing up to the
detriment of the farmer and his stock. This control of the output protected
the very vitals of the industry, and it would not have been a far step to
have held, as perhaps it was intimated, that the milk industry was one
touched with a public interest, such as water, electricity, grain and
the like.
To say that the Nebbia case is an authority for the Legislature to fix the
prices of all commodities is not justified by the decision. What the
legislative power may be in a given case regarding any industry, we do
not undertake to say. Sufficient unto the day is the power thereof.
Even then the Legislature in this case has made no attempt to fix the
price of coal or to appoint anybody to investigate as to its necessity. It
adopts without ascertaining the facts for itself what may or may not be
done by others having interests outside of New York State.
Likewise, we have been referred to the cases regulating the rates on
railroads, and for electric lights, such as Village of Saratoga Springs v.
the Saratoga Gas & Electric Light & Power Co., 191 N. Y. 123; People v.
the Long Island RR. Co., 134 N. Y. 506; re Gilbert Elevated Ry. Co., 70
N. Y. 361; People ex rdl Doscher v. Sisson, 222 N. Y. 387; re College of
the City of New York, 236 N. Y. 594; Cleveland V. City of Watertown,
222 N. Y. 159; Gardner v. Ginther, 257 N. Y. 878.
All these cases dealt with corporations exercising public franchises or
else with political divisions of the State or creatures of the State. They
have no application to the price-fixing power generally.
We conclude that this State law which we are reviewing is unconstitutional, as an unauthorized delegation of legislative functions, contrary to
our State Constitution.
The New York State Constitution further provides in Article III,
Section 17, as follows:
"No Act shall be passed which shall provide that any existing law, or any part
thereof,shall be made or deemed a part of said Act, or which shall enact that any existing law. or part thereof, shall be applicable, except by inserting it in such Act."
Violation of the Spirit of Constitution Seen
The evils sought to be avoided by this prohibition were stated in People
ex rdl Commissioners v. Banks (67 N. Y. 568), where the Court said:
"The evil In view in adopting this provision of the Constitution was the incorporating into Acts of the Legislature by reference to other statutes, or clauses and provisions of which the legislators might be ignorant, and which affecting public or private
interests in a manner and to an extent not disclosed upon the face of the Act, a bill
might become a law, which would not receive the sanction of the Legislature if fully
Understood,"
Surely an Act which provided that any regulation of Congress hereafter
made when filed with the Secretary of State would be enforceable in this
State, and a violation thereof would be a misdemeanor, would be a violation of the spirit and letter of this, our constitutional provision. The codes
above referred to, when once approved, are designed to have the effect of
the law; they are made law by the Act of Congress so far as they affect
inter-State commerce, and now they are proposed to be made law by
incorporating them bodily into our statute by reference.
It is too narrow a construction of this wise constitutional provision to
say that it only applies to State laws and not to the codes, because they
are not laws in the strict sense of the word. The codes became laws with
heavy sanctions for an infraction. Their embodiment into Chapter 781,
L1933 by reference was unconstitutional. (Opinion of the justices, 289
Mass. 606; State v. Vino Medical Co., 121 Me. 438; see also People ex
rdl New York Electric Lines v. Squire, 107 N. Y. 593, page 602; Watkinson v. Hotel Pennsylvania, 195 App. Div. 624; aid. 231 N. Y. 562.)
One of the orders below denied defendants' motion to dismiss the corn.
plaint. The other order restrained the defendants from carrying out their
repeated threats to prosecute the plaintiff for violation of the order of the
Divisional Code Authority No. 3, being Order 3e.
Volume 140
Financial Chronicle
The injunction, if otherwise proper, was equitable, as the accumulation
of fines and the discontinuance of the plaintiff's business meant his
immediate ruin. The orders affirmed by the Appellate Division being
interlocutory, permission was given by that court to come here, the question
certified being:
"Question: Does the complaint herein state facts sufficient to constitute
a cause of action?"
We affirm the order of the Appellate Division, with costs, and answer
the question in the affirmative.
DISSENTING OPINION
(In Part)
Appeal by the defendants from an order of the Appellate Division, Third
Department, which affirmed two orders of the special term, one denying
the defendant's motion to dismiss the complaint, and another granting
motion for an injunction.
Permission to appeal was granted by the Appellate Division, which
certified to the Court of Appeals the following question:
"Does the complaint herein state facts sufficient to constitute a clause
of action?"
Lehman, J. (dissenting).
It is common knowledge that in the summer of 1933 conditions had
arisen which almost paralyzed many forms of industry and commerce.
That constituted a threat to the economic stability of the nation and of
every State; it affected the welfare of the whole people. It is immaterial
whether or not we call this condition an "emergency"; it was certainly
a condition from which the country urgently needed relief. Congress and
the Legislatures of the several States, each within its own field, were
under the duty of enacting legislation reasonably calculated to provide a
remedy, so far as possible, for these conditions.
The field within which the Congress of the United States was empowered
to act was limited to inter-State commerce. Exact definition of the limits
of that field is difficult, perhaps impossible. The geographical boundaries
of the separate States fix the limits of State sovereignty, they form no
barriers, and are completely disregarded in the conduct of commerce and
industry by business men. The production and sale of commodities conducted by the same men in the same plant and at the same time may be
a part both of inter-State commerce and of intra-State commerce. A
business localized within a State competes often with inter-State commerce. Economic laws ignore State boundaries artificially created to
mark the limits of local sovereignty.
The steady increase in the proportion of business conducted on a national
or at least inter-State scale brings inter-State business Into constantly
Increasing competition with local business. The Congress of the United
States has, in the NIRA, attempted to provide a method for the formulation
of rules and regulations intended to govern such commerce as comes within
the field of its power. All Congress can do or has attempted to do is to
act within the field of its powers.
Only the Supreme Court of the United States can authoritatively define
the limits of that field. Outside of that field the statute of Congress can
have no effect. There regulation becomes only a matter of State concern
and of State powers.
Legislature Is Impotent to Enlarge Own Powers
The Legislature of the State of New York, like the Congress of the
United States, is impotent to enlarge or restrict the field of its own
powers. It knows only that whatever the ultimate definition of the
Supreme Court of the United' States may be, some field of local intraState commerce and industry will remain in which the State is the supreme
sovereign. The Legislature cannot abdicate within that field, whether it
be large or small, the sovereignty of the State.
The State of New York, by its Constitution, has entrusted to its Legislature the law-making power. The Legislature cannot delegate to any
other person or body the power entrusted to it. It is said that the
Legislature has done so in the State Recovery Act. That is the primary
question presented upon this appeal.
That question cannot be determined by the application of any set
formula. We deal here with no express prohibition or limitation placed
by the Constitution upon the powers of the Legislature.
No one can, I think, doubt that conditions existed which were undermining both inter-State commerce and local business. Congress took action
to remove these conditions in connection with inter-State commerce.
Within that field Congress is supreme, and a Federal statute becomes the
supreme law of the land. That field is, as I have said, not authoritatively
defined by the only tribunal that could give an authoritative definition.
Legislature Asked to Decide If Remedy was Sound
Thus, after Congress had enacted the National Recovery Act, the Legislature was called upon to decide whether the remedy which Congress was
seeking to apply to conditions existing in inter-State commerce was in
Its opinion a sound remedy which could be applied' also to the same conditions existing in intra-State commerce or industry. Then the Legislature was called upon to determine whether it should adopt the same
remedy, including the machinery for the formulation of specific rules and
regulations in particular lines of business. It could, if it chose, write its
own prescription; it could, if it chose, create its own administrative
machinery; but if it chose such course it would introduce chaos into a
situation which called for order. Businesses which enter into competition
with each other would be subject to different rules, regulations and restrictions ; indeed, departments of the same business might be subject to
different forms of regulation, and a business man might be called upon to
decide at his peril to which rules he was subject.
The Legislature chose, instead, to co-operate with the National Government effectively; to provide that the same regulations and the same
machinery applicable to inter-State commerce should be applied also in
local business within the State. We are not concerned with the wisdom of
the NIRA. Upon that there is undoubtedly great difference of opinion.
If there has been any delegation of legislative authority to the President, to representatives of industry or to Code Authority, that delegation
was made by Congress before the Legislature of this State enacted the
statute which is now challenged. The Legislature dealt with a condition
already existing.
What are the powers and functions of the Legislature under such circumstances within the field where the State is supreme? Obviously, to
appraise the conditions, whether created by economic laws, by action of
the Federal authorities, or by greed or unsocial practices of individuals,
and then itself to devise the remedy which it deems best calculated to
remedy these conditions.
That is what the Legislature has done. It has not supinely left to others
the determination of such remedy. It has itself determined that the remedy
to be tried is the application of business within the State of the same rules
and regulations which the Federal authorities apply nationally. It has
2971
not delegated to the Federal authorities or to individuals the right to act
in its place in the determination of the policy of the State or the remedy
to be applied in matters of State concern. It has chosen the policy and
formulated rules by enacting a statute which provides for regulation of
intra-State business in the same manner in which inter-State business is
regulated.
To hold that the Legislature has not the power to choose this course is
equivalent to saying the legislative power of the State is insufficient to
make laws best calculated to remedy a particular situation.
True, a statute may be subject to successful attack upon the ground that
the Legislature violated an express prohibition or express limitation placed
upon the exercise of legislative power of the Legislature.
Here the attack is on other grounds. The court is holding that the
statute is invalid because it is not a complete exercise of the legislative
powers of the State but is merely an authorization conferred upon others
to exercise such powers. We are referred to numerous cases as authority
for that assertion. They do not support it. They are all cases where the
Legislature or Congress deliberately left incomplete even the framework
of a regulatory system. Here not only the framework is complete but the
system is complete in all its parts.
We are told that the statute can be sustained only upon certain assumptions. With the exception, perhaps, of the assumption that price-fixing
may, in proper case, be within the legislative power, none of them are,
in my opinion, necessary or even relevant.
Public Welfare Requires Adherence to Rules
The formulation of regulations in a particular business in accordance
with the Federal statute creates the conditions which the Legislature of
this State has determined require the application of the same regulations
within this State, and thus automatically fixes the rule. The Legislature
has not left to others the determination of the policy of the State or what
regulations are wise and are calculated to remedy conditions which might
otherwise injuriously affect the public welfare. It has said that under
present conditions and regardless of the wisdom of a particular regulation,
the public welfare requires that the same regulations should be applied
to inter-State and intra-State business.
The rule that the Legislature cannot delegate legislative power is merely
an application of the basic rule that the legislative power of the State
is vested solely and completely in the Legislature. It is no limitation upon
the legislative power of the State. That is plenary in all matters of
State concern, except where limited by the Constitution of the State or
of the United States. It necessarily includes the power to determine the
policy of the State and to make that policy effective.
Attack Seen Aimed at Uniform Standards
Here the Legislature has completely exercised its powers and has adopted
as a means of carrying out the policy of the State the method best calculated, in its opinion, to carry out that policy. The attack upon the method
is merely an indirect attack upon the policy of uniform standards in intraState business and inter-State commerce, though that policy is immune
from attack otherwise.
The Legislature has said that "a national emergency, productive of
widespread unemployment and disorganization of industry which likewise
prevails in the State of New York, which burdens intra-State, inter-State
and foreign commerce, affects the public welfare and undermines the
standards of living of the American people and of the people of the State
of New York, is hereby declared to exist." That finding justifies legislation which is calculated to remove these destructive conditions.
It has determined for itself that industry in general is suffering from a
condition which requires remedy; that a remedy applied to local industry
alone is not the most expedient remedy, but that whenever a rule or
regulation in regard to fair standards of competition is imposed by competent authority upon transactions affecting inter-State and foreign commerce carried on within this State, a contingency would arise which
should be met by the imposition of the same rule or regulation upon business conducted wholly within the State.
The text of the Joseph Act is given under another head
in this issue.
New York State Unemployment Insurance Act
As was noted in our issue of April 27, page 2797, Gov.
Lehman of New York, signed on .April 25, the Byrne-Billgrew bill, enacted by the Legislature, providing a system of
unemployment insurance in New York State. The Act
makes provision for an appropriation of $100,000, which
is to be repaid to the State Treasury by the unemployment
insurance fund in not more than'three annual instalments.
As noted in the April 26 "News Bulletin" of the Savings
Banks Association of the State of New York, "the Act does
not purport to set up a comprehensive insurance plan for all
types of unemployed for unlimited periods of unemployment,
but it does establish a basic plan which provides for certain
payments covering a restricted period of unemployment and
subject to limitations." From the "Bulletin" we also quote:
Provision is made for co-operation with a Federal unemployment insurance law, if one is enacted, and also for continued study concerning the
feasibility of extending the insurance provisions further.
Contributions by Employers
The basic principle of the plan is that the insurance fund from which
the benefits are to be payable is to be financed solely by compulsory contributions from employers. Every employer, whether person, partnership.
association or corporation, which during 1935 or any subsequent year,
employs four or more persons within each of 13 calendar weeks, is required
to make contributions to the fund. For the purposes of the Act,there must
be included all employees of a separate business where there is a majority
ownership or control. However, the method of application of this requirement is not clear. The term employment does not include the services of
farm laborers or services for organizations operated exclusively for religious.
charitable, scientific, educational or literary purposes, the net earnings of
which do not inure to the benefit of any individual.
Contributions become payable Jan. 1 1936 but no payment is required
prior to March 1 1936. The contribution from each employer required for
1936 amounts to 1% of the payroll of all persons employed at other than
manual labor earning $2,500 or less per year, or $50 or less per week and
of all persons employed at manual labor. This is increased to 2% in 1937
and to 3% in 1938 and thereafter. The amounts so paid may not be deducted from the wages or salary of any employee.
Every employer is required to keep a record of the number of his employees and the wages paid and may be required to furnish sworn statements
2972
Financial Chronicle
to the industrial commissioner or permit him to inspect the records. Such
information is not to be disclosed or made available to the public. If a
default Is made in the payment of contributions, they may be collected by a
civil action in the name of the Commissioner, together with interest at 6%•
A failure to pay any part of the contribution due, subjects the employer to
a penalty of 5% if the failure was due to negligence or disregard of rules
without intent to defraud and a penalty of 50% if due to intent to defraud.
The amount due for a contribution will constitute a lien upon the employer's assets.
Payment of Benefits
The only class of employees entitled to share in the benefits of the Act
are manual laborers and employees other than manual laborers who earn
$2,500 or less per year, or 850 or less per week. In determining wages,
whether for the purpose of payrolls, benefits or otherwise, there must be
Included all forms of remuneration, whether in cash or otherwise, such as
bonuses, board, rent or housing.
Benefits do not become payable until 1938. To become entitled to benefit
payments, a person must (a) be capable and available for employment but
suffer a total lack of both employment and wages due to inability to secure
work for which he is reasonably suited by training and experience;(b) have
had either 90 days of employment within the 12 months or 130 days within
the 24 months preceding the day on which the benefits commence and (c)
have registered as unemployed. Furthermore, benefits will not be paid
for unemployment occurring more than 12-months after the last date of
employment nor where the claim has not been filed within two years of the
last day of employment preceding the period within which such claim is
made.
An employee may also become disqualified by refusing to accept employment for which he is reasonably fitted by training and experience. This does
not apply, however, if acceptance would require him to join a company
union or forego membership in any .abor organization; or where there is a
strike in the establishment where employment is offered, or wages, hours or
conditions are substantially less favorable than those prevailing for similar
work in the locality, or are such as tend to depress wages or working conditions.
Following notice of unemployment a "waiting period" of from three to
five weeks is required before employees become entitled to benefits. If
employment was lost because of misconduct or an industrial controversy, a
10 weeks' waiting period is required. After the specified waiting period has
elapsed, benefits become payable at the rate of 50% of the full-time current
weekly wages the person whould receive in his customary employment, but
not exceeding a maximum of $15 per week nor less than $5 per week.
Benefits are to be paid in the ratio of one week of benefit for each 15 days
of employment within the 52 weeks preceding the beginning of payment.
but the total amount of benefits in any consecutive 52 weeks is limited to
not more than 16 times the benefit received for one week of total unemployment. Appropriate provision Is to be made for corresponding proportionate
benefits for persons engaged in seasonal or part-time employment.
Administration
The law is to be administered by the State Industrial Commissioner, who
may issue rules and regulations in connection therewith. The "unemployment insurance fund," consisting of contributions and interest earned
thereon, will be administered as a trust fund for the sole purpose of paying
benefits. Benefits will not be payable from any other source whatever. The
contributions are to be invested in the obligations of the "Unemployment
Trust Fund" of the United States or its agent, and the Commissioner may
requisition the necessary amounts from time to time.
A separate fund termed the "unemployment administration fund"
composed of all moneys received by the State for the administration of the
law, including all moneys allotted for that purpose by the Federal Social
Insurance Board or other agency, is created for the purpose of administering
the law. The expenses of administration will be paid from this fund.
For the purposes of administration, the Commissioner will divide the
State into districts, each with a district supervisor, and in each district
local offices will be established under a local manager. Unemployed persons
will register at the local offices and all claims will be passed upon by the
manager, Appeals may be taken from a manager's decision to the Appeal
Board composed of three members appointed by the Governor. From there
an appeal may be taken to the Appellate Division of the Supreme Court.
Third Department, where it is given precedence over all other civil cases
except those arising under the Workmen's Compensation Law.
A State Advisory Council is also created, to be composed by nine members
appointed by the Governor, three of whom will be representative of employers, three of employees and three of the public. The council's function
generally is to consider and advise the Commissioner upon all matters connected with the law and more particularly to investigate the operation of
the law upon the actual contribution and benefit experience, with a view to
classifying employers, occupations. &c., with respect to the frequency and
severity of unemployment and to report to the legislature by March 1 1939
on the practicability of establishing a rating system with various classifications and contributions.
Penalties
In addition to the penalties referred to above, any person who wilfully
makes a false statement or representation to obtain a benefit for himself or
another or to lower a contribution to the fund, or who wilfully refuses or
falls to pay a contribution or refuses to permit the Commissioner or his
agents to inspect his payroll records, is guilty of a misdemeanor. It is also
made a misdemeanor to deduct any portion of a contribution from employees
wages.
Gov. Lehman of New York Signs Labor Injunction Bill
Legislation designed to protect New York State working
men in labor disputes was enacted into law with the signing
by Gov. Lehman on April 26 of the Quinn bill assuring them
the right to a trial by jury in case of the alleged violation
of an injunction. Associated Press advices from Albany,
April 26 to the New York "Sun" had the following to say
regarding the bill:
Passed by the 1935 Legislature in its closing weeks, the measure was one
of the Governor's major labor program proposals and had been sought for
many years by the State Federation of Labor.
The Governor signed the bill without comment 24 hours after he had
affixed his signature to the State's unemployment insurance act, another
bill aimed to protect the working man in industrial crisis.
The Federation sought the trial-by-jury measure on the grounds that
the right should be a fundamental one. Heretofore, accused violators of
an injunction merely had the right to appear in court before a judge and
argue their defense. The courts were under no mandate to permit a trial
by jury.
The law becomes effective Immediately, and In part says:
"No courts nor judge or judges shall have jurisdiction to issue any restraining order or a temporary or permanent Injunction in any case in-
May 4 1935
volving or growing out of a labor dispute except after a hearing before a
jury."
-411.
Warning in Report of Merchants' Association of New
York Against Granting of Inflation Powers to
Politically Dominated Reserve Board Under Administration's Banking Bill—Urges Study of Changes
by Special Commission
A warning against granting the powers of inflation to a
politically dominated Federal Reserve Board is contained in
the report on Title II of the Federal Banking Bill of 1935,
which has been prepared by a special committee of business
men for the Merchants' Association of New York, and transmitted to President Roosevelt, the members of the House and
Senate Banking Committees, and other Congressional
leaders. The report, which was made public on April 27
following its approval by the Executive Committee of the
Association, urges that the whole question of changes in the
Federal Reserve System be referred to a special commission
similar to the Aldrich Commission of 1907 for thorough study
and recommendations. In order that the banking measure
might be studied from the business standpoint rather than
solely from the banking standpoint, the Association appointed
a special committee composed of 0. A. Taylor, Treasurer of
S. H. Kress & Co.; F. A. Ketcham, President of the Graybar
Electric Co.; Glenn Griswold, Vice-President, McGraw-Hill
Publishing Co. and H. Adams Ashforth of Albert B. Ashforth, Inc., to study the measure. The report of this
Committee reads in part as follows:
The pending bill proposes to combine the offices of Governor and Chairman of the Board in each Federal Reserve Bank giving the new executive
the title of Governor. Governors would be appointed annually by the
Boards of Directors subject to the approval of the Federal Reserve Board.
Inasmuch as all members of the Federal Reserve Board are appointed by
the President, and experience has shown how thoroughly the Board reflects
the general administration viewpoint with regard to banking matters, the
passage of such a provision would effectively end independent expressaion
of local opinion and give the Administration practical dominance over the
Reserve banks.
Section 209 of the pending bill would authorize the Federal Reserve
Board, in order to prevent injurious credit expansion or contraction, to
change by regulation the reserve requirements against either time or
demand deposits to be maintained by member banks in any or all Federal
Reserve districts and in Non-Reserve, Reserve or Central Reserve cities.
The present law provides that the Reserve Board, upon affirmative vote
of at least five members, may, with the approval of the President, declare
that an emergency exists by reason of credit expansion and may, by regulation, change the reserve balances which must be maintained against such
deposits for the period of the emergency. This change in the law would be
thoroughly bad because it would grant unquestionable power of inflation
to a politically dominated board. We cannot agree that it is desirable or
reasonable that any group of mem should have the tremendous power over
our economic life which this proposal would give them.
In the interest of permanent security in our banking system the provisions
of Title II with regard to real estate loans should be eliminated and the
present restrictions on such loans should be tightened rather than relaxes
to the end that commercial banks shall ultimately cease to make real estate
loans or other similar long-time and non-liquid capital investments.
Referring to the provisions which would give the reconstituted Open Market Committee the power to adopt policies
regarding open market operations to which the Reserve banks
would be obliged to conform and also to make recommendations concerning discount rates, the report says:
It is admitted that if the Federal Reserve System, under any sound basis
of organization, is to function adequately in its open market operations,
it must always have a very large volume of Government securities and
must also participate in the financing of the Government, but the proposed
extension of the authority of the Open Market Committee, taken in conjunction with the changed method of appointing and controlling Governors
of the Reserve banks and the power to rediscount Government securities
and possibly real estate loans, clearly opens the way for inflation and for the
absorption of Government deficits without limit. The financing of Government deficits through the sale of securities to the Federal Reserve banks
might well be expected to result as disastrously as did the possession and use
of essentially similar powers in Germany about 12 years ago.
Text of Joseph Act, Amending New York State NRA
Enforcement Act—New Measure Signed by Gov.
Lehman Following Decision of New York State
Court of Appeals Holding Schackno Act Invalid—
Statement by NRA
With the signing on April 26 by Governor Lehman of New
York of the Joseph Act, designed to overcome the objections
to the Schackno Act (declared invalid April 26 by the New
York State Court of Appeals), the National Recovery Administration at Washington issued a statement as follows:
Governor Lehman of New York this morning signed the new State
Recovery Act, passed by the Legislature, which was drawn to inset the
objections that had been made to the Schackno Act in the case just decided
by the State Court of Appeals.
The bill just signed is considered by the New York NRA organization
as being valid against the objection that it is an unconstitutional delegation of legislative power, and they will proceed to enforce it as vigorously
as ever. Pending prosecutions involving the enforcement of the Schackno
Act will, of course, have to be dismissed.
Elsewhere in to-day's issue of our paper we give the
decision of the State Court of Appeals holding unconstitutional the Scbackno Act, which was passed by the New York
State Legislature in 1933 to supplement the National Industrial Recovery Act. Stating that the Joseph hill was framed
and passed after the unfavorable decision of the Appellate
Division in the Darweger coal case so as to try for continuance of a State NRA if the Court of Appeals ruled, as it did,
with the Appelate Division, Albany advices, April 26, to
the New York "Times" added:
olume 140
Financial Chronicle
Option Under New Law
The Joseph bill, specifically containing a declaration and strengthening
of policy, hit especially at monopolies and directly shifted the method for
handling codes which was assailed by the Court of Appeals. Under this
new law the Secretary of State now has an option on acceptance of a code
and specific conditions are laid down for that acceptance.
Governor Lehman contends that under the new law the State now
reserves to itself all rights which might be interpreted as having been
Improperly delegated to Federal authorities, and that thus a State NRA law
remains in effect.
Below we give the text of the Joseph Act, showing in
italics the new matter and in brackets the old law which has
been omitted:
AN ACT
To amend Chepter 781 of the Laws of 1933, entitled "An Act to provide
for codes of fair competition for trades, industries and subdivisions thereof,
agreements, licensee, rules and regulations pursuant to the provisions of
the National Industrial Recovery Act, enacted by the Congress of the
United States, effective June 16 1933, as affecting intra-State commerce
within the State," generally, and repealing Section 6 thereof, relating to
licenses.
The people of the State of New York, represented in Senate and Assembly,
do enact as follows:
Section 1. The title and sections 1, 2, 3, 5, 7 and 8 of Chapter 781 of
the Laws of 1933, entitled "An Act to provide for codes of fair competition
for trades, industries and subdivisions thereof, agreements, licenses, rules
and regulations pursuant to the provisions of the NIRA, enacted by the
Congress of the United States, effective June 16 1933, as affecting intraState commerce within the State," are hereby amended to read, respectively, as follows:
"An Act to provide for codes of fair competition for trades, industries
and subdivisions thereof„ agreements [licenses], orders, rules and regulations pursuant to the provisions of the NIRA, enacted by the Congress
of the United States, effective June 16 1933, as affecting intra-State
commerce within the State:
Section 1. Legislative Finding; Statement of Pobicy.—A national emergency productive of widespread unemployment and disorganization of
Industry, which likewise prevails in the State of New York, which burdens
intra-State, inter-State and foreign commerce, affects the public welfare,
and undermines the standards of living of the American people and of the
people of the State of New York, is hereby declared to exist. The
existence in this State of such present acute economic emergency, and the
effects and certain causes thereof as declared in Section 1 of Title 1 of the
NIRA, enacted by the Congress of the United States, effective June 16 1933,
are hereby recognized; and it is hereby declared that said emergency, the
causes and effects thereof, as so declared, relate as well to commerce in
this State wholly intra-State in character as to inter-State and foreign
commerce and transactions affecting inter-State and foreign commerce
carried on in this State. It is hereby declared to be the policy of this
State to co-operate in the furtherance of the objects and purposes declared
In said Act of the Congress, and each and every provision of this Act
shall be construed in accordance with the policy so declared, and to make
uniform the standards of fair competition prevailing in intra-State commerce and industry with those of inter-State commerce required by the
provisions of the said NIRA which are applicable in inter-State commerce
in the State of New York. The Legislature hereby reaffirms and cededares the foregoing statements of facts, findings and policies and hereby
further finds and it is hereby further declared to be the purposes of this
Act, and the policies of this State, to supplement and to co-operate in
effectuating national policy, to meet the emergency, to insure uniformity
of State regulation of commerce with national regulation, to remove obstructions to the free flow of commerce which tend to diminish the amount
thereof, and to provide for the general welfare by promoting the organization of industry for the purpose of co-operative action among trade groups,
by inducing and maintaining co-operation of labor and management under
adequate governmental sanctions and supervision, by eliminating unfair
competitive practices, by promoting the fullest possible utilization of the
present productive capacity of industries, by increasing the consumption
of industrial and agricultural products, by increasing purchasing power,
by reducing and relieving unemployment, improving standards of labor,
and otherwise rehabilitating industry and conserving natural resources.
Section 2. Filing of Codes and Agreements.
-1. The Secretary of State
Is hereby authorized to receive for filing and shall file in the office of the
Department of State a copy of each code of fair competition, agreement
[license], order, rule or regulation in effect pursuant to [such Act of the
Congress]—Title 1 of the NIRA, and any Act amendatory thereof, pertaining, affecting or in any way relating to the conduct of business in the
State and duly certified as a true copy of such document or documents by
the officials in charge of the administration of the provisions of Title 1
of the said NIRA, and any Act amendatory thereof, or by their duly
authorized agents. For the purposes of this section the imprint of the
United States Government Printing Office, Washington, Distridt of
Columbia, shall be equivalent to certification. Upon such filing of a
copy so certified or imprinted of a code of fair competition for any trade,
Industry or subdivision thereof, as approved by the President of the United
States, or of any agreement [or license], order, [or of any] rule or regulation provided for under Title 1 of the said NIRA, and any Act amendatory
thereof, such code, agreement (license), order, rule or regulation shall by
virtue of this Act be the standard of fair competition for such trade or
Industry or subdivision thereof in the State as to transactions intra-State
in character, provided, however, that the following standards, requirements
and conditions shall have been complied with in the promulgation of any
such code of fair competition and/or agreement: (a) That such code of
fair competition shall have been submitted by one or more trade or industrial associations or groups which impose no inequitable restrictions on
admission to membership therein and are truly representative of such
trades or industries or subdivisions thereof.
b) That such code of fair competition or agreement shall have been
ford not designated to promote monopolies or to eliminate or oppress
small enterprises and will not operate to discriminate against them and
will tend to effectuate the policies set forth in Section 1 of this Act.
(c) That such code of fair competition or agreement shall contain a
provision that employers shall comply with the maximum hours of labor,
minimum rates of pay, and other conditions of employment prescribed in
any such code of fair competition or agreement.
The conformity of any code of fair competition or agreement with the
standards, requirements and conditions contained in Paragraphs (a), (b)
and (c) of Otis section, shall be a prerequisite to the filing of such code
of fair competition or agreement with the Secretary of State; provided,
however, that every code of fair competition of agreement in effect par-
•
2973
mart to such Act or any Act amendatory thereof shall be presumed to
comply with the foregoing standards, requirements and conditions,. and
any findings made or entered by the President, or his duly constituted
agent or agents therefor, pursuant to such Act or any Act amendatory
thereof shall be deemed prima facie proof of conformity with such standards, requirements and conditions, and shall be the authority to the
Secretary of State for the filing of such code of fair competition or agreement, unless the Secretary of State shall within 15 days of the filing
thereof, except as to such codes or agreements as have heretofore been
filed, in which case, within 15 days from the date this section, as hereby
amended, takes effect, make a specific finding that such code or agreement does not conform with such standards, requirements and conditions
or does not tend to effectuate the policies of this Act, in which case such
code or agreement shall not become effective or shall thereafter have no
force or effect hereunder. [And any] any violation of any provision of
such code of fair competition, agreement [license], order, rule or regulation shall be a misdemeanor, and upon conviction thereof, the person convicted shall be fined not more than $500 for each offense, and for each
day such violation continues a separate offense subject to the fine herein
prescribed shall be deemed to have been committed.
2. The Secretary of State shall cause to be printed, or purchased from
the United States Government Printing Office, a sufficient number of
copies of each such code, agreement [license], order, rule or regulation
and the same shall be kept available for distribution upon request therefor.
3. If in any such code, agreement [license], order, rule or regulation,
power is conferred upon any person or group of persons to subpoena witnesses, compel the production of books, papers and records, the attendance
of witnesses or to take their testimony, a like power shall be deemed to
have vested in such person or group of persons with regard to matters
and things of a wholly intra-State character.
Section 3. Jurisdiction of Court—The Supreme Court of the State of
New York is hereby invested with jurisdiction to prevent and restrain
violations of any code of fair competition, agreement [license], order, rule
or regulation, filed pursuant to this Act, and to prevent and restrain the
commission within this State of any Act tending to defeat or hamper the
operation and effectiveness, within the State, of such Act of the Congress
at the instance of any party whose interests are or may be adversely
affected by such violations or acts, or at the instance of any Code
Authority, or any officer thereof duly appointed or elected under the
provisions of any such code, agreement, order, rule or regulation to administer any such code of fair competition or agreement which has been so
violated. Nothing in this section contained, however, shall in any wise
affect the criminal liability for violations of such codes, agreements
[licenses], orders, rules or regulations. Provided, however, that nothing
in this Act shall be construed by any public official or court as declaring
illegal the right of workers to organize; to adopt a constitution and
by-laws and enforce the same, and the right to control and direct the
members of such organization in accordance with such constitution and
by-laws; that no provision of this Act shall be construed to compel workers
or employees to continue at their work; or to declare an act illegal of an
organization to collectively cease work, or its officers directing the
cessation of work of its members.
Section 5. Exemption from Anti-Trust Laws; Application of Labor
Laws.—While this Act is in effect, and for 60 days thereafter, any code
of fair competition, agreement [license], order, rule or regulation in effect
under this Act, and any action complying with the provisions thereof taken
during such period, shall be exempt from the provisions of Article 22 of
the General Business Law, or of any other provisions of law, to the
extent that such provisions of law are inconsistent with the provisions of
such code, agreement [license], order, rule or regulation. Nothing in this
Act contained, however, shall be construed in any way to alter, modify
or affect the provisions of existing laws of this State in such manner as
to permit any change in public utility rates, except with the permission
and approval of the Public Service Commission or [as] to lower the standards therein provided with regard to labor, hours of labor, wages for labor
and employment of females and children.
Section 7. Letting of Public Contracts.
--(Every] No department, board,
bureau, agency, authority, commission, public body or officer of the
State or of any political subdivision thereof or district therein charged
with the duty of letting or awarding contracts for (a) the construction,
alteration or repair of public works, or (b) the purchasing of materials
or supplies, shall, notwithstanding any inconsistent provision of law, let
or award such contracts, unless invitations to bidders shall contain a provision to the effect that no bid shall be considered unless it it accompanied
by a certificate, duly executed by the bidder, stating that the bidder is
complying with and will continue to comply with each approved code of
fair competition or agreement to which he is subject; and every such
contract and purchase order shall contain a provision to the effect that
the party awarded any such contract or purchase order shall comply with
each code of fair competition or agreement to which he is subject; and
provided further, all such contracts or purchase orders shall contain a
provision to the effect that such party, in the fulfillment of such contract or purchase order, shall not accept or purchase for the Performance of
such contract or purchase order, or enter into any subcontracts for any
articles, materials, services or *applies, in whole or part purchased or
furnished by any person who has not certified to such party that he is
complying with and will continue to comply with each code of fair competition or agreement which relates to such article.s, materials, services
and supplies; and further, all such contracts shall contain a clause or
provision that the department, board, bureau, agency, authority, commission, public body or officer of the State, or of any political subdivision thereof or district therein, charged with the duty of letting or
awarding such contracts shall have the right to cancel the contract for
failure to comply with such codes or agreements as aforesaid [only to such
persons, or corporations otherwise qualified, who or which will agree in
and by the terms of such contract to use or supply only articles, materials
and supplies which have been or will be mined, produced, manufactured
or supplied, as the case may be, by a person or corporation who or which
is a party or subject to a code of fair competition, agreement or license,
approved, prescribed or issued under the said NIRA for the trade, industry
or subdivision thereof mining, producing, manufacturing or supplying
such articles, materials or supplies.]
Section 8. Duration.—This Act, in BO far as it affects agreements, codes,
orders, rules or regulations, shall become ineffective contemporaneously
with the expiration of said NIRA [provided for by Section 2(c) of said
Act, and, in so far as it affects licenses, contemporaneously with the
expiration of the NIRA, as provided for in Section 4(b) of said
Act] or
any Act amendatory thereof.
Section 2. Section 6 of such chapter is hereby repealed and such
chapter is hereby amended by inserting therein a new section, to be
Section 6, to read as follows:
2974
Financial Chronicle
Section 6. Action by Employees for Non-Payment of Wages.—Any employer subject to the provisions of any such code of fair competition or
agreement who pays an employee wages at a rate below the minimum
provided for therein shall be liable to pay and shall pay to any such
employee the difference between the wages actually received by such employee and those to which such employee would have been entitled, if paid
at the minimum rate provided for by such code or agreement, and such
employee may bring an action to recover such sum in any court of
competent jurisdiction.
Section 3. This Act shall take effect immediately.
Thomas I. Parkinson Re-Elected President at Annual
Meeting of New York State Chamber of Commerce
— Other Officers Elected
Thomas I. Parkinson was re-elected President of the
Chamber of Commerce of the State of New York for a term
of one year at the 167th annual meeting held on May 2 at
65 Liberty Street. Mr. Parkinson is President of the
Equitable Life Assurance Society of the United States and
a member of the Charter Revision Commission appointed
by Mayor LaGuardia.
John D. Rockefeller Jr., Lawrence B. Elliman, Ernest
Iselin and Howard C. Smith were elected Vice-Presidents.
The first three will serve until May 1939 filling vacancies
caused by expiration of terms and the latter until May 1937.
Mr. Smith fills the vacancy caused by the death of Adolph
S. Ochs. This is the fourth time Mr. Rockefeller has served
as Vice-President since 1919.
J. Stewart Baker and William B. Scarborough were
re-elected Treasurer and Assistant Treasurer respectively.
Charles T. Gwynne was re-elected Executive Vice-President
and Jere D. Tamplyn re-elected Secretary.
Richard W.Lawrence was elected Chairman of the Executive Committee and Alfred E. Marling, J. Barstow Smull
and Clark Williams were elected members-at-large of the
Committee to serve until 1938. Leclanche Moen was
named to serve in the same capacity until 1937 and Willeby
T. Corbett until 1936. The following Committee Chairmen
were also elected:
km
Finance and Currency—Walter H. Bennett;
Foreign Commerce and the Revenue Laws—Edward F. Darrell;
Internal Trade and Improvements—Thomas F. Woodlock, re-elected:
Harbor and Shipping—Frederick E. Hasler, re-elected;
Insurance—Leroy A. Lincoln, re-elected:
Taxation—James T. Lee;
Arbitration—Charles L. Bernheimer, re-elected;
Commercial Education—Charles E. Potts, re-elected;
Public Service in Metropolitan District—Alfred V. S. Olcott, re-elected;
Sanitation—George A. Soper:
Admissions—C. Everett Bacon, re-elected.
William L. DeBost and Frederick H.Ecker were re-elected
to the Board of Trustees of the Real Estate of the Chamber
to serve until 1938. Winchester Noyes was re-elected
Commissioner for Licensing Sailors' Hotels or Boarding
Houses.
Establishment of Sound Banking and Currency System
Urged By President Parkinson of New York State
Chamber of Commerce—Chamber Also Called
Upon to Oppose Artificial Interferences With
Production
The establishment of a sound currency and a sound banking system, reasonable Government enforcement of private
contracts and restriction of all artificial interferences with
production were three major objectives for which the Chamber of Commerce of the State of New York must fight during
the ensuing year, Thomas I. Parkinson, President, declared
on May 2 following his re-election at the 167th annual
meeting. President Parkinson said:
You may look, during the coming year for an emphasis on those matters
which I regard as fundamental in the present situation in this country as
affecting the business interests. And when I say business interests, I do
not have in mind any small group of proprietors of big business institutio s
or the managers of such institutions; I mean the very large percentage of
all the people of this country who are either directly or indirectly engaged
In or interested in what we call business.
Those fundamentals, as I think you know, are with me such matters as
a sound currency with a sound banking system serving the business interests
of this country; a sound and reasonable government enforcement of private
contracts to be performed in the future: and a restriction of all artificial
interferences, direct or indirect, with production.
There are other less fundamental matters which affect us which I may
emphasize, and through the whole field of the relationship of government
policy to business activity we must, even more than in the past, and even
though we appreciate the difficulties under which those carrying public
responsibilities are laboring, insist that stabilization and improvement
in practical affairs of life be over-emphasized rather than experimentation
and change.
Mr.Parkinson urged the members not to hesitate to speak
plainly and strongly where they found that "that which
was sound is in danger or that which is unsound is in the
process of being adopted."
Resolution Adopted at Regular Meeting of New York
State Chamber of Commerce Calls Upon Governor
Lehman and Legislature to Support Constructive
Measures.—Tribute to Adolph S. Ochs
At a regular business meeting of the Chamber of Commerce
of the State of New York on May 2 a resolution presented
by Lawrence B. Elliman, as Chairman of the Executive
Committee, called upon Governor Lehman and the Legislature to give private enterprise in New York State a square
May 4 1935
deal by supporting constructive legislation and defeating
measures which would strangle legitimate industry. It
was unanimously adopted. Further action at the meeting
is indicated as follows:
The Chamber was a unit in its opposition to the salary restoration bills
for city employees and its approval of a letter which had been sent to Governor Lehman by President Parkinson urging his veto of the two-year extension of the time when the Municipal Subway must become self-supporting.
Mayor LaGuardia was urged to seek a Federal work relief appropriation
to develop the Delaware River water project in another report adopted.
The report, from the Committee on Sanitation, said that the city was
being placed in a hazardous position by the fact that its present water
supply was within 10% of the safe yield from all sources.
A resolution offered by Thomas F. Woodlock, as Chairman of the Committee on Internal Trade and Improvements, endorsed legislation now
before Congress which would extend the two-cent rate on first class mail
to all parts of New York City.
Another report from the same Committee recommending that incoming
mail be unloaded at steamship docks instead of being transferred to lighters
at Quarantine, was withdrawn for the time being by Mr. Woodlock because,
he explained, of representations made by the Port Authority and post
office officials.
Frederick E. Hasler, Chairman of the Committee on the Harbor and
Shipping, presented a report urging Congress in considering legislation to
promote safety at sea not to place further handicaps on our merchant
marine so far as consistent with reasonable safety. This was also adopted.
The members of the Chamber stood in respectful silence while Mr.
Elliman read the names of members who had died during the past year.
A minute in memory of Adolph S. Ochs, publisher of the New York "Times,"
who was a Vice-President of the Chamber at the time of his death, was also
read by Mr. Elliman.
Thirteen new resident members were elected by tile Chamber.
Opposition by New York State Bankers Association to
Federal Deposit Insurance Assessment Under
Administrations Banking Bill—Association also
Opposed to Pending Public Utility Holding Bill
in Present Form
Through its Chairman, George V. McLaughlin, the Committee on Federal Legislation of the New York State Bankers Association has indicated its opposition to the assessment proposed in the Administration's Banking bill against
banks and trust companies participating in Federal deposit
insurance. The Association's attitude toward the bill for
the elimination of public utility holding companies is also
made known, in a communication addressed as follows to
members of the Association, on April 29:
I. Deposit Insurance
The Committee on Federal Legislation wishes to call the attention of
members of the Association to the fact that the proposed Banking Act of
1935, as amended by the Banking and Currency Committee of the House
of Representatives (H. R. 7617), provides for a mandatory annual assessment of / of 1% of total deposits against all commercial banks and
1
4
trust companies participating in Federal deposit insurance.
The original bill, which in the Senate is now the subject of hearings
before a subcommittee of the Senate Banking and Currency Committee,
/12 of 1% of total deposits
provides for a maximum annual assessment of 1
and gives the Federal Deposit Insurance Corporation discretionary power
to fix a lower rate.
It is estimated that an annual assessment of / of 1% upon total
1
4
deposits as defined in the bill would mean the payment of approximately
$13,000,000 per annum by the banks of New York State to the FDIC.
On the basis of 1/12 of 1%, the annual cost to the banks of the State
would be about $8,600,000.
The Committee believes that an annual assessment burden of either
$13,000,000 or $8,600,000 is too great to be borne by the present low
earning power of the banks in New York State, and will recommend that
/
the maximum annual assessment be fixed at 1 16 of 1% of total deposits
after excluding from such total the amounts due to other banks and to
the Federal and State governments.
The Committee intends to exert its beet efforts to bring about amendment of the pending Banking Act of 1935 along the foregoing lines.
IL Public Utility Act of 1935
The Committee believes that enactment of the Public Utility Act of 1935
would bring about excessive and unnecessary regulation and restriction of
the business of both holding and operating companies in the public utility
field, thereby depressing and in some instances destroying the value of the
securities thereof, which are held in substantial volume as assets, as
collateral, and in fiduciary capacities by the banks of this State. The
Committee therefore will oppose enactment of this legislation unless it is
amended to eliminate the objectionable portions thereof.
Annual Meeting of United States Chamber of Commerce—Retiring President Harriman Urges Adjournment of Congress and Assurances on Dollar
Value to Assist Recovery
At the annual meeting in Wasihington, on April 30, of the
United States Chamber of Commerce, Henry I. Harriman,
retiring President of the Chamber, while having much good
to say for the New Deal and expressing himself optimistic
about the outlook for recovery, urged the Administration to
take the following four major steps to assist recovery, said
Washington advices, April 30, to the New York "Herald
Tribune":
•
Adjourn Congress as soon as possible and give assurance that major
reform measures will thereafter await a real revival of industry.
Obtain an agreement to stabilize currencies as soon as possible.
Give assurance that the dollar will not be further devalued.
Give assurances of "a definite and drastic reduction" of Government
expenditures after the present emergency appropriations have been spent.
The account in the paper indicated went on to say:
Mr. Harriman estimated that the number of unemployed to-day was
between 7,000,000 and 8,000,000 as against 12,000,000 and 13,000,000 in
March 1933, when Mr. Roosevelt took office.
•
140
Financial Chronicle
"Best of all," he said, "the rate of increase of men and women employed
in industry and commerce has risen most markedly in the last five months,
and it is particularly gratifying to note that in the months of February
and March there has been some evidence of gains in the construction
industry."
Lists Seven Favorable Factors
Mr. Harriman listed seven other favorable business factors:
An increase in dividends of $400,000,000 in 1934; a 32% increase in
exports, and a 15% increase in imports in 1934, and a rise in the index
number of business activity from 73 to 85.
The sound position of the banks and the steps taken under the deposit
Insurance system toward a unified banking system.
A rapid increase in the amount of debt refunding, indicating that
"business has accepted the provisions of the amended Securities Act and
is now prepared to finance its needs both for refunding and for new
construction."
An improvement in the agricultural situation, with a very bright outlook
for the near future as a result of the disappearance of burdensome surpluses
of most staple crops.
The stimulation which business will receive from the $4,000,000,000
works relief fund-in spite of the fact that the Chamber advocated $2,000,000,000 for straight relief.
Freedom from war threats to the United States. Mr. Harriman expressed
the hope that the neutrality laws would be amended to help the United
States to keep out of future conflicts abroad.
The vast potential demand for capital goods that has accumulated during
the depression.
Would End Interference
Among unfavorable business factors Mr. Harriman mentioned:
Interference of Government in the affairs of business, as exemplified i
some features of NRA, AAA and TVA; the growth of debts and taxes;
the size of the relief rolls; unsound labor proposals, such as the 30-hour
week bill and the labor disputes bill; the increased burdens to be placed
on business by the social securities program; "a destructive, rather than
regulatory," utility holding company bill, and "fantastic schemes for the
sharing of wealth through taxation."
"Business," he said, "has a genuine fear that the initiative of the
American people, and the spirit of its institutions, which have carried
America so far on the march of human progress, are to be stifled by a
mass of governmental restrictions and regulations."
Mr. Harriman gave a detailed analysis of various pieces of New Deal
legislation, actual and prospective, and of special problems confronting
the Administration. He paid tribute to the accomplishments of the AAA
in improving the farmer's lot, and predicted that the American farmer
would never consent to go back "to the old non-co-operative order and
again suffer from those disastrous agricultural prices which were so largely
responsible for the depression."
Senator Borah's Resolution to Prohibit Loans to
Foreign Governments Declared "Destructive" in
Report of Banking Committee of Merchants'
Association of New York
Senator Borah's resolution introduced on April 18 to
prohibit public or private loans to foreign governments
outside of the Amerioan Continent was denounced on April
24 as a "destructive" proposal which "if adopted would
effectually strangle the foreign trade of the country," in a
report prepared by the Committee on Banking and Currency
of the Merchants' Association. After the report had been
approved by the Association's Executive Committee an
outline of it was sent to various Senate leaders, to all of the
members of the Committee on Foreign Relations and to the
members of Congress from New York State. The Association's report signed by Percy H. Johnston, President of the
Chemical Bank & Trust Co.,as Chairman of the Association's
Committee on Banking and Currency, read in part:
This resolution is of the most destructive character. If adopted, it
would effectually strangle the foreign trade of the country. It would have
very serious and harmful effects on the marketing of the products of American farms and factories, and bring about a complete stagnation of our
foreign trade, thereby affecting our great shipping, insurance, banking and
many kindred lines of endeavor. One certain effect of such legislation
wouldibe to throw many thousands of people out of employment all over
the country.
The avowed purpose of the resolution is to prevent loans outside of the
American Continent on the ground that any loans would directly or indirectly serve the purpose of financing a European war. We doubt the
efficacy of this method of preventing war, and we recommend that the
Merchants' Association vigorously object to the adoption of any such
impractical and harmful policy.
Senator Borah's resolution was referred to in our April 27
issue, page 2790.
Professor Smith Finds Real Estate Increase
Consistently Steady
Although an estimated $10,000,000,000 of real estate
securities are outstanding and largely in default, comparatively little attention has been attracted to the creeping
movement of recovery in their market values which, on the
whole, has been steady and sustained during the past two
years, says Prof. C. Elliott Smith, lecturer on real estate
investments and finance, New York University. Professor
Smith makes the following further comments:
A significant indication of the extent of this recovery, which is largely
the result of a general increase in realty earnings, is afforded by the AmottBaker Realty Bond Price Averages, which show an average advance of
12.6% for the first four months of the year ended April 30, added to a
57.2% increase for the years111933 and 1934. For the total period of
2 1-3 years, the percentage of recovery in market value has been 77%
from the December 1932 level.
When it is considered that these averages are based upon 200 bond
issues secured by important properties of all types in Eastern cities, the
figures may be accepted as a good cross-section of what is heppening to
real estate securities generally.
Varying degrees of recovery in different Eastern cities and for different
types of Properties are revealed when the 200 issues selected by Amott
2975
Baker & Co. are divided into their respective sections. Led by New
York City in general and by housekeeping apartments as a group, the
percentages are:
Location
New York City__.._
Boston
Buffalo
Philadelphia
Pittsburgh
Miscellaneous
Year 4Mos April
1934 1935 1935
34.4
14.8
41.1
15.2
51.5
51.8
10.9
7.6
16.9
5.7
45.8
17.1
.20•P0Is2b2
io)
.C4
Volume
Type
Housekeeping apts_
Apartment hotels__
Hotels
Office buildings_ _ _
Theaters
Miscellaneous
Year 4 Mos. April
1934 1935 1935
44.5
38.6
27.7
28.5
54.6
16.1
25.3
14.4
15.3
5.5
17.4
11.2
5.7
3.5
3.0
1.3
5.6
4.0
Various factors indicate continued real estate activity, on a scale unknown since the late '20s. These include obvious shortages of residential
apartments and small homes in many cities, substantial leasings of space
long vacant in commercial buildings and the growing recognition of the fact
that real estate at present levels offers an excellent hedge against possible
monetary inflation.
Altogether, I am convinced that 1935 offers opportunities in real estate
such as are available only about three or four times in a century. With
values deflated, with a tendency toward lower real estate taxes, and with
occupancies and rentals on the upgrade, we are passing through a period
that has only been approximated by the years that followed 1837, 1873.
1893 a
07.
Currie's Book on "Supply andIControl of Money"
Viewed by B. M. Anderson Jr. as Containing
-Quantity Theory of Dr.
"Grave Inaccuracies"
Currie, Who Is an Adviser of the Federal Reserve
Board, Held to Be "Unrealistic Thing"
In "a critical analysis" of the book by Lauchlin Currie,
Ph.D., on "The Supply and Control of Money in the United
States," the statement is made by Benjamin M. Anderson,
Jr. Ph.D., Economist of the Chase National Bank of the
'
City of New York, that "the book contains grave inaccuracies in matters of ascertainable fact." "I regret the necessity for saying this," says Dr. Anderson, who asserts:
Dr. Currie's statements regarding real estate loans will illustrate this
Inaccuracy.
On page 118 he says: "Real estate loans of all member banks remained
below 10% of earning assets until 1932, when, owing to the relatively
greater decline in other loans, they amounted to 10.5%." On page 119
he speaks of "the smallness of the yearly fluctuations in real estate loans."
These two statements, taken together, would completely mislead the reader
with respect to the history of real estate loans in member bank assets.
The facts are that, while the total loans and investments of all member
banks increased 66% between 1918 and 1928, the real estate loans of these
same banks increased 565% in the same period. The rapid growth of real
estate loans in banks was one of the most unwholesome of all the"New Era"
developments. This error is particularly important in view of the provisions of Title II of the pending Banking Act regarding real estate loans.
Dr. Currie is Assistant Director of the Division of Research
and Statistics of the Federal Reserve Board. Dr. Anderson's comments on Dr. Currie's book were made before the
American Statistical Association (New York Chapter) at a
dinner in New York City on April 18. A summary of Dr.
Anderson's analysis of the book follows:
PRESS SUMMARY
The importance of Dr. Currie's book grows out of the fact that he is
technical adviser of the Federal Reserve Board, and that Title II of the
pending banking legislation gives evidence that his theories lie behind it.
Dr. Currie's Basic Theory
The basis of Dr. Currie's whole argument is a rigorous version of the
quantity theory of money. His theory differs from Irving Fisher's in the
notion of the "velocity of money" which he employs. Mr. Fisher reaches
his velocity notion by taking the total turnovers of money and demand
deposits and dividing them by money and demand deposits, whereas
Dr. Currie uses what he calls the "income velocity," obtained by dividing
the annual income of the people of the country by the total volume of
money and demand deposits. Both believe, however, that it is possible.
by manipulating money and demand deposits, to regulate commodity
prices.
Dr. Currie's quantity theory is an exceedingly unrealistic thing. Doubtless one can perform the arithmetical operation of dividing the figures for
the income of the country by the figures for the cash and demand deposits,
and doubtless one may name the result thus obtained "income velocity."
But that one hasIthereby proved that the volume of money and demand
deposits governs incomes and prices is another story. Moreover, what
right has one to assume that the total of deposits passes through incomes?
Is it not more reasonable to suppose that many very large deposits are
entirely concerned with capital transactions and other business transactions?
Mr. Keynes Repudiates Dr. Currie's Quantity Theory
Dr. Curriejis:an adherent of the school of thought of Mr. J. M. Keynes.
but Mr. Keynes himself has repudiated vigorously the quantity theory
concept which Dr. Currie employs. Mr. Keynes not only separates income
velocity from the "velocity of business deposits," but he also separates
"Income deposits" and "businessIdeposits." Of the concept used by Dr.
Currie he says: "But the relationship between the total annual receipts of
Income receivers and the average stock of money held for all purposes is
a hybrid conception, having no particular significance."*.AI concur fully
with Mr. Keynes in this one instance.
Naive Application of Simple Mathematical Formula to Complex Economic Life
laTo the economist accustomed to the study of the general factors governing incomes andivolumetof production, to the economist accustomed to
the general theory of value (of which the theory of the value of money
ought to be a special case), and to any man who has studied economic
problems enoughlto be impressed with their intricacy and complexity, this
simple piece of mathematical computation, offered as the basis for the de* Keynes's "Treatise on Money," Vol. II, Page 24. In general, it must be said
that the concepts of Mr. Keynes's "Treatise on Money" deal with unknown and
unknowable quantities on so evtensive a scale that it would be almost impossible to
base policy on them. Mr. Keynes is sometimes realistic enough to recognize this
when he goes to make estimates. Thus, with respect to one important variable in
his scheme, he says that it is probably more than 5% and less than 12%, but he
places it provisionally at 8%-a range of uncertainty of 140%, with no certainty
as far as the present writer can see that even the upper and lower limits have validity.
("Treatise on Money," Vol. I, page 46; Vol. II, pages 25-30.)
2976
Financial Chronicle
termination of public policy with respect to money, credit and banking in
a great complex modern economy, appears incredibly naive.
Dr. Currie on Federal Reserve Policy
Dr. Currie holds that Federal Reserve policy should be concerned with
the one point of controlling the volume of demand deposits. It should
ignore everything else. Very especially should it not concern itself with
the quality of bank assets, because that is a policy contradictory to the
policy of controlling the volume of demand deposits. The Federal Reserve
System should not try to control speculation.
Dr. Currie approves heartily the Federal Reserve cheap money policy
of 1927, which, in the judgment of most informed students, was responsible
for the wild speculation of 1928-29, and he condemns the efforts of the Federal Reserve System to control speculation in 1929, saying rather that they
should have eased off the money market in 1929. He condemns the Banking Act of 1933, which was designed to protect the quality of bank assets.
Dr. Currie's theory runs counter to virtually all the accepted principles
of banking. He regards commercial loans in banks as "perverse," and he
regards the liquidity of bank assets as unimportant. He holds that investments are the "ideal" type of assets for banks. He thinks highly of the
brokers'loans "for account of others." which so terribly intensifed the difficulties of the panic week of 1929, and declares that it was a "fortunate"
circumstance that brokers'loans "for account of others" were large in 1929.
because this prevented a decline in demand deposits late in thc year. Dr.
Currie's theory leads him into complete misunderstanding of the 1927-29
developments.
Dr. Currie's Curious Error Regarding the Relation of Interest Rates and Lemand
Deposits
One point explaining Dr. Currie's curious doctrines is the fact that he is
diametrically, absolutely wrong as to the relation of the volume of demand
deposits to interest rates. Dr. Currie believes that a high volume of demand deposits means low interest rates and that a decline in the volume of
demand deposits means rising interest rates. Exactly the reverse is true.
The real governing factor in determining interest rates on bank loans
is the relation between the volum, of deposits and the volume of bank reserves.
Rising deposits, with a given volume of reserves, put banks under pressure.
Declining deposits, with a given volume of reserves, relieve the pressure
on banks and make it easier for them to lend. Ease in the money market
is obtained in a period of strain either by a liquidation of loans and deposits.
or by an increase in reserves, or by both. Dr.Currie shows no understanding of this at all, and repeatedly gives evidence that he believes the contrary.
Limitations of Dr. Currie's Study
Dr. Currie's generalizations are very largely based on the abnormal
period from 1924 to 1932. He neglects earlier experience. His theoretical
sources are almost wholly the writings of Messrs. Keynes, Hawtrey and
Robertson. He shows very little knowledge of actual banking practices.
He would apply the policies drawn from his one simple theory of money and
credit to any situation, whether normal or abnormal. He ignores the questions of industrial equilibrium, foreign trade equilibrium and the quality
of credit. It seems to be his view that the liquidation of bank credit is
never to be permitted.
Dr. Currie misunderstands the nature of time deposits in commercial
banks. He identifies them with savings. He does not understand that
in a time of cheap money time deposits grow rapidly as the product of bank
expansion.
Dr. Currie's Version of the Hundred Per Cent Reserve for Demand Deposits
Plan—Absurdity of the Plan
The most obvious evidence of Dr. Currie's misunderstanding of the nature of time deposits and of the general nature of bank credit comes in his
proposal of an "ideal" system of control, not recommended for immediate
application, but offered to illustrate his principle, in Chapter XV of his
book. Here he proposes a device which he recognizes as essentially similar
to the plan for 100% reserve against demand deposits, though he puts it
in a somewhat different way. He would split up each of the existing banking institutions into two parts. He would have the Government take over
-the-mine assets to correspond,
the demand deposits of the banks and run-of
and he would leave the banks their time deposits and the rest of their assets.
His purpose is to divorce the supply of money from the loaning of money.
Faced with the question, then,as to how commercial loans could be made,
he says: "The answer to this valid objection depends on the handling of
savings deposits. The best solution would appear to be to leave them with
existing banks. They are not money . . . Savings deposits comprise
some 60% of all deposits. They would,therefore,ifleft with existing banks,
permit continuance ofloans to borrowers who cannot secure loans elsewhere.
The volume of such loans is commonly overestimated. They belong to a
past era. . . ."
This is a very remarkable proposition. The banks cannot lend their time
deposits. Their time deposits do not belong to them. Their time deposits
are their liabilities. Banks can lend only if (a) they have cash to lend, or
if (b) they are in a position to credit a borrower with a new demand deposit
in exchange for his note. Banks thus placed, forbidden to create demand
deposits, would be in no position whatever to expand loans in an emergency,
in no position whatever to expand loans to meet seasonal needs, and would
be able to meet the annual growth of industrial borrowing only if it should
so happen that their customers brought them the right amount of new cash
to deposit on time. Pure savings banks to-day properly recognize no
obligation to meet borrowing needs of their depositing customers. Primarily they invest—when and if it suits them.
David Friday at Hearing on Public Utility Holding
Bill Denies that Holding Companies Have Been
Instrumental in Maintaining High Rates for
Electricity
Cost of living to-day is nearly 40% above the level for
1913, while the domestic rate for electricity has been reduced nearly 40% below the rate for that year, according
to David Friday, Economist for the Committee of Public
Utility Executives. In a brief filed with the Senate Interstate Commerce Committee, in connection with the hearings
on the proposed public utilities bill, Mr. Friday stated:
"Electric rates for domestic use are unique in that they alone, of all
the large price groups, have pursued a steady downward course throughout
the past 50 years. Taking the years 1910-1914 as the index of 100, the
price of all commodities amounted to 116 in March 1935, the price of
farm products was 112, the cost of living was 139, while electricity for
household use amounted to only an index of 59.
"It has been loosely charged that the holding companies have been
instrumental in maintaining high rates for electricity. The falsity of this
charge is made apparent in a study of the rates of 140 independent companies located in small towns in all sections of the United States. These
May 4 1935
rates were compared with the charges made by companies under holding
company contrO1 located in the same geographic areas and in towns of
comparable size.
"In the towns studied the cost of electricity was less when it was supplied
by holding company affiliates in all except two cases. On the average
for all the towns the rate for 40 kwh. was 38 cents less for the holding
companies, and for 80 kwh, it was 70 cents less for the holding companies
on the average.
"This industry, more than 80% of which is under holding company
management, has demonstrated in the past that it will, of its own accord,
maintain rates for domestic service which will induce the public to use its
service in increasingrquantities, even during a depression as serious as that
which has beset us during the past five years."
In addition to rate reductions under holding company management.
Mr. Friday pointed out that, if freed from the threat of strangling legislation, the utility industry would become a leader in economic reform.
He said: "Money paid out in wages and salaries, in interest, and in dividends, by the electric and gas industry during the depression was proportionately greater as compared with 1929 than the amounts paittout
by any other industry."
Based on figures prepared by the United States Department of Commerce, Mr. Fridayipoints out that taking the year 1929 as 100, the amount
paid out in wages, interest and dividends by the electric and gas industry
was 92 in 1933, far in excess of the index for the second ranking industry,
namely, that of communications. Income paid out by the various industrial divisions is given in the following table:
Income Paid Out (By Industrial Division)
(Based on 1929 as 100)
Industry—
Year 1933 Industry—
Year 1933
Agriculture
50 Trade
59
Mining
38 Finance
el
Electirc light and power and gas_92 Service
59
Manufacturing
45 Miscellaneous
54
Construction
26
Transportation
55
Total
57
Communication
78
"This income paid out by the various industries does not include the
taxes which they pay," Mr. Friday stated. "If taxes had been included
the leadership of the electric light and power and gas industry would
have been further emphasized.
"The fundamental reason for this stability is the maintenance of total
demand for electricity during the depression, through the stimulation of
new and increased domestic use.
"This increased use by domestic consumers was the direct result of
holding company leadership in the reduction of rates and the stimulation
and financing of sales of new appliances.
Report of Railroad Credit Corporation for April 30—
Liquidating Distribution of $732,703 Made April 30
"nearly one-third of the net emergency freight revenues
collected by the Railroad Credit Corporation has been
returned to participating carriers through liquidating distributions since termination of its lending period on June 1
1933, according to a report filed yesterday (May 3) by the
Corporation with the Interstate Commerce Commission.
An announcement issued by the Corporation also said:
Sixteen distributions, aggregating $22.812,439, or 31% of the net contributed fund as of March 31 19a5, have been made by the Corporation.
Of this amount $10,145,863 has been made in cash and $12,666,576 in
credits on debts due the Corporation.
The last distribution made by the Railroad Credit Corp. was on April 30
1935, at which time $732,703, or 1%, was repaid to participating carriers.
Cash receipts in April totaled $295,630, of which $224.717 was in reduction of loans and $70,340 was interest on loans.
The following is the statement of condition of the Corporation as of April 30:
THE RAILROAD CREDIT CORP. REPORT TO ICC AND PARTICIPATING
CARRIERS AS OF APRIL 30 1935
Net Change
During
April 1935
Assets—
Investment in affiliated companies
Loans outstanding:
Other investments
Cash (reserved for tax refunds. $9,040.13)
Petty cash fund
Special deposits
Reserve for tax refunds:
Miscellaneous accounts receivable
Interest receivable
Unadjusted debits
Expense of administration
Total
Liabilities—
Non-negotiable debt to affiliated companies
Unadjusted credits
Income from securities and accounts
Interest accrued on loans, &c.—Capital stock
Total
d Denotes decrease.
* Emergency revenues to April 30 1935
Less—Refunds for taxes
Distributions Nos. 1 to 16
Fund share assigned to RCC
d604,124.26
d66,956.16
Balance
April 30 1935
52,585,139.49
239,500.00
206,620.90
25.00
200,000.00
d99.16
d21,904.48
d565.25
10,144.95
30,991.98
130,049.58
58,055.70
40,169.48
d683,504.36
53,490,552.13
d732.138.44
d531.96
49,166.04
.50,737,071.18
2,553,556.04
198,724.91
1,200.00
d683.504.36
53,490,552.13
$75,422,410.62
$1,833,898.21
22.812.438.79
39,002.44
24,685,339.44
$50,737,071.18
Approved E. R. Woodson, Comptroller. Correct, Arthur B. Chapin, Treasurer.
Washington, D. C., May 1 1935, No. 38.
$4,880,000,000 Work Relief Fund Represents 17% of
Wages and Salaries Earned in 1934 According to
Comparison by National Industrial Conference
t
Board
The National Industrial Conference Board in a comparison
made April 29 shows that the sum of $4,880,000,000 just
authorized by Congress for work relief represents:
(1) About 17% of all wages and salaries earned In the United States:
(2) About 68% of the value of all the products of all our 6,000,000 farms:
(3) More than twice as much as all dividends paid;
(4) About 94% of all the interest paid.
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Financial Chronicle
It would take the whole working population of the United
States 37 days to produce this $4,880,000,000 work relief
figure, according to the Conference Board. In addition,
the Board points out that the work relief appropriation of
$4,880,000,000 would buy,at f. o. b.factory prices, 7,360,000
automobiles, which would take the industry two years and
eight months to produce at the 1934 rate of production.
The calculations of the Board upon which the foregoing
statements are based, follow:
Wages and Salaries
The Department of Commerce estimates that wages and salaries in 1933
were $29.300,000,000. The 1934 total is probably only a little more. The
work relief figure of $4,880.000,000 is 16.7% of $29.300.000.000.
Value of Farm Production
Gross income of agriculture in 1934 is placed by theaDepartment of
Agriculture at $7163000000. The work relief figure of $4.880.000.000
Is 68.1% of the Department of Agriculture's estimate.
Dividend Payments
The Department of Commerce estimate of dividend payments for 1933
Is $2.100.000,000. The work relief appropriation of $4,880,000,000 is
232% of this sum. but total dividend payments will probably be somewhat
higher in 1934.
Interest Payments
In 1933 interest payments were reported by the Department of Commerce
as $5,200.000,000 and were probably less rather than more in 1934. The
amount of the work relief appropriation, $4,880,000,000. is 93.8% of the
Department of Commerce estimate.
The numoer of automobiles that could be bought with the work relief
figure is based on statistics of the Automobile Manufacturers Association.
This Association reports that the weighted average price of auotmobiles
f. o. b. factory was $663 in 1934. Dividing the work relief figure, 54,880.000.000. by $663 gives 7,360,483.
In 1934 the industry produced
2.779,000 automobiles.
The computation concerning the number of days it would take the gainfully employed population of the country to produce $4,880,000.000 is
based on the following figures; The national income produced in 1934
was 547.600,000,000. The $4.880,000,000 work relief appropriation is
10.25% of this sum. Ten and twenty-five hundredths per cent. of 365
days gives 37.4 days.
Congressional Approved of Proposed Amendments to
AAA Opposed by American Liberty League—Eight
Objections Listed Including One-Man Control of
Agriculture—Reply by Administrator Davis of AAA
Opposition voiced on April 21 by the American Liberty
League to Congressional approval of pending amendments
to the Agricultural Adjustment Act, in which eight specific
objections were given, was answered on April 22 by Chester
C. Davis, Administrator of the Act. The League said (according to Washington advices, April 21, to the New York
"Times" of April 22) that agriculture, industry and the consuming population have already suffered from too much
"regimentation," and alleged that the amendments would
create a one-man control of industries having a total annual
business volume of more than $20,000,000,000. The objections of the amendments, as given in the advices to the
"Times," follow:
An aibitrary one-man control of industries handling, processing and distributing agricultural and other products in an annual volume of more
than $20,000,000,000.
Licensing of these industries under terms involving experimentation in
price-fixing, production control, labor conditions or any other phase of
operations at the discretion of the Secretary of Agriculture.
Imposition of the will of one economic group upon another through
provisions giving farmers a voice in decisions respecting licensing of
processors and distributors.
Further regimentation ot agriculture through quotas and allotments
under marketing agreements.
Indirect compulsion upon agriculture through terms of licenses imposed
upon processing and distributing industries.
Broadening of an act whose constitutionality is open to serious question.
Danger of political coercion through use by the AAA of its powers over
books and records of industry.
Experimentation at the expense of the taxpayers with the "ever normal
granary" and other new schemes for overcoming laws of nature.
In answering the American Liberty League, Mr. Davis on
April 22 said that the attack "constitutes an attempt by a
numerically small but financially powerful group of men
and corporations to dictate governmental policies affecting
6,500,000 farmers and more than 100,000,000 consumers."
Mr. Davis stated:
To my mind, nothing could demonstrate so clearly as the League's attack
the intensity and character of the opposition to the amendments that are
being asked of Congress by the farmers and their responsible leaders.
If a more powerful aggregation of special interests ever has been amassed
against any legislation in the history of this country, I never have heard
of it.
Stating that the League's attack is centered upon three
amendments which are offered to protect the farmers, from
whom the food processors and distributors buy, and the
consumers to whom they sell, Mr. Davis added:
Out of every $3 spent by consumers for food, more than $2 go to the
processors and distributors, and leas than $1 reaches the farmer. The
League's stand against the amendments is identical with the stand taken
by big processors and distributors of food which have opposed every
important piece of farm legislation offered for the past 20 years.
The Administrator further said:
The reasons for the Liberty League's attacks are clear. Under the
declared policy of Congress, the Agricultural Adjustment Act is designed,
first of all, to serve the farmers. Adjustment contracts with producers of
basic commodities already total 3,700,000. The pending amendments are
sought to help 2,000,000 more producers of milk, potatoes, fruits, vege-
2977
tables and other special -traps who must look to marketing agreements
and licenses if they are to get help through the Adjustment Act.
The Liberty League wants to convert the AAA into a processors' administration. The Liberty League is responsible, not to the vast numbers of
the farmers and the consumers, but a small group of wealthy men. The
League speaks primarily for property rights, not for human rights.
In its report the American Liberty League (we quote
from the "Times") asserted that "restriction of cotton acreage has forced share-croppers, tenants and farm laborers
on the relief rolls," the League went on, while "reduced production and actual destruction of other farm commodities
have resulted in imports of foodstuffs our own farmers
should 'have raised." The Washington advices to the
"Times" further said, in part:
The report also charged that mounting prices of pork due to the corn-hog
program have caused consumers to shift to cheaper meats, fish and other
foods. The drought, it was said, was an act of "nature" and "has made
a mockery of wheat and other adjustment programs." .
.
These particular amendments furnish an illustration of the fact that a
program of control once begun is a process that must be continued. One
piece of legislation leads to another. It is impossible ever to call a halt.
The final result is a network in which adverse effects offset those which
are favorable.
It was pointed out that the bill makes possible the diversion of custom
,
duties to the amount of more than $100,000,000 annually for the payment
of benefits in connection with the exportation of basic agricultural commodities, or for similar purposes.
The authorization is sufficiently broad to permit the adoption of the
equalization fee and export debenture plans over which the Congress
fought in several successive sessions. Regardless of the possible merits of
these plans, the Congress should not evade its responsibility by such a
general delegation of power.
Regional Agricultural Credit Corp. of Jackson, Miss.
Transferred to Louisville, Ky.—Temporary Sub-Office at Jackson to Be Maintained
On April 30, records of the Jackson, Miss., Regional Agricultural Credit Corp. were transferred to Louisville, Ky..
according to a statement from the Farm Credit Administration. The move to Louisville was deemed advisable in the
interest of economy,and reduction in the volume of business,
the statement said, and in view of the fact that the officers
and directors of the Louisville RACC will also serve as
officers and directors of the Jackson corporation. The
statement continued:
For the convencience of borrowers, it has been arranged to maintain a
temporary sub-office at Jackson, and all correspondence from the borrowers
to the RACC should be addressed as hecetofore to the Regional Agricultural
Credit Corporation at Jackson.
The regional agricultural credit corporations, which are now in liquidation, were established as emergency lending agencies during the latter part
of 1932, and accepted applications for loans until April 1 1934 when the
production credit associations were ready to do business.
Cost of Credit to Farmers Lowered by New State
Mortgage Laws Enacted in 1934 and 1935 According
to FCA
Farmers will save hundreds of thousands of dollars this
year as a result of new chattel mortgage laws and amendments
enacted in 1934 and 1935 by 26 States, according to a statement April 30 from the Farm Credit Administration, which
said:
One by one, State Legislatures have passed new statutes clearing away the
accumulated legal requirements and excessive fees connected with chattel
mortgage procedure. In many States farmers are now paying fees of 25
to 50 cents for "filing" chattel mortgages compared to "reporting" fees previously required running as high as $5.
The States which have enacted remedial legislation are: Indiana, Illinois,
Michigan, Kansas, New York, New Jersey, New Hampshire, Maine.
Massachusetts, Rhode Island, Vermont, Pennsylvania. Maryland, Delaware, Virginia, West Virginia, North Carolina, South Carolina, Kentucky,
Louisiana, Idaho, Montana, Oregon, Nevada, Colorado and New Mexico.
Remedial legislation is pending in other States.
"This State legislation marks an important step forward
in meeting the needs of farmers for readily available and less
costly credit," General Counsel, Scott W. Hovey of the
FCA declared. He added:
The laws recently enacted are enabling the lending institutions under the
FCA and other financing agencies to make loans more quickly and give
better service to thousands of farmers. 'rho work of agricultural leaders
and legislators responsible for the enactment of this remedial legislation
has received the active support and co-operation of the FCA here iWashington, D. 0.1. and through its district offices.
From the statement issued by the FCA we also take the
following:
In eight States where new statutes went into effect last year the saving
from reduced filing or recording fees to borrowers from production credit
associations alone was over $20.000. . .
In obtaining short-term loans one of the most substantial fees formerly
encountered by farmers was that of recording crop and chattel mortgages.
Some State laws required the county clerk or other authorized official to
"record" the entire chattel mortgage word-for-word in the public records.
Under new statutes the mortgage is simply "filed" away for a nominal fee—
not more than 25 cents in most cases.
Fees for record searching were also substantial. Chattel mortgages remained effective over long periods of years. A 20
-year record search to
certify the priority of a six-month's crop or livestock loan was not uncommon. In some States, the work could not be done by a county official;
the services of a lawyer or abstractor were required. New laws in many
States have limited the effective period of chattel mortgages to a few years
shortened the period of search, and authorized the county official to do the
work for a nominal fee.
Other burdensome fees in connection with chattel mortgage loans were
charged for acknowledgments, certified copies, and affidavits. Most of
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Financial Chronicle
these have been discarded in a number of States where remedial legislation
has,been enacted. . .
Cabinet Committee Begins Hearings on Ills of Cotton
Textile Industry—New England Delegation Urges
Abolition of Processing Tax and Quota on Imports
from Japan
A special Cabinet Committee studying the textile situation
heard testimony this week from Governors of New England
States, who proposed remedies for the principal problems
confronting the industry at the present time, including the
processing tax of 4.2 cents a pound on cotton. The Committee, composed of Secretary of State Hull, Secretary of Agriculture Wallace, Secretary of Conimerce Roper and Secretary of Labor Perkins, began its hearings behind closed
doors on April 29. A delegation of mill operators headed by
Governor Brann of Maine on that date recommended that a
general sales tax or payments from the $4,000,000,000 workrelief fund be submitted for the processing tax to supply aid
to cotton growers, and also suggested the imposition of a
quota on imports from Japan. Governor Green of Rhode
Island, appearing on April 30, said that poor financial structures and obsolescent machinery constituted the chief cause
of the present "deplorable" condition of the textile industry.
Meanwhile the Bureau of Foreign and Domestic Commerce, in a survey published on April 28, said that although
68% of cotton cloth imported during the first quarter of
1935 came from Japan, such imports represent less than
1.5% of the total domestic production. Testimony at the
Committee hearing on April 29 was summarized as follows
in a Washington Dispatch of that date to the New York
"Times":
Maine, with its 800,000 population, faced a major calamity, if mills
continued to shut down, Mr. Brann said in his statement; 11,818 persons
were employed in textile mills in his State, with a payroll of $8,249,384.40,
but today there were but 7,578 employes at work, a consequent drop in
payrolls and an increase of 38% in idle looms.
Mr. Brann told the committee that "every cotton textile mill in Maine
is now operating at a loss."
He remarked that in March, 1935, imports of cotton cloth from Japan
had amounted to 6,217,000 yards, and declared that this was more than
25% of the entire American production for 1934.
"This constitutes a serious menace," Governor Brann went on. "I
recommend that a quota be immediately established limiting importations
of cotton textiles from Japan to an amount not in excess of any one year,
or the average for five years."
Cheaper Japanese goods were the result of "an economic contest between different standards of civilization with different ideals and different living conditions," he said, adding that early settlement of the
question before it became more irritating and disturbed harmonious trade
relations between Japan and the United States would be to the interest of
both countries.
Governor Brann told the Cabinet members that Maine received but $1
for every $1,226.74 its mills paid to the government in processing taxes;
he did not take the position that Federal aid to farmers should be dropped.
Another dispatch from Washington to the "Times" on
April 30 described the hearing on that date as follows:
Governor Green's statement came as a surprise to those at the conference, which was again held behind closed doors. The hearing, before
Secretaries Hull, Wallace, Roper and Perkins, lasted for almost six hours.
The Governor suggested that relief funds be used to condtr.t a census of
obsolescent machinery in New England mills; that funds o. the Public
Funds Administration then be advanced as loans for new equipment, and
finally, that a Government Textile Commission regulate the modernized
May 4 1935
hile this may seem insignificent, he said, the important factor is that
the imports ale now confined to particular fabrics and may represent 25%
or more of the total in the particular field. The danger is that there are
other branches of the industry that may be invaded and remember that it
takes only a small volume to disrupt the market if there is a wide price
disparity.
When the National Recovery act was passed there was a clause in it to
deal with such a situation, but it has not been enforced. If the United
States is going to help our industry it must take a page out of the books
of miler countries and learn to act promptly. Uncertainty as to the price
policy of the Government on raw materials affects the demand.
Mr. Dorr made two suggestions to aid the textile industry.
One was the gradual removal of surplus equipment from
the industry and the other the application of temporary
flexible measures to deal with the results of over capacity
promptly enough to achieve effective results.
March Farm Income Reported Above February and
March Year Ago by Bureau of Agricultural Economics
Total farm income including benefit payments was
$465,000,000 in March compared with $433,000,000 in
February, and with $415,000000 in March a year ago,
according to the Bureau of Agricultural Economics. United
States Department of Agriculture. The Bureau, on April 29,
further reported:
This year's March total consisted of $416,000,000 from marketings of
crops and livestock, and $49,000,000 in benefit payments under the Agricultural Adjustment Act. The total for March 1934, consisted of $406,000,000
from crops and livestock, and $9,000,000 in benefit payments.
The increase in income from sales of farm products was greater than
usual from February to March; that although farm prices in March were
slightly lower than in Feoruary, marketings of grains and cotton increased
sufficiently to enlarge the total income.
Farmer's cash income from the sale of farm products the first three
months of 1935 totaled $1,226,000,000 compared with $1,215,000.000 in
the same period of 1934. Benefit payments in addition totaled $171,000,000
in the first quarter of this year compared with $97,000,000 in the first
quarter of 1934.
Government and Defendants In Schechter Poultry
Case File Arguments with U. S. Supreme Court
in NRA Test—Tribunal Dismisses 3 Other NRA
Cases, Including Spielman Motor Sales Co. Action
A brief defending the validity of the National Industrial
Recovery Act and the code of competition for the live poultry
industry was filed with the Supreme Court by attorneys
representing the Department of Justice and the NRA on
May 1. This brief replied to contentions placed before the
Court on April 30 by the defendants in the Schechter Poultry
Corp. case, which has been selected by the Government as a
test of the constitutionality of the NRA. The dispute involves the wages and hours provisions of the live _poultry
code, together with the provisions covering fair trade practices.
Hearings on the arguments in the Schechter case were
begun before the Supreme Court on May 2. From a Washington dispatch on that date to the New York "Herald
Tribune" we quote:
mills.
Stanley F. Reed, Solicitor General of the United States, addressed the
Court and was closely questioned by the justices for three-quarters of an
hour before a recess was taken until tomorrow.
• • •
Mr. Reed who,as chiefcounsel for the R.F.C., assisted Attorney General
Homer S. Cummings in the gold-clause cases, was frequently interrupted
as he described the character of the live poultry business in New York City
which forms the background of the case, and plunged into his argument that
the code of fair competition for this business is constitutional. All the
members of the court, except Chief Justice Hughes and Associate Justices
Roberts and Cardozo, joined in the questioning.
Wage Differentials Attacked.
This authority was placed in the act for just such a purpose, and the
Secretary is empowered to impose the tax when it is found that the cotton
processing tax causes disadvantages in competition.
Governor Green said that overproduction was one cause of the present
condition of the industry, but that a factory could not profitably operate
unless it did so at full capacity.
conHe said the financial structure of the industry had been in weak
dition for some time, and that wage differentials, "unfair" to New England
operators, aided the depression.
Qestions Only Exploratory
A check with government attorneys grouped around Mr. Reed confirmed.
however, the impression given by Mr. Reed's answers, namely,that most of
the questions were purely of an exploratory character. Most of them
were directed to the question of delegation of power, involving such questions as what is "fair competition" and what standards had been set forth
by Congress to guide the President in approving or disapproving the codes.
This was the issue on which the Supreme Court ruled against the government in the "hot oil" case, involving one section of N. R. A. However,
the majority opinion in that case drew a distinction between this section,
applying only to interstate oil shipments, and the other sections of the act.
Despite opposition to the processing tax, it was indicated by officials
today that it would be continued, but it was reliably reported that Secretary Wallace would undoubtedly fall back upon authority vested in him
by Section 15d of the Agricultural Adjustment Act and impose "compensatory" taxes upon woolens, rayon and other goods competitive with cotton.
Goldthwaite H. Dorr of Cotton Textile Institute
Speaker at Meeting of New York State Chamber of
Commerce—Places Blame for Difficulties of Industry on Processing Tax and Foreign Competition
Goldthwaite H. Dorr, President of the Cotton Textile Institute, the guest speaker at the annual meeting of the New
York State Chamber of Commerce on May 2 said that the
Industry had been "operating in the red" since last July and
that seventy-one of the largest units had been shut down.
He placed the chief blame upon the processing tax and lowcost foreign competition. He added:
I would not have you make the mistake, however, of regarding the
cotton textile industry as a good general barometer of business, he said.
From 1926 to 1932 this industry with an investment of over $1,000,000,000
earned no net return. The loss on its investment in that time was something like $130,000,000. In 1933 it made a moderate return on its investment, due to rising prices and the pent-up demand released at that time.
Commenting on the Japanese invasion of the American
cotton textile market, Mr. Dorr said that the present volume
of imports had been estimated at only about one per cent of
the domestic production. Continuing he said.
The Supreme Court on April 29 disposed of three NRA
cases without ruling on the merits of any. A Washington
dispatch of April 29 to the "Wall Street Journal" gave a
partial abstract of these cases as follows:
The Spielman Motor Sales Co. case, on which argument was recently
suspended by the U. S. Supreme Court on jurisdictional points, was rernanded to the Southern District Court of New York with instructions that
the bill of complaint against the enforcement of the state recovery law, be
dismissed because it did not pass the test of stating a cause of action within
the equitable jursidiction of the District Court.
"The general rule is that equity will not interfere to prevent the enforcement of a criminal statute even though uconstitutional. To justify such
interference there must be exceptional circumstances and a clear showing
that an injunction is necessary in order to afford adequate protection of
constitutional rights. We have said that it must appear that the danger of
irreparable loss is both great and immediate; otherwise, the accused should
first set up his defense in the state court, even though the validity of a
statute is challenged. There is ample opportunity for ultimate review by
this court of Federal questions."
The Spielman Motor Co.contested validity of both the State and Federal
laws, as well as the automobile code provisions dealing with the turn in
value of automobiles.
Another NRA case involved the certificate of questions from a California
Appeals Court on the question whether the District Court abused its dill-
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Financial Chronicle
cretion in granting an interlocutory injunction against the Wilshire Oil Co.
and others restraining them from producing crude petroleum from their
respective wells, in excess of amounts allocated by quotas and operating
schedules ordered by the Oil Administrator, Harold L. Ickes.
In dismissing the questions which could have been used as a basis for
determing the legality of N RA. the Supreme Court said that it is of the
opinion that, apart from the "objectionable form of the certified questions",
which are not aptly or definitely phrased the question before the Court of,
Appeals is whether the District Court abused its discretion in granting an
interlocutory injunction; that the Court of Appeals is not bound to decide
upon the allegations of the bill, an important constitutional question as
to which the Court of Appeals is in doubt, in advance of an appropriate
determination by the District Court of the facts of the case to which the
challenged statute is sought to be applied.
In the final case the Court denied a review in case brought by
W. Ames & Co. against the Secretary of Agriculture, Ickes, and Thomas
H. MacDonald, chief of the Bureau of Public Roads, in which the District
ofColumbia court refused to require the government to accept the company's
bid on PWA road projects. The Ames Co. is a steel concern, and contends
the NIRA is unconstitutional in that it attempts to control the relationship
between employer and employes in respect to hours and wages. The
company does not fly the Blue Eagle and the executive order of President
Roosevelt provides that no bid which does not comply with the requirements
of NRA shall be considered or accepted.
The arguments in the Schechter case were summarized as
follows in a Washington dispatch of May 1 to the New York
"Journal of Commerce":
The defendants contended that they were not engaged in interstate commerce and therefore not subject to the jurisdiction of the code. Government counsel in the brief filed with the court to-day pointed out the New
York market dominates the live poultry industry and that the New York
market determines prices in other markets as well as prices at which poultry
Is sold by shippers and farmers.
"Each of the practices which the code regulates, and which are herein
question." it was declared, "affects substantially the price, quality and
volume of live poultry shipped into the New York market. The sale of
unfit poultry in competition with wholesome grades bring down the price
structure for all grades, the effect being disproportionate to the relative
amount of unfit poultry sold.
"A principal reason for the magnified effect of the sale of unfit poultry
Is the resulting distrust on the part of consumers, who are generally unable
to distinguish good Mom unfit poultry before it is dressed. It is estimated
that if unfit poultry could be excluded from the market by effectively prohibiting its sale in New York, there would be an incr3ase of about 20%
In the consumption and shipment of live poultry."
The brief referred to other fair trade practice provisions of the live poultry
code, the alleged violation of which "demoralizes the price structure by
depressing the price."
Hits Low Wages
"The payment of unduly low wages, and the exaction of a long working
day," the brieffurther contended, contribute in the same way to the adverse
effects on the price structure, and the quality and volume of live poultry
shipped into New York. Because of the unusually sharp competition in
this industry, and the close margin on which slaughter house operators
work, any savings in wage costa is translated into a reduction in price.
The effect is to lower the price to induce the sale of unfit and inferior grades
of poultry by competitors, and so to cause a diversion of trade and shipment
from live to dressed poultry, and to induce a progressive breakdown of the
live poultry market."
Items bearing on the Schechter case appeared in these columns April 13, page 2461 and April 20, page 2631.
All Expiring Oil and Gas Prospecting Permits Issued
Under Mineral Leasing Act of 1920 Extended to
Aug. 1 1935—Secretary of Interior Ickes Suggests
Amendment to Pending Bills Amending Leasing
Act
Announcement was made on April 27 by Secretary of the
Interior Ickes that he had approved an order automatically
extending until Aug. 1 1935 all oil and gas prospecting permits issued under the Mineral Leasing Act of Feb. 25 1920,
and which would have expired on or before May 1 1935, or
between May 1 and Aug. 1 1935. The Secretary announced
that this action was taken in order to preserve outstanding
equities of permittees whose permits would have expired
between those dates, pending consideration of two bills,
R. H. 5530 and S. 1772, now in Congress contemplating
amendment of the leasing Act. As to an amendment to the
proposed bills suggested by Secretary Ickes, an announcement by the Department of the Interior said:
In a letter to the Committee on Public Lands of the House of Representatives, the Secretary suggested an amendment to the proposed bills
amending the Leasing Act, which would preserve existing equities of per.
mittees by granting an automatic extension until Dec. 31 1936 of outstanding permits which have heretofore been extended, and vesting discretionary
authority in the Secretary to grant an additional extension for one year.
but not beyond Dec. 31 1937. The report pointed out that the suggested
amendment leaves to the Secretary of the Interior the power under existing
law to determine the adequacy of equities on permits which have not heretofore been considered for extension. The Secretary stated that the
reason for suggesting this amendment to bills H. R. 5530 and S. 1772
was to protect substantial outstanding equities of permittees, and to allow
a reasonable period of time for the transition between the present permit
system and the new leasing system proposed by these bills.
The Senate bill (S. 1772) was introduced on Feb. 7 by
Senator O'Mahoney, of Wyoming, and referred to the Senate
Committee on Public Lands and Surveys; the House bill
(H. R. 5530) was introduced on Feb. 7 by Representative
Greever, of Wyoming, and referred to the House Committee
on Public Lands.
G. W. Van Fleet Appointed Director of Newly Established Federal Petroleum Agency No. 1, of Texas
Secretary of the Interior Harold L. Ickes made public on
April 27 an order approved by the President on April 25
1935, which established an agency in Texas to be known as
2979
the Federal Petroleum Agency No. 1, together with an order
appointing G. W. Van Fleet as Director of the agency. It
will be noted that the name Federal Petroleum Supervisory
Agency previously announced as the name for the agency has
been Changed to Federal Petroleum Agency No. 1, said an
announcement issued by the Department of the Interior,
which continued:
The agency is an administrative and investigative agency in connection
with the Federal Tender Board No. 1, set up under the Connally Act, and
will investigate the applications for tenders. The applications shall
continue to be filed with the Board.
Publishers Adopt Resolutions Opposing New Deal
Policies—A. N. P. A. Against NRA, AAA and
Wagner Bill—Securities Act Seen as Harmful to
Volume of Financial Advertising
Resolutions opposing several major Administration policies, including the extension of the National Recovery
Administration, the Agricultural Adjustment Administration, the Wagner labor bill and the Copeland pure food and
drugs bill were adopted on April 25 at the annual convention of the American Newspaper Publishers Association
in New York City. Earlier sessions of the convention were
briefly summarized in the "Chronicle" of April 27, page
2797. The Association's Committee on the Securities Act
reported on April 25 that the present regulations had greatly
reduced financial advertising, but added that "a proper
solution" was hoped for in the near future.
Some of the principal features of the resolutions adopted
by the publishers are noted below, as given in the New York
"Times" on April 26:
A resolution declaring that the association was "unalterably opposed
to Government ownership of railroads or any other form of transportation"
was adopted. It was introduced by E. M. Antrim of The Chicago
"rribune" as chairman of the Traffic Committee.
The convention adopted a report of its Committee on Federal Laws, of
which W. F. Wiley of The Cincinnati "Enquirer" is Chairman, opposing
New Deal legislation such as the new NRA extension bill, the AAA. the
Wagner labor disputes bill and the Copeland pure food, drugs and cosmetics bill on the ground that all contain provision for Governmental
"fishing expeditions" into private business affairs in violation of the Fourth
Amendment to the Constitution.
It also stated its opposition to the 30-hour-week bill and suggested
changes in the proposed social insurance legislation to make it less burdensome and more efficient.
The report of the Committee on the Securities Act was
described as follows in the "Times" of April 26:
It said it had informed the Securities and Exchange Commission at a
recent hearing in seeking changes in the regulations that the newspapers
were in full sympathy with the purposes of the act and did not desire any
false or misleading advertising, but did desire the proper advertising of
reputable business. It went on:
"The Committee emphasized at the hearing that in practical operation
the Act had substantially eliminated advertising of new issues of securities
from the columns of the public press; that, although the purposes of the
Act would be best served by creation of a greater amount of publicity in
connection with issues of new securities, the actual operation of the Act
had been greatly to reduce publicity; that financial advertising in the
public press and periodicals of new securities, except for occasional use for
record purposes of the mere announcement form, has been almost completely dried up; and that, that condition does not serve, but is in reality
contrary to, the public interest and is one which the Commission has full
power under the Act to remedy."
The Committee reported that it had been informed by the Commission
that it was working on a new regulation regarding financial advertising.
20,000 Employees of General Motors Corp. Affected by
Series of Strikes Starting in Chevrolet Plant—
Closed Shop is Issue
Almost 20,000 employees of plants of the General Motors
Corp. were affected this week by strikes which threatened
to include other companies in the automotive industry.
These walkouts had their inception in a strike of workers at
the Chevrolet plant in Toledo, Ohio, which began two weeks
ago. United Press advices from Cleveland on May 1
summarized the automotive labor situation in part as follows:
More than 13,000 men were off General Motors pay rolls in Ohio. 2,200
on strike at the Toledo Chevrolet plant, 2,000 on strike at the Cincinnati
Chevrolet and Fisher Body plants and 9,000 laid off when Fisher Body
plant closed as a direct result of the strike.
While the Federal Government sent its ace conciliators to the automotive
regions in an attempt to end the stale-mate, leaders of the Automobile
Workers' Federal Union sent organizers to every city where there is a
General Motors plant to urge "concerted action and a united strike front."
Walkouts or plant closures were feared In a dozen cities.
Thomas N. Taylor, A. F. of L. organizer at Toledo, predicted that "not
a General Motors factory in the nation will be operating by Friday
morning."
The Murray-Ohio Co.. which makes metal stampings for General Motors,
was added to the plants which were forced to close because of the controversy. About 250 men were laid off; another 150 men went on strike.
A number of northern Ohio plants supplying parts to General Motors
announced they had received "stop" orders and were shutting down production in some departments. The Trumbull mill of Republic Steel Corporation reported it had been asked to delay shipments. Bolt makers
cut down shipments. The Eaton-Detroit Metal Co.. subsidiary of Eaton
Axle Co., stopped production "until further notice."
More than 2,000 employees of the Chevrolet Motor Co.
plant at Toledo, Ohio, went on strike on April 23 as a gesture
designed to win union recognition for collective bargaining
purposes. Late this week it was feared that the strike
might spread to other companies, since affiliates of the
American Federation of Labor are said to have recently been
active in organizing automobile workers. The strike at the
2980
Financial Chronicle
Chevrolet plant was called by the United Automobile
Workers Federal Union, and immediately after the walkout
the plant was closed. The union leaders charged that
General Motors officials had refused demands for higher
wages, establishment of seniority rights, a shorter work week,
the closed shop and union recognition.
Officers of the company said that the union had refused
to consider counter proposals and that the strike was primarily
a fight for a closed shop.
Alfred P. Sloan, Jr., President of General Motors Corp.,
issued a statement April 23, in which he said in part:
The vital question involved is whether General Motors Corp. is willing
to sign an agreement for a closed shop, recognizing the local union as the
exclusive representative of all the employees of its Toledo plant. This
General Motors will not do.
The strike was called in the face of the fact that, in accordance with
the procedure laid down by the National Automobile Labor Board appointed
by the Prescient of the United States an election to determine accredited
representatves of the workers in the Toledo plant was to be held on Wednesday. April 24, and all arrangements had been made for that purpose. The
strike will probably frustrate to-morrow's election.
riWages at the plant were at the highest level ever paid, on a par with or
higher than wages for similar work in the Toledo district.
A dispatch from Toledo April 23 to the New York "Times,'
summarized the demands of the union and the proposals by
company officials as follows:
1. To increase all plant wages by 5%.
-balance rates up to within 10% of higher
2. To readjust all out-of
brackets before the above blanket increase.
3. To enforce rigidly the seniority rules as to lay-offs and rehiring which
have been established by the United States Government for the automobile
industry.
4. To make available to each employee his seniority and service upon
request.
5. To meet with the duly accredited representatives of its employees
upon all questions arising between the company and its employees with a
view to adjusting all grievances and complaints.
6. There shall be no discrimination against any employee on account
of his service on the executive shop committee.
7. It also is agreed in principle, subject to further discussions, that
members of the executive shop committee will be paid for the time they
give to the settlement of grievances within the plant.
Union Group Issues Statement
The strike was the immediate answer to the proposals, and the union
strike committee issued a statement that "the management refused to
sign a contract of any kind and flatly refused every section of the proposed
contract with the exception of minor points, by saying 'That's out'."
ilsThe union demands a five-day week of seven and one-half hours, a
minimum wage of 70 cents an hour and a general wage advance of not less
than five cents an hour, elimination of the speed-up system and a signed
contract.
Control of "The Nation" Sold by Oswald Garrison
Villard to The Nation Fund, Inc.—Latter Established to Insure Future of "The Nation"
It was announced on April 28 that the control of "The
Nation" would be sold on April 30 by Oswald Garrison Villard to The Nation Fund, Inc., a foundation established
by Maurice Wertheim, who for 11 years has been a member
of the board of directors of "The Nation." The announcement added:
The Nation Fund, Inc., will be a non-profit-making corporation, established to insure the future of "The Nation" as a permanent institution.
Its board of directors will be composed of well-known men and women,
Including, among others, Mr. Villard, Heywood Broun, Alvin Johnson,
who Is director of the New School for Social Research, and Freda
Kirchwey and Joseph Wood Krutch, of "The Nation" editorial board. The
present board of editors, which includes, in addition to Miss Kirchwey and
Mr. Krutch, Ramond Gram Swing and Charles Angoff, will remain in full
charge. Mr. Villard continues as contributing editor, writing his weekly
signed page, book reviews and other contributions.
Mr. Villard stated that he was much gratified by this insurance of "The
Nation's" future now with its editors in complete charge of its policies
as they have been since he retired from the editorship on Jan. 1 1933.
"The Nation" will celebrate its seventieth birthday on July 6, having
been founded in 1865 by Edwin L. Godkin and Wendell Phillips Garrison,
an uncle of Mr. Villard. It was purchased by Henry Villard in 1881, and
consolidated with the New York "Evening Post," with which it remained
affiliated until the sale of the "Evening Post" in July 1918. Oswald
Garrison Villard conducted it from then on.
Maurice Wertheim is a graduate of Harvard, class of 1906, and has
been active in public affairs in New York for many years. He was one
of the founders and is a member of the Board of Managers of the Theatre
Guild, and is also a trustee of the New School for Social Research.
James A. Moffett Withdraws Resignation as Federal
Housing Administrator—Accepts a Three-Month
Furlough
James A. Moffett, who recently tendered his resignation
as Federal Housing Administrator, has decided, as a result
of a conference with President Roosevelt on April 27, to
accept instead a three-month payless furlough from his
duties. Stewart McDonald, Assistant Administrator, was
designated by Mr. Moffett to act as Administrator in the
meantime. Mr. Moffett will leave shortly for the Orient.
He plans to return to the United States by way of London,
where he will attend an international housing conference.
Mr. Moffett's resignation as Housing Administrator had
been accepted on April 15 by President Roosevelt, as noted
In our issue of April 20, page 2643.
Alfred I. du Pont Dies in Florida
Alfred I. du Pont, organizer and former head of the
du Pont de Nemours Co.of Wilmington, Del., and Chairman
May 4 1935
of the Board of the Florida National Bank of Jacksonville,
Fla., died of a heart attack early April 29 at his estate,
Epping Forest, outside of Jacksonville. Mr. du Pont, who
was 70 years of age, was born in Wilmington, Del., and
,
educated at Phillips Andover Academy and the Massa
chusetts Institute of Technology. After leaving college he
went to work for the du Pont Powder Co. Subsequently in
1902, with his cousins, Pierre S. du Pont,and the late General
T. Coleman du Pont, he took over the company, and as
President and General Manager, assisted in the reorganization and the consolidation of its widespread interests. He
retired from the organization several years ago. In 1926
he went to Florida, where, at the time of his death, he is
reported as one of the largest landowners in the State.
Death of Raymond T. Baker Former Director
of United States Mint
Raymond T. Baker, former Director of the Mint, died at
his home in Washington on April 28. He had been ill for
six weeks. He had suffered from coronary thrombosis.
He was 56 years of age. From the New York "Herald
Tribune" we quote the following:
Mr. Baker was a close friend of Joseph Tumulty, and was selected by
President Wilson as Director of the Mint in 1917. He held the office until
1922. Before that he had been secretary to the American Ambassador to
Russia. . .
In 1918 Mr. Baker was appointed to the Gold Commission. He was
Democratic candidate for the United States Senate in Nevada in 1926. He
was interested in mining development in Nevada and was President of the
Scheeline Banking and Trust Co. of Reno until its merger with the United
Nevada Bank, since when he had been chairman of the board. He was
Vice-President of the Anglo and London Paris National Bank ot San
Francisco.
FHA Advanced $59,319,336 to April 26 Under Modernization Credit Plan
On April 26 pledges for modernization and repair obtained
by the canvassers active in numerous communities reached
$366,590,750, said the Federal Housing Administration, in
reporting the progress of its better housing program. The
Administration said that this is an increase of $15,315,928
for the week of April 26. It added:
The total funds advanced under the modernization credit plan on that
date amounted to $59,819,336, an increase of $2,811,465 for the week.
Credit advances by April 26 amounted to 141,751, an increase of 6,957
over the previous week's figure.
Insurance contracts issued to lending institutions totaled 13,238 on
April 26. This represents an increase of 37 for the week. There were
7,255 community campaigns organized or being organized on that date,
which is an increase of 136 over the preceding week's total.
Charles Edison Appointed by President Roosevelt
to NIRB—Son of Late Inventor to Serve Until July
President Roosevelt on April 25 .
appointed Charles
Edison, son of the late Thomas A. Edison, and President
of the Thomas A. Edison Industries, as a member of the
National Industrial Recovery Board to succeed Arthur D.
Whiteside, who resigned. At his own request Mr. Edison
will serve only until July 1. The appointment was made
known by the following telegram sent by President Roosevelt
to Mr. Edison at West Orange, N. J.:
I am announcing your appointment as a member of the NIRD to fill
the vacancy caused by the resignation of Arthur D. Whiteside. In conformity with your request you will not be asked to serve beyond July 1
and during this interim service you will be relieved so far as possible of
your duties as State Director for the National Emergency Council for
New Jersey. I appreciate very much your willingness to undertake
this additional public service.
Carl K. Withers Appointed New Jersey Commissioner
of Banking and Insurance
Governor Harold G.Hoffman of New Jersey has announced
the appointment of Carl K. Withers as Commissioner of
Banking and Insurance of New Jersey, to succeed Colonel
William H. Kelly, retiring Commissioner. The appointment has received the confirmation of the State Senate. Mr.
Withers, who is a past President of the New Jersey Bankers
Association, has announced his intention to resign his present
executive connection with the First-Mechanics National
Bank of Trenton. He is a graduate of the American Institute of Banking. He organized and served for two years
as President of the Trenton Chapter of the Institute, as well
as on National committees, and was also for seven years
President of the Mercer County Bankers Association.
Jay E. Crane Resigns as Deputy Governor of Federal
Reserve Bank of New York—To Become Assistant
Treasurer of Standard Oil Co. (New Jersey)
Jay E. Crane has resigned as a Deputy Governor of the
Federal Reserve Bank of New York, effective April 30, to
accept a position as Assistant Treasurer of the Standard Oil
Company (New Jersey). The following sketch of Mr.
Crane's career was made available by the Reserve Bank on
April 30:
Mr. Crane has been associated with the Federal Reserve Bank of New
York for the past 20 years, having entered the employ of that institution
at the beginning of the second year of the existence of the Federal Reserve
System,in December 1915. Prior to joining the staff of the Federal Reserve
Bank of New York, and subsequent to his graduation from Yale in 1914,
Mr.Crane worked for a short time on the Commercial St Financial Chronicle.
Volume 140
Financial Chronicle
In 1919, Mr. Crane was appointed Assistant Cashier and then Manager
of the Foreign Department of the Federal Reserve Bank of New York. and
has been continuously engaged in the work of the Foreign Department of the
Bank since that time. In 1928, he was appointed Assistant Deputy Governor and also Secretary of the Bank, and two years later he was appointed
a Deputy Governor, at which time he gave up the position of Secretary.
As a Deputy Governor of the Bank, Mr. Crane was in charge of its foreign
function, which includes its relations with central banks abroad and such
transactions as it undertakes in gold and foreign exchange.
Mr. Crane was born in Newark, New Jersey, on Sept. 13 1891.
Mr. Crane's new duties with the Standard Oil will likewise
have to do with foreign exchange transactions growing out
of its world-wide operations.
Sixth Annual Institute for Education by Radio and
Fifth Annual Assembly of National Advisory
Council on Radio in Education to Meet Jointly in
Columbus May 6 to 8
Leaders in education, radio, and government will meet
in Columbus, Ohio, May 6, 7 and 8, when Ohio State University entertains the sixth annual institute for education by
radio and the fifth annual assembly of the national advisory
council on radio in education. The two groups are meeting
together this year for the first time. Sessions will be held
inithe state office building. An announcement of the meeting, issued jointly by Levering Tyson, New York City,
director ofathe council, and Dr. W. W. Charters, Ohio State
University, leader in the institute, said:
The;council and the institute are this year holding a Joint meeting for the
frank discussion of broadcasting conditions and techniques. The attempt
has been made to Point the discussions to the most important current
problems and policies andsthe most significant developments in the techniques of educational broadcasting.
Annual Spring Meeting of Board of Governors of
Investment Bankers' Association at White Sulphur
Springs, W. Va., May 15-19
The annual spring meeting of the Board of Governors of
the Investment Bankers Association of America will be at
White Sulphur Springs, W. Va., May 15 to 19. In addition
to the regular program, Ralph T. Crane, of Brown Harriman & Co., New York, President of the Association, has
asked the officers of each of the Association's 18 groups to
attend, to report on progress made for more extensive local
activities by the groups. According to the announcement
issued at Chicago by the Association on May 1, definite
plans for the organization of group work on a broader
scale of service were formulated by the Board of Governors
last January and were recently presented to all the groups
by Mr. Crane and Alden H. Little, Executive Vice-President
of the Association, at meetings of investment bankers in 23
principal cities in the United States and Canada.
The entire Board of Governors of 39 members is expected
to attend the coming meeting; also many former members
of the Board, most of whom have the traditional privilege
of attending this meeting. All members of the Association's
25 national committees have been invited. Approximately
200 investment bankers are expected to attend. A previous
reference to the spring meeting appeared in our issue of
April 27, page 2804.
Code Committee of Investment Bankers' Association
Acts to Transfer Administration of Code from
NRA to SEC—Temporary Delay Reported
At a meeting at the Waldorf-Astoria Hotel, in New York,
on April 29, the Code Committee of the Investment Bankers
Association of America voted to take steps to transfer the
administration of the code from the National Recovery Administration to the Securities and Exchange Commission.
In advices from Washington, May 1, to the New York
"Tribune," it was reported that desires of municipal bond
dealers and banks, now registered under the investment
bankers code, to have a separate code has created at least
a temporary delay in the culmination of negotiations between members of the Code Committee and officials of the
SEC and the NRA for the SEC to take over the code from
the NRA. The difficulty, it is said, will probably be ironed
out. The same paper, in its reference to the meeting in
New York, on April 29, stated that the 20 members of the
Code Committee are understood to have considered carefully the movement for a separate code to govern municipal
and State bond transactions, and further developments along
this line are anticipated. Regarding the proposed transfer
of administration of the code to the SEC, we quote the
following from the New York "Times" of April 30:
B. Howell Griswold Jr., of Alex Brown & Sons, of Baltimore, as Chairman
of the Code Committee, said at the conclusion of the meeting that after
having canvassed the sentiment of investment bankers through the various
regional committees and the Investment Bankers Association, the Code
Committee had authorized a subcommittee to take such steps as may be
necessary to place the SEC in charge of the administration of the investment bankers code as the representative of the Government.
Griswold Explains Step
"This step is being taken after an informal conference with both the
and the SEC," said Mr. Griswold, "to the end that the regulation
NRA
of the investment banking business, under the code, and under the SEC,
be consolidated in one governmental authority.
"In working out this change, the Code Committee recognizes the desirability of reservations in the Presidential order to apply to banks and munici.
pal bond dealers to the extent that their transactions are exempt under
the law."
In approving the change the Committee has the tacit approval of most
Investment bankers, since it is felt that the SEC and the investment
2981
banking code have much in common in their work of stamping out abuses
in the securities business. As far as new issues of corporate securities,
such as public utility and industrial, are concerned, the SEC is already
linked, since these issues must be registered with the SEC before they
can be marketed.
National Association of Mutual Savings Banks to Hold
Annual Convention in New York May 8 to 10
The National Association of Mutual Savings Banks this
year will hold its annual convention at the Waldorf-Astoria
Hotel in New York City on May 8, 9 and 10, the fifteenth
annual conference since the Association was organized in
1920. The program, said the Association's "News Bulletin"
of April 19, is being arranged with the thought of providing
a well-rounded meeting touching upon all subjects affecting
the interests of mutual savings banks. Investments in railroads, utilities, Governments, municipals and mortgages
will be discussed by prominent leaders in the various fields
and other committees of the Association are preparing to
present information of interest to the delegates. Some of
those who have already accepted a place on the convention
program, the Association stated, are as follows:
J. J. Pelley, President of Association of American Railroads.
Joseph B. Eastman, Federal Co-ordinator of Transportation.
Frank R. McNish, Chairman, Federal Power Commission.
L. W. W. Morrow, Editor, "Electrical World."
Walter Perry, Bank Commissioner of Connecticut.
A. J. Stoddard, Superintendent of Schools, Providence, R. I.
Henry I. Harriman, President, Chamber of Commerce of the United States.
Robert Louis Hoguet, Vice•President, Emigrant Industrial Savings Bank,
New York City.
David Friday, Economist, Washington, D. C., and member, Board of
Directors, Bureau of Economic Research.
Allan IL Pope, President, First Boston Corp.
Condition of State Banks Improved in Almost Every
Respect in 1934, Says R. M. Hanes in Reporting on
Statistics Gathered by Research Committee of
American Bankers Association's State Bank
Division
Improvement in the condition of State banks in almost
every respect during 1934 is shown by statistics recently
assembled, it is declared by Robert M. Hanes, President
Wachovia Bank & Trust Co., Winston-Salem, N. C., in an
article in the magazine "Banking," published by the American Bankers Association. The figures on Which this statement is based, he says, were gathered by the Committee on
State Bank Research of the Association's State Bank
Division, of which he is Chairman, from reports furnished
by State bank supervisors throughout the country. He
further says:
1
Ever since 1921 the number of State banks has been declining. Between
1931 and 1934 the decline was rapid. Figures for Dec. 31 1984 showed
that the downward trend has not yet ended, but the decline last year was
the smallest in 12 years.
There are now, Mr. Hanes says, about 10,000 State banks,
which term includes all State chartered institutions with
the exception of mutual savings banks. The article continues:
Even more significant was the ending of the decline of deposits in State
banks which had been going on since the collapse of the stock market
boom in 1929. In recent years for which figures are available the drop
has been particularly abrupt. Total deposits in State banks declined from
$20,895,762,000 on Dec. 31 1931 to $15,424,823,000 on Dec. 81 1988.
The record for 1934 shows a recovery to $17,508,766,000 at the year-end.
It is particularly gratifying to note the expansion of deposits, since it
was their decline which made necessary the liquidation of investments,
the calling of loans, and all the other phenomena which go under the name
of "deflation" and have brought banks so much criticism in recent years.
It is now plain that this was only the effort of the banks to place themselves
in the possession of enough liquid assets to meet the growing demands of
depositors for the return of a part of the money which had been placed
on deposit.
That this is true is borne out by the movement of invested funds of
State banks, Which has paralleled that of deposits. These invested funds
(loans and discounts plus investments) for State banks dropped from
$20,291,320,000 at the end of 1931 to $14,915,773,000 at the end of 1988.
By Dec. 31 1934, however they had recovered to $15,769,510,000. All of
'
this gain is accounted for by the increase in investments during 1934, the
expansion amounting to approximately $1,300,000,000.
As for loans and discounts, they registered a slight drop again in 1984,
but the rate of decline was much smaller than in previous years, which
in itself is progress. Whereas the drop in loans and discounts amounted
to approximately $8,300,000,000 in 1932, and to approximately $1,300,000,000 in 1933, it Was less than $500,000,000 in 1934.
In another respect the balance sheet figures for Dec. 81 1934 were
especially impressive. Bills payable and rediscount, of the State banks,
which at the end of 1932 had reached a depression high of $669,709,000,
had dropped by the close of last year to the low figure of $82,101,000.
One must search the records as far back as 1917 to find bills payable
and rediscounts of State banks at a lower figure. Moreover, it is reasonable to expect a further reduction of such borrowings during the current
year.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of April 27 (page 2806)
with regard to the banking situation in the various States,
the following further action is recorded:
_
IOWA
A statement of condition released on April 20 bylThomas
Maloney, receiver for the defunct First National Bank of
Council Bluffs, Iowa, reveals that creditors of the institution will be paid in full, probably without recourse to assess-
2982
Financial Chronicle
ment of the stockholders, we learn from the Council Bluffs
"Nonpareil" of April 21. The paper supplied details as
follows:
11 The sheet showed that the book value of remaining assets is $1,092,924.45
and that the estimated actual value is $588,623.49. In addition there
is $26,243.69 cash in the hands of the receiver and the Comptroller. Thus
the probable total value of all assets is $614,872.18.
From this there are to be paid $226,800 on a loan from the Reconstruction Finance Corporation, and $249,125.38 to depositors, leaving a margin
of $138,946.80.
Depositors already have received dividends totaling 85%. Before
they can receive further dividends the RFC loan must be repaid.
Total expenses to date amount to 2.425% of the total collections from
assets, the statement shows.
The bank was not permitted by the Federal Government to reopen
after the banking holiday which was declared on March 3 1933. although
F. F. Everest, President, insisted that it was solvent and should be permitted to resume unrestricted business.
MICHIGAN
Depositors of the old Coldwater National Bank, Coldwater, Mich., which suspended payments at the tune of
the National bank holiday, were to receive approximately
$90,000, or 18%, on the remainder of their deposits that
week, it was announced by Charles U. Champion, receiver,
on April 25, according to advices from that place to the
Chicago "Tribune." This payment will make a total of
70% paid since the institution closed, the advices said.
From.the Detroit "Free Press" of April 30 it is learned
that on the previous day, April 29, Federal Judges Edward
J. Moinet and Arthur J. Tuttle approved and signed an
order for the sale of the assets of the defunct Guardian
National Bank of Commerce of Detroit, Mich., to a new
organization to be known as the Guardian Depositors Corp.
The order, it was stated, was signed on petition of B. C.
Schram, the receiver for the bank, and no objection was
made. Mr. Schram announced that he would proceed with
the closing of the receivership as rapidly as possible. Under
the approved plan of liquidation, it was stated, more than
7,000 Guardian depositors with claims of more than $1,000
each will be given the option of accepting participating
certificates in the new corporation, with possible payment
in full over a period of years, or of accepting an additional
19% payoff which would bring their receipts up to 87%
of their original claims. We quote the paper further in
part as follows:
"We are satisfied that the proposition shows and the petition shows
that the amount of the sale is perfectly fair," Judge Moinet stated.
The appraisal of the assets of the institution, valued at almost $29,000,000, and the involved work accomplished by the receiver and the
depositors' committee, headed by Hugh J. Ferry, "were remarkable in
the history of bank receiverships," Judge Moinet said.
Of five depositors present at the hearing, only two expressed a desire
for an explanation of the plan. . .
.
Frank W. Wood, counsel for Mr. Schram, explained that, under the
plan, depositors would have six months in which to decide which choice
to make. Those who neither accepted certificates of participation in
the new corporation nor accepted the 19% additional payoff would be
required to accept the latter course, he explained. The 19% payoff, he
said, probably would be made available by June 15.
There has been no haggling between the receiver and the stockholders
as to the amount—$4,000,000 cash—to be paid to the receiver on the
total assessment liability of 810.000,000,and the additional sum of $1.040,000
In settlement of the assessment liability of $2,600,000 to five other National
banks of The Guardian Detroit Union Group, Inc., Mr. Wood added.
Settlements to other banks were made as follows: Grand Rapids National
Bank, capital stock of 31,000,000, stock assessment settled for $400,000;
Capitol National Bank of Lansing, capital $600.000, settled for $240,000;
Union Peoples National Bank of Jackson, $700,000, settled for $200,000;
National Bank of Ionia, $150,000, settled for $60,000, and The City
National Bank & Trust Co. of Niles, $150,000, settled for $60,000.
No objections to the plan had been received, Henry E. Bodman,attorney
for Mr. Ferry, said, and Mr. Ferry testified that about 82% of the depositors so far had approved the plan.
The first $9.000,000 received through the liquidation of assets will be
paid to the RFC for loans made, Mr. Wood told the Court. Larger
depositors had waived their 8% dividend to enable the bank to pay in full
100,000 depositors whose deposits were less than $1,000 each. . . .
Articles of incorporation for the new company, which provide a capital
stock subscription of $10,000, are almost completed.
Depositors will be represented by voting trustees, who were announced
by Mr.Ferry as: Benjamin F. Comfort,former Principal of Cass Technical
High School; Percival Dodge. Community Fund Director; the Rt. Rev.
Msgr. John M. Doyle, Chancellor of the Catholic Diocese of Detroit;
Abner E. Lamed, Compliance Director of the State National Recovery
Administration; W. J. Norton, Executive Vice-President of the Children's
Fund of Michigan, and Dr. J. Milton Robb, surgeon.
The directors will be Mr. Ferry, who also is Treasurer of The Packard
Motor Car Co.; Charles T. Fisher, manufacturer; Henry S. Hulbert.
Vice-President of the National Bank of Detroit; H. L. Moelde, of the
Ford Motor Co.; Robert Pierce, Secretary of the Briggs Manufacturing
Co.;Mr.Prentis and Arthur D.Spencer,Treasurer of the Detroit Edison Co.
May 4 1935
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Coffee and Sugar Exchange membership
of Philip M. Brown was sold, May 2, to William F. Prescott,
for another, for $3,900, a decrease of $100 from the last
previous sale.
Two memberships on the Chicago Board of Trade sold
as follows: The first on April 27 at $5,300 net to buyer, a
decline of $200 from the last previous sale, and the second
on April 30 at $5,500.
The membership of John Alexander Robb on the New
York Commodity Exchange, Inc., was sold April 26 to
Herbert E. Simpson, for another, at $2,000, an increase of
$200 over the last previous sale.
Arrangements were completed April 29 for the sale of a
membership on the Chicago Stock Exchange for $2,200, up
$200 from tile last previous sale.
The Chase National Bank of New York on April 29 opened
Its 42nd Street branch in the Lincoln Building, having
moved its former 41st Street branch into the new location
over the week-end. The banking lobby and the vault space
occupied by the Chase Safe Deposit Co. are located on one
floor in the new quarters, which have been completely redecorated during recent weeks. The branch is in charge of
Alfred W. Hudson, Second Vice-President,
On May 1 the National Ci-ty Bank, New York, put into
effect new intetrest rates on thrift accounts. Under the
new schedule the institution is now paying 2% per annum
on compound interest accounts up to $1,000 and 1% on
accounts in excess of $1,000 up to $15,000. Previously
the bank paid 2% interest on thrift accounts up to $5,000
and 1% from $5,000 to $15,000.
The Chase Bank in Paris, as successor to the Equitable
Trust Co., celebrated on May 2 the 25th anniversary of
the date in 1910 when its office was opened as the first
branch of an American commercial bank in Paris. Winthrop
W. Aldrich, Chairman and President of the Chase Bank,
and Chairman of the Chase National Bank of New York,
sent a congratulatory message to the staff in Paris on
the anniversary occasion.
In its early days the office functioned principally as
an information and travel bureau for tourists from the
United States. Within a year or two, however, its activities were broadened to include a general banking business
in order to meet the demands of American business concerns and travelers. Since that time the business has
enjoyed a steady growth and the bank has two branches
in Paris, one housed in its own six-story building at 41
Rue Cambon in the center of Paris and an uptown branch
In the residential and hotel section at 29 Avenue George V.
These branches are under the supervision of Joseph J.
Larkin, Executive Vice-President.
David L. George, associated with Reynolds & Co., New
York, members of the New York Stock Exchange, died on
April 25 at the Orange Memorial Hospital, Orange, N. J.
Mr. George, who lived in South Orange, was 48 years old.
He joined Reynolds & Co. at the beginning of this year
following the dissolution of the Stock Exchange firm of
George & Farrington.
The Board of Directors o- f Fairport National Bank &
Trust Co., Fairport, N. Y., have appointed Myra A. Braman
Cashier of the institution, it was announced April 30. E. G.
McGinnis, who has been President and Cashier for the past
eight years, has resigned as Cashier and :emains with
the bank as President. Denison B. Braman was appointed
Assistant Cashier to succeed Miss Braman, who had served
in that capacity for the past 16 years.
Payment of the fourth and final dividend by the West
Orange Trust Co., West Orange, N. J., in liquidation, has
been approved by the Court of Chancery, Eric 0. Kranke,
Special Assistant Deputy Commissioner of Banking and
Insurance for New Jersey, announced on April 30. In noting this, the Newark "News" of April 30 went on to say:
The dividend amounts to 5% of deposits and sends the total of dividends
to 20%.
The bank was closed Jan. 15 1932, and to date three liquidating dividends of 5% each have been paid depositors. The sale of the remaining
assets was authorized by the Court of Chancery Dec. 20 1934.
VIRGINIA
Judge W. A. Moncure on April 24 entered an order in
the Chancery Court directing distribution of approximately
$500,000 to depositors who had funds in the fiduciary and
mortgage loan departments of the closed American Bank &
Trust Co. of Richmond, Va., according to the Richmond
"Dispatch" of April 25, from which we quote further as
follows:
l• Checks to more than 900 fund claimants will be mailed within the next
week by Major Charles 0. Saville, clerk of Chancery Court. Under
the plan of distribution agreed to by interested parties, and approved
by the court, claims were settled on a basis of 8831% of fiduciary deposits
and 75% of mortgage loan amounts.
Receivers of the bank will receive the balance of $105,335 after counsel
fees and other costs have been allowed by the court.
A charter was issued on April 25 by the Comptroller of
the Currency to the Second National Bank of Masontown,
Masontown, Pa. The institution is capitalized at $50,000.
Charles M. Shank is President and George W. Breakwell,
Cashier.
Announcement was made on April 27 by Luther A. Harr,
State Secretary of Banking for Pennsylvania, that depositors in the Columbus Title & Trust Co. of Philadelphia will
receive an advance payment of $53,847 on May 6. In noting
this, the Philadelphia "Inquirer" of April 27 also said:
This will be the seventh payment made to the 5,816 depositors, and
brings the total paid to $538,563, or 76% of the deposit liability. The
bank closed Oct. 17 1931 with a net deposit liability of $717,974.
Edward L. Palmer Jr. was elected President of the reorganized Title Guarantee & Trust Co. of Baltimore, Md., at
a meeting of the directors on April 24. Mr. Palmer is a
member of the firm of Palmer & Lambdin, architects. The
Board also elected George H. Schmidt Secretary and Treasurer. Mr. Schmidt was formerly with the Baltimore
Trust Co. The Baltimore "Sun" of April 25, authority for
the foregoing, went on to say:
Previously stockholders elected an entirely new board of directors, including United States Senator George L. Radcliffe, and Blanchard Randall Jr., Republican nominee for Mayor. The reorganized company will
confine its activities to the title business, and will have a capital of
$750,000.
Concerning the affairs of the defunct Farmers' Bank of
Jeffersonville, Ohio, a dispatch from Washington Court
House, Ohio, under date of April 22, to the Cincinnati "Enquirer," contained the following:
Court approval is sought in an application filed to-day (April 22) by the
State Banking Department, for an agreement reached between the Banking
Department, stockholders and depositors of the Farmers' Bank of Jeffersonville, a private institution which closed July 22 1930 with deposits of
more than $200,000. Stockholders propose to pay $60,000 and waive
claim to deposits aggregating $22,000.
Under terms of the agreement the $60,000 must be paid within 120 days
after court approval. Further liquidation of assets would add another 15%,
bringing the dividend up to 75%. To date the bank had paid 25% in
dividends.
During the several years the bank has been closed the Jeffersonville
community has been in an unsettled condition, due to failure of the bank
to pay out or to reach a satisfactory compromise arrangement.
—
Martin B. Olsen, formerly with the Continental Illinois
Co. and its predecessors, the Illinois Merchants' Trust Co.
and the Merchants' Loan & Trust Co. of Chicago, Ill., with
wthom he was associated for 25 years, has joined the Illinois
Co. of Chicago, we learn from the Chicago "News" of May 1,
which added:
The latter company was organized in 1933 by a group who were
formerly associated with the same institutions.
According to the Chicago "News" of May 1, A. C. Luscher,
for 11 years connected with the Continental Illinois National Bank & Trust Co. of Chicago and predecessor institutions, has been appointed Middle Western representative
of the Anglo-California National Bank of San Francisco.
Mr. Luscher was to open an office on May 1 at 231 South
La Salle Street, Chicago, it was stated.
According to a dispatch from Rockford, Ill., on April 22 to
the Chicago "Tribune," depositors of the closed Forest City
National Bank of Rockford will be repaid in full and probably also will receive interest on their money since the bank
closed in 1932, Dr. A. B. Culhane, receiver, stated on
April 22. The advices added:
The bank has already paid 90%. Dr. Culhane estimated assets of the
bank to-day at $544,064, and current liabilities at $406,000. Any surplus
remaining after a final 10% repayment and interest will be distributed to
stockholders.
Payment of 23% more to depositors of the closed First
National Bank & Trust Co. of Chicago Heights, Cook
County, Ill., was announced on April 26, according to the
'Chicago "Tribune" of April 27, which added:
The current Chicago Heights disbursement amounts to $163,679, raising
total returns to $716,955, or 91 1/3%. Only $63,000 remains unpaid to
3,700 depositors. John L. Schlener is receiver. The payment was made
possible by a third loan from the Reconstruction Finance Corporation, the
two previous ones having been repaid.
J. Alfred Burns has been elected President of the reorganized People's State Bank of Munising, Mich. (wqiich, we
understand, has been operating under a conservator), we
learn from the "Michigan Investor" of April 27. The paper
continued:
He is principal owner and manager of the Burns chain of department
stores in Sault Ste. Marie, St. Ignace, Newberry and Miming. The bank
is planning to resume shortly on an unrestricted basis.
We learn from Sheboygan, Wis., advices on April 26,
printed in the Milwaukee "Sentinel," that Arnold Steimle
tendered his resignation on that day as President and director of the Bank of Sheboygan.
Taking enlarged quarters for the third time in the 19
years of its existence, the Commerce Union Bank of Nashville, Tenn., recently moved into its new home on the first
floor of the Stahlman Building, Nashville. In noting this,
the Memphis "Appear' of April 21 quoted Edward Potter Jr.,
President of the bank, as saying:
The commerce Union Bank started with an original capital of 650,009
and a surplus of $10,000, and with deposits of $105,323.45, 19 years ago.
Present capital is $800,000, with surplus, profits and reserve of $462,793.87,
and with deposits of $12,036,267.97.
When we opened for business on July 3 1916 the bank had an active
personnel of two officers and four employees. We have had to expand
the quarters on two previous occasions and the personnel in proportion.
Mr. Potter was also reported in the "Appeal" as saying
that the institution began the establishment of branches in
2983
Financial Chronicle
Volume 140
1933. To-day it maintains brandies in Camden, Gallatin,
Lebanon, Lawrenceburg, Columbia, Sparta, Woodbury,
Springfield and Murfreesboro. Other officers of the bank
besides Mr. Potter, as named in the paper, are: Harry Williamson, Executive Vice-President; William P. Smith, Joe
S. Boyd, Charles F. Lovell (and Trust Officer), George W.
Bates, J. E. Powell, E. H. Ayres and E. L. Dodd, Vice-Presidents; C. E. Pearson, Cashier, and J. H. Tidman, Assistant
Trust Officer.
A new institution, the People's Bank of Lyons, Ga., was
formally organized on April 26. The new bank will open
June 1 with Government insurance for deposits. It also
will be qualified to handle loans under the housing program. Associated Press advices from Lyons, on April 27,
from which we quote, also named the officers as follows:
J. F. Darby, Chairman of the Board of Directors; W. A. Estroff, President; T. J. Tucker, Vice-President; W. Reeves Lewis, Attorney; W. T.
China, Cashier; Mrs. Mae Sumner, Assistant Cashier.
George Klein and George B. Berger Jr. were appointed
additional Vice-Presidents of the Colorado National Bank
of Denver, Col., at a recent meeting of the directors. Mr.
Klein, who has been connected with the institution for 20
years, heretofore was Auditor and Assistant Cashier, while
Mr. Berger, who has been with the bank since 1930, formerly
was in charge of the investment end of the trust department.
That depositors in three closed California banks were to
receive dividends is learned from the following taken from
the Los Angeles "Times" of April 17:
Instructions to pay dividends to depositors in three banks he is liquidating have been received by Bruce H. McBirney, special deputy, from Friend
W. Richardson, State Superintendent of Ranks.
The dividends will be paid as follows: Commercial department of the
Marine Bank of Santa Monica, 2%%; savings department of the Washington Commercial $ Savings Bank, 5%, and Venice Savings Bank, 5%.
These three dividends will be paid to approximately 3,000 depositors
and will total in the neighborhood of $30,000.
W. C. Fostvedt has been appointed Manager of the credit
department of the Citizens' National Trust & Savings Bank
of Los Angeles, Calif., of which he has been Assistant Manager since April 1930, Herbert D. Ivey, President of the
institution, announced on April 22. He succeeds William
H. Andrews, Assistant Cashier, whose responsibilities in
the loan activities of the bank have been increased. According to the Los Angeles "Times" of April 23, Mr. Fostvedt
went to the Citizens' in March 1927, following eight years
with the Federal Reserve branch at Portland, Ore.
That the fourth dividend from the defunct People's State
Bank, Walla Walla, Wash., closed Sept. 13 1932, was to
be paid April 29, was reported in the "Oregonian" of
April 27, which added:
This "surprise" dividend of $39,000 will be for 5% of the bank's liability
and will bring total dividends to date to 42%. The last was paid
Ike. 1 1934.
Course of Bank Clearings
Bank clearings this week will show again 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 4) bank exchanges for all cities of the
United States from which it is possible to obtain weekly
returns will be 18.7% above those for the corresponding
week last year. Our preliminary total stands at $7,317,038,694, against $6,164,697,496 for the same week in 1934.
At this center there is a gain for the week ended Friday of
19.3%. Our comparative summary for the week follows:
Clearings—Returns by Telegraph
Week Ending May 4
Per
Cent
1935
1934
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
NewlOrleans
24,214,954,768
242,899,753
321.000,000
204.000.000
76.498,670
64,800,000
105,153,000
94,459,491
87,208,118
56,506,895
53,571,605
24,497.000
18,532.157,187
201,442,365
263,000.000
182,000,000
62.066.592
59.900.000
100,413,000
89,113,225
69,122,151
51,302.858
48.920,225
23,034,000
+19.3
+20.6
+22.1
+12.1
+23.3
+8.2
+4.7
+6.0
+26.2
+10.1
+9.5
+6.4
1112Twelve cities, five days
Other cities, five days
$5,545,549,300
551,982,945
24,682,471,403
545,417,190
+18.4
+1.2
Total all cities, five days
All cities, one day
m..§ sill /*Mao fn. madalr
36,097,532,245
1,219,506,449
25,227,888,593
936,808,903
+16.6
+30.2
17 217 025 ROA
en 1.1A RO7 SOS
Lint
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, 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 April 27.
For that week there is an increase of 12.2%, the aggregate
Financial Chronicle
2984
of clearings for the whole country being $5,830,345,255,
against $5,196,758,113 in the same week in 1934. Outside
this city there is an increase of 15.7%, the bank clearings
at this center having recorded a gain of 10.3%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals register
an increase of 10.6%, in the Boston Reserve District of
11.8% and in the Philadelphia Reserve District of 12.7%.
The Cleveland Reserve District has managed to enlarge its
totals by 10.1%, the Richmond Reserve District by 13.3%
and the Atlanta Reserve District by 20.0%. In the Chicago
Reserve District there is an improvement of 14.5%, in the
St. Louis Reserve District of 27.6% and in the Minneapolis
Reserve District of 32.3%. In the Kansas City Reserve
District the increase is 26.2%,in the Dallas Reserve District
4.0% and in the San Francisco Reserve District 15.7%.
In the following we furnish a summary of Federal Reserve
districts:
.
SUMMARY OF BANK CLEARINGS
Week End. Apr. 27 1935
1934
1935
Inc.or
Dec.
3
Federal Reserve Diets.
3
$
3
%
201,319,518
250,206,054
223,894,352 +11.8
273,081.693
let Boston _ _ _.12 cities
2nd New York..i2 "
3,848,225,901 3,479.386,781 +10.6 2,821,465,039 2,920,537.857
277,646,500
389,468,860
3rd Phlladelpla 9 "
341,146,049
302.591,519 +12.7
168,137,734
145,852,747
4th Cleveland__ 6 "
202,012,546 +10.1
222,433,486
95,048,985
64,705,804
91,212,662 +13.3
103,375,601
5th Richmond. 6 "
97,466,302
64.301,686
90,209.936 +20.0
6th Atlanta_ ___10 "
108,230,188
356,896,897
214,409,129
340,232,205 +14.5
7th Chicago.- _19 "
389,718,907
78,997,313
55,691,469
87,999,024 +27.6
8th St. Lou].,-__ 4 "
112,285,659
60,096,177
62,107,139
66,733,217 +32.3
9th Minneapolis 6 "
88,319,506
91,430,326
74,673,223
94,092,008 +26.2
118,708,092
10th Kansas City10 "
34,962,034
30,314,718
42,715,383 +4.0
10th Dallas
44 437,478
5 "
236,668,687
140,593,639
175,649,480 +15.7
203,258,331
12th San Fran 12 "
Total
110 cities
Outside N. Y. City
Canada
29 nitim
We append another table showing the clearings by Federa! Reserve districts for the four months of each year
back to 1932:
4 Months
1935
Federal Reserve DIsts.
1st Boston. _ _ A4 cities
2nd New York..13 "
aril Ptilladelpla 12 "
6th Cleveland__13 "
5th Richmond . 8 "
5th Atlanta...._ 15 "
7th Chicago. _ _25 "
8th St. Louis__ 5 "
9th Minneapolls12 '
10th Kansas City14 "
11th Dallas
10 "
12th San Fran...21 "
8
3,905,621,588
63,317,970,380
5,575,545,138
3,690,766,195
1,769,151,483
2,014.712,437
6.549,664,717
1,933,724,351
1,347,175,759
2,485,398,725
1,312,122,115
3.538,296,360
4 Months Inc.or 4 Months
1934
Dec.
1933
4 Months
1932
4'..
+3.9
+5.8
+14.8
+14.3
+11.2
+14.9
+22.0
+12.2
+9.8
+17.2
+9.4
+14.2
$
4,681,321.734
61,345,596,837
5,338.134.718
3,754.391,831
1,919,324,373
1,716,970,278
6,670,109,088
1,673,104,306
1.227.773.139
2,318.345.172
1,127,295,791
3,400,496,186
$
3,759,344
.596
59,837,673,482
4,856,797,264
3,228,608,943
1,591,225,463
1,753,138,234
5,369,293,042
1,723,338,006
1.226,896,896
2,120,481,852
1,199,465,611
3,098,486,509
3,160,137,415
48,454,061,649
4,265,628,523
2,586,172,441
1,268,275,157
1,204,136,821
3,702,209,342
1,246,041,009
914,267,413
1,571,642,431
875,964,023
2,382,072,261
Total
162 cities 97,440,149,251 89,764,749,898 +8.6 71,660,608,445 95,093,843,463
Outside N. Y. City
35,885,159,167 31,465,611,748 +11.0 24,605,818,385 35,612,715,143
Canada
33 eltlee
4_829.187.947 4.678151 557 -1-2 1
2 755 0.12 504 a 175 115664
The volume of transactions in share properties on the
New York Stuck Exchange for the four months of the
years 1932 to 1935 is indicated in the following:
1932
1933
May 4 1935
5.830,345,255
2,081,867,489
5,196,758,113 +12.2
1,799,410,671 +15.7
4,084,902,971
1,339,681,070
4,711,950,505
1,882,538,744
221 92/I Mg
/PA rm am -20.2
285.189.066
1935
No. Shares
Month of January
February
March
19,409,132
14,404.525
15,850.057
1934
No. Shares
1933
No. Shares
1932
Na. Shares
34,362,383
31,716,267
33,031,499
58,129.049
99,110,149
22.408.575
April
18,718.392
19,314,200
20,096,557
49,663,714 141,296.205
First Quarter
54,565,349
56,829,952
29.900,904
52.556.596
81 470 916
29.845.282
The following compilation covers the clearings by months
since Jan. 1 1935 and 1934:
207.650.595
MONTHLY CLEARINGS
We also furnish to-day a summary of the clearings for
the month of April. For that month there is an increase
for the entire body of clearing houses of 1.7%, the 1935
aggregate of clearings being $24,755,597,629 and the 1934
aggregate $24,350,745,087.
In the New York Reserve
District the totals show a loss of 3.4%, but in the Boston
Reserve District the totals record a gain of 3.4% and in the
Philadelphia Reserve District of 4.5%. The Cleveland
Reserve District has to its credit a gain of 12.0%, the
Richmond Reserve District of 10.6% and the Atlanta
Reserve District of 16.0%. In the Chicago Reserve District
the totals are larger by 15.9%, in the St. Louis Reserve
District by 13.8% and in the Minneapolis Reserve District
by 19.8%. The Kansas City Reserve District has to its
credit a gain of 21 8%, the Dallas Reserve District of 13.4%
and the San Francisco Reserve District of 16.9%.
April
1935
Federal Reserve Diets.
186 Boston _ _ __14 cities
2nd New York_ _13 "
Ird Philadelpla 1.2 ""
4th Cleveland__13 "
6th Richmond _ 8 "
6th Allanta___15 "
7th Ctdcago .. _ _25 "
8th St. Louis__ 5 "
9th Minneapolls12 "
10th Kansas City14 "
Ilth Dallas
10 "
12th San Fran 21 "
April
1934
Inc or
Dec.
April
1933
April
1932
$
i
S
%
$
981,507,285 +3.4
1,015,145,961
780,120,528 1,178.420,925
15,916,114,037 16,469,617.332 -3.4 11,117,735,653 14,438,640,086
1,400,320,589 1,339,502,297 +4.5
901,942.744 1,355,602,200
966,767,509
863,183,055 +12.0
610,901,708
916,271,764
460,359,930
416,220,060 10.6
+
286,334,272
477,998,929
609,917,783
439,536,980 +16.0
309,644,173
427,151,368
1,688,337,924 1,457,027,312 +15.9
874,122,617 1,688,190,760
498,330,294
437,975,789 +13.8
314,617,183
404,472,276
378,897,071
316,244,959 +19.8
263,069,542
308,630,268
656,372,428
539.012,652 +21.8
389,200,774
544,508,203
329,414,606
290,567,439 +13.4
215,545,104
258,214,563
800,349,927 +16.9
618,104,266
935,619,507
828,271,233
Total
162 cities 24,755,597,629 24.350,745,087 +1.7 16,691,338,654 22,826,372,573
Outside N. Y. City
9,290,397,449 8,262,130,385 +12.4 5,902,515,643 8,557,550,480
Canada
32 cities
1.251.425.341
1.203.273.104 +4.0
949.942.847
1.071.620.14
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
April and the four months of 1935 and 1934 are given below:
Month of April
Four Months
Description
1934
1935
Stocks, number of shares_ 22,408,525 29,845,282
Bonds
Railroad St miscell. bonds $177,996,000 $256,884,000
State, foreign, dm., bonds 27,511,000 49,681,500
U.S.Government bonds_ 60,483,000 55,635,100
Total bonds
1935
1934
72.072,289
171,141,487
3679,492,000 $1,033,636,000
131,306,000
275,542,000
316,649,000
198,183,800
8265,990,000 $362,200,600 $1,127,447,000 $1,507,362,300
Clearings, Total All
Clearings Outside New York
Month
1935
1934
1935
1934
8
s
$
%
$
%
Jan.-- 25,538,411,841 21,395,409,595 +19.4 9.331,886,572 7,843,156,201 +19.0
Feb___ 20,793,838,124 20,505,980,543 +1.4 7,941,880,939 7,006,078,545 +13.4
Mar.. 26,352.301,657 23,512,614,673 +12.1 9.320,994,207 8,354,247,617 +11.6
1st qu. 72,684,551,622 65,414,004,811 +11.1 26.594,761.718 23,203,431,363 +14.6
Apr11._ 24,755,597,629 24,350,745,087 +1.7 9.290.397.446 8 262 120 280 -1.12 .1.
The course of bank clearings at leading cities of the country
for the month of April and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
DANK CLEARINGS AT LEADING CITIES IN APRIL
Aprii
Jan. 1 lo Aprit39(000,000s
1935 1934 1933 1932
1935
1934
1933
1932
omitted)
$
$
$
s
$
$
$
New York
15,465 16,089 10,789 13,969 61,555 58,299 47,055 59,481
Chicago
691 1,112 4,107
1,045
934
3,406 2,692 4,264
Boston
851
677 1.023 3,37o 3,268
879
2,734 4,059
Philadelphia
1,347 1,285
859 1,279 6,359 4,644 4,065 5,028
St. Louis
212
272 1,230 1,091
325
286
823 1,124
416
372
264
371
Pittsburgh
1,600
1,380 1,118
1,538
San Francisco
521
357
451
459
1,972
1,735 1,378
1,873
Baltimore
236
224
144
249
904
831
633 1,023
Cincinnati
205
182
137
187
785
691
550
761
Kansas City
360
274
202
278
1,336
1,084
823 1,135
Cleveland
276
250
163
301
1.026
923
741
1,220
Minneapolis
244
207
178
200
851
786
620
796
New Orleans
114
97
59
134
443
402
294
611
Detroit
34
59 1,475 1,157
376
310
383
294
Louisville
112
96
66
75
448
396
269
317
Omaha
116
110
70
98
448
469
263
406
Providence
38
34
28
41
144
134
111
159
Milwaukee
71
58
42
69
256
211
166
295
Buffalo
122
111
89
117
459
433
361
482
St. Paul
98
80
.53
66
359
327
208
265
Denver
96
84
65
83
375
292
253
332
Indianapolis
58
53
47
34
222
184
150
224
Richmond
126
111
9C
113
498
455
372
462
Memphis
69
54
36
49
248
229
139
196
Seattle
113
92
76
101
415
359
287
414
Salt Lake City_ _
52
42
32
38
200
162
133
170
Hartford
44
41
31
37
170
141
120
149
Total
22,914 22,772 15,478 20,833 90,260 83,489 66,741 86,978
Other cities
1,842 1,579 1,213 1,993 7,180 6,276 4,920 8,116
Total all
24,706 24,351 16,691 22,826 97,440 89,765 71,661 95,094
Outside New York. 9,290 8,262 5,903 8,858 35,885 31,466 24,606 35,013
the
1
We now add our detailed statement showing
figures for each city separately for April and since Jan.
for two years and for the week ended April 27 for four years:
CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 27
4 Months Ended April 30
Month of April
Week Ended April 27
Clearings at
1935
1934
Inc. or
Dec.
$
$
%
First Federal Reser vs District- Boston
-Bangor
Me.
2,438,430
2,056,316 +18.6
p Portland
6,365,840
7,441,359 -14.5
mass.
-Boston
878,815,653
8.50.737.651 +3.3
Fall River
2,777,264 +8.2
3,005,075
Holyoke
1,239.342
1,653,219 -25.0
Lowell
1,313,491
1.187,501 +10.6
New Bedford____,
2.657,812
2,563,329 +3.7
Springfield
11,329,331
11,227,791 +0.9
Worcester
5,395,458
5,120,960 +5.4
-Hartford
43,669,639
Conn.
40,761,567 +7.1
13,807,525
14,821,876 -6.8
New Haven
4,760,700
Waterbury
4,814,400 -1.1
-Providence_ _ _
37,988,000
34,263,000 +10.9
R. 1.
2,359,655
2,081,052 +13.4
N.25.-Manc.hester
Total (14 onke)__ _ _ 1,015,145,951
981,507,285
+3.4
1935
1934
Inc. or
Dec.
$
8
%
$
1934
1935
9,659,569
26,980,924
3,375,247,776
11,280,334
5,743,003
5,236,960
10,258,873
44,411,859
22,539,139
170,169,768
53,796,947
18,812,800
143,721,800
7,761,836
8,236,946
29,064,602
3,268,198,569
10.265,968
5.879,969
4,757,087
9,909,590
44,434,031
20,389,122
140,819,586
67,786,195
18,420,400
133,659,000
7,523.531
+17.3
-7.2
+3.3
+9.9
-2.3
+10.1
+3.5
-0.1
+10.5
+20.8
-6.9
+2.1
+7.5
+3.2
590,290
1,580,231
221,493,028
750,687
3,905,621,588
3,759,344,596
+3.9
$
489,671
1,835,164
194,739,582
850,415
Inc. or
Dec.
1933
%
$
1932
$
+20.5
-13.9
+13.7
+15.4
402,248
915.733
177,000,000
620,216
339,400
1,845.649
244,000,000
583,791
330,853
555,955
2.65.5,363
1,266,742
9,411,514
3,331,502
266,874 +24.0
502,247 +10.7
2,754,610 -3.6
1,290,634 -1.9
9,827,325 -4.2
3,521,777 -5.4
248,420
465,430
2,290,622
1,110,000
8,150,031
3,223,542
330,755
578,458
3,247.191
1,962,395
7.674,753
4,935,657
7,903,600
336.289
7,569,700 +4.4
446,353 -24.7
6,504,400
488,876
7,120,600
443,044
250,206,054
223,894,352 +11.8
201,319,518
273,061,693
Financial Chronicle
Volume 140
2985
CLEA RI NGS-(Continuea)
.
Month of April
4 Months Ended April 30
Clearings at
1935
1934
Inc. or
Dec.
1935
1934
%
$
S
S
S
Sec ,nd Federal Res erve District- -New YorkN.Y. -Albany
48,053,481
28,831.830
Binghamton
4,538,506
3,406,385
Buffalo _
122,000,000
111,153,222
Elm r
2,518,090
2,046,484
Jam 3stown
2,162,044
1,971,180
New York
15,465,200,180 16,088,614,702
Roc rester
28,734,044
25.938,023
Syracuse
15,602.580
14,196,234
Conn. --Stamford
10,993,547
10,395,292
N. J. -Montclair
1,429,406
1,418,789
New ark
79,479,976
72,568,278
Nor hern N.J
131,902.279
105,078,316
Ora igen
3,501,904
3,998,597
Tot .1(13 cities)
15,916,114,037 16,469,617,332
1935
1934
Inc. or
Dec.
1933
1932
S
$
or
.0
S
$
+66.7
180,550,361
153,070,182 +18.0
10.861,876
6.736,468
+33.2
17,482,425
14,988,282 +16.6
927.871
624.368
+9.8
458,920,558
433,395,842 +5.9
29,700.000
26,208,654
+23.0
10,029.257
8,917,131 +12.5
574,591
501,359
8,253,116
+9.7
7,669,269
440,426
+7.6
428,648
-3.9 61,554,990,084 58,299,138,150 +5.6 3,748,477,766 3,397,347,442
+10.8
110,335,349
105,950,565 +4.1
5,830,805
5,222,843
+9.9
60,466.119
57,340,025 +5.5
3,643,825
3,388,344
+5.8
44,869,743
42,249,445 +6.2
2.623,234
2.307,705
+0.7
6,288,382
6,099,516
+3.1
273.474
254,131
+9.5
305,710.327
275,004,203 +11.2
17,077.228
15,021,899
+25.5
545,886,226
419,718.322 +30.1
27,806,586
21,332,142
-12.4
14,188,433
14,132,550 +0.4
-3.4 63,317,970,380 59,837,673,482
Thi 11 Federal Rose rye District- Philadelphia-Pa.- ,Itoona
1,666,129
1,471.145 +13.3
Bet lehem
a*11,000,000
b
b
Chetder
1,280,301
1,239,831 +3.3
Har isburg
7,622.605
7,156,968 +6.5
Lan ;aster
4,561,853
3,724,481 +22.5
Leta mon
1,551,447
1,407,873 +10.2
Nor •istown
1,942,507
1,918,532 +1.2
Phil idelphis
1,347,000,000 1,285,000,000 +4.8
Rea ling
5,087,240
4,441,797 +14.5
Seranton
8,695,341
9,167,811 -5.2
will;es-Barre
4,234,991
5,878,300 -28.0
Yor 1
5,340,175
4,815,059 +10.9
N.J. -Trenton
11,338,000
13,280,500 -14.6
Tot tl (12 cities)
Week Ended April 27
Inc. or
pec.
+61.2
8.768,609
5.932,582
+48.6
636.290
631,049
+13.3
20.318.142
23,462.336
522.573
+14.6
631,381
-2.7
250,678
505,553
+10.3 2,745,221,901 2,829,411,761
+11.6
5,194.264
6,198.547
+7.5
3,216,486
3,459,767
+13.7
2,057,920
2,632,907
+7.6
300,000
433,278
14,415,782
+13.7
21,648,432
+30.4
20,562,394
25.590.264
+5.8 3,848,225,904 3,479,385.781 +10.6 2,821.465,039 2,920,537,857
6,046,457
a43,359,731
4,725,615
28,888,336
16,421,868
5,442,977
7,063.932
.5,359,000,000
19,657,688
36,078,976
15,516.383
19,612,908
57,090,000
5,541,443
b
4.577,329
26.118.820
12,600,388
4,820,193
7,110,1.15
4,644,000,000
17,553.761
36,401,290
23,878,719
16,408.106
57,787,100
+9.1
b
+3.2
+10.6
+30.3
+12.9
-.0.6
+15.4
+12.0
-0.9
-35.0
+19.5
-1.2
331,000.000
1.199,693
2,050,155
858,206
1.153,118
3,135,800
377,152
a°3,000.000
335.030
272,133 +38.6
n
318,136 +5.3
257,360
b
250,230
398,852
a2,621,940
405,610
1,036,895
821,843 +26.2
685.193
1,063.113
292,000,000
868,733
1.920,483
1.162,214
960,177
4,267,800
+13.4
+38.1
+6.8
-26.2
+20.1
-26.5
202,000,000
1,050.937
1,381,500
1,483.163
882,477
1,478,000
265.000,000
2,316.813
1,975.627
1,559,225
1,149.260
2,778,000
302,591,519
+12.7
209,468,880
277,646,500
1,400,320,589 1,339,502,297
+4.5
5,575,545,138
4,856,797,264 +14.8
341.146,0411
Fou rth Federal Res erve District- -ClevelandOhio -Akron
c
c
Can ton
6,709,589
5,010,536
Cinc
!Milan
204,694,811
181,862,818
Cie 'eland
275,569.854
250,346,991
Col unbus
41,688,500
34,335,600
Hat tilton
2,129,464
1,568,914
Lor tin
780,474
549,231
Mu!
isfield
5.378,736
4,796,867
Youngstown
b
b
Pa.- leaver Co_ ...
889,040
685,097
FratAIM
400,111
360,573
Gret3nsburg
1,338,030
796,29'
Pittsburgh
416,406,74;
371,741,024
Ky.-Lexington
4.076,921
3.566,415
W.Va.-Wheeling _ _
6,705,231
7,562,694
c
+33.9
+12.6
+10.1
+21.4
+35.7
+42.1
+12.1
b
+29.8
+11.0
+68.0
4-12.0
+14.3
-11.3
c
24,657,718
784,870,748
1,025,719,098
169,516,400
7,634,998
2,938,193
20.001,981
b
2,810,944
1,341,855
3,828,24
1,599.995,85
22,324.50
25,125,86
c
18.757,725
691,259.706
922,923,997
135,651,900
6.166,028
2.055,897
18,228,156
b
2,276,115
1.343.597
2,664,930
1,379,909,943
22.723,998
24,646,951
c
+31.5
+13.5
+11.1
+25.0
+23.8
+42.9
+9.7
b
+23.5
-0.1
+43.7
+15.9
-1.8
+1.9
c
c
43,266,801
68,287,488
9,500,200
c
c
c
c
+5.1
41,182,194
61,682,011
+7.5
7.707,400 +23.3
1,254,173
b
101,900,014
863,183.055 +12.0
3,690,766,195
3,228,608,943 +14.3
Tot al(13 cities)
966.767,50.
Fit h Federal Reser ve District- RichmondW.V .
-Huntington
632 23f
538,764
Vs.-Norfolk
8,175,000
10,090:00C
Ric mond
110,624,614
126,310,76f
,
N. C -Raleigh
c
c
B. C. -Charleston
.
3,776,856
3.235,488
Col umbia
6,913,920
5,686,994
Md. -Baltimore
223,824,809
235,754,044
Fretierick
1,202,444
1,068,763
Hag
;erstown
b
b
D.C.-Washington_ _ _
77,447,054
61,297,334
Total (8 cities)
460,359,930
+17.3
+23.4
+14.2
c
-14.3
-17.7
+5.3
+12.5
b
+26.3
2,378,972
38,674,000
498,201,875
c
14,967,362
24,208,300
903,930,709
4,706.437
b
282,083,828
416,220,060 +10.6
1,769.151,483
Six th Federal Reser ye District- AtlantaTenn.
-Knoxville
9.948,247
12,100.328
Nmihville
57,723,433
48,940,703
Ga. Atlanta
157,200,000
174,500,000
Aug;usta
4,199,242
4,436,863
Col=bus
2,171,563
2,342,902
Macon
2,127,181,
*2,875,000
Fla. -Jacksonville_
47,639.04
*57,587,000
Tarnon
4,699,86;
4,777,795
Ala. -Birmingham _
66,282,360
53,711,68'
Mobile
4,119,911
4,864,120
Montgotnery
2,828.38)
3,213,816
Miss..
-Hattiesburg
_
3.507,00G
3,958,000
Jackson
b
b
Meridian
1,048,343
1,042,132
Vieksburg
440,984
473,027
La.-New Orleans_ _ _ _
96.954,806
113,741,007
To al(15 titles)
509,917,783
+21.6
+17.9
+11.0
+5.7
+7.9
+35.2
+20.9
+1.7
+23.4
+18.1
+13.6
+12.9
b
-13.6
+7.3
+17.3
48,039,734
225.309,309
703,100,000
17,715,289
9.178,462
12,051,323
219,119,184
18,448,091
264,297,354
18,072,015
12,979,850
15,524,000
b
4.483,700
2,084,648
443,409,478
439,536,980 +16.0
2.014.712,437
Se 'entla Federal Re serve District -Chicas,0-Mich -Adrian
237,342 +47.8
350,856
1,231,196
An a Arbor
1,921,209 +30.7
2,510,254
8,998,692
De avit
375,825,001
310,036,802 +21.2 1,474,840,484
Fillit
5,993,263 -44.2
3,342,225
13,527.982
Gr ind Rapids
6,690,096 +31.9
8,824,974
32,691,905
Jacloam
1,237,922 +32.1
1,635,721
6,566,288
La ruing
4,444,735 +14.4
5,085,216
18,942,578
Ind. -Ft. Wayne
2,459,963 +30.7
3,214,424
11,969,942
Gal
7
6,716,321 +35.5
9.102,113
33,003,116
In lanapolis
58,014,000
46,577,000 +24.6
222.247,000
So ith Bend
3,447,072 +12.0
3,861,540
14,289.325
TelTo haute
15,133,773 +15.9
17,535,214
65,976,780
Wis. -Madison
1,974,654 +40.4
2,773,101
10,647,527
MIlwaukee
58,463.311 +22.1
71,408,750
256,031,459
Os tkosh
1,264,950 +21.2
1,533,036
6,227,962
Iowa-Cedar Rapids
1,293,039 +214.9
4,073,067
13,201,309
flu venport
b
b
13
b
Dei3 31olnes
23,340,669 +51.5
35,270,160
115,224.440
Io Ta City
b
b
b
b
Si UK City
9,637,512 +35.0
13,013,997
44,705,956
Wa,terloo
b
b
bb
111.-Aurora
913,351 +57.0
1,433,838
4,527,461
111 ,ornington
1,613,848 +5.0
1,694,408
5,519,418
Ch lcago
933,758,512 +11.9 4,106,541,922
1,044,952,375
Deeattir
2,166,621 +27.9
2,771,016
10.115,964
Peemia
10,759,600 +16.9
12,582,036
45,513,158
Hockford
3,353,262 -1.3
3,310,261
12,182,807
Sp ingfleld
3,592,485 +17.5
4,222,341
14,960,046
To tal (25 cities)
117,109
2,104,000
29,593,264
1.591.225.463 +11.2
103,375,601
c
c
37,703.038
61,384,208
6.551.600
1,047,968 +19.7
b
b
756,535
b
807,614
b
90,422,973 +12.7
63,605,898
81,691,274
+10.1
145,852.747
188.137.73)
106,318 +10.1
1,733,000 +21.4
27,589,960 +7.3
300,000
2,031,000
22.778,793
385,819
2,581,104
26,480.923
202,042,546
924,951
778,420 +18.8
578,791
761.697
55,005,732
48,981,394 +12.3
32,092,186
48,533,935
15,630,545
12,043,570 +29.8
91,212,662
6,927.030
17,305,507
+13.3
64,765,804
96,048,985
+37.8
+20.7
+11.8
+0.5
+14.0
+19.6
+23.6
-0.5
+19.2
+14.1
+30.0
+7.0
b
-6.0
+1.2
+10.4
3.127,498
13,198.489
35,100,000
918,990
2,023,017 +54.6
10,336,312 +27.7
33,300.000
+5.4
852,062 +7.9
3.325,550
7.765,519
24.000,000
844,046
1,789.188
8.190.915
25.900.000
690.035
619,645
15,113,000
441,510 +40.3
10.025,000 +50.8
412,431
6,866,022
485,068
8.572.754
12,893,525
863,197
11,303,705 +14.1
861.839 +0.2
8,072,673
657,844
8,615,269
767,319
1,753,138,234 +14.9
108,230,188
34,854.246
186,707,892
628,900,000
17.629.915
8,052,080
10,079,236
117,227,514
18,531,668
221.663,495
16,624,592
9,980,773
14.515,000
b
4,772,417
2,060,197
401,539,209
935,068
8,155.770
1,157,417,377
22,183,524
25,604,044
4,951,915
14.816,288
9,199.259
26,456,525
184,442.000
12,132,187
61.973,401
7,273,843
211,196,592
4,855,864
4,803,544
b
87.171.48"
b
38.013,570
b
3.322.932
5,521,723
3,406,492,719
8,247,907
41,128,589
9,665,241
13,351,675
b
b
b
b
b
89,902 -9.4
20,976,589 +25.4
77,499
12,280,102
85,232
42.370,522
90.209,936
+20.0
64,301,686
97,466,302
90,430
287,930
93,335,499
43,000 +110.3
282.849 +1.8
81,726,345 +14.2
b
383.178
7,264.798
85,690
608,111
66.758.472
2.041,184
1,447,308 +41.0
692,486
2.427.476
931,022
898,881
1,092,182 -14.8
556,277 +25.6
252,300
491,119
1,891.200
1,036,978
12,430,000
705,595
4,198,083
10,543,000 +17.9
765,523 -7.8
3,629,546 +15.7
8,179,000
435,727
3,160.987
11,221.000
954,739
3,080,225
14,835,955
11,832,025 +25.4
10,364,222
14,652.
425
980,147
263,111 +272.5
7,155,249
5,055,076 +41.5
3,234,609
5,840,508
3,032,261
b
2,037,944 +48.8
b
b
1,568,252
b
2,600.175
b
81,416
26,314,428
465.901
243,884,242
608,617
2.535,421
773,079
729,431
425,824
215.705,898
469,243
2,560,771
880,435
915,848
+9.4
+13.1
+29.7
-1.0
-12.2
-20.4
248,157
174,377,995
494.336
1,927,778
669.171
665,014
1,007,289
238,260,060
633.296
2,457.760
1,030.449
1,630,755
6,549.664,717
5,369,293,042 +22.0
389,718,907
340,232,205 +14.5
214,409,129
356,896,897
b
b
+13.5
+16.4
b
b
+10.2
+22.1
+27.5
b
b
1,229,660,448
447,916.925
b
b
248,341,174
766,234
7,039,573
b
b
b
b
1,091.369,654 +12.7
396.159,827 +13.1
74.900,000
23,328,088
66,200,000 +13.1
19,790,593 +17.9
39,700.000
14,991.469
55.100.000
15,296,771
b
b
229,424,965 +8.2
622,560 +23.1
5,761,000 +22.2
13,554,571
b
503,000
1,624,431 +734.4
b
b
384,000 +31.0
600,
000
b
400,000
8,049,849
b
550,693
437,975,789 +13.8
1,933,724,354
1,723,338,006 +12.2
112,285,659
87,999,024 +27.6
55,691,469
78.997,313
1,688,337,924 1,457,027,312 +15.9
498,330,294
+10.8
+21.8
+9.6
c
+3.4
-2.3
+8.8
+17.1
b
+23.5
2,148,047
31,751,000
454,570,245
c
14.477.956
24.782,535
831,141,698
4,017,553
b
228,336,429
c
29,975.477
45,606,337
5,908,500
+31.7
+10.3
+27.4
-39.0
+27.7
+32.6
+27.8
+30.1
+24.7
+20.5
+17.6
+6.5
+46.4
+21.2
+28.3
+174.8
b
+32.2
b
+17.6
b
+38.2
-0.1
+20.6
+22.6
+10.7
+26.0
+12.0
El !hth Federal Res erre District -St. LouisInd. -Evansville
b
b
Now Alb tny
b
b
Mo. -St. Louis
286,379.886
324,997,458
Ky. -Louisville
06,088,384
111,851,911
Owensboro
b
b
Paiucah
b
b
Tenn.-Menaphis
53,696,151
59,180,898
Jacksonville
170,368
208,027
Quincy
1,641,000
2,092,000
To tal (5 cities)
222.433,486
c
b
b
b
b.
b
b
b
720.291
b
2986
Financial Chronicle
May 4 1935
CLEARINGS-(Concluded
Week Ended April 27
4 Months Ended April 30
Month of April
Clearings at1934
$
$
Ninth Federal Rese rye District- Minneapolis
Minn.
-Duluth
10.121,500
8,598,371
Minneapolis
243,666,467
206,685,902
Rochester
1,022,246
707,339
St. Paul
97,859,782
79.893,501
Grand Forks
3,441,000
3,198,000
Minot
638,000
627,848
S. D.
-Aberdeen
1,736,495
2,244.655
Sioux Falls
3.453,076
5,082,578
Mont.
-Billings
1,847.555
1,413,640
Great Falls
2,398,604
1,754.974
Helena
8.127.783
10,379,789
Lewistown
148,030
194,895
Total(12 cities)
AL 378,897,071
656,372,428
1934
$
$
34,272,748
851,101,042
3,660,945
358,770,682
12,378,000
2,162,329
8,155,778
18,734,740
7,152.155
8,995,256
41,142,167
649,917
31,825,477
786,245.082
2,822,248
326,857,157
12,380,300
1,987,725
6,907,338
13.604,782
5.339.967
6,543,715
31,816,326
566,779
316,244,959 +19.8
1,347,175,759
1.226,896,896
+46.8
+51.9
+13.6
+4.9
-11.9
+52.4
+20.2
+23.5
+31.2
+7.8
+32.5
+13.6
+13.1
+22.5
1,672,421
1,544,095
36,938,089
448,330,986
22,730,182
38,878.372
44,708,486
6,520,271
1,335,659,129
48,906,214
106,700,214
8,835,634
374,777,853
9,196,779
1,233,028
1,146.523
33,682,035
469,260,999
23,914,170
27,596,034
33,300,570
5,282,800
1,084,496,868
47,569,604
85,922.370
7,486,703
292,062,226
7,527,922
539,012,652 +21.8
2,485,398,725
2,120,481,852 +17.2
1935
Inc. or
Dec.
1934
$
+17.7
+17.9
+44.5
+22.5
+7.6
+20.9
+29.3
+47.2
+30.7
+36.7
+27.7
+31.7
Tenth Federal Rese rye District- Kansas City
Neb.-Fremont
347.158
509,685
Hastings
266,219
404,487
Lincoln
9,677.894
8,518,318
Omaha
110,180,109
115.607,371
Kan.
-Kansas City
6,258,189
5,514,441
Topeka
10,493,711
6,884.406
Wichita
9,024,283
10,842,757
Mo.-Joplin
1,361,611
1.681,889
Kansas City
274,484,339
360,110,105
St. Joseph
12,220,000
11,338,073
Okla.
-Tulsa
29,225.946
22,058,167
Colo.
-Colo. Springs
2,153,052
1,896,000
Denver
84,454,086
95.552,756
Pueblo
1,941,699
2,378,334
Total(14 cities)
%
1935
Inc. or
Dec.
A.m.qw-iwww=moo-4
1935
Int. or
Dec.
$
1933
g
_%
1932
$
1,994,014
59,659,423
1,721,324 +15.8
46,751,202 +27.6
2,544,636
44,211,437
2,044,657
42,257,813
23,301,600
15,889,183 +46.7
13,012,164
13,479,854
461,618
373,124 +23.7
450,865
574,063
395,645
341,842 +15.7
246,542
250,794
2,507,206
1,656.542 +51.4
1,641,495
1,488,996
+9.8
88,319,506
66,733,217 +32.3
62,107,139
60,096,177
+35.6
+37.5
+9.7
--4.5
-5.0
+40.9
+34.3
+23.4
+23.2
+2.8
+24.2
+18.0
+28.3
+22.2
79.452
94.150
1,836,193
25,169,781
81,928 -3.0
52,184 +80.4
1,653,918 +11.0
22,363,809 +12.5
46,469
b
1,571.440
19,332,396
162,859
134,497
2,200,172
21,951,300
+8.2
+2.2
1,203,049
1,380,617
1,526,528
3,481,776
62,603,462 +33.7
2,625,033 +4.6
48,330,239
2,030,878
58.283,575
2,523,558
460,885
328,460 +40.3
440,992
536,054
444,631
431,219
-1--3
.1
337,143
630.007
94.092,008 +26.2
74,673,223
91,430,326
1,924,055
2,222,043
83,730,526
2,746,376
118,708.092
1.778,480
2,173,515
•
Eleventh Federal R eserve Distric t
-Dallas
Tex.
-Austin
6,621,074
3,612,273
Beaumont
2,424,518
4,073,217
Dallas
153,502,898
138,576,780
El Paso
12.785,980
10,176,835
Ft. Worth
21,699,002
18,346.836
Galveston
7,854,000
7,432,000
Houston
96,875,062
110,499,522
Port Arthur
1,113,377
1,324,762
Wichita Falls
3,249.330
2,610,045
La.
--Shreveport
8,226,821
8,977,713
329,414.606
24,032,911
14,499,212
612,921,479
53,746,829
84,004,154
33,120,000
436,926,466
5,374,156
12,486,695
35,010,213
13,247,215
11,179,618
551,277,041
43,222,352
81,115,529
35,659,000
415,642,331
4,618,979
10,001,433
33,502,113
290,567,439 +13.4
1,312,122,115
1.199,465,611
+81.4
+29.7
+11.2
+24.3
+3.5
-7.1
+5.1
+16.3
+24.8
+4.5
tl
Total(10 cities)
+83.3
+68.0
+10.8
+25.6
+18.3
-5.4
+14.1
+19.0
+24.5
-8.4
938,361
35,056,860
5,252,547
1,261.000
719,459 +30.4
578,109
932,938
+2.9
22,865.895
24,464,247
4,224,874 +24.3
1,817,000 -30.6
3,926,446
1,331,000
6,143,732
1,649,000
34,062,870
1,928.710
1,891.180
+2.0
1.613,268
1,872,117
44,437,478
42,715,383
+4.0
30,314,718
34,962,034
26.016.317
7,086,000
591,349
21,097,016 +2 - 5
--.
3
5,148,000 +37.6
356,516 +65.9
18,107,003
3,111,000
235,909
19.741,005
4,924.000
345,979
20.101,311
19,526,172
4.2.5
7-
13,963,027
15,609.177
9,822,057 +1.2:8
--
7,584,911
8,020,087'
Total(21 cities)
935,619,507
800,349,927 +16.9
;rand total (162 cities) 24,755,597,629 24,350,745,087
)utside New York
'7,160,491
414,798,674
126.493,000
9,158,646
16,209,851
2,311,466
374,190,453
8,892,352
199,733,538
43,167,262
16,982.047
58,203,175
53,566,087
8,715,473
46,279,607
11.896.766
95,818,988
1,971,775,316
31,107,690
18.414,891
23,420,587
3,538,296,360
6,382,000
359,036,610
100,619,251
7,229,385
12,771,773
2,023,000
336,663,989
7,783,704
162,477,554
33,178,550
12,428,188
88,791,572
46,416,514
7,633,810
46,593,463
11,153,533
59,713,110
1,735.241,916
26,704,163
16,439,523
19.204,901
+++++ 1 1-1 1.+++++++++++
- to...424+
bommwom 4.a.p.mmmommolmm
IIII
Twelfth Federal Re serve District -San Franci scoWash.-Bellingham _
.2,000,000
1,953.000 +2.4
Seattle
112,932,830
91,903.396 +22.9
Spokane
24,791,907 +31.4
32,574,000
Yakima
2,704,845
1,658,555 +63.1
Eda.-Bolse
4,703,128
3,364,788 +39.8
)re.
-Eugene
597,000 +17.9
704,000
Portland
93,861,042
86,523.486 +8.5
Eltah-Ogden
2,207,047
1,867,508 +18.2
3alt Lake City
51,648,945
41,910.260 +23.2
triz.-Phoenix
7,972,966 +45.3
11,588,009
Dallf.-Bakerstleld
2,981,946 +55.0
4,620,557
Berkeley
14,281,360
18,658,562
23.5
Long Beach
15,227,696
12,670,434 +20.2
Modesto
1,776,308 +30.4
2,315,473
Pasadena
12.014,678
11,930.056 +0.7
Riverside
3,189,816
3,085,105 +3.4
Sacramento
28,121,460
18.436,465 +52.5
San Francisco
520,688,537
451,270,375 +15.4
San Jose
7,444,818 +14.4
8,520,039
Santa Barbara
5,045,254
4.596,688 +9.8
Stockton
4,956,304 +34.6
6,670,791
3,098,486,509 +14.2
+1.7 97,440,149,251 89,764,749,898
11.079,862
---3,881,766
3,255.402 +19 2
--.
2,692,050
3,021,481
2,743,372
2,743,160
-1-11.1
2,238,859
2,754,430
3,281,990 +7 .5
-1
106,185,504 +14.6
1,926,137 -5.2
1,131,895 +3.3
1,175,631 +22.2
175,649,480 +15.7
2,563,847
86,829,865
1,552,156
776,248
938,764
140,593,639
6,717.669
99,645,466
1.818.411
940,516
1,130,466
236,668,687
5.689,312
121,637,000
1.826,788
1,168,735
1,436,519
203,258,331
+8.6 5,830,345,255 5,196,758,113 +12.2 4,084,902,971 4,711,950,505
9,290,397,449 8,262.130,385 +12.4 35,885,159,167 31.465,611,748 +14.0 2,081,867.489 1,799,410,671
+15.7 1,339,681,070 1,882,538,744
CANADIAN CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 25
Week Ended Aprfl 25
4 Months Ended April 30
Month of April
Clearings at
1935
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 citlei)
8
412,700,462
339,125,072
187,506,212
61,960.595
84,262,004
15,878,522
9,064,522
15,678,779
21,961,879
6,758,665
6.652.211
10,158,250
17,342,527
12.174,892
1,148,249
*1,607,706
5,319,199
*1,723,578
3,258.827
2,455,159
2,250,116
903,113
2,610,508
2.281,890
3.918,816
9,697,265
1,381,340
2,633.400
2,106.054
1,917.086
1,806,094
3.183,349
1934
Inc. or
Dec.
$
%
457,713,480 -9.8
367,765.764 -7.8
137,785,696 +36.1
63,305,563 -2.1
17,874,515 +371.4
15,872,923 L+0.1
)8,867,857 *+2.2
16,975,107 + -7.6
17.573,542+23.0
16,906,924 -2.1
16,220,688 *6.9
10,640,869 -4.5
15,342,527 ,+ 13.0
11,591,313 +5.0
1,211,886 .H5.3
11.558,806 '+3.1
4.757,865 +11.8
1,817,863 -5.2
3,188,339 +2.2
2,333,050 +5.2
2,029,844 +10.9
1 824,532 +9.5
2,642,144 -1.2
2,463,796 -7.4
4.227,424 -7.3
9,399,267 +3.2
11,053.896 +3L I
2,740,987 -3.9
2,158,473 4-2.4
11,813,536 +5.7
1,776,772 7+1.7
2.837,858 +12.2
1,251,426,341 1,203,273,104
+4.0
1935
1934
Inc. or
Dec.
$
11,786,457,733
1,409,489,401
1593,715,082
.
237,775,584
183,860,313
159,009,882
34,046,157
L58,457,678
78,387.379
125,203,522
L24,128,362
40,151,609
L64,931,586
44,515,257
14,451,243
16,320,696
19,543,215
16,865,808
' 12,428,721
' 18,840,714
8,206,631
1
11
3,197,222
L 19,380,093
4 '8,290,895
15,239,520
37.881.834
4,992,901
10,250,313
7,741,751
7,275,001
6,676,474
11.465,370
$
1,819,870,711
1,409,759,025
540,364,157
242,222,837
67,567,410
59,973,746
32,861.603
, 60,060,846
, 70,012,837
' 25.600,642
' 24,631,773
, 39,410,604
58,398,625
43,837.281
4,306,476
'5.889.584
17.472,380
7,181,289
, !112,189,837
8,613,115
' 7,627,740
3,135,979
9.679,373
8,636,570
15,890,159
34,732,478
4.112,332
10,630,672
7.916.813
7,045,359
6,670,788
10,050,516
%
-1.8
-0.1
+9.9
-1.8
+172.1
-1.6
+3.6
-2.7
+12.0
-1.6
-2.0
+1.9
+11.2
+1.6
+3.4
+7.3
+11.9
-4.4
+2.0
+2.6
+7.6
+2.0
-3.1
-4.0
-4.1
+9.1
+21.4
-3.6
-2.2
+3.3
+0.1
+14.1
4,829,187,947
4,676,353,557
+3.3
1935
Inc. or
Dec.
$
$
%
69,441,010 108,090,865 -35.8
81,225,566 -33.5
54,013,250
35,071.339 136.622,974 -4.2
12,632,725 ,15,246,819 -17.1
4,017,653 +408.8
20,441,444
2,833,221 g 3,539,613 -20.0
1,819,601 0,933,013 L--5.9
3,505,785 -7.8
3,234,028
4.321.116 L14,089,011) +5.7
11,664,709 -25.3
1,243,968
41,411,445 -14.0
1,213.799
2,340,339 -14.1
2,010,161
3.234,000 1 3,374,178 -4.2
2.066,943 ) 2,568,889 -19.5
238,196 +2.4
243,821
II 330,963 +7.4
355,429
1,093,765 -5.0
1,038,727
367,151 +13.2
415,646
714,078 -7.5
660,714
451,092 -1.5
444,162
433,040 +3.7
499,211
169,018 -1.3
166,850
624,049 -15.2
528,995
527,123 -11.5
466,585
848,452 -10.0
763,378
1,967,854 -3.9
1,891,534
241,764 -3.8
232.669
759.205 -9.9
683,701
454,508 -8.6
415.581
423,975 -13.6
366,260
363,608 +8.1
393.042
632.154 +0.5
635,195
223.728,105
, a Not Included in totals. b No clearings available. c Clearing Flo'use not functioning at present * Estimated.
1934
280,270.851 -20.2
1933
1932
$
96.486.918
76,681,029
63,238.662
11,667,087
3,581,905
3,254.389
1,807,387
3,096,660
4,870,586
1,289,231
1,187.458
2,244,866
3,098,991
2,801,378
259.765
268,818
1,001.533
396,672
676,255
414,018
378,632
168,305
467,853
511,054
689.482
2,050,188
198,291
662,377
437,803
366,000
373,840
561,633
$
63,273,620
67,917,881
30,069,683
10,849,133
3,981,364
3,661,620
1,872,734
3,752,401
3,020,224
1,527,850
1.120,291
2,808,413
3,265,892
2,421,289
288,380
127,489
1,166,825
365,713
647,699
452,452
431,509
179.285
590,211
574,075
721,032
2,039.292
203,237
606,538
480,240
382,105
325,736
434,795
285,189,066
207,650,595
Volume
140
Financial Chronicle
2987
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
THE CURB EXCHANGE
Except for occasional periods of strength among the
Stocks
Bonds (Par Value)
Week Ended
(Number
miscellaneous specialties, prices on the New York Curb
May 3 1935
of
Foreign
Foreign
Total
Domestic Government Corporate
Shares)
Exchange have generally followed a downward trend. Profit
taking has been in evidence throughout the week, and while Saturday
$6,000
$34,000 $3,017,000
135,300 $2,977,000
Monday
51,000 3,591,000
172,300 3,475,000
65,000
the recessions were, as a rule, confined to small fractions, Tuesday
18,000 4,509,000
155,575 4,416,000
75,000
Wednesday
150,635 5,580,000
18,000
49,000 5,647,000
the market has fallen below last week. Trading has been Thursday
52,000
153,595 5,219,000
37,000 5,308,000
Friday
44,000 7,501.000
224,375 7,419,000
38,000
comparatively quiet and without special feature.
Week end profit taking was in evidence during the two
Total
$233,000
$254,000$29,573,000
991,780 $29,086,000
hour session on Saturday and several of the market favorites
Sates at
Jan. 1 to Map 3
Week Ended Mcy 3
moved sharply downward. This was true especially of the
New York Curb
1934
Exchange
1934
1935
1935
mining stocks which bore the brunt of the selling and recorded
31,279,222
Stocks
-No. of shares_
14,680,610
991,780
1,130,534
the largest losses. Some support was apparent in the public
Bonds
Domestic
$411,253,000
$428,106,000
$29,086,000 $25,947,000
utilities, industrial shares and oil issues, and while most of Foreign
6,897,000
16,193,000
government_ _
233,000
1,383,000
these showed losses, the recessions, on the whole, were much Foreign corporate
4,372,000
13,782,000
254,000
398,000
smaller. Public Service of Northern Illinois pref. (6) stood
.
Total
5422,522,000
$458,081,000
$29,573,000 $27,728,000
out against the trend and closed with a gain of 5 points at
82. Georgia Power pref. was also fairly strong and moved
THE1ENGLISHL GOLD AND SILVER[ MARKETS
forward 1% points. The declines included among others
We reprint the following from the weekly circular of
Hollinger Consolidated Gold Mines,International Petroleum,
Samuel Montagu & Co. of London, written under date of
Newmont Mining Corp. and Hiram Walker.
Narrow price changes, generally on the side of the decline, April 17 1935:
GOLD
characterized the trading on the Curb Exchange on Monday.
The Bank of England gold reserve against notes amounted to £192,556,399 on the 10th inst., showing no change as compared with the previous
There were a few of the more active stocks in the specialties Wednesday.
In the open market about £2,000,000 of bar gold was available
group that showed occasional signs of strength, but spasmodic during the week: demand was again general and business activeat fixing
though
rather a smaller scale during the last
periods of profit taking throughout the list held most of the onThe return of the National Bank of few days.for the 11th inst. shows
Belgium
changes to the side of the decline. American Cyanamid B an increase in the gold holding of about £8,100,000 as compared with
influx
return!
attracted considerable buying and moved up from 16% to the previousto over this brings the total Worthyof gold since the devaluation
of note that forward beiges
of the belga
£20,000,000. It is
and the return of
17Yi. Greyhound Corp. also showed good recuperative are now at a premium new Government. confidence in the belga must be
very gratifying to the
Quotations during the week:
powers and closed at 4334 with a gain of a point over the
Per Fine
Equivalent Value
previous close. Recessions were registered by such trading
Ounce
or E Sterling
ils. 9.63d.
11
1438. 1134d.
favorites as Lake Shore Mines, Newmont Mining Corp., April 12
lie. 9.51d.
April
144s. Id.
lie. 9.39d.
144s. 234d.
April 13
Sunshine Mining Co., Swift International, General Tire & April 15
lie. 9.67d.
143s. Ild.
us. 10.25d.
April 16
143s. 4d.
Rubber and United Shoe Machinery Co.
lie. 10.25d.
April 17
143s. 4d.
On Tuesday curb prices were again affected by profit Average
lie. 9.78d.
143s. 9.67d.
The following were the United Kingdom imports and exports of gold
taking during the early dealingt but toward the end of the
on the
session a wave of buying turned the trend upward and a registered from mid-day on the 8th inst. to mid-dayExports 15th inst.!
Imports
British
£412,044 Sweden
£1,703,439
number of the market leaders showed small advances as the British South Africa
India
326,942 Netherlands
309,600
41,632 France
session closed. The best gains were made by Murphy Co., British Malaya
590,175
Hong Kong
54,290 Switzerland
27,674
which forged ahead about 5 points on a comparatively small Australia
22,509 United States of America_ 1,782,170
British
13,053 Venezuela
70,000
turnover. Chesebrough Manufacturing Co. also recorded SwedenGuiana
50,000 Other countries
4,194
2,716,397
a substantial advance and closed at 130. Other small gains Netherlands
Belgium
35,440
included such representative stocks as Commonwealth France
7.325,937
1,112,377
Edison, Consolidated Gas of Baltimore, Gulf Oil of Penn- Switzerland
Other countries
12,875
sylvania, Humble Oil & Refining Co. and Newmont Mining
£12,123,496
£4,487,252
Corp.
The SS. Strathaird which sailed from Bombay on the 13th inst. carries
gold to tee value of £158,000 consigned to London.
Specialties were in moderate demand on Wednesday and
The Transvaal gold output for March 1935 amounted to 882,309 fine
some small gains were made by a number of prominent issues ounces as compared with 821,246 fine ounces for February 1935 and 874,112
tine ounces for March 1934.s
=
1111.111111111.1
in this group, but the general list continued to work slowly Ils
7,
1
ihISILVER i
MI
downward due to occasional spurts of profit taking. Promi- "nrring the past week there has been great activity in the market an
prices moved very sharply upwards. The rise was due to intense speculanent among the active stocks showing losses were American tive demand following the announcement made by the United States Treas10th inst. that
price for newly-mined domestic silver
Cyanamid B, Consolidated Gas of Baltimore, Ford Motor ury on thefrom 6434 to 71its buyingounce. Further impetus was given to
was raised
cents per
of Canada A, Gul'Oil of Pennsylvania, Sunshine Mining the movement by the news received the next day that the Senate Agricultural
Committee had approved a bill providing for the purchase of silver until
Co. and Allied Mills.
a ratio of 16 to 1 with gold had been established.
Not only was
wave of speculative
Price movements were somewhat irregular during the sellers and, as a there a after successive risesbuying, but the news deterred
result,
of feid. and 1%d., prices on
greater part of the dealings on Thursday, and while there the 12th inst. reached 31 5-16d. and 31 7-16d. for cash and two months'
delivery respectively-these being the highest touched since January 1926.
was some improvement noticeable toward the end of the
Buying orders were received from the Indian Bazaars and China with
attracted a
session, most of the gains were fractional. There were speculators generally active, whilst the high level naturally large. Purgood deal of profit-taking., the volume of business being very
chases for the American Treasury have not been much in evidence.
occasional advances of a point or more, but these were usually
In view of the rapid rise, yesterday's reaction was not unexpected and
among the preferred stocks. The volume of trading was was assisted by the firmness of sterling following the budget statement.
However, confidence in the outlook for silver is still manifest, although
comparatively light, the transactions totaling approximately sharp fluctuations in prices may occur from time to time.
The following were the United Kingdom
exports
154,000 shares. The gains included among others such registered from mid-day on the 8th inst. to imports and the 15thof silver
mid-day on
inst.*
active stocks as Ford Motor of Canada A,Wright Hargreaves,
Imports
Exports
£9,937 Sweden
£2,400
Hiram Walker, Newmont Mining Corp., International Aden & Dependencies_ _ _
6,417 Netherlands
Nyasaland Protectorate__
22,220
Petroleum, Distillers Seagrams and Greyhound Corp.
British India
138,224 France
152,544
Australia
47,055 Germany
1,658
Curb prices were slightly higher on Friday and the volume New Zealand
96,471 Italy
2,096
30,462 United States of America_
377,335
of trading showed a moderate increase over the previous day. Germany
Netherlands
39,000 Other countries
1,315
14,981
Mining and metal shares attracted considerable buying, Belgium
France
10,062
Bunker Hill-Sullivan moving up 33 points to 47 and Sun- French Somaliland
4
36,411
Hungary
26,000
shine Mining Co. gained 28% points and closed at 22W and Egypt
4,
7,100
Japan
46,771
some of the miscellaneous specialties made advances but Iraq
7,230
6,112
most of these were in minor fractions. As compared with Other countries
Friday of last week prices were slightly lower, Aluminum
£522,233
£559,568
Quotations during the week:
Co. of America closing last night at 46 against 483 on
4
IN LONDON
Friday a week ago, American Light & Traction at 934 against
-Bar Silver Per Os. Std.IN NEW YORK
2 Mos.
(Per Ounce .999 Fine)
10k, Atlas Corp. at 8% against 8%, Canadian Marconi at April 11__ _29Cash
11-16d. 29 13-16d.
April 10
643c.
12___31
31 7-16d.
April 11
6
134 against 1%, Electric Bond & Share at 63.4 against 7, April 13_31 5-16d. 31r.
April
5-16d.
April 12
6874c.
Ford of Canada A at 275 against 28, Glen Alden Coal at April 15_ __3131fd.
31 d.
April 13
68.fic.
%
April 16---30 15-16d. 31 -16d.
April 15
6834c.
14% against 153 , Hollinger Consolidated Gold Mines at April 17---30 3‘d.
4
30%d.
April 16
673.(c.
30.990d.
16% against 17, Hudson Bay Mining & Smelting at 15 Average---30.875d.
The highest rate of exchange on
York recorded
against 15%, National Bellas Hess at 13i against 1%, New from the 11th inst. to the 17th inst. New$4.8634' and the during the period
was
lowest S4.833(1 •
Jersey Zinc at 503 against 50%, Niagara Hudson at 4 in Stocks in Shanghai on the 13th inst. consisted of about 8,700,000 ounces
sycee, 265,000,000 dollars and 46,000,000 ounces in bar silver, as com43i, Standard Oil of Kentucky at 18Y against 18% pared with about 9,300,000 ounces in sycee. 260,000,000 dollars and 46.against
1
000.000 ounces in bar silver on the 6th inst.
and Wright Hargreaves at 8% against 9.,1
The London Bullion Market will be closed on Easter Saturday, April 20
2988
Financial Chronicle
May 4 1935
ENGLISH FINANCIAL MARKET
-PER CABLE
The faily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs..
Frt..
Ayr. 27
Apr. 29
May 2
Apr. 30
May 3
May 1
Silver, per oz._ 354d.
34 7-16d. 34 11-16d. 34gd.
32310.
333411.
Gold, p.fine os.145s. 4d. 1445.5340. 144s. 8d. 1455.
1448.
4d. 143s.1135d.
Consoki,2%%_ Holiday 8831
8731
8834
88
8734
British 334%
War Loan___ Holiday 10534
106
106
10534
10534
British 4%
1960-90
Holiday 118
118
11731
1173(
11734
The price of silver per oz (in cents) in the United States
on the same days has been:
Bar 1N. Y.(tor.) 7634
7534
7531
75
7231
7134
U.S.Treasury. 50.01
50.01
50.01
50.01
50.01
50.01
U. S. Treasury
(newly mined) 77.57
77.57
77.57
77.57
77.57
77.57
The Berlin Stock Exchange
Closing prices of representative stocks as received by cable
day of the past week
Apr. Apr. Apr. May May
30
1
2
27
29
Per Cent of Par
AllgemeineElektrieltasts-Geseilschaft
(AEG) 37
37
37
37
110
Berliner Handeb-Gesenschsh(6%)
111 110 109
134
135 136 135
Berliner Kraft U. Licht(8%)
93
Commere-und Privet-Bank AG
92
92
92
124 124 123
Demmer Gas(7%)
123
94
94
Deutsche Bank tied Dirsconto-Gesellsobart_ 94
94
108
Deutsche fftdoel (4%)
105 106 105
May 123
Deutsche Relchsbalm (German Rys) Pr(7%)123 123 123
Day 94
94
94
Dreedoer Rank
94
Holl- 139
145 144 138
Farbenindustrie 30(7%)
day 123
Gesfuerel (5%)
121 122 122
127
Hamburg Electric Werke(8%)
126 127 126
32
32
32
32
Hapag
76
77
77
77
Mannesmann Roehren
34
34
34
34
Norddeutieber Lloyd
158
.158 158 158
Ritictimbank (8%)
208
214 211 208
Muftis:Me linankohle (12%)
161
160 180 160
Salsdetturth (74%
)
150
149 150 149
Siemens & fialeke(7%)
For footnotes see page 2688.
each
May
3
38
110
134
95
123
95
107
123
95
141
124
127
33
79
35
160
212
153
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTER ISSUED
Capital
-The Second National Bank of Masontown, Masontown,
April 25
Pa
$50,000
President, Charles M. Shank; Cashier, Geo. W. Breakwell.
Primary Organization.
BRANCHES AUTHORIZED
-The First National Bank of Birmingham, Ala. LocaApril 42
tion of branches: All in the State of Alabama.
4607 Gary Avenue. City of Fairfield. Jefferson County.
24 South 25th Street. City of Leeds. Jefferson County.
2930 North 27th Street, North Birmingham. City of Birmingham. Jefferson County.
Certificates Nos. 1164A to 1166A, Inclusive.
April 23-The First National Bank of Birmingham. Ala.
Location of branch: 5502 First Avenue. North. Woodlawn,
in the City of Birmingham, Ala. Certificate No. 1167A.
April 24-The First National Bank of Portland, Oregon.
Location of Branch: Town of Stayton. Marion County, Ore.
Certificate No. 1168A
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
Acme Gas & Oil. Ltd
Acme Wire
Agnew Surpass Shoe Stores. pref. )quar.)
Alexander & Baldwin, Ltd.(guar.)
All Canadian Common Stock Trust Shares A..._ _
Allegheny Steel
7% preferred (quarterly)
Allentown Bethlehem Gas, 7% pref. (qu.)
American Chicle (quarterly)
Special
American Factors. Ltd. ,monthly)
American Hair & Felt, 1st preferred
American Republics Corp. (initial)
American Steel Foundries, preferred
Archer-Daniels Midland (guar.)
Extra
Artloom Corp., preferred
Associated National Shares. A bearer
Atlas Powder (quarterly)
Bamberger (L.) & Co. preferred (guar.)
Bandini Petroleuin (monthly)
Belden Manufacturing (quar.)
Borden CO., common (quarterly)
British Match (final)
Byron Jackson (quarterly)
Canadian 011 Cos.. Ltd.(quarterly)
8% preferred (quarterly)
Cabot Manufacturing (guar.)
Carolina Telep. & Teleg. (quar.)
Caterpillar Tractor (quarterly)
Extra
Chase (A. W.) Ltd.. preferred
Chemical Paper 7% preferred
Chester Water Service Co.3534 pref. ,quar.)._
Chrysler Corp. (quarterly)
Extra
Cincinnati Northern RR. ,seml-ann.)
City Baking Co. 7% preferred (guar.)
Clear Springs Water Service $6 pref. (quar.)
Colgate-Palmolive-Peet preferred quar.)
Columbia Picture( Corp., pref. (quar.)
Compri Shoe Machinery Corp., common
-a.)._
Consolidated Diversified Stand. Recur. (s.
Corn* Mills (cmarterly)
Corporate Investors squar.)
Crown Cork & Seal Co.. inc.. common(qu.).__ _
r Preferred (guar.)
Dallas Power & Light.7% pref.(guar.)
87. preferred (quarterly)
6% preferred (monthly)Delaware RE Co. (semi ann )
Per
Share
When Holders
Payable of Re,ord
June 20 June 15
1234c May 15 Apr. 30
July 2 June 15
$1'4 June 15 June 5
r17c May 1 Apr. 15
25c June 12 May 31
$134 June I May 15
8734c May 10 Apr. 30
7.5c July 1 June 12
50c July 1 June 12
10e May 10 Apr. 30
/42 May I Apr. 27
10e June 30 June 10
50c June 29 June 15
25c June 1 May 21
25c June 1 May 21
5$144 June I May 15
10.423c May 15
50c July 10 May 31
$134 June I May 15
Sc May 20 Apr. 30
$1 May 15 May 10
40c June 1 May 15
4%
1234c May 15 May 5
r12 14c May 15 May 1
$2 July 1 June 20
$134 May 15 May 2
$234 July I June 24
25c May 31 May 15
25c May 31 May 15
50c May 10 Apr. 30
nut May I Apr. 28
$134 May 15 May 4
25c June 29 June 1
25c June 29 June 1
$6 luly 31 July 21
$131 May 1 Apr. 25
i34 May 15 May 4
1 g July 1 June 5
75c June I May 15
1234c June 1 May 20
25c June 15 June 1
25c June 1 May 21
Sr May 15 Apr. 30
25c June 6 May 220
68e June 15 May 3W
$14 May 1 Apr. 17
$1 14 May 1 Apr. 17
50c June I May 20
$1 July 1 June 15
1
Name of Company
Per
Share
When Holders
Payable of Record
Deposited Bank Shares. A stock (semi-ann.)___. 234% July I May 15
Dexter Co. (quarterly)
20c June 1 May 16
Diem & Wing Paper Co. 7% pref. (quar.)
31% May 15 Apr 30
Doehier Die Casting 7% preferred
(9 1) May 7 May 3
$7 preferred _
(g-2)
Dominion Bridge, Ltd. (Quarterly)
30c 131a y 15 Apr. 30
1%4
7
. 3
Empire Capital Corp. class A (quar.).
10c May 31 May 20
Empire Power Corp. participating preferred ...
50c May 20 May 13
Equity Corp $3 cone. pref. (initial)
3734c June 1 May 25
Equity Fund, Inc. (quarterly)
Sc May 15 Apr. 30
Faultless Rubber (quarterly)
50c July 1 June 15
Federal Light & Traction, pref.(quar.)
$134 June 1 May 15
Filene's (Win.), Sons pref. (quar.)
$134 July 1 Juue 20
Fishman (M H.)
15c June 1 day 15
Fitz Simons & Connell Dredge & Dock (qu.)
12%c June 1 May 21
FordMotor Co. of Canada. Ltd., A & B
514c May 28 May 8
Fort Worth Stockyards (guar.).
37
May 1 Apr. 23
Fourth National investors
60c May 14 May 7
Freeport Texas (quarterly)
25c June 1 May 15
6% preferred (quarterly)
$134 Aug. 1 July 15
Fuller Brush Co., 7% preferred (quar.)
$131 July 25 1ia y 2
my 1 J u ne 2
5
3
Gilmore Gasoline l'iant No. 1 (monthly)
20c
Globe De.nocrat l'U.113111 Ilig preferred (quar.)-- - $134 June 1 May 20
Globe Underwriters Exchange
25c June I May 15
Golden Cycle (guar 1
40c June 10 May 31
Extra
60c June 10 May 31
Goodyear Tire & Rubber Co. lit pref
$1 July I June 1
Grand Rapids & Indiana Ry.(s.
-a.)
$2
Greenfield Tap & Die Corp. 6% preferred
50c jlay 38111 MayA.; utie 2:5
J une
Ni
pri1 0
Hamilton Woolen (liquidating)
$35
Hancock Oil of Calif.. A & B (guar.)
25c
Havana Electric & Utilities 6% pref
575c May 15 May 1
Hazel-Atlas Glass Co
$1% J p y 25 June 156
Aulr. 1
Hawaiian Agricultural (monthly)
20c May 28 May 31
Hawaiian Electric Co. (monthly)
15c May 20 May 15
Hada Coal & Coke (guar.)
$134
Milton Coal & Coke Co.. 5% pref.(guar.)
$134 Apr. 25
100 May 20 May 3
Hollinger Consols Gold Mines (monthly)
Honolulu Gas Co. (monthly).
Honolulu Plantation (monthly)
15c 1\4a y 10 Aipr 30
1
11 ‘ a. 1
Y
Hoover & Allison Co.,7% pref. (guar.)
Horn & Herten (N. Y.) preferred ,quar.)
Si 34 June 1 May 1 1
18
Hutchinson Sugar Plantation (monthly)
10c June 3 May 27
Idaho Power 7% preferred
$134 May 1 Apr. 22
$134 jua e 1 A a y 2
$6 preferred (guar.)
M ny
mpr. 15
0
Industrial P Power Securities Co.(guar.)
15e
Extra
10c June 1 May 15
Inland Steel
50c June 1 May 15
International Milling. original scrim pref. (cm.). $131 June 1
Series A preferred (guar.)
ilg June 1
Ironwood & Bessemer Hy. & Light Co.
7% preferred (guar.)
June 1 May 15
Halo-Argentine Electric (Buenos Aires)
4 pesos Apr. 30
Jones (J. Edw.) Royalty Trust
Series A partic. trust certificates
$3.12 Apr. 25 Mar. 30
Series B panic. trust certificates
$3.03 Apr. 25 Mar 30
Series 0 panic. trust, certificates
80.99 Apr. 25 Mar 30
Series D panic. trust certificates
$6.56 Apr. 30 Mar. 30
Series E partic. trust certificates
Si 55 Apr. 30 Mar. 30
Series F panic. trust certificates
$1.24 Apr. 30 Mar. 30
Series 0 panic. trust certificates
$134 Apr. 30 Mar. 30
Series ii partic. trust certificates
S1.03 Apr. 30 Mar. 30
Series I panic. trust certificates
$1.36 Apr. 311 Mar. 30
Series J panic. trust certificates
$7 85 Apr. 30 Mar. 30
Series Ft partic. trust, certificates
Si 12 Apr. 30 Mar. 30
Keystone Custodian Fund. series F-1
8.93c Slay 15 Apr. 30
Series F.
26.30c
Lake Superior District l'ower Co..7% pref.(qu) $131 Nua e 1?131y 3
l uy 1
8.. 15
8
87. preferred (guar.).
$134 June 1 May 15
Lee (II. D.) Mercantile (quar.)
25c May 10 Apr 30
London International trustee Shares. eerie, A. 734e May I Apr 15
Louisville Ilenderson & St. Louis Ky.(s.-a.)....m a y 5 may
$4 A ug. 15 Aug. 1
.
Preferred (meini•atio.)_ _
$234 J u ne 151 AMayug. 41
A ug.
Ludlow Mfg. Associates (guar.)
$134
1234c
Lunkenhei nor (quar.)
$13 16 Apr. 30 Star. 30
Maraydun No. I Trust series A ($500)
Series B ($100)
$3.28 Apr. 30 Mar. 30
$1.15 Slay
Matson Navigation (quar.)
May
May Dept. Stores (guar.)
40c JMay 15
June 11
5
20c I title t
McColl Frontenac I Iii quor.)
1 ay 15
McWilliams Dredging (quar.)
50c June
May 15
25c June
Special
May 15
Michigan Ilakeries, Inc., $7 pref. (guar.)
SI
Midland Grocery Co.. prel. (s.-a.)
June
Midland Mutual Life his. Co. (guar.)
$2 g
h$33.1 July
Molagmnery Ward class A
jl‘Mul'al yyy
\uire 38g
% pp i .. 2
22
0
$134 July
ClalO3 A (guar.)
lune 20
Morse Twist Drill St Machine (guar.)
50c
0tg,e 211 5 NANIA yy. 215
, y 1,0
a
5)
15
20
Motor l'roducts
50c
Quarterly
50c
Aug.
1234c Ju,
Motor Wheel Corp.....
Nashua Gu.toned & Coati.c1 Paper Co..(guar.)
Si
Nash v file & Deco t ur Ft It 7( % guaranteed iciu) 9331c July 15 J la e 20
1 Su ny 8
ht1034
National Automotive Fibres. 7% preferred
National Container (quarterly)
50c June I May 1850c June I May 15
Preferred (quarterly)
National Screen Set.% Ice Corp (guard
40c
National Investors. 534% preferred.
5$4
Northam Warren, cone. pref. (quar.)..
75c J u;Iyy 14 May 15
is4Nl: 1
ie
7
Nova Scotia Light & Power.6% pref.(quar.)__ _
$134 June I May 15
Occidental Insurance (quar.)
30c May 15 May 4
Oshkosh Overall preawred guar.)
50c Julie
May 20
Oswego Falls, 8% 1st pref. (quar.)
$2 May
Apr. 27
87 gc 'June
Vender (D.) Grocery Co A i quar.
May 20
37'lc June
Pennsylvania Gas St Electric. class A
Slay 20
$111 Julyu y
7% preferred ,quarterly)
Lu y( 2
n .3 0
,
$7 preferred (quarterly)
$1%
Peoples Telephone.'Buller. Pa."
$1% June
7% preferred (quarterly)
May 31
Pennsylvania State Water Corp.. $7 pref. (gu ) $t
June
May 20
Petroleum ('.orp. (Del.) (quer
40c
23
Phelps Dodge (special)
25c ju I e 15 1\L . 29
J y
M
ry
8734c
Phoenix Hosiery Mills. 1st preferred
I May 18
Pioneer Mills Co. (monthly)
lOc June 1 May 20
Pittsburgh Suburban Water Service Co.$534 preferred (quarterly)
$134
Reno Gold Mines (quarterly)
3c Jtay 12 ala Y 31
Au l y 8 N n y 4
Extra
2c July 2 May 31
Republic Insurance Co. of Texas (quar.)
25c j a e 10 Apr 33
auny 7
l
20
Royalite Oil
The
May
Safety Car Heating & Lighting
SI J iay 15 June 14
Nitl y 1
20c
San Carlos Milling Co (monthly)
Extra
80c Slay
Second Investors Corp. (R. I.)$3 prior preferred (quarterly).
75c June 15 May 15
y 1
e
h$1 34 May 14 May 7
Second National Investors. $5 preferred
Shamokin Valley & Pottsville RR.(a.-a.)
$134 Aug. 1 July 1.5
Southern California Edison Co., LtdPreferred eerie; A 77 stock (guar.)
0
4331c June 15 May 20
37 gc Jli
Preferred series 13 6% stock (quar.
i n::: 15 May 20
Southington Hardware .quarterly)
25c May I Apr. 23
Standard Oil of California
25e
Standard Oil of Indiana (guar.)
2.5c June 18 5 S1a y 15
N ity 8
-a.)_ _
Standard 011 Co., Inc.(N. J.). $25 par (e.
50c June 15 May 16
$100 par value shares (s -a.)
$2 June 15 May 16
Standard 011 of Kansas (quarterly)
4Ic
Taylor & Fenn Co. (quarterly)
SI May I Apr.-18"
Telephone investors Corp (monthly)
25c June 1 May 20
Third National Investors.
50c May 14 Slay 7
Tide Water Oil, preferred (quar.)
$134 May 15 May 9
Trunz Pork Stores (dividend omitted).
Name of Company
When Holders
Payable of Record
Per
Share
Twin Bell Oil Syndicate (monthly)
$2 June 5 May 31
$1 A May 15 May 8
Tyer Rubber. 6% preferred (quar.)
12c May 1 Mar. 30
United States Banking (quarterly)
25c June 20 June 10
Vanadium-Alloys Steel Co
My
2c May 15 Apr. 33
United States Electric Light & Power Shares B
May 29
I
of
United States Steel Corp., pref
$141 June 1 May 15
,
9
Utility Equities Corp., $53 priority stock
June I May 16
Si
Van Raalte 1st preferred (quar.)
Venezuelan Oil Concessions (final)
6%
Wesson Oil & Snowdrift Co., Inc.—
$1 June I May 15
Convertible preferred (quar.)
Western Maryland Dairy. pref. (quar.)
$1 A July 1 June 20
10c June 1 May 15
Westvaco Chlorine Products (quar.)
Whiting Corp.,
% preferred
h$134 May 1 Apr. 25
Whitman (Wm.), preferred
4
513 June 15 June 1
Williamsport Water Co., $6 pref. (quar.)
$154 June 1 May 20
h$3 A May 1 Apr. 22
Wolverine Tube. 7% preferred
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being give in the preceding table.
Name of Company.
Affiliated Products (mthly)
Alaska l'acking Association
Albany & Susquehanna RR. (8.-a.)
Albany & Vermont RR
Allegheny & Western Ry.(semi-ann.)
Allen Industries
$3 preferred (quarterly)
Allied Laboratories convertible preferred (qu.)Alpha Shares. Inc., panic. stock (semi-ann.)
Aluminum Mfgs. (quar.)
Quarterly
Quarterly
707 prsferred quarterly)
7
quarterly)
7% preferredarterly
quarterly
American Arch Co.(quar.)
American
American Business Shares
American Can Co..coamen (quar.)
American Envelope,7% pref. A de B (quar.)
7% preferred A & B (quarterly)
American Factors. Ltd. (monthly)
American & General Securities. class A (quar.)
$3 preferred (quarterly)
American Hardware Corp. (quar.)
Quarterly
Quarterly
American home Products Corp.(monthly)
American Investors, preferred (quar.)
American News N. Y. Corp.(bi-mo.)
American Paper Goods(quarterly)
Quarterly
7(7 preferred (quar.)
70 preferred (quar.)
9
7 preferred (quar.
American Re-Insurance On.(quar.)
American Smelting & Refining 1st pref.(quar.)_
2d preferred (quar.)
American Tobacco Co., common
Common B
American Water Works & Electric Co., Inc.—
Common (quar.)
Amoskeag
,common
Preferred (semi-annual)
Amparo Mining
Armstrong Cork (special)
Asbestos Mfg. Co.. $1.40 cony. pref.(quar.)
$1 40 convertible preferred (quar.)
$1.40 convertible preferred (quar.)
Associated Dry Goods. 1st preferred
Atlantic Coast Line preferred
Automatic Voting Ms.hine (30 (quar.)
Bangor & Aronatook RR. Co.,common
Preferred (quarterly)
Bankers & Shippers Ins. (quar.)
Extra _
Beacon Mfg. Co..6% preferred ((man)
Best & Co.(quar.)
Blackstone \ alley Gas Az Electric (s•-a•)
Blauneert. Inc (quarterly)
Preferred (quarterly)
Bloch Bros -r,
.tmeco, quarterly
6% preferred (quer.)
.
Blue Ridge Corp.. $3 cony. pref. (quar.)
Bohack (II. C.) co.. 1st preferred
Bohack Realty. 7% preferred
Boss Mfg. Co., common
Boston & Providence RR.(quar.)
Quarterly
Quarterly
Bourinis. Inc.. $231 pref. (quar.)
Brach (E. J.) & Sons
BriAm-a4 yers (quarterly)
Extra
Brooklyn Edison (quarterly)
Brooklyn-Manhattan Transit, Pref. (quar.)
Brooklyn Tel. & Messenger (quar.)
Brooklyn Union Gas (quarterly)
Buckeye Pipe Line (quarterly)
Buck Hill Falls Co.(guar.)
Buffalo A nkerite Gold Mines (quar.)
Burroughs Adding Nlachine Co
Cables & Wireless Holding, Ltd.—
Amer. dep. rec., 5 Si'7 pref
0
Calamba Sugar Estate (quar.)
California Packing
California Water Service, 607 _ pref. (quar.)
Campbell. Wyant & Cannon FoundrY
CaraPe Corp.. common (special)
Canada & Dominion Sugar, Ltd.(quar.)
Quarterly
Quarterly
Canadian Converters (quar.) (quar.)
Canadian Foreign Investment
Preferred (quar.)
Canadian-Ilydro Electric, pref. (guar.)
Carnation Co ,7% preferred (quarterly)
707 preferred (quarterly)
°wale(A. M.)& Co.,special
Quarterly
Catawissa RR. Co., 1st preferred (s.-a.)
1st preferred (semi-ann.)
Cedar Rapids Mfg & Power (guar.)
Central Cold Storage (guar.)
Central Massachusetts Light & Prower6% preferred (quarterly)
Central Mississippi Valley Electric Property
6% preferred (guar.)
Centrifugal Pipe Corp.(quar.)
Quarterly.
Quarterl Y
Century Ribbon Mills. pref.(guar.)
Chain Belt
Champion Oil Products. pref. (quar.)
Chartered Investors, Inc.. $5 pref.(quar.)
Chesapeake & Ohio. preferred (semi-ann.)
2989
Financial Chronicle
Volume 140
Per
Share
When Holders
Payable. ofRecord.
5c
$2
S4 V
2
$1t
$3
50c
75c
874c
15c
50c
50c
50c
$131
$1 3
$ii
25c
2c
$I
131
June 1 May 15
May 10 Apr. 30
July 1 June 15
may 15 may 1
July 1 June 20
June I May 20
June I May 20
July 1
May 10 Apr 30
June 30 June 15
Sept.30 Sept. 15
Dn. 31 Dec. 15
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
June 1 May 20
Juno I May 15
May 15 Apr. 24a
Aug. I July 25
Nov. 1 Oct. 25
May 10 Apr. 30
June 1 May 15
June 1 May 15
July 1 June 15
Oct. 1 Sept. 15
Jan. 1 Dec. 14
June I May 14a
May 15 Apr. 30
May 15 May 6
Aug. 1
Nov. 1
June 15
Sept. 15
Doc. 15
May 15 Apr. 30
June I May 10
June I May 10
June 1 \lay 10
Juno 1 May 10
1131
10c
74ic
75e
25c
25e
25c
20c
75c
25c
50c
50c
131
14
$1 31
62)4c
$131
h$444
El si
$1A
1
20e
75e
$231
2c
12 fie
35c
35c
35c
143
112
%1
62c
144%
75c
25c
$134
50c
$3
25c
75c
37 Ac
SI Ai
o75c
h50c
h25c
$1 31
$2 125
$2 125
$2125
884c
25c
50c
10c
2c
$131
si
i4
75c
1231c
Sc
15c
May 15 kpr. 12
July 2 rune 22
July 2 rune 22
May 1( (pr. 30
June 1 day 16
Aug. 1
Nov. I
Feb. 1
June 1 day 7
pr.
‘iayy
if l
i
ne 20
6
July 1 .tay 31
July I lay 31
May ' fay 6
May ' lay 6
May 1
lay 1
May I. \prl 25
June I lay 15
May 15 May 1
May 15 May 1
May 15 May 10
June 29 June 25
Juno 1 may 6
May 15 Apr. 25
May 15 Apr. 30
May 15 Apr. 30
July 1 June 20
Oct. 1 Sept. 20
Jan.2'36 Dec. 20
May 15 May 1
June I May 11
June 1 May 10
June 1 May 10
May 31 May 10
I uly 15 July 1
June 1 May 21
July 1 June 3
June 15 May 28
May 15 May 1
May 15 May 1
June 5 may 3
4 Ai% June 4 Apr. 23
40c July 1 June 15
3744c June 15 May 31
$1 31 May 15 Apr. 30
20c May 20 May 4
20c June I May lb
r37 Ac June 1 May 15
r37 Sic Sept. 1 Aug. 15
r37 i4c Dec. 1 Nov. 15
c May 15 Apr. 30
40c July 1 June 15
$2 July 1 June 15
r$114 June I May 1
$131 July I June 20
$I' Oct. 1 Sept.20
e5. May 10 Apr. 25
50c May 10 Apr. 25
$I% May 22 May 11
SILl May 22 May 11
75c May 15 Apr. 30
25c May 15 May 5
$134 May 15 Apr. 30
$131
be
10c
10e
5131
15c
15c
$1 A
$331
June 1 May 15
May 15 May 6
Aug. 15 Aug 5
Nov. 15 Nov. 6
June I May 20
May 15 May 1
May 15 Apr. 30
June 1 May 1
July 1ane 7
Name of Company
Per
Share
Chestnut Hill RR. Co. (guar-)
Chicago Junction Rys. & Un. Stkyds. Co.(qu.)
6% preferred (quarterly)
Chicago Mail Order (quar.)
Extra
Chicago Yellow Cab (quarterly)
Cincinnati Advertising Products '
Extra
Cincinnati Union Terminal, preferred (quar.)_
Preferred (quar.)
Preferred (quar.)_
City Ice & Fuel (quarterly)
634% preferred (quarterly)
Clark Equipment
Preferred (quar.)
Clearfield & Mahoning RR.(5.-a.)
Cleveland Electric Illuminating, pref. (quar.)
Cleveland & Pittsburgh Ry.7% guar.(quer.)_
7% guaranteed (quar.)
70ecialarar tevrardar
07. gu gtnteg( w
75c
$231
$134
25c
12Aic
25c
25c
1231c
$141
$131
$131
50c
$1%
20c
$131
$131
$1 Ai
8734c
8731c
87 c
When Holders
Payable of Record
June 4 May 20
July 1 June 15
July I June 15
June 1 May 10
June 1 May 10
June I May 20
May 15 May 5
May 15 May 5
July 1 June 20
Oct. 1 Sept.20
Jan l'36 Dec. 20
June 29 June 15
June I May 15
June 15 May 28
June 15 May 28
July 1 June 20
June I May 15
lone I May 10
Sept. 1 Aug. 10
Dec. I Nov. 9
June 1 May 10
Sept. I Aug. 10
Dec. 1 Nov. 9
June 30 June 15
Sept.30 Sept. 15
Dec. 30 Dec. 15
June 1 May 6
50c
Special guaranteed (quar.)
50e
Special guaranteed (quar.)
Sc
Climax Molybdenum Co. (quar.)
Sc
Quarterly
Sc
Quarterly
12Ac
Colgate-Palmolive-Poet (quarterly)
a
Columbia Gas & Electric Corp.
$131 May 15 Apr. 20
6% cum. pref.,series A (quar.)
y 15 Apr. 20
pv . 0
$131
5% cum. pref. series No. 24 (quar.)
$131 May
5% cony.cum. preference (quar.)
$1 June 10 May 25
Columbus & Xenia RR. Co
75c June 29 June 10
Commetcial Credit (quar.)
50c June 29 June 10
8% preferred Ti (guar.)
43 Ac June 29 June 10
7% preferred (quar.)
1
i‘,y 15m
$134 June 29 June 10
6 Ai% 1st preferred (quar.)
$131
Concord Gas Co.. 7% pref.(quar.)
$1 June 30 une 25
Confederation Life Assoc.,"Toronto (quar.)
$I Sept.30 Sept. 25
Quarterly
$1 inc. 31 Dec. 25
Quarterly
4
Connecticut Light & Power. 634% Pref. (quar.) $15 June I May 15
$PA June 1 May 15
534% preferred (quar.)
624ic June 1 May 15
Connecticut Power (quarterly)
$1.125 May 15 Apr. 30
Connecticut Ry. de Lighting (quarterly)
$1.125 May 15 Apr. 30
4 A % preferred (quarterly)
Consolidated Cigar Corp.. preferred (quarterly)- $141 June 1 May 150
25c June 15 May 10
Consolidated Gas of N. Y
$2 May 15 May 1
Consolidated Oil,8% preferred (quar.)
$14 June 15 May 31
Consumers Glass Co.. 7% pref. (guar.)
Consumers Power Co.—
51)1 July 1 June 15
$5 preferred (quarterly)
$131 July 1 June 15
6% preferred (quarterly)
$1.65 July 1 June 15
6.6% preferred (quarterly)
$131 July 1 June'15
7% preferred (quarterly)
50c June I May 15
6% preferred (monthly)
50c July 1 June 15
6% preferred (monthly)
55c June I May 15
6.6% preferred (monthly)
55c July 1 June 15
6.6% preferred (monthly)
11a
May
60c MayMa y 3151
Continental Can Co.. Inc. (quar.)
Ma
124c
Cooerweld Steel (quar.)
1234c Aug. 31 Aug. 15
Quarterly
12 Ac Nov 30 Nov. 15
Quarterly
17 Sic May 15
Cosmos Imperial Mills.Initial(quar.)
$1% May 15 --Preferred (quar.)_
3c May 15 Apr. 30
Cresson Consol. Gold Mining & Milling Co
2c May 15 Apr. 30
Extra
h25c May 22 May be
Crown Cork International Corp.,class A
$2 June 24 iune 19
Crum & Forster. 8, preferred (quar.)
7.
$134 June 15 June 1
Chine° Press, preferred (quarterly)
h20c June 1 May 15
Deere & Co., 7% preferred
$2 May 20 May 15
Delaware & Bound Brook RR. Co.(quar.)
June 1 May 20
Denver Union Stockyards. 7% pref (quar.)- -- $1
S2 July 5 June 20
Detroit Hillsdale & Southwestern RR.(8.
-a.)-$2 Jan. 6 Dec. 20
Semi-annually
10c May 6 Apr. 20
Detroit Motorbus (liquidating)
25c June 1 May 15
Diamond Match Co.(quarterly)
20c June 1 May 15
Extra
20c June 1 May 15
Participating preferred (extra)
50c July 20 June 29
Dome Mines Ltd.(quarterly)
$2 July 20 June 29
Extra
r30c May 15 Or. 30
Dominion Bridge. Ltd. (quar.)
50c May 15 May 1
Dow Chemical Co
I A % May 15 May 1
Preferred
xw8%
Dunlop Rubber Co., ordinary registered
Apr. 26
xw8
American dep. rec, for ordinary registred
July 1 June 15
Eastern Gas & Fuel ARSOC.,6% pref.(quar.)
$1 125 July 1 June 15
4 A % preferred (quarterly)
$111 June 15 June 5
East Mahanoy RR. (se ni-ann.)
$134 July 16 July 6
East l'enna. RR. Co. (semi-ann.)
East Shore Public Service Co.. $534 pref.(quar.) $15 June liMay 10
$1 Ai June 1 May 10
$6 preferred (quarterly)
25e May 15 May 1
Eaton Mfg. Co. common (quar.)
15c June 15 June 1
Elgin National Watch
$1 Oct. I Sept. 20
Elizabeth Se Trenton RR. (semi-ann.)
El% Oct. 1 Sept. 20
5% preferred (seml-annual)
Emerson's Bromo-Seltzer50c July I June 15
8% preferred (guar.)
$1 June 1 May 22
Empire & Bay State Telep.,4% gtd.(quar.)
$1 Sept 1 Aug. 22
4% guaranteed (quar )
$1 Dec I Nov. 21
4% guaranteed (quar.)
$2 Aug. 1 July 27
Eppens. Smith & Co.. semi-annual
8734c June 10 May 31
Erie & Pittsburgh RR. Co. 7% god. (quar.)
,
8731c Sept. 10 Aug. 31
7% guaranteed (quar.)
87 Ac Dec. 10 Nov.30
t7% guaranteed (auar.)
136c June 1 May 31
Guaranteed betterments (guar.)
80c Sept. I Aug. 31
Guaranteed betterment (quar,)
80c Dec. 1 Nov.30
Guaranteed betterment (guar.)
25%
Ever-Ready (Britain) (final)
1
$231 Kai -. June 11
Farmers & Traders Life Ins.(quar.)
$231 Oct. 1 Sept. 11
Quarterly
$1 May 15 Apr. 26
Fire Association of Philadelphia (s.
-a.)
$131 July 1 June 15
Fisher Flouring Mills. 7% pref.(quar.)
$1 4 June I May 15
8
Florelia Power Corp., 7% pref. A (guar.)
87 Ac June 1 May 15
7% preferred (quarterly)
25e July 1 June 15
Florsheim Shoe Co.,class A (quar.)
25c Oct. 1 Sept. 16
Class A (quarterly)
1234c July I June 15
Class B (quarterly)
Oct. 1 Sept. 15
1234cClas
B (quarterly)
Food Machinery Corp. of N. Y.—
50e May 15 May 10
631% preferred (monthly)
50c June 15 June 10
61, % preferred (monthly)
4
50c July 15 July 10
6 Ai% preferred (monthly)
50c Aug. 15 Aug. 10
634% preferred (monthly)
50c Sept. 15 Sept. 10
631% preferred (monthly)
$231 Sept 2 Aug. 20
-a.)
Fort Wayne & yackson Hit. 534% pref.(s.
General Cigar, preferred (quarterly)
$P/ June 1 Mar.30
45C May 15 May 1
General Foods Corp.(quarterly)
$231 July 15 July
Georgia RR. & Banking (quar.)
h50c July I June 21
Goodyear Tire & Rubber (Calif.), pref___
Gottfried Baking (30., Inc , preferred (guar.).— 131% July 1 June 20
1 Sept 20
131% Oct
Preferred (quarterly)
-.f
if-i$3 June 29 June 27
Grace(W. R.) & Co.. pref. 6% bien-annul)_
Dec. 30 Dec. 27
$3
6% preferred (semi-annual)
Grand Union $.3 cony, preferred
h37c June lMay 10
2Se May 15 May 4
Great Lakes Dredge & Dock Co.(guar.)
$2 May 15 May 5
Great Western Electro-Chemical Co
$2 May 20 May 10
Greene Cananca Copper Co , COM.
I June 15
$131 July
Greening (B.) Wire Co. pref. (quar.)
Sc May 15 Apr. 30
Gresson Consolidated Gold (guar.)
$13 May 15,May I
4
Gurd (Chas & Co., pref. (quar.)
75c June 1 May 15
Hackensack Water Co.(semi-ann.)
4331c June 30 June 17
7% preferred A (quar.)
:14
Financial Chronicle
2090
Name of Company
Per
Share
When Holders
Payable of Record
15c June 1 May 15
Hale Bore. Stores (quar.)
25c June 1 May 15
Harbison-Walker Refractories Co
$1}i July 20 July 8
Preferred (quar.)
$1.% June 1 May 15
Hardesty (R.) Mfg. Co..7% pref.(quar.)
$1%. Sept. 1 Aug. 15
7% preferred (quarterly)
7% preferred (quarterly)
$134 Dec. 1 Nov. 5
75c May 15 May 1
Hartford Times preferred (quar.)
75c May 15 May 1
Hart(J.)Inc.,$3 preferred (quar.)
75c May 15 May 4
Hawaiian Commercial & Sugar (quar.)
20c June 15 June 5
Hawaii Consol. By..7% pref. A (guar.)
20c Sept. 15 Sept. 5
7% preferred A (quarterly)
20e Dec. 15 Dec. 5
7% preferred A (quarterly)
$1% May 15 May 3
Hercules Powder, preferred (quarterly)
75c May 15 Apr. 25
Hershey Chocolate Corp.(quarterly)
$1 May 15 Apr. 25
$4 cony. preferred (quarterly)
10c May 31 May 24
Hibbard, Spencer, Bartlett & Co.(mo.)
10c June 28 June 21
Monthly
Hollander (A.) & Son, Inc. (quarterly)
1234c May 15 Apr. 30
5c May 15 Apr. 27
Hormel (Geo. A.) & Co.(quar.)
Preferred A (quarterly)
$134 May 15 Aprl 27
50c May 15 Apr. 15
Humberstone Shoes (quar.)
10c May 4 Apr. 17
Hutchinson Sugar Plantation (monthly)
Illuminating Power Securities (quar.)
$1 May 15 Apr. 30
7% preferred (quarterly)
$14 May 15 Apr. 30
Imperial Chemical Indus.(London) (final) __zw
% Juno 8 Apr. 12
Imperial Life insurance (quar.)
$3% July 2 June 29
$3,
4 Oct. 1 Sept. 30
3
Quarterly
$3% -2-36 Dec. 31
Quarterly
15c May 15 Apr. 26
Indiana Pipe Line Co
50c June 1 May 6
Ingersoll-Rand
International Harvester, pref. (guar.)
$134 June 1 May 4
60c June 1 May 15
International Safety Razor Corp.(quar.)
50c May 15 May 1
Interstate Hosiery Mills (quar.)
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Quarterly
25c June 1 May 10
Iron Fireman Mfg.(quar.)
26c Sept. 2 Aug. 10
Quarterly
25c Dec. 2 Nov. 9
Quarterly
Sc May 8 May 1
Isotta Fraschini, Am. dep. rec. (Spec.)
Jantzen Knitting Mills. preferred (quarterly)
$1% June 1 May 25
15c June 30 lune 20
Kalamazoo Vegetable Parchment (guar.)
15c Sept.30 Sept. 20
Quarterly
15c Dec. 30 Dec. 30
Quarterly
Kansas Oklahoma & Gulf By. Co.—
3% June I May 20
Series A 6% cum. preferred
3% June 1 May 20
Series B 65 non-cum. preferred
Series C 6% non-cum. preferred
13
.
5% June 1 May 20
1234c July 1 June 5
Kelvinator Corp. (quarterly)
Kelvinator of Canada, 7% preferred (guar.) _ $14( May 15 May 4
$134 June 1 May 10a
Kendall Co.. cum. partic. pref. (guar.)
38c June 1 May 10a
Cum. partic. pref. (partic. div.) _
Keokuk Electric Co.,6% pref.(guar.)
$134 May 15 May 10
50c June 1 May 20
Keystone Steel & Wire
25c July 1 June 20
Klein(D.Emil)& Co.,Inc.(quar.)
Extra
123ie July 1 June 20
-a.)
75c June 1
Knabb Barrel Co.,Inc., pref.(s.
Exoehler Mfg. Co., 7% pref. (quar.)
$1% June 29
$194 Sept.30
7% preferred (quarterly
$134 Dec. 31
7% preferred (quarterly
Class A preferred (guar.
$135 Juno 29
,
Class A preferred (quar.)
$134 Sept. 30
Class A preferred (quar.)
$134 Dec. 31
Kroger Grocery & Baking (quar.)
40c June 1 May 10
6% preferred (quarterly)
$154 July 1 June 20
7% preferred (quarterly)
51'4 Aug. 1 July 19
Landers, Frary & Clark (quar.)
3734c June 29 June 20
Quarterly
37%c Sept.30 Sept. 20
Quarterly
37,34c Dec. 31 Dec. 20
Landis Machine,7% preferred (quarterly)
$134 June 15 June 5
7% preferred (quarterly)
$134 Sept. 15 Sept. 5
7% preferred (quarterly)
$134 Dec. 15 Dec 5
Langley's Ltd.,7% preferred
$14 May 15 Apr. 30
Lansing Co.(quar.)
25c May 10 —
Lanston Monotype (quarterly)
$1 May 31 May 21
La Salle & Koch. preferred (quarterly)
$134 May 15
-a.)
Lehigh Coal & Navigation (s.
25c May 31 Apr. 30
Lehn & Fink Products (quar.)
3734c June 1 May 15
Libbey-Owens-Ford Glass (quarterly)
30c June 15 May 31
Life Savers Corp. (quar.)
40c June 1 May 1
Liggett & Myers Tobacco (quar.)
$1 June 1 May 1
Common B (quarterly)
$1 June 1 May 1
Lincoln Telep. & Teleg., 6% pref. A (guar.)_ _
8135 May 10 Apr. 30
,
Lindsay Light & Chemical (quar.)
10c May 13 May 4
15c June 1 May 15
Link Belt
July 1 June 15
Preferred (quar.)
Little Miami RR. Co. spec. gtd.(quar.)
50e June 10 May 24
Original capital
$1.10 June 10 May 24
Little Schuylkill Navigation RR. Coal Co.,
Semi-annually
$1.10 July 15 June 14
Loblaw Groceterias, Ltd.,class A & B (quar.)
r25c June 1 May 10
Lock Joint Pipe, preferred (guar.)
$2 July 1 July 1
Preferred (quar.)
$2 Oct. 1 Oct. 1
Preferred (quar.)
$2 Jan. 1 Jan. 1
Loew's.inc.,s634 Preferred (guar.)
$1% May 15 Apr. 30
50c Aug. 1 July 18
Loose-Wiles Biscuit Co., common
$151 July 1 June 18a
let preferred (quar.)
let preferred (guar.)
$1.4 Oct. 1 Sept. 18
Lord & Taylor Co., 1st preferred (quar.)
$134 June 1 May 17
Los Angeles Gas & Electric,6% pref.(quar.)_ _ _ $135 May 15 Apr. 30
May 15 Apr. 26
-a.) $1
Lumbermen'sInsurance Co.,Philadelphia (s.
Lunkenheimer Co.634% pref(quarterly)
$1% July 1 June 20
(quarterly)
$1% Oct. 1 Sept.20
Preferred
6
% preferred (quarterly)
$1% Jan. 1 Dec. 21
Luzerne County Gas & Electric—
$134 May 15 Apr. 30
$7 1st preferred (quarterly)
$134 May 15 Apr. 30
$6 1st preferred (quarterly)
Lynch Corp. (quarterly)
50c May 15 May 4
MacMillan Co.(quarterly)
25c May 15 May 15
$134 May 8 May 8
$6 Preferred (quarterly)
Macy (R. H.) & Co.(quar.)
50c June 1 May 10
May 15 May 5
Magnin (I.) & Co.,6% preferred (quarterly)
6% preferred (quarterly)
$134 Aug. 15 Aug. 5
Nov. 15 Nov. 5
6% preferred (quarterly)
Sc May 15 May 1
Managed Investments (quar.)
Manhattan Shirt (quar.)
15c June 1 May 8
Manufacturers Casualty Insurance (guar.)
40c May 15 May 1
Mapes Consolidated Mfg.(quar.)
750 July 1 June 14
McClatchy Newspapers.7% pf.(qu.)
43fie June I May 31
7% preferred (quarterly)
43%c Sept. 1 Aug. 31
7% preferred (quarterly)
43%c Dec. 1 Nov. 30
McIntyre Porcupine Mines
10% June 1 May 1
Meadville Telep. (guar.)
3734c May 15 Apr. 20
Mid-Continental Petroleum
15c June 1 May 6
Midland Grocers, 6% pref. (s.
-a.)
$3 July 1 June 20
Milwaukee Gas Light,7% pref. A (quar.)
$134 June I May 25
Mine Hill & Schuylkill Haven RR.Co.(s.-a.)_ _ _
$134 Aug. 1 July 15
Minneapolis-Honeywell Regulator (quar.)
75c May 15 May 4
Extra
25c May 15 May 4
Monmouth Consol. Water 7% pref.(quar.)_-._
May 15 May 1
Monogram Pictures Corp.(quar.)_ _
15c Aug. 1
Quarterly
15c Nov. 1
Quarterly
15c Feb. 1
Monsanto Chemical (quarterly)
25c June 15 May 25
Montgomery & Erie RR.(s.
-a.)
17%c May 10 Apr. 30
Montreal Light, Heat & Power (quar.)
$2 May 15 Apr. 30
Moody's Investors Service. pref. (quar.)
75c May 15 May 1
Moore Dry Goods(quar.)
July 1 July 1
$1
Quarterly
$1% Oct. 1 Oct. 1
Quarterly
Jan. 1 Jan. 1
$1 1 June I May 27
Morris Plan Insurance Society. (quar.)
Quarterly
$1 Sept. 1 Aug. 27
Quarterly
$1 Dec 1 Nov. 26
Name of Company
May 4 1935
Per
Share
When Holders
Payable of Record
Morris 5& 10c to $1 Stores.Inc..7% prof.(qu.)_ $134 July 1 June 20
3134 Oct. 1 Sept.20
7% preferred (quarterly)
h50c May 4 Apr. 29
Muskegon Motor, special class A
134% June 1 May 16
Muskogee Co.,6% cum. pref. (quar.)
Mutual Chemical Co. of Amer..6% pref. (qu.)_ $134 June 28 Jun 20
$134 Sept. 28 Sept. 19
6% preferred (quarterly)
$134 Dec. 28 Dec. 19
6% preferred (quarterly)
Sc May 20 May 10
Mutual Telep. (Hawaii) (monthly)
National Automotive Fibre—
$134 June 1 May 15
$7 preferred (quar.)
National Biscuit Co., preferred (quar.)..
$151 May 31 May 17
$13.5 May 15 Apr. 27
National Casket(semi-annual)
$134 June 15 May 31
National Lead, preferred A (guar.)
25c May 15 Apr. 15
National 011 (quarterly)
20c Juno 1 May 6
National Power & Light Co.,com.(quar.)
1734c May 20 May 10
National Short Term Security, pre
Newberry (J. J.) Co., preferred (quarterly)$14 June 1 May 16
New Jersey Zinc Co.(quar.)
50c May 10 Apr. 20
50c May 15 Apr. 30
1900 Corp. class A (quar.)
59c Aug. 15 July 31
"A"(quar.)
50c Nov. 15 Oct. 31
"A" (quar.)
Class B (guar.)
25c May 15 Apr. 30
Nipissing Mines, Ltd
1234c May 15 May 1
Norfolk & Western By. (quar.)
82 June 10 May 31
Adj. preferred (quar.)
$1 May 18 Apr. 30
North American Edison Co. pref. (guar.)
5134 June 1 May 15
Northam Warren, cony. pref. (guar.)
75c Juno 1 May 15
Northern RR. Co. of N J. 4% gtd.(guar.)
$1 June 1 May 20
4% guaranteed (quar.)
$1 Sept. 1 Aug. 20
4% guaranteed (guar.)
$1 Dec. 1 Nov. 21
North l'enna RR. Co. (quar.)
$1 May 27 May 20
Norwalk Tire & Rubber, pref. (quar.)
8734c July 1 June 21
Oahu By. & Land (monthly)
15e May 15 May 10
Oahu Sugar Co., Ltd. (monthly)
10c May 15 May 6
Ohio State Life Insurance (quar.)_______ $234 May 31 Apr. 18
Onomea Sugar Co. (monthly)
20c May 20 May 10
Ontario & Quebec By. (semi-ann.)
$3 June 1 May 1
Debenture (semi-ann.)
% June 1 May 1
Owens-Illinois-Glass (quay.)
$1 May 15 Apr. 29
Pacific Fire Insurance Co
75c May 6 May 4
Extra
25c May 6 May 4
Pacific Gas & Electric,6% preferred (quar.)- 3734c May 15 Apr. 30
% preferred (quarterly)
343'gc May 15 Apr. 30
Pacific Lighting (quar.)
60c May 15 Apr. 20
Parker Pen
15c June 1 May 15
Parker Rust Proof(quarterly)
75c May 20 May 10
Preferred (semi-ann.)
35c May 20 May 10
Peninsular Telephone Co., 7% pref. (quar.)--- $14 May 15 May 4
Penman's, Ltd.(guar.)
75c May 15 May 6
Pennsylvania Power Co., $6.60 pref. (mo.)__ _ _
55c June I May 20
$6 preferred (quarterly)
$14 Juno 1 May 20
Pepper (Dr.)(quarterly)
20c June 1 May 15
Quarterly
20c Sept. 1 Aug. 15
Quarterly
20c Dec. 1 Nov. 15
Phila., Germantown & Norristown RR. Co.,
Quarterly
$134 Juno 4 May 20
Philadelphia Suburban Water Co.. pref.(guar.)
$1.34 June 1 May Ila
Philadelphia & Trenton RR.(quay.)
$234 July 10 June 30
Quarterly
$23.4 Oct. 10 gent.30
Phillips Petroleum
25c June 1 May 3
Phoenix Finance Corp..8% pref. (guar.)
50c July 10 June 30
8% preferred (quarterly)
50c Oct. 10 Sept.30
8% preferred (quarterly)
50c Jan. 10 Dec. 31
Pillsbury Flour Mills (quar.)
40c June 1 May 15
Pittsburgh Bessemer &'Lake Erie (s-a)
75c Oct. 1 Sept. 14
6% preferred (s-a)
$134 June 1 May 15
$1.34 July 1 June 10
Pittsburgh Ft. Waynet& Chicago By. (quar.)
Quarterly
$134 Oct. 1 Sept. 10
Quarterly
$151 Jan. 2 Dec. 10
$1.54; July 2 June 10
7%(preferred
$151 Oct. 8 Sept. 10
7% preferred quar.
7% preferred quar.
$134 Jan, 7 Dec. 10
Pittsburgh Youngstown & Ashtabula RR.—
$134 June 1 May 20
7% preferred (quail
7% preferred (quar.
$31131 Sept
..
Nov.Aug. 20
2
0
7% preferred (quar.
Dec
Pollock Paper & Box Co., pref.(quar.)
$131 June 15 Juno 1
Preferred (quarterly)
$13. Sept. 15 ept. 1
$1
Preferred (quarterly)
Dec. 15
Procter & Gamble Co.. common
3734c May 15 Apr; 25a
ec 1
-a.)
Protective Life Insurance (s.
13 July 1 July 1
50c May 31 May 1
Public Service Corp. of N.J.,6% pref.(mthly)_
$134 May 10 Apr. 30
Public Utility Corp. (guar.)
Pullman, Inc. (quar.)
75c May 15 Apr. 24
Quaker Oats, preferred (quarterly)
$13.5 May 31 May 1
Quebec Power (quarterly)
r25c May 15 Apr. 25
Rainier Pulp & Paper. $2 class A
h50c June 1 May 10
Rapid Electrotype (quarterly)
60c June 15 Juno I
Reading Co.(quarterly)
50c May 9 Apr. 11
50c Juno 13 May 23
1st preferred (guar.)
Reynolds Metals (quarterly)
2154 Juno 2, May 15
1
Rich's Inc.. 634% preferred (quar.)
June
$
Juno 15
Rike-Kumler (quar)
250 June 11 May 21
$14 July 1 June 25
7% preferred (quar.)
Rio Tinto. 5% preferred (final)
Rochester Gas & Electric7% pref. B (qu.)
28$6 ; Juno 1 May 10
1t
6% preferred C & D (quarterly)
$134 Juno 1 May 10
Rolland Paper Co., preferred (quar.)
$1j4 June 1 May 15
Rolls-Royce, Ltd.(final)
xw15% May 14 Apr, 4
Rubber Plantations Investment Trust
Ruud Mtg. Co.(quar.)
5% June 15 June 5
10c
St. Louis Bridge Co..6% 1st pref.(s.
-a.)
$3 July 1 June 15
$134 July 1 June 15
3% 2nd preferred (s.-a.)
St. Louis Rocky Mountain & Pacific RR. Co.
Preferred (quarterly)
$134 July 20 July 5
Preferred (quarterly)
314 Oct. 21 Oct. 5a
&Wen Dillon Co
30c May 15 May 6
Second Twin Bell Syndicate(monthly)
20c May 15 Apr. 30
Shawinigan Water & Power Co.,com.(quer.).__
1
1
1 J„nt, 15 Aim. 25
May 1
Shenango Valley Water Co.,6% pref.(quar.)_
May 20
Sherwin Williams (quar.)
75c May 15 Apr. 30
Preferred (quar.)
1134 June 1 May 15
w5%
Mfg.. Ltd., ord. reg
Singer
Apr. 19
Amer. dep. rec. for ord. reg
Apr. 26
Sioux City Gas & Electric Co..7% pref.(quar.)_
' May 10 Apr, 30
Sioux City Stockyards Co.$134 Pert ref(quan) 37c May 15 May 14
$134 participating preferred (quar.
3734c Aug. 15 Aug. 14
3734c Nov. 15 Nov. 14
$155 participating preferred (auar.
Solvay American Investors, preferred (quar.) _ _ $134 May 15 Apr. 15
Smith (S. Morgan) Co. (quarterly)
at Aug. 1 Aug. 1
quarterly
$1 Nov. 1 i‘its y
N av
.
Smith (A. 0.) Corp., preferred (quar.)
$134 May 15
-a.)_ _
Somerset Union & Middlesex Light Co.(s.
$2 June I May 15
Southern California Edison Co., Ltd.—
Common (quar.)
3734c May 15 Apr. 15
Southern Canada Power Co., Ltd., corn.(qu.)
20c May 15 Apr. 30
Stamford Water Co. (quar.)
$2 May 15 May 4
Stanley Works.6% preferred (quarterly)
3734c May 15 May 4
Stein (A.) & Co
25c May 15 May 1
Preferred A (quarterly)
$134 July 1 June 14
Sterling Products, Inc. (quar.)
05c June 1 May 15a
Strawbridge & Clothier, 6% pref. A (quar.)_
$134 June 1 May 16
25c Juno 15 May 25
Sun Oil Co., common
114 June 1 May 10
Preferred
Susquehanna Utilities Co..6% pref.(quar.)_ _ _ _ $134 June 1 May 20
Syracuse Lighting.6% pref.(quar.)
$134 May 15 Apr. 20
$134 May 15 Apr. 20
634% preferred (quarterly)
May 15 Apr. 20
8% preferred (quarterly)
56c May 15 Apr. 30
Tampa Electric (quar.)
Preferred A (quar.)
$134 May 15 Apr. 30
Tampa Gas Co.,8% pref. (guar.)
$2 June 1 May 20
7% preferred (guar.)
$134 June 1 May 20
'elk
Financial Chronicle
Volume 140
Per
Share
Name of Company
Tennessee Electric Power Co.,5% pref.(quar.)_
6%, preferred (quar.)
7% preferred (guar.)
7.2% preferred (guar.)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Tex-O-Kan Fleur Mills. pref.(quar.)
Thatcher Mfg. Co.,$3.60 cum. preferred
Thompson (J. R.) Co.(guar.)
Tide Water Power Co 86 pref (guar.)
Tile Roofing. Inc., $2 preferred
Tobacco Securities Trust, ord. roe
Amer. dep. rec. for ord. reg
Interim
Toburn (Gold Mine) Ltd
Twin Bell Oil Syndicate (mo.)
Union Gas Co. of Canada (special)
Union Oil of Calif. (quar.)
United Biscuit Co. of America, corn. (quar.) _
United Gas Improvement (quar.)
Preferred (quar.)
United Engineering St Foundry (quar.)
Preferred (quar.)
United Light & Rys.(Dela.),7% pref. (mo.)__ 6.38% preferred (mo.)
6% preferred (mo.)
7% preferred (mo.)
6.36% preferred (mo.)
6% preferred (mo.)
United New Jersey RR.& Canal(quar.)
United States Petroleum (s.
-a.)
Semi-annually
United States Pipe & Fdy Co., common (quar.)_
Common (quar.)
Common (guar.)
lit preferred (quar.)
lot preferred (quar.)
lit preferred (quar.)
United States Playing Card (quar.)
Extra
United States Sugar Corp., pref.(guar.)
Upper Michigan Power & Lt. Co.. b% pf.(qu.)69' preferred (quarterly)
6% preferred (quarterly)
6% preferred (quarterly)
Utica Clinton & Binghamton Ry.—
Debenture stock (semi-ann.)
Debenture stock (semi-ann.)
Utica Gas & Electric, 7% pref. (quar.)
Vermont & Boston Telephone tsemi-ann.)
Pick Chemical. Inc.(quar.)
Extra
Vulcan Detinning, preferred (quar.)
Preferred (guar.)
When Holders
Payable of Record
$136 July 1 June 15
$136 July 1 June 15
$136 July 1 June 15
$1.80 July 1 June 15
50c June 1 May 15
50c July 1 June 15
60c June 1 May 15
60c July 1 June 15
SIN June 1 May lb
90c May 15 Apr. 30
12Sic May 15 Slay 6
$1% June 1 May 10
July 1
xig5 c May 15 Apr. 23
h5%
5
rto5% May 22 Apr. 26
May 15
5
a May 21 Apr. 25
$2 May 5 Apr. 30
rlOc May 15 Apr. 20
25c May 10 Apr. 19
40c June 1 May 6
25c June 29 May 31
$136 June 29 May 31
May 10 Apr. 30
37
5136 May 10 Apr. 30
58 1-3c June 1 May 15
53c June 1 May 15
50c June 1 May 15
58 1-3c July 1 June 15
53c July 1 June 15
50c July 1 June 15
$236 July 10 June 20
lc June 15 June 5
lc Dec. 15 Dec. 5
July 20 June 29
12
1236c Oct. 20 Sept. 30
12Sic Jan. 20 Dec. 31
30c July 20 June 29
30c Oct. 20 Sept. 30
30c Jan. 20 Dec. 31
25c July 1 June 20
25c July 1 June 20
$136 July 5 June 10
$136 May 10 Apr. 30
$136 Aug. 10 July 31
$136 Nov. 10 Oct. 31
$136 2-10-36 Jan. 31
$235
$215
,
$131
$2
50c
10c
%
136%
June 26 June 16
Dec. 26 Dec. 16
May 15 May 1
July 1 June 15
June 1 May 16
June 1 May 16
July 20 July 10
Oct. 19 Oct. 10
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF TIIE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 27 1935
Clearing House
Members
Surplus and
Undieided
Profits
• Capital
Bank of NY & Trust Co_
Bank of Manhattan CoNational City Bank _ ___
Chemical Bk & Trust Co
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Each Bank Tr Co_
First National Bank _
Irving Trust Co
Continental Bk & Tr Co.
Chase National Bank_ _ _
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co_.
Not York Trust Co_ _
Comin'l Nat Ilk & Tr Co
Public Nat Bk & Tr Co
I
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
Na Demand
Deposits.
Average
$
s
10,469,000
119,055,000
25,431,700
311,598,000
e41,262,700 al.103,953,000
48,608,700
379,690,000
177,131,600 b1,124,296,000
10,297.500
303,283,000
61,517,600
642,444,000
16,350,200 199,603,000
e89,006.600
422,346,000
57,726,000
426,802,000
3.649,000
35,383,000
64,815,950 c1,426,564,000
3,469,200
45,846,000
62,871,100 d697,060,000
7,988.500
15,532,000
7,537,900
68,157,000
21.361,500
252,651,000
7,758,600
58,531,000
e5.229,300
66,115,000
Time
Deposits,
Average
c
6,315,000
29,139,000
151,643.000
18,786,000
54,043,000
105,442,000
28,293,000
21,048,000
10,390,000
5,151,000
2,304,000
68,071,000
352,000
18,852,000
291,000
3,372.000
18.390,000
1,481,000
38,332,000
Totals
054 ace; nnn 799 4e0 ROD 7 628 200 000 581 fig5 AM
• As per official reports: National. March 4 1935; State, March
30 1935; trust
companies. March 30 1935. e As of March 30 1935.
a Includes deposits in foreign branches: 0199,121,000; b
564,690,000; c 580,870,000; d $24,498,000.
The Now York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House.
following are the figures for the week ended April 26: The
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR TIIE WEEK ENDED FRIDAY,
APRIL 26 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Other Cash Res. Dep., Dep. Other
Disc. and Including N. Y. and Ranks and
Investments Bank Notes Elsewhere Trust Cos.
Manhattan
$
Grace National
23,908,600
Trade Bank of N. Y.. 3.802.340
Brooklyn—
People's National_.... 3.754.000
S
104,000
171,594
I
2,851,400
1,153,003
97.000
1.358.000
Gross
Deposits
A
A
1,828,400 25,222.200
176,709 4,462,040
282.000
5.010000
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Sillies County
Cash
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.
5
50,304,900
6,984,740
12,539,714
18,989,000
28,625,300
61.311,647
s
s
*10,350,100 8,559,700
117,060
745,980
559,849
.744,217
*2,755.700
929,800
*8,054,000
450,800
19,854,956 16,207,837
88,992,000
27 421 9011
2,822,000 27,459,000
9 90.1101 0 902 5112
s
Gross
Deposits
s
2,518,500 59,694,100
1,716,218 7,869,501
62,541 11,876,111
544,000 18,504,500
34,567,900
68,957,511
69,000 105,054,000
,
• Includes amount with Federal Reserve as follows: Empire.
59,25 .700; Fiduciary, $187,639; Fulton, 52,555,200: Lawyers County. 57,303.309.
2991
Per
Share
Name of Company
When Holders'
Payable of Rec•rd
Washington By.& Electric Co.5% pref.(quar.) 5131, June 1 May 15
Western Cartridge. 6% pref. (quarterly)
$1% May 20 Apr. 30
Westland Oil Royalty A (monthly)
be Slay 15 Apr. 30
West Penn Electric. 7% preferred (quar.)
May 15 Apr. 18
$1
6% preferred (quar.)
$135 May 15 Apr. 18
West Virginia Pulp & Paper Co.. pref.(quar.)_ _
$Ui May 15 May 1
Wilcox-Rich Corp., class B
25c May 15 May 1
Will & Baumer Candle Co., Inc
10c May 15 May 1
Extra
Sc May 15 May 1
Wilson & Co.. Inc., common
12Me June 1 May 1$
Winsted Hosiery (quar.)
$136 Aug. 1
Quarterly
$155 Nov. 1
Woolworth (F. W.) Co.(guar.)
60c June 1 Apr. 23
Wrigley (Wm.)Jr. Co.(mthly.)
25c June 1 May 20
Monthly
25C July 1 June 20
Monthly
25c Aug. 1 July 20
Monthly
25c Sept. 2 Aug. 20
Monthly
25c Oct. I Sept.20
Worcester Salt
50c June 29 June 20
Preferred (quar.)
$136 May 15 May 4
Zion» Cooperative Mercantile Ins. (quar.)
50c July 15
Quarterly
50c Oct. 15
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
I The New York Curb Exchange Association has ruled that stock was
not De 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. j Payable in preferred stock.
m American Cities Power & Light Corp. regular quar. dir. ot 1-32 of
1 share ot class B stock was declared upon each sh. of cony. class A stock,
opt. div. series, payable May 1 to stockholders of record April 11. Class A
stockholders have the option of receiving 75c. in cash in lieu of the div.
in class B stock, provided written notice is received by the corporation
on or before April 22 1935.
n Continental Telep. Co. stock div. payable in tiSi% preferred stock.
o Blue Ridge Corporation 132 of one sh. of com. stk.. or at the opt. of
the holder 75c cash. Holders desiring cash must notify the corp. on or
before May 16, 1935.
p Kress (S. H.) & Co. dividend of 25c. in cash and 50c. in special preferred stock.
(q-I) Doehler Die Casting,7% preferred arrears dividend payable in cash
at the rate of $12.25 a share, or in common stock at the rate of 1 share of
common for each share held.
(7-2) $7 preferred arrears dividend payable in cash at the rate of $24.50
a share or in common stock at the rate of a shares of common for each
share held.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
is Payable in U. S. funds. v A unit. w Less depositary expenses.
x Less tax. u A deduction has been made for expenses.
Condition of the Federal Reserve Bank of
New York
The following shows the condition of the Federal Reserve
Bank of New York at the close of (business May 1 1935,
in comparison with the previous week and the corresponding
date last year:
May 1 1935 Apr 24 1935 Mat 2 1934
Assets51old certificates on hand and due from
$
s
$
U. S. Treasury_x
2,146,519,000 2,171,085,000 1,503.219,000
Redemption fund—F. R. notes
1,144,000
1,340.000
2,071,000
Other cash.
66,540,000
72.821,000
63,604.000
Total reserves
2,214,203,000 2,245,246,000 1.568.894,000
Redemption fund -F. R. bank notes__
2,327,000
Bills discounted:
Secured by U. S. Govt. obligations
direct & (or) fully guaranteed
1,053,000
1,629.000
4,204,000
Other bills discounted
2,291,000
12,944,000
2,319,000
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities.
3,344,000
3,948,000
17,148,000
1,805,000
6,134,000
1.805,000
6.112,000
2.285,000
109,884,000
465,444,000
168,990,000
131,046,300
439,628.000
168,644,00(1
149,331,000
398,347,000
239,077,000
744,318,000
739,318,000
786.755,000
Other securities
Foreign loans on gold
40,000
Total bills and securities
755,601.000
751.153.000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
279.000
6,411,000
137,182,000
11,724,000
26,312,000
279,000
1,194,000
3,191,000
5.348,000
121,308,000 114,249,000
11,724,000
11,434.000
26.038,000 70,838,000
Total assets
806,228,000
3,151,712,000 3,158,969,000 2.580,512,000
Liabilities—
F. R. notes in actual circulation
651,210,000 547 434,000 638,514.000
F. R. bank notes in actual circulation net
41,737,000
Deposits—Member bank reserve acc't__ 2,004,387,000 2,028,666,000 1,420,459,000
U. S. Treasurer—General account__
24,080,000
23,459,000 152.508,000
Foreign bank
5,649,000
8,620,000
2,512.000
Other deposits
194,676,000 194,449,000 45.628,000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
2,228,792,000 2,255,394,000 1,621,107,000
142,925,000 132,905,003 112,563,000
59,372,000
59.572.000
59,712.000
49,964,000
49,964,000 45,217,000
6,064,000
1,778,00(
7,500.000
7,500,000
4,737,000
.5.885,000
4,422,000
56.925,000
Total liabilities
3 151,712,000 1,158,969,000 2,580,512,000
Ratio of total reserves to deposit an
F. R. note liabilities combined
76.9%
77 3%
69.4`q
Contingent liability on bills purchased
for foreign correspondents
7,000
1,451,000
Commitments to make Industrial ad
10.000
vances
6.322.000
6.458.000
• "Other cash" does not include Federal Reserve notes or bank's own
a
Federal
Reserve bank notes.
These are certificates given by the U. S Treasury for the
gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued
cents to 59.06 cents, these certificates being worth less to the extent from 100
of thr difference the difference itself having been appropriated
88 profit by the Treasure
under the provisions of the Gold Reserve Act of 1934
Financial Chronicle
2992
May 4 1935
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, May 2, showing the condition of the
twelve Reserve baoks 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 1 1935
May 1 1935 Apr. 24 1935 Apr. 17 1935 Apr. 10 1935 Apr. 3 1935 Mar. 27 1935 Mar. 20 1935 Afar. 13 1935 May 2 1934
$
$
$
S
$
5
5
1
$
ASSETS
0
Gold otts. on hand & due from U.S.Treas.x 5.750,844,000 85730265,0 0 5,682,857,000 5.592.822,000 5,593.721.000 5,567,025,000 5.567,221,000 85.554,124,000 4,586,500,000
17,983,000
16,881.000
31,144,000
20,522,000
17,067,000
17.625.000
14,708,000
15,877,000
15,878,000
Redemption fund (F. R. notes)
244,515,000 249.610,000 228,205,000 237,245,000 236.131.000 253,500,000 252,657,000 8253,933,900 232,267,000
Other cash •
6,015,881,000 85997858,000 5,927.943,000 5,847,134,000 5.847,477,000 5.835,233,000 5.835.755,0005.824.135.000 4,849,911,000
L, Total reserves
Redemption fund-F.R. bank notes
Bills discounted:
;,,,,Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
5,000
5,000
6,022.000
4,487,000
3,170,000
3,217,000
3,208,000
7,388,000
30,924,000
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
6,391,000
7,678,000
7.657,000
6,425,000
38,312,000
4,696,000
26,444,000
Total bills discounted
Bills bought in open market
Industrial advances
3,539,000
3,285,000
4,696,000
26,206,000
5,302,000
26,163,000
5,307,000
21,256,000
5.304.000
21.073.000
5.306,000
20.785,000
5,299,000
20.409,000
5,505,000
19,869.000
8,279,000
3,074,000
3.304,000
4,415,000
3,263,000
347.172,000 382.906,000 383.461,000 384,105,000 392.493,000 391,942,000 391,980,000 390,186,000 407,858,000
1,530,279,000 1.4613.266,000 1.487,332,000 1,488,606.000 1.492.666.000 1.494,703,000 1,494,667,000 1.494.675.00( 1,242,591,000
553,024,000 581.060,000 560,060,000 557,660.000 545.660.000 543,660,000 543,660,000 545,500,000 781,370,000
-Bonds
U.S. Government securities
Treasury notes
Certificates and bills
Total U. S. Government securities-. 2,430,475,000 2,430,232,000 2,430,853,000 2,430,431,000 2.430,819,000 2,430,305,000 2,430,307.000 2,430,361,000 2,431,819,000
747,000
Other securities
Foreign loans on gold
2,467.993,000 2,467.958,000 2.468.979.000 2,463,013,000 2.463.587.000 2.464.074,000 2.483,672.000 2,462,160,000 2,479,157,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other assets
702.000
702,000
17.800,000
18,982,000
541.743,000 8488,763,000
49.616,000
49.616,000
39,921.000
40,274,000
705.000
16,057,000
549,846,000
49,617,000
39.685,000
702.000
700,000
15,313.000
15,933,000
434,605.000 471.759.000
49,533.000
49,615,000
43,016,000
44.019,000
702.000
708.000
15,973,000
16,684,000
446,072,000 509.742,000
49.524.000
49,524,000
42.173,000
41,359,000
802,000
3,131,000
13,851 000
16.846,000
504,894,000 456,805,000
49.514,000
52,569,000
49,154,001
183,967,000
9,135,191,000 9.062,618,000 9.052,832,000 8,855,019.000 8.891,387,000 8,853,751,000 8,917,449,000 8,904,515,000 8,048,408,000
Total assets
LIABILITIES
F. R. notes in actual circulation
F. R. bank notes in actual circulation.
3,181,879,000 3,145,805.000 3.178,871,000 3,169,329,000 3,174,531.000 3.130,572,000 3,139.753,000 3,136,652,000 3.058,777,000
100,000
100,000
70,208,000
Deposits
-Member banks' reserve account 4,721,320,000 4,719,309,000 4.501.203,000 4,286,830,000 4.192.954.000 4.285,129.000 4,361,278,000 4,588,213,000 3.570,283,000
76,209,000
56,874,000 205,419,000 393,068.000 473.679,000 393,138,000 309,517,000
87,968,000 142,776,000
U S. Treasurer-General a000unt
17,360,000
22,319,000
17,817,000
23.967,000
20,053,000
16,430,000
15,378,000
17,587.000
6.585,000
Foreign banks
264,102,000 248.596,000 206.422,000 213.075,000 220.748.000 226.393,000 219,998,000 273,765,000
260.677,000
Other deposits
5,073,584,000 5,064,252,000 4.977,537,000 4.904,137,000 4.897,068.000 4.919,066,000 4.913,618.000 4,913,766,000 3.993,409,000
Total deposits
I 547,076,000
146,666.000
144,893,000
19.209,000
30,806,000
11.078.000
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
505,349.000
146,908,000
144,893.000
14,924,000
30,806,000
9,681,000
549.980,000
146,957,000
144.893.000
14.924,000
30,807,000
8,863,000
435,255,000
146,966,000
144.893.000
14,820,000
30,805,000
8,814,000
474.539.000
146,953,000
144.893,000
14.809.000
30.805.000
7,789.000
458,986,000 519,167,000
146,921,000 146,924,000
144,893,000 144.893.000
14,366,000
14,366,000
30,802,000
30,815,000
8,145,000
7,813,000
507,943.000
147,020.000
144,893,000
14,278,000
30,822,000
9,041,000
454,807,000
146,300,000
138,383,000
22,531,000
163,993,000
.135,101,000 9062.618.0009.052.832,0008.855,019,000 8,891,387,000 8,853,751,000 8,917,449.000 8
.904,515,000 8,043,408,000
Total liabilities
Ratio of total reserves to deposits an,
F. R. note liabilities combined
Contingent liability on bills purchased to)
foreign correspondents
73.0%
73.1%
72.7%
72.4%
72.4%
72.5%
72.5%
72.3•
20.000
27.000
40,000
48.000
70,000
98.000
206,000
224,000
Commitments to make industrial advance.
17.051.000
16.908,000
16.687,000
16,315,000
10.252.000
15.732,000
15,551,000
15,084,000
11
4,191,000
641,000
1,042.000
344,000
160,000
$
4,582,000
176,000
1,530,000
390,000
146,000
$
4,580,000
238,000
718,000
1,014,000
105,000
$
3,982,000
211.000
698,000
1,035.000
93,000
$
4,168.000
245,000
783,000
1,093,000
102,000
$
5,533,000
244.000
170,000
1,639.000
92,000
$
5,613,000
58,000
333,000
1,568,000
85,000
S
5.073,000
140,000
338,000
619,000
246,000
$
28,004,000
3,177,000
5,930,000
975,001
223,000
6,378,000
6,824,000
6.661.000
6,019,000
6,391,000
7,678,000
7.657,000
6,425,000
38,312,000
338,000
291,000
489,000
3,578,000
247.000
381,000
559,000
3,509.000
3,703,000
265,000
727,000
607,000
4,077.000
242,000
624,000
364,000
497,000
3,674.000
472,000
661,000
208,000
4,042,000
529,000
527,000
608.000
538,000
4.004,000
149,000
702.000
193,000
1,189,000
3,421.000
3,238,000
910,000
272,000
3,859.000
4,696,000
4,696,000
5,302,000
5,307,000
5,304,000
5,306,000
5.299,000
5,505,000
8,279,000
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
304,000
360,000
23,508,000
948,000
883.000
492,000
340.000
18.593,000
885,000
774,000
473,000
564,000
18,377,000
508,000
652,000
1,118,000
501,000
18,006,000
623,000
590,000
1,173,000
425,000
17,598,000
625,000
99,000
1.609,000
17.006,000
26,206,000
26,163,000
21,256,000
21,073,000
20,785,000
20.409,000
19,869,000
Maturity Distribution of Bills and
Short-term Securities-- j . ki
r1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market...
31-00 days bills bought in open market
61-90 days bills bought in open market_
Over 90 days bills bought in open marketei
Total bills bought In open market
1-15 days Industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-90 days industrial advances
Over 90 days industrial advances
a advances
26,444,000
530,01)0
41,078,000
33,252.000
28,250.000
41,690,000
37.080,000
40.550,000 137,100,000
48.965,000
1-15 days U. S. certificates and bllis
37,078,000
48.765,000
41,078.000
48,881.000
41,690.000
34,009,000
40.256,000
16-30 days U. S. certificates and bills
28.250.000
89,784,000
90,571.000
89.021.000
89.843,000 176,621.000
31 60 days U. S. certificates and bills
193. 48,000 257.519,000 264.351.000
0
120,495,000 113.295,000 109,325.000 290,856,000 201,959,000 270,013,000 272,839,000
61-90 days U. S. certificates and bills _
93.784,01)0
Over 90 days U.S. certificates and.bills- 2.028,711,000 1.968,847,600 1.967,334.000 1,971.021.000 1,975,509,000 2,004,393,000 1,993.060000 1.994,606,000
2.430,475,000 2,430,232.000 2,430,853,000 2,430.431.000 2,430.819.000 2,430.305,000 2,430,307,000 2 430,361,000
.
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
62.180,000
21.325,000
117.621,000
21,070,000
559,174,000
781,370.000
499,000
8,000
5,000
35,000
Total municipal warrants
Federal Reserve Notes
Issued to F. R Bank by F. It. Agent
Held by Federal Reserve Bank
68.8%
4,261,000
547,000
3.424.484,000 3.440.945.000 3,442,878,000 3.445,917,000 3.433,556,000 3,408,581,000 3,422,953.0003.423,984,000 3.323.359,000
262.605,000 295.140,000 264.007,000 276,588.000 259,025,000 278,009.000 283,203,000 287,332,000 264,582,000
In actual circulation
3,161,879.000 3.145.805,000 3,178,871,000 3,169,329,000 3,174,531,000 3,130.572,0003.139.753,000 3.136,652,000 3,058.777,000
Collateral field by Avon/ as Security for
Notes Issued to Bank
Gold infs. on hand & due from U.S. Treas. 3,284,979,000 3.289,979,000 3,292,979.000 3.259,979,000 3,249,979,000 3,287,679,000 3,320,679,000 3,312,969,000 2,983,271,000
4.074,000
5,124.000
4,257,000
5.842,000
4,552.000
5.684,000
4,682 000
By eligible paper
4,438.000
22,151,000
232,100,000 218,100.000 212.100,000 240,100,000 246,100,000 203.100.000 173,000,000 179.000,000 355.400,000
U. S. Government securities
Total collateral
1.521.761.000 3.510.203.000 3.510,053.000 3.504.336.000 3.500.631.000 3.406.621.000 3.499.363.000 3.49e 407 000 .3(,052;
4, other cash- doer not include Federal Reserve notes.
a Revised figures.
a rbese nre certificates given by the U 9 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 leas to the extent of the difference, the difference itself haylpg been appropriated as Soli& by the Treasury under the
provisions of the Gold Reserve Aot, ox 1934
Financial Chronicle
Volume 140
2993
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 1 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of—
Boston
Total
New York
Phila.
Cleveland Richmond Atlarua
Chicago
SI. Louts Mtnneay 1Can. City
Dallas
San Fran.
RESOURCES
$
$
$
$
$
$
$
$
$
$
S
$
$
Gold certificates on hand and due
from U. S Treasury
5.750.844.0 418.593.0 2,146,519.0 299,727.0 427,872.0 188,816.0 110.784.0 1,280.799,0 168,794,0 121.032,0 185,488,0 88,952.0 313.468.0
Redemption fund—F. R. notes
1,144,0 1,665,0
20,522,0 2,094,0
1,675,0
1.821,0 3.483,0
659,0
827,0
376,0 2,911.0
2,549,0 1,318.0
Dtbes cash...•
66.540,0 34,035,0 10,996,0 12,002,0 12,447,0 26,496,0 11,580.0 12,153,0 11,109,0 5.541,0 15,399,0
244.515,0 26,217,0
Total reserves
6.015.881,0 446,904,0 2,214,203.0 335.427,0 440.543,0 202,639.0 126,714.0 1.309.844.0 181,692,0 133.844,0 197,424,0 94,869,0 331,778,0
Bills discounted
15.e. by U 9. Govt. obligations
direct A (or) fully guaranteed
458,0
1.053,0
3.074.0
149,0
368.0
143,0
29,0
306,0
4,0
270.0
55,0
70,0
169.0
Other bills discounted
2,291,0
3,304.0
191,0
114,0
21.0
62,0
61.0
284.0
184,0
2.0
67.0
24.0
3,0
Total Mils discounted
Bills bought In open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bilks
6,378,0
263,0
3,344,0
649.0
389,0
367.0
353,0
94,0
7,0
57,0
91,0
554.0
210.0
4,696,0
26.444,0
346,0
2.154,0
1,805,0
6,134,0
476,0
3,585,0
446,0
1,321,0
174.0
4.010,0
169,0
1,149.0
557.0
2,190,0
80.0
534,0
65,0
1,960,0
127.0
963,0
122,0
1.787,0
329,0
677.0
347.172,0 19,284.0
1,530,279,0 99,643,0
553,024,0 38,751,0
109.884.0 21.039,0 25,224,0 13,447,0 11.182,0
465.444.0 105.663.0 135.216,0 72,083.0 59,799,0
168,990,0 40,418,0 52.585.0 28.033,0 23,256.0
Total U. B. Govt.securities_ 2,430,475,0 157.678.0
Total bills and securities
Due from foreign bank's_ ___
Fed. Res. notes of other banks.-Uncollected Items
Bank premises
All other resources
Total resources
41,331.0 13,252,0 14,511,0 13,014.0 17,280.0 47,724.0
254,067.0 68,362.0 40,565.0 67,701.0 39.020,0 122,716,0
94.445,0 26,586,0 15.565,0 26,329,0 15,175,0 22,891,0
744,318,0 167.120.0 213,025.0 113,563.0 94,237.0
389.843,0 108,200,0 70,641,0 107,044,0 71,475,0 193,331,0
2,467,993,0 160,441,0
755,601,0 171,810.0 215,181.0 118,114.0 95,908,0
392,684.0 108.821,0 72,724,0 108.225,0 73,938,0 194,547.0
702.0
53,0
18.982,0
349.0
541.743.0 56.332.0
49,616,0 3,168,0
40,274,0
618,0
279,0
72,0
67,0
26,0
25,0
6,411,0
430,0
983.0 1.897,0
887,0
137.182,0 40,045.0 47,422,0 54,984,0 19,968.0
11.724,0 4,578,0 6,629,0 3,028,0 2,325,0
26.312,0 4,435.0 2.667,0 1,244,0
1.715.0
4,0
19.0
18.0
49.0
85.0
5.0
958,0
316.0 2,113,0
889.0
2,876,0
873.0
77,654,0 20,168.0 13.598.0 32,364,0 16,204.0 25,822.0
4,955.0 2.628,0 1,580,0 3.447,0 1,685,0 3,869.0
905.0
637,0
515.0
720.0
262.0
244,0
9,135,191,0 667,865,0 3,151,712,0 556,797,0 713,492,0 381.932,0 247,542,0 1,788,818.0 314,431,0 223,275.0 342.699.0 187.935.0 558.693,0
LIABILITIES
F. R. notes In actual circulation. 3,181,879,0 262,526,0
851,210,0 236,184,0 312,980,0 150,112,0 126.665.0
Deponits:
Member hank reserve account_ 4.721,320,0 314,736,0 2,004,387.0 238,502,0 307,678.0 153,164,0 80,333.0
U. S. Treasurer—Gen. acot
24,080,0 1.223,0 7,936,0 7.637,0 5.014.0
76,209,0 2.692.0
Foreign bank
5,649,0 1.524,0 1,463.0
15,378,0 1,108,0
570.0
554.0
Other deposits
260,677,0 5,193,0 194.676,0 6,041.0 3.939,0 2,995,0 2.608.0
Total deposits
788.372,0 139,803,0 104,874,0 119.963,0 47,032,0 222.158,0
861.021,0 126.078.0 87,367,0 174,795.0 107,491,0 265.770,0
474.0 5,842.0 1.793.0 2.442.0
13.060.0 4,016.0
400.0 1.078,0
369.0
415.0
462.0
1,786.0
773.0 2.788.0 18,218.0
3,239.0 11.955,0 8.252,0
5.073.584,0 323,729,0 2.228.792.0 247,290,0 321,016.0 164,366,0 88,509,0
Deferred availability Items
Capital paid in
Surplus (Section 7).
Surplus (Section 13-b)
Reserve for contingencies
AB other liabilities
Total ilablittles
547,078,0 56.752.0
146.666.0 10.763,0
144,893.0 9,902,0
19.209,0 2,165,0
30,806,0 1,848.0
11,078,0
380.0
879.106.0 142,509,0 96,462,0 181,825.0 112.472.0287.508,0
142,925,0 39,277,0 47,555.0 53,524.0 18.802.0
59,372.0 15,133,0 13,126,0 5,035,0 4,447.0
49,964.0 13370,0 14.371,0 5,186.0 5,540.0
6,064,0 2,098,0 1,007.0 2,084,0
754.0
7.500.0 2,996,0 3,000,0 1,416.0 2.600,0
5,885.0
349,0
437.0
209,0
225.0
78.543,0 21,459,0 12,938.0 31,477.0 18.440,0 25.384.0
3,127,0 4.032.0 4.031.0 10.822,0
12.779,0 3,999.0
21.350.0 4,655.0 3,420,0 3,613.0 3,777,0 9.645,0
695.0
775.0
547.0 1,003,0
626,0
1.391,0
5.325.0
816.0 1,363.0 2.041,0
890,0 1,211,0
194.0
440,0
198,0
240,0
1,952.0
569,0
9,135,191,0 667,865,0 3,151,712,0 556,797,0 713,492,0 381,932,0 247,542,0 1,788.818.0 314,431,0 223,275,0 342,699,0 187,935.0 558,693,0
Ratio of total res to dep. & F. R.
note liabilities combined
73.0
Contingent inutility on bills pur- •
chased for torn correepondeott•
20.0
Committmeuts to make Industrial
advances
17,051.0
76.2
76.9
69.4
69.5
64.4
1,0
7,0
2,0
2.0
1,0
2,654.0
6,322,0
480,0
1.468.0
1,319.0
58.9
78.6
1,0
501,0
725.0
64.4
2,0
1,0
1,397.0
b
36,0
65.4
59.5
1.0
66.5
1.0
1.0
384,0
160,0
1.605,0
65.1
•"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
NeW York
Boston
Phila.
ClevMand Richmond Atlanta
Federal Reserve notes:
$
$
Issued to F.R.Bk.by F.R.Agt, 3.424.484,0 279.286,0
Held by Fed', Reserve Bank___ 262.805,0 16.760.0
$
$
$
$
$
744,881,0 249.410,0 327,029,0 160.097.0 144.382.0
93,671,0 13.226,0 14,049.0 9.985.0 17.717.0
Si Louis Mintseay. Ran. City Da/las SanFran.
—
$
$
$
$
$
$
819.125.0 145.830.0 108,691.0 128.459.0 53.093.0 264.201.0
30,753.0 6,027.0 3,817,0 8,496.0 6.061,0 42.043,0
In actual circulation
3,181,879,0 262,526,0
Collateral held by Agent as se("Irby for notes Issued to bks:
Gold certificates on hand and
due from U. B. Treasury- --- 3,284,979,0 301,617,0
Eligible paper_
4,882,0
256,0
U. B. Government securities._ 232,100,0
651,210,0 236.184,0 312,980,0 150,112,0 128,665.0
788,372,0 139,803,0 104,874,0 119,963,0 47.032.0 222,158,0
788,706,0 230,000.0 308.715,0 141.340.0 87,685,0
1.779.0
640,0
379,0
340,0
346,0
22.000,0 20.000,0 20,000,0 60.000,0
827.346.0 118,632,0 97,500,0 120,000,0 50,175.0 213,263.0
552.0
183,0
66,0
4,0
55,0
82,0
29.000,0 12,100,0 10,000.0 4,000,0 55.000,0
790.485,0 252,640,0 329.094,0 161,680,0 148.031,0
827,428,0 147,636,0 109,655,0 130.066.0 54,727.0 268.446.0
Total collateral
3.521,761.0 301.873,0
Chicago
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the fig urea 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 01? WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES.
BY DISTRICTS. ON APRIL 24 193$
(to Millions of Dollars)
Federal Reserve District—
Loans awl Investments—total
Boston
Total
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Mimeo:). Ran. City
Dallas SanFran.
—-429
1.949
18,617
1,172
8,620
1,076
1,188
359
349
1,964
560
361
590
Loans on securities—total
3,067
205
1,790
191
168
50
47
249
59
33
47
43
185
To brokers and dealers:
In New York
Outside New York
To others
850
188
2,049
15
31
159
807
58
925
15
14
162
6
162
1
49
3
44
9
31
209
4
55
2
31
1
2
44
1
42
3
15
167
Acceptances and comml naper bought
Loans on real estate
Other loans
395
963
3,217
47
89
291
208
245
1,355
25
71
164
2
73
139
8
16
79
2
12
128
41
31
323
10
36
105
6
6
100
22
13
107
3
25
110
21
348
316
U. B. Government direct obligations_
Oblige. fully guar. by U.S. Govt-- Other securities
7,336
711
2,928
361
12
167
3,470
298
1,254
297
56
272
594
25
187
127
22
57
90
19
51
940
103
277
224
29
97
149
12
55
257
26
118
169
38
41
858
71
352
Reserve with Federal Reserve banks—
Cash In vault
3,538
281
258
73
1,820
57
153
14
163
22
63
11
31
7
584
45
78
9
56
4
103
12
67
10
164
17
14,636
4,498
1.014
989
312
71
7,662
1,044
558
754
312
82
737
451
45
240
139
s
208
131
31
1,788
558
58
408
167
22
267
129
5
490
162
21
319
123
52
774
970
83
1.819
4,438
108
215
155
2,014
185
264
150
202
89
102
86
87
293
616
102
181
88
121
212
287
142
137
209
212
1
1
Net demand deposits
Time deposits
Government depovlts
Due from hanks
Due to banks
Borrowings from F. R. banks
2994
Financial Chronicle
o
re
(tninintrait•
t0 Sinanrial
I
May 4 1935
United States Government Securities
Bankers Acceptances
eironirle
PUBLISHED WEEKLY
(Damian Orricit-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0813.
LONDON Omen-Edwards & Smith, 1 Drapers' Gardens, London, E. C.
NEW YORK HANSEATIC CORPORATION
37 WALL ST., NEW YORK
WILLIAN B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
United States Treasury Bills
-Friday, May 3
Rates quoted are for discount at purchase.
United States Government Securities on the New
-Below we furnish a daily record
York Stock Exchange
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Quotations after decimal point represent one or more 32nds
of a point.
Daily Record of U. S. Bond Prices Apr. 27 Apr. 29 Apr. 30 May 1
May 2 May 3
High 101.15 101.17 101.20 101.24 101.24 101.20
First Liberty Loan
331% bonds cot 1932-47_ Low_ 101.12 101.15 101.17 101.22 101.23 101.19
Close 101.15 101.17 101.20 101.24 101.23 101.20
(First 3J5s)
77
12
148
50
43
196
Total sales in $1,000 units_
---_
-_----- -Higi
-_----4% bonds of (High
1932-47
_
Total sales in $1.000
units_Converted 43(% bonds High
of 1932-47 (First 43(s) Low_
(Close
Total sales in $1,000 units___
Second converted 4;1% High
bonds of 1932-47(First LowSecond 4318)
Total sales in $1,000 units_
(High
Fourth Liberty Loan
431% bonds of 1933-38_ Low_
Close
(Fourth 431s)
Total sales in $1,000 units_ _
High
Treasury
Low_
430 1947-52
Close
Total SOW in $1,000 units_-_
High
Low_
is, 1944-54
Close
Total sales in $1.000 units_ _ _
High
Low_
43(e-331s, 1943-45
Close
Total sales in $1,000 units_-_
High
3,(a, 1946-58
ILow.
Close
Total sales in $1,000 units_-_
High
Low_
319, 1943-47
Close
Total sales in $1,000 units__
High
31, 1951-55
Low_
Close
Total sales in $1,000 units._
High
8s, 1946-48
Low_
Close
Total sales in $1,000 Unit,.-High
319, 1940-43
Low_
Close
Total sales in $1,000 units_ _
(High
11115. 1941-43
Low_
Close
Total sales in $1,000 anus....
(High
311s. 1946-49
Low_
Close
Total sales in $1,000
_
units-(High
3318, 1949-52
Low_
Close
Total sales in $1,000 units__
High
33(s. 1941
Low_
Close
Total sales in $1,000 units._.
High
331s, 1944-48
Low_
Close
Total sales in $1,000 units__
High
274s, 1955-60
Low_
Close
Total sales in $1,000 units_
Federal Farm Mortgage {High
371e, 1944-64
Low_
Close
Total sales in $1,000 units..__
Federal Farm Mortgage
Hih
31, 1944-49
L0w_
Close
Total sales in $1,000 units......
Federal Farm Mortgage
High
311, 1942-47
Low_
Close
Total sales in $1,000 units._
Federal Farm Mortgage
High
2118, 1942-47
Total sales in $1,000 units _ _ _
Home Owners' Loan
{High
4e, 1951
Low_
Close
Total sales in $1,000 units_ -_
Home Owners' Loan
High
3a. series A, 1952
Low_
Close
Total sales in 21,000 units_
Home Owners' Loan
{
(High
Ms,series B, 1949
Low_
Close
Total sales in $1.000 units_ _ _
____
_-_
---_-_
---101.17 101.19 101.23 101.27 101.28
101.15 101.17 101.20 101.25 101.25
101.17 101.19 101.23 101.27 101.26
51
30
35
89
33
--_
---_
--_-_
---____
------- -- --
---100.26
100.26
100.26
3
102
101.30
102
18
100.15
100.12
100.15
Si
---100.27
100.27
100.27
1
102.3
101.31
102.3
239
100.17
100.14
100.16
103
102
-.21
102.20
102.21
21
116.27
116.25
116.27
40
111.24
111.23
111.24
2
106.17
106.14
106.17
218
110.10
110.9
110.9
25
107.12
107.12
107.12
2
104.8
104.6
104.8
74
104.9
104.6
104.8
296
108
108
108
50
108.2
108.2
108.2
4
105.9
105.7
105.8
31
105.8
105.5
105.7
372
108.9
108.7
108.8
121
106.12
106.10
108.11
90
101.25
101.22
101.22
136
103.27
103.27
103.27
2
102.10
102.7
102.10
30
102.15
102.12
102.12
37
.
102 io
-102.18
102.18
115
116.23
118.23
116.23
56
111.22
111.22
111.22
5
106.11
106.8
106.8
15
110.6
110.5
110.5
12
107.12
107.12
107.12
8
104.7
104.5
104.6
92
104.9
104.3
104.3
210
107.24
107.24
107.24
50
108
107.31
107.31
8
105.8
105.5
105.5
12
105.6
105.1
105.1
41
108.4
108.3
108.3
301
106.10
106.7
106.7
67
101.22
101.18
101.18
879
103.30
103.27
103.27
35
102.5
102.4
102.4
12
102.12
102.11
102.11
81
111.28
100.27
100.27
6
102.9
102.5
102.7
178
100.18
100.14
100.16
40
-.
-- .
.
-.i2 102 13
102
-.io 102 ii 102
102.19 102.19 102.19 102.20
102.20 102.19 102.21 102.20
24
25
24
30
116.15 116.19 116.28 116.27
116.8 116.16 116.21 116.26
116.14 116.19 116.28 116.27
12
138
29
34
111.19 111.21 111.27 111.28
111.18 111.18 111.21 111.26
111.19 111.21 111.27 111.28
24
30
3
506
106.11 106.12 106.20 106.19
106.6 106.9 106.13 106.18
106.11 106.12 106.20 106.18
131
37
91
319
110.2
____ 110.6 110.10
109.29
____ 110
110.10
____ 110.6 110.10
110.2
___
9
250
13
107.7
107.7 107.11 107.12
107.2 107.7 107.11 107.12
107.7 107.7 107.11 107.12
12
151
1
103.26 104
104.2 104.10
104
103.26 104
104.4
104.10
103.28 104
104
8
100
1
115
103.31 104.2 104.4 104.10
103.27 103.30 104.4 104.6
103.31 103.31 104.4 104.10
47
72
1
556
108.3
107.23 107.28 108
107.21 107.23 107.28 108
108.1
107.23 107.28 108
61
307
6
22
107.28 108
108.4 108.6
107.28 107.30 108.4 108.2
107.28 108
108.4 108.3
11
50
103
2
____ 104.31 105.4 105.11
____ 104.28 104.31 105.4
--__ 104.30 105.4 105.10
33
319
10
---105.2 105.8
104.31 105
104.31 104.30 105.1 105.4
105.2 105.8
104.31 105
4
133
617
1
107.31 108.3 108.10 108.11
107.31 108.1 108.4 108.9
107.31 108.3 108.10 108.10
14
53
422
7
106.4 106.7 108.11 106.15
106.2 106.4 106.5 106.12
106.4 106.6 106.11 106.15
831
237
131
126
101.15 101.17 101.19 101.24
101.11 101.14 101.16 101.20
101.15 101.16 101.19 101.23
40
121
112 1,265
103.20 103.22 103.29 103.30
103.20 103.22 103.26 103.27
103.20 103.22 103.29 103.30
10
83
2
7
102.1 102.2 102.6 102.10
101.31 101.31 102.3 102.5
102.1 102.1 102.6 102.10
58
76
31
17
102.8 102.8 102.15 102.15
102.5 102.7 102.8 102.14
102.8 102.7 102.15 102.15
34
65
38
13
------------100.25
____
100.27
100.26
100.27
9
102
102
102
33
100.15
100.11
100.14
47
--_
101.25
101.22
101.22
25
--
100.30
100.26
100.30
72
102.7
102.2
102.3
Si
100.17
100.12
100.12
88
I
100.28
100.27
100.28
17
102.8
102.3
102.7
1,572
100.19
100.16
100.17
441
-The above table includes only sales of coupon
Note
bonds. Transactions in registered bonds were:
1
12
2
11
5
19
First 3945. 1932-47
First &kis, 1932-47
Fourth 43.48, 1933-38
Treasury 3s, 1951-55
Treasury 3315, 1944-46
Treasury 2948. 1955-60
101.20 to 101.20
101.1800 101.25
102.15 to 102.17
103.2410 103.24
101.3000 105.30
101.9 00 101.9
Bid
May 8 1935
May 15 1935
May 22 1935
May 29 1935
June 5 1935
June 12 1935
June 19 1935
June 26 1935
July 3 1935
July 10 1935
July 17 1935
July 245935
July 31 1935
Aug. 7 1935
tug. 14 1935
tug. 21 1935
Asked
Asked
Mit
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Aug. 28 1935
Sept. 4 1935
Sept. 11 1935
Sept. 18 1935
Sept. 25 1935
Nov. 27 1935
Dec. 4 1935
Dec. 11 1935
Dec. 18 1935
Dec. 24 1935
Dec. 31 1935
Jan. 8 1936
Jan. 15 1936
Jan. 22 1936
Jan. 29 1936
0.15%
0.15%
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%
Quotations for United States Treasury Certificates of
Indebtedness, &c. Friday, May 3
-
Figures after decimal point represent one or more 32ds of
a point.
Maturity
Int.
Rate
Bid
Asked
Maturity
/M.
Rate
BM
Asked
June 15 1936___
Sept. 15 1936_
Aug. 1 1935-Mar. 15 1940._
June 15 1939Sept. 15 1938_
Dec. 15 1935Feb. 11938....
Dec. 15 1936___
174%
131%
141%
0
111)
234%
231%
231%
211%
211%
101.6
101.27
100.27
101.15
103.17
105
101.30
105.5
104.5
101.8
101.29
100.29
101.17
103.19
105.2
102
105.7
104.7
Apr. 15 1936___
June 15 1938-June 15 1935_
Feb. 15 1937_
Ayr. 15 1937._
Mar. 15 1938_
Aug. 1 1938_
Sept.15 1937....
274%
231%
3%
3%
3%
3%
371%
371%
102.27
106
101.1
104.24
105.3
106.5
103.30
106.4
102.29
106.2
101.3
104.26
105.5
108.7
104
106.6
The Week on the New York Stock Market
-For
of New York Stock market, see editorial pages.
review
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY
Week Ended
May 3 1935
Stocks,
Railroad
State.
Number of and Miscell. Municipal et
Shares
Bonds
ForeignBonds
Saturday
Monday
Tuesday
Wednesday.....
Thursday
Friday
Total
585,210
886.450
860,860
820,960
882,970
953,350
Total
Bond
Sales
34,340,000
6,150,000
7,619,000
7,158.000
7,563,000
8,707,000
3714,000
849,000
1,309,000
1,160,000
1,102,000
964,000
$1,447,000
887,000
1,483,000
7,469,000
1,845,000
2,381,000
4.039.300 E41.537.000
26.0e3 non
tlg mlonnn
Sales at
New York Stock
Exchange
Week Ended May 3
1935
1934
-No,of shares..
Stocks
4.989,800
6.678.514
Bonds
Government
$15,512,000 $15.147,600
State and foreign
6,090,000 10,331,500
Railroad & industrial.. 41.537,000 43,338,000
Total
United
States
Bonds
$6,501,000
7,886,000
10,411,000
15,787,000
10,510,000
12,052,000
ono 1.4.. nnn
Jan. 1 to May 3
1935
1934
74,729,569
175,778,781
$328,344,000
134.532,000
702,920,000
3211,173,400
282,775,000
1,064,550,000
863,147,000 868,817,100 $1,165,796,000 31,558,498,400
CURRENT
NOTICE
-Brownlee 0. Currey, President of the Equitable Securities Corp. of
Nashville, Tenn., announced Wednesday the opening of a New York
office at 40 Wall Street under the management of E. Norman Peterson,
who has just been elected a Vice-President and director. Mr. Peterson
has been in the municipal bond business for many years, having been
associated with the bond department of the Chemical Bank & Trust Co.
for the past five years and prior to that time with C. F. Childs & Co.
The main office of the Equitable Securities Corp. is at Nashville. They
also maintain branches at Birmingham, Memphis, Chattanooga and
Knoxville. The corporation specializes in trading in and
underwriting
Eastern and Southern municipal bonds
FOOTNOTES FOR NEW YORK STOCK PAGES
* Bid and asked prices, no sales on this day.
Companies reported in receivership.
a Deterred delivery.
n New stock.
r Cash sale.
x Ex-dividend.
Ex-rights.
32 Adjusted for 23% stook dividend paid Oct. 1 1934.
33 Listed July 12 1934; par value 10s. replaced 31
par, share for share.
14 Par value 550 lire listed June 27 1934; replaced 500 lire
par
Llsted Aug. 24 1933; replaced no par stock share for share. value.
14 Listed May 24 1934:10w adjusted to give effect to 3 new
shares exchanged tot
1 old no par share.
"Adjusted for 66 2-3% stook dividend payable Nov. 30 1934.
"Adjusted for 100% stock dividend paid April go Inc
"Adjusted for 100% stock dividend paid Deo. 31 1934.
a Par value 400 ilre; listed Sept. 20 1934; replaced 500 Ure
par Talus.
41 Listed April 4 1934; replaced no par stook share for share.
"Adjusted for 25% stook dividend paid June 1 1934.
The National Securities Exchanges on which low Prices since July 1 1933 wars
made (designated by superior figures in tables), are as follows!
12 Cincinnati Stock
1 New York Stock
12 Pittsburgh Stock
a New York Curb
a Cleveland Stock
Richmond Stock
'New York Produce
14 Colorado Springs Stock 94 St. Louis
Stock
4 New York Real Estate "Denver Stock
93 Salt Lake City Stock
'Baltimore Stook
16 Detroit Stock
96 San Francisco Stock
4 Boston Stook
11 Los Angeles Stock
27 San Francisco Curb
'Buffalo Stook
"Lee Angeles Curb
a San Francisco Mining
9 California Stock
"Minneapolis
-St. Paul
99 Seattle Stock
9 Chicago Stock
se New Orlean eStock
a Spokane Stock
Is Chicago Board of Trade 11 Philadelphia Stock
si Washington(D.C.)Stock
II Chicago Curb
2995
Volume 140
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
-Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
NOTICE
sales in computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Apr. 27
Monday
Apr. 29
Tuesday
Apr. 30
Wednesday
May 1
Thursday
May 2
Friday
May 3
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
No account is taken of such
Range Since Jan. 1
On Basis of 100-shars Lou
Lomat
flights:
July 1
1933 to Rang,for
Apr 30 Year 1934
1935
Fltoh
Low Low
$ Per share $ Po'oh
Par 3 per Ours
$ per share 3 per share $ per share I $ per share $ per share $ per share Shares
30
4
No par 32 Apr 3 363 Jan 23
34
34
*34
36
20 Abraham & Straus
$*34
36
*34
36
*34
3354 34 34
/ 11212 11212 *11212 114 *11212 114 114 114 *11212 114
1
4
100 110 Jan 10 114 Apr 5 89
Preferred_
20
•11212 113
100 111 Mar 4 11112 Mar 6
_ _ __
_
_ __
___
Preferred Called
8
*11112 111% *11112 1117 *11112 11178 __ _ _
414
7 Jan 2
/
1
4
44 Mar 15
5
518 53
8
638 .53
s
b7 -14
LT8 -18
5
i
- 18
1
Adams Express
No par
518
8
65
4
8912 *87
8912 *87 8912 87 87
8912 *87
100 8434 Jan 2 893 Apr 15
20
*87 8912 *87
Preferred
1412
*3138 3158 3034 31
*303 3114 3114 3114 *3014 3112 *3012 3112
8
No par 2814 Mar 27 3312 Jan 2
600 Adams Millis
6
8 Jan 12 1138May 3
10
5.500 Address MulOgr OorP
1012 1012 1012 1012 1014 1058 1014 1012 10% 103
/
1
4 104 118
814May 3
318
412 Mar 18
612 7
612
No par
*6
612 *6
67
8 714
718 73
8
71z 814 13.100 Advance Rumel"
47
83 Feb 11
8
814 838
8
8
6 Jan 15
/
1
4
8
8 14
1,300 Affiliated Products Ino-No par
8% 8%
814 814
8
8
11912 11912 11912 120
8018
119 11914 11812 119 11814 12112 4,000 AM Reduction Inc
i1758 119
No par 10438 Mar 18 12118May 3
*7
8 1
8 1
1,4.7
3
4
178 Jan 7
34 Apr 3
*78 I
1
1
700 Air Way Eleo Appliance No par
7
8
7
3
%
%
1538
10 1558 Mar 13 x2018 Jan 9
1712 18
/ 1714 1738 1714 1712 1714 1712 8,900 Alaska Juneau Gold Min
1
4
1713 173
4 1712 17
190 *-__ _ 190 *--_ 190
100 186 Apr 10 187 Apr 25 170
•187- -- 187 187 *--_ _ 190 *
an
10 Albany & Susquehanna
2
3 Jan 8
/
1
4
*212 2 Jan 4
3
4 *212 278 *212 278
8 *212 23
A P W Paper Co
No par
*D.? 27
8 *213 27
3
4
178 Jan 7
1
118
1
%Mar 30
1
1
1
118
1
1
1
118
118 4,600:
Alleghany Corp
No par
7 Jan 4
258 Mar 21
258
*318 38 *312 334
*23
8 37
8 *318 338
3
3
100
600
314 312
Pref A with $30 wars
2
*24 4
612 Jan 2
2 Mar 27
*278 3
*234 4
234 23
4 314
/ *23
1
4
100
4 *2
234
Prat A with $40 wars
100
134
68e Jan 5
134 Mar 28
234
234 *232 314 *212 3
*234 34 *23
/
1
4 314
4 314 *23
/
1
4
Pre! A without wars
100
500
*812 13
*9
13
658 Apr 2 10 Apr 25
*8
*834 13
*812 13
13
*872 13
234% prior cony pref__No par
1314
*25 26
*2512 27 *2514 27
*25
52412 27
No par 21 Jan 12 2638 Apr 26 -100 Allegheny Steel Co
2658 25 25
82
Allegheny it West 6% 0,4_100
1,- 133 145 - iiii:t iii" iii Ili Hi 1741
1,--No par 125 Mar 18 146 Apr 20 1074
-4,E00 Allied Chemical & Dye.
*12314 12438 12314 12314 12318 12318 12318 12318 12318 12338 12328 124,
100 123 Apr 20 12712 Feb 27 117
Preferred
1028
4 1512 16
1738 1814 1714 1818 178 1812 50,600 Allis-Chalmers Mfg
16
18
1512 153
No par 12 Mar 13 1812May 3
1111
,
17
17
.1654 17
17
17 *163 17 *1678 17 •1678 1758
4
200 Alpha Portland Cement No par 14 Mar 13 2014 Jan 15
2
/
1
4
314 Feb 11
258 212 *24 27
*23
4 27
*212 3
21 Mar 14
/
4
/
1
8 *214 234 *214 3
1
200 Amalgam Leather Co
2114
3112 3112 *3012 3112 *3012 3112 *2812 3112 2812 2812 *2812 3112
50 2614 Mar 15 33 Apr 22
200
7% Preferred
27
6112 8214 6214 64
/
1
4
6314 63 4 63
62 6378 7,800 Amerada Corp
6318 6134 63
3
No par 48 Jan 11 64 Apr 29
20
3
5214 5212 5112 5214 5114 52
5011 501z 52 52
51
51
2,100 Amer Agri° Chem (Del) No par 42 Apr 4 57 4 Feb 16
1112
8
198 2012 207 2233 2134 2258 2214 2418 2312 243
10 1312 Jan 12 2514May 3
4 243 2514 35.100 American Bank Note
4
3312
597 6112 617 62
8
59
59
61
62
Preferred
50 43 Jan 11 62 Apr 30
740
61 613
4 6112 62
1912
261 2614 26
/
4
26
26
26 *2512 2578 26
2618 26
26
900 Am Brake Shoe & Fdy___No par 21 Mar 29 2958 Jan 3
12412 12412 124 124 *121 124 12334 124
12412 125
100 119 Jan 8 125 Apr 17 88
300
Preferred
12334 124
80
4
12112 12258 1193 1214 119 12014 11814 119 11914 120
121 122
4
26 110 Jan 15 1233 Apr 25
8,800 American Can
168 May 3 120
*163 170 *163 170 *164 170
*163 165 *163
Preferred
100 161% Jan
300
165 168
10
1314 13
1 5 133
3
4 1318 _1314 1314 1314 13
No par 10 Mar 13 2014 Jan 9
1314 13
133
4 3.700 American Car & Fdy
2512
3012 3012 30 30
3034 3114 30
100 2518 Mar 13 4538 Jan 9
3212 2,000
3038 303 3112 31
Preferred
4
4
1134 113 *113 1238 12
12
12
4
8 Jan 30 1312 Apr 24
4
600 American Chain
12
No par
1214
12
1218 *12
14
85 85
•85
89
85 85
85 85 *8121 85
7% preferred
100 38 Jan 11 8518 Apr 26
900
84 84
4312
*8212 831 (8212 8212 80 825k . 8012 8058 80 8112 81
No par 66 Feb 8 84 Apr 23
8112 2,300 American Chicle
20
*30
33 *30
*30
33
Am Coal of NJ (Alleghany 00)25 30 Mar 26 30 Mar 26
*30
33
33
33 •30
33 *30
2
314 Apr 30
238 Mar 14
10
100 Amer Colortype Co
*314 3 /
31 *314 358
8 338 *27
314 314 *27
8 33
8 *278 33
3
2034
237 24
8
24 24
/
1
4
2312 237
/
4
8 231 23% 23
20 2212 Mar 18 33 Jan 3
2358 2358 2458 4,300 Am Comml Alcohol 0erp
612
912 93
958 933
612 Feb 5 10% Mar 2
918 938
4
10
1018 8,700 American CrYstal Sugar
10
1018 10
934 10
32
93 9314 9012 93
91
100 5758 Jan 2 101.12May 2
1,530
9112 9212 967
7% preferred
8 98% 10112 10012 101
11*
134 1%
3 Jan 3
112 13
/
4
138 134
4
13
8 134
13
8 134
13
11 13
4 4,600 Amer Encaustic Tiling-No par 11 Mar 15
*333 48 .3% 412 *312 5
28$
518 Jan 21
234 Apr 2
*314 5
Amer European Beres--No par
*4
5
*3
43
33
2
3
14 314
14 314
312
618 Jan
312
314 31
No par 2 Mar 13
358
314 314 2,900 Amer & For'n Power
3
3
113
4
No par 14 Mar 15 2358 Feb 14
*15
171 *1512 171 *16
Preferred
400
17
17
16'2 1612 171 •161e 17
37
813 53
4
512 5t
*512 6
812 Jan 7
ros
s 512 *512 6
*512 6
3 8 Mar 14
7
2nd preferred
No par
600
1014
125 1238 *1258 14
8
*13
No par 12 Mar 30 20 Feb 14
141 *123 141 *1234 14 *1314 14
36 preferred
100
4
814
*914 10
*9
10
814 Apr 18 13 Jan 10
*914 10
10
300 Amer Hawaiian S 8 Co
*955 10% •95 1012
10
10
8
41
214
4
*418 41
458
458 *4
534 Jan 5
214 Mar 13
*414 45
-No par
300 Amer Hide & Leather
414 414
44 412
/
1
17
*2014 2214 23
23
*22
23
800
2234
23
233 2234 2234 *20
Preferred
100 17 Mar 13 2534 Jan 3
24 4
1
2918 Apr 12 3218 Feb 11
297 301s 2912 29e 297 30
8
30
301
Amer Home Products
1X
30 30
8
30
30% 3,500
47 Jan 17
37
3
3 Jan 2
/
1
4
*33
4 37
No par
37
600 American Ice
*33
4 4
3% 35
8
358 33
4
358 33
258$
4
*3512 3612 39
36
3512 3513 3558 3533 *3512 3614 *3512 357
6% non-cum prat
100 287 Jan 2 373 Feb 16
300
8
412
634 Jan 3
618 6%
4 Mar 18
/
1
4
No par
618
624 6
6
63ti 6,100 Amer Intemat Corp
6
6
618
6
61
,
34 Jan 18
38 Feb 11
18
I Am L France &Foamlte_No par
---- - - ---- - - ---- - ----- ---- ---- - -- ---- 13
4
*178 218 *2
6 Jan 18
23,3 *2
13 Mar 13
4
100
*2
114 *2
-21
Preferred
238
*2
-238
9
9 Mar 13 2034 Jan 9
1138 1112 107 113
*1112 12
8
4
1138 11% 1112 1158 113 117
8 1,600 American L000motive--No par
32
36
3514 3514 35
36
35
100 32 Mar 19 5612 Jan 9
800
36
3638
35
Preferred
*35
3618 36
12
4
4 1958 1934 193 197
193 203
4
4
4,800 Amer Mach & Fdry Co_--No par 1818 Mar 13 233 Jan 3
8 1912 197
20
s
,
8 197 20 4 20
3
93 Apr 26
4
834 9
414 Apr 4
85
8
/ 87
1
4
8
933
8 93
858 98 8,300 Amer Mach & Metala----No par
812 838
9
,
3
912 Apr 26
418 Apr 4
*812 9
Voting trust Mb
No par
2,100
812
814 93
8
812 812
813 914
812 9
12%
19
1938 188 20
19
N. par 1313 Mar 15 2034 Apr 25
1938 6,400 Amer Metal Co Ltd
1912 1812 19
19
1912 19
63
95
*95 101
95 *9614
6% cony preferred
100 72 Jan 2 95 Apr 18
20
*97
_ •97 105 *97 100
203
4
*2718 3018 *2718 3018 *2718 - 3018 *26 1018 30
100 Amer News, N Y Corp__ No par z24 Jan 3 30 Apr 5
*281 3018
30
314 3!2
112
37 Apr 5
8
112 Mar 13
318 314
314 338
318 314
3
314 4,200 Amer Power & Light....-..No par
314 314
10%
4
19
1914 1812 19
1818 19
No par 1018 Mar 13 213 Apr 24
3,900
19
19
19
$6 preferred
1812 183
4 1814
838
838 Mar 13 1818 Apr 24
1658 167
8 16
85 preferred
No par
1714 1658 1634 1614 1614 16
1614 1634 17
4.700
9%
13
1318 1238 1318 1234 1318 1234 1318 1234 13
1234 13
18,800 Am Rad & Stand San'y No par 1012 Mar 13 1618 Jan 7
*145 150 •145 147 *146 147
Preferred
100 13412Mar 1 147 May 1 10712
100
147 147 *147 150 *14714 148
8
123
1838 187
8 1814 1834 173 1814 177 1818 1734 18% 1858 19
25 1534 Mar 18 24 Jan 7
/ 13,500 American Rolling Mill
1
4
4
8
3358
*7312 747 *70
2,100 American Safety Razor No par 66 Mar 14 76 May 3
8
/
4
4 742 76
77
7412 7412 741 743
74
74
77 11,600 American Seating vi o-No par
2
778May 3
412 Mar 12
633 63
84 614
614 614
714 712
63
4 73
4
8
7
15
2214 2212 •22
223 *2214 2234 2214 223
4
270 Amer Shipbuilding Co___No par 20 Mar 14 2614 Jan 7
4 2212 2234 2212 2234
445 65,400 Amer Smelting & Retif---No par 315 Apr 3 45 4 Apr 26
2818
,
4212 4312 41% 443
8
4 4234 4458 4212 4334 4112 4278 43
71
137 137 *137 13812 .13838 13912 13838 13914 13812 13812 *13912 142
Preferred
100 121 Feb 4 13914May 1
600
57
•115 11618 *115 116
100 103 Feb 14 11612 Apr 30
1,300
116 116
116 11612 115 116 *11512118
2nd preferred 6% cum
43
*7012 7112 7012 7012 71
723 731
7112 72
25 63 Jan 16 7312May 3
1,000 American Snuff
*71
72
71
100 125 Feb 20 137 Apr 26 106
*134 137 *134 137
/
1
Preferred
40
137 137 *135 138 *13514 138 *1354 138
1018
14
14
133 1353 1314 135
131
1,900 Amer Steel Foundries_No par 12 Mar 14 1814 Jan 9
/
4
8 131 13% 1278 1314 13
52
92
/ 92
1
4
90 95
9312 931
931
927s 93 *90 95 *90
100 88 Feb 4 9412 Apr 26
130
Preferred
3312
343 348 348 348 347 35
4
No par 3312 Apr 4 43 Jan 9
1,300 American Stores
35 35
34% 35
348 35
4518
6214 6214 62 62
/
4
100 5512 Mar 30 7012 Feb 16
6238 63
6218 623
4 62 621 625 6314 1,900 Amer Sugar RefinIng
Preferred
13614 13614 13612 13612 *13712 14012 140 140 *137 143's 137 137
100 12612 Jan 3 140 May 1 102
400
11
2134 211 214 2258 217 2258 2112 217
/
4
3,000 Am Sumatra Tobacoo__--No par 1812 Jan 29 2428 Jan 3
8
8 2114 2138 2178 22
11218 1127 11118 11212 1107 1113 111 11438 11312 1151 28,700 Amer Telep & Teleg
11214 113
8
8
100 98% Mar 18 11512May 3 987
8
8
82 82
813 82
4
,
25 72 2 Apr 3 84% Jan 7 6312
82
83
8112 82
8113 8112 8118 82
4.000 American Tobacco
84 841 8312 8414 8234 84
/
4
Common class B
25 745 Mar 21 8658 Jan 7 64%
8412 851
83
84
5,000
83 84
8 13914 13914 *13812 139
300
*1383 139
4
/
4
Preferred
100 1294 Jan 18 1391 Apr 8 105
/
1
13812 13812 13812 13812 *139 13973
*353 37
218 Mar 18
358 37
218
No par
300 tAm,Type Founders
*333 4
*358 4
634 Jan 18
8 4
7
38 3 8 *35
*1214 1312 *1214 1312 1214 1214 12
13
7
13
9 Mar 15 193, Jan 18
Preferred
100
13
1312 1312
100
7
/
1
4
1114 1112 1118 113
1138 6,100 A131 Water Wks & Eleo-No par
718 Mar 13 x147 Jan 10
8 1118 1112 1118 1114 103 1138 11
4
48
61
6153 *6012 645 *6158 6438 *8112 62
let preferred
623 63
4
5934 6012 1,000
No par 48 Mar 19 64 Apr 23
8
474
478 Mar 13
63, 631
914 Jan 2
No par
613 612 1,900 American Woolen
s *614 7
658 63
Oa 63
4
638 6
'2
41
4112 41
Preferred
4012 41
/
1
4
100 3512 Mar 18 45 Jan 3 3512
4055 4112 3,800
418 4118 4112 4012 41
42
4 1
34
e
t
58
58 Mar 29
1
18g Jan 18
3
4
500 Um Writing Paper
*3
3
4
5
8
5
8
*3
4 1
4 1
31. 312 *3
31
•3
334
214
*3
214Mar 15
Preferred
No par
4
100
6 Jan 18
/
1
4
4
*3
458 *3
418 414 *4
*4 - 45,
3
4
438 *4
3 Mar 13
412
478 Apr 25
412 *4
700 Amer Zinc Lead & Smelt__ 100
412
*32
39
39
31
38 *32
Preferred
*32
38
*32
26 31 Mar 20 3834 Jan 8
*32
39
*32
38
8 Mar 13 143
60
4May 1
,
133 137
8
8 13 8 1414 133 1438 1418 1434 13% 14
8
8
137 1418 148,100 Anaconda Copper Mining
8
738
4
191 193
/
4
1812 1812 *183 19
1,300 Anaconda Wire & Cable-No par 1618 Apr 1 2012May 1
2012 2018 2012 20
20
4 20
1318
No par 14 Mar V
17 8 Jan 4
*1418 1533 1458 15
5
*1418 15
800 Anchor Cab
1418 143
8 1414 1414 *1412 1434
80
$6.50 cony preferred-No pat 103 Jan 4 109 Apr 26
30
108 109 *108 10912 *108 10912 *108 10912 *108 109 109 109
31 Mar 21
10
614May 1
318
300 Andes Copper Mining
814 84 *514 814 *54 618
*512 84
6
6
6
6
2174
3934 3978 40
2,300 Archer Daniels MirlYd-No par 36 Jan 16 3114 Mar 9
4 39
393 393
4
4 3914 393
398 39% 3912 40
100 11814 Jan 4 121 Apr 6 106
*12014 12012 12012 12012 *1204 12212 12014 12014 *11812 1221 "11812 120
7% preferred
40
goo Armour & Co (Del) pret.-100 97 Apr 3 10614 Feb 23 64
10218 1023 102 102
8
10318 1031,4 *10278 10312 1023 103
103 103
4
314
314 Apr 3
5
358 354
6 Jan 3
/
1
4
358 334
358 334
312 38 15,700 Armour of Illinois new
312 Ps
312 33
4
No par 5512May 1 70 8 Jan 10
4614
$6 cony pred
5884 583
4 577 58% 56
3
5912 3,100
4
5612 5512 5512 553 5612 57
100 85 Jan 2 10612 Feb 4
3114
Preferred
*97 101
99
*9712 101
100
99
*9712 101
*9712 10112 *9712 101
.ii5ii
146 ail, iiii, fii
For footnotes see page 2994.
$ Per Shard
43
35
89
111
____
6
- ;
117
7014 385
16
34 8
7
634 1138
3
/
1
4
Pa
47
5
9
9134 113
33 .
PS
163
8 Ws
196
205
77
28
114
5 .
14
4
82 16%
4
1428 I
37
143 ,
8
2318
15
- 984
/
1
82
11518 1608$
12218 130
10% 2328
1112 20 s
,
734
212
25
Qs
5558
39
2614 48 ,
1112 2514
40
5012
1912 88
122
96
9014 114 4
1
1264 16212
/
1
12
337
3
5612
32
4
/ 1214
1
4
19
40
4614 7011
22
3512
3
/
1
4
61s
2054 62%
6
/ 134
1
4
6
/ 7278
1
4
Da
5
d
1012
3*
,
, 1384
.
4 301
118
6
/ 17•
1
4
11
25
10
/ 2228
1
4
3
/ 1012
1
4
,
17 4 42 4
3
25 4 atist
1
3
10
4
26 4 451
41
414 11
is
1"
3
/ 10
1
4
1411 583
8
35
/ 743
1
4
4
1238 235
8
314 1014
4
/ 10
1
4
127
8 273
63
91
21
343
3
1214
118
297
8
918 2614
10
173
1
11112 13733
1312 284
/
1
36
8534
75,
21
/
4
17% 30
3014 5114
100
125
7144 10912
4834 71
106
12712
1018 2613
5978 92
4434
37
46
72
1031 1291,
/
4
1334 24
1001a 125
/
1
4
6514 8518
89
67
10714 1303
4
3
13
734 2834
1211e 275
8
64
80
1714
7
36
63 4
8
1
414
27
1712
Pt
9
3612 5033
10
173
4
9
/ 18%
1
4
13% 243
4
84
106
41
$ 10%
26
/ 3918
1
4
.10
117
7614 103 8
3
312
614
464 714
/
1
64
85
New York Stock Record-Continued-Page 2
2996
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Apr. 27
Monday
Apr. 2(1
Tuesday
Apr. 30
5 per share
45
8 43
8
•318 512
*73
•84 - -1.1
9
9312 9312
*51
55
.31
36
4218 4314
*75
7614
2414 252
*314 4
*6
10
2312 237
8
37
37
11112 11112
$ per share
43
4 43
4
*418 512
*75 ____
9
9 14
9312
93
*48
53
031
36
4014 4212
753 76
8
2214 2414
*314 4
*6
10
233 24
4
363 365
8
8
11112 11112
5 per share
45
8 45
8
4!
4I
418
*7212 _ _
834 - -58
8
*91
03
.46
53
*31
36
3912 403
8
75
7514
2212 23
4
4
*6
10
24
2418
36
36
111 11112
Ill 111
WednesdayThursday
I
May 1
May 2
$ per share
412 453
*414 5
*73
_ _.
88 618
91
91
•46
53
.31
36
393 404
4
*7212 743
2218 223
4
*34 4
*6
10
2334 2418
35
3634
11114 11112
111 111
Friday
May 3
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share Shares
Par
412 412
412 412
900 Arnold Constable Corp
5
•414 5
100 Artloom Corp
*414 5
No par
*73
_
_ *73
_
__ __ __
Preferred
100
812 84 *83 _-3
4 918 1,500 Associated Dry Goods
1
*85
9318 *91
6% lot preferred
800
9312
100
*41
53
50 50
100
7% 2d preferred
100
31
31
*3114 36
Associated 011
25
10
3912 4118 4012 413 32,700 Atch Topeka et Santa Fe____130
*6912 74
1,100
Preferred
7234 72%
100
8 23
2312 8,700 Atlantic Coast Line RR
2134 227
100
*314 4
*314 312
10 At G & W 1 SS Lines____No par
*6
10
7
100
7
Preferred
100
2234 2313 234 235 18,300 Atlantic Refining
8
25
3514 3534 36
No par
3734 3,200 Atlas Powder
112 112
111 11114
440
Preferred
100
111 111 *111 111%
70
Pref called
*534 i
6
6
*513 al *57 614 •54 614
.
200 Atlas Tack Corp
513 -534
No par
1914 2018 1914 20
195 1934 183 1938
8
4
183 187
4
8 193 203
8
4 4,200 Auburn Automobile
No par
*612 7
*63
4 7
64 7
6%
7
612 64
64 612 1.200 Austin Nichols
No par
*3812 40
*3812 41
*3812 40
38
3812 38
38
Prior A
3712 3712
50
No pa
4
4
37
8 3%
33
4 37
37
8
33
4 4
3 8 37
7,100 Aviation Corp of Del (The)____5
5
4
13
4 17
13
4
17
13
4
I%
13
4
13
4
13
5,800 Baldwin Loco Worao
4
13
17
4
13
4
No par
.83
4 934
9
9 14 *834 912
812 812 *812 91, *8
012
Preferred
300
100
117
1014 113
4
105 1118 1012 103
8
1134
4
103 1118 14,700 Baltimore eit Ohio
4
1034 11
_100
•1312 14
1212 133
4 124 1212 12
12
125 13
8
Preferred
13
1,300
13
100
•103 103% 10212 103
162 102
104 104
107 10712 *108 109
240 Bamberger (L) et Co pref
100
403 404 41
4
41
*3912 42
*3912 40
*3912 41
*3912 4012
300 Bangor et Aroostook
50
.11318 11412 *11318 11412 1128 11318 *11318 11412 11318 11318 *11314 11412
40
Preferred
100
*37
4 4
4
*37
*37
*33
8 4
37
8 38 38
3%
4
200 Barker Brothers
No par
*3318 35
*3318 35
*3318 347 *3018 35
8
*30
35
*3014 35
634% cony preferred
100
812 84
834 83
4
834 84
812 85
8
814 812
814 812 9,700 Barnsdall Corp
5
391.2 3912 *38
4014 *38
4014 *38
4014 *38
393 *39
4
4014
100 Bayuk Cigars Inc
No par
*1093 11114 *1093 11114 *10934 1103 *1093 1103 .1093 1104 *1093 1103
8
8
4
8
4
8
8
lot preferred
4
100
16
16
*1614 177
8
1612 1612 1612 *163 1612 1612 161
1634
8
. 1,100 13eatrice Creamery
25
*105 110 *105 110
10534 l053 *10512
8
.*10512
_ *105 108 100
Preferred
100
8212 8212 8112 8212 .81
8212 *82 -- -14 8114 -- -14 81
82
82
81
700 Beech-Nut Packing Co
20
12
1214
1218 1238 1218 1214
1214 1212 1214 123
8 123 1212 3,300 Belding Hemingway Co_-No par
*8514 90 .8514 89
*8514 90 .8514 90
*8514 90 .8514 90
Belgian Nat Rya part Prof
145 147
8
8 14% 14%
1418 143
8 148 15
1414 14% 1412 1514 20,200 Bend': Aviation
5
1612 1634
1614 1612 164 1614
1618 163
8
16
1618 1618 1614 2.400 Beneficial Indus Loan____No par
363 363
4 3634 365
8 357 3612 35
8
353
4 35
35
35 12 357
1,900 Best dr Co
No par
253 2612 255 2614 251s 254 25
4
8
2614 15,200 Bethlehem Steel Corp
26
3
2412 25 8 25
No par
64
64
63
64
6212 63
63 63
6314 6314 64
6414 1,700
7% preferred
100
1812 1812 18
1812 173 173
173 18
4
4
4
18
18
1814 19
330 Blgelow-Fanf Carpet Inc__ No par
1134
•11
3 11
1112 1112 1118 1112 1118 1114
10
11
1114 2,200 Blaw-Knoz CO
No par
•17
23
7
204 2034 2034 2034 *17
203 .17
4
203 *17
110 Bloomingdale Brothers
203
4
4
No par
*110 111 *110 111
111 111 .11012 111
111 111 *111 11312
00
Preferred
100
4212 43
4214 4214 .37
42
*37
4212 *37
424 *37l2 4213
70 Blumenthal & Co pref
100
818
73
8
73
4 84
818 812
4 818
8
814
814 84 8,900 Boeing Airplane Co
5
5518 554 5412 543
4 543 547
4
8 5418 54% 5314 533
4 5314 537
8 2,000 Bobn Aluminum :t Br
5
9412 9412 *9412 95
4 9512 9512 9512 9512 9514 96
9412 953
350 Bon And clans A
No par
2312 2312 2334 2418 235* 2418 237 2414 2334 24
233 2418 9,600 Borden Co (The)
4
15
333 34
333 337
3234 335
8
8 325 3334 325 333* 3312 337
8
8
9,900 Borg-Warner Corp
10
57
57
.6
614
*5
534 •434 531 *5
67
8 .43
100 Boston & Maine
8 7
100
012 118
"2 14
•12 14
*12
114
!Botany Cons Mills clam A___50
*12
118
*12 118
914 912
94 934
812 9
83* 87
83
83
4 8%
4 9
10,900 Bridgeport Brass Co
No par
274 277
2714 273
4 267 2714 2634 27
263 2712 2714 28
4
16,800 Briggs Mantdacturing___No N.,
32
3212 32
323 *31
8
3112 32
32
314 3112 3112 32
1,000 Briggs & Stratton
No par
3212 3212 32
31% 317
32
8 313 32
4
313 32
4
32
32
900 Bristol-Myers Co
5
*112 17
8 *153
17
8 2
I%
17
8 *15
15
8
15
8 *15
8
13
.
300 Brooklyn et Queens Tr___No par
*144 15
15
*141,2 1512 15
15
15
1418 1418 *1414 15
Prefern d
500
No par
383 383
4
4 3812 3834 3812 384 393 4034 3914 40
4
3914 4014
5,300 Bklyn Manh Transit
No par
053* 955* *9514 953 *954 9512 9512 953
4 95 4 95 4 953 953
3
3
4
700
36 preferred series A
No par
5412 56
54
55
543 543
4 543 543
4
4 5412 6412 55
5514
1,900 Brooklyn Union Gas
No par
*555 5714 *555 5714 5714 574 *56
8
59
56
56
57
300 Brown Shoe Co
67
No par
*12314 ____ *12314 ____ *12314 __ *12314
_ •12314 ____ *1234 ___
______
Preferred
100
*412 47
5 44 41. *418 43
*412 4% 4413 47
8 *412 43
4
500 Bruns-Balke-Collender___No par
*558 57
512 512
512
512
57
53
8 54
53* 54
1,600 Bucyrus-Erie Co
53
4
_10
•11
1114
11
11
1i'si 1114 1114
1118 11
11
107 111
2,200
8
Freferred_._. _____ _. _. _.-5
.
73
71
71
*71
73
714 7118 *7112 75
7218 7218
110
7% preferred
100
33
4 3,t
4 33
4 34
4
1
33
33
358
334
334 3%
1,900 Budd (E GI Mfg
33
4 33
No par
8 2612 27
2714 273
2612 2612 2612 2612 2612 2612 26
26
280
7% preferred_
100
33
312 334
33
8 312
34 35
*
35*
312
312
312 4
5,800 Budd Wheel_
No par
*4
412 *4
414
*4
418
412 *4
41.
334
41.1
41.
100 BU10178 Ward;
. No par
1012 1034
1012 105
8 1012 103
4
1012 105
1012 101
; 105 103
8
1,700 Bullard Co
No par
•114
214
2
*114
*114 214 .13
4 214
*114
214 *114
21.
Burn* Bros class A
No par
18
*34
1%
31
*3
3
4
8
13
8
*3
8
13
2
*3
2 13
8
*3
100
8
Class A v t c
No par
*3
8
31
*3
8
8/1
*3
8
3
4
*3
8
3
1
Class 13
*3
8
20
34
38
3
8
No par
•
14
31
*14
3
1
*14
3
4
*14
31
*14
3
4
Class B Me
*14
3
No par
43
4 47
412 45* .412 47
8
412 412
414 414 *414
5
160
7% preferred
100
151,3 147 1514
1518 1514
15
1518 1534 X1518 1514
1514 153
4,800 Burroughs Add Maeb____No par
*114
15*
I% *111
134 •114
114
118
114
*118
114
118
300 :Bush Term
No par
*414 614
*012 64 •512 64 *54 614 *54 6
Debenture
*512 6
100
*1114 1212 12
12
11
11
*10% 12
11
11
105 105
8
160 Bush Term BI gu pref ctfe_100
212 212
212 25
212
8
2
218
23
8
218 24
218
21
4,500 Butte Copper & Zinc ___.
.5
...7
8
1
*7
78
8
1
8
1
7
7
8 .
7
8
34
*7
8
1
200 :Butferlek Co
No par
141 1412 1414 1414 .137 144
,
14
8
1414 1314 133
4 133 133
1,200 Byers Co(AM)
No par
*42 - 4434 *42
4 42
443
42
*42
443
4 42
42
•38
42
60
Preferred
100
3614 3634 363 3712 37
8
37
36
3614 3514 3614 34% 351
6,200 California Packing.
No rar
7
8
7
8
7
8
7
8
7
8
7
8
3
2.700 Callahan Zinc
4
3
4 K3
3
4
3
4
3
4
-Lead
1
334 3,2
334
8
312 35
34 35*
312 334 4,000 Calumet & Hecht Cons Cop___25
314
3,
2 312
934 97
93
8
912 912
Si
9
*812 9
y9
9
93
1,100 Campbell W et C Fdy__No par
97 10
97
97 10
10
97 1018 2,700 Canada Dry Ginger Ale
10
9% 97
978
5
*50
51
5014 5014 .50
*50
52
52
*50
*50
52
52
100 Canada Southern
100
ION 103
4 108 1058
1014 1034
8 1014 103
1014 103
8 1018 103 10,300 Canadian Pacific
8
25
303 31
303 303
4
4
*314 3214 *32
4 3012 31
3214
3214 32
1.900 Cannon Mills
No par
614 63
8 .6
612
64 614 *6
614 •6
614
614 614
400 Capital Adminis 01 A
1
*36
37
*36
37
37
37
3712 *37
*37
3712 .3714 3712
140
Preferred A
10
_ 452
*82
_ *82
*82
_ *82
_ ____ __ Carolina Clinch & Ohio Ry__101)
08812 - 92
*8812 6
2
4
:8814 106
92 .89 --92
-14 •89 8914 i0
50
St pd
100
5512 553
4 543 5612 533 553
533 553* 534 5434 547 553 13,900 Case (J I) Co
4
4
4
4
100
90
9012 90
90
91
90
*89
90 90 12 90
90
9212 1,070
Preferred certificates
100
14 4412 10.400 Caterpillar Tractor
44
443
4 435* 441. 433 4412 433 4412 43 437
4
4
8 43
No par
214 205* 2058 2012 21
194 2014 20
8 2134 2212 16,600 Celanese Corp of Am....-No par
2012 215
•2
214 .2
24 *2
24
214 214
4
24 2% *212 23
500 ICelotex Corp
No par
11
*134
•112 2
214
23
*15
.13
13
4
4 238
2
17
1,800
Certlficatee
No par
1612 17
1612 1612 1718 1714
17
19
175
20
8 1714 19
1,110
Preferred
100
2712 2712 273 277
2714 277 *2714 278 2714 273
4
8
8 2712 2712 2,200 Central Aguirre Aeso___-No Par
•40
45
*39
45
39
*39
200 Central RR of New Jersey
3918 .39
44
41
41
*39
100
74
8
718 .63
712 *65
714
*718 8
8
714 .74 8
712
200 Century Ribbon Mills_No par
•100
_ _ •100
_ 100
102 115 *101 110
101 115
Preferred
100
5712 - -58 57 - - -3
59
62 4 5912 6 8 58% 60,
23
8
584 607 128,400 Cerro de 1188120 Copper-No par
4 5653 59
414 412
44 44
458 45
44 45*
44 438 *414 43
8 1,000 Certain-Teed Producte__No par
2612 2612 *26
2812 .263 2812 2612 27
.2712 29
2758 275
4
170
7% preferred
100
814 *5
*514 814 *5
*5
.5
5
100 Checker Cab
814
5
814
7
5
42
42
413 413
4
4 41
.4014 41
40
4012 41
900 Chesapeake Corp
41
40
No par
4258 43
4218 43
413 4214 414 424 4112 4212 4214 423
4
4 7,800 Chesapeake & Ohio
25
4
1
.3
*3
4 114
1
1
114
100 IC141:3 et East III Ry Co
114 *1
*1
*3
4
114
100
17
V,
8 *412
•112 131
*112
17
134 .112
8 *112 13
4 •112
0% preferred
100
7
8
%
%
%
3
4
700 Chicago Great Western
31
34
3
1
7
8
.34
3
4
3
1
100
2
2
2
2
*134 2
*134 2
200
*13
*13
4 2
4 2
Preferred
100
•1
2
*I
2
2
.1
*I
*1
.1
2
2
2
:Chic Ind et Loulsv pref____100
*2
0
1
7
8
1
1
1
1
1
1
7
8
4,000 Chlo Milw St P & Pao____No pa
1
1
,
112
15
8
112 15
112
15
8
8
112 15
8
13
112
8
112
112 4,100
Preferred
100
338 312
3
312
34 318
34 318
314
314 *314
33
3,600 Chicago et North Western__ _ 100
*6
612
5,
2 64 *514 6
4
512 512
1,600
55* 53
Preferred
5,2 55
100
*63
8 673
634 634
612 63
4
612 612
614 614
612 612 1,200 Chicago Pneumat Tool_No par
243 243
4
4 243 25
4
25
25
4 25
2434 25
243 243
4
2512 2,400
Cony preferred
No par
•1 1.4
112
114
134
114
114
114
114
114 *14
114
112
500 :Chicago Rock 131 & Pact/10_100
4.12
: 2
*2
212 *218 212 n
24 •2
300
18 2
24
7% preferred
100
*112 2
*112 2
14
*112 2
13
4 *112 2
*112 2
300
8% preferred
100
__ --__ ____ ____ ____ ____ ____ ____ ____ ______ Chic St Paul Minn et Om
100
_
Preferred
100
1012 *8
10
.8
.8
10
3
.8
*8
10
10
.8
10
Chicago Yellow Cab
'Jo par
7'I
For footnotes see page 2994.
May 4 1935
Range Since Jan. 1
On Basis of 100-share Lot,
Lowest
Highest
July 1
1933 to Range for
Apr 30 Year 1934
1935
Low Low
nigh
S per share
$ per share 3 per oh
4 Mar 6
634 Jan 3
2%
45 Feb 8
3 4 Mar 15
3
318
70 Apr 25 7018 Jan 22
633
4
Mar 13 135* Jan 8
74
714
8
807 Apr 3 95 Jan 24
44
48 Mar 12 70 Jan 18
36
2934 Feb 21 3114 Apr 24
26
353 Mar 28 555* Jan 7
4
353
4
6658 Mar 28 8612 Jan 5
5314
1912 Apr 3 3714 Jan 4
1912
3 Mar 6
7 Jan 7
3
6 Mar 5
91 2 Jan 19
6
213 Mar 12 255* Jan 2
2118
323 Apr 3 43 Jan 11
4
18
1063 Jan 2 112 May 2
4
75
Ill Apr 30 111 Apr 30 Ill
4 Mar 13
73 Jan 8
4
4
15 Mar 18 293 Jan 7
4
15
618May 3 14 Jan 2
4
3634 Mar 16 63 Jan 2
275
8
3 Mar 13
55* Jan 3
3
112 Feb 26
65 Jan 9
8
113
712 Apr 3 263 Jan 21
4
712
712 Mar 13 147k Jan 7
712
94 Mar 13 177 Jan 7
918
10034 Feb 21 1071251ay 2
86
3618 Mar 12 4214 Jan 2
2914
10614 Mar 18 11412 Apr 25
9112
314 Feb 25
5% Jan 22
214
3212 Jan 15 403 Jan 22
4
14
57
914 Apr 22
5 7 Mar 6
8
3712 Mar 14 4434 Jan 7
23
4
1073 Jan 11 11112 Mar 22
80
153 Mar 29 19 Mar 1
4
83
4
10012 Jan 5 1058 Apr 30
55
72 Feb 2 8312 Apr 23
54
114 Mar 18 1312 Feb 23
7
85 Apr 26 1171211 1ar 7
.
833
4
8
117 Mar 13 1712 Jan 2
93
4
154 Mar 13 1734 Jan 7 3 12
34 Jan 30 384 Feb 19
21
215* Mar 18 343 Jan 8
2134
553 Mar 18 773 Jan 9
4
4
443
8
143 Mar 19 2614 Jan 23
143
4
958 Mar 14
1378 Jan 8
6
18 Feb 16 2314 Jan 21
16
10314 Jan 22 111 Apr 25
65
2814 Mar 13 43 Aim 26
28
64 Mar 18 10 Jan 2
618
4
493 Mar 13 59% Jan 8
334
90 Jan 31
98 Mar 18
68
Mar 29 253 Jan 7
21
4
18
2814 Jan 15 3512 Apr 22
1112
33 Mar 27
33
712 Jan 4
%Mar 5
1 12 Jan 9
34
97 Apr 25
812 Apr 30
2412 Feb 7 3018 Feb 20
64
2318 Jan 17 33 Apr 26
104
3114 Mar 27 364 Jan 10
25
13 Apr 18
8
34 Jan 5
138
1418N1ay 2 317 Jan 3
15
3612 Mar 15 4418 Feb 19
253
90 Jan 4 9612 Feb 20
6914
43 Mar 18 5812 .4 pr 25
43
63 Mar 11 260 Feb 19
41
124 Feb 14 12514 Apr 11 117
44 Mar 6
67 Jan 9
4
44 Mar 14
634 Jan 7
34
818 Mar 15 13 Jan 3
6
6234 mar 22 75 Apr 22
47
314 Mar 15
514 Jan 2
3
23 Mar 14 33 Jan 22
16
212 Mar 21
414 Jan 22
2
37 Mar 13
4% Jan 16
212
814 Mar 13 15 Jan 2
418
2 Jan 19
23 Jan 25
4
1
12 Mar 28
1 12 Jan 23
1
14 Mar 20
138 Feb 7
I
12 Feb 6
5 Feb 20
8
14
3 Mar 16
9% Jan 23
3
1314 Mar 14
163 Jan 7
4
104
1 Apr 8
318 Jan 21
54
514 Apr 3 1012 Jan 22
2
10 Mar 28 2212 Jan 21
418
118 Mar 12
23 Apr 26
14
5 Apr 3
8
13 Jan 3
5
8
113
8
115* Mar 14 205* Jan 7
32 Mar 14 60 Jan 5
32
3478May 3 4212 Feb 18
165*
12 Feb 19
118 Jan 312
212 Mar 13
-.18 Jan 7
2:
1
6
712Mar 13
115 Jan 3
8
858 Mar 27 165 Jan 7
8
83
4
50 Apr 9 5:3 Feb 4
44
95* Mar 18
133 Jan 9
4
958
3014 Apr 5 36 Jan 10
2214
43 Mar 21
8
74 Jan 9
414
3212 Feb 25 37 Jan d
26
824 Feb 27 8412 Jan 15
ell
85 Mar 20 90 Jan 29
70
453 hiar 18 63 Feb 18
35
8312 Apr 11
99 Jan 8
567
8
3612 Jan 16 44% Apr 23
15
1912 Apr 26 353* Jan 7
1718
17 Apr 3
8
45* Jan 18
14
1 14 Mar 8
318 Jan 18
%
1114 Mar 20 2512 Jan 18
2..
2214 Feb 13 28 Apr 23
183
34 Mar 18 5518 Jan 4
34
612 Apr 3 125* Jan 16
512
9614 Mar 14 1094 Jan 2
75
Jan 15 6334 Apr 25
3834
2334
334 Mar 13
634 Jan 7
25*
23 Mar 12 334 Jan 23
105
8
43 Mar 27
8
64 Jan 7
48
36 Mar 12 44% Jan 4
29:2
374 Mar 12 453* Jan 7
371g
1 Apr 26
218 Jan 12
1
1 14 Mar 7
234 Jan 8
114
5 Feb 28
8
:
5
24 Jan 7
134 Feb 28
412 Jan 4
153
I Mar 30
2 Apr 13
1
14 Mar 29
3 Jan 3
14
3 Mar 29
4
3
4
43 Jan 4
4
55 Jan 7
25* Mar 29
2 5s
Vs Mar 14
10% Jan 8
413
73 Jan 7
45* Mar 14
3%
20 Mar 13 2618 Jan 7
144
1 Mar 12
25* Jan 0
1
8
15 Mar 30
418 Jan 9
15
8
112 Mar 13
4 Jan 10
112
118
314
10 Feb 20 1118 Jan 3
9:
:
$ per share
3
8%
4
1012
633
4 7018
714
1814
46
90
36
644
2912 401/
4514 733
4
7018 90
2412 64,
4
5
16
77
24
2112 3514
3514 55,2
83
107
WI
: 16
- -14
0
16,2 57
612 165
8
3114 65
33
4
412
1614
123
4
15
8611
3512
95:
8
214
1618
5%
23
89
104
65
58
87
2
954
9$4
1218
26
2418
547
1914
6
17
88
28
63
4
444
76
197
8
164
514
7
8
103
4
16
644
344
37%
1027
/
464
115
612
3812
10
453
4
10912
1934
100
765*
1514
127
23%
1918
40
494
82
40
164
26
109
5514
11 14
68N
94
2814
3134
194
3
12
283
8
14
2712
26
3712
33
834
3114 68 4
,
2814 4434
824 97
46
804
46
61
11814 12514
4
10%
312
93
3
11
141.
50
75
3
734
le
44
2
VA
27
8
612
5% 1512
15
8
6
412
434
311
1
12
24
4
1512
1012 yle%
11,
32
2
234
912
618 21
14
314
1 18
4N
EIN 323
4
40
67%
18 4 443
,
8
12
IN
33
4
634
6
157
8
1212 294
:
481: 561
107
8 184
2812 38,4
10,
4
534
263
, 39
74
85
70
9212
35
MN
56% 93
23
3834
1718 447
2
14
57s
4
1
612 224
183
4 324
53
92
123,
512
82
11012
304 4412
314
7%
1712 35
412 1612
34
487
8
3912 485
1 18
7
18
8
113
5'2
312
117
8
134
7
2
812
313
1314
312 15
53
28
97
35*
1414 288k
13
8
614
23
8
98
5
8
2
II.
4
9
612
113
4
:16
New York Stock
Volume 140
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Apr. 27
Monday
Apr. 20
Tuesday
Apr. 30
Wednesday
May 1
Thursday
May 2
Friday
May 3
2997
Record-continued-Page 3
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 00
-share Lots
Lowest
Highest
July 1
1933 to Range for
Apr 30 Year 1934
1935
Low Low
High
par $ per shard
$ per share $ per oh
$ per share S per share S per shale $ per share $ per share S per share Shares
15
4
10 2512 Mar 12 293 Feb 18
2638 26
26
255 2558
8
600 Ch1ckasha Cotton Oil
26
2612 2612 26
2612 2612 *26
312 Mar 15
712 Jan 7
34
4
4
4
800 Childs Co
No par
4
4
*33
4 4
*33
4 34
312 33
*34 418
9
14
15
15
9 Feb 23 15125l5y 3
1514
1512
970 Chile Copper Co
25
1312 *1312 1412 14
1414 14
13
2614
4
8
8
5 31 Mar 12 4213 Jan 3
4 363 3818 3712 3814 373 384 383 4018 397 417 223,900 Chrysler Corp
4
3714 373
4
1412
4
233
4 233 233
No par 20 Jan 14 24 Apr 20
233 *23
4
4
600 City Ice dr Fuel
2312 233 *2312 24
4
233 237 *23
4
8
633
8
97
99
100 100
220
Preferred
100 87 Jan 10 100 May 3
98
98
99
*973 98
4
98
98
*98
3714
City Investing
_
*32*32 _ _ •32 _ _ *32
100
*32
*32 5 Apr 16
5
314 Apr 30
1,000 City Stores new
314
33
4 - -33 4 *314 - 8
35
34 314
314 2
-14
33
4 - -34
3
34 4
14
14 Mar 28
7 Jan 17
2
Voting trust certifs____No par
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----2
67 Jan 17
,2
Class A
No par
312 Mar 28
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----123 Mar 13 15 Jan 18
8
612
Clark Equipment
No par
*1212 1312 *1212 1312 *1212 1312 *1212 1312 *1212 1312 *1212 1312
60
Cleveland & Pittsburgh
*8112 83
*8112 83
*8112 83
50 80 Mar 26 83 Apr 9
*8112 83
*8112 83
*8112 83
31
*4312
__ --- ___
Speoial
*4312_ *4312
60
__ *4312 ___ *4312
... *434
22
*24 25
25 -25
*2412 2612 *2412 -100 Cluett Peabody & Co____No par 24 Mar 22 2812 Jan 7
2612 *24 25 .24 25
90
122 122 *11714 122
124 *118 124
122 122
60
Preferred
100 1124 Jan 7 122 Apr 30
*11714
122 122
85
No par 18172 Jan 2 209 Apr 22
4
2,400 Coca-Cola Co (The)
20018 20018 199 1993 201 20414 201 2033 199 19978 201 206
4
8
4513
533 Apr 20 573 Mar 8
8
55
543 55
4
*543 55
4
547 547
8
8 1,000
Class A
No par
55
55
543 547
4
8 55
200
__ *397 _
*397
Coca Cola Internet Corp_No par
*394 - __ .394
*401
_ *402
9
-*165 17
8 1612 163; 2164 1634 3,700 Colgate-Palmolive-Peet__ No par
1618 Feb 5 1814 Jan 7
165 16 8 1612 16
8
-74
- -34 163 17
66
105 105
100 101 Jan 3 10512 Mar 15
104 104 *104 105
104 105
700
6% preferred
104 104
104 104
9 Mar 13 1534 Jan 7
9
*105 11
8
1114 1138 2,400 Collins & Alkman
No par
107 11
8
11
1114
1034 1118 1034 1118
693
4
Preferred
100 693 Mar 13 85 Jan 8
4
78
79
150
*76
78
78
79
*7618 81
78
78
7812 78
713 Feb 15
5
Colonial Beacon 011
No per
634 Jan 10
712 *7
712
7 2 *7
,
712 *7
712 *634 712 *7
*7
12 Mar 13
613 Jan 21
13
8
13
8
13
114 *14
No par
8 14
1 14
114 2.000 :Colorado Fuel & Iron
12
114
112
114
114
5
712 71,
812 812
100
5 Mar 14 2812 Jan 21
812
814 814
818
713 712
420
Preferred
8
8
4
8
103
4
15
15
*15
100 103 Feb 28 195 Jan 8
1634 *15
15
15
15
*15
16
60 Colorado et Southern
163
4 15
7
7 Feb 26 1512 Apr 25
*13
13
13
13
100
*1314 15
1412 *13
8 13
30
4% 1st preferred
147 *13
8
147
65 Mar 9 13 Jan 8
8
64
1114 1114 *1114 127 *1114 1214
100
1114 1114 *10
11
*125 13
8
100
4% 2d preferred
8
45
7934 4,100 Columbian Carbon v I a --No Par 67 Jan 15 8014 Apr 25
77
7812 78
7814 7612 7734 78
79
77
7812 77
1718
4218 4214 4112 424 415 424 415 4412 414 4512 443 45
4
10,000 Columb Pict Corp v t e___No par 3414 Jan 16 4512525y 2
8
8
338 Mar 13
7 .4 Jars 10
3
33
8
6
63
8
57
8 63
6
6 14
618 614 16,400 Columbia Gas & Elec____No par
8
6
614
6
614
3512
62
*59
65
653
8 6314 65
62
6212 1,800
100 3512 Mar 13 67 Apr 26
6214 6214 63
63
Preferred series A
31
100 31 Mar 15 60 Apr 30
*56
70
"56
70
60
*56
60
*56
60
10
5% preferred
60
80
*56
1114
4418 445
8 443 45
8
10 3912 Jan 2 4714 Feb 20
44
8 43 4312 4314 4
443
4 4312 437
414 8,600 Commercial Credit
22
31
31
304 31
4
25 29 Jan 5 3214 Feb 4
31
8
3214 313 317
8 1,670
7% lot preferred
3118 313 3212 32
4May 2
32
5714 5712 574 575 *5718 573
60 5212 Jan 7 683
8
4 5814 5812 3,500
Class A
4 575 584 584 583
8
23
303 31
4
1,710
307 31
8
8
Preferred B
28 2913 Jan '3 33 Jan 25
31
3112 3112 3218 314 3218 317 32
85
115 11512 11514 1153 1154 11612 11612 11818 117 1173 1163 11714
2
8
4
100 1097 Jan 2 11818Slay I
1.420
115§% first preferred
4
2258
6012 603
4 6012 6112 61
No par 5614 Feb 7 6312 Apr 22"
6212 6114 613
4 617 6258 4.600 Comm Invest Trust
8
6112 61
8412
'1121 1 11418 *11214 11418 *11214 1137 •11214 113
1,100
No par 111 Mar 13 11512 Jan 29
11214 11212 1113 1123
4
4
Cony preferred
8
15 4
,
No par 174 Mar 13 234 Jan 7
1912 187 1918 19
8
193 18,700 Commercial Solvents
8
20
204 19 4 2018 183 19 4 19
,
4
3
3
4
118
114
3 Mar 6
4
14 Jan 2
118
118
No per
118
1
118
1 18
1
118 19,100 Coramonwatb & Sou
118
1
173
2
8
38
41
30
41
No par 2918 Jan 4 427 Apr 24
40
4012 4014 404 40
66 preferred series
4
04 4
014 413
8 8,000
5
7 4 Jan 23
3
*714 8
57 Mar 18
8
.,
*7
8
.7
8
Conde Nast Pub., Ine___No par
62 8
*7
8
"612 8
1612
27 Mar 15 347 Jan 2
8
324 324 32
4
1,700 Congoleum-Nairn Inc ____No pa
32
4
3214 3212 313 3218 3214 3214 3212 323
*98
8 97
8 *93
8 97
714
8
9 Feb 7 1012 Jan 18
8
No par
978 10
1018 1018 *93 104 1038 103
8
900 Congress Cigar
4
42 Jan 4
23 4
3
333 35
4
x34
34
233 Mar I
*3212 34 .3258 3312 *323 3358 *323 3312
4
4
60 Connecticut By & Lighting...100
41
*474 00
"46
100 41
Apr 2 48 Apr 20
50
*46
48
Preferred
49 .48
.4614 50
*4614 50
734
7$8 74 *74 8
7 Mar 14 1012 Jan 9
514
No par
73
4 73
800 Consolidated Cigar
4 *714
714 714
714
7,
4
*70
75
*70
3014
75
100 62 Mar 28 74 Jan 24
*70
210
Preferred
75
*70
75
70
70
70
70
*79
80
7814 79
4514
71 Apr 2 82 Feb 28
75
781 -------10
80
100
Prior preferred
80
*7814 81
4514
•74 110
*74
83
*74 110
*74 1
Prior pref ex-warranta._ 100 73 Mar 28 80 Mar 6
*74 110
.74 110
412 44 *414 43
4
74 Jan 16
15
8
412 411
458 43
4
45
1
418 Mar 18
412 43
4
900 Consol Film Indus
*17
1712 1714 1714 17
155 Mar 27 2218 Feb 15
8
74
17
167 17
8
No par
17
1712 1,200
Preferred
1711 17
2212 23
2214 244 225 237
23
233 63,200 Consolidated Gas Co
No par
1578 Feb 20 244 Apr 25
154
8
4
8
8 223 2312 225 231
4
93
943
.4 92
933
4 94
No par 7218 Feb 23 9614 Apr 25 571
95
9312 9414 934 94
94 14 95
3,000
Preferred
*13
4 2
*17
8 2
24 Jan 181
112
*178 2
112 Max 12
14
17
*14 2
.14
17
8
400 Consol Laundries Corp
No par
74 8
74 818
612 Mar 13
83.4 Jan 2
612
77
8 8
No par
77
8
7 4 77
3
74
3
74 20,900 Conan! 011 Corp
S's
.111 18 11114 "1073 11118 .10914 111 .109 111 *109 1103 *109 1104
4
8
8% preferred
100 10812 Feb 5 112 Jan 28 103
.23
4 3
314 Feb 21
218
3
3
8
3
3
700 Consol RR of Cuba pre!
100
3
3
3
3
27
5 27
212 Jan 25
12
58
*12
12
18
118 Jan 5
12 Mar 12
5
8 2,100 Consolidated Textile
No par
5
8
II
53
5
8
5
8
52
12
10
1014
414
94 10
912 10
912 Apr 30 1352 Jan 10
1,700 Container Corp class A
20
93
4 93
4
4 92
4
93
4
93
4
9
2
35
8 35
8
311 2,200
312 33
8
4
312 35
No par
312 Apr 29
518 Jan 9
5
Class B
33
4 33
*312 3 8
358
*55
8 6
412
531 54 *512 57
412 Mar 13
63 Jan 7
400 Continental Bak class A No par
4
512 512
54 514 *5
54
58 Apr 1
53
4
78
1 Jan 3
4 4
2,100
Class B
No par
4
7
8
3
4
31
3
4
3
4
*3
4
3
34
4414
5112 51
51
4 502 5112 51
500
Preferred
51
503 503
4
100 4614 Jan 28 54 Feb 19
.51
5112 *51
37
724 7212 7212 733
725 7314 6,300 Continental Can Inc
8
8 72
20 6284 Jan 15 744 Apr 22
7212 7112 7212 71 14 73
•8
85
8 *8
6
812 *8
8
812 85
8
1,900 Cont'l Diamond Fibre
012 Apr 22
8
818 83
812
812 85
5
7 Jan 15
32
3214 32
8
324 3112 313
3214 3212 323
20
4 2,800 Continental Insurance
2.60 287 Mar 13 34 Jan 8
8
4 315 3214 32
7
8
7
7
8
1
7
3
1
78
1
4,800 Continental Motors
13 Jan 8
4
34 Jan 2
sd
No par
78
7
8
3
8
1
193 20
4
194 20
1214
19
195
8 193 197 28,000 Continental 011 of Del
8
8
5 154 Mar 14 20 Apr 26
193 20
4
8
195 20
433 434 4278 4312 43 43
4
4012
43 43
*4314 49
4
43
600 Corn Exchange Bank Trust Co 20 4l3 Star II 4812 Feb 14
43
6712 6818 6714 673
5512
4 6712 68
674 6714 673
4 4,200 Corn Product, Refining
4
67 673
8 67
25 82 Feb 6 683 Apr 24
•160 164 .161 165 *161 165 .161 165 *16112 ____ 163 163
300
Preferred
100 149 Jan 2 163 May 3 133
515 552
54 53
8
5
5
47
8 5
418 Mar 13
67 Jan 3
8
3 14
518 518
5
2,200 Cot, Inc
No par
5
364 37
23
8
367 367
8
2,600 Cream of Wheat otfs
8
No par 357 Jan 16 397 Mar 4
8
8 364 3678 364 364 364 37
367 37
144 1514 *143 153 *1414 15
7
8
4
4 147 15
8
1212 Jan 15 1618 Apr 24
800 Crosley Radio Corp
No par
8
147 144 143 143
8
•2812 29
2812 283
4
3014 31
30
3034 4,400 Crown con 32 seat
183
4 29
2912 293 30
4
No par 2312 Mar 14 31 May 2
*46
47
32
464 4714 *474 4712 4714 4714 474 4714 47
4714
No par 4312 Jan 4 474 Apr 20
800
$2.70 preferred
*7714 85
*7714 85
7
.7714 85
*7714 85
Crown W'mette Pap 1st pLVo par 7412 Mar 13 86 Jan 11 . 40
*73
85
*7714 85
314
*312 34 *33
5
4
312 Mar 18
54 Jan 10
4 37
4
3 8 33
500 Crown Zellerbaok v t c___No par
8 *334 37
33
4 33
8
8 *33
4 37
19
19
.19
14
1912 *1818 187 *1818 193
8 1818 1818
500 Crucible Steel of Amerloa____100 14 Mar 15 254 Jan 7
8
1858 19
.5612 5912 .564 59
*5612 59
*5612 5912 *5612 6912 *5612 59
30
Preferred
100 4712 Apr 12 68 Jan 2
34
118
118
118
118 "1
1
1
1
1
15 Feb 19
8
114
1 Jan 28
114 .1
50C Cuba Co (The)
No par
3
512 312
*514 6
*514 6
73 Feb 25
8
314 314 *54 6
- *51, 6
80 Cuba RR 6% prof
5 Jan 5
100
61 1 614
614 612
212
, 65
74 Feb 18
62 62
,
63*
63
8 3,800 Cuban-American Swat
63 Jan 2
8
,
63
8 612
614
10
'59
60
*59
59
60
59
5978 60
8
1412
60
630
6014 593 60
4
100 4013 Jan 3 617 Apr 5
Preferred
4112 4112 4112 415
8 4114 4112 41
4012 4012 40
3512
41
403
8 1,600 Cudahy Packing
50 40 May 3 4712 Jan 2
•191 194 1914 1914
,
1812 1812 1812 1912 1,500 Curtis Pub CO (The)
1918 193
1914
1312
8 19
15 Mar 15 224 Jan 8
No par
99
99
993 903
4
994 99, 100 100
4 993 100
1,200
3812
4
993 100
4
8
Preferred
No par 8011 Mar 14 101 Jan 10
25
8 23
4
25
8 24
24 212
212 258 9,800 Curtiss-Wright
2
258 24
212 234
2 Mar 12
3 Jan 2
1
83
8 83
8
814 812
818 814
83
8 84 12,200
33
4
814 84
814 Mar 15 1018 Jan 2
83
8 858
Class A
1
575
*75
833
8
*75
834 *75
8338 *75
75
8338
8338 75
10 Cushman', Sons 7% prof ___100 73 Mar 23 83 Feb 8
73
*65
70
*61
70 .61
70
64
*61
70
8% preferred
70
70 '61
No par 64 Apr 22 70 Apr 23
*61
19
19
187 19
8
4 184 1834
1814 1814
912
183 153
4
183 19
4
1,000 Cutler-Hammer Ina
4
No par
16 Mar 13 203 Feb 19
*6
7
*6
7
*6
7
512
*6
7
"
512 63
Davega Store, Corp
814 Feb 14
4 " 4 612
5
6
65 Apr 8
8
283 287
8
8 2812 29
8
8 2712 284 9,700 Deere & Co
275 283
273 284 28
29
1018
4
Vo par 224 Mar 18 31 Feb 114
2314 233 *2314 233
8
8 2314 2314 233 2312 2312 2312 235 24
8
8
2,500
1014
Preferred
20 19 Jan 15 24 Slay 3
30
31
29
304 2712 28
4
2812 2914 273 2912 295 293
8
4 6,500 Delaware & Hudson
2312
100 2312 Mar 26 4312 Jan 7
144 144 1312 144 1314 133
135 1414 8,200 Delaware Lack & western___30 11 Mar 13 1918 Jan 7
8
4 1312 14
11
4 1312 133
.214
24
*178
234
214
100 Deny & Rio Or West pref
214 *17
112 Feb 27
44 Jan 8
112
8 212 .134 212 *14 3
100
76
76
75
75
77
77
77
76
77
76
*76
800 Detroit Edison
55
7758
100 65 Mar 13 78 Jan 25
---- ---- ---- ---- - - ____ - - - ---- ---- ---- - _ ---- __ Detroit Hillsdale &SW RRCo100 45 Apr 20 45 Apr 20
*4
47
8 *312 18 *234 - -78
710 Detroit & Mackinac Ry Co 100
4
4
23
4 234 *1'2
312 *11
234May 1
6 Jan 17
: -512
*10
*12
22
22
14
*10
*6
14
22
1212 1212 *6
10
5% non-cum preterred
112
100
8 Jan 4 1212SLty 1
4 30
403 *3812 41
4
*39
91
41
*3812 403 *36
4
*36
41)
20
Devoe & Raynolds A____No par 36 Mar 22 5038 Jan 2
.1161
.•11612 _ .*11612 12034 *11612 1204 *11612 1203 *11812 1203
4
let preferred
8912
4
100 11412Mar 8 117 Jan 21
2- 12 3112 2112 314 323
3112 31
8
2 3214 3214 3214 3212 323 3212 3.200 Diamond Match
8
21
No par 2612 Jan 2 323 Apr 30
39
3912 3912 3912 *3912 42
*373 39
4
*3912 41
41
4112
70(1
Participating preferred
275
8
25 344 Jan 7 4112May 3
4114 4212 414 42
413
8 403 41 18 6,200 Dome Mine, Ltd
8 41
4
4134 42
41
417
No par 3418 Jan 15 425 Apr 25
8
25
•812 9
85
8 84
812 812
812 812
812 812 *812 9
700 Dominion Stores Ltd
No par
814 Apr 8 125 Jan 28
8
814
244 2484 24
243
4 2414 25
2518 257
8 247 254 2514 2614 41,450 Douglas Aircraft Co Inc No par
8
1712 Mar 12 26143slay 3
114
*17
1812 18
1818 .1712 1812 18
1812 •1712 173
4 174 174
700 Dresser (411) Mfg cony A No Par
814
1312 Mar 15 183 Apr 24
4
.612 714 .612 714 *64 7
714
714
7
7 14
.7
714
000
Convertible class B
No par
83 Mar 18
8
8 Apr 15
33
8
.38
L.
12
Duluth S 8 & Atlantic
*3
2
12
*14
12
100
38 Jan 9
'2
*3
9
.14
1
*14
3 Jan 9
2
3
8
4
"It
12
81
.3
8
3
4
Preferred
100
*3
8
12 Feb 13
12 Feb 13
34
*3
8
3
4
*38
"38
3
*34 312 53
33
8 *3
312 *3
314 •
3
3
3, .
3
Dunhill International
I
3 Mar 6
314
54 Jan 18
15
15
*127 147 *125 15
8
*1414 15
.1212 15
8
.127 15
8
No par
200 Duplan Silk
13 Apr 17 1712 Jan 3
13
419514 114 .10514 114 *10512 114 *10534 114 .1053 11" .1053 114
4
4
Preferred
100 103 Mar 20 103 Mar 20
92
4 963 9778 17,000 DuPont deNemours(E.I.)&Co.20 865 Mar 18 9912 Feb 18 3, 597
9612 9712 964 9712 063 9718 9518 9712 9.518 963
4
4
8
8
128 1284 *12612 12934 •12712 1203 .128 1283 1283 12812 *1284 1295
8
8
8
400
8
4
6% non-voting deb
100 1267 Feb 8 131 Apr 22 10414
11112 11112 *112 113
11112 112 *11112 113 .11112 113
112 112
310 Duquesne Light let pref
100 104 Feb 18 11218 Apr 23
85
*15
__ *15
*15
.15 _ __ *15 _ __ •15 _ _
Durham Hoelery Mille pref _100 18 Mar 27 23 Mar 5
13
514
5
5
5
.512 -- 57
s
512 512
514 514 *5
512
33 Mar 13
4
1,500 Eastern Rolling Mills__No par
8 Jan 7
312
138 14012 138 140
136 13912 135 13717 13712 13812 3,900 Eastman Kodak (N .1)___No par 11012 Jan 16 146 Apr 27
144 146
6512
150 150
150 152
152 153 *148 152
14912 150
152 152
100 141 Jan 4 155 Mar 26 120
270
6% cum preferred
1814 184
4 1912 197 21918 1914 1838 19
8
184 1918 4,700 Eaton Mfg Co
No par
195 193
8
1652 Jan 16 207 Feb 18
8
10
412 412 *414 412 *414
314 Mar 27
412
4
4
Vo par
418 44
44 414
500 Eltingon Send
73 Jan 4
4
314
8
4 1934 2012 1954 20
20
2012 2012 215 22,000 Elec Auto-Llte (The)
5 1932 Mar13 29 Jan 3
4
203 2114 203 203
8
114
111 111 *1103 Ill "1103 111
4
4
112 112 *111 112
111 111
Preferred
100 107 Jan 23 112 Apr 26
130
75
3
8
44 458
618 Jan 7
45
8 47
8
44 47
8
45
8 478
43t 47
43
4 43
3
34 Mar IS
4 4,100 Electric Boat
65
8 65
8 .64 658 *612 63
64 Apr 3
8
614 612 .64 6,
2
68
3 63
8
500 Elec & Mus Ind Am share,
83a Feb 18 13 512
214
214
14 Mar 15
8
214
238 3.300 Electric Power & Light __No par
23
8 258
3 Jan 3
21s
212
2,
4 214 .214 23
1 18
Vo par
3 Mar 13
7
7 14
Preferred
7
714
714 712
83 Apr 24
4
3
74 714
7
7 14
714
714 2 600
212 Mar 13
._ vs oar
8
65
8 65
8
63
8 612
63
8 638 .
Se preferred
212
612 612
6,2 65
618 63
800
74 Apr 23
4
For 1'0000286 POI. page 2994
.
-
S per share
194 304
33
4 114
1014
174
2914 603
8
1714 243
3
9212
67
3714 52
4
24
Is
1 14
24
552
83
4 213
4
7012 78
38
45
247
8 45 .
95
115
9514 16112
5018 57
314
314
3 18 13
93
6812 10212
10
2812
94
74
5
9
33
12
83
4
1013 32
164 404
13
334
11
30
58
7714
2112 413
8
658 19,
4
52
784
41
71
184 4014
2312 3013
38
53
24
3018
9112 110
1
353
4 61
1
91
114
1
154 363
4
1
34
21 18 6234
5
134
354
22
714
1413
61
32
55
58
514
134
31
75
454 744
49
70
14
614
103
2 203
s
18,
2 474
z71
95
112
43
2
1414
74
108
1124
218
64
12
218
64
134
23
8
53
3
514 144
4
23
2
444 64
5634 64,2
114
6
234 364
'A
'8
43
154 224
4012 51
5612 844
i 5012
i 35
34
04
28
3614
8
1713
184 3614
354 244
47
84
344
65
3
17
383
2
44
71
4
31/
4
34 104
34
97
2
2013 65
37
1,25,
1312 294
4312
218
514
754
6412
II
6
1018
1014
35
14
4
33
634
953
4
614
121
.
91
90
2112
814
344
1914
7358
333
4
1314
84
I,
i
10
1814
29
55 4
,
99
117
21
284
284 3412
32
4614
11
23
1414 2812
8
20
5
117
3
15
2
1,
218
It
114
114 23
100
110
.0
1037
2
115
12813
107
90
21
30
44 123
4
79
11612
147
120
,
1218 221
6
1014
15
3132
110
80
3
758
414
941
24
95
8
65
2 21
6
193
4
2998
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Apr. 27
Monday
Apr. 29
Tuesday
Apr. 30
Wednesday
May 1
Thursday
May 2
Friday
May 3
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
May 4 1935
Ranre Since Jan. 1
-share Lots
On Basis of 100
Lowest
Highest
July 1
1933 to Range for
A pr 30 Year 1934
1935 ---Low Low
High
$ per share S Per share S per share S per share $ per share $ per share Shares
Par I per share
$ per share $ per sts $ per share
424 423 .42
3
4212 42
424 42
4212 42
4214 414 42
2,100 Elea Storage Battery
No par 39 liar 21
4912 Jan 7 3, 337
8
34
52
*12
3
4
012
3
4
*12
3
4
012
3
4
4
300 :Elk Horn Coal Corp
4
3
4
*12
No par
14 Mar 29
7 Jan 10
3
sa
17
8
14
*3
4
4
7
*1
8
8
07
8
7
1
2
1
03
07
4
8
1
1
100
6% part preferred
133 Jan 10
53 Apr 1
60
4
1
33
4
5853 585 *5812 59
8
5812 5812 5812 583 *58
59
4
58
58
600 Endicott-Johnson Corp
4
50 523 Jan 18 6014 Feb 19
45
45
63
*12813 131 *12614 131 0128 13012 0128 13012 0128 13013 12933 1293
8
10
Preferred
100 1253 Jan 10 132 Apr 23 112
4
120
128
2
2
*113 24 *13
3 2
*13
8 2
•13
3 2
2
2 11
600 Engineers Public Serv____No par
14 Mar 16
24 Jan 4
118
2
84
21
2113 20
21
21
21
2114 2112 2112 2214 227 2
s 513 2,600
15000v preferred
14 Mar 19 2512May 3
No par
101*
1018 23,
2
2112 2112 2112 2112 *203 22
3
21
2112 21l3 2214 2312 25
1,700
$534 preferred
No par
1412 Feb 7 25 May 3
11
2412
11
22 22
22 22
*22
2212 21
2212 2213 2212 2212 25
$8 preferred
1,300
No par
1512 Mar 19 25 May 3
12
13
2512
518 513 *514 53
4 05
53
4 *5
53
53
4 *5
4 *5
53
4
300 Equitable Office Bldg
5 Jan 7
No par
512 Apr 23
5
5
103
2
912 93
9
932 *814 9
4
812 84
814 83
4
83
4 84 3,300 Erie
718 Mar 20 14 Jan 4
100
74
93
3 2472
*103 1214 *1012 1112 *10
4
1114 *10
10 10
11
10
1013
600
First preferred
812 Mar 26
100
1714 Jan 4
813
143
4 28,
4
*818 9
*714 9
.67
3 9
*7
9
*718
9
8
8
200
Second preferred
100
63 Mar 12 13 Jan 7
4
63
4
9
23
6219_._ •6213
_ .68
. *6218
*6218
Erie & Pittsburgh
_ *6218
60 6912 Feb 18 70 Feb 2
50
50
68
' 12 12
12 -- 12
117 - 7
8 118 115 11 4 1112 11
8
1
-53 12
12
1,800 Eureka Vacuum Clean
3 1012 Mar 19 124 Feb 19
63
3
7
144
1612 1714 *163 1714 17
4
1712 17
173
8 165 163
8
4 1613 163
4 2,900 Evans Products Co
5 161,3May 3 2314 Feb 21
3
271*
9
*212 3
212 253
2
212
024 3
3
2
3
212
180 Exchange Buffet Corp___No par
2 Apr 30
5 Jan 18
2
3
1012
*1
13
4 *1
13
4 *1
13
4 *112 13
4 *1
113
20 Fairbanks Co
112 112
25
%Mar 26
214 Jan 19
4
23
8
1
53
4 53
4
6
6
6,
2 053
6
4 6
53
4 53
4
512 512
620
Preferred
100
4 Mar 19
93 Jan 18
3
312
33
4 1213
23
2314 224 2312 23
2312 224 223
4 22
2212 22
224 3,500 Fairbanks Morse & Co___No par
17 Jan 11
253 Apr 22
8
47
8
7
183
4
96
97
96
96
*93
95
93
93
8953 91
9112 9113
290
Preferred
100 72 Jan 17 101 Apr 22
25
30
7712
*83
8 8
53
812
812
812 83
4
83
4 94
8,600 Federal Light & Trac
,
87
93 10
3 93
4
4
15
54 Mar 15 10 May 3
4
4
1114
64
*61
6112 6112 *60
6212 GI
6312 65
65
*68
60
75
Preferred
No par 48 Jan 8 65 Apr 24
33
3418 62
07
67
65
68
*62
70
70
70
*64
400 Federal Min & Smelt Co____100 40 Apr 3 72 Apr 26
70
*65
69
40
52
107
*79
86
*77
86
*75
90
*82
86
82
82
100
Preferred
*79
83
100 54 Apr 1 81 Apr 26
50
62
98
64 63
3 *53
4 64
61s 614
6
1,600 Federal Motor Truck---- o par
6
4
53
53
4 53
4 6
33 Mar 23
4
88 Apr 22 . 23
7
1
4
24
834
34 314 *314 312 •
14
314 312 *314 312 *314 312
200 Federal Screw Works_ ___No par
314 3
23 Mar 14
8
412 Jan 7
1
2
Ms
118
118 *1
118 *1
118 *1
113
1
1
*1
500 Federal Water Serv A___ _No par
113
7 Feb 25
8
13 Jan 7
3
4
7
2
I
*1612 17
1612 1712 1712 1712 1712 1712 *1713 18 .17
700 Federated Dept Stores_ _No par 164 Mar 29 205 Jan 7
18
8
1613
31
20
3218 3214 313 313
4 3138 32
32
4
3212 3113 3214 3213 3213 2,400 Fidel Phen Fire Ins N
2.50 2812 Mar 14 3413 Jan 9
2014
233
4 35,2
*1610 18
*164 18
*1614 17
*1612 17
17
40 Filene's(Wm)Sons Co___No par
17
17
17
Y1_
16 Apr 9 2312 Jan 8
16
30
23
.10812 110
110 110 *110 11112 111 111
110 110
120
11014 11014
6 IS% preferred
100 10614 Mar 6 111 May 1 285
87
106
1412 1412 143 1412 14
8
1414 *14
1413 1318 134 *1313 1378 1,800 Firestone Tire & Rubber
10 134May 2 1818 Jan 7
1312
13
25,
4
9012 9012 *0012 92
01
913
4 904 91
91
91
91
1,000
92
Preferred series A
100 8413 Apr 8 9453 Feb 20
6718
714 92,
4
47
4813 47 484 48
4 2,400 Find. National Stores_,,_No par 46 Mar 26 56 Jan 7
4814 4712 4
8
4712 4712 4712 473
53
46
69,
4
*22
2412 *22
2412 *2214 25
2214 224 *2212 2413 *2214 2412
100 Florsheim Shoe clam A___No par
19 Feb 21
223 Jan 4
4
125
8
15
25
*3
314
24 27
8
23
4 23 0
4 '253 3
25
8 253 *23
3
400 IFollansbee Bros
4 33
No par
214 Mar 6 6 3 Jan 7
3
2
2
173
3
*29
2913 293 293
8
8 29
2912 284 284 2812 2813 29 29 14 1,200 Food Machinery CorpNo par 204 Jan 15 31 Apr 10 11 104
1012 2153
14
14
1312 133
4 13
134 13
1313 134 1312 133 1338 1,600 Foster-Wheeler
3
No par
97 Mar 15 1713 Jan 2
8
813
812 22
*701 72
*6912 72
3
70
713
4 70
70
Preferred
6912 70
*68
60
70
No par 804 Mar 15 77 Jan 2
4414
55
80
*718 7 8
7
712 712
7 4 77
3
8
778 *758 8
712 712
73
4
000 Foundation Co
No par
43 Mar 13 1013 Jan 7
4
43
4
64 17'4
247 25
8
244 254 243 243
4 2453 244 2412 244 2412 2413 1,800 Fourth Nat Invest w w
4
1
193 Mar 21
4
2513 Apr 20
1653
1712 2
74
1013 103
4 104 1012 1014 1012 1014 104 1014 1012 103 107
3
3 8,800 Fox Film class A
No par
85 Mar 15 1312 Jan 2
8
814
814 1713
35
35
3512 36
*3512 39
*35
39
*35
210 FkIn Simon & Co 100 7% pf__100 3014 Apr 2 45 Jan 11
39
*3513 39
20
20
63
22
22
2134 2214 2112 22
2013 21
1,700 Freeport Texas Co
20 20 18 2012 21
10 1714 Mar 18 28 Jan 2
1714
2112 503
3
*115
0115
*115
*115
•115
Preferred
_ *115
_ ....__
100 114 Mar 18 12018 Jan 22 11312 11312 160,
8
*155 19
8
*16
19
a18
is *1534 1912 .17 -1-- 19 --40 Fuller (0 A) prior pret___No par
1912
9
15 Mar 13 24 Jan 25
3312
14
1213
•818 7 4
3
64 67
8
718 712 *64 718 .7
712
$6 2d prof
718 812
240
No par
43 Mar 13 12 Jan 24
4
43
4
5
1953
*114
112 *133
113
13
3 13
114
113
113
3
118 *1
800 Gabriel Co (The) el A
114
1 liar 13
No par
24 Jan 3
ii.
1
24
83
4 914 *812 912 .812 912 *812 912 .812 9
4812 9
40 Gamewel1 Co (The)
No par
7 Mar 30
94 Apr 22
7
8
20
612 612
612 612
614 612
612 612
614 614
65
8 63
8 1,200 Gen Amer Investors
No par
75 Jan 4
513 liar 13
3
512
653 11,
2
90
90
*86
91
*88
91
*8814 91
08853 91
Preferred
Too
*885 90
3
No par 843 Jan 10 90 Apr 27
4
6413
73
87
33
3314 33
34
3312 333
4 33
333
4 3314 3314 33
3314 2,300 Gen Amer Trans Corp
5 3253 Mar 12 3814 Jan 6
253
4
30
434
144 1473 1514 1514 15
1512 1514 1514 143 15
4
15
153
4 3,200 General Asphalt
10 113 Mar 15 184 Jan 9
4
1134
12
23,
2
*814 812 .814 83
8
814 814
8
8
8
8 18
813 814 1,600 General Baking
6
73 Mar 29
8
914 Feb 19
612
6,
3 14'n
0120 124
12312 125 *124 12512 .124 127
127 127
$8 preferred
127 12714
270
No par 115 Jan 10 12714May 3 100
100
108,
2
*6
614
614 614
Os 612
618 63
8
6
63
8
6
1,500 General Bronze
6 3
8
5 5 14 Mar 4
74 Jan 8
5
5
10,
8
3
314
3
34
27
3 24
3
3
*27
3 314
24 24 1,200 General Cable
No par
2 Mar 20
314 Jan 3
2
24
6,
2
64 614
54 818
573 6
6
6
57
8 6
Class A
*512 612 • 2,700
4 Mar 26
No par
7 Jan 3
4
414
12
324 343
4 34
343 *3312 344 3352 3414 *3012 333
4
4 3212 3212 1,500
/% cum preferred
100 19 Mar 14 35 Apr 26
14
1412 33
*34
*54
55
5412 *54
55
5438 5412 55
55
55 14 5514
500 tleneral Cigar Inc
No par 50 Mar 25 8314 Jan 8
244
27
5934
.130 134
134 134
135 135
135 135 *135 137
137 13714
7% preferred
130
100 12712 Jan 2 13714May 3
97
97
127,3
2412
4
8 234
3 233
234 243 55,400 General Electric
3
____ 243 __ 245_ ___ 243 ____4 2418 2312 24
No par 2012 Jan 16 2514 Feb 18 * 16
.... 244
167, 25,4
__
_ ___
____ _
. Special
10 11 Jan 2 114 Jan 3
11
1234
11
3418 - - 3 34 14
3
43
-12 3312 /Us 33 8 lilt' 331- -- 4 334 - - - 11,900 General Foods
,
4 3333
4
No par 3214 Mar 15 355 Apr 23
8
28
80'.
28
3
8
3
8
3
8
3
8
"8
'2
*3
8
15
3
8
3
8 2,200 Gen'l Gas & Elea A
3
8
No par
3
8
4
14 Feb 25
4 Jan 14
ss
14
8
15
14
14
'148 147 014
•13
1412 012
1412 *12
200
15
Cony prat series A
10 Mar 15 15 Apr 6
No par
514
614 19
17 •____ 17 ....... 17 *____ 17 *____ 17 *____ 17
$7 pref class A
No par 11 Mar 5 1612 Apr 6
634
11
21
17 •____ 16 .____ 16 *____ 16 *____ 16 *____ 16
$8 prat class A
No par 153 Jan 15 18 Apr 6
4
712
13
22
553 •
4
6012 *____ 6012
543 ____ 54 •__ __ 54
4
Gen Rai Edison Elea Corp
4
554 Apr 20 613 Feb 5 .
5 54
621.
60
*65
66
66 663
8 6514 66
643 65
4
647 6514 6412 6412 1,800 General Mills
8
No par 597 Feb 6 864 Apr 29
s
51
51
6412
*11612 117 3 *11613 117 .11612 117
3
1164 1167 *11612 117 *11612 1163
2
4
Preferred
100
4
100 116 Jan 3 1183 Apr 23 10012 103
118
304 3038 304 304 2912 3012 2919 297
8 287 293
3
4 2938 303 01,600 General Motors Corp
4
10 2653 Mar 13 3414 Jan 3 U 223
3
2453 42
1153 1164 *116 1163 1154 116
4
4
11818 1163 11612 117
4
117 11714 2,800
$5 preferred
4 11714May 3
No par 210713 Jan
84
8954 109
*1212 123 *1213 123 *1212 123 *1212 123
4
4
4
4 123 123
4
4 1273 124
200 Gen Outdoor Ad, A
10 Mar 20 13 Jan 10
No par
814
854 21
*33
4 34
4 4
33
*33
34 4
4 4
*33
*334 4
4 4
Common
600
4 Mar 21
314 Jan 9
No par
314
34
65
,
261 267
8
8 26
2512 26
26
*2614 264 2612 267
8 2612 2612
440 General Printing Ink
175 Feb 5 27 Apr 25
No par
8
1012
1012 254
1044 10414 *10412 ----105 105
1043 105
4
105 105 *10412 1043
4
140
$6 preferred
No par 9312 Jan 22 105 Apr 30
6114
7313 96
*13
4 17
8
13
4 17
8 .13
4
17
3
13
4 13
4 *13
1,600 Gen Public Service
4 17
8 .13
8
4 17
113 Mar 13
No par
238 Jan 3
1 18
2
558
*21
227
8 223 223
4
4 2033 214 2114 2114 21
21 14 2114 22
1,600 Gen Railway Signal
1558 Mar 13 30 Jan 7
No par
1558
2313 453
4
•2 100
*94 100
*9512 100
09614 100
•96 100
Preferred
*974 100
100 80 Jan 2 95 Apr 25
80
90
10113
*7
07
8
1
1
1
1
1
1
1
1
1
1 6,300 Gen Realty & Utilities
1
3 Apr 2
4
13 Jan 10
4
34
1
34
*1512 17
*1614 167
3 1633 17
17
17
17
17
173 174 1,700
3
$6 preferred
143 Mar 20 194 Jan 10
No par
4
10
10
364
019
1912 *19
19 4 *1812 19, *1812 1914 19
3
2
19
19
1053
600 General Refractories
No par 164 Jan 30 2014 Jan 3
812
1018 233
3
104 1912 1914 194 19
1914 *1812 19
19
19
Voting trust certifs
184 193
4 5,100
No par
1818 Jan 15 20 Apr 20
714
10
20
1612 1612 1613 161g
1512 1538 *1512 16 2 *1513 187 *16
,
8
40 Gen Steel Castings prat No par
184
14 Apr 13 32 Jan 22
11
1753 4812
1513 154 1518 154 1512 153
4 154 154 153 153
8
4
20,000 Gillette Safety Rasor
153 16
par
4
12 Mar 14 16 May 3 6 74
No
81. 147.
8214 823
4 84 84
8334 843
3 833 8412 83
4
84
84 14 8412 2,500
Cony preferred
No par 7012 Jan 4 8714 Apr 25
4513
47
72
3
3 14
3
3
23
4 3
23
4 27
8 *27
3 3
*27
1,600 Gimbel Brothers
8 3
21/Mar 13
No par
37 Jan 4
s
213
6',
253
L" 053 22
2
21
2112 2112 2112 *201* 2112 •2053 2112
2138 22
Preferred
100 18 Mar 27 2714 Jan 5
600
1313
164 30
273 274 267 273
4
3 2712 2712 27
3
2714 2714 2712 28
2714 6,700 Glidden Co (The)
No par 233 Feb 7 29 Apr 22
3
12
3
1653 283
10914 10914 0103 1087 *108 1087 108 108
8
8
10712 10712 10713 109
Prior preferred
130
100 1044 Jan 2 10914 Apr 27
805
8
83
10712
114
13
15
8
17
8
134
14
13
4 17
3
4
4
153 13
153 13 13,700 Gobel (Adolf)
118 Apr 26
I
43 Jan 25
4
1 13
33
3
9,3
147 15
1434 154 1412 15
8
1412 143
4 143 1412 143 1473 6,900 Gold Dust Corp vie
8
8
I,
1438May 2 IS Jan 7
No par
23
16
--.2
--- •
*1103 117 *112 117 *110 115
4
113 113 *11034 112
11112 11112
200
56 cony preferred
No par 111 12MaY 3 117 Apr 10
wog
9615 120
812 812
812 812
814 84 4,000 Goodrich Co(BF)
814 812
84 83
,
,
819 83
712 liar 13 117 Jan 7
No par
8
713
8
18
.14
4612 *44
47
*42
454 4512 4512 *4213 45
Preferred
*43
100
45
100 40 Mar 15 5412 Jan 8
2613
512 623
4
173 18
4
174 1814 173 184 1714 1712 17
3
3 8,300 Goodyear Tire & Rubb___No par
0.1ar 13 267 Jan 7
1712 1712 18,
153
8
1534
1812 413
3
*74
75
*74
744 *74
747
8 74
1s1 preferred
74
7414 7414 7212 7212
300
No par 70 Apr 11 92 Jan 10 ,7 5318
64
864
312 312 *3
33
4
314 314
312 312
312 312
1,100 Gotham Silk Hose
No par
314
338
212 Apr 4
612 Jan 3
21,
37
8 114
3114
02012 234 *2012 25 .2012 25
*2219 24
*21
Preferred
100 20 Apr 3 50 Jan 3
70
2212 21
20 3812 71 12
14
2
2
17
8
17
8 2
14 2
134
17
3
13
4 13
1
4 2,600 Graham-Palge Motors
12 Mar 21
1
314 Jan 3
113
112
41 2
8
8 18
8
818
74 8
74 73
4
Granby Cons M ftlin & Pr____100
73
4 818
818 7,800
8
614 Mar 19
8114 Apr 25
4
4
1338
3
*314 338
3,
3
3
4 31 1
3
3
234 23
3
900 Grand Union Co jr etre
4
1
214 Mar 15
5 Jan 7
214
4
814
184 19
.
1812 2
012 .1812 2012 1914 1914
8
Cony pref series
No par
1833 185 *184 19
900
17 Feb 25 293 Jan 3
4
17
40
23
.2114 24
.213 24
2212 2212 *2212 23
*2212 23
500 Granite City Steel
23
23
184 Mar 29 23 Jan 10
No par
184
21
31 18
3012 303
4 31
31
3014 3114 304 31
3012 31
3014 303
4 2,600 Grant (W T)
No par 26 Mar 26 3514 Jan 7
3
2734
5
2 ,2 48;
8
10t:
,
1112 1153 1112 114 1112 1112 1114 1114 11
1114 *1118 1114 3,400 Gt Nor Iron Ore Prop
914 Mar 19 1273
No par
134 13
1314
53 12
1213 1212 1218 1212 12
8
1212 127 21,500 Great Northern Prof
123
4
8
100
95 Mar 12 174 Jan 7
95
8
124 3212
2918 30
2918 30
2938 3014 294 30
293 30
293 304 10,700 Great Western Sugar____No par 264 Jan 15 317 Mar 1
4
4
3
25
26
3514
132 132
*133 135
132 132
13213 13212 13313 134
Preferred
135 13712
630
100 119 Jan 2 13712May 3
99
102
118,
2
018
50
*18
50
•18
50 .18
Green Bay & Western 11R CO-100 21 Apr 12 21 Apr 12
50
018
25 .18
25
*45
60
*45
60
1 8 14 *114
,
Ds
2212 *19
*19
2212
*44 512 .4
53
3
•10
107
3 *9 4 107
3
8
.1512 30
*153 175
3
8
*59
68 .50
68
*2612 264 27 27
*333 3312 33
3
334
313 3
53
312 33
2
6412 6412 644 647
8
*44 44 *453 44
*5
714 *6
7
*69
71
71
71
107 107
10814 10514
1814 1834
.1812 10
•1103
4_ -- *1103 _ __
4
7
74
7
714
91
91
9012 9012
14
is
18
1,
212 212
212 212
045
60 .45
60
.45
645
55
60
14 •I14
*114
15
8
15
3 *112 15
13
8
4
.19
224 *19
2212 *19
21
21
2212
414
*4
513 *313 414 *3
414 *3
.9
1012 *9
11
11
.9
*9
11
*154 174 *15
1512 .1514 153 *1514 153
4
4
559
.59
68
68
*59
*59
68
68
2714 2714 274 2718 2718 2711 *27
273
3
•3212 3312 3312 3312 *3212 3312 •3212 334
33
4 33
4 *33
2 372
35
8 33
4
34 33
4
647 647
8
8 6514 654 653 6718 675 68
3
8
*412 43
4 *412 43
4 .45
4 *412 43
3 43
4
612 612 *6
612 .814 612
612 7
*6812 71
*6812 71
•70
71
70
70
10614 1054 *10512 10512 *10512 10512 106 106
183 19
4
184 19
19
1914 19
19
1103 11014 1104110'. 110 110 *111 115
4
714
73
3
712 712
712 74
8
712 73
02
92
.9012 92
*91
92
9012 92
13
018
5lt
3
8
38
88
38
3
8
*212 5
*212 5
*212 5
.212 5
For footnotes see page 2004.
Greene Cananea Copper
100 34 Feb 6 4018 Apr 22
IS
600 Guantanamo Sugar
No par
1 Feb 1
214 Feb 19
4
Preferred
60
100 19 Feb 16 24 Apr 3
74
Gulf Mobile lc Northern____100
4 Mar 7
6 Jan 6
4
Preferred
6 Apr 3 15 Feb 18
100
0
Gulf States Steel
12 Mar 29 24 Jan 8
No par
12
Preferred
100 48 Mar 29 67 Jan 11
2514
600 Hackensack Water
26 2114 Jan 15 2738 Apr 30
197
8
7% preferred class A
90
26 30 Jan 18 333 Apr 20
4
26
3,600 Hahn Dept Stores
318 Mar 13
No par
614 Jan 13
318
Preferred
1,600
100 56 Jan 15 7013 liar 13
18
Hall Printing
4 liar 19
10
712 Jan 2 9 314
300 Hamllton Watch Co
612 Apr 30
No par
912 Jan 8
314
Preferred
30
100 83 Jan 4 75 Jan 23
20
60 Hanna (M Al Co $7 pt_No par 101 Jan 2 107 Apr 18
77
4,200 Harbi•on-Walk Refrao-No par
16 Mar 15 20 Feb 18
12
Preferred
40
100 994 Jan 7 1103i Apr 30
82
3.800 Hat Corp of America el A___.1
512 Feb 8
73
4M15Y 2
112
90
6 Ii% Preferred
100 81 Feb 6 92 Apr 20
1412
9,500 Havana Electric RI Co __No par
18 Apr 27
4
It Jan 8
Preferred
30
212 Apr 17
100
23 Jan 26
4
212
50
18
33
313
74 31
5
1614
12
354
154 42
47
M3
2012 2614
27
31
312
814
2514 6312
33
,
94
34
117
3
25
83
84
1013
4
13
243
4
87
100
1 13
753
194 92
4
1,2
3
812
_ _
New York 3tock Record-Continued-Page 5
Volume 140
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Apr. 27
Monday
Apr. 29
Tuesday
Apr. 30
Wednesday
May 1
Thursday
May 2
Friday
May 3
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
2999
Range Sines Jan. 1
On Basta of 100-shars Lots
Lowest
Illphest
Jut,/ 1
1933 to Ranee for
Apr 30 Year 1934
1935
flios
Low Low
per Mar. $ per eh
Par $ yer shard
Shares
15,
158 Mar 18
312 Jan 2
2
1,100 Hayes Body Corti
65
1,200 Hazel-Atlas Glaris Co
25 85 Jan 2 9512May 2
94
100 Helme (0 W)
25 127 Jan 5 137 Apr 23
Preferred
100 1424 Jan 10 155 Apr 16 120
514
100 Hercules Motors
No par 11 Jan 8 194 Apr 25
40
800 Hercules Powder
No Par 71 Mar 12 7738 Jan 8
87 cum preferred
140
100 122 Feb 0 128 May 3 10418
44
4
500 Hershey Chocolate
No par 7314 Apr 4 818 Jan 19
Cony preferred
80
200
No nor 104 Jan 25 11412 Apr 16
4
1,200 Holland Furnace
94 Jan 7
5 4 Mar 15
3
No par
400 Hollander & Sons (A)
5 658 Mar 29 11 Jan 2
54
200 Homestake Mining
100 338 Feb 5 400 Apr 26 200
7
3.300 Houdaille-Hershey cl A --No par 3078 Mar 14 404 Apr 17
612 Mar 13 147 Apr 22
212
Class B
No par
33,300
43
200 Household Film= part pf___50 49 Jan 2 61 Apr 24
91
3
94 Mar 15 17 4 Jan 2
1,100 Houston 011 of Tex tern etts--100
112
112Mar 13
3 8 Jan 4
8
Voting trust Mrs new
1,200
25
20
16,100 Howe Sound v t e
5 43 Jan 15 56 Apr 26
24
800 Hudson & Manhattan
512 Jan 21
2% Feb 27
100
84
Preferred
612 Mar 14 134 Jan 21
100
614 Mar 26 1253 Jan 7 21 6
No par
12,200 Hudson Motor Car
34 Jan 7
Ai Apr 5
10
9,200 Hupp Motor Car Corp
3
4
912
94 Mar 14 1714 Jan 7
10,200 Illinois Central
100
15
6% pref series A
100 15 Apr 11 2353 Jan 4
40
Leased lines
160
100 40 Mar 21 5712 Jan 10
44 Mar 30 10 Jan 4
414
RR Sec ctfs series A--1000
160
21
25 Apr 15
3
24 Mar 16
100
No par 2418 Apr 12 33 Jan 7 15 1314
5,800 Industrial Rayon
45
No par 60% Mar 13 7718 Apr 27
2,700 Ingersoll Rand
Preferred
100 109 Jan 7 120 Feb 28 105
28
-- ,200 Inland Steel
8May 3
8
No par 484 Mar 22 553
37 Jan 8
212 Feb 27
1,300 Inspiration Cons Copper
24
20
5 Apr 8
2
4 Mar 1
2,500 Insuransharea Otis Inc
1
54
8 4 Mar 15 164 Feb 19
8
18,800 Unterboro RapidTran v t a _100
5
No par
Certificates
313
'23
"V, *2%
2
288 Mar 28
43 Jan 25
8
Internat Rye of Cent Amer -100
'233 313 ";g8
*218 3
214 Apr 26
5 Jan 3
214
Certificates
No par
2I3 3 *218 3 *218 3 *218 3
*21s 3
•103 12% 10.8 103g
8
3
65
8
100
1014 Apr I 1812 Jan 10
Preferred
50
*9
12% *912 127
1014 10% *934 13
8
*158 214 *13
8 218 *15
3 Jan 7
112May 1
15
8
400 Intercont'l Rubber
8 214 .11. 212
8 218
112 15
8 •15
No par
5
.5
4
*47
8 5
414 Mar 7
7 Jan 7
8 47
8 1,000 Interlake Iron
45
8 4 4 *43
4% 5
No nor
5
5
,
5 Jan 2
*334 3% *314 33
112
2 4 Mar 14
3
33
8 33g
No par
300 Internat Agrionl
33
8 3% *314 33
4 *314 37
4
8
37% 3712 *3612 3712 *3512 37% 352 361 *3518 37
4
10
*35
Prior preferred
500
37
100 81 Mar 14 423 Jan 25
175 175
8
17518 17518 *173 175 *17014 174 *17112 173
900 lot Business Machines...No par 1494 Jan 15 1754 Apr 29 125 4
17114 172
4% 5
1
4 4 47
,
6 8 Jan 8
3%
38 Mar 12
3
1
45
8 4% 1,900 Internat Carriers Ltd
4% 412
4% 412
8
412 412
2512 2614 2514 26
Mg
8
2514 26
2512 253
4 254 25 2 255 25% 5,400 International Cement__--No par 22% Mar 15 33 Jan 7
,
3912 40
3918 393
4 3914 4018 393 4018 39
2
No par 3412 Mar 18 437 Jan 2
11,800 Intermit Harvester
2353
393
4 39% 41
4
-- 14518 14518 •143
*143%
*143%
100
•14812 155
Preferred
100 US Jan 2 14518 Apr 30 110
-- •148% _
14 14
,
,
2 1 Jan 9
8
114
14 Mar 15
112 112 *112
112 13
15, 1%
25
15
8 1.700 lot Hydro-El Sys el A
15
8 15
8
8
*23
4 2%
23
4 23
2
318 Feb 20
21s Apr 3
100 lot Mercantile Marine--No par
4 *214
2 4 *214 212 *214 212 *238 212
,
27
273
8 263 2718 267 2714 27
4
3
8
8
,
27% 27
27% 273 27 4 39,600 tot Nickel of Canada----No par 2214 Jan 15 27 4May 3 l 143*
1293 12912 12912 1295 •
8
8 129 1293 129 12912 129 12914 128 4 123
Preferred
100 125 Feb 8 1304 Mar 14 101
1.200
,
4
84
Internat Paper 7% pref
100
1;8 -1
;
5
13- -1:4 -1 *112 114 •112 134 *113 14 200 Inter Pap & Pow el A...-No par 1% Mar 15 3 Jan 8 llg
4
3
;
*84 1
13 Jan 7
e
%Mar 13
No par
*3
4
Clam B
1
*3 1
4
*314 1
*3
4
5s
1
*3
4
1
7
8
7
8
Is
53
14 Jan 19
Class C
600
3
8
No par
5
8
12 Mar 15
*3
4
3
4
3
4
*52
8
3
4
3
4
612 6%
44
412 Mar 13 12 Jan 7
Preferred
1,000
6
100
6
612 812 *614 65
8
64 614
64 6 4
,
22
2218 22
9
22
*2158 22
700 Int Printing Ink Corp
*213 22
8
2134 22
Nopar 2112 Jan 15 2412 Mar 1
22
22
10414 10414 10414 105
65
Preferred
140
105 105
103 105
100 9812 Jan 2 105 Apr 29
105 105 *104 105
3218 3213 3218 32 2 323 323
20
4
800 International Salt
,
8
4
,
No par 29 Jan 21 323 Arp 30
,
4 323 323 *32 4 33% *32 4 333
4
4
4512 45 2 46
,
38
46
,
No par 424 Mar 19 46 Apr 26
4512 45 2 4512 1,000 International Shoe
4512 45% 453 453 *45
4
4
247 24% 24
8
24
17
700 International Silver
22
237 2438 *21
8
100 17 Mar 19 28 Jan 4
22% *20
2212 *22
714 71 4 71
,
40
7% preferred
100 8012 Mar 21 75 Jan 3
370
701
:
7112 70 4 7112 *65
7032 *65
704 *65
3
6% 73
8
74 7 4
3
55*
No par
7
7% 19,600 Inter Telep & Teleg
67
58 Mar 13
5
7
74
,
7
7 18
s 714
WI Jan 10
94 958
9 Mar 18 1234 Jan 7
912 1,100 Interstate Dept Stores
912 912 *9
24
No par
9
95
4 94
912
,
934 934
*71
8312 *71
Preferred
8312 *71
1614
100 75 Jan 29 844 Jan 7
4
8312 *718 8312 *713 8312
8312 .71
4
9
8 *812 9
9
.
812 914 *83
938 Apr 18
44
,
300 Intertype Corp
9
918
818 Mar 18
No par
4 914 *812 93
*3012 32
*3012 31
205g
Island Creek Coal
*287 30
8
3012 3012 *2812 3012 *2812 30
I 29 Apr 18 36 Jan 8
*12012
*12012
85
Preferred
*12012 _'
*12012
1 110 Jan 22 12012 Apr 9
•12012 --- 12053-53% 53 4 53 4 53 4 53
,
3
26
No oar 49 Mar 13 57 Jan 7
3
4
,
53 4 533 53 4 53 4 533
3
-- 54:8 5418 _ 1;i615 Jewel Tea Inc
4
,
46
46% 453 47
4
2
364
24,100 Johns-ManvIlle
48
46
4
No par 381:Mar 13 573 Jan 7
48 8 4712 483
,
4 463 484 47
*122 1233 *120 12312 •120 12312 *120 12312 *120 12312 12312 12312
4
87
Preferred
10
100 11711 Mar 15 125 Jan 4
*13314 175 *13314 175 *13314 175 •1334 175 •13314 175 *13314 175
Joliet ex Chic RR Co 7% gtd_100 130 Feb 19 130 Feb 19 115
56
56
*5613 573
45
210 Jones & Laugh Steel prat _100 60 Apr 4 73 Jan 23
57
5512 57
4
55
5
55
5512 55
*118
-- - *118
9753
10 Kamm City P & L pf ser BNo par 11514 Mar 20 118 Apr 15
•1173
8
*118
8
118 118 *1173
2 6
31
*5
614 *512 6 4 .5
400 Kansas City Southern
8 4 Jan 7
3
3 4 Mar 13
3
100
5 4 5 4 *62
3
3
6
,
614 64
*212 23
2
9
658
6% Mar 12 104 Apr 2
Preferred
200
100
914
9 4 *712 8% *6% 914 .5
,
9,
4
10% 1014 10% 10% •1014 1012 1018 1012 •1012 1012 •10
514
8
712 Feb 6 105 Apr 25
10% 1,100 Kaufmann Dept Storm $12.-50
18
1818 18
1812 183 1913 19
8May 1
6 15% Jan 17 203
5,600 Kayser (J) & Co
4
4
12
20% 193 2018 1912 20
*35
49
*35
49
15
Keith-Aibee-Orpheum pref..100 34 Mar 7 3812 Apr 10
*35
49
19
*35
49
49
*35
*35
42
8
55
3 Apr 4
8
5
5
3
4
5
23* Jan 17
3
8
5
8
58 3,400 /Kelly-SprIngfleid,Tire
3
4
4
5
8
*7
*7
712 *612 812 *612 8
6
8 Apr 4 13% Jan 17
8
8
8
No par
•
7
6% preferred
100
8
.1134 1212 1214 123 1214 1214 13 1318 13 1312 1314 1313 1,700 Kelsey Hayes Wheel cony.21A__1
212
4
6 Jan 25 1312Nlay 2
*1012 1054 1012 111s 10 4 1114 11 1112 10 4 11
11
,
1172 Apr 22
14
314 Mar 1
Class at
1
,
11 4 3,800
,
1518 1512 15
1514
1518 8,400 KelvInator Corp
145 1518 15
8
672
1412 Apr 30 1814 Jan 9
No par
1412 15
1412 15
89% 897
8 90
90
90
90
88 4
ao Kendall Co pt pf ser A No par 84 Mar 21 95 Jan 29 55
*8814 90 • , 90
*8814 90
17 4 1814 1712 1814 17% 1814 175 1814 173 18 4
,
8
13 4
8
173 1818 27,600 Kennecott Copper
4
,
4
4
No pal' 133 Mar 13 193 Apr 25
8
93
105 10 8 1114 11,
8
,
*1012 15
*10 4 1312
,
4 1112 11 4 •103 14
No par 10 Mar 5 1178 Apr 25
500 Kimberly-Clark
4
,
314 353 *314 38 *314 3
*34 3 4 •
3
214
Kinney Co
5 8 Jan 3
3
3 Mar 19
No par
34
8
3
4 *314 3 4 *3N
*24 4 26
,
*24% 265 •
•2412 25
12
8 25
Preferred
No par 23 Mar 29 38 Jan 23
10
25 •2412 25
265
6 25
2078 2118 2034 21
2012 2114 21
2034 21
1014
2114 8,100 Kresge (S S) Co
2034 21
22 Feb 18
10 1984 Mar 1
104 10418 105 105
.
994
180
106 106 *1051 106
105 10514 106 106
7% Preferred..._ -------100 10312 Apr 2 113 Apr 9
*212 5
*212 5
*211 5
*213 5
2
•2% 5
Kresge Dept Stoma
*213 5
4 Jan 17
No par
3 Mar 18
*55
60
*50
64
12
*57
60
60
10
70
*56
60
*55
65 Mar 9
Preferred
100 42 Jan 1
60
*58
6278 5814 5814 58
60 4 *58
,
5914 60 4
*58
60
600 Kress (S H)& Co
27 4
8
No oar 564 Apr 5 6912 Jan 7
,
58
25
24 8 241
,
25
2512 2,600 Kroger Groo & Bak
24% 2518 25
2412 24 4 243 25
19
4
4
No par 2314 Mar 5 283 Jan 2
,
*1312 20
*1318 20
•1512 28
12
Laclede Gas Lt Co St Louis..100 12 Mar 22 21 Jan 12
*1312 191 *1512 191 *1512 28
29
*25
*25
•
271 *25
26
26
194
40
27 2 26
,
26
26
29
100 194 Mar 27 31 Jan 24
5% Preferred
25
25 8 25
,
3
251
2514 2513 26
193
8
2,900 Lambert Co (The)
26
251
2514 2514 25
No par 24 Apr 5 2812 Jan 8
*512 6
•5
*512 6
6
*5
6
*5
6
512 51
9 Jan 3
418
100 Lane Bryant
512 Apr 30
No par
*93 10
1
9% 97
912 95
s *912 93
8
95
8 95
8 *9% 101s
518
600 Lee Rubber & Tire
5
4
812 Mar 14 124 Jan 7
•1312 141 *1313 14,
8 1418 14% *1312 14 8 *1312 1418 •13% 1418
9
200 Lehigh Portland Cement
,
52
50 10 Mar 14 173 Jan 7
*
100 100
*99 10118 •99 10014
100 100
*99 IGO
20
73
7% preferred
*99 100
11
100 89 4 Jan 3 100 Apr 27
*7 4
,
800 Lehigh Valley RR
714 714 *Vs 77
712 7
3
5
5 Mar 13 1113 Jan 7
73
4
74
3
8 *7% 7%
50
112 11
112 11
1%
158
800 Lehigh Valley Coal
*112 23
*153
14
,
112
11
2 8 Jan 4
8
14
No par
III Mar 13
63
2 61
6
6
6
6
*6 4 7
,
4
1,000
512 6
614 614
Preferred
1212 Jan 23
512May 1
50
74
,
7414 *73 4 74
74
74
74% 1,500 Lehman Corp (The)
74
733 74
4
7412 741
58N
NO par 6718 Mar 28 7518 Apr 22
1518 153
1518 157
8 1518 1514 *1514 151 *1514 1512 •1514 1512 1,000 Lehn & Fink Prod co
5 1412 Mar 21 174 Jan 25 114
2514 255
8 2518 251
2414 241
: 233 2518 16.500 Libby Owens Ford Glaiie- No par 2112 Mar 30 328 Jan 2
25
4
2514 2412 25
21
4
2334 231 •
23
23
231*
22% 2312 *227 2314 23% 2314 *23
500 Life Savers Corp
8
a 21 Mar 14 2412 Apr 22 1538
•105 1061 10512 1051 10512 10512 106 106 •103 106
107 107
800 Liggett & Myers Tobacco- _25 9414 Apr 5 107n2 Jan 4
7112
106 4 106
,
, 105% 10614 10512 1053 10514 10512 105 1054 106 107
Series B
4,800
,
7314
25 93 4 Apr 4 10912 Jan 4
4
8
•166 1673 167 167 *16612 16712 16612 16612 *16612 16712 *167 16712
Preferred
300
100 15112 Jan 30 167 Apr 29 123
*1814 1914 *1814 1914 *1814 1912
19
17% 1818
800 Lily T-illp Cup Corp____No pa
1814 181 *18
i414
16% Mar 13 1912 Apr 25
16
16
16
.
15
•15
16
1612
*Ms 173 *15
100 Llma Locomot Works____No pa
161 *15
1312
1312 Mar 14 2412 Jan 6
203 203 *2018 207 *2018 207 •20
4
*20
2012
20
20
207
300 Link Belt Co
1i
17% Mar 13 22 Feb 16
No pa
28
2812 281
28
2812 29
274 28
2814 281
28
281
1.300 Liquid Carbonic,
164
2412 Mar 13 307 Jan 4
No pa
8
375 381
8
37 4 38
,
,
8
8 37% 38% 38 8 395 29,800 Lames Incorporated
375 381
2
375 385
8
3114 Feb 7 3938Nlay 3
No pa
1912
107:8 1071 z1063 1063 *1053 107 *105 1063 10612 10612 •105% 107
4
4
Preferred
300
88
No pa 102 Feb 1 10812 Apr 5
114
1%
14
,
18
, 13
8
14
,
118 1%
14
14
1 Mar 15
80 Loft Incorporated
,
1
No pa
1,
4
14
,
13 Jan 2
4
*112
13
4
114
400 Long Bell Lumber A____No pa
13
8
158 *112 14 •114
14
13
212 Feb 14
I
13
8 •118
114 Mar 12
3414 34 4 33 4 333 *333 34 4 34
•
3312 35
,
900 Loose-WIles Biscuit
3414 3414 3414
,
4
,
25 33 Apr 25 3614 Feb 20
33
4
*1263 1287 127 127 •1263 1287 1268 1263 12634 130
4
8
*1263 128%
4
2% 151 preferred
4
4
22
4
8
100 126 Jan 30 130 Afr 16 116
8
2058 207
4
8 205 21
207 2118 4,800 Lorillard (F) Co
8
20% 207
8 203 207
10 1512 Mar 26 213 Jan 3
4
8
8 203 21
14 4
8
139 139 •136 1383 136 136
138 138 8
4
4
320
13812 1383 1383 139
7% preferred
,
4
984
100 124 Apr 5 139 Apr 25
•1
1, *1
4
%Mar 13
1
1
No pa
10 Louisiana OF.
*I
114
114
17 Jan 7
a
*119 1, 4
4 ,11, 114
%
4
*914 123 .938 1212 *938 1231 *93 1212 •11 1212 *11 1312
Preferred
8
714 Mar 15 1412 Jan 8
100
6
4 1514 1514
1038 Mar 18 183 Apr 24
15 3 157
,
154 1512 1514 153
8 1,900 Louisville Gas & El A---No Ira
1512 1512 1534 16
*
103
8
*4012 4112 40
40
3818 3818
38
38
*38
39
39
39
100 34 Mar 29 474 Jan 7
700 Louisville di Nashvtlle
34
15
157
9
1518 1512 *15
4
•15% 15%
15
1 123 Mar 28 1814 Jan 8
8
4 15
1518 155 153
800 Ludlum Steel
74
107 107 *105 108 *105 108
Cony preferred
200
107 107 •10I 107 *102 107
50
No par 9014 Jan 4 107 Apr 27
*41
4212 43 4 1,400 MacAndrews & Forbes
4213 43
43
43
43
43
43
43
10 40 Jan 24 48 Feb 19
,
43
21
*122
•122
•125
•125
5% preferred
*123
100 113 Feb 8 121 Apr 18
*125
873
8
Mackay Co, preferred
100
_
204
per share $ per share $ per share
$ per share $ per share $ per share
2i8 212
2% 2 8
212 212
8
214 214
3
214 23
2 4 214
,
94
94% 9412 95
94
9513 9512 *9512 96
9412 95
95
*131 146 *131 146 *131 146 *13214 140 *13214 140
136 136
*154 155 *154 156 •154 160 *15414 160 *15414 160 *15414 160
1812 *1712 183 *1612 1814 •17
*17
1712 1712
4
17%
1812 *17
73
7414 7312 7312 74
*73
73
76
74 4
,
74
75
75
*12512 -- 12612 12612 126 126 .
*12512
126 128
12314 126
*78
80 .18
81
80
*80
*78
8018 80
8012
8012 *78
*108 113 8 *110 1127 111 111
8
8
,
112 112 *10714 112% •110 1127
818 818
8
818 *75
*712 7 4
7% 7%
8 8
3
74 7 4
3
3
*75
8 7 4 z73
,
7 8 7% •
7
4 74
3
712 712
713 74 *712 74
400 400 *375 398
8
398 398 *392 400 *3847 39518 *392 378
335 34
8
33% 34
8 33% 35
*33
3312 *3314 333
4 33% 337
12 8 113 1212 113 12% 115 1214 117 12% 1214 1314
,
12
4
8
4
8
60% 60% *58
•58
61
6012 *58
,
6012 60% 60 8
6012 *58
*1412 15% 15
15 8 15%
,
15
15
154 15% 15
15
15
*212 258
24 24
,
27
8 2%
25
s 24
23
4 23
23
4 23
,
,
4
4
5112 53
515s 53 8 514 5314 5012 515
3
8
s 5112 5238
8 493 513
312 312 *314 3 4
,
3
314 314 *314 312
34 314 *3% 3 4
*712 812 *712 858 *712 858 *712
*712 9 2 *712 8,8
,
7,8 812
75
8 758
738 7 4
818 812
7% 7%
814 812
3
112 1 4
14 1%
,
158
134
13
8 13
8
1%
13
4
I%
13
4
1214 121
11
1138 1114 1112
12% 11
1114 11
1114 11
*1512 18
1712
173 *15
4
4
173 •15
4
*154 173 *15
173 *15
4
5012 501
49
6014 501
49
5012 51
50
50
*4712 50
8 *614
7% 73
71
712 *6
714
714 *6
64 64 *6
,
*258 2
25
8 258 *218 23
28 24
*218 2 4
214 23
,
3
4 •3
4 •
25% 26
251
25
8
2514 25 8 254 25 4 255 2618
25
3
,
26
77
76
771
7614 761
763
7514 7618 z754 7612
7512 76
*124
*124
•124
= *124
*124
*124
5439 5312 538 5412 5533
5218 12 4 52% -5112 5212 - ; 5312 -3541
318 32
2
3% 3 8
3% 3 4
3% 318
5
3
312 31 .
334
314
*478 5
5
478 47
4% 5
4% 4%
5
*43
4 5
10% 1012 •1014 1012 1012 1112 12
13
1418
13
14
131
------
For footnotes see page 2994.
$ per share
114
IA
74
964
101
145
12312 153
51
4 12%
59
81%
111
125 4
3
4812 73 4
3
83
10518
44 104
13
53
4
310 54304
Il
34
252
87
2
43
54
1212 29 4
1
24
5%
3512 574
4
124
9
2614
612
17
2
135
21
483
4
7
12
23*
193
2
494
105
344
253
218
&1
812
2
212
78
5
21
4
2
15
131
412
1832
2314
110
21
2
2
21
115
14
10
2
7
5
8
812
9
66
21
38
19
59
712
34
8
213
58
5
2414
90
33
39
101
185
45
97 2
7
61*
1014
6
7
13 2
20
1
5
3
21
2414
714
387
8
50
88
2414
434
32 4
,
7353
118%
56
87
2
43,
1712
1212
7
63,
223
4
578
114
6%
374
164
1218
3734
4872
137
9%
6
2914
1ao
25
612
34
24
3
247
8
2512
101.
32
503
8
453
4
8453
1753
163
8
8112
10
36
,,
1101
5712
68..
21
140
77
11412
193
4
2712
103
8
184
3712
44
20
10
7.2
1152 21 14
6518 94
16
2318
97
1814
3
74
134 41
13 8 22%
3
101 2114
24
74
55
19
38
654
2314 333*
20
634
27
80
224 314
5
1414
7
1412
Ii
20
73% 90
1
94
21.
24
5
5
1638
8414
78
114 234
224 434
174
24
110
73
744 ill',
129
15212
2612
16
1514
36,
4
1112
1914
1618 35 2
,
2078
37
72
105
4
3
1
3
3314 2444
1194 12811
, 224
153
102 1130
32
34
74 234
12
21
374 6212
81
4
1912
60
97
30
4214
95
1114
2012 83
New York Stock Record—Continued—Page 6
3000
111011 AND LO1V SALE PRICES—PER SHARE, NOT PER CENT
Saturday
Apr. 27
Monday , Tuesday
Apr. 29
Apr. 30
Wednesday
May I
Thursday
May 2
Friday
May 3
Sales
rot
'the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
May 4 1935
Ranee Since Jan. 1
On Basis of 100
-shard Lots
Lowest
Highest
---1933 to Range for
Apr 311 Year 1934
1935 ----tow Low
High
$ per share 3 per share $ per share $ per share S per share $ per share Shares
Par 3 per share
$ per share $ per sit $ per share
235 24
24
8
24
2314 2314 223 2231 224 23
4
223 2312 1,800 Mack Trucks Inc
4
4
No par 203 Mar 29 2812 Jan 8
203
4
22
4138
35
35
34, 3514 3414 3412 343 35
4
4
3413 347
8 354 353
4 5.500 Macy (R H) Co Inc
No par 3013 Apr 1 444 Jan 2
3514 6218
3013
7
7
.7144
74 *74 7,
4 *74 78
500 Madison So Gard•t 0.—No par
74 74 *74 714
612 Jan 2
712 Apr 26
212
253
7
2914 2918 295
29
29
30
8 2912 304 29
29
29
2912 2,000 Magma Copper
10 1853 Jan 16 3014 Apr 26
1214
154 32314
•7
8
118 *1
118 •
1
118
1
1
7
8
1
*g
, 1115
500 MallInson (LI R)& Co___No par
4 Mar 8
2 Jan 4
7
8
111
4,
4
712 738 *712 11
*712 11
*713 11
*712 11
*73 107a
20
4
7% preferred
7 Mar 14 194 Jan 23
100
4
753 333
8
*112 IN
112 013
*114 )
12 *114
8
113
114
1 14 .1
13
4
100 IManati Sugar
4
4
34
100
7 Feb 6
2
2 Jan 4
514
514 .414 512 *412 512
5 4 514 *48
,
70
4 514
Preferred
514 514
4 Jan 7
100
612 Jan 23
1
14
914
*3
43
4
3
3
33
2 34 *34 43
4 '33
400 Mandel Bros
8 43
4
4 *314 43
3 Apr 29
No par
57 Jan 19
2
3
3
812
.28
32
•28
30
*28
30
30
31
*28
30
30
280 :Manhattan RY 7% guar ___100 29 Apr 23 3612 Feb 20
314
14
20
41
.1512 154 1412 15
154 1613 17N 184 18
185
184 18
Mod 5% guar
8 8,400
100 1314 Mar 15 22 Feb 1
103
4
103
4 293
3
1012 1012 11
11
"1014 11
*1014 11
.1014 1112 *1012 1112
300 Manhattan Shirt
25 10 Mar 28 134 Jan 5
10
104 203
3
*114
il.2 *114
15
112 *114
8 *114
l'2 *138
153
114
114
100 Maracaibo OH Explor___No par
1 Feb 23
14 Jan 23
1
1 18
33
8
412 45
8
453 43
4
44 45
8
43
4 43
2,800 Marancha Corp
4
43
4 5
4 43
4 *43
5
413 Mar 23
512 Jan 14
418
318
5
/
1
4
512 53
4 *512 54
512 54
513 54
512 512
IS
514 Apr 1
512 53
4 2.700 Marine Midland Corp
54
64 Jan 24
9
5
*12
12
1
4
*12
1
612 1
*12
1
200 Market Street Ry
*'2 1
100
12 Jan 31
t2
14 Jan 8
12
238
•1
33
4 01
334 *1
3 4 *1
3
43
4 *1
43
Preferred
4 '1
100
24 Jan 2
43
4
5 Jan 8
2
2
814
.414 5
.43
8 5
*414 5
*414 5
Prior preferred
*41/1 5
100
*44 5
33 Mar I
4
7 Jan 28
3
3
1238
•I
13
2
4 *1
.1
2
*1
2
2nd preferred
*3
4 2,
4
*3
4 24
100
,
I Mar 15
214 Jan 8
414
4
1
*2314 2312 2313 2312 2212 23
224 23
2213 2212 1.100 MarlIn-Rockwell
223 23
4
No par 20 Mar 13 25 Jan 23
53
12
17
32
7
7
718 712
Vs
Ve
Vs
Ve
*7
634 Mar 14 1114 Jan 3
No par
Vz
Ve
714 1,600 Marshall Field & Co
63
4
83
3 1938
*6
7
/ *6
1
4
7
/ *6
1
4
74 *6
718 •6
74 *6
718
Martin-Parry Corp
No par
6 Mar 29
918 Jan 7
214
4
1238
2814 283
8 2773 23
28
28
273 28
4
274 28
2714 277
8 3,400 Mathieson Alkali Works—No par 233 Mar 14 32 Jan 8
4
2313
234 40%
•146 14912 .14614 14912 14912 14912 .14614 14913 *14614 14912 .14614 14912
20
Preferred
100 136 Jan 2 150 Apr 1 10513 110
136
*4013 414 4114 413
4 41
413
4 403 41
2.100 May Department Stores
4
4018 41 14 4113 4158
10 354 Nfar 29 44 Jan 22
23
30
4554
*65
3 67
8 .64 63
8
65
8 67
4
63
8 64
84 64
700 Maytag Co
134 63
4
No par
512 Jan 30
718 Mar 25
314
412
84
.3814 4013 4013 4012 "363 4012 *3913 4012 40
4
800
40
3912 40
Preferred
No par 33 Jan 15 43 Mar 22
83
4
10
30
*3512 43
.3512 42
*3512 43
*37
4034 *37
4213 *37
Preferred ex-warranta__No par 324 Jan 7 4213 Mar 22
39
8
9
323
4
*90
94
*9018 94
93
94
95
790
95
Prior preferred
a933 95
4
No par 8412 Jan 4 95 May 2
27
49
92 2
,
2912 2912 2913 293
4 2914 3014 303 303
4 293 293
8
8
8 30 4 3014 1,600 McCall Corp
,
No par 28 Mar 14 32 Jan 10
22
24
32
912 912
9
914
94
,
9
9
9
9
104 104 1118 19,700 :McCrory Stores elassA No par
714 Apr 3 13 Jan 3
3
4
118 1212
•8
7
8 4 814
,
*73
4 8
*814 83
Class B
4
97 1018 4,500
83
8
4 95
8
612 Apr 3 1212 Jan 3
No par
14
114
1232
*6012 6618 *6012 6618 *6012 664 65
654 68
000
75
75
Cony preferred
74
100 5714 Feb 5 75 May 2
61. 6138
312
*84 9,
2 084 912 *8'8 912 *8'8 912 .818 9,
McGraw-NUI Pub Co__ _No par
2 .818 912
74 Mar 26
87 Apr 23
8
4
4
10,2
433 4414 433 4412 34312 44
4
4
4314 444 3,500 McIntyre Porcupine MInee____5 3653 Jan 15 455 Mar 4
43
43
4312 43
8
2838
3812 5012
103 10312 101 104
10214 10214 10112 102.8 102 102
3
1,800 McKeesport Tin Plate___No par 9012 Jan 15 10733May 3
103 107N
6714
79
95,
8
63
4 64
64 64
4
612 64
63
4 63
612 638 2,700 McKesson & Robblne
612 612
5
614 April
8 2 Jan 2
7
312
414
914
*37
374 353 364 3518 353
38
37
4
33
3538 3414 3514 3,000
Cony pref series A
50 33 May 2 45 Mar 4
912
1172 423
4
953 93
912 93
87
914 94
8 93
8
4
4
9 8 1012 1014 104 8,400 :McLellan Stores
5
812 Apr 1
No par
1531 Jan 3
1712
3
4
1
.76
893 *7914 893 .7914 88 '80
90
8
*79
8
884 *80
6% cony pref ser A
893
100 8513 Mar 13 90 Jan 9
8
6
94 9312
3
45
3
45
453 45
8
4514 4512 45
45
1,600 Melville Shoe
454 45
447 45
8
No par 41 Jan 2 4812 Apr 22
1712
26
42
338 34
,
400 Mengel Co (The)
314 312
*3'4 3 2 •
3
s 33
/ 34
1
4
2
312 3
33
,2
1
3 N1ar 12
552 Jan 22
3
3,
1 11
27 27
26
2612 2512 26
28
26
26
26
26
160
26 14
100 2034 Mar 20 3812 Jan 23
7% preferred
203
4
24
52
•25
•25
30
30
*25
26
2412 2413 .2413 26
2411 241::
50 March & Mhz Transp Co_No par 22 Apr 12 2534 Apr 23 6 22
2513 335
277 2814 28
29 29
8
2914 2812 2918 29
2914 2914 297
8 6,100 Mesta Machine Co
I 2418 Jan 15 32 Mar 5 37 83
4 12018 253
4
28 28
28
28
*273 28
4
600 Metro-Goldwyn Pict pref____37 27 Mar 0 2814 Jan 3
*2 4 28
73
4 2712 2713
27 4 273
,
18
21
28'4
418 438
4
44
4
37
8 418
438
358 334 *312 4
3,600 51taml Copper
418 Apr 26
212 Mar 13
212
24
64
12
1112 1114 1114 114 113 12
4
1212 12
1214 x12
1214 6,300 Mid-Continent Petrol
10
912Mar 15 1272 Jan 2
918
94
1454
8 103 103
1112 115
4
4 114 1138 11, 114 1111 114 111z 113
2
4 1,600 Midland Steel Prod
No par
814 Mar 12 1372 Jan 8
613
612 2178
86
81
82
8712 8778 9114 8852 9012 8914 91
85
83
2,130
8% cum let pref
100 6018 Mar 6 91 14514y I
44
44
8514
.82
8314 *82
8314 834 834 •82
83
x82
81
81
82
400 Minn-Honeywell Regu___No par 58 Jan 15 833 Apr 25
4
36
65
2038
•10712 109. 108 103 "108 110 *108 110
10912 10912 *108 1003
6% pref series A
30
100 105 Jan 9 110 Mar 14 3 68
4
87
107
47
8 5
5
8 5
5 18
47
2 47
47
8
43
4 43
4
43
4 478 4.800 Minn Moline Pow Imp! .,No par
37 Mar 15
8
5 4 Jan 2
3
112
17
8
572
41
42
4013 4012 39
39
3
) 39
,
*377 41
8
000
3912
Preferred
3912
No par 31 Mar 14 42 Apr 22
15
1512 41
14
14
.4
14
*IS
*13
14
"15
:511nneapolla & St Lou12____100
*18
4 Jan 7
14
*18
4 Mar 4
is
14
14
13
3
4 *1
13
13
13
8 *1
8
1
*3
*3
4
4 13
1
8
*1
13
100 Minn St Paul dr SS Marle___100
8
1 18 Feb 11
3 Apr 24
4
4
3
4
35
8
.1
•114 2
2
*1
2
*1
2
.1
2
*I
2
7% preferred
100
1 Mar 6
2 Jan 21
1
1 14
518
"14 2
•14 2
*14
17
8 *13
3 17
8 .14
4% leased line Ws
17
8 "13
114 Mar 29
3 17
100
8
3 Jan 14
14
112
712
113 113
3
8 1112 114 113 1112 113 1112 1112 1158 9,300 Mission Corp
8 1114 113
8
3
No par
103 Apr 9 114 Apr 15
3
312 35
8
314 37
8 .314 312
314 31 2 3 3 *318 338 800 Mo-Kan-Texa2 RR
25 Mar 13
8
No par
614 Jan 7
i%
- -6
4; 11
7
;
67
a 7
*612 718
7 4 Pa
,
74 714
63
4 63
Preferred series A
4
2,000
7
7
6 Mar 14 1412 Jan 7
100
12
6
341
/
4
IN
13
4 *112 2
'112 IN
100
112 1,2 *113 14 *112 13
300 :311asouri Pacific
1 14 Mar 11
4
3 Jan 4
1 14
112
6
24 214
2
2
*17
8 2
2
2
2
2
Cony preferred
900
17
3
17
8
112 Mar 30
100
4 Jan 7
112
218
1)3
4
147 147
8
1512 1514 154 143 1513 144 15
8 15
153
8 15
4
4.000 Mohawk Carpet Mills
4
20 103 Mar 13 164 Jan 3
1034
1212 221
/
4
684 667
8 6612 6612 6614 6612 6612 66, 6512 604 68
683
4 2,300 Monsanto Chem Co
,
10 55 Feb 29 68 45Iay :3 "24
30
613
3
25 2514 243 2614 257 263
4
8
8 26
26 8 253 2612 2518 2658 106,700 Mont Ward & Co Ina____No par 213 Mar 12 3012 Jan 7
,
4
4
1514
20
355*
5913
594 *58
5918 *58
594 *57
5918 *57
5912 *57
.59
Morrel (J) & Co
No par 567 Apr 0 66 Feb 25
8
344
37
63,4
•____ 66 .64
65 •___. 63 •---- 6512 •____ 65 •____ 65
Morrlm & Essex
50 8112 Apr 18 65 Apr 26
553
4
53
71
7
8
1
7
8
118
7
2
3
4 1
1
7
8
1
4
1
46,000 Mother Lode Coalition_ __No par
1 18May 1
14 Apr 4
14
3
8
13
8
•6
20
*6
20
*6
20
.6
20
*6
20
20
.5
Moto Meter Gauge & El
1
12
14
6
2612 2718 263 27
4
2413 2612 2518 263
8 25
284 274 28
9,500 Motor Products Corp____No par
1718 Mar 18 28N Apr 22
1514
1614 44%
9
83
4 94
914
938
9
914 914
812 914
0'4 7,500 Motor Wheel
9
74 Mar 12 113 Jan 7
4
5
614
51 1612
/
4
8
"
94 914 *814 912 *83 1014 *8
914 912
300 Mullins Mfg Co
83
4
7 Mar 13 1211 Jan 22
No par
83
4 9
37
2
54 151
/
4
.58
5912 *5814 5012 5714 5812 5812 5412 *57
58
Cony preferred
59
150
59 2
,
2
No par 367 Jan 11 01 Apr 16
10
1212 46
"133 1414 *131* 1414 *1313 14, *1312 1414 *1313 14
4
4
133 133
100 Munsingwear Ins
4
4
It Apr 3 153 Jan 24
No par
4
10
13
2514
2
814 8 8
,
8 8/
1
4
7
4 34
74 8
75
7 2 73
3 814 16,500 Murray Corp of Amer
,
4
10
43 Mar 13
94 Apr 22
4
34
37
8
1158
323
4 323 3234 33
.31, 323 031
4
4
4
333 *32
4
*32
34
34
700 Myers F & E Bros
4May 1
No par 30 Jan 12 333
1312
14
33
123
124 12
8 12, 1214 12
12
8
12,
8 115 12
8
12
124 9,500 Nash Motors Co
12 Apr 27 1913 Jan 7
No par
11
121 3214
/
4
2031 *1712 213 *1812 24
2114 *17
*17
4
*19
20
19
10 NaahvIlle Chats & St Louie __100 14 Mar 14 2712 Jan 8
19
14
103
4 46
,
5 4 54
,
512 5 2 *514 53
54 54
4
538 54 1,300 National Acme
53
2 512
412 Mar 13
1
714 Jan 7
34
3
84
.814 81, .818 83
3
7 4 813 *8
3
83
8 .73
4 814 *77
600 National Aviation Corp.__No par
8 83
2
853 A pr 25
64 Feb 28
514
54
1314
253 26N 24N 2618 2418 254 25 25 18 38.400 National Blecult
233 2518 25
4
8
26
10 2214 Anr 1 3014 Jan 7
2214
27/7
8 4912
150 150 *1493 152
1493 1493 *150 152
4
4
4
151 151
1,000
14934 150
7% cum pref
s
100 141, Mar 7 151 May 3 12912 131
148,2
15
144 15
1514
1414 14.4 1438 14,
2 14
14
14
1418 4,100 Nat Caen Register
1312 Mar 14 183 Jan 3
No par
3
12
12
23118
14
1412 144 144 144 1414
1414 14N .1414 1412 144 1412 14.400 Nat Dairy Prod
No par 124 Mar 21
1718 Feb 0
13
114
1854
IN
153 15
16
13
8
8
15
138
8
15*
178
13
4 2
4,600 :Nat DepartmentStores—No par
138
112Mar 7
453 Jan 17
37
8
12
1
20
2014 1912 203 *1912 2014 2014 2012 203 2312 224 234
4
1,170
4
Preferred
100 17 Apr 2 343 Feb 10
4
3
5
2818
243 25
4
25 25 12 25
2512 23% 2512 234 2418 24
243 54,000 Nati Distil Prod
8
No par 2318Mav 2 2914 Jan 3
18
16
315
8
*224 2512 .227 2512 25
25 .2214 25
8
22
*22
.22
100 Nat Enam & Stamping_ No par 2313 Mar 18 29 Feb 18
27
10
164 3274
166 167 *16018 166 *160 166 •16414 166
163 160
186 166
500 National Lead
100 145 Jan 18 1884 Jan 14
3
87
170
135
16018 16018 *160_ .*16U
_ - •161 155
161 161
--------200
Preferred A
100 150 Jan 18 161 May 2 122
122
14518
132 132 *130 133
4 1323 13i •130 1323 .130 1323 1323 133
4
90
4
Preferred B
8
100 1215 Jan 26 136 Apr 5
993
4
10012 121,2
8 8 14
77
8 812
8
818
8,
4
7.500 National Pow & LI
x71
74 8
8 8
8
8
47 Mar II
9 Apr 24
No par
1512
653
44
7
7
*5
8
1'4
*3
3 118
100 Nat Rye of Mex 1a14% pf___100
67
8
*3
4 118
1
1,
8
*3
4
53 Apr 10
1 Jan 10
32
3
4
21
/
4
*3*
.
1
*12
12
53
200
'4
26 preferred
12
13
*3
*3
8
8
'2
12
100
14
14 Mar 11
12 Jan 2
/
1
4
1
4712 4712 4614 4712 4612 4714 4612 4714 4512 4614 4514. 4714 5,800 National Steel Corp
25 4038 Mar 13 5012 Jan 9 33
3412 5814
1313 1318 1312 1338 1314 1314 134 135
14
14
14 .13
8 1,100 National Supply of Del
9 Mar 13 1538 Apr 25
25
9
11)
2i's
57 57
•54
4
55
5512 5512 5512 57
553 56
.5512 57
230
Preferred
100 38 Mar 20 GI Apr 25
33
334 60
97
8 97
4
8
900 National Tea CO
93
98 93
4 93
5
8
4
93
4 97
984 97
4 93
4 "93
8
No par z814 Mar 13 113 Jan 4
3
3814
,
9
1515
237 237g 24
24
8 2418 2438 *2412 247 *2412 247
*237 243
8
8
8
300 Nelsner Broe
No par 22 Mar 12 283 Feb 14
2
4
612 304
523 523
8
8 5212 5212 5212 5212 .5218 5212 52
.5013 52
52
500 Newberry Co (J J)
No par 4312 Jan 2 5212 Apr 29
15
497
8
31
*11512 11712 *11513 117 *11512 117 .11512 117 *11512 117
116 116
7% preferred
10
100 109 Jan 25 116 May 3
80
10()
112
*3;
*35
8 7
3 7
.34
.35, 7
*32
8 7
3 7
*32
3 7
:New Orleans Texas & Meg._100
4 Apr 11
6 Feb 27
4
5
25
6
6
4.553 6
.63
6
4 61, .612 6t, •54 6
6
400 Newport Industries
43 Mar 12
3
1
8 Jan 3
4N
512
13
20
20
20
20 20
20
193 194 01934 204 193 193
4
4
4
900 N Y Air Brake
No par 1812 Mar 12 284 Jan 4
1112
11 12 28% II
17
174 153 173
1538 164 153 183
4
8
4
8 1572 1658 153 1673 46,800 New York Central
3
1214 Mar 12 214 Jan 7
No par
1214
183
2 45,
4
9
8
8
9
8 8
8
8
*74 812 .8
600 N Y Chic & St Louis Co
812
6 Mar 12 13 Jan 4
100
5
ii
264
16
18
*14
147
8 14
1512 16
14
Preferred series A
100
137 1418 144 1418 1.300
94 Mar 12 25 Jan 7
3
97
8
16
43,4 ;
.214 3
34 *2
/ *2
1
4
34 •118 34 *114 34 •114
New York Dock
34
2 Mar 14 318 Jan 22
100
2
21
/
4
8'4
*412 614 *412 813
100
512 538 *54 64 '514 614 .414 614
Preferred
4 Mar 29
100
8 Jan 11
4
20
5
120 120 *1194 122 "120 122 *120 12214 •120 122
122 12412
40 N Y & Harlem
50 112 Mar II 1241251ay 3 101
139
108
•120 160 *120 160 .120 160 .120 130 *120 130 '120 130
Preferred
60 11414 Mar 14 11414 Mar 11 112
112
120
P.
*3
8
12
500 IN Y Investors Inc
3
8
4
58 jai, 3
*"s
8
'2
4 Jan 31
"8
No par
3
*14
3
3
'II
3
3
/
1
4
I%
*99 ____ *99
____ .99
__ *99
NY Lackawanna & Wastern_100
_ __ .99
_ *99
96 .
83
_
7812
54 512
44 53
8
44 _.
5
5,700 N Y N H & Hartford
43 . 8
4 47
472 5
24 Feb 26
44 4
-78
100
84 Jan 4
34, 'I
27
8
8
6
83
4 918
8
87
8
73
4 8,8
Con* preferred
784 77
8
814 814
/ 2,600
1
4
83
s 8
100
5 Feb 26 143 Jan 7
3
6
1012 374 I
37
8 4
.312 3 4
100
3
800 NY 0itarlo & Western
25s Mar 15
312 312 '34 3% •
34 312
34 312 •
6 Jan 19
25
412
111
/
4
3
8
12
*3
8
5
8
*3
8
I.
*4
12
*3
8
12
*1;
38
600 N Y Railways pref
Is Mar 29
No par
1 Jan 9
4
4
I%
9
9 14
83
4 9
87
8 918
8514 84 1,500 NY Shipblds Corp part stk__ __I
812 9
*814 9
618 Mar 14
We Jan 7
612
912 227
2
*70
75
.71
75
*71
75
71
71
*71
72
71
30
71
7% preferred
100 70 Apr 18 87 Jan 7
6912
72
895
84 .82
*82
84
83 83
180 NY Steam $6 pref
*83
8212
85
82
83
83
No par 70 Apr 1 85 Jan 2
70
73
99,2
*9312 943
94
4 94
*94
95
94
95
9313 9313 9314 9312
240
87 let preferred
No par 90 Feb 2 97 Jan 22
83
90
1094
384 3 8 3
4 374 3812 8,800 Noranda Mines Ltd
97
712 3
812 384 394 371 3 8 3712 373
/ 87
4
4
No par 303 Jan 15 403 Apr 26
8
25
3014 454
*7
8
114
4
7
8
100 :Norfolk Southern
*7
8
100
16
8
*7
7 Mar 25
8
*7
8
8
1 14
1'4
138 „Ian 17
73 114
%
118
44
8
1683 1687 *166 16'112 16912 16112 16912 16912 *167 169
8
169 189
700 Norfolk & Western
100 158 Mat 13 1743 Jan 22 138
8
161
187
104 104 *104 106
105 105
104 101 '104 108
10412 10412
140
AdJust 4% pref
100 99 Jan 10 1053 Apr 24
4
77
82
100,
2
134 135* 13
14
1312 134
1338 134 1314 134 133 137 33.200 North American Co
8
8
9 Mar 13 1513 Apr 24
Vo par
0
104 25,
4
464 463 473
4 44
4512 473
4
4 47
47
4812 4612 474 434 6,600
Preferred
60 3512 Mar 15 483 Apr 23
4
31
45
34
34 318
3
3
4 314
314 314
3,
3,
8
8
3
3
3 14 8,300 North Amer Aviation
4 Jan 23
2
1
2 Mar 13
2
24
84
78
80
7812 79
80
82
8113 8112 *8012 82
8118 8112 1,000 No Amer Edison pref____No par
3714 74,2
57 Jan 3 8212 Apr 25
39
._ ___ 19
*8
19
.8
19
.8
North German Lloyd
19
*8
10
.8
10
91 2 Apr 22 104 Anr 28
7,8
718
16
*9113 93 *_-._ 93 .80
93
*80
a9114 9114
93 93
93
120 Northern Central
50 8612 Mar 29 94 Jan 25
81
0214
71
For too cotes see page 2994.
New York Stock Record-Continued-Page 7
Volume 140
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Apr. 27
Monday
Apr. 29
Tuesday
Apr. 30
Wednesday
May 1
Thursday
May 2
Friday
May 3
Sales
for
the
Weelc
STOCKS
NEW YORK STOCK
EXCHANGE
__ _
-38
37
8
3
4
3412
75
_ _
814
313
4
188
63
4
2412
17
8
14
138
29
1018
_
*118
17
8 •17
- -78
1
21
17
8 *118 18
131
1 8 *118
-7
7105
8
1014 10% 10
103
4 1012 107
8 1012 11
1012
814 83
8
712
8
714
712 712
814
77
8 8
11.258 314
4252 314
•212 314 *212 31 1
*212
314
*3
4
*3
4 1 14
1 14
*3
4
1
1
*3
4 114
114
85 1034
8
614 87
714
73
8
67
8
712
73
4 8
73
4 77
8
8 13
158
4
•15
8
13
4 *15
13
4 *112
15
8
13
4 *112
15
8 *112
*814 9
*814 9
*814 9
814 84 *714 8
8
8
4812 49
4878 49
49
4938
4858 483
483 49
8
8
4 485 49
119 11912
118 118
118 118
117 117
119 119 *118 119
8 2758 2818 2734 2812 2778 2812 2858 2914
2718 273
8 2718 283
853 8638 8712 8712 86
4
4
8814 8612 863 8718
87
8612 87
8
9712 9712 973 98
x9712 9814 9814 9814 98
99, 100 10012
8
1073 1073 109 109 *10714 10912 10918 10918 108 108
4
*105 108
4
8
120 120 *120 124 *120 12212 *120 12212
11812 1185 *115 123
8
III 111 .111 1117 111 111 *111 112 *111 112 *111 112
3814 34
383
4 37
383
8
38
3514 3712 37
3714 3412 36
714
74 7 8
684
714
3
7l
7
8
7'8
7
72
,
714
73
8
595
8 59
59
*5512 58
*5512 58
59
*59
*5518 59
59
9
97 10
97 1038
8
93
8 03
4
95
8 97
95 10
8
4
93 10
518
47
8 5
434 47
8
5
588
478 5
47
8
5
5
9 5412 5412 5412 543
5414 5412 5418 5458 *5412 543
4
4 5412 545
8 4514 47
457 47
8
46
475* 4514 473
4514 464 4412 46
13 112
112 15
8
•112 13*
112 112
112
1'2
112
15
8
•183 1914
4
1834 19
19
4
•183 19
19
1918 1918 1878 19
32
*3112 33
32
32
*32
33
3112 3112 *31
32
32
4008
4018 *38
8
4018 *38
397 397 *38
8
4018 *38
4018 *38
37
37
*34
37
034
37
37
*34
*34
*34
37
37
*5
512 *5
*512 6
512
*5
7
6
512 512 .5
265 265
8
8
*2712 35
27
*2712 35
27
*2712 33
*2712 33
112 15
8
15
8
15
8 258
8 218 *13
8 218 *15
*13
4 212 *15
8
13
1218
13
143
4
12
*10
1312 .11
12
12
*12
*11
85
8 83
4
,
9
9
9
918
918 938
858 8 4
858 87
843 85
4
8512 8512 8512 8512 8512 85
85
*843 8512 *85
8
77
78
78
*72
•77
7912 *73
7712 *7314 7712 *7212 79
*99 110 *101 108 *101 108
100 100 •10I 108 *101 108
3 8 314
,
33
8 33
318 312
4
4
35
8 33
312 33
3 2 33
,
4
4
1214 1318
8
1214 115 12
1 214 1212 1218 1212 12
1218 12,
4
4318
8 41
39
3918 3914 4014 39
3712 383
3912 38% 39
4012 43
39
39
39
.385 41
8
*37
4014 4014 *3712 39
*612 612
63
8 612
7
65
8 638
712 712
67
8
7
7
16
*1310 16
1518 *14
*13
*14
15
16
.1318 17
15
*78
*78
83
83
83
83
*78
*78
83
*78
83
.78
1918
4 1814 185
1878 1878 *19
1818 1914 1712 183
4
8 183 19
1718
8
1718 167 1718 167 1718 17
1012 1512 1618 1718 17
8
8 483 4914 4814 49
4
4814 483
4 483 4914
4
4812 4852 4818 485
58
*55
*55
58
58
58
*55
*55
*5,5
58
58
*55
•_ _ _ r 1712 .--„- 1712 *--__ 1712 *____ 1712 *____ 1712 *---- 1738
*618 67
8
8 *618 67
6121 6% *618 67
8 •
2 *518 67
67
8 67
*25
251 2 *2412 25'8 243 243
4 2518 2514 2512 2512
4
4 2518 253
--14
*33
4
'
7
e
3414
*____
*80
*713
*30
*175
67
8
*24
•1
14
13
4
.2812
*6
____
____ ___
---_- ---- ---- -.-- ___
-1438
'
13
14
74
14
14
4 37
37
8 *33
8 *33
4 37
8 *33
4 37
33
4
8
7
2
%
7
8
3
4
3
4
7
8
*3
4
7
8
3414 3414 3414 3412 3412 34
34 8 *3312
,
8218 *--_ 8218 .-- 77 ._--- 76
7212
_
_ *80
- - *80- _- - *80 .. _ *80
8% 812
814 18 *8
-8.14
14 *8
1
3
3112 32
32
*30
323
4 3112 3112 *30
0175 . _ *175
_
*175
- *175
67 -- -78
8 6
- 7&8
612 - -7
68
612
612 (fly
27 .24
27
*24
23
24
2712 24
17
8 *1
17
8 *1
178 .1
17
8 *1
*12
14
14
*12
*12
14 412
14
13
4 *112 13
4 *112
15
8 *112 15
8 *112
29
30
29
29
28
29
*28
29
*8
10
14
*6
1018 .6
1018 *6
For footnotes see page 2991.
___ ____
14
-14
33
4 *312
3
4
7
8
3458 *3312
7212 *7014
*80
_
814
814
313
4
32
188 .175
63
8
612
*2414
23
17
8 *1
*12
14
112
15
8
*2718
28
1018 *6
__
18 .118
7
8
103
4 103
712
8
318 *212
114 *1
___ __
.
MOO
100
3,500
900
100
__
400
400
1,500
30
20
600
40
14,700
1,900
100
13,700
100
200
5,200
220
10,700
1,500
1,800
400
300
500
25,600
8,100
60
6,000
52,900
1,600
26,700
2,300
1,000
400
200
100
200
60
300
1,100
3,400
800
80
40
36,800
20,800
10,500
1,400
1,000
100
4,600
4,800
13,300
100
3,400
Range Since Ian. 1
-share Lola
Oa Boots of 100
Lowest
Par
$ per share 8 per share $ per share $ per share $ per share 3 per share Shares
100
157 1638 20,500 Northern Pacific
8
1514 153
8 1518 16
8 1514 16
163 1714 1512 167
4
50
*3714 38
*3712 38
40
30 Northwestern Telegraph
*3712 38
3714 3714 37
37
*37
4
300 Norwalk Tire & Rubber __No par
112
8
13
4 *13
112 *13
*112 13
4 .112 13
13
4
8
13
4 *1%
Preferred
50
*2212 24
•2212 2412 *2212 2412 *2212 2412 *2212 2412 *2212 24
No par
1112 1114 1112 113 113
8 1118 113 16,000 Ohio Oil Co
4 II
8
4 1118 113
1114 113
218 218 5,500 Oliver Farm Equip
No par
2
218
218
218
218
238
218 23
8
214
23
8
Preferred A
No par
20
21
21
800
4
2018 20
21
21
*183 193
4
4 1912 193
20
4
414
1,600 Omnibus Corp(Thelvto No par
*33
4 37
*33
4 4
*33
4 4
8 *33
4 37
8 *33
4 4
Preferred A
100
100
.7212 75
75
75
*7212 75
*7212 75
*7212 75
*7212 75
Oppenhelm Coll & Co____No par
*6
612 *512 7
*512 612 *512 7
2
*512 612 *512 6,
No par
135 137
8
8 1312 14
133 1414 133 1412 1438 1514 17,100 Otis Elevator
4
4
13% 14
Preferred
100
40
*11514 120 *11512 120 *1183 120 *117 120
120 12
120 120
4
012
No par
16,200 Otis Steel
6
6
510 5 8
3
53* 818
518 518
53
8 618
534 57
3912 40
Prior preferred
100
4114 4212 3,300
4212 41
3914 40 .38
393 40
4
43
No par
*40
*40
42
90 Outlet Co
43
41
41
41
4012 4012 41
*403 4184
4
100
Preferred
_
.
_ . ___
*115
-_ •115_ *115
_ *115
_ *115
*115
25
5,200 Owens-Illinois Glass CO
91 -.
9112 90 Vi
917 92
8
91
8912 91-14 *8918 90 90 10
Pacific Coast
*1
2
*1
2
*1
2
2
*1
*1
2
17
8 *1
lstpreferred
*414 7
4
4
No par
10
67
8
67
8 *4
0
414 67
6% *4
8 *4
20 preferred
No par
8 214 *15
8 212
8 312 *15
*13
4 214 *15
8 312 *15
8 214 *15
25
8
7
175 17 8 175 1838 1778 1818 18
8
8 1818 1812 7,300 Pacific Gas & Electric
1838 1818 183
No par
4,200 Pacifica Ltg Corp
2734 28
27 2714 2714 28
27
2714 28
2712 2712 28
*1312 14
*1312 14
Vo par
100 Pacific Mills
1312 1312 *13
133 *1218 1312 *1212 1312
4
100
200 Pacific Telep & Teleg
9014 90
9014 9014 90
9014 9014 9012 92
9012 *9014 91
100
6% preferred
310
*127 138 .127 12712 127 127
126 1263 12812 127
4
127 127
812 812
*814 812
700 Pao Western 011 Corp____No par
814 814
8
812 812 *73
83
4 812 *8
No par
19,600 Packard Motor Car
33
4 4
37
8 4
338 338
33
4 4
33
4 4
34 37
8
5
100 Pan-Amer Petr & Trans
*1114 1212 *1114 1212 1114 1114 *1114 121 *1114 111 *1114 1112
1
Park-TlIford Inc
133
8
8
*1214 1312 *1214 133 .10
133 *10
8
133 *10
8
133 *11
8
100 Parmelee Transporta'n.-No par
*3
4
1
*3
4
1
*3
4
1
1
*3
4
1
1
.
3
4 1
Panhandle Prod & Ref___No par
1
*3
4
1
*3
4
*3
4
1
1
1
*3
4
1
*3
4
*3
4
8% cony preferred
100
8
*85 107
8
8 .85 107
*858 107
8 *85 11
8
8
*85 10 8 *85 107
8
,
8
8
10
312 35
8
8
358 35
312 35
8
312 35*
312 33
4
312 35 60,300 :Paramount Publlx cgs
1
53
8 57
8
55
8 6
8
57
8
5
5 3 109,700 Park Utah C M
45
8 518
514 53
4
558
No par
%
5
5
8
3
4
5
8 3,400 Pathe Exchange
5
8
8
3
4
5
8
5
8
5
8
5
8
5
8
912 912
912 012
No par
814 918
9
Preferred class A
8 1,700
9
812 85
*918 912
8 1012 1012 1012 1012 *1012 103
107 107
8
8 1012 107
8
8 5,500 Patina Mines & Euterpe No Par
4 103 105
3
114
300 Peerless Motor Car
*
P4
114
13
13
8 *114
*114
13
8 *114
11
114
114
No par
*7212 7312 7312 733
4 73
7212 723
4 1,000 Penick & Ford
72
73
7112 72,2 72
6312 6412 6338 64
No par
8 6,400 Penney (J C)
64
4
6414 643 655
6412 6314 6414 64
10712 10712 *10612 10812 *10612 10812 *10612 10814 *10612 10814
100
108 108
Preferred
200
9
418 418 *37
10
700 Penn Coal & Coke Corp
8 44
*358 37
*33
4 4
4
4
33
4 37
8
,
414 414 *4
No par
418
418 1,200 Penn-Dixie Cement
414
4
414
418 414 *418 414
100
*20
22
*2212 23
Preferred series A
100
*20
22
*21
*20
22
2112 21
21
8
2114 215
8 205 213
50
4 2012 21
8
2014 203
4 2018 203
4 2012 207 14,700 Pennsy:vania
No par
*36
3612 *36
37
900 Peoples Drug Stores
36
34
353
4
36
35
35
*35
37
113 113 *11214 113
Preferred
100
113 113
GO
113 113
113 113 *11212 113
2214 2214 2218 2218 22
100
22
22
22
. 00 People's 0 L & 0 (C11113)
221* 223
4 23
22
23
35
*218 338 .218 33
100
Peoria & Eastern
8 *218 35
*218 312 *218 33* *218
100
Pere Marquette_
15
*14
16 2 *13
,
*12
4
*12
143 *12
4
15
143 *12
143
4
*2412 263
4 2412 2412 *2312 26
Prior preferred
100
100
*2312 27
*2312 27
*2312 27
*18
*18
20
100
20
Preferred
*18
*18
20
20
*18
20
*18
20
1812 .18
*18
1812 *18
No par
200 Pet Milk
*1814 1812
1812 18
18
18
18
914 914 *9 2 10
5
914 012 1,000 Petroleum Corp of Am
8
,
9 3 82 *8% 978
'
938 93
4
173 1818 173 18
4
25
-Dodge Corp
27,100 Phelps
183 1814 1784 1814 173 173
4
8
4 175 18
8
50
323 33
4
33
34
1,700 Philadelphia Co 6% pref
33
8
8 3214 33
3312 33
327 327
33
$8 preferred
*50
*55
59
No par
60
*55
*5212 60
60
*5313 60
*5212 60
*2
23
4 *2
258 *2
:Philadelphia Rap Tran Co_50
234 *2
23
4 *2
23
4 *2
23
4
•43
4 518 *43
4 5
77 preferred
50
*43
4 5
*412 518 *414 518
*414
518
238 212
25* 23
8
214 23
No par
218 2,100 Phila & Read C & I
218
8
214 23
218 218
8
10
2,000 Phillip Morris dr Co Ltd
44
42
4212 4112 4212 43
42
433
8 42
4238 4212 .42
*614 8
No par
*6
100 Phillips Jones Corp
6
6
*512 612
8
*512 8
*614 8
.5314 6512 *5314 6512 *5314 6512 05314 65
*5314 6512 *5314 6512
7% preferred
100
187 19
8
187 19
8
No par
1914 195 25,500 Philips Petroleum
8
187 1914
8
8
1914 195 x1918 1958
*414 5
4
4
5
*414
300 Phoenix HoalerY
512 *412 512 *414 512 *414
52
,
59
09 .58
Preferred
100
61
*80
64
*58
50
64
60
*60
*58
60
5
Pierce-Arrow Mot Car Co
25
Piero° 011 Corp
109
Preferred
Pierce Petroleum
No par
Pillsbury Flour Stills
No par
Pirelli Co of Italy Amer shares__
Fitts C C& St L RR Co_
___100
100
Pittsburgh Coal of Pa
100
Preferred
Pitts Ft W & Chic prof
100
Pittsburgh Screw & Bolt__ No par
100
Pitts Steel 7% cum pref
100
Pitts Terra Coal Corp
100
6% preferred
25
Pittsburgh United
Preferred
100
Pittsburgh & West Virginia 100
Pitts Young & A shtRy7% 0.100
No par
Pittston Co (The)
5
Plymouth 01100
No ptr
Poor & Co class 13
Porto Ric-Am Tob ol A
No par
Class B
No par
Postal Tel & Cable 7% prof __100
Pressed Steel Car
No par
100
Preferred
Procter & Gamble
No par
5% pref (ser of Feb 1 '29)_100
Pub Ser Corp of N J
No par
35 preferred
No par
6% preferred
100
7% preferred
100
8% preferred
100
Pub Ser El & Gas DI $5___No par
Pullman Inc
No par
Pure on crho
No par
8% cony preferred
100
Purity Bakeries
No par
Radio Corp of Amer
No par
Preferred
50
Preferred 13
No par
:Radio-Keith-0mb
No par
Raybestos Manhattan
No par
Reading
50
lst preferred
50
2d preferred
50
Real Silk Hosiery
10
Preferred
100
Reis (Robt) & Co
No par
lst preferred
100
Rembagton-Rand
1
1s1 preferred
100
20 preferred
100
Reuss & Saratoga RR Co
100
Reo Motor Car
5
Republic Steel Corp
No par
6% cony preferred
100
6% pref Ws of dep
Revere Copper & Brass.
5
Class A
10
Preferred
100
Reynolds Metal Co __--No par
1
Reynolds Spring
Reynold8(R J) Tob class 13_10
Class A
10
Rhine Westphalia Elec Power__
Ritter Dental Mfg
No par
Roan Antelope Copper Mines__
3001
Highest
J.,, 1
1933 to
Range for
Apr 30 Year 1934
1935
Low Low
High
$ per chars $ per :6 8 per share
1412 3814
1318
2178 Jan 7
33
43
33
3812 Jan 3
114
15
8
412
214 Jan 4
4014
29
20
3212 Jan 3
81*
1218 Apr 22
812 157
2
2
7
17
8
45* Jan 2
8
9
9
278
26% Jan 2
68
9
35
8
512 Feb 16
358
95
70
70
77 Feb 26
518 148
43
4
77 Feb 19
8
1118
1212 193
8
155* Jan 7
92
02
108
12012May 3
3
35
8
8
714 Jan 21
9
20
712
46 Jan 21
30
47
28
45 Jan 8
97
97
11412
11412Mar 23
60
94
60
93 Apr 23
1
118
6%
213 Jan 7
312 1114
312
8 Mar 30
2
612
1
4 Jan 7
1258 2312
123
8
187 Apr 24
8
19
203
4 37
287 Apr 25
8
19
34
125
8
21 Jan 2
69
8512
92 May 3 *7681*
116
103
9914
127 Apr 23
912 Apr 16 z 5
512
93
8
284
65
8
8
57 Jan 7 11 25
s
12
103
4
814
113 Mar 8
8
17
35,
2
1214
473 Jan 11
4
12
12
2
15 Feb 18
8
%
212
13 Jan 7
8
5
8
2112
7
612
12 Jan 7
57
118
4% Jan 26
134
2
212
6 Apr 26
672
12
438
12
112 Jan 2
1012 243
43
8
4
1714 Jan 2
912 2112
814
1213 Jan 3
1
1
47
8
13 Jan 4
8
4458
445
8 67
76 Apr 22
3512
5112 7438
74 Jan 8
10512 108,
110 Mar 1 103
2
1%
514
17
8
412 Apr 20
27
8
734
23
4
512 Jan 7
1214 3278
10
2512 Jan 26
2018 37
1714
255* Jan 7
195
8 88
395 Apr 1 31 1012
8
80
88
11214
1163 Mar 28
4
1914 437
8
173
4
2412 Apr 24
8
2
2
3 Jan 7
38
12
914
19 Jan 31
18
5112
1412
32 Jan 9
1318 43
12
2412 Jan 11
9%
91g
17%
193 Feb 4
8
814 14 4
75
8
,
1018 Apr 16
13% 18%
113
4
185 Apr 25
8
2414 37
2112
3518 Apr 24
64%
49
3814
60 Apr 24
6
2
4 Jan 8 81 1 12
16
412
3
6 Jan 12
638
314
13
4
478 Jan 9
1112 488
1018
46% Jan 11
7
21
512
11 Jan 4
48
747
8
48
68 Jan 15
133 2203
8
11
4
195
8May 1
412 1312
3
6 Jan 3
50
64
44
59 Apr 27
is
17 Jan 7
4
3
4
WI
14
h
118
5 Jan 8
8
4%
1034
312
818 Apr 15
84
2
118 Jan 8
14
1812 343
18
4
3412 Apr 30
7014 87
72
7612 Jan 25
110 Jan 15
- ,7312
712 I8T12
7
1012 Feb 4
4212
28
26
42 Feb 4
14112 169
173 Jan 16 14114
412 118
8
4%
9 Jan 11
1514 43
1514
35 Jan 21
112
31 2
1
218 Jan 12
818 1912
618
15 Feb 25
5
118
118
212 Jan 21
25 8 597
5
2412
8
Jan 7
3712
10
27
10
133
144
113
1
13
4
5
218 Jan 4
1 Mar 21
714
612
1684
612 Mar 15 11 14 Apr 23
6
147
8
6
618 Mar 15 1112 Jan 9
158
23
8
814
15 Mar 19
8
418 Jan 24
314
112 Jan 8
1
14
14 Feb 28
1012 2958
614
614 Apr 29 1658 Jan 7
114
318 Jan 21
114
512
1 14 Mar 13
55
8 22
514
63 Mar 15 17 Jan 21
4
3318 448
33%
8
4238 Jan 12 495 Feb 4
1021* 117
115 Jan 2 12012 Mar 7 *1101
25
45
2038
203 Mar 5 3012 Apr 24
8
84
67
597
8
8
623 Feb 20 8712 Apr 29
73
78
73 Mar 14 10012May 3
9754
88
106
84
8518 Mar 18 10918May 2
99
105
11912
100 Mar 14 120 Apr 24
837
8
87 2 10412
,
99 Jan 5 112 Apr 24
3514 5958
34
34 Apr 30 527 Jan 9
8
81g
147g
57
8
77 Apr 22
8
57 Mar 21
8
49
80
49
8
495 Mar 18 6112 Apr 22
88
8 1938
83*
1112 Apr 23
83 Feb 1
4
412
918
4
4 Mar 13
57 Feb 18
8
22
2314 5
6%
50 Mar 18 6212 Jan 25
15
43
133
8
4
3514 Mar 12 473 Apr 26
112
414
114
114 Mar 13
25 Jan 2
8
1412 23
1118
1612 Mar 13 21 Jan 2
3518 561
8
297
8
297 Mar 28 431g Jan 7
8
j
3312 4112
28
38 Apr 6 397 Feb 18
2918 3912
27
33 Apr 17 37 Apr 29
14
5
318
318 Apr 4
812 Jan 3
35
6014
2018
2018 Apr 2 39 Jan 7
15
8
6
1
1 Mar 26
212 Jan 7
5%
55* 3 4
83
8 Mar 12 15 Jan 7
6
133
8
514
8 Mar 13 1114 Jan 7
243
4
8
3258 71
713 Jan 15 863 Apr 24
4
70
30
24
70 Jan 9 78 Apr 29
114
126
100 Slay 1 110 Mar 1 104
2
512
2
33 Apr 30
4
238 Mar 13
1012 253
9
9 Mar 15 1512 Jan 7
4
19
2858 Mar 18 4912 Jan 21
3312 6712
3912 4214
28
28 Mar 15 49 Jan 21
5
1412
512
512 Apr 3
8 Jan 4
1114 2812
13
13 Apr 17 17 Feb 25
75 Apr 9 8812 Jan 24
46
90
35
1712 Apr 29 2412 Jan 10 42 95
8
1512 2758
1214 Mar 20 1718 Apr 29 41 63
612
4
16
4318alar 28 515 Jan 3
8
393
4
39% 533
5514 Apr 22 61 Jan 8
5514
57
fin
1212 23
1212
1312 Mar 13 1312 Mar 13
514 Mar 26
518
7 Jan 3
5%
131 2
217 Feb 25 2618 Apr 8
8
207
33%
20
t per share
1318 Mar 28
35% Jan 18
114 Apr 6
220 Mar 20
914 Mar 18
17 Mar 30
8
155 Mar 15
8
33 Apr 4
4
75 Jan 16
4
43 Apr 3
1118 Apr 4
106 Jan 7
414 Mar 14
223 Jan 16
4
38 Mar 12
11412 Mar 23
80 Mar 12
1 Star 26
33 Jan 2
4
1 Mar 27
1318 Mar 6
19 Mar 18
125 Mar 29
8
70 Jan 2
11112 Jan 14
7 Jan 24
312 Mar 13
1082 Jan 9
12, Apr 8
4
3 Apr 18
4
5 Feb 27
8
612 Mar 12
214 Mar 27
214 Mar 21
lz Mar 8
814May 2
814 Feb 28
118 Feb 11
6412 Feb 5
5714 Apr 3
10712 Apr 11
214 Mar 13
3 Mar 9
18 Mar 11
1714 Mar 12
30 Feb 5
1103 Jan 9
4
173 Mar 7
4
218 Feb 28
914 Mar 13
1612 Mar 13
13 Mar 15
17 Jan 2
758 Mar 14
4
123 Mar 15
23 Feb 27
3812 mar 5
2 Mar 12
37 Mar 4
8
13 Mar 21
4
3514 Mar 12
512 Mar 22
5312 Apr 1
133 Mar 12
4
3 Mar 21
55 Jan 23
18 Apr 3
14 Apr 27
312 Mar 21
3 Mar 14
4
31 Apr 8
72 Apr 17
100 Jan 12
7 Mar 14
2912 Apr 23
172 Feb 14
512 Mar 13
2218 Mar 13
I Mar 21
1014 Apr 4
114Mar 20
2412 Apr 4
New York Stock Record-Continued-Page 8
3002
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Apr. 27
Monday
Apr. 29
$ Per share 3 Per share
*333 3414 3412 341*
4
*31 412 *3; 412
/
4
1618 1612 16
1614
*1
118
1
1
*114
112
1; 1;
4 13
*14
153
14
*21
2412 21
21
•40
4012 3912 397
8
1093 109; 109; 109;
4
8
111; 1115 *1115 11212
8
814 8; *8
88
7
2313 24
2312 241
/
4
2
214
2
218
1012 Ritz 1012 1012
594 5914 *60
60;
*3
8
12
as
12
*3
*3
4
4
114
114
29
2914 2912 31
*3 4 414 *33
3
4 414
3614 3612 3614 3818
Tuesday
Apr. 30
Wednesday
May 1
3 Per share
3518 35l
*318 412
16
16
*1
118
*114
112
*1212 1312
*20
2412
3912 3912
10912 10912
1115 1115
8
8
818 8;
233 244
4
2
2
94 10
4
*6014 6012
/
1
4
12
"4
114
30
3118
4
4
3714 382
8
3 per share
*345
4
*343 3512
4
*318 412
16
1612
*1
118
*138
112
*1212 15 4
3
*20
237
8
3914 3914
10914 10912
112 112
8
8
23 4 2412
8
2
2
10
10
61
61
12
12
"4 114
30
3114
*378 418
374 38;
Thursday
May 2
$ per share
*353 3578
*318 412
1514 16
*1
118
13
8 1;
*1212 15 4
3
20 20
39
3912
108 108
112 11212
8
8
24
25 8
3
17
8 218
9% 10
607 6112
8
3
13
3
s
"4 114
30
3114
3 8 37
7
8
37
373
4
*118
131 *118
1;
45
46
*444 48
Friday
May 3
$ per share
36
36
*318 412
15; 16
1
1
*114
112
*1212 15 4
3
•19
20
3912 4012
109 110
1124 11212
8
8
25
2512
17
8 214
912 93
4
4
613 613
4
12
*313
"4 114
31; 3214
4
*33
4 43
373 3812
4
*118
11.2
*4418 48
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
May 4 1935
Range Singe Jan. 1
On Basis of 100-shars Lots
Lowest
Highest
Juty 1
1933 to Ran pa for
Apr 30 Year 1934
1936 --High
Low Low
Shares
Par $ per share
$ per share $ Per sh $ per share
300 Royal Dutch Co (N Y shares)„ 2912Mar 12 36 May 3
28;
28; 3918
Rutland RR 7% pref
3 Apr 18
100
5; Jan 3
3
412 15
7,500 St Joseph Lead
10 1014 Mar 13 17; Jan 3
104
1514 2733
500 :St Louls-San Francis:N-100
1 Mar 26
2 Jan 8
1
1 18
45
31
151 preferred100
200
1 Apr 3
212 Jan 8
14
1
1318
100 St Louis Southwestern
6 Apr 15 14 Jan 12
100
3
6
20
Preferred
110
100 12 Mar 4 21 Feb 1
12
27
13
2,200 Safeway Stores
No par 374 Mar 18 46 Jan 2
3534
384 57
280
6% preferred
4
100 1043 Mar 11 110 Jan 22
80
9434 108
340
7% preferred
100 10612 Feb 7 114 Apr 22
904
9812 11312
900 Savage Arms Corp
No par
6 Jan 15
9 4 Apr 2
3
4
/
1
4
518 1214
26,800 Schenley Distillers Corp
5 22 Mar 12 28; Jan 3
17;
1718 387
s
2,500 Schulte Retail Stores
1
13 Apr 4 4
4
Jan 2
134
3
8
Preferred
300
100
8 Apr 4 20 Jan 18
/
1
4
3034
16
8
210 Scott Paper Co
No par 65 Jan 2 613
4May 3
3714
41
60 2
3
.,
2
1.500 :Seaboard Air Line
No par
;Mar 4
;
Jan 4
33
Preferred
100
3 Mar 14
4
14 Jan 5
/
1
318
8
4
1
18,600 Seaboard 011 Co of Dal---No par 203 Mar 12 3214May 3
4
19
203
4 383
8
200 Beagrave Corp
No par
37 Feb 14
8
4; Jan 26
212
212
58
5
23,800 Sears. Roebuck & CO
No Dar 31 Mar 12 4012 Jan 3
31
30
5114
*; 13
4 *118
4 *118
13
13
4
Second Nat Investors
112 Feb 2
1
2 Jan 7
112
1;
414
*4612 47
*4512 47
*46
4612
40
Preferred
1 40 Apr 3 4918 Jan 2
30
32
52
ISeneca Copper
No par
11
12
2
is - - 8
h
312 1585
2 832 112 81. 112 114 5;4 i38 15- 12:660 Servel Inc
2
8
1
7 8 Mar 13
5
93 Feb 19
8
312
43
8 9
7 4 73
3
4
74 74
3
3
712 7 8
5
7
613
712 7 4
75*
3
7 4 7 4 3,100 Shattuck (F 0)
3
3
214 Mar 14
No par
54 1378
94 Apr 22
6
1114 *1012 11
*11
1112 11
1012 1012 *1014 1012 1012 1012
No par
600 Sharon steel 1100P
9 Mar 14 1418 Jan 21
518 1314
4
414 44 44 44
44
*4
4
4
4
4
*4
418
800 Sharpe & Dohme
No par
314 Mar 12
518 Jan 3
314
4
77
s
*46
4718 *46
4812 *4614 4814 *4614 4838 *4614 48; *4614 4838
Cony preferred per A_--No par 447 Jan 29 4814 Apr 5
8
30
3814 49
*243 25
25
4
25
*257 29
8
*25 8 29
3
90 Shell Transport & Trailing-32 20 8 Jan 2 25 Apr 9
*253 29
4
*2614 30
3
19
19
2612
7
7
137
8 7
718 714
718 74
7
74
7
718 16,400 Shell Union OH
No par
512 Mar 19
7 8 Jan 7
7
512
6
1112
75 4 7612 75 4 774 77
3
3
79
7914 793
4 78
78; 78
7812 3,500
Cony preferred
100 6318 Mar 21 793
4May 1 n 4512
57
89
17; 183
4 1714 187
s 1714 183
8 167 177
8
8 1614 1714 1714 18 113,300 Silver King Coalition Mlnee---5
8; Feb 15 19; Apr 26 35 514
8
1212
9
9
8; 9
83
4 87
8
8; 83
4
No par
8
8;
8; 812 3,300 Simmons Oo
6 Mar 15 104 Jan 2
6
818 2418
15; 15; 1512 15; 1514 153
8 1512 15; 1512 1612 1614 1612 6,700 Simms Petroleum
10 1312 Mar 15 183 Jan 9
74 174
74
4
*812 83
812 85
4
8 *812 0
83
4 918
9
918 94 1,200 Skelly Oil Co
9
25
612 Jan 15
05 Apr 15
8
8
6
ills
*77
80
*77
*76
80
80
795 705
8
8 80 80
82
82
Preferred
500
100 60 Jan 22 84 Apr 16
42
51; 681s
.21
2212 *21
2212 21
21
2012 21
*21
21; *21
160 Sloes-Shaft Steel & Iron
2212
100 13 Mar 20 22 Apr 20
12
15
2712
*2712 33
*28
33
*2712 32;
*30
33
*30
33
*30
33
7% preferred
100 24 Mar 12 3514 Apr 20
15
18; 42
18
18
1712 18
1712 173
8 1714 1814 1814 1912 1914 1912 15,500 Snider Packing Corp__ _No par 1514 Apr 3 20 Feb 15
312
6114 193
4
137 14
8
13 8 14
5
137 1418 137 1418 133 1418 14
8
8
4
1414 42,800 B000ny Vacuum 011 Co Ine--__15 11 Mar 11
1478 Jan 4
11
1212 107
8
•11112 112
11118 11112 *110 112
110 11112 *1103 11112 111 11112 1,400 Solvay Am Inv, Tr pref
8
100 10712 Jan 15 11112 Mar 27
76
86
108,
2
25
25
247 2514 2518 26
8
2518 2512 2518 2514 2518 25; 4,500 So Porto Rico Sugar
No par 20 Jan 30 26 Apr 30
20
20
31118
*13914 142 •13914 142
13914 13914 13914 13914 *1393 14512 *140 14512
8
20
Preferred
100 132 Feb 4 140 Feb 26 112
137
115
1538 15
1518 1514 15
1514 147 1514 15
8
1514 1518 1514 7,900 Southern Calif Edison
35 10;Mar 13 1512 Apr 15
1018
101 2215
/
4
*318 8
•318 8
*318 8
•318 8
*3; 8
Southern Dairies class A _ _No par
*318 8
511
512 103
,3
*58 412
*5
*58 412
8 412
*58 412 *1
412 *1
Clam B
114 Mar 11
No par
412
114 Mar 11
112
34
114
1614 1858 145* 1633 1434 1534 1478 15% 1434 153* 1512 153 30,400 Southern Pacific Co
4
4
100 123 Mar 18
1918 Jan 7
12;
147
8 333
4
1118 11;
9 4 1112
3
8
8 10
97 103
103
8 1018 107
8
8 107 1118 32,000 Southern Railway
732 Mar 11
100
1612 Jan 4
732
1112 3612
14; 15
1312 143
4 1314 1314 13
1314 1318 1312 137 14
8
6,000
Preferred
100 10 Mar 13 205 Jan 4
8
10
14
4114
•25
32
*25
•26
31
29
*25
29
*25
27
•25
27
Mobile & 01513222k tr otts -100 2512 Apr 18 334 Jan 12
2512
31; 4714
*512 6
*512 6
.
2512 6
*512 6
*512 6
*512 6
Spalding (A 0)& Broa___No par
5 Mar 14
712 Jan 8
5
3
13
•43
50
50
*43
*43
50
*48
50
*45
50
1
'4612 50
1st preferred
100 42 Apr 2 50 Jan 8
504 74
304
_ _ _
_
_
Spang Chalfant & Co Inc- No par
7
7
IA
ii If ii -fiii ie - - --------_656
. 6i
.
i
ia if.
150
Preferred
100 5912 Apr 3 6712 Apr 26
20
30
66
4 8 4;
412 412
3
414 4;
43
414 4;
8 4;
4; 458 4,500 Sparks WIthington
318 Mar 13
No par
5 Jan 2
14
2;
27
2
8
*44 4 4 *414 4 4 *414 43
3
3
4 •414 43
4 *414 43
Spear & Co
4 *44 4 4
3
414 Mar 21
No par
7 Jan 22
112
2
73
2
*6512 70
*6512 70
•6512 70
*6512 70
*67
70
Preferred
*6714 70
100 65 Mar 23 74 Jan 7
3012
39
6412
*3414 34 4 *34
3412
3412 3412 34
3
34
33 8 337
7
34
8 34
600 Spencer Kellogg & Sons ...No par 32 Apr 3 36 Jan 10
3313
1214
1634
87
9
8 9
918
9
912
912 914
918 93*
8
•
1
74 Mar 14
918 95 25,900 Sperry Corp (The) I o
93 Jan 2
4
3;
5 8 1133
5
*1012 107
8 107 107
8 1014 1014 1014 1012
8
914 10
8 1,400 Spicer Mfg Co
*1018 107
812 Mar 14 123 Apr 22
No par
4
6
6
13
53812 39
37
3812 *37; 38
3712 3712 37
39
4112 4112
210
Cony preferred A
No par 334 Feb 14 411215lay 3
18
2134 4114
'50
51
51
54
53 8 54
3
5112 5314 51
52
52
3,400 Spiegel-May-Stern Co
52
No par 437 Mar 27 79; Jan 17
2.
714
19
763
4
137 1412 1372 14
2
13; 1418 133 14
4
13; 13; 133 1412 50,300 Standard Brands
4
No par 133 Apr 30 1918 Jan 3
8
13;
1714 254
126 126 *12312 12712 125 125
125 125
125 126
1253 130
470
4
Preferred
No par 123 Jan 3 130 Apr 9 120
12114 127
3
3
*3
318
3
3
*23
4 27
8
2 4 23
3
4
3
600 Stand Comm Tobacco
3
2;Mar 15
No par
47 Jan 21
8
2;
3
8
312 312
3
314
3 8 33
3
8 *3
312
34 34
112 Mar 15
No par
318 314 2.500 Standard Gas & El Co
43 Jan 3
4
112
3; 17
44 414
312 4
4
4
*34 37
8
3; 35s
312 37
8 2,400
Preferred
134 Mar 15
No par
5 4 Jan 10
3
13
4
432 17
•8
912 *814 9; *812 912 •712 9
*8
912 '8l
434 Mar 15 123 Jan 3
$6 cum prior pref
91z
No par
4
4;
10
33
10
10
*10
914 10
1118 10
10
*9% 1038 .9
11
$7 cum prior pref
800
6 Mar 15 16 Jan 7
No par
6
1114 3812
*1
132 *1
114 *1
114 *1
114 *1
114 *1
Stand Investing Corp_.
--No par
118 Mar 9
114
1; Jan 7
; I;
;
113; 1133 11418 11418 *114 11412 *114 11412 *114 11412 114 114
4
300 Standard 011 Export pref--_100 111 Jan 3 116 Apr 6
9412
9612 114
33
33
32 4 333
3
4 3312 3378 333 34
8
3338 34
3378 343 25,800 Standard 0110! Calif
8
No par 2784 Mar 15 343
8May 3
2612
264 4278
2524 253
2538 2518 2512 25
25
255* 247 25 8 25
25 8 19,500 Standard 011 of Indiana
3
3
25 23 Mar 15 25 8May 1
3
23
2312 2714
*27
31
*26
31
2612 28
*2712 297 *2712 297 *2858 297
8
8
300 Standard 011 of Hanna
10 2612 Apr 30 32 Feb 18
19
28
41
42
425 4314 423 4314 43
4
8
42; 413 4212 4238 43
4
434 35,400 Standard 011 of New Jersey
3
25 35 4 Mar 18 4312 Jan 2
33;
394 50;
143 14; *1412 15
1412 14; *14
4
15
*14
1412 •14
147
8
300 Starrett Co (The) L S__-No par
1212 Mar 14 1536 Jan 3
6
6
153
8
6614 6612 6624 86% 6614 6612 6818 68% 6618 6614 8612 667
8 3,600 Sterling Products Inc
10 583 Jan 15 67 Apr 25
4
4534
4714 6612
*13
8 13
4 .138
14 *158
112 .1%
112 *13g
112 *13
Sterling Securities al A.
8
112
14 Mar 19
-NO par
17 Jan 18
8
1
14
3
*314 312 *3% 312
313 3%
3%
Preferred
400
314 *3% 312
312 Mar 28
No par
3% 314
518 Jan 3
2;
3
7
38
38
40
*36
*36
40
*36
40
40
•36
*36
40
50 58 Mar 5 38 Apr 27
100
Convertible preferred
28;
30
3818
912 9 4
3
9
524 912
4 512
3
91 924
/
4
9; 9 4 10,400 Stewart
-Warner
8Mar 6 1014 Apr 25
918 9;
5
65
418
4 2 105,
,
424
4
414
4
428
4
418
4
4
418
212 Mar 14
38 48 4,100 Stone rk Webster
par
No
5 Jan 7
37
212
1338
278 3
27
3
2% 3
27
s 3
13
2s 3
23
7
4 27 17,900 *Studebaker Corp (The) new--1
24 Apr 17
3 Mar 11
_
24
- -Preferred
100
392 Mar 8 21 Jan 3
3;
10
17
6912 6912 i833 6972 icoas -ii
71T2 Iisi ---------100 sun ou
No par 6012Mar 20 72 May 2
42
5112 7414
*1183 120 *1183 120 *1183 120
117 1183 1183 1183 *11828 12012
4
4
4
4
100 115i2 Jan 10 121 Mar 23
4
4
120
Preferred
96
100
118
*14
1518 *14
15
15
15
*14
•14
15
143 *1418 143
4
4
100 Superheater Co (The)...--No par sll Apr 4 16 2 Jan 10 x11
Ina 2514
5
2 8 234
5
212 2;
23
2; 234
2; 234
8 2;
2; 25
8 3,600 Superior 011
1
134 Jan 2
3 Apr 17
114
114
314
•612 7
.612 7
612 718
67
8 7
*63
8 67
33
612 718 1,500 Superior Steel
5 Mar 18
100
912 Jan 7
434
432
153
4
.3 8 44 *3; 418 *358 3%
3
358 358
3 * 428 *418 412
300 Sweets Cool Amer(The)
7
60
3 Mar a
14
514 Jan 3
312
312 584
*24
3
8
14
14
*14
*14
3
8
3
8
.14
32
14
200 *Symington Co
4
No par
4 Apr 15
78 Jan 4
Is
212
14
15
*114
114
114 *114
13
4 *1%
112 *114
100
112 *114
Class A
133
14 Apr 29
No par
2; Jan 4
14
112
5;
•812 83
4 *812 8; .812 8; *812 8;
700 Telautograph Corp
8
812
8
8
5
7 4 Mar 26
3
9 8 Jan 9
7
712
/Is
1514
47
47
4; 43
4 *5
5%
5
434 434 *458 5
5
900 Tennessee Corp
..
5
4 Mat 15
513 Jan 25
3tg
31,
638
2112 2178 2114 2134 213 213
25 Nis mar 13 22 Apr 26
8
4 21% 2158 2073 2114 2012 21
17,100 Texas Corp (The)
1612
1958 29;
3114 3112 30
31
30
14 3114 3012 308 3014 31% 31
3112 10,400 Texas Gulf sulphur
No per 2834 Apr 4 3634 Feb 19
22;
30
434
333 3;
33
31 3 4
1
3
38 3 4
34 34
5
3 4 33
3
3
3
4 •3533 3 8 3.300 TetAS Paol1% Coal & 011
7
314 Jan 2
10
414 Jan 18
632
34
212
10; 10 4 103 103
3
8 103 103
8
8
4 10 4 107
3
3
8 10 4 107
8 103 107
4
8 4,500 Texas Pacific Land Trust
I
812 Jan 15 113 Apr 5
8
6
81
4
12
•1614 1814 *14% 1814 *14's 1814 .14
1814 *14
1814 *14
Texas & Pacific RI Co
184
100 14 Apr 12 25 4 Jan 10
3
1312
1312 4314
17
17
15
1612 1312 1412 *1412 145
8 14; 1412 14; 14; 2,600 Thatcher Mfg
No par 1312 Apr 30 193 Feb 15
8
8
8
18
*5312 56
a5312 5312 52
51
*50
53
51
52
*497 51
400
83.60 cony pre!
No par 51 Jan 5 5512 Apr 22
3552
219
5218
*5
53
4 *5
5; .5 8 5 4 *5 5 512
3
100 The Fair
3
512 512 *5 8 6
3
3
514 Apr 10
No par
714 Feb 14
4
4
1218
90
.81
*80
90
*80
90 .81
90
*81
*81
90
90
Preferred
100 811 Jan 7 82 Jan 29
.
45
60
83
3; 358 *3 8 312
3
3 8 3;
312 312 *33
3
8 312
312 312 1,000 Thermold Co
212Mar 7
1
414 Jan 7
212
212 918
*214 212 *238 234
212 2;
2 4 23
3
200 Third Avenue
4 *23
4 34 *23
4 333
314 Apr 26
100
84
5 Jan 5
214
4
1974 1972 .1832 20
*1812 20
*1812 19
8
*183 197 *1838 1978
8
100 Third Nat Investors
1 18 Mar 15 21 Jan 7
13
1312 2212
*6
63
4 *6
6; *6
6; *6
63
4 *6
63
Thompson (J R)
4 *5
733 6;
512 Jan 7
25
6 Jan 15
41;
478 11
1412 1414 1412 1414 1418 1412 147
145 14% 1412 14; 14
8 3,800 Thompson Products Inc- No par 133 Mar 13 17 4 Jan 2
8
7
10
2014
18
212 258
238 212
212 25*
23* 233
23
314
3
3 14 11,900 Thompson-Starrets 00__/420 par
158 Mar 15
3; Jan 7
13
2
18
4
512
•I5
19
.1.5
19
*15
*15
19
18
18; 18
20 8 1.800
3
18
83.50 cum pref
No par 17 Apr 23 2018May 3
17
17
2412
958 9;
9; 9 8
7
9 8 07
5
7,000 Tidewater Assoc Oil
8
No par
9; 9 4
3
3
93
Ps 9 4
s 94
3
7 8 Mar 18 10; Apr 15 37 7;
5
8
1412
94
94
*93; 943
8 94; 95
95
8
05
944 9412 947 0512 1,600
Preferred
100 84 Jan 81 9512 Apr 20 37
aals
Goa 87
*2814 32
.2814 32
*2814 32
*28
32
32
.2814 32
•28
Tide Water 011
No par 2654 Mar 20 283 Apr 13
4
18
24
40
105 105 •105 1053 105 10514 105 105 *105 1053 *105 105;
4
900
4
Preferred
100 100 Feb 15 10514 Apr 30
62
30
100;
6
6 18
6
618
5 8 618
7
5 4 5;
3
3
3
5 8 5 4 3,300 Timken Dation Axle
53
4 57
s
10
4;Mar 15
74 Jan
38
7
3
813
32 8 321
31; 32
,
3112 3252 3114 3234 5,000 Timken Roller Bearing___No par 283 Mar 15 363 Jan 3
313 32; 3112 32
4
8
4
8
21
41
24
5; 522
53
2 552
512 5;
514 512
5; 53
2
514
512 9,100 Transamerica Corp
478 Mar 12
No par
578 Jan 7
47
8
518
81s
10
lOis 1014 104 10
1018 1012 103 •10
10 8 103 1012 1,500 Transcon & Western Air Inc__ 5
8
3
8
74 Mar 29 103 Apr 24
8
74
- -,
*8
814 *8
84 *7; 8
400 Tranaue & Williams Sin- No par
8
7; 7; *734 8
8
512 Mar 14
83 Apr 24
4
412
-- -142
131s
34 3
314 338
314 338 6,200 Tri-Continental Corp
3 8 3 34
3
'2
314 314
3
34 314
No par
1;Mar 13
334 Jan 3
17
2
3
61
4
*77
80
*77
80
*7812 80
*76
793 *75
4
79; *78
6% preferred
79;
No par 89 Apr 4 81 Feb 11
51
6014 78
*3812 41) *39
40
*39% 40 .3812 40
Trico Products Corp
*3812 395 *3812 40
8
No par 36 Feb 7 4212 Jan 7
4212
33
253
4
57
558 514
54 5
3
7
57
8
No par
5 4 57
3
4 5.700 Truax Tract Coal
54 54
5 4 53
3
3
3
412 Jan 15
6 Apr 16
112
Ps
512
11414 43
8 *44 43
8
414
44
414 414
458 2,400 Truman Steel
418 44
4
10
312 Mar 13
6 Jan 8
33
2
33
3
9113
*314 31
34 31
*3
314
3
3
3
3
*3
600 Twin City Rapid Trans__ No par
318
3 May 1
5 Feb III
8;
13
8
N
2014 201 *18% 191 .17
191 •17
19
*1712 19
10
Preferred
•17
1912
100 18 Mar 18 273 Feb 18
4
412
6
39
•112 17
*112 17
8 *112 1; *112
13
4
112 112
13
300 Ulan & Co
4
13
4
No par
314 Mar 13
24 Jan 4
1
4
1
62
62
621
63
*6112 62 .6112 62
14
3
6012 8112 .6012 82
800 Under Elliott Fisher Co ..No par 53 Mar 29 63 Apr 29
2212
36
587
8
•13014 1327 *13014 1327 .13014 13278
8
...._ •131
_ •131
. . __
___
Preferred
100 127 Jan 18 133 Apr 5
95
102
12 8
87
*32
34
34
3212 34
i112 32% - 3218
*32
33 *1302,*3218 33
399 Union Bag & PAD Corp.
..No par 30 Apr 12 5012 Jan 22
30
3914 607
8
51'3 50 4 52
51
3
52; 52 8 537 31,300 Union Carbide & Carb---No per 44 Jan 15 537
51
52
5112 5212 52
5
8
8513y 3 1* 34
35; 507
8
1814 18
1814
18
174 1814 174 1814 173 18
4
95 1414 Feb 6 2183 Apr 17
1833 1814 12,000 Union Oil California
4
1 112
1112 201s
For footnotes see page 2994.
3003
New York Stock Record-Concluded-Page 9
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
A yr. 27
Monday
Apr. 29
Tuesday
Apr. 30
Wednesday
May 1
Thursday
May 2
Friday
May 3
Sales
for
She
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Sinee Jas. 1
-share Lois
On Bask of 100
Lowest
Highest
July 1
1933 to Bangs for
Apr 30 Year 1934
1935
High
Low Low
$ per stars
Pa? $ per More
Per 83 $ PST share
824
90
13378
100 8212 mar 28 1114 Jan 10
Union Pacific
627
8
:
713
4 89
100 791 Mar 14 884 Jan 11
Preferred
134
1558 25 4
3
Union Tank Car
No par 20% Mar 13 2618 Jan 4
84
818 1514
8
97 Mar 13 1518 Jan 7
United Aircraft Corp
5
314
34
412 Mar 13
WS Jan 31
64
United Air Lines TransP •1 4-5
7
8
17
United American Boosh-No par
7 Mar 2
9 11 Apr 24
19
2114 291
4
4
No par 213 Apr 3 2812 Jan 9
United Blsoult
120
100 113 Jan 18 11712 Jan 2 10414 107
Preferred
g
2014
85
5032
No par 46 Jan 28 637 Apr 26
United Carbon
34 Apr 5
14 Feb 27
14
24
82
7
No par
United Corp
203
4
2114 3
4
Preferred
No par 203 Mar 13 301s Apr 23
73*
914 1914
614
United Drug Inc
912 Mar 19 1314 Jan 7
6
234
Vs 107±
93 Apr 24
4
44 Mar 13
United Dyewood Corp
10
50
59 4 7534
3
Preferred
100 65 Mar 21 82 Jan 7
3
712 Jan 9
3
1s
74
353 Mar 13
2,200 United Electric Coal
No par
No par 7138 Feb 6 883 Apr 26
4
4912
59
77
5,100 United Fruit
914
s
114 204
914 Mar 18 137 Apr 23
No par
19,200 United Gas Improve
824
88
9938
Preferred
No par 8712 Mar 15 103 Apr 23
700
15g
8%
1
314 Apr 22
100
24 Jan 28
:United Paperboard
57 Jan 7
2 14
4
133*
.500 United Piece Dye Wks
24 Feb 28
-No par
14%
30
68
100 144 Apr 29 3312 Jan 24
634% preferred
670
2%
2%
814
74 Jan 3
312 Apr 4
4,900 United Stores clam A__..No par
64
76
48
No par 48 Apr 3 654 Jan 19
200
Preferred Naas A
37
6014 63
1,100 Universal Leaf Tobacco No Dar 51 Mar 15 59 Jan 2
4 11212 140
100 13314 Feb 9 148 May 3 1081
50
Preferred
4
15
167
2 4611
20 Universal Pictures let pfd-100 3612 Jan 15 403 Mar 15
7
8
214 Jan 18
7
2
3
14 Jan 16
1
300 Universal Pipe & End
414
414 24
2
100 12 Feb 6 193 Mar 6
410
Preferred
12
1512 33
4
20 143 Mar 14 22 Jan 7
1,900 US Pipe & Foundry
168, 1958
4
134
No par
1914 Jan 7 203 Apr 24
1,300
hit preferred
25 Jan 3
,
1
Hs
4
112 Apr 9
No par
U S Distill, Corp
4
4
14
6 Apr 9 10 Jan 9
100
Preferred
4 Jan 4
14
14
14 Jan 2
100
1
4
100 United States Express
11
11
27%
No par 11 Mar 14 1512 Jan 7
500 U 8 Freight
412
6
1514
712 Jan 3
411 Mar 12
No par
100 U S & Foreign Stour
60
634 78
1
No par 6514 Mar 28 84 Jan 22
Preferred
344
344
514
20 4012 Mar 12 531s Jan 7
5,200 US Gypsum
115
146
20
100 143 Jan 11 154 May 3 110
7% preferred
34
4% 104
714 Feb 19
5 Feb 6
5
4
00 U S Hon Mach Corp
32
33
64%
5.800 U S Industrial Aloohol-No pit 354 Mar 13 4514 Jan 2
5
1s 11%
6% Jan 7
34
34 Mar 15
No par
300 U S Leather v t o
7
7
194
712 Mar 16 13% Apr 23
5,800
Class A vs o
No par
45
45
80
Prior preferred• e
100 53 Jan 22 854 Apr 22
t
3
4
1234
7 Jan 7
3 Mar 13
No pa
*43
8 412
*412 43
C2 412
412
412 4 8 47
4 4 54 6,700 U 8 Realty & Impt
3
8
3
11
24
94
91s Mar 13 1714 Jan 3
12
12
123
8 12
1338 1152 1238 1134 12
1214 4.500 It S Rubber
NO va
1134 12
1714
3411 6114
2412 Mar 14 4232 Jan 7
3014 30
30
lit preferred
100
301
2912 30
3014 2934 3012 4.700
293 293
8
4 29
5314
9658 141
50 95 Apr 5 12412 Apr 25
115 11933 116 1203 11412 117
31,700 U 8 Smelting Ref & Mtn
11112 11412 11412 117
116 118
4
5112
5412 6512
4
Preferred
50 627 Jan 3 7012 Apr 25
70
70
694 70
*697 71
2
71
7018 7018 1,300
697 697 *70
8
8
274
2938 597
8
3218 3314 317 327
100 2712 Mar 18 4014 Jan 8
3214 327
8
8 3114 3238 30 8 314 3114 3212 43,200 U S Steel Corp
5
6714
6714 9912
8712 8814 8712 8734 86
Preferred
8712 88
100 73% Mar 18 94 Jan 23
87 X8514 8514 8512 8618 4,000
99
140
814
500 U 13 Tobacco
135 1354
No va 1194 Jan 4 1354May 3
135 135 *135 136 *135 136 *135 1357 135 135
2
150
4
154 154 *153 157 *153 157
20
Preferred
100 1493 Feb 11 155 Apr 26 1245* 126
*153 157
155 155 *152 ____
40
484 67
2
1
40 Mar 22 497 Jan 11
*5234 56
*5114 56
Utah Copper
*5114 56
*5114 55 4 *5114 5534
3
*5114 55
218 Apr 5 11 7
s
112
532
1 Mar 15
1'4
14
114
114
*114
133
14 114 10,500 Utilities Pow & LI A
14
13
2
1%
11
17
84
Mig 15
3
4
Ils Jan 2
84
12
84
34 2,800 Vadat:* Bales
No par
3
4
938
5
8
5
8
34
3
8
5
8
958
1914 2212
1914
Preferred
100 1914 Apr 11 20 Mar 6
97914 207 91914 2074 91514 207 97514 207 *1914 207 *1914 204
8
4
8
31114
1114
14
211 Jan 7
4
4 12
1214 128
1214 1212 3,400 Vanadium Corp of Am-No par 114 Apr 11
12
121
1214 121
1218 12
12
44 124
34
3
1514
*1518 15'2 15
1634 17
1712 1712 3,000 Van Raalte Co Inc
5 1114 Feb 7 1712May 3
1514 1512 1512 163
544 z544 98
97
973 *9612 98
99
100
7% 1s8 Drat
*97
981
99
100 91 Feb 20 99 May 1
*9612 99
98
99
4
234
245* 361
3558 355
8 36
1,600 Vick Chemical Inc
354 36
5 344 Jan 14 374 Mar 11
36
3534 36
357 357
8
8 357 361
8
43 Jan 3
1%
5%
312
500 Virginia-Carolina Chem __No par
17
$
3
/ 31
1
4
*3
21:Mar 18
33
2 38
3
33
2 33
2 '314 31
34 3
4
26
10
10
8% preferred
100 18 Mar 15 2714 Feb 1
*21
22
2112 2112 2112 2112 22
2314 *2214 231 *2214 234 1,800
574
593* 84
7% preferred
100
*9618 987
8 984 987 *98 10018 *98 10018 *98 1001 *99 100
100 85 Jan 4 100 Feb 1
60
65
80
*95
96
96
80 Virginia El & Pow $6 Pt No 993 724 Jan 4 97 Apr 26
*9712 98
97
97 97
*92
97
97
97
31
9
333
4 Mar 5
Virginia Iron Coal & Coke..100
4 Mar
*318 5
*318 5
*318 7
*318 6
*318 6 4 *34 5
,
15
1618 27
5% prat
75
100 15 Feb 19 154 Feb 28
*154 75
*20
75
*20
75
*20
*20
*20
75
75
52
82
36
Mar 29 8112 Jan 7
80
Vulcan Detinning
12
.7712 81
*77
80
80 •77
100 63
*77
*77
80
*77
80
112
95
95
Preferred
100 10914 Feb 5 110 Mar 12
*11212 ---- *11212
•
11212*112 - - *11212 -__ •11212
12
47g
1
14
21 Jan 8
1
*13
2 17
100 :Wabash
1 Apr
8 *112 17
138
138 138 'hg
100
8 *13 14 913 8
78 112
8
23
2
85
13
4
1114 Mar
3110
34 Jan 4
*24 212 .17
21
218 214
Preferred A
8 212 •172 212
100
17
g
17
8 *2
*14 212
134
23 Jan 19
4
114
21
Preferred B
100
612
14 Feb 25
*114 212 •114 212 9714 212 9114 212 *114
874
37
8
4
500 Waldorf System
518
432 Mar 1
74 Jan 10
5
518
5
No par
•5
518 *5
518 *5
518
518 54
2214 297
8
4 2812 29
1,600 Walgreen Co
14
283 283
4
4 283 29
No Dar 27 Mar 13 31 Jan 3 9 1914
4
2812 2812 28
283 *2838 283
4
8412 1185
,
120 Apr 24 9 80
90
119 119
100 114 Jan
*11712 119
694% preferred
11712 11712 *1163 1173 116 11634 116 11614
4
4
37 Jan 7
214
83
2
114
214 1,700 Walwortb Co
14 Feb 28
214
2
214 *218 23
8
214 214
212 238
No par
214 234
5
5
12
3
Ward Baking class A--No par
5 Mar 14
7 4 Apr 18
*618 7
*618 712 *618 73
4
4 *618 7
*644 712 *IPS 73
355
14
13 Feb 18
4
114
4
500
Class B
14 Feb 28
15
8 15
8
15
13
4 •112 13
No par
8 13
4
134
134 *13* 13
4 •lly
24
24
36
33
300
Preferred
35 Apr 15
*33
33
33
3414 *33
*3218 3414 33
100 2812 Jan 1
34
333 *33
4
2
14
458 Jan 2
24
3
84
318 7,400 Warner Bros Pictures
2 Mar 16
14
318 34
3
318
3
6
312 318
3
34
3
318
12
15
317
e
*
170
247 Jan 28
2012 2012 *1913 20
1912 191 1912
$3.85 cony pret
No par 1412 Mar 1
*19
1912 1912 *1818 19
37
1118 Jan 2
%
1
*34
72
1
1
200 Warner Quinlan
%Mar 1
No par
93
4 1
93
4 1
93
4 7
93
4 1
2 12
314 133*
212 Mar 15
4 434 1.700 Warren Bros
64 Jan 7
412 43
4
43
5
5
No par
43
4 5
43
4 43
4
43
4 44
8
287
2
14 Jan 7
77
s
*1012 1212
77s Mar 2
*1012 1234 *11
Convertible pref
1232 •11
No par
1232 31013 121i *1012 12
1312
1312 31
3
200 Warren Fdy & Pipe
No par 21 Mar 27 28 Jan 8
*24
2534 2512 2512 *24
*2312 25 8 *2334 2412
2512 25
25
3
7
3
44 4 8
3
4 2 412
3
300 Webster Else:Mohr
4 Mar 14
6 Jan 2
*4
43
No par
4 *4
43
4 *438 43
4 *414 412
60
65
90
20
Preferred
*80 -___ 85
100 85 Apr 29 90 Feb 18
85
*80 - - *80 -- 114 Jan 24
112 .1
112
40 Wells Fargo & Co
4
4
3
4
214
1 Jan 5
*1
1
114
1
1 *8091
112 91
712 •1
311. 31
15
15 4 354
3
31
2,100 Wesson 011 & Snowdrift .No par 304 Jan 15 39 Feb 18
*32
323
4 3214 324 32
32
3158 317
8 31
49
53% 748g
4
763 763
4
4 763 764 2,500
•76
763
4 763 763
COO, 914393111147
4
No par 72 Jan 29 78 Apr 24
4 763 767
4
8 765 763
8
4
20%
2912 6872
25 8 2618 14,500 Western Union Telegraph_.1002053 Mar 14 343 Jan 7
3
4
2638 27
2514 2612 25
2618 2478 2514 2412 25I
194 1912 1912 1,100 Westingh'se Air Brake
1574 36
No par 18 Mar 27 27 Jan 9 U 15%
193 193
4
4 20
20
193 193
4
193 20
4
4 19
277k 474
277
2
4234 4218 4338 MAO Westinghouse El & Mfg
42
41
50 325* Mar 18 43321‘lay 3
423
4 417 4278 4012 4212 4034 42
77
490
lei preferred
82
95
9712 9712 97
9712 9712 9712 9712
97
50 90 Feb 5 99 Jan 28
97
9612 97
97
5
1682
1214 12
1214
6
400 Weston Elea Instruml___No par
10 Mar 18 137 Jan 2
8
*113 1214 1114 1114 11
4
1212 *11
11
*11
15
1618 2 12
3
Clam A
No par 29 Jan 4 33 Apr 26
•32
34
*3214 34
9
*3214 3312 *3214 33 4 •3214 33 4 *3214 3334
3
34
57
58
290 Weal Penn Elea class A___No par 34 Mar 6 62 Apr 24
444 70
57
55
583
4 55
55
56
56
57
5714 57
397
8
66
513
4 80
6512 *65
380
Preferred
8
64
67
100 397 Mar 6 70 Apr 24
60
64'2 65
64
85
6512 65
36
45
2884
200
100 38 Mar 14 6212 Apr 24
60
5714 5712 5714 58
61
61
6% preferred
61
59
*58
593 *58
4
8812
230 West Penn Power pret
89% 1105g
117 117's 117 117 *115 116
100 10412 Jan 17 1173* Apr 25
'1
11512 11512 114 11512 11512 15
350
783*
78 4 105
3
11014 11014 110 11014
8% preferred
11014 11014 *109 110
100 95 Jan 2 1104 Apr 16
10912 110
110 110
iSg
West Dairy Prod ol A....No par
1%
6%
•1
2
15 Feb 27
24 Jan 8
*7
8 2
97
8 2
•112 2
*1
2
*1
2
15
100
Claes B •1 a
No par
3
8May 1
78 Jan 8
12
*38
12
212
*14
*3
2
1
*3
2
1
*3
11
Is
3
8
3
8
600 Western Maryland
8
1714
5
7
814 81
83
8 .713 7 8
9 s Jan 7
7
512
718
7
100
512 Mar 15
4 7 8 *7 8 7 8
7
7 8 77
7
8 *73
*912 11
*102 11
100
11
11
•10
2d preferred
4
914 23
11
*912 11
•912 11
100
712 Mar 30 113 Feb 20
7,
2
hg
138 13
8
114
1%
2%
84
900 Western Pacific
*158
13
112 i'2
100
114May 3
34 Jan 7
13
8 14 *114 13
8
45
77 Jan 7
3
1,500
1712
358 35
3
3
3
8
23
8
314 3 8
5
232 Feb 28
258 27
Preferred
100
8
23
4 27
8
1214
1472 271g
*1912 20 8 1912 1933 1812 19
1814 1814 *1834 191
700 Westvaco Chlorine Prod__ No par 163 Mar 13 2311 Jan 3
*1912 20
3
4
20
*10
18
*10
20
244 29
*10
20
*10
Wheeling & Lake Erie Ay Co _100 18 Jan 3 22 Feb 8
20
*10
20
*10
20
28
*25
*25
28
21
*25
28
*25
6% non-awn preferred_100 25 Mar 14 25 Mar 14
24
36
28
*25
28
*25
28
18
200 Wheeling Steel Corp
*16
1612 161 *16
1112
17
17
18
1112 29
*16
*16
18
No par 144 Mar 28 2014 Jan 21
18
60
*55
57
57
400
34
34
57
*5512 5715 *5512 5712 5612 5712 *52
Preferred
100 4612 Jan 12 58 Jan 22
60
84 85
8 1,200 White Motor
84 81
67
8
15
83
4 83
*812 83
6 Mar 15 183* Jan 3
7
2812
812 85
50
8
812 872;
1412 1458 1438 1478 2,200 White Rk Min 113pr etf ----No var 134 Mar 22 24% Jan 9
15
1518 15
15
134
151g 1518 143 15
2114 3112
4
37
14 Mar 15
158
132 .112 13
4
200 White Sewing Machine_ __No par
114
112
*158
178 *11 13
/
4
4
2% Jan 22
134
134 *13
8 13
4
47'2 g
*712 73
712 712
*712 8
300
Cony preferred
912 J413 24
4
5
No par
1114
712 712 *712 8
6 Jan 11
158 134
15
8 13
2
2
4
800 Wilcox 011 & Gas
1
2
534
*13
4 2
*134 2
1 Mar 14
*13
4 2
5
23 Jan 8
8
3514 3514
36
400 Wilcox-Rich Corp alma A_No par 34 Feb 5 3514May 3
*35
37
*35
*35
274 344
37
*35
37
22 2
7
*35
37
418 41
414
Os 10,100 Wilson & Co [no
412 45
8
44 43
9
3% Apr
4
438 44
3%
43*
No par
414 438
7 Jan 2
Clam A
1114
124, 321*
No par 254 Feb 7 315g Jan 8
if"
IA; -1;100 $6 pret
-61, 61 4 8113 Wil; 61 ill; 664 11/ 2
-3100 58 Apr 2 75 Feb 28
58
1584 587 11,900 Woolworth (F WI Co
8
35
Hi
57
10 51 Jan 16 60 Apr 22
114 58
57
5814 5832 5714 58
5712 5738 58
15
15
15
*14
700 Worthington P & W
4Mar 12 2112 Jan 7
*143 153
4
4
100 114
13% 317
4
*143 15
4
1514 154
15
113*
1.5
32
32
*3012 32
110
Preferred A
100 2512 Mar 13 447 Jan 23
2513
3012 3114 31
31
34
31
31
3112 53
.31
2
2612
27 •22
•22
25 .22
25
Preferred B
*22
100 20 Apr 4 38 Jan 11
20
2324 42
2512 *22
25 •22
5112 5234
51
49
4912 5014 50,
51
260 Wright Aeronautical
No par 354 Mar 13 537 Apr 24
12
167
2 75
4 503 51
5012 52
4
804 8114 2,300 Wrigley (Wm) Jr (Del) No par 73 4 Mar 13 82 4 Apr 26
3
82 8212 82 8212 82
3
473
4
5412 78
82
*80
8014 80 80
4
4
4
4
4
500 Yale & Towne Ml, Co
25 173 Apr 9 24 Feb 1
113
3
14
183 1918 *1812 1914
4
1914 1914 *1818 1914 183 183 *183 193
2212
234 Mar 14
278 2 8
7
27
8 27
2 3,200 Yellow Truck & Coach Cl B
414 Jan 7
10
4
23
4
3
312
23
714
3
314
3
318 *3
34
34
*33
34
20
Preferred
100 33 May
42 Feb 19
*3014 34 .33
25
28
4712
3512 *33
35
*33
3412 33
224 223
8 2,000 Young Spring & Wire-No par 18 Mar 18 2314 Apr 24
1018
2214 2552 223 2234 22
8
4
13
2212 22
22 4
5
2214 213 22
-.No par 13 Mar 15 2178 Jan 8
125*
1233 333
4
154 15% 154 153
4 15
154 15 8 153* 1514 1514 1512 1512 2,500 Youngstown Sheet & T.
3
42
43
43
100 3812 Apr 11 56 4791121
*40
*39
300
5934
43
*40
43
*39
42
594 preferred
30
34
*40
42
100 Zenith Radio Corp
138 Mar 28
No par
2% Jan 8
*13
8 112 *13
8
lls
14
43
4
112
13
8 111
8 9114
112 •114 112 *114 112
47 Jan 10
3 Mar 15
1
534 3 2
7
3 4 3 8 6,100 Zonite Products Corp
3
7
432 412
4
414
4
3
3 3
2
74
3
418
33
4 37
2
$ per share $ per share S per share $ per share $ per share 3 per share
9214 8912 90
89
90
88
903
4 893* 9012
9112 90
90
85
85
*8418 8512 *8418 8512
8 84
84
*8312 83 8 *8312 837
7
8 243 247
4
3
3
8 243 247
4
247 247
8
8 233 233
4
4 2414 2414 23 4 24 4
1212 1234 1214 123
2
8
127 133
8
4 12
123
4 127 1312 125 13
8
3
512 5 8
518 54
8
512 53
514 53
3
54 53
8
514 5 8
5
*912 103
8 *93 1014 *84 9 4 *812 1014 *818 104
8
4 93
4
93
3
•2314 24 2
-2318 2318
4
22
2212 223 2314 227 2318 2272 23
8
4
•113 1133 *11312 11412 *113 11412 *113 11412 113 11312 *11312 114
5314
8
5214 53
5214 5212 53
5312 5318 527 5312 53 53
3
212 23
2
212 2 8
2 4 27
3
8
23
8 27
8
23
8 27
8
23
8 23
4
2714 29
4
4
2 2812 2914 2914 293
273 28
2814 29
287 293
8
1038
912 10
8 1014 101
8 1018 1012 1014 104 10
103 105
8
812
814 814 *8
83
4 94
812 812 *8
812 *814 87
s
*76
80
*76
80
*76
80
80
*76
80 .76
80
*76
412 412
4
44
37
8 34
34 44
34 4
33
4 34
8612 87
8712 88
863
8 86
8638 8624 8712
88
8612 86
8
4
1314 1238 13
8
13
125 127
8
8 125 123
8
4 123 1258 125 125
10212 10212 10112 102
10134 10134 101 4 1013 1013 1013 102 102
4
4
,
4
*258 314 *25
8 34 *253 314
8 34 *25
8 314 *24 314 *25
*234 3
27
8 24
3
3
*23
4 3
*23
4 3
*23
4 3
16
17
1418 1512 1514 1512 15
1512 16
1518 1514 18
418 418
412 47
8
4
4
4
44
*37
8 4
37
8 37
8
4
*4914 513 *483 52
4
*4914 55
533 54
4
4
*483 52
4
*483 54
567 57
8
57
57
5612 561 *5512 553
4
1434 14312 145 145. 14538 1451 *146
*36
38
8 365 365 *36
8
*36
38
365 365
8
8
*36 38
38
112
*138
*114
15
8 •13
8 15
8
13
8
13
8
13
8
13
8 *114 11
17
1612 1612 1612 17'2 17
17
17'z 174 1712
17
171
1714
1714 1714 17
*1714 1712 1712 1712 17
171
1718 171
2012 2012
*2014 207 *2014 2012 2012 20'2 2012 201
8
2012 201
*58 218
*5
8 218
938 218
*58 21
*3
8 21
*5
8 21
8
*612 8
*612 8
*7
8
•7
*614 8
*614 8
•14
12
*14
12
*14
1
*14
1
4
14
3
2
*4
*1314 14
91212 14
1312 1313 1312 1358 *1234 13'2 1312 1312
*618 7
7
*64 7
7
*6
*6
7
7
*6
7
*7312 76
*7312 76
*74
76
*7412 76
*7412 76
*7312 76
474 477
8 4812 49
8
48
487
3 485 49
49
49
493
4 48
154 154
150 150 •151 ---- *151 155 *151 154 *15112 154
*512 63
8 *54 6
55
8 58
5
55
8 55
8
*512 6
55
8 518
41
42
3
4014 42
4112 42
4112 4212 4034 421
4014 40
*514 53
4
57
8 57
3
573 57
8 *5
57
8 *5
534 *54 53
8
124 13
127 134 125 134 1212 1318 1212 123
8
4 1214 121
*6012 66
*6012 64
*6012 67
*61
6518 *81
644 *604 64
.1,
5
4
For footnotes see page 2994.
1,52 ag'4
,
Shares
4,900
200
1,500
37,900
9,200
100
1,600
20
3,000
15,000
17,300
9,300
600
3004
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
May 4 1935
On Jan. 1 1909 the Ezchange method of quoting bonds was changed and prices are now **and interest"-ercept for
Income and defaulted bond?.
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.
BONDS
It Y. STOCK EXCHANGE
.
Week Ended May 3
Week',
July 1
13 o
Range or ; 1933 to
it
bridal's
_el Apr 30
..ci; Bid et Asked gii,Z
1935
Low
High No. Low
U. S. Government.
First Liberty Loan-3% of '32-47._ __ 1 D 101.12 101.24 528
99
J D
Cony 4% of 1932-47.
__
_
___
100.17
J D 161.15 101.213 272
Cony 44% of 1932-47
- -.
99.28
2d cone 44% of 1932-47
J D ------------ 102
Fourth Lib Loan 441% of 1933-1938 A 0 102.18 102.22 242 100.30
Treasury 4419
1947-1952 A 0 116.0 116.28 311 104.10
Treasury 44,-348_050 15 1943-1945 A 0 106.6 106.20 810
97.26
Treasury 49
1944-1954 J D 111.8 111.23 572 101.18
Treasury 3328
1946-1956 M 8 109.29 110.10 310
99.26
1943-1947 1 D 107.2 107.12
Treasury 34*
40
98.5
Treasury 138
Sept lb 1951-1955 M S 103.26 104.10 402
93.12
Treasury 33
Dec 15 1946-1948 J 0 103.27 104.10 1,183
97.26
Treasury 3319____ June 15 1940-1943 .1 D 107.21 108.3
490
98.12
Treasury 3319____ Mar 15 1941-1943 M S 107.28 108.6
177
98.8
Treasury 341s_ _ June 15 1948-1949 J D 104.28 105.11 407
94.28
1949-1952 J D 104.30 105.8 1,168 101.5
Treasury 3349
Treasury 3419
Aug 1 1941 F A 107.31 108.11 919
97.27
Treasury 33411
1944-1946 rr.-- 106.2 106.15 1,456
99.24
1955-1960 M S 101.11 101.25 2.629 100.14
Treasury 21 0.
/
Fed Farm Mtge Corp 34E9
1984 M S 103.20 103.30 140
98
Is
94.27
Nov 15 1944-1949 M 5 101.31 102.15 286
38
Jan 15 1942-1947 i J 102.5 102.15 312 100.20
0%
1
1942-I947 ---- 100.25 100.25
___
Home Owners Nftge Corp 413
1951 J .1 100.26 100.30 109
94.26
35 series A
1952 M N 101.30 102.8 2,056
94.26
1949 F A 103.11 100.19 663
2fis
92 28
State & City-See note below.
Foreign Govt & Municipals
Agricultural Mtge Bank (Colombia)'Sink fund 69 Feb. coupon on 1947 F A 214 2112
*Sink fund6s April coup on
1948 A 0 2138 2138
937
Akershus (Dept) ext be
944
1963 M N
8
812
•Antioquia (Dept) coil Ts A
1945.0 1
*External 5 f 75 ser B
75
5
1945 J J
814
'External s f 7s ser C
1945 J J
73
4
818
754
818
'External s t 79 ser D
1945.0 .1
1957 A 0
•External s t 7(3 let set
814
814
64
•External sec s f 75 2d ser
67
8
1957 A 0
*External sec 13 t 79 3d ser
4
1957 A 0 *63
959
Antwerp (City) external be
D 954 99
1958
Argentine Govt Pub Wks 6.
1960 A 0 9459 96
Argentine 89 of June 1925
1959 J D 9438 96
DUI r f Ils of Oct 1925
8
1959 A 0 9414 957
External s f 8s series A
1957 M 5 9414 96
D 9438 96
1958
External 65 series B
4 953
Extls 1 6s of May 1926
4
1980 M N 943
Externals 18.(State Ry)
1980 M 5 0414 9503
Exti 89 Sanitary Works
1961 F A 9414 96
Extl 8. pub wks May 1927 ---1981 MN 9458 96
8 91
Public Works extl 63.4*
1982 F A 887
Australia 30
-year 5s
1955.0 J 10118 1014
1957 M 5 101
External 5s 01 1927
1013
4
External g 4341 01 1928
961
.
1958 M N 9559
4
Austrian (Govt) 5 1 7s
8
1943 J D 1003 1017
9214 9414
1967 J J
International loan 5 f 79
Range
Since
Jan. 1
Low
High
101.3 105.14
101
.02.20
101.6 104.4
103
103
102.18 104.16
113.6 11625
102.28 106.20
108.24 111.28
107
111.10
103.28 107.12
100.20 104.10
100.20 104.10
104.15 108.3
104.14 105.6
101.26 105.11
101.15 105.8
104.18 108.11
10224 106.15
100.15 101.25
101.14 104
99.16 102_15
100.20 102.15
100.25 100.25
100.19 101.16
99.18 102.14
96.20 100.20
2
4
26
7
4
3
4
1
1
-,T
20
89
97
99
83
68
63
58
45
23
135
90
61
71
28
28
182
1533
64
73
8
624
74
714
63
8
614
612
743
8
44
44
445
8
44
4414
4411
4414
4412
45
4114
775
8
78
737
8
8314
4212
21
3312
1912 32
9012 964
7i2 1194
73 1112
759 912
714 1038
63 1014
68 10
654
97
9
88 126
9018 90
90
90
90
957
9014 96
904 96
9534
90
90
9534
90
96
90
90
8412 91
98 10412
98 10412
924 9714
1003 1023
2
4
98
81
31
16
1014 47
101
35
109
16
10414 36
9712
3
97
15
2959 23
2838 13
1434 ..-.
54 iS
414
6
414 12
2814
8812
861,
923
4
91
8718
5214
22
2012
113
514
4
4
31
0314
9314
1014
97
954
93
274
2812
113
4
518
4
4
37
1074
10712
4
1173
11014
907
8
99
38
3812
18
714
828
833
/
1941 J D 2918
30
*Brazil (U S of)external 89
20
*External 3 t 644s of 1926
1957 A 0 2312 2412 75
1957 A 0 24
*External 9(6%.of 1927
2414 26
•79 (Central Rh)
1952.0 D 254 264 12
'Bremen (State of) extl 79
1935 M S 38
1
38
1957 M S 923 934 10
Brisbane (City) 5 f 59
924 93
1958 F A
Sinking fund gold 5s
12
1959J D 9912 997
20
-year s 1 (is
3
8
Budapest (City of)1962 J D 35
•6s July 1 1935 coupon on
3512
6
Buenos Alma(City) 6345B-2...1955J J 90
91
30
External et 8s ser C-2
1980 A 0
- --- n
External a f 89 ser C-3
1980 A 0 *83-_834 85
7
*Buenos Aires (Prov) extl 6,
1
1981 M S 69
69
1981 M S 56% 5912 118
•139 stamped
1961 F A 70
*External a I' 8348
4
73
1901 F A 5812 5038 30
•83.19 stamped
Bulgaria (Kingdom of)*Sinking fund 75 July coup off1_987 J .1
16
16
10
*Sink tund 744s May coup oft...1968 NI N
1612 1612
1
217
198
1918
185
8
29
68
684
75
28
234
2318
24
3359
8718
855
8
97
397
8
314
313
4
3114
4112
9714
973
10214
2934
4014
36
3814
2914
2538
2712
253
8
3218
84
82
82
6134
5159
97
52
*Bavaria (Free State) 8449
Belgium 25-yr eat! 834.
External s f 13s
External 30-year s f 79
Stabilization loan 75
Bergen (Norway) iis
External sinking,tund 59_
*Berlin (Germany) s 163.4*
*External sinking fund 139
*Bogota (City) eat'9185
*Bolivia (Republic of) extl 89
*External secured 7s
*External sinking fund 75
1095 F A
1949 M S
1955.3 J
1955 J D
1956 M N
1949 A 0
1980 M 5
1950 A 0
1958 J D
1945 A 0
1947 MN
5953.0 J
1989 M 9
•Caldns Dept of (Colombia)7349_1946 J 1
Canada (Dom'n of) 30-yr 4e
1990 A 0
59
1952 M N
444s
1938 F A
*Carlsbad (City) s r 88-•
1954 .1 J
*Cauca Val (Dept) Colom 749_1946 A 0
1950 M S
*Cent Agric Bank (Get) 79
*Farm Loan a f 85
July 15 1960 J .1
*Farm Loan e t thi
Oct 15 1980 A 0
*Farm Loan 69 ser A _...Apr 16 1938 A 0
*Chile (Rep)-Ext1 8 1 75
1942 NI N
1960 A 0
'External sinking fund 84
•Ext sinking fund 13s
Feb 1961 F A
oily ref eat a f (39
Jan 1961 .1 J
•Ext sinking fund 69
Sept 1981 M S
*External sinking fund 6e
1982 M S
*External sinking fund 13s
1983 MN
*Chile Mtge Ilk 8349
1957 ./ D
*Sink fund 64/3 of 1926
1961 ./ D
'Guar a 1 6s
1961 A 0
*Guar s f 89
1962 M N
*Chilean Cons Muni° 7s
1980 NI 5
*Chinese (Huktiang Ry) be
1951 J 1-•
2
Christiania (Oslo) 20-yr 9 1 6s
1954 M S
*Cologne (City) Germany 8349_1950 M 8
Colombia (Republic of)*Bs Apr 1 1935 coupon on__Oct 1961 A 0
*65 July 1 1935 coupon on__Jan 1961 .1 .1
*Colombia Mtge Bank 649
1947 A 0
*Sinking fund 79 of 1928
1946 M N
*Sinking fund 79 ot 1927
1947 F A
Copenhagen (City) 69
1962 1 D
26
-year e 454e
1953 M N
*Cordoba (City) extl e 1 7e
1957 F A
.7* stamped
1957 *External sink fund 7s
1937 MN
078 stamped
1937 -
31
10118
10014
10712
10312
9
614
97
271
:
2612
*123
4
518
418
4is
15
1612
93
4 10
7
8
1067 1073 152
8
11318 78
10254 10254 37
*50
54
__
4,85 11 ____
8
390
39
13
2918 32
20
2918 32
28
373
4 3814
7
1218
124
1
1153
12
46
114 1154 23
1112 12
38
1133
1112 11
1112 1112
1
1114
113
4 36
4
1112 12
1112 12
56
1118
12
20
1115
1114 21
1014
1014 23
437 4418 6
8
10118 10112
4
304 31%
5
838
8612
994
0513
52
85
8
294
28
263
2
2718
7
5
618
61,
64
64
8
73
4
94
712
74
5
22
75
22
233
4
2414
20
203
8
2012
90
853
4912
433
2
*5153
51 18
18
201
,
14
12
143
8
8012
5512
12
11212
2412
255
8
21
205s
21
9012
87
4912
46
43
17
8
4
5
23
21
4
27
5118
3
297
,
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3
2:
•
"
1 t ,'
2
4z.
Week's
July 1
Range or
^
1933 to
Frldag's
701-.7. Apr 30
Bid & Asked $5 %1 1935
5,
Foreign Govt. & Munle. (Con.)
Lae
High No.
Cordoba(Prey) Argentina 78 _-__1942 ./ J 80
80
5
Costa Rica (Republie of)1 78 Nov 1 1932 coupon on
.
3218
1951 M N
3218
1
•79 May 1 1936 coupon on .._ 1961 --- 20
3
20
Cuba (Republic) 55 of 1904
1944 M 8 .9718 ____ ---External 5s of 1914 ser A
1949 F A *95
_
External loan 4348
1949 F A 287
If
2
Sinking fund 544s ___Jan 15 1953 J J 8712 88
15
•PUblIc wke 545 __:June 30 1945 J D 30
3114 76
•Cundinamarca 840
915
1959 MN
10
13
Czechoelovakia(Rep of) Ss
1951 A 0 10013 101
11
Sinking fund 8s ser B
1952 A 0 *10018 105 --_
Denmark 20-year extl 85
J 10214 1027
1942 J
43
External gold 541s
984 9912 99
1955 F A
External g 444s__Apr 15 _ _1962 A 0 903
s 9134 102
Deutsche Bk Am part eV 85
1932
*Stamped extd to Sept 1 1935
847
8 654
3
Dominican Rep Cust Ad 530_1942 M S 6712 68
9
1st ser 544s of 1928
1940 A 0 614 62
11
2d series sink fund 534e
1940 A 0 2614 6112
4
*Dresden (City) external 73
1945 M N 42% 425
8
3
Range
Since
Jan. 1
Illoh
80
Low Low
2518
70
Mg
_
617
8
61
1934
831
772
4
77
797
8
75
61
3212 354
1818 2133
4
9415 974
90 95
84
8712
88
77
2312 34
84 141
9512 105
9512 105
994 105
4
963 101
8512 963
4812
40
36
36
27
5514
68
595
5918
35
_
a,.
8312
8615
71.13
84
64
4359
*E1 Salvador (Republic) 89 A
1948 J J *52
--------36
5512 6512
*Certificates of depoetit
J J 1244
4612 -__
35
46
82
Estonia (Republic of) 7s
1987 .1 J 95
95
5
4812
8412 96
Finland (Republic) ext as
1945 M S 105
10(3
4
70
10312 108
External oink fund 834e
1956 M S 10114 102
20
7012 10118 1043
*Frankfort (City of) of 0445
24
2412 48
1953 M N
20
24
3514
French Republic extl 7345
8
1941 .1 D 1825 184
3 126
16812 190
External 7e of 1924
1949 J D 181
1833
4 40 12712 17512 190
*German Government Inten3ational 35-yr 5349 of 1930
1965 1 D 2454
2712 224
23
243 3712
4
*German Republic extl 7s
1949 A 0 35
364 59
3112
35
4759
*German Prov & Communal 13ks
(Cons Agric Loan) 8346
1958 J D 38
40
25
2312
38
485
8
Graz (Municipality of)
*8s umnatured coupons on
1954 M N 10712 10712
1
49
86 10812
Or BLit & Ire(UK of) 544s
1937 F A 11218 113
58 10759 11014 11612
84% fund loan E opt 1980
8
. 10838 119
1990 M N 01133 011414 58
953
*Greek Government if ser 78
1984 NI N *31
387
22
37
3912
•S t !secured fis
26
1988 F A
27
10
165
8
26
33
Haiti (Republic) et 6s set A
1952 A 0 86
8714 13
87
8714
82
*Hamburg (State) 69
1948 A 0 26
2614 10
2018
2413 3612
*Heidelberg (German) extl 7345_1950 J 1 *15
2712 __
15
2512 31
Heleingtors (City) ext 64*
1960 A 0 102
10218
io
6614 10114 10314
Hungarian Cons Municipal Loan
•74413 unmatured coupons on 1945 .1 .1 32
32
5
25
2912 38
flaunmatured coupon on
1940 1 1 *314 33 . __
21353
3012 3714
'Hungarian Land NI bat 7341_1961 MN *3218 35 .1___
2912
2912 35
.Sinking fund 745 ser B
1981 M N 5324 35 -___
2958
34
35
Hungary (Kingdom of)
•74is February coupon on
33
1944 F A
384
2
311,
3438 4912
Itiall Free State ext1s1 be
1980 MN •11418 116 ____
92
1084 115
Italy (Kingdom of) en! 7.
1951 1 D 87
894 35
79
79
9412
Italian Cred Consortium 7s A ____'37 M 9 *93% 98 ___
893
4
94
99
External sec el 7s ser B
1947 M S 82
82
3
76
76
89
Rattan Public Utility exti 715
1959 J J 7312 813
4 61
6312
6312 85
Japanese Govt 30-yr f630
1954 F A 9614 9712 98
.
77
90
9712
Ertl sinking fund 534e
1965 M N 84
844 78
6712
7714 84%
Jugoslavia State Mortgage Bank
•79 with all unmet coup_ _1957 A 0 2912 3512 12
23
43
25
*Leipzig (Germany) 8 f 79
1947 F A *36
Lower Austria (Province of)
•7445 June 1 1935 coupon on 1950 J D 084
*Medellin (Colombia) 6 Hs
712
1954.0 D
*Mexican Irrig Asstng 4348
1943 MN
*615
*Mexico (US) 0561 5. of 1899 Z 1945 Q J •..,,..
*Assenting 6. 01 1899
1943 ---1012
*Assenting 55 large
10%
*Assenting 59 amall
*49 of 1904
1954 *
•AssentIng 45 01 1904
1954 ....
64
*Assenting 45 01 1010 large....... ---5%
*Assenting 4s of 1910 small
514
riTreas 8ii of'13 assent (large)_1933 J J *714
•ISmall
.1 J
718
Milan (City. Italy) extl 8341 --__1952 A 0 75
Minas Comes (State of, Brazil)
•634, Sept coupon off
1953 M 9 1712
.634s Sept coupon off
4
1959 NI S 163
387 -_
29%
38
3
9838
73
5
738____
25 ____
11
10
1059
2
50
6:
14
3
4
44
518
97 106
634 1014
5
813
63 --__
8
714 17
812 28
6
77
07 ---3
732 15
764 42
41r
3
4
52
4
554
03
4
6838
53
4 53
4
518 8
44 7
38 7
5
---- - -74 - .14
8
685 8512
3914
173
8
4
91
17
11
86
86
*Montevideo (City of) 79
1959 J D 37
3712
3
*External a f Oa serifs A
7012
1959 NI N
35
35
1
6134 New So Wales (State) extl be
_1957 F A 99% 1004 12
73
External 9 f Is
Apr 1958 A 0 9912 10014 83
_823 Norway 20-year extl 65
8
1943 F A 105
10512 19
20-year external 85
1944 F A 10514 10512
4
16
18%
30
-year external Co
1952 A 0 102
10238 24
1612 19
40
-years 1 544s
1965.9 10 1007 10114 24
8
External sink fund Is
1983 M 9 10012 101
38
85 14
8
Municipal Bank extl a f be
1987 .1 D 10014 10014
7
8
1044 1075
Municipal Bank extle 155
1970 .1 D •1003
_ ____
11014 11314 •Nuremburg (City) eat! 6s
1952 I* A *254
4-- - __
2
6
1024 1034 Oriental Dave! guar 69
1953 M S 84
854 28
52
Exti deb 540
8212
1958 NI N 797
8 8014
9
83. 1312 Oslo (City) 30-year 8 f 69
1955 M N 1013 102
3
7
39
5812
294 47
Panama (Rev) extl 534s
1953 1 D 105
105
3
2913 4634
•Ext1 s 1 ser A
1963 M N 44
4514
3
*Stamped
384 5514
41312 424 26
12
17
Pernambuco (State of)
1059 1514
•75 Sept coupon off
1947 M S 1434
153
8
6
1012 1512 *Peru (Rep o1) external 79
1959 NI 5 133
4
133
4
2
1012 1512
*Nat Loan extl 5169 1st ser
1980 J D
97 136
0
1012 1512
*Nat Loan extl 5 f 89 2cleer
1981 A 0
9
934 169
103 153 P3land (Rep 01) gold 65
4
s
1940 A 0 78
80
23
103 1512
4
Stabilization loan 5 1 7,
1947 A 0 10753 111
17
103 1412
4
External sink fund g 88
1950 1 J 894 904 28
11
143 Porto Alegre (City of)
4
•89 June coupon off
11
1414
1961 .1 D •15
1812 ____
10 4 1414
3
*740 July coupon off
1968 1 J
1658
1638
3
9% 12
Prague (Greater City) 714e
1952 M N 994 100
5
40
47
•Prustila (Free State) exti 8449..1951 M 5 26
2614 14
*External 9 f 6s
99 10238
1952 A 0 345
8 26
83
274 38
Queensland (state) extl 8 t 78 __ _1941 A 0 10918 110
15
2218 3812
25
-year external 89
1947 F A 1064 310612
6
2212 37 'Rhine
-Main-Danube 79 A
1950 NI S 39
39
3
18
2412 Rio de Janeiro (City ot)*89 April coupon off
1812 2412
1948 A 0 17
17
9
18
2512
*634s Aug coupon off
1953 F A
1412 145
14
86
943 Rio Grande do Sul (State of)
8253 9112
•89 April coupon off
1946 A 0 16
16
3
443 494
4
•65 June coupon off
1988 .1 D
1618
1614
6
3834 46
•79 May coupon off
1986 M N
16
16
2
50
524
•79 June coupon off
1967.0 D
157
1612 11
4612 5118 Rome (City) e211 8341
1952 A 0 77
784 29
1534
155
153 193
4
2
1559 1912
2714
25
73%
7312
88
8712
8318
784
76
7713
8012
22
114
5914
73
37
42
33
3612
90% 10212
9654 10212
10312 10714
10312 107
101 10414
995 103
8
9812 1023
4
10014 10111
98 10184
2512 359g
774 8518
745 801.1
8
99 10214
89
247
8
27
10212 10712
90
49
3612 46
818
7
6
44
156
83
6338
1313 157
3
12
1412
73
8 94
74 94
71
80
107% 12612
70% 9512
1612
1418
7714
2413
2318
447
8
84 11
-34
814 11
IS
1653
09
26
245
8
22
22
10312
37
364
94
83%
3518
10618 1 1012
10318 109
373 4312
1312
13
1512 1959
134 184
1753
1514
16
1554
7012
16
1514
16
153
4
7012
234
22
21
2112
874
For footnotes see page 3009.
NOTE-Sales of State and City securities occur very rarely on he New York Stock Exchange, dealings in such securities being almos entirely
over the counter.
Bid and asked quotations, however, by active dealers in these securities, will be found on a subsequent page under the general head of "Quotations for
Unlisted Securities."
,
,
1
New York Bond Record-Continued-Page 2
Volume 140
___
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3
Wea's
July)
Range Or ; 1933 to
_
.3 4..
Fridaris
VI Apr 30
4i Rid & Asked 450 1935
r.
ri
Range
Since
Jan. 1
Foreign Govt.&Muffle.(ConcJ )
Low
ROA No.
Rotterdam (city) extl 6e
1984 M N 11412 11512
4
Roumania(Kingdom of 13fonopolles)*75 August coupon off
1959 F A
3312 337
8 25
Saarbruecken (City) 6a
2
61
1953 .7 J 60
Sao Paulo (City of, Brazil)•85 May coupon off
1
1952 M N 17
17
*External 6%v May coupon off 1957 M N
15
/ 153
1
4
4
3
San Paulo (State of)•85 July coupon off
1036.7 J *25
2914 •External 88 July coupon off ___1950 1 .1 181 184
6
/
1
/
4
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1614
5
*External 65 July coupon off_ __1968 J J 14
1534 11
*Secured e f 7s
1940 A 0 82
8312 51
Low Low
921 112
/
4
.Santa Fe (Proy Arg Rep) 7s__1942 M 3 6212
*Stamped
59
•saxon Pub Wks(Germany) 78_1945 F A
3718
•Gen ref guar 630
1951 M N 3612
*Saxon State Mtge 'net It
1945.7 D 44
*Sinking fund g 63413
1946 7 D •
Serbs Croats & Slovenes (Kingdom).8.9 unmatured coupons on____1962 MN 29
•Nov 21935 coupon on
•27
•70 unmatured coupons on____1962 86 N 2814
•Nov 1 1935 coupon on
3014
17
38
3212
2812
4212
447
4
Low
17108 No.
91
100
Atl Coast Line let cone 42 July -_1952 M S 99
835 116
8
1984 J D 81
General unified 434e A
42
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4 74
3012 3612
33
33
5
60
1948 J J
78
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6
26
29
1948 J 2 28
6
1512 1938 All Gulf & W I SS roll tr ba
4 4112
1959 J .1 393
1937 J J 10712 108
39
Atlantic Refining deb bs
1418
5112 ---Atl & Yad 1s1 guar 45
1949 A 0 •39
391
25
30
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100 ---1941 2 .3 '
181 2334
/
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4
21
16
8
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21
14
1948 4 0 995 10114 153
100
7612 911
/
4
Refund & gen 58 series A
1995 J 0 60
/ 63
1
4
lot gold 5e
_1948 A 0 10614 107
/ 117
1
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July
7212 71
52
1995.1 D 70
6314
Ref & gen 6s swim C
1941 M N
9412 955
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8 82
491 6012
/
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/ 95
1
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35
4214
1950. J 93
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1959 .1 .1 8212 84
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49
33
40
2000 M S 60
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44
611 44
/
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45
4812 249
48
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1960 F A
Ref & gen M be aer F
1996 M S 5914 6112 158
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2712 40
_-1943 1 J *113
Con ref 4a
1043
_- _4 15
27
36
1951 3 1 104
1951 ____ 104
48 stamped
1047
8 25
25 4 42
3
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2218 36
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661 --/
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1936.7 J 10114 10212 13
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1951 A 0 *953
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22
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/ 1213
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4 63
1980 A 0 120
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*Berlin City Elec Co deb 83Is ---1951 J 0 3012 313
4
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1959 F A 281 28
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8612 7114
1955 A 0 291 2914
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8
30
/ 109
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-year pm & Imp* e t 5s
91
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13918
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127
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1944 J D
__ ____
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45 ____
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25
1950 M S •10614-1967 M S 68
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711 48
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let M 53 eerlee II
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1961 A 0 65
1956 F A 3212 3314
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6
/
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6
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I f*Bowman-SIR Hotels let 7e _ __1934
412
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M S •434
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9
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1952 .8 .1 107
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1950 F A 108
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1945 M N 11938 120
16 10312
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1947 M N 125
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1950 7 D 10512 012 28
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let lien & ref Se aeries B
1957 M N 110
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1938 J „I 10212 10212
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14
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1937 M 3 10412 10412
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1957 M N
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5514
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1937 M N 1081 10814
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851 94
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1940 J .1 10414 10514 43
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1013 1051
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1938 MN 1013 1011
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1962 A 0 109
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79
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1954 M 3 103
11118 113
/ 1034 10
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1111 1137
9114
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30-year gold guar 444
1967 J J 110
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8 22
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196* .1 D 10314 1034 32
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10818 109
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111 11814
96
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1970 F A 1165 1163
563
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3
June 15 1955 J D 1141 11438
943
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1956 F A 111 8 1123
915
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2012 2012 Canadian North deb guar 7s
1940 J D 1053 106
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12412 32 1054
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1938 MN 171
171
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1946 F A •761 90
/
4
Sydney (City) 8 f 5345
1955 F A 97
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1
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Upper Austria (Province of)
.75 unmatured coupon on
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•Exti 6345 unmatured coups___1957 J D •98
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37
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1980 PA N 3512
'External e f es
1964 M N 3414
Venetian Prov Mtge Bank 72 _ _1952 A 0 744
/
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1952 M N 80
Warsaw (City) external 745._ ____1958 F A
70
Yokohama (City) extl 68
1961 I D 3312
RAILROAD AND INDUSTRIAL
COMPANIES.
•1:AbitIbi Pow de Paper 1st 5a__1953 J
Abraham & Straue deb 5341
1943 A
Adams Express coll tr *4,
1948 M
Adriatic Eleo Co ext 7/1
1952 A
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1943.7
let cons 45 eer 11
1943.7
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1948 A
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1949 J
1950 A
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American Chain 5-yr 6s
1938 A 0
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2030 M S
American Ice s t deb 55
1953 J D
Amer I G Chem cony 5355
1949 M N
Am Internet Corp cony 534s____1949 J J
Am Rolling Mill cony 55
1938 MN
Am Sm & R 1st 30-yr 5s ser A
1947 A 0
Am Telop & Teleg cony 43
1936 M S
30-year coil tr 65
1946.7 D
35
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1960 .1 J
20-year sinking fund 5345
1943 MN
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1944 M 8
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*Anglo-Chilean Nitrate 78
1945 M N
f•Ann Arbor let g 43__ _....._1995 Q J
102
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314
27
Ark & Mom Bridge & Ter 5s
1964 M S 91
1
91
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1939 .1 D 103
/ 1034 48
1
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1943.4 7 1047 10512 135
8
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10414 52
-Gen g43
Atch Top & S Fe
1905 A 0 109
155
110
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1995 Nov 10212 103
/ 14
1
4
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1995 M N 1023 104
65
4
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1955 J D 1013 1013
4
4
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10552 D 2101, 102
4
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1960 J D •103
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1948 J D 1053 10612 76
4
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19852 J 1044 1017
1
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19583 J 110
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11014
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1962 M S 2110
11014 25
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1046 J D •11214-___
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1944 J .1 103
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19443 1 1073 10812 64
4
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1947 J D •103
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1951 J J I•923 100
4
7818
75
74
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1
75
751
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75
7414
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79
89
871
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4
09,14
867
2
88
95
74
4112
10514
9112
10014
108
103
645
8
10214
For footnotes see page 3009
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members - New York Curb Exchange
49 WALL STREET
Private Wires
Low Low
High
7112
93 10312
611
/
4
79
9212
57
685 821
8
/
4
29
29
4214
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2412 3412
3514
3514 47
101
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37
39
5712
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54
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101 10912
6314 8814
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103 107
103 114
66
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100 10212
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95
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271 3912
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Taiwan Elec Pow 2 f 534a
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9514
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9418
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764
/
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6212
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70
Tokyo City be loan 07 1912
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3
3005
W set a
July!
:in
Range or
g
v. o
1933 to
et
Friday's
11.., Apr 30
. h
•4
.i
. Bta & Asked 41137
.
4
i 1935
-
-
NEW YORK
10 Chscago, indlanapolts and Si. Lou,,
g
-.
0
8
84
92
1057 11012
8
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8
1041 1073
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100 109
1143 120
4
1181 125
/
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10318 16814
10814 Ill
107 2 10812
7
1034 10514
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1011 103
/
4
10184 10372
23
4 6
/
4
10614 1111
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4
10812 113
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10314 10514
11234 118
115 12012
11518 119
/
1
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113 1173
4
100 115
/
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1093 1144
4
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10518 107
/
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119 125
8112 87%
99 102
/
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109 1125
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9512 993
4
40
106
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42
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13
28
7
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- .
15
20
25
10818 11014
3006
N
`es
BONDS
ta
Y. STOCK EXCHANGE
........Week Ended May 3z."
a;
New York Bond Record-Continued-Page 3
Ma)' 4 1935.
Week's
July
1Week's
July I
1933 to
Range
:s
I'
BONDS
Range 07
''
ta
1 , 1933 to
Friday's
0 Apr 30
Since
R. Y. STOCK EXCHANGE
I., rtday s
-......
‘ 6 Apr 30
,.Bid et Asked 41.2 1935
Jan. 1
Week Ended May 32..*Z. B34 & Asked ot 4.
4 1935
Range
Since
Jan. 1
Mgt No
Low
Low Low
High
Low
High No
Low Low
11134
Cent III Elec & Gas let be
1951 F A 881, 93
177
7113 93
43
Consol Gas (N Y) deb 5345
1945 F A 10614 1063
4 53
99
105 1067
8
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1961 J .1 5014
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50
50
87
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1951 J D 10614 107
108
88
99 107
Central of N J gen g be
1987.1 .1 103
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90
101 1084
/
1
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1957.1 .1 10514 106
25
93
1023 108
4
General 44
1987 J .1 94 $ 9412 12
78
93
987 Consol Ry non-cony deb 44
8
1954 .1 J *____
25 ____
32
32
354
Cent Pac 1st ref 1u g 45
1949 F A 10014 , 101
6558
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/
4
For footnore+ iee page 2009.
New York Bond Record-Continued-Page 4
Volume 140
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3
t3
st.
t;
''` o.
_
July 1
Week •
Range or ; 1933 to
Priday's
1 13 Apr 30
g ..
Bid & Asked co.;3
1935
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3
3007
July 1
Week's
•.: ,..
Range or
,...
1933 to
.
ta
Iv.3. Apr 30
Friday's
vt
....a. BO & Asked Oi,
1935
A
Low
Hisk No. Low Low
Fitch Na. Low
Low
High
Feb •35
seamen Bay & West deb Otte A
_ Lex & East let 50-yr be gu
26
_ __
__ _
8914
4
6
1965 A 0 11434 1143
Feb *4
*Debentures ctfs 13
/
1
_--- __i_
47
8
4 117
1944 A 0 1324 13212
3
..1 _-- Liggett & Myers Tobacco 72
/ 5
4
1951 F A 1195 1203
Greenbrier Ry let gu 4s
4 44 103
1940 MN •1044
/
1
8
___ ____
8814 --------58
___ ____
8112
534 70
/
1
Gulf Mob & Nor let 5345B
Little Miami gen 4s series A
1950 A 0 535
50
1
1962 MN
8 - /
53
1
4
Loewe Inc deb a f 68
lot mtge 58 series C
76
50
10414 10458 232
66
1950 A 0 5014 .52
4912
9
1941 A 0 •106146118
.5
Gulf & S I let ref & ter bs .._ __ Feb1952 1 J s..._.
71
1952 .1 D 70
55
6614 6614 Lombard Elec 7eser A
50 --__
Stamped.j j .1._
5612 __
55
--------Long Dock consol 8135
8
/
1
4
1
97
/
1
4
1935 A 0 1025 102
9412 Eo
9
973 Long Island
4
Gulf States Steel deb 5542...._545 1 D 6Zi4
50
Hackensack Water let 45
_ ___
9814
1952.7 J 1063 1061
General gold 4s
4
/
4
9
1938 1 D
9512 10512 108
2
8714
*Hansa SS Lines 68 with wart
3812 463
46
8
Unified gold 4s
1
1939 A 0 46
1949 M 8 •10518--31
10312 10312
921
/
4
*Baryon Mining 85
3912 4912
3612
10314 10
20
1949 1 J *3518 47 ____
-year p m deb be
1937 M N 103
Havana Elec conaol g be
28
3634
37 __
23
85 4
3
Guar ref gold 45
1952 F A "
1949 M 8 10214 10314 34
4
*Deb 5348 serfes of 1928
53 Lorillard (P) Co deb 75
4
12812 61 110
1951 M 8
1949 A 0 128
Lis
53
4 20
4
Hocking Val let cons g 434e
11
9852
1121 117 2
1999.7 J 11518 1153
91
/
4
8 17
1951 F A 11514 11514
,
5
a
3812
3112 42
Louisiana & Ark let 54 ser A
20
35 4
3
4 51
_
1969.7 1 611 623
/
4
I t•Hoe(R)& Co lst 6345 oar A 1934 A 0 *33
*Holland-Amer Line 6s (flat)
1211
86
13
15
15 __
1947 MN •13
Louisville Gas & El(Ky) bs
1952 MN 11118 11112 12
7518
Housatonic Ry cons 85*
1
71
71
95
Louie & Jeff Bdge Co gu g4* - 1945 M 13 104
72 ____
104
1937 MN *
1937 J J *105
H & T C let g 513 lot guar
5 100
/
4
Louisville & Nashville be
90
/ 1041 106
1
4
106 ____
1937 M N 10714 10714
1937 J J .10238
8812
HOUStOD Belt its Term 1st 55
89
101 1023
4
Unified gold 45
J .1 10712 10778 43
1940
Houston 011eink fund 53413 A
81
lot refund 554e series A
61
85
964
9658 135
/
1
1940 M N 9512 2003 A 0 10514 1051/ 31
Hudson Coal lot s f be ear A
35
447
8
11
807
s
10614
1st & ref be serles B
1962 1 D 373
35
4 3812 37
2003 A 0 106
MN 11818 11818
Hudson Co Gas lat g be
74
1133 1185
4
8
1 1011
1949
/
4
let & ref 4145 serles C
2003 A 0 10112 10214 51
9812
Hud & Manhat lot 54 oar A
/
1
4
833 90
8
4 ___ ____
8912 126
Gold ba
1957 F A 88
633
4
1941 A 0.1083
Adjustment income be _..Feb 1957 A 0 303
82
2812 397
8
__ ____
27
4
3212 87
Paducah & Mem Div 45
1946 F A*1041
Illinois Bell Telephone 55
5412
31 10312 1073 111 14
4
4
8-- 4 16
St Louis Div 2d gold 35
1956 .1 D 1073 108
1980 M S 7812 803
Illtnois Central let gold 45
92
103 10412
_ ____
Mob & Monte Ist g 4 %o
7
1951 J J 10412 10412
83
1945 M S 01091
lot go
2
564
/
1
102 ____
79
South Ry joint Monon 42
1951 J .1 *101
7612
345
99 10118
79 4-_1952 J J
Extended 1st gold 34e
--------78
80
991 102
/
4
1051 A 0 *100
3
Atl Knoxv & Cin DI* 45
1955 M N •10612 107 4 -___
1s0 gold 35 sterling
4412
66
____ . _ *Lower Austria Hydro El 6548
1951 M El
_ _
1944 F A 0883
4 9612 --__
Collateral trust gold 45
4 3'
673 1- 2
68
6812
8
1952 A 0 *68- 57
Refunding 45
561
/
4
6712 884 itMcCrory Stores deb 5148
1955 kl N 69
7018 21
1941
/
1
Purchased Mee 334e
70
71
7238 ____
Proof of claim filed by owner
1952 .1 1 *71
36
4 66
4612
-- 8818 983
Collateral trust gold 45
53
5912 7512 McKesson & Robbins deb 5345._1959 I1524
/
1
11
1953 M N 63
8 N
971 9884 163
/
4
64
Refunding 58
1955 M N
744 9412 tt•Manati Sugar lot s f 73.45__ _1942 A 0 2014 2014
76
2
7014
9
/
1
77
15
-year secured 6 518 g
15
712
90 101
94
96
16
1936 1 J
82
____ •17
1912 ____
*Certificates of deposit
-year 452e
40
4212 634
4614 50
/
1
Aug 1 1966 F A
811
1812
ttoStmpd Oct 1931 coupon-1942 A0 1814
5
4912
/ 7'5
1
4
4
Cairo Bridge gold 45
1950.7 D *1011
... --__
•Certificates of depoeit
70,
---------------2
985 101,
8
4
1951 J .7 81 4-_4
Litchfield Div let gold 35
3
154
/
1
1518
ft•Flat stamped modified- __I942 ---81
5
73
/
1
4
81
85
Loulsv Div dr Term g 3342 _1953 ..1 J 92
6512
92
2
89% 924
'Certificates of deposit
7,2
5
-17
12 1712
/
1
Omaha Div let gold 3s
35
67
1951 F A 67
67
77
5712 259
t•Manhat Ry (NY) cons g 4s -1990
1
60
0 53
61
St Louis Div & Term g 38
35
74
75
1951 J ------77 ____
15
494 53
/
1
*Certificates of
Gold 3348
82 ...._
/
1
4
6211
27
83
8714
92d 4s
1951 J 1 •
1
depoelit- 13 4014 4014
2013'
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1951 J J *9112
___
67
82
____ ____ Manila Elec RR & Lt of be
1953 M El *8612 9412 __
Western Linea 1st g 45
4
493
8712 ____
75
8512 8614 Manila RR (South Linea) 45
1951 F A •77
75 ____
1939 M N *66
III Cent and Chic St L & N 0lot ext 48
1959 MN ------------51
Joint lot ref 58 series A
521
/
4
5212 783 Man GB & NW lot 334a
8
607
8 62
1983.7 0 5914
let & ref 4 4* series C
4934
493 733 Mfrs Tr Co ctfs of panic in
4
8 56
4
21
1963 J 0 535
Illinois Steel deb 410
4
A I Namm & Son lat 6s
1940 A 0 1073 10812 17 10114 106 10812
/ 76-8
1
4
3
9
1943 J D 75
50
41
*Header Steel Corp mtge 65
1947 A 0 62
31
4
371 434 Marion Steam Shovel a f 65
39
/
4
39
/
1
63
/ 18
1
4
1948 F A
Ind Bloom & West lot 031 48
8911
____ ____ Market St Ry 72 ser A _April
____ ___
1940 A 0 *102
8
0
723
8
73
17
1940 Q J
Ind III& Iowa let g 4e
72
961 9712 Mead Corp lot 6e with warr
/
4
____
47
1950 J J •95
8812 90
52
1945 IVI N
Ind Nat Gas & Oil ref be
6
1957 A 0 85
94
102 10314 Merldionale Mee 1s1 78 A
103
_1930 MN 103
35
20
85
Volnd & Louisville lot gu 42
1956 J J *714
10
1953 .1 J 10618 10614
10
77
16
1014 _-__
Mete Ed lot & ref be oar C
9
Ind Union Ry gen be ser A
1
96
lat g 4%5 series D
67
104 10614
/
1
1965J .3 10513 10512
/ 1054 106
1
4
1968 M El 102
Gen & ref 55 series! 11
___ ____
9814 106 10618 Metrop Wat Sew .4 D 534e
74
1985 1 J •1061
/ 973
1
4
4 13
1950 A 0 97
Inland Steel let 434 ser A
2- /
1
1033 10618 I:•Met West Side El(Chic)45 - _1938 F A
4
1978 A 0 10414 1044 63
4
79
9
1014
1014
let M a f 444e ser B
41
1977 M $ •1
80
/
1
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1034 10514 oblex Internet lst 4s asatd
/
1
/
4
1981 F A 1041 10412 48
t interboro Rap Tran let be
1956 J D *23
5612
8114 9114 •Mlag Mill Mach lot if 78
9114 534
1966 J J 88
3612 ---33
I•10
-year 65
Michigan Central Detroit & Bay
50
65
564 290
/
1
1932 A 0 5()
1914
*Certificates of dent:set
2014
___
4812 62
481/ 51
8
93 4
,
City Air Line 48
1940 1 .1 10134 10218 17
1510
-year cony 7% notes
94
94
205
84
Jack Lam & Sag 334e
5712
1932 M S 89
92 ____
1951 M 4 *80
87
/
1
4
*Certificates of depoeit. 89
8412
82
9334
let gold 34e
5712
933 151
10212 27
4
1952 M N 102
Interlake Iron lot bs B
72
82
Ref & impt 4%o series C
50
7712 784 15
9412
/
1
9512 36
1951 Iii
70
1979 J J
1040 A ip 68
69
lot Agric Corp lot at coil tr 657
611
/
4
Mid of NJ lot ext 55
Stamped extended to 1942
M N
911 991 Midvale St & 0 coil tr 0 1 6s
97
/
4
/
4
1936 M 8 103
52
9812 29
90
10318 35
lot Cement cony deb 50
74
9712 10312 Milw El Ry & Lt lat 55 B
10312 240
1948 M N 102
57
1961 1 D 9412 9812 163
t•Int-Grt Nor let 65 ear A
25
2512 41
2712 28
13
lot mtge 58
1952 J J
9414
112
1971 J J
5
8
97
*Adjustment 65 oar A __July 1952 A 0
/
4
4
/ 1114 ofMilw&Nor lot ext 434e (1880).1934 J D *___ _
1
4
11
6214
5
93 ____
55
8 12
•Ist be serlee B
23
25
10
1966 J 1 2414
1st ext 4340
23
1351
/
4
69 ____
38 4
,
1939 ---- •__
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23
2418
25
10
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9958 .1 J
Con ext 414*
8
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373
4
65 ____
1930 -r-, .__-Internet Hydro El deb 65
2814
2814 5814 Mil Spar & N W let gu 4e
1944 A 0 33
3412
3614 175
7
1947 M S 42
4214
Lot Mere Marine 5 1 6s
Milw & State Line 1st 3348
50
56
54
16
1941 A 0 53
37
Internet Paper 5a oar A & B
4
512 12
5
58
1947 .1 J 6712 693
47
773 tokfinn & St Louis 5s ctfs
4
1934 M N
4 60
Ref s f 132 series A
311
/
4
354 6812
/
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'Is' & refunding gold 45
27
1956 M S 4614 48
1949 M S •1
1
112 --._
lot Rye Cent Amer 1st be B
11
/
4
/
4
4518
72
7218
11 _
6
1972 M N
70
*12
74
'Ref & ext 50-yr 50 ser A
1962 Q F
7
5
lot coll trust 6% g notes
*55
112 ____
7
4918
Q F
7414 81
7512 76
1941 M N
*Certificates of deposlt
let lien & ref 634e
2
4312
/
1
69
70
264
8112 M St P & SS M con g 45 int gu___1938 J J 3012 33
70
125
1947 F A
Int Telep & Teleg deb g 434s
53
564 125
/
1
37
.1 J
50
lot cons Es _
1952 i J
191
/
4
2212 2514 18
6412
1938
Cony deb 4 34*
42
5812 72
242
67
1939 J .7 63
1938 J J
36
1st cons 55 gu as to int
31
3812 15
Debenture 55
1955 F A 57
40
16
6
5512 69
623 216
8
/
1
4
let & ref 65 series A
1946 J .1 r2212 12212
Investors Equity deb 55 A
15
104
25
12
4
8012
09 104
1947.7 D 103
-year b 34s
1714
1712
1949 M El
Deb Meer B with warr
611
/
4
82
99 10258
101 ref 5342 series B
7
1948 A 0 10214 210214
44
1978 .1 i 7112 73
Without warrants
6
82
99 103
1948 A 0 10134 10212
Do Chicago Term of 4o.
1941 M N ------------85
1938 j 13
612
612
t•lowe Central let 6e ctfs
1
353
414 9
/ Mississippi Central lot bs
1
4
75
1949 J .7 06____
*1st & ref g 45
1
118
118 10
1951 M S
1
11
/
4
James Frank & Clear let 45
12
77
24
1561
/
4
1950.7 D 76
74
833 toMo-Ill RR lot S, seriee A
4
20 _1959 1 J •17
67
/
1
4
Mo Kan & Tex lot gold 45
1990 J D 7312 7412 115
Kal A &0 R lot go g fs
1938.7 1 •991/ 100 ____
99
9934 10012 Mo-K-T RR pr lien 55 oar A
4411
32
1 42
45 4
3
1962 J
Kan as al let gu g 4s
4012
1990 A 0 997g
97 10112
997
1
70
40
-year 42 series 13
1962 2 J
39
39
3
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8
1936 A 0 307s
3012
307 41
8
33
Prior ilen 4 4* serles D
4014
363
8 3712 27
1976 .1 J
*Certificates of depoeit
A 0 2914
2914
1
29
29
1212
391
/
4
Cum adjust be oar A
143
4 32
Jan 1987 A 0 14
K C Pow & Lt 101 44* earn
4
4
1
1057 J J 1043 1043
97
1013 10814 toMo Pan let & ref 58 ear A
4
20
21
2212 30
1965 F A
let rntge 43-4o
5
1961 F A 1115 112
1
98
19
8
11014 114
21
oCerLficates of deposit
--_
21
City Sou 1st gold Is
Kan
1875 rs 8
1950 A 0 7412 7514
51 14
6
/
1
4
19
6912 783
712 109
4
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57
1
Rot & irnpt 55
Apr __ _1950 J J
5778
5912 15
55
/
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557 7412
8
245
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1977 M 13 2118
Kansas City Term lot 45
1960 1 J 10612 107 4 57
8412 10518 109
,
*Certificates of depoeit_
1812
2014
2112 17
Kansas Gas & Electric 4 34e
1980 J D 104
7034
1043
4 65
10014 105
193
4
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4 24
21
213
1978 174-N
•Kerstadt (Rudolph) lot 65
1
1943 MN
133
4
32
441
/
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39
____
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181
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_ *1958
39
'Certificates of deposlt
5
13
2812 2812
26
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47
2
31
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1949 1N
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1
_1943 ----27
- 2514 263
27
1912
8
'let & ref g 58 series H
1980 A 0 .1954
211422
43
. __
Ketth (B F) Corp 101 68
4 79
33
1946 M 8 763
41
21 12
6712 79
*Certificate, of deposit
:Kelly-Springfield Tire 6a
1942 A 0 5112 5312 82
293
4
4412 67
olet & ref 5s series I
191z
2118 - / 86
21
1
4
A
1981 1Kendall Co 5342
1948 M S 10212 1027
68
8 36
1011 10352
/
4
*Certificates of
79
Kentucky Central gold 45
106
1
80
1987 J 1 106
10412 1083 ol5fo Pac 3d 75 ext atdeposit*9_
8
-_
69
184
/
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_ 9 ii- 2_ 4% July
1938 MN •_ 1_5
Kentucky & Ind Term 430
1961 1 1 80
4
73
80
77
91
Mob & 131rm prior ilen g 58
85
99 --__
1945.7 J *81
Stamped
1961 J .7 •92
80
99 --__
95
Small
801
J ------8912 ____
/
4
9812
--- ---Plain
93
99
1961 . .1 •9758
99
lot NI gold 45
443 -- _ 4
1948 J 1 *35
43
Kings County El I. & P5.
_ --__ 103
1937 A 0
10814 1083
Small
4
Purchase money 613
15 118
1997 A 0 .10814--1475 149
8
14512 149
to:Mobile & Ohlo gen gold 41____1935 M $•
30
8818 ____
Kinge County Elev lot a 45
8 29
1949 F A 10112 1023
66
94 1023
8
12
*Montgomery Div lot g As.... _1947 F A
9
101 1014
/
4
King, Co Lighting lot 55
1954 J 1 113
114
3 1003
4 110 114
*Ref & Imp% 4345
1977 M S
578
6
2
5
/
1
4
First and ref 51.8e
1954.7 .1 121
121
6 10512 118 121
*Sec 5% notes
1938 M S
7
7
6
53
4
Kinney(OR)& Co 754% notes 1936 J D 10412 10412
7712 1004 10412 Moh & Mal 1st gu gold 48
2
/
1
70
8114 11
1991 M S 81
Kresge Found'n coll tr 65
1936 .1 D 10314 103
67
1021 1031 Mont Cent let gu 6*
/
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/ 23
1
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/
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87
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1937 .7 .7 1003 101
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1959 M S 293
1014
8 3012 66
264 34
/
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lot guar gold be
7953
10012
8
1937 J .1 100
Lackawanna Steel lot be A
1950 M 13 1065 107
8
941 106 10912 Montana Power let& A
/
4
8
10512 58
1943 .7 J 105
77
1*Laclede G-L ref & eat Es
1934 A 0
__ __
79
97 1011
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5012
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1
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1962 J D 84
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bs 1934 extended 10 1939
4 71
9
0
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/
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1953 F A
/
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64
461
65 4 82
3
5912 70
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1937 J J 913
6
873
4
4
933
4
Coll & ref 5340 series D
64
1960 F A
655
8 16
48
59
69
/ Montreal Tram let & ref be
1
4
1941 J J
1
88
99
99
Lake Erie & West lot a be
1037 .1 1 10218 1021
6
77
/
4
10114 1031s
Oen & ref oils series A
1955 A 0 •763
704
/
1
4 81 ____
085
gold 58
26
61
89 ___
/
1
4
1941 J 1
90
94
Gen & ref of 55 eerie! B
1955 A 0 0763
4
723
4
Lake Sh & Mich Bog 334s
1997 1 D 9912 100
32
79
971s 1007
3
Gen & ref s f 434e series C
1955 A 0 •79
70 ____
633
4
1954 j j 2812
oLautero Nitrate Co Ltd 65
9
36
434
7
1038
Gen & ref of 55 series D
_ ____
1955 A 0
70 4
3
Lehigh CA Nov a f 43-4* A
1954 J J 10212 10312 20
7712 1011 105
/
4
Morrie & Co let 8 1 43.4*
1939 J J *7634- _10312 1034
/
1
5
82
Cons sink fund 445 oar C
1954 1 J 010212 104 ____
80
102 106
Morris & Essex lot gu 334e
2000.7 0 9234 933 158
8
70
Lehigh & N Y let gu g 45
1945 151 i 663
5212
64
2
4 6634
7314
Constr hi be oar A
1955 M N
9412 95 4 22
3
77
Lehigh Val Coal let & ref of 52_ _1944 F A *875
84
8 9514 _-__
8718 971
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/
4
1955 MN
88
89
84
65 2
3
let & ref 01 55
1964 F A
58
61
9
33
57
SO
f*Murray Body let 6%5
1934 1 D -----------83
lot & ref a f 521
1964 F A
58
58
2
3112
567 72
8
614s extended to Dec 11042
.1. D 10618 10712 s
98
lot & roil f 55
1974 F A
55
55
1
32
55 d 734 Mutual Fuel Gas lot gu g 55
/
1
1947 M N 10812 10812
1
95
Secured 6% gold notes
1038 1 .1 92
923
4
9
73
92
9618 Mut 17n Tel gtd138 ext at 5%
_1941 M N .106
____ ____
893
s
Leh Vol Harbor Term gu S.
1954 F A
79
993 10118 14
4
9712 104
Namm (A I) & Son-See 151froTr.Leh Val NY lot gu g 43.49
1040.7 .1 8978
897
8
1
7574
8978 99
Nash Chatt & St L 45 ear A
1978 F A
893
4 90
13
78
Lehigh Vol (Pa) cons 840
2003 M N 32
36
33
3014
3014 60
1937 F A 105
/ Nash Flo AS lot ffU ft 58
1
4
105
91
1
General cone 414s
12
2003 M N
3512 38
3334
33
/ 5414 Nassau Elec gu g SastPd
1
4
1951 J J
5318
543
5014
4
8
General cons 52
2003 MN 4012 445
8 19
3912
3912 60
2
Nat Acme 1st 5 f8594 J D .95
1048 F A
9712 _ __
6512
Leh V Term Ry let ffIl a Ss
19411A 0 10714 1073
8 13
8912 10512 1071 Nat Dairy Prod deb 5148
/
4
10314 1034 540
/
1
747
2
-s
For footnote see page 3009
Range
Since
Jan. 1
Low
Hte
11311 117
/
4
130 134
8
1157 12214
104 104
10314 106
6118 8012
/
4
/
1
4
1011 103
1047 195 4
8
3
1023 105
s
1021 10314
/
4
10112 10411
12514 129
11218 11512
6912
58
10714 112
102 104
10714 107
,2
104Is 1077
8
1033 107 1
4
,
4
1033 107
9812 104
10614 109
102 104
741 83,
!
2
1085 10918
8
77
86
105 108
88
99
813
2
4
933
11
814
81
/
4
12
914
712
50
47
3712
4
923
63
681
/
4
933
4
9912
22
21,
2
2012
12
195
8
193
4
59
543
4
45
98
7214
70
7114 7 /
61
4
5.5
70
83
7314
791 90
/
4
98
85
10218 10614
9578 10418
97 1011
/
4
914 1112
_.,,_
_
" -33.
10012 10414
88
/ 90 2
1
4
,
10012 10353
9312 0912
663 80
8
1023 103,2
2
7712 9812
7612 97
653 70
4
65
6534
3411 .53
i
1
112
7
5
263
4
197
2
31
1812
/
4
171
6712
118
2
/
1
4
112
115
361
/
4
28 2
,
401
/
4
2312
1912
75
85
.
-93
-12
183
8
72
42
39
364
/
1
1212
20
19
57
8
1912
1812
193
4
187
8
33
4
1912
---191/
181
/
4
76
30
891
/
4
73
62
64
364
30
2714
1153
30
2714
293
4
27
7s
7
$0
1653
27
80
805 - 8 805*
45
48
1or8 1-- 2
6
'
5
/ 9
1
4
53
4 94
/
1
79
8512
100 10212
973 101 18
8
9353 1083
4
8712
67
89
933
4
0614 101
77
793
4
_ __ _
_
_
733 - /
4 73
1
4
74
791
/
4
/
4
101 1031
911 9512
/
4
94 102
855 963
8
8
100 10412
98 109
103 10853
/
1
4
102 106
8814 97
10218 10514
504 593
/
1
2
881s 95
10218 105
New York Bond Record—Continued—Page 5
3008
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3
-a
r.1
s r.
July 1
Week'.
Range or
a _ 1933 to
Friday's
g -T., Apr 30
1 1935
14
:44 8 et Asked v25
Range
S4rtes
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3
May 4 1935
r.
Z...1
1'. 1. .
.
Wears
July 1
ROW. Or ; 1933 to
Friday's
g 3, Apr 30
:14; 844 & Askea oavl
1935
Range
Since
Jan. 1
Low
High No. Low Low
High No. Low Low
IIIgh
lank
Low
8
1961 3 J 1033 10414 25
Ore-Wash RR & Nay 43
774 101 1053
---,
*Nat Ry of Mex pr lien 4/
1
4/1
09571 J
Oslo Gas & El Wk* extl 55
94 loo
214 6
*31
/
4
412 ---6512
/
4
1963 M 8 9912 991
112
*Assent cash war rct No 4 on_
9
95
75
20
•Otle Steel lst mtge 65 ser A
1941 M 8 92
*Guar 4s Apr '14 coupon
---693 95
4
1157 ----i A()
1948 J D *3612 45 ---40
25
38
212
478 Pacific Coast Co let g 5s
11
/
4
*33
4
44 ---/
1
____
*Assent cash war rat No 5 on_
9812 106 109
8
42
Pacific Gas & El gen & ref 5a A
1942 I 1 1063 107
*Nat RR Max pr lien 4440
19.28
9612 10034
8
3
64
858 Pacific Pub Fiery 5% notes
54
53
1938 M S 1005 101 --s
*Assent cash war rct No 4 on_
8
2
99 1014
6
80
Pac RR of Mo let ext 948
1938 F A •10018 101 ---•lst consol 48
liLl W314on
•211 extended gold 5s
1938 .1 J *934 97 --, 84
93
9014
212 414
234
- -1 34
3
/
4
*Assent each war rct No 4
-------4
/
4
10612 168
Pacific Tel & Tel lat 5s
85
1956 A0 106
8
1937 1 J 1063 1071 24 10314 1085 10712
Nat Steel lst coil 5s
1053 108
4
11012 29 104'4 1097 11312
Ref mtge 5.series A
1952 M N 110
65
8
60
Naugatuck RR lst g 4e
1954 M N *6912 68 ---:
60
/
4
93
Paducah & Ills list a f g 414s
10518 10512
19553 .1 *10512---- ---Newark Corusol Gas cons 5e
18483 D 1171 11718
1 10112 11312 118
4 363
4
1
6
2518
3312 4312
8212 1021 10514 1:•Pan-Am Pet Co (Cal)conv 6/1_1940 J D 363
/
4
Newberry MD Co 544% notes_ 1940 A 0 10218 10214
371 14
/
4
37
3314 4312
25
•Certlficates of depoeit
78
81
685
8
75 ---New England RR guar 5a___
1945 J J *---18
56
8
423 56
271
/
4
f•Paramount-Irway lat 5448.- --1951 3 .7 53
70
64 ---,
63
6158
Consol guar 4e
19453 1 *---____
5318 5512 66
1213
4
2712
*Certificates of deposit
1 10438 11512 122
42
5512
New Eng Tel & Tel 5, A
1962 J D 121
9914 1121 118
5
Paramount Fam Lasky 6s
/
4
1947
let g 41 series B
/
4e
1981 M N 1157 11714 68
8414 8812 83
1318
1I•Proof of claim filed by owner_ __
NJ Junction RR guar 1,1 4.
1986 F A *931
583 8812
4
8812 8812
,
- —,, 82 2
15
J D 8412 8838 43
2--- 110
681
/
4
/
4
59
04 103
NJ Pow & Light let 444e
883
*Certificates of depoelt
1960 A 0 1001 103
8
1950 F A
/
1
4838
New On Great Nor 5e A
19833 .1 524 54
5
481 8312 Paramount Pub Corp 544s
/
4
114
50
5112 ---59
/ 90
1
4
1271
50
NO at NE let refdtimpt 4446 A _1052 J J *____
flt•Proof of claim filed by owner_ __ -___ 8512 90
53
174
14
8 7014 139
503 90
4
*Certificates of deposit
New On Pub Seri 1,1 5, A
38
1952 A 0 663
55
/ 71
1
4
,
,,-- 8518 90
8
38
167
17 10414 144 163
5558 7078 Paris-Orleans RR ext 51
/
421
1968 M S 146, 148
First & ref 5s series B
19553 D 6612 70
8 2114 21
- 205
87
8
19
1712 2112
1953
87 'Park-Lexington 64421 Ws__
New Orleans Term let gu 46
82
583
1953 J 1 86
4
A0 27
2712 27
14
1944 -31 12
154 2512 Parmelee Trans deb 6s
/
1
173 -23
1214
4
f•17 0 Tex & Mel n-c Inc 58
1935 A 0 *16
21
116 1177
1949 M S *11714 11814 ---- 102
20
294 Pat & Passaic0& E cons 55
10
14
•lat 5s eerles B
1954 A 0 20
8
1937 M N ------------7314 101 104
2014 2812 Pathe Exch deb 711 with warr__
1414
3
•Ist 5s series C
1956 F A 2014 2014
894 ---2014
19
2
4534
141
/
4
89
91
1942 M 8 *- - -184 273 •Paulista Ry let ref of 7s__ _
/
1
4
•Ist 41 series D
1956 F A
/
4a
1937 M S
2012 31
144
/
1
26
_ ---,
94
Penn Co gu 334e coil tr A
102 102
*let 5449 series A
1954 A 0 2012 22
/
1
4
10212 10212
2
813
4
5 100 10212
Guar 344s coil trust ser B
1941 F A *10318--92
N & C Bdge gen guar 414e
---_,
10212 104
19453 J *1053
--------831
4
19421 D *101
Guar 31 trust errs C
/
4s
10112 1025
8
- 1
983 984
4
/
1
1935 A 0 10112 101 4
i 101
NYB&MBletcong5s
_ ___,
69
1
/
4
8 991
98 10114
8112
Guar 344e trust Ws D
1944J D
9114 100
NY Cent RR cony deb 6s
1935 MN 997
102
102
/
4
1
8418
Guar 4s ser E trust Ws
1952 NI N *100--1944 MN 1051 10612 195
993 10212
4
Cony secured Os
984
/
1
0 4 11212
83
1963 M N 1064 10712 35
/
1
82
8114 204
Secured gold 434s
7312 8772
1998 F A 80
1043 107
4
64
Congo! 4s series A
/
1
4
65
1941 M S 8318 85
102
4 .5514 181
434
7112 855e
4314 843 Penn-Dixie Cement lst 6s A
8
Ref & Impt 444s series A
2013 A 0 523
105
10312 10541
0
4
8
/
43
3
4612
Ref & Impt 5a series C
4612 707 Pa Ohio & Det let & ref 41 A —1977 A 0 105
2013 A 0 5712 6014 248
133
__ ---7 107811/4
05
73
/
1
4
41 series B
/
4s
92
1981 3 1 *105
983
4
NY Cent & Hud Ely M 344s
1997 J J 94
/ -4
4 91
7512
9712 Pennsylvania P & L let 41
/
4s
1981 A 0 1041 10512 181
88
67
8
984 10512
/
1
1942 J 1 903
Debenture 4,
109
1943 M N 109
524 55
/
1
9814 107 109
5
188
43
8412 Pennsylvania RR cons g4,
43
Ref & Rapt 444a ser A
2013 1948 MN 11314 11314
84
861 28
/
4
1998 F A 85
Consol gold 4s
783 894
8
5
9412 108 11314
Lake Shore coil gold 31.48
65
85
3
963
8 108 11312
4s sterl stpd dollar May 1
1948 m N 11212 11312 10
887
8
1998 F A 85
79
Mich Cent coil gold 315
/
4
/ 1171
1
4
8
40
/
4
Congol sinking fund 440
77
1960 F A 117
8
NY Chic & St L let g4*
/
4
1003 10212
9
812 1141 11912
1937 A 0 1007 101
7
8
67
General 444e eerie, A
4312
/
4
804 1045 10812
/
1
1965 1 D 1065 10712 108
8
57
77
Refunding 514s aeries A
1974 A 0 611 67
1141 49
/
4
553 192
4
383
873e
General 5s series B
1988 1 D 113
4
Ref 41 series C
1978 M S 52
109 1151
47
66
/
4
6
/
4
1936 F A 10418 10414 102 101
5712 71
10418 108
Secured 634*
43 8 7112
5
4111
1935 A 0 5214
3-Yr 6% gold notes
62
/ 107
1
4
16
81
9212 1063 108
Secured gold 5,
1964 MN 10614 107
8
NY Connect let gu 444e A
105 1071
1953 F A 106
/
4
4
1970 A 0 9412 953 182
8
8
9
66
Debenture g 414e
107 10834
99
let guar 5s series B
904 9714
/
1
1953 F A 1073 1075
1981 A 0 104
10478 92
411
/
4
4 68
20
5958 69
General 434a @erica D
N Y Dock let gold 4s
1951 F A 673
8
8
753
4 1003 1047
/ 10412 158
1
4
1 103
0 484 52
Gen mtge 41 ser E
/
45
1984 1
4212 52
72
30
Serial 5% notes
1938 A
9112
997 10 '4
3 4
/
4
NY Edleon let & ref 644e A
23 109
88 10818 1124 1141e Peet. Gas L & 0 1st cone 6s
11)13 A 0 11412 115
1941 A 0 1121 113
1101 11614
/
4
10614 55
4
1947 34 S 105
Refunding gold 5a
let Ilen & rots, aerlee B
80
4
e
1944 A 0 1063 10812 21 10212 1063 1093
983 10612
4
6314
1940 A 0 63
107 11014 Peoria & Eastern let cons te
36 10244
let lien & ref 5, serles C
8
50
63
7334
1951 A 0 10712 108
4
2
53
8
512
N Y & Erie—See Erie RR.
*Income 4s
April __.._1990 Apr
4
612
3105
10514 ---, 8312 102 10512
12238
NY Gas El Lt H & Pow g 5e_ 1948 J D 122
9 1044 1184 122
1974 F A '
/ Peoria & Pekin Co let 514s
1
4
8 85
8
95
4
1949 F A 1123 113
23
51
1073 11318 Pere Marquette let eon A be — —1958 J 1 827
8
Purchase money gold 4s
75
91
74
56
19161 1 72
847 ---,,
8
NY Greenwood L gu g 5a
1948 M N *70
4812
let 4s series B
8518 9012
81
69
814
8 7412 53
1980 M 8 715
NY & Harlem gold 31
46
let g 41 series C
i
/
48
98 10214
8314
82
/
4s
2000 MN 10214 10214
68
8
N Y Lack & West 4s ser A
I
994 10218
924
/
1
1973 M N 10158 1027 103
4
21
1943 M N 1103 111
987
8 108 11.1
serle, 11
8912 106 10858 P13118 Bait & Wash let g 4,
1979 M N •1071
---434,
4
4
N Y L E & W Coal & RR 51 _
99
5
951 113 1173
General 5s series B
1974 F A 1173 1173
51912 M N *94 2-- ---/
4
94
94
7512
/
4
4
11112
1977 1 J 111
N Y L E & W Dock & Irnpt 511_1943 J J *10512 107 ---/
4
4
101411 1111
87
General g 444e series C
105 10512
87
N Y & Long Branch gen 4s
1981 1 D 10914 10978
8 10084
General 444s aeries 13
107 1104
1941 M S *10318 --------9518 10112 10112
/
1
1967 J D 9112 96
440
N Y & N E Boat Term 4,
Phila Co sec 56 series A
---6114
1939 A 0 ____
7912 96
1967 MN 107
10712 13 100
Phila Elec Co 1s1. & ref 41/4/1
10612 110
N 'Y NH & H n-c 0,0 48
1084 32
891 10414 108
/
4
let & ref 4.
28
40 ---,
1971 F A 107
28
1947 M 8 *---39
Non-cony debenture 31
3812 Phila & Reading C & I ref Ifis
1973 J 1 6314 6512 59
27
27
1947 M S 3012 3012
1
481
/
4
/
4
52
/ 78
1
4
,
Non-cony debenture 334
79, 3012
84 40
Cony deb 6s
2
1949 M 8 3
2418
1954 A 0 3012 3012
3012 531
2418 37
/
4
,
244 16
/
1
Non-cony debenture 4s
1937 .1 J 2378
Philippine Ry let of 4,
40
31
26
26
311
/
4
1955 1 J
1
3014
2214 241
/
4
8
/
1
31
32
Non-cony debenture 4s
1939 1 D 1033 1034 64
47
8414
265 3912 Phillips Petrol deb 544e
8
265
8
1956 M N
10113 104
A 0 108
10812 16 10214 106 10914
Cony debenture 344e
1
2414
2414 365 Pillsbury Flour Mille 20-yr 6e _1943
8
1956 1 3 3014 3014
1952 M N *987
8 --------98
Cony debenture 65
30
35
371 118
/
4
1948 1 J
Pirelli Co (Italy) cony 7s
52
98 10412
30
/
4
1940 A 0 1111 12
56
3 100
Collateral trust 6s
99
Pitts C C& St L 41 A
401
/
4
/
4s
4012 63
1940 A 0 54
1083 112
8
/
4
Debenture 4s
6
99
Series B 418 guar
/
4
10
304
1957 M N 204 2212 31
1942 A 0 11112 1111
16
1084 1111
/
4
9 1001 100 109
130
106
let & ref 414s ser of 1927
Series C 414s guar
2712
19671 D 3112 34
/
4
1942 MN 106
2712 45
1945 M N 1071 10834
/
4
Harlem R & Pt Ches lot 46._ _1954 M N 92
5
07
/ 107 1081
1
4
Series D 4s guar
82
933
4 70
87
9514
/
1
4
/
4
8 _______
891
/
4
NY 0& W ref g 4a
4412 81
4412
Series E 344, guar gold
504 55
/
1
1949 F a *1005
June 1992 M S 47
_ ____
— -9818
1953J 0 *10918
3212
3812 29
Series F 4, guar gold
3212 49
General 4s
1955 1 D 36
1957 MN 109
109
.-_ ---NY Providence & Boston 4a
1
98
Series G 4a guar
_
8118
1942 A 0 *99
iiiii. frili416
914 11914 _2
08
1993 A 0 *77
Series H cons guar M
____--8714
N Y it Putnam let con gu 4s
_
06
0618 107% 11019512
1960 F A0
75
664
--- --,84
1 13
11
Series Icons 41
/
4s
8
12
4
•N Y Rye Corp Inc 8s_Jan ._i965 Apr 1018
75
58
28
1965 1 J 8512 86
Series J cons guar 414s
Prior lien 8s Bailee A
1131 11518
/
4
9812
1 9 3 F N *115
94M A
6
8
701 86
/
4
1970 J D 114
115
--N Y & Mehra Gas let fis A
12
General M 5a aeries A
864 1111 11614
/
1
10514 1083
4
96
/
4
1951 M N 10812 1081
5
/
4
1975 A 0 *114
115 _-__
Gen mtgeEsser B
158
238
ViN Y State Rye 444s A ctfs
8514
14
23 ---8
1962 ---- •112
1111 11614
/
4
1977 J 1 1053 1054 14
8
/
1
76
Gen 41 aeries C
/
4s
13
8
11
/
4
lle
*112
25 ---8
•61 series B certificates
/
4
0
1962 104 10712
1940A 0 11118 11118
1
110 i111
/
4
97
98
N Y Steam 6s series A
108 1113 Pitts Sh & L E let It 5a
4
/
1
1947 M N 10912 1104 20
let consol gold Ets
28
4 11034 112
1943 1 J *11014 --------1103
90
let mortgage 5s
1043 1073
4
4
1951 M N 10614 107
_ _-__
24
1943 51 N
9112 10413 1075 FEU vil & Char Igt 43 guar
107
let mortgage 55
94
1956 M N los
10714 10714
8
541 5412
/
4
46
63
4014
*PIM & W Va let 444s ser A
N Y SU80 32 West let ref 5s
12
1
53
1958 1 0 *105--1937 .1 J 494 51
53
88
1937 F A
411* 52.7,7
4112 4112
lot 58434. series 13
4112
26 gold 444s
1
1958 A 0 5213 5
511 563
/
4
513
4
412
3
4
5612 24
let M 444s eerie, C
47
1960 A 0 56
37
/ 5112
1
4
311
/
4
General gold ria
elft
1940 F A *3912 4112 ---47
4
/
4
Pitts Y & Ash tat 4s set A
1948 3 D 1093 1091
9712 100
723
4
Terminal 1st gold 5,
1943 M N *98
1
--,924 109 1093
/
1
4
1962 F A 011114
_ ___
lot gen 5s series B
NY Telep 1s1 & gen a f 414e
1939 51 N 11118 11112 86, 10218 109 1114
97
-— —
1963 F A
80
-80
8414 56' 4552
N Y Trap Rock lot 6s
19481 D 81
1
6114 -78
56
8414 Port Arthur Can & Dk 8e A
854
/
1
80 ____
let mtge 6a series B
171
/
4
/
1
N Y Weetch & 181st ser 1434, 1946 J J 184 2112 102
1953 F A *_
1712 32
68
8014 8014
1955 A 0 10718 10712
Port Gen Elec let 444s tier C
/
4
10412 108
Iglu Lock &0 Pow let 5a A
198
1960 51 8 1331 67
90
8
5014 67
3712
414s assented
1960 ---- 6312 67
6214 81
48
Niagara Share(Mo) deb 514e __,,_l950 M N 7814 80
107
311 __ _
5014 67
1935 J J 10318 104
Portland Gen Elec let 58
7212
9
75
63
75
38
75
•Norddeutsche Lloyd 20-yr e f 6'3_1947 M N 72
98 104
J 4714 49
42
5212 Porto Rican Am Tob cony 64_1942 3
3678
4812
5
621
/
4
New 4-6%
12
42
'2504
1947 MN 48
1953 J J 30
Postal Teleg & Cable coil 5a
3914 1057
Nord Ry ext sink fund 614e
75 10512 15212 171
/
1
30
1950 A 0 1554 160
30
5214
12
194 ff•Pressed Steel Car cony g 55_ I933 1 J 40
5
1312 1412 35
1
40
It•Norfolk South let & ref Es_ _1961 F A
3814
384 55
13
24 ____
1957 M N •_.—
183 Providence Sec guar deb 45
4
1314
'Certificates of depoelt.
22
22
1314
35
8
4
1956 M S
Providence Term let 45
1414
3
357 45
8
IS•Norfolk & South let g 5a
1941 147 N 4112 45
8112
_ ---_
91)
9112
8
N & W Ry let cons g 45
1996 0 A 11312 114
*8813--4
11012 1143 Pub Sery El & 0 1st dc ref 440_1967 1 01053 10614
9114
35
5
/
1
9818 1054 10913
1st & ref 4343
/
1
97
/ 10512 10954
1
4
Div'l 1st lien & gen g 4a
1970 F A 107
1944 J J 10512 1054 60
10713
4
97
1087 109
3
4
1971 A 0 10712 1071 23
let & ref 4,
/
4
106 1073
4
96
8
8 36
Pocah C& C Joint 48
8814 105 1084
1941 I D 1067 1073
/
1
1937 F A 10118 102
1001 10214
/
4
Pure Oil of 544% notes
8114 99
87
6118
North Amer Co deb 5e3
91
207
/
4
1961 F A 961 99
1957 M 8 033
8 1 51 notes
/
4%
1940 M 13 101 1a 10214 119
741 953
/
4
4
No Am Edison Sobs. eer A
8 953 137
82
4
993 1021
4
/
4
56
1948 1 I 893
781 995 Purity Bakeries,f deb 58
/
4
4 9014 67
8
56
9958 156
Deb 544e ser B
7814
Aug 15 1963 F A 98
823 903
4
4
7112 96
54
262
Deb Es ser C
4 96
Nov 15 1969 M N 933
fliltadlo-Keith-Orpheum pt pd ctfe
118 118
North ('cut gen dr ref 5a A
98
1974 M S •11558 124 ---,,*38
for deb 6s & corn stk (65% pd)
1104 11014
88
Oen & ref 414e series A
--------35
1974 61 S*111
4514 4514
*Debenture gold 68
1941 1 b *293
40
4414
35
4 314
('North Ohio let guar g Es
15
1945 A 0 *4212 65
2612 32
Reading Co Jersey Cent coil 4a 1951 A 0 9812 997
45
45
'Ex Apr'33-Oct'33-Apr'34 cons--8 41
353
4
73
*35
55 --961 10012
/
4
1997 J J 10512 10612 40
Gen & ref 41 series A
/
4
8
11.3trnpd as te sale Oct 1933, &
79
105 1084
1997 1 I 1055 10612 77
8
Gen & ref 444a aeries B
43
, 42
343
*Apr 1934 coupons
•
7914 10518 1084
45
Rem Rand deb 534s with warr
1947 M N 10312 101
4
747
8 1043 109
Nor Ohio Trete A Lt 6, A
1947 M S 1085 109
4
63
100
8
99 104
1947 51 N *102
544, without warrants
1015 107
8
76
North Pacific prior lien 4s
____ -___
1997 Q 3 10314 10414 128
9912
9912 10014
1941 M N
701 7012 Rensselaer dt Saratoga as gu
/
4
504
Gen lien ry & Id g 3a Jan
733
4 98
2047 Q F 73
---- ------, ---1940 A 0 iii4T2 1043
7412 894 Repub I & 8 10-30-yr Es a f
60
4 7812 59
Ref & !rapt 4 34e series A
-- 17
4
20471 .1 773
80
10314 1054
Ref & gen 514e aeries A
1953 1 J 9914 102
8812 1023
4
6812
Ref & Impt fis series B
9514 316
20473 1 94
143
6112
941 10213
/
4
8
82
9814 Revere Cop & Brass 6e ser A
1948 M S 1085 10858
64
Ref & impt Fis series C
27
1
76
2047 J 1 8512 86
1074 1083
4
1916 J J
35
•Rheinelbe Union s f 7,
82
96
36
61
Ref & inapt 5,series D
13
87
20473 1 85
2612
6
35
43
25
30
/
1
4
8
•Rhine-Ruhr Water aeries 134._ _1953 J J 30
105 108
__ ____ 100
Nor Ry of Calif guar g Es
1938 A 0
4 401
1950 NI N 403
103 10714 'Rhine-Weatphalla El Pr 7s
89
Nor States Pow 25-yr 58 A
/
4
10614 1064
1
1941 A 0 *10818-- / 17
6
31114 39'2
3614
44
1952 M N
373
*Direct mtge 6.
10514 10812
93
4 39
1st & ref 5-yr 6.ser B
344
/
1
10712 33
1941 A 0 107
9
371 4312
/
4
*Cons ants, 6s of 1928
1953 F A 363
101 101
Northwestern Teleg 434s ext___ _1944 1 J *10118 10212 ____ 100
4 383
35
4
9
3634 43
•Cona141 6s of 1930 with warr1955 A 0 7383
4 3834 26
/ 9412 39
1
4
Norweg Hydro-El Nit 544e
88
97
68
/
1
4
1957 14 N 93
3212
3834 4313
30
1944 M N
3214
09 & L Chain let gu g4.
2
304
324 5 4 1t•Richfield Oil of Calif 6,
34
19481 1 34
20
0
8
25
3312
M N
28
*Certificates of deposit
4
4
4 1053 1053
Ohio Connecting Ry let 4a
1 1053
303
4
8 56
4
1943 M S 1053 1053
194
244 3313
1948 M N *33
10914 1123 Rich at Meek list 948
89
Ohio Public Service 744e A
2
49__ __
4
32
8
1946 A 0 1113 112
32
46
19523 .1 •10618
Richm Term Ry let CU 5a
1075 112
8
lst & ref 78 eerie, B
99
78
1947 F A 11114 11112
____
8
10438 10412
*Rime Steel let e f 711
1955 F A •____
102 104
90
1
_--- ____
517
8
Ohio River RR let g 13a
103
45
1936 1 D 103
49
60
1939 J 0 *8818 92 ____
1025e 10414 Rio Grande June let gu 5a
87
General gold 5a
1937 A 0.1015 102
8
70
8512 87
/'Rio Grande Sou lot gold 4s.._ _1940 J I *1
10
(*Old Ben Coal let fla
4
1712 ____
1944 F A *153
133 18
4
4
1
1
12
1940 .1 1 *1
*Guar 4s (Jan 1922 coupon)
109 112
99
8
Ontario Power N F lot S,
1
1943 F A 1101 111
1
1
/
4
9412 110 1171 *Rio Grande Weat lat gold 4a
1939 1 J 72
/
4
- - -5
74 8
Ontario Transmission 151 5*
1945 M N *11012 113 ____
66
4
6612 781
/
4
•Ist C012 Ite coll trust 4a A
1949 A 0 *26
834 105 109
29
2812
8 17
Oregon RR & Nay coin g 4s
1948 1 D 10818 1085
2811 471
/
4
.1
Roch G&E gen M 544s ser C._1948 3 S 10712 1073
11418 119
Ore Short Line let cone g 5s
1948 J 1 11712 119
11 100
4
98
3
10714 109
Gen mtge 440 series D
1977 151 S *1114 _ .
991 1154 11912
/
4
11918 18
Guar ,to cons 5a
-1
194611 1 119
8)1
108 108
(len mtge 55 merles F
1962 m 8 10712 168
8912 10712 1084
19
/
1
For footnotes see page 3009.
New York Bond Record—Concluded—Page 6
Volume 140
N
BONDS
Y. STOCK EXCHANGE
Week Ended May 3
11.•11 I Ark & Louis 1st 4548
Royal Dutch 424 with warr
*Ruhr Chemical s 1 65
Rut-Canada let gu II 48
Rutland RR 1st con 434a
Weeks'
Range er
!it
Friday's
cr: Bid & Asked
Lots
918
1934 M
1945 AG 114 .
1948 AG *33
34
1949 J
1941 J
St Joe & Grand leld 1st 4s
1947 .1 .1
St Joseph Lead deb 53.48
1941 MN
Elt Jos Ry Lt lit & Pr 1st 5e
1937 MN
St Lawr & Adr 1st g be
1996 J
2d gold Os
1996 AO
St Louis Iron Mt & Southern—
•IRIly & 0 Div let g 4s
1933 MN
*Certificates of deposit
St L Peor & N W lat gu 5s
1948• J
St L Rocky Mt & P be [nod
1955 J
t•St L-San Fran pr lien 48 A__ __1950 J J
*Certificates of deposit
*Prior lien 58 series B
1950 .1 .1
*Certificates of deposit
*Con M 4%u series A
1978 M
*Ctrs of deposit stamped
St L SW let 44e1 bond etre ____1989
2s g de Inc bond etre
Nov 1989
let terminal & unifying 58
1952
Gen & ref g be ser A
1990
St Paul City Cable cons 5s
1937
Guaranteed ba
1937
St P & Duluth 1st con g 48
1968
St Paul E Or Trk let 4 I4s
1947
*St Paul & K C Sh L gu &Sin__ 1941
St Paul Minn & Man 5
1943
Mont ext let gold 4/
4
1937
t Pacific ext gu 4s (large)
1940
St Paul Un Den Lsguer
1972
July 1
1933 to
Apr 30
1935
High No
1
OTs
2
114
72
3
34
42
*10518
10512 1053
8
10112 102
8612
8112 82
29
15
2
6412
56
45
70
11
1012
117
8
107
8
87
8
83
8
11
1
9
41
27
1
91
35
69
7212
60
50
4512 48
3814 40
.1 9212 9212
93
93
*102 4
,
•
44
A
1114
1112
10812 1063
4
•10112 10212
993
4 993
4
11512 11512
31
22
38
33
1
2
603
4
•58
41 12
70
10
10
1112
107
8
8
8
8 A & Ar Pees let gu g 46
San Antonio Publ fiery 1st 65
Santa Fe l'res & Phen 1st ba
lichulco Co guar 654s
Stamped
Guar at 03,45 serlee B
Stamped
13eloto V & N E lat gu 48
It•Seaboard Air Line 1st g 4e
*Certificates of defiant
1180010 4e stamped
•Certifs of deposit stamped
*Adjustment 58
Oct
I•Refunding 4s
*Certificates of deposit
181st & eons 65 series A
*Certificates of deposit
I•Ati & Birm let g 4s
1
79
81
1 106
107
S 112
11238
J •
28
37
35
•28
1946 AO 3214 3214
*28
35
1989 MN 11218 11214
1950 AG *212
•
20
1950 A 0 .5
11 12
AO •12
1312
*212
3
1949 FA
1959 AO *4
412
*4
534 434
1945 MS
5 I
434
43
8
123
4
1933 M S •9
:•Seaboard All Fla 6s A ctfa
*Series It certificates
Sharon Steel lloop a t 53.21
Shell Pipe Line e f deb 58
Shell Union Otis f deb ba
Shlnyeteu El Pow let 614e
•ISlemens & Ilalske 8 f is
*Debenture at 644s
Sierra & San Fran Power 55
•Slleela Elm Corp s f 8%s
Silesian-Am Corp coil tr 78
Sinclair Cons 0117s ser A
let lien 6%s series B
Skelly Oil deb 53.4s
South & Nor Ala cons gu g 58
Gee cons guar 50
-year 5a
1935 A
1935 FA
1948 FA
1952 MN
N
1947
1952 Jo
1935 J J
1951 M S
1949 FA
1946 FA
1941 FA
1937 MS
193
, D
1939 MS
1936 FA
1963 AO
1943
1952 1
1942 M
1946 J
318
33 1
8
3,
4
3,
41
88
893
8
10318 104
12
50
1
7
63
45
5
9
97
10
40
5
57
31
183718 183 2 171
°1
' 031,2
5
72
76
4312 4412 56
1007 11014 22
8
6
30
30
62
5212 54
10214 10212 113
102
10212 60
1023 1023
8
4 48
*10418
11412 11412
South Bell Tel & Tel let at 58
10712
1941 J
Southern Colo Power de A
1947 J
9,
04
Bo Pac coil 4s(Cent Pee coll) __1949 J 13 6618
lat 4)4s (Oregon Linea) A
1977 M
76,
4
Gold 434,
1968• E 63
Gold 4 SO
823
4
1961. ▪ N
Gold 414e
1981 MN 63
San Fran Term let 45
1950 AG 10314
Bo Pac of Cal let con gu g 58
1937 It N *10712
So Pac Collet let gu g 48
1937 J J *99
Ho Pao RR 1st ref guar 45
9314
1955
Southern Ry 1st cons g 58
1994 ii 884
Devi & gen 48 series A
1958 AO 4012
Devl & gen 65
1958 AG 53
Devi & gen 694s
1958 AO 5611
Stem Div let g 58
1998 J J *3114
St Louis I)Iv let g 4s
J *76
1951
East Tenn reorg Hen a 58
1938 NI S *10012
Mobile & Ohio coil tr 48
1938 54 S *4212
brweat Bell Tel 1st & ref 58
1954 FA 107
:Spokane Internet let g Ss
1955 1
714
Stand 01101 N Y deb 4%s
D 103,
1951
4
Staten Island Ry 1st 4 Sie
I)
1943
1312
I f•Stewenp Hotels Os series A __ _1945 J
'Studebaker Corp cony deb 68_ _1945
J 41
Sunbury at Lewiston let 4s
*102
193e J
Syracuse Ltic Co let g 5s
8
1951 • D 1187
9
108
9712 23
52
69
7812 160
6534 58
653 152
8
204
65
1037
8 32
943 1711
4
93
90
4312 171
4
55
594 68
88
78%
101,
2
4412
1073
4 22
2
712
1033 143
4
15
4412
7
61
1118
- 7-
Tenn Cent 1st 68 A or B
1947 AG 59,
4
Tenn Coal Iron dk RR gen ba
1951 J J *115
Tenn Coop & Chem deb fle B __ _1944 M
993
4
Tenn Elea Pow let (Sa ser A
1947 J D 984
Term Assn of St L let g 4 tie
1939 AO 11112
let cons gold 58
1944 F A 1124
Gen refund a f if 48
.1 10312
1953
Texarkana & Ft S gu 5%,A
68
1950 FA
Texas Corp cony deb be
1944 AO 103
Tex & N 0 con gold te
1943 J J 84
Texas & Pee, 1st gold be
D 115
2000
.2d Income be
Dec 1 2000 Mar
Gen & ref ba series 13
1977 A0 87
Oen & ref 5s series C
8
1979 * 47 863
Gen & ref 5s series D
1980 3D 8614
'rex Par-Mo Pao Ter 5345 A
1964 MI 953
4
8
60
117
12
100
993
4 94
3
11112
3
1123
4
36
104
2
88
10314 162
14
87
11512 35
Third Ave RY 1st ref 45
53
1980 .1
•AdJinc 55 tax-ex N Y_Jan __ _1980 AG 1912
Third Ave RR 1st g 541
1937 J J 1014
Tao Elea Power 1st 7, A
9211i
1955 M
Tokyo Elec Light Co Ltd—
let (ia dollar series
1953 J D 78%
Tol & Ohio cent 1st go 5,
1935 J J 10012
Western Div let g be
4
1935 AO *1003
General gold bn
1935 J D 10018
Tot St!& W 1,14,
1950 AG 844
Tol Nv V & Ohio 4s ser C
1942 51 S •108
Toronto ham & Buff 1st g 4e
8
1946 3D 1007
Trenton 0 & El let g 5e
1949 M
•l1714
Truax-Traer Coal cony 6 tis
1943 M N 91
Trumbull Steel let s f 138
1940 MN 102
*Tyrol Ilydro-Elec Pow 73.48._ _1955
N
9012
*Guar see e 1 78
1952 FA *8314
Ifligawa Elec Power s f 78
1945 MS 93
Union Elec Lt & Pr (510) bs
1957 * 0 105
Un E L & P (111) 1st g 5 iii A
1954 33 10514
9
533
8
2214 215
1013
4
7
2
923
4
88
87
87
957
8
793
8
10012
101
10018
87
31
59
50
10
54
1
2
166 2
711812 ---13
93
4 10
1023
9012
4
9012
933
4
8
19
106
2
10514
3009
r.
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3
Wears
.7.1 Range or
Friday's
41 4; Bid & Askiei
,
Low
High
Low Low
8
1945 AO •I05
.1
738 1312 4 Union Elev Ry (Chic) be
75
8
8
May 1942 FA 1197
903
8 10512 13612 Union Oil 30-yr 88 A
Deb be with warr
Apr 1945 3D 10214
3412
38
35
3212 4014 Union Pee RR let & Id gr 4 ____1947 J J 11212
3212
let Lien & ref 4s
June 2008 M S 106
35
35
51
Gold 454e
1967 J J 104
1st Oen & ref 55
June 2008 54 S *114
8314 103 106
Gold 45
1988 3D 101
4
10512 105,2 1113
United Biscuit of Am deb (la
1942 MN 10418
98 102
70
90
United Drug Co (Del) be
6414
1953 M
87
90
10918
U N J RR & Can gen 45
1944 M
80 4 85
70
,
120:rotted Rye St L 1st g 4s
1934• J 28
4
US Rubber let & ref be ser A ___..1947 .1 J 933
5412 70
4518
4
-year (is
54
8414 United 13 8 Co 15
62
1937 MN *993
37
37
5618
60
37
7238 'Un Steel Works Corp 64s A__ NM J D 35
*Sec. s f 8 tis series C
10
10
1951 'ID *35
1714
34
*Sink fund deb 034* ser A
812
812 154
1947 J J
Un Steel Works(Burbach)7e
93 18
4
1951 AG 12512
93
4
8
934
1938 3D 297
934 1612 *Universal Pipe & Bad deb (is
73
4
,
73 1411 •Unterelbe Power & Light Os...1953 * 0 38 2
4
71, 137 Utah Lt & Tree let & ref 58
2
712
1944 * 0 8418
Utah Power & Light let be
843
4
1944 FA
J *116
Utica Elm L & P 1st s f g 518
51
1950
64
80
Utica Gas & Elec ref & ext 55
4112
50
60
1957 J J 121
Util Power & Light 53411
3518
1947• D 384
3518 53
3612
7
Debenture 5e
27
1969 FA
441
4
45
7814 9418
4
457
8
79
9412 Vanadium Corp of Am cony 5s __1941 AO 743
Vandalla cone g 4s series A
1955 FA *10412
84
10112 102
Cone s 1 414 series B
45
1957 MN *10412
1934 .1 1 .212
1118
1118 174 *Were Cruz & P 1st gu 434
,
ii *1 14
•1July coupon off
9214 10412 1084
718
•Vertientes Sugar 75 etre
1942
10134 103
86
1954 ID 107
994 1013 Va Elec & Power 58 series B
85
4
11112
Secured cony 534,
1944 J
98
113 11814
Vs Iron Coal & Coke let g 5a
1949 MS *255s
7412 85 4 Virginia Midland gen 158
55
1936 MN •10112
,
70
2003 J J *8712
100 4 1071 2 Va & Southwest 1st gu be
3
1st cons 5s
95
8
1958 AG 70
108 1123
Virginia Ry let 5e aeries A
1982 MN 11118
353
4
1st mtge 434* series fl
29
2614
1982 MN •10412
30
3214 3214
29
1939 MN 94
30
35
3818 tWebeah RR 1st gold be
02d gold 5a
1939 FA 66,
90
109% 115
4
' *5114
3
lit lien g term 41
1954
11 12 18
614
Det & Chic Ex% let be
101
1941 J
1512 17
1014
1212
Des Moines Div 1st g 4s
1939 J J *50
1212 20
Omaha Div 1st g 3145
1941 * 0 4512
1212 20
1014
Toledo & Chic Div g 48
212
1941 MS *8212
212 31s
414
412 9 :'Wabash Ry ref & gen 1%'A _1975 MS 13
•13
43
2
orertificatee of deposit
45
8 8
'Ref & gen 5s series B
14
412 1172
1976 FA
*Certificates of deposit
31;
312 10
812 1718
•Ref & gen 4 iis merles C
14
812
1978
*1212
*Certificates of deposit
•Ref & gen be series D
1980 AG 13
214
4
214
*Certificates of deposit
214 34
214
36
35
130
894 •Walworth deb 694e with warr 1935
A0 364
*Without warrants
88
10318 1054
*1st minting fund rls ser A
4
1945 * 0 453
7852 10214 10312
7612 84
58
Warner Bros Pict deb Os
39
1939 MS 5514
76
58
313
36
4
4314 503 Warner-Quinlan Co deb 68
1939 M
4
1037
2
8834 1035 11014 Warner Sugar Refit) 1st 78
1941 J
4
28
4
1941 MS 403
30
391e Warren Bros Co deb 68
Warren RR let ref gu g 33.4s.,.,..2000 A
33
4518 60
Washington Cent 1st gold 4s __ _1948 Q
*9114
1004 102 104
Wash Term let gu 334e
1941 FA 10512
,
987
8 102 105
'•107
let 40-year guar 45
A
1941
9434 10234
80
-I 10812
99
1939
1037 10434 Wash Water Power s f be
.3
D 119
89
112 11612 Westchester Ltg 5s stpd gtd
1950
West Penn Power ser A 58
1949 M
1063
4
let Is series E
10312 107 110
1963 1*11
1194
let sec 5a series GI
D 108
8014
1956
82
973
4
let mtge 48 ser 11
J 1083
46
19131
6012 724
4
55
7312 8312
Western Electric deb ba
1944 • 0 1057
44
8
5612 89
1952 k 0 93
43
5512 69,2 Western Maryland 1st 48
let & ref 5)4s Berke A
1977 J J 99
42
be
6874
West N Y & Pa 1st g ba
J 106
1937
9912 104
8014
Gen gold 4s
1943 AO 10618
100
10714 10712
*Western Pee let 58 ser A
95
1946 815 28
•56 Assented
1948
29
6015
89
963
8
74
1938 .1 .1 10218
85 10314 Western Union roll trust 5/1
Funding & real est g 494s
N 8918
38
1950
624
38
15
-year 614*
464
1939 F A 10112
4612 81
25
-year gold be
487
8
1951 3D 90
484 86
30
-year 5,
60
9212
1960 M
79
8914
534
*Westphalia Un El Power 6s_ _ 1953
J 3
78
88
614
West Shore let 4s guar
73
2381
101 18 103
7814
41
Registered
41
67
2361 • .1 *72
104
107 111
(i11
1968 MS 10312
614 9% Wheel & L E ref 4 tie ser A
Refunding 58 eerie, B
96
1984 MS •103
102 10412
RR 1st consol 48
981s
1949 MS 1063
8
Wheeling Steel Corp let 534s __ _1941 3' 103
12
13
16
let & ref 434s series B
415
8
41
195:1 AO 9513
48
White Sew Mach 6a with warr
98 4
,
1836 J , *8714
Without warrants
' 86
3
103
116 119
- -18
Panic 8 f deb Os
1940 MN
7314
7.•Wickwire Spencer St'l 1st 75
4314
5414 63
1935
•Ctf dep Chase Nat Bank
10114 113 117
812
•Ctfs for col & ref cony 7s A ___1935 MN
914 100
*812
80
90 10018 Wilk & East lat gu g 5e
544
1942 J D 374
99
10818 11112
98
10912 11234 WIII & 8 F 1st gold 58
1938 J D 1023
4
Wilson & Co 1st 8 f 6s A
71
10112 105
1941 AO 109
6414
8312 26'4 Winston-Salem 8 B let 4,
1960 J J •1084
9312 103 1044 :•Wis Cent 50-yr 1st gen 48
1949 J J
9
*Certificates of deposit
*7
84
83
87
*Sup & Dui dB & term let 45_1936 MN
82
,
113 120
6
*Certificates of deposit
*414
55
79
9312 Wor & Conn East 1st 414s
'3
1943
6312
7912 9312
Younverown Sheet & Tube 58_1978 .1 .1 94
54
7912 0312
1st mtge 5 1 58 ser B
67
8912 99
1970 * 0 9414
38
184
8514
7014
5711
85
91
83
80
103
82
1015
8
35
6711
4612
4318
(1918
943
8
9914
High
1612
120
10212
11312
1063
4
10418
115%
1017
8
10414
92
10918
2918
943
4
July 1
1933 to
Apr 30
1935
No.
24
20
67
80
23
_
65
22
128
1
4
121
9
3514
3614
6
343
4
12818 12
3012 27
12
40
8612 17
180
88
1
121
4052 67
375 289
8
76
21
34
73
4
107
112
11
19
20
98
71
1117
8
10514
13
49
9518 39
2
67
70 _
101
3
56
4512
1412 17
1414
2
14
1414
1418
3
1414
13
1
1414
37
7
364
101
51
5 , 138
84
363
8 99
8
104
11
42
85
93,
4
5
10512
10838
119
108
120
1081 2
1084
3
5
6
12
9
2
Low Low
High
13
14
1014
1181/ 120
105
,
924 10214 105 4
107% 11312
94
8
8012 10414 1085
103 10612
81
115 120
99
9912 10314
765
8
104 107
97
87
9312
53
8
9712 1073 10918
28
153
4
304
9012 9512
58
4
98
993
851a
5012
553
4
109
100
204
18
43
34
3318 4212
3212 41
120 12818
314
21
37 4 413
,
8
8612
65
89% 88
11612 11612
117 121
244 421:
4
2014 383
59
99
85
134
3
3
101,
4
107
50
91
757
8
55
89
8412
66
94,
4
foirt
2
4
334
10514
11012
575
8
101
2512
70
11018
10412
10214
-412
4
8
1073
8
114
80
1027
8
97 2
,
84
113
106
574
48
50
70
45
38
58
1214
11
12
1012
113
4
11
113
4
1012
1212
1212
184
8912
577
8
5312
9812
53
4512
77
1214
13
12
1012
114
15
1134
1012
33
3612
3618
9612
75
58
101
58%
50
83
1912
17
1914
1012
1912
1713
24
24
104
30
76
79
86
94
9814
10314
10014
1014
101
90,
4
4812
24
1037
8
3238
60 2
,
363
8
10712
423
8
28
27
23
983
4
13
10614 27
9412 169
9912 45
12
106
5
10618
2912 20
4
2912
10212 19
83
91
25
102
9118 63
903 419
4
3712 15
57
80
747
8
9418
6112
68
100
78
23
6
10312
10412
II
107
13
1035
8
131
98
81
651a
83
70
60
4318
45
4212
7434
93
4
014
37,
2
4
3
13
2
10332 24
10914 115
10
22
-.15
9514 104
9514 67
Range
Since
Jan. 1
6712
92
715
8
72
27
68
414
34
33
86
953
4
83
75
8
712
412
412
68
6314
6314
11
38
3634
51
911* 114
1035 10512
8
1087 1067
8
8
8
105 1085
11514 11914
4
1063 111 12
11414 120
108 11112
10512 10912
10412
8712
98
1057
8
102
25
25
10112
82
100
8212
80
354
744
7014
107
96 4
,
102
107
106 8
,
37
3834
10312
91
1024
91 18
903
4
4312
88,
4
824
103
104
10214
1004
90
85
66
64
10411
104
107
1035
8
98
8114
87
76
812 12
7
13
36
48
10212
10814
1044
75
8
712
412
412
1044
1104
10512
1314
1012
74
512
8912 9834
8912 9914
51
687
8
183 2814
8
r Cash sales not Included In year's range. a Deferred delivery sale not Included in
100.4 103
8311 923 year's range. n Under-the-rule sale not Included In year's range.
4
NegotlabilltY
Impaired by maturity. t Accrued Interest payable at exchange rate of $4.8665.
72
793
8
Companies reported as being In bankruptcy, receivership, or reorganlzed under
10018 101
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
101 101
• Friday's bld and asked price. • Bonds selling flat.
1004 101,
4
81
91
z Deferred delivery sales in which no account is taken In computing the range, are
103 103
9614 1007 given below:
8
11214 1173 Amer. Beet Sugars 6s, Apr. 30 at 101 16. Cuba Rep. 41tis, Apr. 30 at
4
86.
70
93
Atch. Top. & S.Fe. 4s of 1905, Apr. Hat Dominican Rep. 2nd 53.s 1940, Apr. 29
100 1024
10114 and May 2 at 102.
at 61.
85
96
Atch. Top.& S. Fe-Cal-Ariz. dly. Apr. 29 Lontaro Nitrate 6s, May 2 at 81 .
%
824 904
at 109%.
Investors Equity 5s ser B,Mar. 1 at 102%
87
9612 Calif. Petrol 58, May 1 at 101%.
Queensland 6s, May 3 at 106%.
105, 1094 Chic. It. I. & Pac. 434e 1980, Apr. 27 at 6. Rhine-Westphalia 8s '35, May 2 at 37%.
4
10412 1064 Cuba R. R. 58, May 2 at 3715.
New York Curb Exchange-Weekly and Yearly Record
3010
May 4 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 (April 27 1935) and ending the present Friday (May 3 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:
July 1
Juir 1
Week's Ranue
of Prices
STOCKS
Sales
for
Week
Par row
High Shares Low
254
Acetol Products el A__.•
Acme Wire v t c com__ _20
835
300
14
1434
50 6835
Adams Millis 7% let pt 100109
109
Aero Supply Mfg cl A
•
5
34
1,200
Class B
2%
•
234
3
Agfa Ansco Corp com _ 1
5
100
25
Ainsworth Mfg Corp__ _ _10 25
9
,,
400
1%
154
Air Investors com
•
9
Cony pref
300
• 1534 16
31
100
A
Warrants
%
30
AlabamaGt Bout hern _ _ _50
20 26
Ala Power $7 pref
• 5854 5954
190 25
$6 preferred
• 5154 53
Algoma Consol
'16
1,6
200 Cl
4
35
5
7% preferred
555
3.500
Allied Mills Inc
• 1451 15
Aluminum Co common._• 453-4 48
3.700 32
6% preference
100 83
850 54
86
Aluminum Goods Mfir--•
12 6
Aluminum Industries com•
17
• 24
300
25
Aluminum Ltd com
231
C warrants
5
D warrants
300 37
100 57
5754
6% preferred
1
American Beverage com__1
201)
154
154
20 41
American Book Co__ _ _100 65
65
51
Amer Brit & Cont Corp_'
Amer Capital•
1
Class A com
•
5,6
5,4
h
100
Common class B
934
100
23 preferred
* 164 164
120
100
American Cigar Co
110
100
Preferred
Am Cities Pow & Lt25 3654 37
2,900 2334
Class A
Si
2,200
1
Class B
234
23.4
100 124
Amer Cynamid class A_ -10
2054 [2034
10
851
1754 12,500
Class B n-v
1674
7351
Amer Dist Tel NJ oom •
98
7% Cony preferred_ _100
1
Co corn_ _1
Amer Equities
6
7,
7,6
_ _ _1
'le
400
Amer Founders Corp _.1
831
50
2035
50
7% met series B
1934
8
50
300
6% 1st pref ser D
1955 204
154
100
2
Amer & Foreign Pow wart2
11334
254 12,700
23
Amer Gas & Elec nom-1,300 6734
Preferred
4 974 100
2
100
Amer Investors corn
3
3
I
option warrants
A
400 1034
Amer Laundry Mach___20 1434 15
25
74
3,200
94 10
Amer I. & Tr com
25 2254 2354
200 16
8% preferred
19
•
Amer Maize Prod corn
34
Amer Mfg Co corn
6,
6
1
55
34
900
Amer Maracaibo Co
554
125
Amer Meter Co
• 1094 1094
350 Ii
Amer Potash & Chemical_. 1534 1755
54
7,000
154
1
Am Superpower Corp corn•
400 44
let preferred
• 534 53%
734
•
Preferred
3
100
4
4
Amer Thread Co pref....5
Amsterdam Trading
1134
•
American shares
500
35
4
•
Anchor Post Fence
3,700 3 2%
4
Angostura Wupper Corp.!
434
Appalachian El Pow prof..• 89
130 5734
8994
1
34
Arcturus Radio Tube
54
200
151
%
Arkansas Nat Gas com_:
Isl.,
•
1
%
Common Masa A
1,400
14
200
354
10
Preferred
33-4
20 2554
Arkansas P & L $7 pref_ -• 5634 68
13
800
Armstrong Cork corn _ _ _ _ • 1935 1934
13.4
1,500
5
431
_ _ _5
Art Metal Works corn __S
Associated Eleo Industries
4
7,600
£1
Amer deposit rats
634
634
Assoc Gas & Eleo7,6
9
1
34
1,400
Common
X
1,100 9
35
4
I
Class A
131
100
251
$5 preferred
251
•
1
Associated Rayon corn_ •
13
Assoc Telep 21.56 prat_ •
A
•
Assoc Telep Utli corn
2
700
6
535
Atlantic Coast Fisheries_ _•
18
Atlantic Coast Line Co_ _50
73-4
6,600
831
Atlas Corp common
8
•
1,200 35
• 4835 494
$3 preference A
131
1,200
255
2
Warrants
255
200
4
4
•
Atlas Plywood Corp
134
400
6
Automatic
-Voting Nisch.•
654
Anton-Fisher Tobacco220 4831
Class A common
10
4374 50
1834
175
Babcock & Wilco: Co --_• 3394 34
Bahl win Locomotive Works
4
Warrants
11
Baumann(1)1•Co7%Dtdioo
134
Bellanca Aircraft•t e_ _1
10434
100
Bell Tel of Canada
154
Benson de Hedges corn•
•
134
Cons' prof
474
100
13
Bickfords Inc com_ __ ....• 13
23
•
22.50 cony pref
154
100
435
434
Bliss(E W)& Co corn__ __•
1
400
14
14
Blue Ridge Corp co rn _ _.
.J
2,800 2854
• 4035 4134
$3 opt cony prof
2
700
Blumenthal (S) & Co
534
434
•
7
Boback (Li C)Co corn_
•
40
7% 1st prof
100
33.4
100
4
4
Bourlois Inc
•
6
50
835
655
Borne Scrymser Co _ _ _ 25
1,000" 64
19%
19
Boa er Roller Bearing_ _ _5
Bowman Biltmore Hotels11',"
10
2
2
100
7% lot pref
8
100
4
87
Pow__'
BraaillianTr Lt
874
55
200
531
554
Bridgeport Machine
•
54
•
Brill Co "class B
A
2013
1
1
Clam A
•
54
200
635
64
•
Brillo Mfg Co com
200 2234
• 27
Claw A
2774
1234
•
Brit Amer Oil coup
British Amer Tobacco300 2434
2934
29
Am deo rcts ord beareril
2434
Am dep rcts ord reg__ ,E1
British Celanese Ltd2
Am dep rats ord reg_las
2451
British Col Power el A_ •
354
75
100
631
Brown Co 6% pref
634
534
Brown I. orman Distillery.. 1
26
300
50 3735 3854
Buckeye Pipe Line
Corp
.
Cl
s
34
&
For footnotes see page 3015.
Range Since
Jan, 1 1935
1933 to
A pr 30
1935
STOCKS
(Continued)
High
Low
234 Feb
754 Mar
1434 Apr
834 Jan
May
Feb 109
103
Mar
8
1134 Mar
Jan
2
334 Mar
335 Jan
Apr
5
Apr
1854 Feb 27
A Mar
154 Jan
Slay
16
1234 Mar
34 Jan
314 Feb
Apr 40
Jan
30
4155 Jan 814 Apr
Apr
54
Jan
37
35 Feb
Si Feb
35 Mar
A Mar
1655 Apr
1234 Jan
Jan
62
Mar
32
Slay
8955 Mar 86
114 Apr
955 Feb
751 Feb
754 Mat
Mar
17
Apr
26
Apr
7
234 Jan
635 Mar
Apr
5
5754 May
5034 Apr
IA Jan
134 Feb
Apr
5754 Jan 88
% Feb
35 Apr
174 Jan
155 Apr
55 Jan
35 Jan
Jan
20
164 May
Apr
Mar 145
138
Feb
Jan 115
110
29
4
2
034
15
76
111
135
si!
l
13
1334
154
1634
8035
234
55
1251
734
1734
19
335
55
8
1254
h
44
755
4
38% Apr
Mar
Apr
3
Mar
2054 Feb
Apr
1734 Feb
Mar
Mar
Jan 80
Apr 1134 Apr
Apr
2
Feb
35 Jan
Mar
Apr
21
Jan
204 Slay
Jan
Jan
3
Mar
Apr
27
Feb
Feb 10035 Apr
355 Jan
Jan
A Mar
Apr
Mar
1534 Jan
1054 Apr
Mar
2334 May
Feb
Jan
25
Apr
Feb
8
Apr
Si Jan
Mar
Jan
14
Mar
Mar
193.4 Jan
Mar
134 Jan
Jan
54
Feb
Jan
13
Mar
434 Apr
Jan
1151
4
4
71
•i•
54
%
255
413,
1634
331
Jan
Mar
May
Jan
Mar
Mar
Feb
Mar
Jan
Star
Mar
555
Feb
A
X
151
151
22
A
5
18
734
47
134
335
5
API'
Mar
Feb
Mar
Apr
Jan
Mar
Mar
Mar
Apr
Mar
Mar
Jan
4334 May
Mar
28
34
21
151
12454
13-4
5
834
3335
351
1
3554
234
7
85
351
6
16%
1354 Apr
34 Jan
43.4 Apr
8934 May
9-16 Jan
13.4 Apr
155 Apr
334 Jan
May
58
Jan
24
534 Apr
635
Apr
35 Jan
54 Jan
231 Apr
231 Jan
2254 Apr
Si Jan
1034 Jan
Jan
30
994 Jan
4934 May
Jan
3
635 Jan
654 Jan
80
3755
Feb
Jan
34 Jan
Feb
2535 Jan
Mar
354 Jan
Apr
Jan
Apr132
174 Jan
Feb
Apr
6
Mar
Apr
13
Feb
3354 Apr
Apr
631 Jan
Mar
Jan
2
Mar
4154 Apr
Star
Jan
53-4 Apr
Jan
11
Apr
Feb
Feb 65
454 Feb
Jan
631 Mar
Mar
2031 Apr
Mar
1./.; Jan
854 Star
355 Jan
54 Ma
Jan
1
835 Apr
Jan
25
1434 Star
3
1054
635
1,
,•
1
63-1
274
1534
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Feb
Apr
Apr
3155
2731
Jan
Apr
27
2655
Mar
2
2454 Mar
Apr
S
535 Apr
3054 Jan
334 Jan
2554 Mar
851 Jan
904 Jan
384 May
Week's Range
of Prices
Par Low
1854
Buff Niag & East Pr pref 25
25 1st preferred
• 93
Bulova watch $334 pref._• 26
Bunker Hill & Sullivan, _10 4234
Burma Corn Am dap rots._
254
Butler Brothers
654
10
Cable Elea Prod vie
54
•
Cables & Wireless LW
Am dep rats A ord shs_ El
Am Lop rata B ord sbs Ll
Amer dap rats prof shs C1
Calamba Sugar Estate_ _20 2134
Canadian GeriEl 7% pf_50 61
Canadian Hydro Eleo Lta
8% let preferred_
_100
Canadian Indus Alcohol A•
954
B non-voting
834
•
14
Canadian Marconi
1
Carib Syndicate
24
25c
Carman & Co
Convertible class A _ _ _ _•
754
•
Carnation Co coin
Carolina P de L $7 pref_ •
•
28 Preferred
Carrier Corporation
• 1534
Catalln Corp of Amer_ _ _ _1
554
Celanese Corp of America
7% let panic pref ___100 90
7% prior preferred_ _100
Celluloid Corp com
8
15
$7 di v preferred
•
Is preferred
•
Cent Hud (I & E v t 0.... •
954
Cent P Se L 7%
_ _100 3351
Cent & South West DUI
prat_35
Cent States Elea corn _ _ _1
.
194
6% pref without warr 100
7% preferred
100
Cony preferred
100
235
Cony pref °riser'29_100
Centrifugal Pipe
5
•
Charts Corporation new _ _1
Cherry-Burrell Corp
•
Chesebrough Mfg
25 129
Chicago Mail Order
5 1834
Chicago :nipple Mfg A_50
Chicago Rivet & Mach_• 14
173-4
Childs Co prat
100
1
Chief Consol Mining Co_ _1
•
134
Cities Service eom
• 12
Preferred
134
Preferred fl
•
•
Preferred BB
Cities Serv P & L $7 pret...•
•
$6 preferred
City Auto Stamping
634
•
City & Suburban Homes 10
Claude Neon LIghts Inc_ _1
Cleve Elea Ilium com___'
Cleveland Tractor com.,_'
Club Alum Utensil Co__ •
•
Cohn & Rosenberger
•
Colon OH Corp com
Colt's Patent Fire Arms_25
Columbia Gas & EleoCony 5% pref
100
Columbia Oil& Gas vie_ •
•
ColumblaPictures
Commonwealth Edison _100
Commonwealth & Southern
Warrants
Community P & L $8 prof•
Community Water Serv_ •
Como alines
1
Compo Shoe Machinery...1
Consolidated A Ircraft_ _ _ _ 1
Consol Auto Merehand.
g.•
•
$3.50 preferred
Consol Copper Mines_ _ __ 5
ConsolG E LAP Bait com •
Consol Min & Smelt Ltd _25
Conseil Retail Stores
5
8% preferred w w__100
Continental(hint Men_ 1
10
Censor Royalty Oil
Cont(1 & E 7% prior pf 100
Continental Securities_ •
Cooper Bessemer com____•
•
$3 pref A
Copper Range Co
•
5
Cord Corp
Corroon & Reynolds
Common
1
•
56 preferred A
Cosden 011 coin
1
Preferred
100
Courtaulds Ltd
Am dep rots ord reg__El
Cramp (‘‘ In) A Sons Ship
& Engine Bldg Corp_
Crane Co com
25
Preferred
100
Creole Petroleum .
5
Crocker Wheeler Elea _ _ _ 6
.
Croft Brewing Co
I
Crowley Milner & Co_ _ .
Crown Cent Petroleum 1
Crown Cork Internatl A._'
Cuban Tobacco corn vto.•
Cuneo Press corn
•
634% preferred
100
Cue' Mexican MILliag__50C
Darby Petroleum com___5
Davenport !foolery Mille_•
De Havilland Aircraft CoAm Dep Rats ord reg El
Derby Oil& Ref Corp cow
•
Preferred
.
Diamond Shoe Corp
•
Dictograph Producta___.2
Distilled Liquors Corp__ 5
Distillers Co Ltd
Amer deposit rota __ _ _gl
Distillers Corp Seagrams_•
Doebler Die Casting
•
Dominion Steel & Coal B 25
Dominion Tar A Chemical*
Sales
for
Week
Range Since
Jan. 1 1935
1933 to
A pr 30
1935
High Shares Low
1431
400
1954
100' 66
944
100
26
1634
4,725 28
495/
13.4
200
234
900
29-4
7
55
300
55
Low
144 Jan
694 Jan
2451 Mar
Mar
30
13.4 Mar
651 Mar
54 Apr
11100
1935 Apr
9434 May
Jan
28
494 Apr
254 Apr
754 Jan
Jan
1
11,,
33
200 s• 1555
20 61
55 Mar
4 Jan
334 Mar
Feb
20
Apr
61
1
5,
6
454
23
61
Feb
Apr
Apr
Apr
Apr
74
551
451
14
155
Mar
74
754 Jan
63-1 Jan
134 Mar
14 Mar
79
934
9
231
355
Jan
Jan
Jan
Jan
Apr
6
1334
33
27
434
34
64 Jan
Jan
17
5451 Jan
Feb
57
1334 Mar
455 Apr
Apr
8
1734 Feb
Feb
60
Apr
63
1934 Feb
64 Apr
34
2234
61
934
84
14
214
500
200
2,500
3,100
600
8
1634
634
2,000
8,600
May 110
90
81
9735 Mar 105
75
15
Apr
8
64
Apr 36
28
1634
Feb 80
71
40
835 Mar
1034
8
2,900
1054
36
2
11
850
034 Jan
36
5,,
3,6 mar
3.5
113
31 Mar
31
3,500
1116
2%
Mar
1
1
100
134
5
Mar
2
2
34
154 Mar
154
234
51 Mar
4
50
234
554
451 Jan
835
700
a551
1254 Mar
9
1434
244
5 5
2434 Apr
Mar 157
115
200 105
130
1934
2.500' 851
19
1534 Mar
55
A Jan
A
1235 Jan
454
600
1455
1534
534
70
164 Apr 30
1854
IX
35 Jan
54
1,300
131
51 Mar
154 10.200" 54
134
14
655
1,300
13
634 Mar
151
54 Mar
35
300
14
8
8
134
Mar
144
794 Mar
751
634
651 Mar
13
3
64
335 Jan
300
6.55
4
Apr
4
3
99
150
1034
500
X
716
3354
33
163-4 1734
1.100
1,200
4,500
Feb
Feb
Jan
Jan
Feb
May
May
Jan
Apr
Apr
Apr
Apr
Apr
Feb
Jan
Apr
Feb
Apr
Jan
Jan
Jan
Apr
Jan
Apr
Apr
Apr
Jan
Jan
Apr
Apr
%
%
2835 2931
1,000
325
916
2134
134
Si
555
54
15
914 Mar
2355 Jan
555 Jan
35 Mar
554 Mar
51 Apr
25
Jan
34 Jan
3534 Apr
1835 Apr
55 Jan
Mar
7
Mar
1
2934 Mar
5034 5414
54
A
4535
43
674
64
925 32
100
34
250 194
5,200' 3054
32
Mar
51 Mar
38
Jan
4734 Jan
Jan
64
34 Jan
443-4 May
874 Slay
4
854
31
955
23-4
14
751
254
1431
8
2
64
255
6694
135
54
134
5535
434
2354
5
25
27-4
3
3,600
SOO
114 Jan
h Jan
035 May
535 Jan
34 Jan
916 Jan
51
114 Mar
14
21.100
235 Apr
8
1,100
124 Apr
1855 Mar
6
1,100
755 Apr
1034 Jan
A Jan
'16 Jan
112
4 Jan
4 Jan
'is
62c
3,100
Jan
I
23-1 Feb
5,900 4535
524 Jan 664 Slay
115
13451 Feb 15554 Apr
234 Jan
34
334 Feb
1234
3434 Jan 4135 Apr
Si Mar
Si
A Mar
1
100
1
Feb
134 Apr
100 29
36
Apr
Mar 59
2
2
351 Jan
Apr
400
34 Apr
235
535 Jail
1694 Jan
12
400
Apr
26
3
Jan
4
34 Feb
234 Mar
300" 2
434 Jan
34
Si
1294
400
27
27
35
1
10
55
1
100
3
00
1254
a
8
II
94
127-4
655
1
4
'34
954
30
2
534
5
200
94
5 32
554
1434 43,400
334
300
635
1
1,600
14
100 1, 254
4
54
300
Si
551
2,600
1034
2
1534
300
30
6934
91
254 26,700
600
4
6
1054
153.1
100
5
434
1135 1294
300
600
22
22
1374 1434
1354 1374
300
7,900
3.600
1531
Mar
Mar
Mar
Mar
254
28
%
2
Jan
Jan
Jan
Fel)
1134 Mar
1234
Apr
14
22
51
I
Mar
31 Apr
Mar
104 Jan
Feb 103
Apr
Mar
144 Slay
Mar
794 Apr
Feb
135 Jan
4
Feb
Apr
Feb
34 Jun
Mar
1034 May
2
Mar
3
Jan
34
Feb
30
Mar
Feb 103
87
Apr
234 Jan
154 Mar
434 Mal
6
Apr
Mar
12
Jan
16
55
7
87
1034
4
1
234
54
734
4
%
20
954
13-4
1155
13
%
20
1034
44
1154
1734
84
3
234
354
21
Jan
Apr
Feb
Jan
Slay
Mar
Mar
Apr
1035 Mar
534 Feb
434 Jan
1394
1554
154
20
15
7
1634
Apr
Jan
Feb
Apr
Jan
Apr
2334 Jan
187-4 Feb
1451 Jan
534 Fob
Mar
7
New York Curb Exchange-Continued-Page 2
Volume 140
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
for
Apr 30
Week
1935
Par Low
High Shares Low
Douglas(W L) Shoe Copref
100
12
Dow Chemical
• 92
9531 1,400 s° 36%
Driver Harris Co
10 1631 1684
100
94
7% preferred
100
48
Dui:Mier Condenser Corp.1
% 134 2,800
4
10 47
Duke Power Co
125 33
48
Dunlap Rubber Co Ltd
Am dep rcts ord reg
8
Durham Ifos cl B corn...'
100
31
31
•,4
Duval Texan Sulphur_ _ _ _•
700
935 911
2
4% 5
Eagle Fisher Lead Co.
300
..20
331
East Gas & Fuel Ammo
Common
234 3
•
400 • 24
6 53
43.4% prior preferred_100
100 4234 4334
750 38
6% Preferred
East States Pow corn 13__•
300
41
54
34
26 preferred series B..__•
64 7
200
4
7
7
200
5
27 Preferred series A ___•
Easy Washing Mach "B"-•
400
334 331
23,4
Edison Bros Stores corn_ •
6
Eisler Electric Corn
•
34
Bond & Share com_ _ _5
Elea
6
334
644 14,700
• 4234 434
25 Preferred
500 25
$6 preferred
• 48
50
3,900 264
34 344
Elea Power Assoc com_ _ _I
600
234
Class A
34 331
1
700
235
•
Elea P & L 2d prat A_
23,4
Option warrants
14
Electric Shareholding
Common
2
1
23,4
900
34
26 cony pref w w.
• 54
17.7 34
564
Elea Shovel Coal Corp
$4 panto pref
ElectrographIc (_ oro corn. I
19
Empire District El 6% _100 18
140 12%
Empire Gas & Fuel 00100 1344 154
125 I 7ti
6% Preferred
634% pref
100 16
25
16
8
100 144 18
7% preferred
300 16 8
8% preferred
100 15
150 It 844
17
Empire Power Part Stk__•
9
300
94E
4
Equity Corp corn
10c
1% 1% 8,700
Eureka Pipe Line
50 3334 334
100 30
European Electric CorpClaes A
10
8
100
8
5%
Option warrants
Evans Wallower Lad_
•
34
Air & Tool
Ex-cell-0
3
734 8% 10,300 16 23,4
Fairchild Aviation
1
8
831 2,200
234
Fajardo Sugar Co
100 89
92
400 59
Falstaff Brewing
200
1
431 4%
231
Fanny Farmer Candy._._I
731 814 2,500 Si 24
Fansteel Products
_.•
3% 4
300
131
Fedders Mfg Co class A • 10
Co_200
4
103,4
Federated Capital Corp..'
134
200
1.4
134
Ferro Enamel Corp corn _ • 174 19%
7,600
734
Flat Amer deo reels
2234 2331
500 15%
Mello Brewery
1
35
34
94 2,200
Film Inspection Mach_ •
Si
Fire Association (Pldia.) 10 60
60
25 21 31
First National Stores
7% 1st preferred_ _ _ _100 114 114
10 110
Fisk Rubber Corp
1
644 74 5,100
54
$6 preferred
100 7734 784
100 354
Flintokote Co el A
• 1634 174 2,800
334
Florida I' & L 27 pret
• 1844 204
1,350
8%
Ford Motor Co LtdAm dep rots ord regal
8
444
5,700
831
Ford Motor of Can el A
8%
2631 284 5,200
Clam B
•
144
Ford Motor of Franoe-A merican dep rote _100
331
434 1,000
231
Foremast Dairy Prod coin'
3.4
Preferred
34
Foundation Co (teen shal•
34
Froedtert Grain & Malt
Cony preferred
15 1434 15
400 1431
Garlock Packing com____• 2534 2611
200 11 4
General Alloys Co
•
14 14
200
41
Gen Electric Co Ltd
Am dep rcte ord reg__gl 124 1234
900
Gen Fireproofing corn _
•
3
Gen Gas &
cony prof 13
• 15
15
,
54
100
Gen Investment corn.
..1
200
%
$6 cony prat claw B • 15
8
100
15
"
1.
Warrants
Gen Pub Fiery $6 prat__ _.• 30
40 20
30
Gen Rayon Co A stock_ •
%
(1eneral
& Rubber_ _25 47
350 46
50
6% preferred A
5684
100
Georgia Power $6 pref_ __• 68
525 35
70
35 preferred
50
•
Gilbert (A C) corn
1
•
141 2
500
Preferred
•
22
Glen Alden Coal
• 14% 1544
2,300 to
Globe Underwriters Ino 2
534
9
9
200
Godchaux Sugars class A.' 224 23
200 10
Class B
•
3%
100
9
9
Goldfield Congo! Mines.10
1,300
34
3,4
916
Gold Seal Electrical
71.
400
%
"16
Gorham Inc class A corn.'
14
$3 preferred
150 14
• 18
19
Gorham Mfg Co
Vie agreement extended
144 16
400 10%
Grand Rapids Varnish...'
7
44
500
03.4
Gray Toler, Pay Station •
8
Great Atl & Pao TeaNon-vot corn atook__. • 12134 124
50 115
7% let preferred.__1.0 126 1274
0
160 120
(it Northern Paper
25 20
400 194
2034
Greenfield Tap & Die_ _ .•
100
44 4%
334
Greyhound Corp
414 46% 15,900 9 5
Grocery Stores Prod•t c25
400
3.1
816
Guardian Investors
1
34
Gulf Oil Corp of Penna...25 59
6034 6,400 43
16 3
Hall Lamp Co
•
Happiness Candy
•
Hartford Electric Light_25 6134 614
30 484
Hartman Tobacco Co_ _ _
4
%
400
14
Ilaseltine Corp
8
2%
200
8
Heels Mining Co
25 10% 1234 24,500
4
lielena Rubenstein
•
3,4
200
31
Hayden Chemical
10
14
Hires (C E)Co cl A
• 25
200 18
25
[Irminger Consol G M._5 164 17
834
9,800
Holly Sugar Corp eom
17 84
•
is 34
Preferred
100
•
3
Holophane Co coin
100
134
3
ilolt (henry) & Co cl A •
3
Horn (A C) Co oom
•
144
200
134
13,4
60
lot preferred
14
Horn& liardart
• 234 234
175 1531
7% preferred
100 10834 10634
10 834
Bud Bay Min & Smelt__• 1434 1534 12.600
74
Humble Oil & Ref
• 494 5331 9.600 22%
ilydro Electric Securities •
5
2
II ygrade Food Prod
1,300
13£
234
For footnotes see page 3015.
Range Since
Jan. 11935
STOCKS
(Continued)
High
Low
134 Apr
804 Mar
13
Apr
9135 Mar
34 Feb
37
Jan
16
954
19
95
14
48
Mar
Apr
Feb
Feb
Apr
Apr
1136
31
831
331
Apr
Feb
Feb
Mar
114 Apr
31 Feb
1214 Feb
Jan
5
234
58
38
34
4
5
3
2434
4
34
34
374
24
234
244
Si
Mar
Jan
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Feb
Mar
5
64
504
4
731
8
44
30
7.4
711
48
524
4
4
534
131
Jan
Jan
Jan
Apr
Apr
Apr
Jan
Apr
Apr
Jan
Feb
Feb
Jan
Jan
Apr
Jan
41 Mar
40
Jan
234
62
Apr
Apr
1
6
14
3
Feb
63( Feb
19
May
Jan
Jan
Jan
7%
8
8
84
9
11,4
3331
Mar
Mar
Ma
Ma
Apr
Jan
Slay
1534
16
18
1831
104
14
38
May
May
May
Jan
Apr
Feb
Feb
8%
Si
4
6
74
71
234
73-4
14
94
14
10%
214
Si
4
57
Jan
Fe
Apr
Fe
Ma
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Jan
Mar
Feb
Jan
84
4
4
831
934
9931
5
94
4
II
13,4
194
2331
74
31
60
Jan
Jan
Feb
May
Apr
Apr
Apr
Jan
Apr
Apr
Jan
May
Apr
Jan
Feb
Mar
112
Apr
Jan 115
6% Apr 1131 Jan
Jan
744 Mar 88
1734 May
11% Mar
204 Apr
104 Ma
74 Ma
254 Ma
3034 Ma
24
4
44
5
931 Jan
324 Jan
374 Jan
Jan
Mar
Feb
Apr
4% May
Mar
Star
6% Jan
144 Apr
20
Ma
11 AD
1541 Feb
284 May
134 Feb
114 Mar
44 Jan
124
54
11
15
11
Jan
Jan
Feb
N. Mar
15
Jan
Jan
24
Mar
34 Mar
46
Mar
89
Apr
52
Jan
50
Apr
154 Apr
24 34 Mar
1434 May
Jan
1634 Apr
7
Jan
14 Jan
916 Ap
2% Fe
164 Apr
34
17
Si
33
134
7134
99
70
55
234
243,4
24
9
23
94
31
1
3%
194
1231 Star
54 Mar
84 Mar
18
Jan
74 Jan
1444 Apr
121
12234
20
4%
2034
4
4
504
341
4
504
31
8
6
31
37
25
16%
30
100
53-4
1,4
30
20
1024
114
44
23-4
14
Mar
Jan
May
Mar
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Apr
Jan
Feb
Jan
Jan
May
Apr
Jan
Feb
Jan
Feb
Apr
Mar
Feb
Jan
Jan
Jan
Nfar
Mar
Apr
Jan
Jan
Jan
Apr
Feb
Jan
Mar
Apr
Apr
Jan
Mar
Jan
Apr
Slay
Apr
Apr
Feb
Jan
Feb
139
Jan
128
Jan
26
Jan
6
Jan
4634 May
5,o
911
61
6
4
814
144
9
1234
1
44
25
204
45
100
334
7
231
30
244
10634
154
534
411
334
Apr
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Apr
Feb
Apr
Slay
Jan
Apr
Feb
Mar
Mar
Jan
Star
Jan
Apr
Apr
May
Jan
Jan
Week's Range
of Prices
3011
Sales
for
IVeek
Jul,/ 1
1933 to
Apr 30
1935
Par Low
High Shares Low
Huylers of Delaware Inc
Common
1
516
7% Drat stamped__ _100
204
HYgrade Sylvania Corp..' 31
125 17
3134
Illinois P AL 26 pret
• 21
244 1,800 10
6% preferred
100 21
400 10
24
Illuminating Shares cl A_ •
344
Imperial Chem Industries
Amer dsposit rcts_ _CI
a
Imperial 00 (Can) coup..' 164 17
16,400 1034
Registered
400 11)4
• 1634 1634
Imperial Tob of Canada 5 1234 13
1,200
9,4
Imperical Tobacco of Great
Britain and Ireland_ _gl
2334
Indiana Pipe Line
3%
10
431 44
300
Indianapolis P & L64% preferred
100 8434
150 48
85
Indian Ter Illum 011
Non-voting class A....'
24 331
500
Class B
134
231
300
•
331
Industrial Finance-V t common
1
34
7% preferred
234
100
Insuranee Co ot N Amer_10 5734 53%
1,500 34)4
International Cigar Macb • 29
200 18,4
30
Internat Hydro-Eleo334
Pref $3.50 series
50
531 634
525
Internat Mining Corp.,..! 134 1434
714
800
Warranta
5
214
1,300
534
International Petroleum_• 31
3294 15,400 1531
23
Registered
International Producta ___•
1
3
3
300
Internatl Safety Razor B •
1
200
131
131
Internat'lUtility131
Class A
•
Class B_
I
616
616
400
35
$7 prior pref
•
It
Warrants
Interstate Equities
Common
34
1
154
$3 cony preferred_ _50
Interstate Hoe Mills
• 244 244
200 12
Interstate Power 27 pre!_• 1134 1131
7
10
Investors Royalty com_ _25
200
.
24 24
Iron Fireman Mfg v t c _ _10
331
Irving Air Chute
23i
1,400
1
74 734
Italian Superpower A__ _ _•
1
1-4
400
34
Warrants
54
Jersey Central P & L-534% preferred
100 54
150 42
.57
6' preferred
100 62
62
10
7% preferred
100 70
20 60.4
70
Jonaa & Naumburg ..240
14
)1
300
131
Jones & Laughlin Steel_100 22
224
70 154
Kanms GO, E 7% pref _100
834
Kerr Lake Mines
4
34
400
34
Kingsbury Breweries__ _I
500
134
1
Kirby Petroleum
1
24
2
1,600
3.4
Kirkland Lake 0 Nf
Si
'is
400
3'
•
Klein(Emil)
s”.5
Kleinert Rubber
5
100
7
7
10
Knott Corp coin
1
,
Roister Brandee Ltd_ _El
Koppers Gas & CokeCo6% preferred
50 *254
100 93
9334
Kress(S H) 2nd pref 100 1234 1234
100 10
Kreuger Brewing
454
__I
831 8%
1,000
Lackawanna RR of N J 100
594
Lake Shore Mines Ltd_ _ _ I .5434 .559.4
3,500' 323-4
Lakey Foundry & Mach_ _1
14 14
400
31
Lane Bryant 7% prof 100
25
Lefoourt Realty corn
1
Preferred
•
7
Lehigh Coal & Nay
600
53-4
•
64 634
Leonard 011 Develop _ _ _25
1,000
'is
916
516
Lerner Stores common...
600 10)4
• 48
50
40
8% Prat with wart 100
Libby McNeil & Libby_ _10
734 74 2,200
234
Lion Oil Development...*
3
500
534 6
Loblaw Grocetertas A...
15
Class li
•
144
Lone Star Gas Corp
3,500
54 54
431
•
Long Island I.tgCommon
•
3% 344 1,400 2
7% Preferred
220 38
100 6134 64
Fret class B
100 54
500 32
56
Loudon Packing Co
9 104
•
Louisiana Land & Explor_l
631
831 19,000
184
Lucky Tiger Comblnatn_10
33,4
400
34
Ludlow Mfg A/3800
70
•
Lynch Corp corn
9 15
f
Common new
300 264
5 29
29%
M angelStoree Corp
64 64
100
•
84% pref w w
10 12
100 55
55
Mapee Consol Mfg
2
•
Marconi Internat Marine
American de p receipts _El
Margay 011 Corp
4
•
Marion Steam Shovel_
14
•
Maryland Casualty
1
200
144
141
1
6
Mass Util Assoc vie
1
1
Massey-Harris corn
•
3
Mavis Bottling elan A
2,400
Si
316
916
Mayflower Associates _
.• 44
300 38
4444
May Hosiery 24 prat
•
22
McColl Frontenac 011____• 1231 1334
350 12
McCord Rad & Mfg B__•
11
4
300
444
McWilliams Dredging_ _ -• 314 334
1,300 9 124
Mead Johnson & Co
400 444
• 579,4 58
Memphis Nat Gas eom 5
134
300
234
231
Mercantile Stores corn_ •
8%
7% preferred
813
100
Merritt Chapman & Soott•
4
631% A preferred...100
5%
Metal Textile prat
34
•
Mesabi Iron Co
•
Metropolitan Edison
Se, preferred
46%
•
Mexico-Ohio 011
34
Michigan Gas & 011
• 231 24
100
Michigan Sugar Co
1
1,900 16
•
131
3.4
Preferred
44 5
10
234
1,400
Middle States Petrol
Class A •1 c
131
100
•
131
74
ClassB v to
44
•
100
34
91
Middle West 1411 corn
%
•
1,100
3.4
16
26 cony prat see A w w •
31
41
500
Certificates of dep._ •
34
Midland Royalty Corp
84 831
22 cony prat
•
100
4
Midland Steel Prod
84 941
•
43.
400
Midvale Co
•
1814
Mining Corp of Canada •
Minnesota Mining & Site.
16
16
25 19 7%
Slississippi River Fuel
Bond rights.
31
Mock Judson Voehringer_•
64
Mob & Hud Pow 1st pref.' 4634 4931
300 304
• 18
2,1 preferred
18
75
9
Range Since
Jan. 1 1935
Low
High
44 Star
2034 Apr
26
Jan
1331 Jan
Jan
14
3434 Jan
1
Jan
264 Jan
Mar
38
2431 Apr
2434 Apr
4031 Apr
834 Star
1531 Mar
154 Mar
Apr
12
931
1731
17
13%
314 Star
34 Mar
354 Jan
414 Feb
Jan
55
Jan
Jan
Jan
Jan
Apr
85
14 Jan
14 Feb
44 Apr
431 Apr
41 Apr
24 Mar
53
Star
29
May
14 Feb
434 Feb
5834 Apr
3334 Feb
331
13
5
28
29%
24
134
934 Jan
154 Jan
64 Jan
324 Apr
324 Slay
34 Jan
1% Feb
afar
Jan
Apr
Mar
Feb
Jan
Feb
134 Jan
3.4. Jan
35
Apr
114 Mar
5-4
20
244
8
24
1434
3%
Si
IN
Feb
Jan
May
Jan
May
Apr
Jan
Star
Jan
2%
7is
35
4
Mar
Apr
Apr
Jan
11,• Feb
2434 Feb
274 Jan
Feb
13
24 Slay
Jan
15
734 Apr
1% Jan
34 Apr
Fe
Slay
Apr
Apr
Mar
Mar
Jan
Apr
Mar
'is Mar
15
Jan
631 Star
131 Jun
34 Jan
57
62
70
14
3031
83-4
34
24
24
rim
16
734
2
34
Apr
Slay
Slay
Apr
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Apr
Mar
Jan
72
114
434
75%
48
44
67
1%
18
53-4
31
40
9134
631
334
1731
1731
434
Ma
Apr
Star
Fe
Jan
Ma
Jan
Star
Jan
Star
Apr
Jan
Feb
Jan
Mar
Feb
Jan
Mar
96
124
831
76
58
13-4
80
231
20
734
34
5134
964
831
64
184
174
64
Apr
Jan
Slay
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Mar
Feb
Apr
Apr
Jan
Feb
Jan
2
48
37
204
434
334
89
3534
264
64
50
27
Mar
Jan
Jan
A pr
Jan
Apr
Jan
Jan
Mar
Mar
Ma
AD
341
64
56
21
84
33,4
944
41
3034
Ill
81
3334
Apr
Slay
May
Apr
May
Apr
Jan
Jan
Mar
Jan
Jan
Jan
834
4
134
134
I
3%
3.4
40%
4044
12%
331
2131
55
14
114
70
Si
8
34
3-4
Jan
Fe
Mar
Jan
Feb
Mar
Feb
Fab
Feb
Apr
Apr
Jan
Apr
Mar
Ma
Jan
Jan
Ma
Ma
Fe
834
634
331
1%
131
54
91
45
44
1511
7%
334
6334
214
1314
7334
114
931
34
'is
Jan
Mar
Jan
Jan
Apr
Jan
Jan
Star
Mar
Jan
Jan
Apr
Jae
Jan
Jan
Jan
Feb
Apr
Mar
Jan
Jan
34 Jan
2
Mar
54 Mar
Feb
3
814
1
24
14
5
Feb
Jan
Jan
Apr
Slay
43
62
6034
%
18
8334
4
1
134
80
Mar
Mar
Jan
Apr
Apr
14 Jan
7 4 Jan
,
Ns Jan
Apr
1
34 Jan
84 Apr
Mar
5
Jan
35
1916 Mar
12
Jan
Jan
10
Jan
II
404 Apr
131 Apr
May
16
Star
104 Mar
304 Ma
Ma
9
34 Feb
Jan
14
Apr
50
1834 Apr
14
4,
114
34
116
New York Curb Exchange-Continued-Pagel3
3012
1
STOCKS
(Continued)
Week's Range
of Prices
July I
Sales 1933 to
for
Apr 30
1935
Week
Par Low
High Shares Low
Molybdenum Corp•t o__1
1135 12
4,800' 24
Montgomery Ward A__.._' 137 139
530 56
Montreal Lt Ht & Pow_27
• 27
100 27
Moody's Investors ServicePanic preferred
•
164
635
Moore Drop Forging A •
Moore Ltd prat A__..100 127 127
10 90
Mtge Ilk of ColumbiaAmerican Shares
135
Mountain & Gulf 011
1
X
435 44 2,100
Mountain Producers_ __ _10
34
Mountain Ste Tel& Te1100
100
900 3134
• 9734 984
Murphy(000 Co
100
8% preferred
105
Nachman Springfilled_
9 44
•
Nati Hellas Hese corn__ __i
14
14
134 8,300
Nat Bond & Share Corp__' 324 324
100 284
National Container Corp•
10
$2 cony preferred
Common
1
29
Nat Dairy Products100 10635 108%
475 80
7% prat class A
National Fuel Gas
4,600 1134
• 144 1534
National Investors com_ _ I
4
A
35
400
20 35
60
$5.50 preferred
1 60
Warrants
35
1,100
514
4
Nat Leather corn
31
600
•
135
1
National P & L $6 pref.... • 5934 62
2,050 32
25
Nat Refining Co
', 24
400' 2
Nat Rubber Mach
4
631
7
Nat Service common
1
316
35
700
31
31
•
Cony part preferred
II%
National Steel Car Ltd ......°
Nat Sugar Refining
800 2735
• 294 294
934
9
200
Nat Tea Co 5,, ,; pf _ __ If)
9
National Traniit _ __12.50
735 835
700
634
9
%
Nat Union Radio nom_ _1
Natomas Co
• 10
1034 8,400" 334
Nehl Corp com
Si
500
•
33-1
314
Nelaner Bros 7% pref __IOU 97
75 204
9834
2
Nelson(Herman)CorP.
-5
34
Neptune Meter class A_ •
Nev-Callf El Corp pfd. 100
35
New Bradford 011
5
14
200
23-4
234
25 49
New Jersey Zinc
1,950 4735
5034
4
New Men & Arts Land_ _ _ i
Newmont Mining Corp_10 474 4934 3,900 34
•
New Process corn
1031
N Y Auction corn
•
%
N Y & Foreign Investing100
15
64% preferred
NY Merchandise
31
100 15
• 31
NY & Honduras RosarlolG 6031 674 4,600 1735
N Y Pr & Lt 7% prat_ _100
59
•
$6 preferred
5334
N Y Shipbuilding Corp-Founders shares
1
831
835
415
500
N Y Steam Corp com
• 1434 15
300 13
N Y Telep 83.4% pref _100 11334 118
725 113
N Y Transit
5
3
NY Wat Serv 6% pfd__100 60
200 20
62
Niagara Bud PowCommon
15
235
33-4
3,500
43-4
Class A opt warr
100'
35
316
316
Class B opt warrants_
34
Niagara Share700
Class B common
24
E
334
391
-Bement-Pond
Niles
900
• 1311 14
74
Niplasing Mines
b
5,300 • 135
3
254
NOMil Electric
14
131
500
•
4
Northam Warren prat •
3014
Nor Amer Lt & Pr-Common
1
n y,
300 t si
.
3
731
450
834
$6 preferred__ _ _ _ _ •
North American Match • 28
30
50 18
No Amer Utility Securities.
Si
N Or Cent Texas 011 Co_..5
134
214 234
300
Nor European (Alcorn __I
'16
500
716
716
21
Nor Ind Pub Ser 6% pfd100
100
7% preferred
2014
Northern NY Utilities
74
10 4535
7% In preferred _ _ _100 74
100
Northern Pipe Line
6
435
6
10
Nor Sta Pow corn clam A100 104 1035
200
634
Northwest Engineering __•
3
835 84
-100
Novadel-Agene Corp..._ • 2035 2131
900 n 144
Ohio Brass Co el B corn...' 2631
Ohio Edison $6 pref
•
(Ohio Oil 6% prat
100 102%
Obto Power 6% prat_ _100 104
Ohio Public Service1st 6% preferred.. _100
011stocks Ltd corn
5
Outboard Motors B corn •
Class A cony pref
•
Overseas Securities
•
135
Pacific Eastern Corp
1
235
Pacific() dt E6% 1st pref23 2435
54% let pref
25
Pacific 15g $6 pref
• 88
Pacific Pub Serv let pref •
Pacific Tin spec stir
•
Pan Amer Airways__ _10 404
Pantepec Oil of Venn__ •
135
Paramount Motor
1
Parke, Davis & Co
• 3835
Parker Rust-Proof com • 59
Pander I) Grocery A
• 30
Peninsular Telep corn_
•
Preferred
100 80
Penn Met Fuel Co
1
Pennroad Corp • 1 c
135
I
Pa Gas & Elec class A_
•
Pa Pr & 1.137 pref
•
•
$6 preferred
Penn Salt Mfg Co
50
Pa Water & Power Co.,...• 62
Pepperell Mfg Co
100 6231
Perfect Circle Co
• 3634
Pet Milk 00 7% prat_ _100
Philadelphia Co com
735
•
Phoenix SecuritiesCommon
1
135
$3 cony pref ser A__ _10 384
Pierce Governor corn
335
•
Pioneer Gold Mines Ltd_ _1
114
Pitney-Bowes Postage
Meter
5
•
Pitts Bessemer & L Erle.50
Pittsburgh Forgings
I
3
Pittsburgh & Late Erle_50 53
Pittsburgh Plate Glass _.25 534
Pond Creek Pocahontas •
5
131
Potrero Sugar corn
Powdrel & Alexander.._....• 10
•
Pratt & Lambert Co
135
Premier Gold mining____1
Producers Royalty .. ...1
116
For footnotes see page 3015.
May 4 1935
is
2635
10554
104
75 ,, 10
453.i
814
80
2,500
10
9035
64
34
16
23-4
24
2534
90
4135
135
404
60
36
80
13/5
63
6334
38
7%
3.4
14
500
3,100" 14
2,400 :33-I
15 1631
525 is 6635
,7 14
10
2,300 3135
Si
4,400
335
2,100 1934
800 u 39%
50 2455
5
10 6634
24
3,000
13-1
6
7435
724
424
300 414
186 5235
150' 21
9034
200
4
Range Since
Jan. 1 1935
Low
High
735 Jan
1234 Apr
127
Ja.. 139
Slay
Apr 3134 Jan
27
23
20
125
394
X
435
1054
72
112
8
14
294
19
35
103
1134
Si
55
31
31
4634
53/5
535
34
31
1634
274
9
631
35
74
24
90
435
7
35
2
49
134
3431
12
Si
435
13
11334
3
464
2131 Apr
Mar
35
Feb 1084 Apr
Mar 1534 May
Mar
135 Jan
Mar 66
Jan
9
,4 Jan
Feb
Mar
14 Jan
Feb 634 Apr
Apr
5% Apr
Jan
935 Mar
4 Jan
AM'
35 Jan
Apr
Apr
1634 Apr
Apr 36
Feb
Apr
9% May
Feb
834 Apr
Mar
4 Feb
Jan
1034 Apr
3% May
Mar
Feb 984 Apr
Apr
Jan
8
Jan
9
Apr
Mar 40
Jan
235 Jan
Feb
Apr 5834 Jan
24 Jan
Jan
Mar 5035 Apr
Feb
13
Jan
Feb
13.4 Feb
15
Apr
31
May
6935 Apr
614 Jan
Feb
60
134 Jan
Mar
16
Feb
Apr
May 121
Mar
Apr34 Feb
Feb 62
Apr
y Mar
44 Mar
244 Jan
ti Jan
2
Jan
16 Jan
.
Feb
32
3834 Mar
14 Jan
Apr
9
30
Slay
Jan
235 Apr
35 Jan
3731 Mar
Apr
48
4.534 Jan 74
531 Jan
6
631 Mar 134
535 Jan
94
2035 Apr224
Apr
Apr
Apr
Apr
Jan
Jan
19
2615 May
Feb854 Apr
70
Jan 1053-4 May
89
Apr
8335 Jan 104
9035
935
35
4
14
2
2031
184
71
714
25
39
14
34
3235
55
34
535
7935
735
135
935
804
77
7635
53%
5235
31
115
4
5
24
3395
29
24
2
51
51
304 4631
2335
10
31
%
731
74
1534 526
34
I%
4
4
8,800
3,700
Mar
Mar
335 Apt
May
14
3
Apr
14 Apr
384 Jan
3,600
2
31
Apr
Feb
May
Jan
May
Apr
Jan
Jan
Apr
Ma
Ma
Janr
Jan
Mar
235
84
215
35
35
531
.500
100
44
Feb
%
Feb
Jan
435
Mar 110
Jan 9834
Apr 116
Mar
831
May
234
Feb 33
435 Ayr
X Jan
Si Mar
4
164
1
835
135
10
Jan
Apr
Apr
235 Mar
34 Jan
34 Mar
1,500
200
100
5,700
100
100
4,700
Jan
2535
Jan 30
Jan 127
15
Apr
2534 Jan
Feb
33
6134 Jan
535-4 Jan
14
384
335
12
3
54
57
STOCKS
(Continued)
Apr9031
Feb1031
Mar
1
435
Jan
235
Ap
231
Mar
2535
Jan
Jan
2335
Feb90
Feb12
Jan 28
Mar 4431
Mar
24
434
51cr
Jan 404
Jan 6434
36
Feb
Mar
754
Apr80
Star
11
23-4
Mar
Apr 13
Jan 9035
77
Jan
Apr78
Jan 63
Apr 8934
Feb 40
Feb 120
8
Mar
Apr
Apr
Jan
Apr
May
Apr
Apr
Apr
Slay
Apr
Jan
Feb
Jan
Feb
May
Jan
Feb
Feb
Apr
Jan
Jan
Apr
Apr
Jan
Apr
Apr
Jan
Apr
Feb
Jan
134 Feb
231 Mar
2735 Feb3931 Mar
2
Jan
44 Apr
May
831 Mar 12
Mar
64
Mar 3654
435
Jan
Feb 60
Apr58
Apr2534
134
Jan
1035
Jan
Mar 30
Jan
234
Jan
Its
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Apr
Jan
Week's Range
of Prices
Sales
for
Week
July 41
1933 to
Apr 30
1935
Range Since
Jan. 1 1935
Par Low
Low
High
High Shares Low
Properties Realization
Voting trust etfs_33 I-3e
Jan
to
150 1235 '24 Apr
13
13
PrODDer McCall Hos Mills.
35
14 Feb
35
700
4 Mar
Si
Prudential Investors
435 Mar
•
64 Jan
434
535
1,200
535
•
$6 preferred
Jan 84
Apr
83
59
l'ub Service of Colorado
6% ln preferred__ _100
Apr
75
Mar 77
75
7% lot preferred
Apr 90
Apr
_100
90
90
,
Pub Sart of Indian $7 prat•
Jan
8
1431 Apr
8
•
$6 preferred
Jan
Apr
5
7
5
Public Elroy Nor III cam •
9
Oi
1734 Feb 2535 Apr
Common
60
9 9
Mar
16
Feb 25
10) 82
6c:' preferred
Apr
25' 38
82
7834 Apr 82
7‘7 preferred
4
°
100
77
• 38
Jan 83
Feb
Public Service Okla100 81
50
81 [May 81
81
7% Pr L pref
May
Puget Sound P & L
45 preferred
• 194 2535 3,200
Mar 2534 May
754 13
$6 preferred
• 114 174
7,280
5
634 Mar
1734 May
Pure 011 Co 6% pref__100 40
260 334 344 Mar 46
Apr
43
Pyrene Manufacturing-10
234 Jan
4
500
44
14
44 Apr
Quaker Oats corn
127
•
*106
Jan 1314 Feb
100
6% preferred
13235 Feb 143
Apr
111
Rallroad Shares Corti- •
35 Mar
4 Apr
4
Ry & Light Scour corn-.
425
44
8
10
64 Mar 10
May
fly & Util Invest A
1
4 Jan
11 Jan
11
Rainbow Luminous Prod
Class A
•
31
35
31
100
Si Mar
lie Feb
0
Class 11
Si Mar
Si Mar
*is
800
Si
li
Reiter-Foster 011
35 Mar
35 Mar
"is
Raymond Concrete Pile
Common
•
44
435 Jan
5
Jan
$3 convertible preferred •
17
17
Apr 25
Jan
Raytheon Mfg•I a..___600
135 Jan
%
•
Si Feb
011CoSi
lied Bank
% Feb
1
Feb
Reeves(D)corn
100
44
5
44 Feb
.
5
7
74 Jan
Reiter-Foster 011
•
Si Mar
iii Mar
'16
Reliable Stores Corp
•
831 Jan
531 54
400
435 Mar
134
Reliance International A_•
135
14
400
135 Jan
31
4 mar
Reliance Management_ _ _•
I
1
100
15
1
35 ('co
Apr
Reybarn Co Ina
135
1,100
10
2
235
235 Jan
Apr
235
Reynolds InvestIng
1
34
13.4 Jan
35
1,900
4
35 Apr
Rice Stir Dry Goods
• 1034 1034
100 64 64
1214 Jan
24 Apr
Richfield 011 pre(
_25
Jan
4 Mar
1
31
Richmond Radiator Co
Common
•
% Mar
% Apr
Si
•
135
131 Feb
7% cony preferred
3
Mar
Rochest G &E 6% 0 pf 100
65
Apr 85
85
Apr
Rocheger Telephone Co
90 £105
634% 1st pre(
100
Mar ;
1105
Mar
Rogers-Majestic class A.. •
6
6
Mar
94 Jan
Roosevelt Field. Ina
5
135 231
3,100
2S4 May
34
135 Apr
Root Refining Co
1
135
100
1
14
Feb
134 May
34
Prier pref
534 7
500
10
334
335 Apr
7
May
Rossia International
31
700
•
35 Feb
'is
'pi May
315
Royal Typewriter
835 164 Feb 20
500
• 1631 1735
Mar
R uberold Co
225 25
474
• 45
41
Jan 4735 May
Russets Fifth Ave
6
214
34 Apr
5.4 Feb
Ryan Contsol Petrol_
•
55
34 Mar
135 Jan
Safety Car Heat & Light100 6835 683-4
25 35
6035 Mar 704 Apr
3t6
3,,,,
St Anthony Gold Mlnes..1
100
Jan
Si
716
716 Apr
St Regis Paper corn
10
I%
800
14
1
Mar
1
135 Jan
100 24
50 1735
1735 Mar 27
244
7% preferred
Jan
Salt Creek Consol OIL_ _1
71
Jan
1
% Jan
Salt Creek Producers___10
5
635 7
1,800
May
535 Mar
7
•
34
Savoy Oil
35
400
4
4 Jan
I
Jan
Schiff Co corn
GOO 13
254 Mar 3335 Jan
2834
• 27
4
Schulte Real Estate corn.. •
9
,e Mar
31 Jan
25 17
1935 Mar 234 Jan
Scoville Manufacturing_25 20
20
Seaboard Utilities Shares.1
4
4 Mar
Si Feb
Securities Corp General_•
35
Si Mar
1.35 Apr
•
Seeman Brea Inc
34
4335 Mar 49
Apr
Segal Lock & Hardware__•
34
35
300
31
4 Mar
31 Jan
Selberling Rubber corn_ •
14 Apr
234 Jan
I%
Selby Shoe Co
50 1535 28
Jan 34
• 3234 3234
Apr
Selected Induatrles Inc
Common
1
1,000
Si
1516
14 Jan
Si Mar
35
250 38
$5.50 prior stock
48
57
25 56
Mar 57
May
Allotment certificates__
1,000 3735 46
5734
55
Mar 5731 May
Selfridge Prov Stores
Amer den rec.
14
_E
231 Mar
235 Jan
Sentry Safety Control_ _ _ _•
31
31
100
35
4 Jan
34 Mar
•
5
Beton Leather corn
535
1,200
335
34 Mar
535 Jan
Shattuck Dann MInlng_ _ _5
235
400
215
134
135 Jan
235 Mar
Shawinigan Wat & Power.• wg 1434
400 1434
1431 May
1934 Jan
•
S banter Pen corn
74 20
Apr 2334 Jan
Shenandoah Corp cora_ _1
134 Jan
Si Apr
4
$3 cony pref
100 12
25 1435 1435
124 Mar
1735 Jan
Sherwin-Williams corn_ _25 90
2,200 "3254 84
91
Jan 91
Apr
30 "9034 108
6% preferred A A__100 11031 1114
Jan 11335 Mar
Singer Mfg Co
30 119
235
100 247 24734
Mar 258
Jan
Singer Mfg Co I.tdAmer dep roe ord reg.£1
2
200
331
234 Feb x331 Apr
394
Smith (II, Paper Milts_ •
1234
1235 Jar
1254 Jan
Smith (A 0) Corp rom__.• 53
2,600 154
6931
29
Jan 6934 May
Smith (L C) & Corona
Typewriter•t o corn_ •
335
6
Feb
8
Jan
Sonotone Corp
1
135 2
1,300
I
1
Apr
234 Jan
So Amer Gold & Plat
1
335
4,700
335
15-t
33.5 Apr
44 Jan
Sou Calif Edison
', 26
5% original preferred..25
2831 Jan 3435 Apr
100 184 204 Jan
7% pref series A
25 2531 2531
2531 Apr
Preferred B
600 1535
25 2274 23
1735 Jan 23
Apr
100' 1435
54% met series C_25 2031 2035
7
1335 Jan 21
Apr
South'n N E Telep_ _100
100
104
Jan 108
Apr
Southn Colo Pow el A _ _25
135
14
100 •
4
1
Jan
154 Apr
Southern Corp corn
•
%
% Apr
4 Feb
Southern Natural Gas. •
'Hi
34 Jail
4 Jan
Southern Pipe Line
10
335
37-4 Jan
431 Apr
Southern Union Gas corn..
' Si
A Apr
1
Apr
Southland Royalty Co_ _ _ A
534 54
500
455
431 jail
54 Apr
South Penn 011
2,600 1535
25 2431 2534
2135 Mar 2544 Apr
So'west Pa Pipe Line
50
3435 4531 Feb 5235 Feb
Spanish & Gen Corp
Am dap rcts ord reg_31
'is
'is Apr
34 Apr
Spiegel May Stern
150 45
100 85
85
64% preferred
80
Mat
06
Jan
400 Is 70c 17
Square D class B com___I
18
17
May
1835 Apr
250 12 3
Class A prof
• 2935 30
2935 Apr 30
Apr
Stahl-Meyer com
14
100
•
135
135
155 Apr
334 Feb
Standard Brewing Co_
100
•
35
35
35
34 Jan
34 Jan
Standard Cap & Seal com _5 3235 324
25 23
2935 Mar 3234 Apr
Stand Investing $5.50 DL' 13
150 1035
14
1031 Apr
1734 Jan
Standard 011(KY)
3,200 134
10 1831 19
18
Jan
214 Feb
Standard 011(Neb)
25
734
731 Mar
10
Apr
1.500 1135
Standard Oil (Ohio) corn 25
143.5 154
114 Mar
164 Apr
5% preferred
100 95
97
175 764 91
Feb 97
May
Standard P & L corn
•
1
1
Mar
134 Feb
a
Common class B
35
31 Apr
14 Jan
100
9
Preferred
9
9
•
9
Mar
1235 Jan
Standard Silver Lead._ _ 1
.
35
1is 3,100
514
31 Apr
35 Feb
Starrett Corporation
1
700
'Is
31
'is
51s Feb
1
Apr
10
6% preferred
235
235
700
34
Si Mar
335 Apr
Steel Co of Can Ltd
• 4335 4334
50 32
4235 Mar 47
Feb
Stein (A)& Co corn
200
5
• 114 12
935 Mar 1234 Apr
80
635% preferred
100
103
Jan 107
Feb
Stein Cosmetics
•
100
Si
4
4
Si Feb
34 Jan
Sterling Brewers Inc
354
1
35-4 Mar
4
Apr
Stetson (J 13) Co corn_ ___•
731
11
Feb
15
Mar
New York Curb Exchange-Continued--Page 4
Volume 140
STOCKS
(Concluded)
Week's Range
of Prices
Par Low
Stinnes(hub)Corp
5
Stutz Meter car
14
Sullivan Machinery
• 11%
•
Sun Investing corn
•
$3 cony preferred
Sunray 011 ,
1
1516
Sunshine Mining Co__10c 20
SwanFinch Oil Corp.
26
Swift & Co
26 1434
Swift Internacional
15 3335
Swiss Am E'er pref_100 55
Swim 011 Corp
1
255
Syracuse Ltg
pref_ _100
Taggart Corp corn
•
Tampa Electric Co corn_.• 26%
Taatyeast Inc class A
•
516
Technicolor Inc corn
• 1535
Teck-Hughes Mines
44
•
Tennessee Products
Texas Gulf Producing
334
Texas I' & L
pref__100
Taxon Oil& Land Co_.-•
54
Thermc:1
i7% prat
oo
Tobacco Allied Stocks._ •
Tobacco Prod Exports_ •
Tobacco Securities Trust
Am dep rcts ord reg_ _£1
194
Am dep tete dot reg1
Todd Shipyards Corp_......• 32
Toledo Edison 8% pref 100
7% preferred A
100
Tonopah Belmont Devel_l
35
Tonopah Mining of Ney__1
1
Trans Air Transport
Stamped
1
34
Trans Lux Pict Screen
Common
1
235
rri-Continental warrant&_
1
Triplex Safety Glass Co
Am dep rcta for ord reg.
Trl-State Tel &Tel6%M 10
rrunz Pork Stores Inc_ •
734
ubize Chatillon Corp
1
335
Class A
1 12
rung-Sol Lamp Works__ .•
• 35
$3 cony prat
Unexcelled Mfg Co
10
Union American Inv's •
Union Gas of Can
435
•
Union Tobacco omn
•
314
171,1011 Traction Co
50
United Aircraft Transport
Warrants
335
United Carr Fastener....' 1635
United Chemicals
4
83 corn & part pref
•
United Corp warrants
94
United Dry Docks corn ....•
316
United Founders
16
United G & E
pref _100 65%
7
United Gas Corp tiona___1
IN
Prof non-voting
• 45
Option warrants
3-4
United Lt & Pow corn A _.•
94
Common class B
•
1
26 cony let pref
6
United Milk Products •
$3 preferred
•
United Mola.sses Co
Am den rcts ord ref __ _L 1
434
United Proflt-Sharing
•
1
Preferred
10
United Shoe Mach com _25 77%
Preferred _ _
25 39%
11 8 Flee Pow with warr...1
116
U 8 Finishing corn
•
U 8 Foil Co class B
1
104
(I S
Securities
235
•
let pref with warr
• 474
S Lines pre(
•
US Playing Card
10 36
U S Radiator Corp corn_ •
7% preferred
100
S Rubber Reclaiming_ *
United Storer v t e
•
54
Un Verde Extenslon___50e
335
United Wall Paper
•
Universal Consol 011 Co _10
Universal Insurance Co.
.5
Utah Apex Mining Co_ -b
Utah Pow & Lt $7 pref..' 2635
Utica Gas & Flee 7% 14.100
Utility Equities Corp
•
135
Priority stock
• 51%
Utility & Ind Corp
•
Cony preferred
•
135
1411 Pow & Lt corn
1
%
7% preferred
100
6
Venezuela Max 00 Co_ _10
Venezuelan Petroleum_.....5
34
Vogt Manufacturing
•
9%
Waco Aircraft Co
•
Want & Bond el A
•
74
Class!)
•
Walgreen Co warrant&
Walker Mining Co
1
1
Walkedliiram3Gooderh
& Worta Ltd corn
• 23%
Cumul preferred
• 174
Watson (J W)Co
•
35
Wenden Copper
34
Western Air Express
1
2%
Western Auto Supply A...• 56
Western Cartridge pref_100 99%
Western Maryland Ry
7% lat preferred....100
Western Power 7% prat 100
Western Tab & Stat•t e_• 13
Westvaeo Chlorine Prod7% preferred
100 101%
West Va Coal &
435
Williams 011-0-Nfatic
heating Corp corn
•
WHIlants(R C)& Co
•
Wil-low Cafeteria, Inc., I
Cony preferred
•
Wilson-Jones Co
•
Woodley Petroleum
411
Woolworth(F W)I.tdA mer deposit rota _ _66 25%
Wright-Hargreaves Ltd..•
84
Yukon Gold Co
9
16
July 1
Sales 1933 to
for
Apr 30
Week
1935
High Shares
2
12
1,500
125
Low
134
544
294
34
3,100
1
23% 113,400 10 2.10
154 11,500 6 11
354 3,200 I 194
55
50 324
800
24
89
94
900 214
2715
200
94
116
74
194 3,500
44
4,600
4
335
435 22,800
75
44
900
54
20
3735
34
19%
100
32
100
SIG
800
1834
535
18
51
684
3.4
34
1%
Si
24
14
300
1,100
134
34
35
1%
200
1,700
11%
734
735
335
12
535
35
300
400
200
2,300
100
300
435
34
100
700
335
17
4
100
500
200
916
1
7
2,000
2,800
6,100
20
4,700
1,500
2,500
1,900
100
2,500
433
14
1,400
1,000
3
235
12
2
16
3
4Ii4
31
3i
65%
135
474
7
14
82
3935
35
11%
1
49
3633
"lc
335
3
514
235
13
•
316
31
46
94
15
35
34
1
335
3
20
34
6
725 6 47
70 304
400
35
34
1,100
54
300
35
700 39%
II'
200 1 1435
134
5
94
200
4
1,700
24
1
1.20
534
31
1,075
14
52
2,100
200
134
94
6
200
800
50
15,
6
6,200
200
600
200
100
11
5
715
1
1
254
174
4
44
235
56%
994
13
77
3031
1334
400
10115
431
175
5,100
44
34
100
200
10,000
2,600
1935
513
234
68
83
94
4
235
4
2034
12%
3-4
2
17
6233
Apr
Apr
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Apr
2
15 Star
1635
10.4
735
3
12
a%
29
21
4
193-4
44
35
5
BONDS
(Continued)
High
2
Jan
335 Feb
1434 Jan
Jan
4
414 Feb
135 Jan
234 Slay
Feb
3
1934 Jan
364 AM
5835 Feb
235 Apr
Apr
89
135 Jan
2735 Slay
4 Jan
2134 Apr
455 Mar
1
5 Jan
434 May
8733 Apr
633 Jan
28
Feb
624 Jan
235 Jan
24
7
33
81
92
Jtill
Jan
Apr
Mar
Mar
34 Apr
131 Apr
Jan
3
Si Jan
34 Feb
134 Apr
Feb1794
Apr 104
Apr
9
Apr
634
Mar 18
Apr
535
Jan 37
231
Mar
Mar 23
535
May
4
Jan
Apr
5
Feb
Apr
Jan
*Jan
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Apr
335 Mar
6
144 Jan
174
4
235 Mar
214 Apr25
35 Mar
35
,
'is Apr
74
35 Mar
4
Jan 654
54
235
94 Mar
35
Mar 5031
li Star
4
145
4 Mar
1
Feb
135
313 Mar
835
Jan
3
3
29
Jan 3615
Jan
Feb
Apr
Jan
Jan
Jan
Jan
May
Apr
Apr
Jan
Jan
Jan
Apr
Jan
Apr
eg
35
735
70
36
4
35
1015
35
4135
35
3034
2
12
34
35
254
14
331
7
4
18
54
A
4334
35
1
Si
34
135
'I6
234
1835
.,
34
2
53
98
Jan
Mar
Ie
Jan
Jan
Jan
Mar
Mar
Mar
Apr
Apr
Mar
Mar
Apr
Feb
Mar
Apr
Mar
Jan
Jan
Nlar
Jan
Air
Mar
Jan
Mar
Mar
Feb
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Jan
64
135
74,
82
4035
35
2
1335
1
51
14
3735
3
17
33
135
335
235
63-4
124
14
31
85
155
52
35
14
Ile,
715
194
7,16
11
54
74
1
135
I
Jan
Apr
Apr
May
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Jan
May
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Al ar
Apr
May
Jan
May
Feb
Feb
Apr
Apr324
Jan
1835
Jar
t
Jan
4
Jan
3'
,
Jan 60%
Jan 101
Feb
Mar
Jan
Mar
1 eb
Mar
Apr
35
65
633
4615 Mar
7434 Mar
12
Feb
eo
99
Jan 10235
34 Mar
5
Apr
Apr
Apr
3
124 Apr
Si Mar
4
Feb
18
Jan
334 Jan
4
174
1114
8
27
44
Apr
Jan
Feb
Jan
Apr
Feb
24
Mar
84 Jan
A Mar
284 Jan
10
Mar
35 Jan
3-4
• ''3;
11
94
4
26
9
Low
2
Jan
14 May
Mar
10
235 Mar
Mar
40
35 AM
104 Jan
235 Mar
1455 Mar
Jan
31
454 Jan
2
Feb
Apr
89
35 Mar
22% Max
4 Mar
1135 Jan
334 Mar
4 Jan
335 Mar
75
Feb
Mar
5
2235 Apr
Mar
60
14 Feb
8
315
44
34
Si
33
200
6,800
300
500
3,500
300
200
25
Range Since
Jan. 1 1935
2
174
64
60
78
14
Jan
Mar
Jan
BON DS
A bbott's Dairy 64..
.1942
Aluminum Cot? deb 5852 1064 107
30,000
Aluminum Ltd deb 5s_ 1943 994 100
27,000
Amer Comity Pow 5348 53
24 235
1,000
Amer & contime tel sal 1142 101% 1014 21,000
For footnotes see page .3015.
8635 102
92% 10534
9735
59
23£
14
93
78
Jan
Jan
Jan
Jan
Jan
1044 Mar
1074 Mar
101
Jan
334 Apr
102
Apr
Week's7Range
of Prices
Low
Alabama Power Co
1946
1st & ref 5s
1951
lat & ref 55
1966
1st & ref 56
lst & ref be
1968
1st & ref 435s
1967
Am El Pow Corp aeb 6s '67
Amer G & El deb 5s 2028
Am Gas & Pow deb 66_1939
Secured deb 55
1953
Am Pow & Lt deb 68 2016
Amer Radiator 434s...1947
Am Roll NIIII deb 58..1948
Amer Seating cony 6s_1936
Appalachian El Pr 53_1956
Appalachian Power 56.1941
Deb 63
2024
Arkansas Pr & Lt 6s 1956
Mandated Elea 446_1953
Associated Gas & El Co
Cony deb 5145
1938
Cony deb 4158 C
1948
Cony deb 4155
1949
1950
Cony deb 5,
Deb 53
1968
Cony deb 5346
1977
Assoc Rayon 56
1950
Assoc Telephone Ltd fs '85
Assoc T dr T deb 5%8 A '55
Assoc Telep Util 5 48_1944
Certificates of depoelt_
1933
65
Ctfs of deposit
Atli), Plywood 53.4t..1943
Baldwin Loco Works
65 with warn
1935
1938
6/9 without warr
Bell Teiep of Canada
1s1 NI 5s series A
1955
let NI 5s series B
I957
1980
135 series C
Bethlehem Steel 6:3_1998
Binghamton L H & P Is'46
Birmingham Elea 4%a 1968
Birmingham Gas 5a 1959
Boston Consol Gas 56.1947
Broad River Pow 55..1954
Buff Gen Else 5,
1939
Gen & ref 5e
1956
Canada Northern Pr 58 '53
Canadian Nat Ry 75..1935
Canadian Par Ry 6s__1942
Capital Adminis 58_1953
Carolina Pr & Lt 58_1956
Cedar Rapids M & 55.'53
Cent Aria Lt & Pow Ss 1960
Cent German Power 6s1934
Cent III Light 6e.___1943
Central Ill Pub Service
5s series E
1958
let & ref 435s ser F_1967
1988
58 aeries0
44% series H
1981
Cent Maine Pow 5613_1955
4155series F
1957
Cent Ohio Lt & Pow 541950
Cent Power Sneer 13._1957
Cent Pow & IL let 6&1956
Cent States Elea 5e
1948
594, ax-warn
1954
Cent States P A L 5346.'5a
Chic Diet Elea Gen 4356'70
Chic Jet Ry dr Union Stk
*Yards Es
1940
Chic Pneu Tools 5358.1942
Chic Rys 56 otfs
1927
Cincinnati Street ItY515s series A
1952
as seders B
1955
Cities Service 56
1966
Cony deb 55
1950
Cities Service Gas 5356 '42
Cities Service Gas Pip
Line 85
1943
Cities Sem P & L 53551952
,
61
5a
1949
Cleve Elea Ill lel 58._I939
bs aeries A
1954
be aeries B
1961
CommersundPrivat
Bank 515
1937
,
Commonwealth Edison
lat M 5s series A_ _1963
1s1 Ni 5, merles 13_1954
1st 446 melee C_.1956
let 641 sertee D..1957
let 445 series E....1960
let M 48 series F.__1981
54/1 series()
1982
Com'wealtn Subsid 5145'48
Community Pr & Lt 551967
Connecticut Light & Power
76 series A
1951
5158 series B
1954
414s sedee C
1950
to series 13
1962
Conn River Pow 66 A 195')
Como! Gas (Balto City)66
1939
Gen Mtge 4343
1964
Consol Gas El Lt & P(Balt
6 he series (1
1969
433aseriee H
1970
1st ref ri 148
1981
Consol Gas XJtil Co
151 & ooll Steer A 1943
Cony deb 6 Sis w w _1943
Consol Pub 7% stpd .1939
Consumers Pow 4336 1956
lat & ref 5a
1936
Conti Gam & El 65___.19158
Cosgrove-Meehan
Coal Cor D 6148
1945
Crane Co 5e __ _ _ Aug 1 1941)
Crucible Steel Si
1950
Cuban Telephone 7481941
Cuban Tanana° 15s _ _1944
.
Cudahy Pack deb 5451937
a f 5e
1946
Cr.mberld Co P& L 446'56
Dallas Pow & Lt Si A_I949
54 series C
1952
Dayton Pow & Lt 5e 1941
Delaware El Pow 5 3.4e '59
Denver Gas & Elea be _1949
Derby Ga8 &
Del City Gas Ele6 56-19"
6s ser A.1947
1950
5. Int series II
3013
Sales
for
Week
High
July 1
1933 to
Apr 30
1935
Low
Range Since
Jan. 1 1935
Low
High
wog 10135 37,000
944 96% 130,000
944 964 50.000
127,000
8633 91
8235 864 237,000
94 11
38,000
10133 10235 293,000
29% 314 22,000
264 28
44,000
7815 571,000
73
10335 10455 31,000
9834 9934 78,000
8834 944 93.000
105 105% 70,000
107% 10735
2,000
105% 10715 40,000
3035 9335 118,000
3615 374 113,000
88% Jan 101% Slay
63
5434 8335 Jan 9831 May
834 Jan 963.4 Apr
55
Jan 91
May
474 73
4435
6635 Jan 8634 May
715 Mar 11
Apr
735
8935 Jan 10235 May
34
13%
Jan 3134 May
18
1734 Jan 31
124
Apr
3834 5035 Jan
7835 May
973.' 1034 Jan 108
Feb
9435 Apr 100
62
Jan
74
41
Jan 9435 May
101
64
Jan 10534 Mar
1054 Feb 109
99
Mar
58
8435 Jan 10714 May
50
7331 Jan 9335 May
204 2935 Feb 3735 Apr
2035 22
1933
19
174 194
204
19
1831 20%
204 224
68
66
104 104%
6434
62
174 1734
173-4 Is%
345-4 35
35
36
80
8034
17,000
3,000
202,000
86,000
167,000
36,000
14,000
8,000
15,000
17,000
21,000
11.000
5.000
17,000
12
94
915
11
1135
11
384
76%
34
39
35
40
42
11435 115
1164 118
118 118
13135 1334
10535 106%
Si
6755
67
66
106,, 106%
8233 844
10634 106%
105 1053.4
134
1335
47
144
13
11
1235
12
1415
60
99
57%
1435
14%
20
20
78
Mar 22
May
Feb 194 Apr
Mar 1935 Apr
Mar 204 Apr
Mar 20% May
Mar 224 May
Apr 7535 Feb
Jan 1044 Apr
Jan 754 Feb
Jan 18% Apr
1835 Apr
Jan
Apr
Jan 36
Apr
Jan 36
Mar 86
Jan
4.000
61,000
32%
30.%
324
3035
Apr
Apr
55,000
50,000
21,000
9,000
2,000
134.000
20,000
8,00
2,00
1,00
25,00
98
97
9734
102
764
4535
38%
1024
29
10234
102
Jan
Jan
10935 Slar 1154 Apr
11135 Feb 11835 Apr
11294 Jan 119
Feb
12644 Jan 13314 May
1023-4 Jan 1004 May
694 Jan 873-4 May
56
Jan 674 Feb
1064 Apr 109
Jan
Jan 88
Mar
70
1083-4 Jan 10935 Jan
105
Jan
Apr 109
110% 56,000
19,000
100
997 286,000
4
1124 17,000
101 177,000
4032 4,000
106
4,000
71
97
Apr 1014 Jan
9935 9935 Apr 1014 Jan
98
Mar 1124 Jan
105
65
884 Jan 10034 Apr
46% 834 Jan 99;5 May
9444 1104 Jan 11235 May
May
724 89
Jan 101
334 39
Mar 424 Apr
106
99
Apr 1094 Mar
75,000
210,000
71,000
38,000
9,000
36,000
27,000
18,000
198,000
63,000
201,00
141.
000
115,00
76% Jan 94
50
May
4534 67
Jan 8674 May
49
75
Jan 9:33i May
46
6794 Jan 8635 May
80
101
Jan 10535 Apr
72
9531 Jan 10235 Slay
554 72
Jan 9i
may
373-4
59
Jan 7934 May
3733 594i Jan 8135 May
25
26
36% Apr
SILL
36
2535 254 Ma
Apr
29
Feb
4835 Jan 64
May
924 Jan 103
62
9932 9934 35,00
10934
994
95
11132
97%
40
106
81
68
89% 94
804 8634
8935 934
8635
81
1034 1044
10115 1024
8994 91
734 7935
8135
76
5
334 354
3331 3515
59
623-4
101 103
10935 109% 5,00
9735 26,000
97
34,000
73
71
10535
90
6134 87%
6534
43
4035
47
2834
28%
4333
72
76
404
4135
76
744
76
444
453-4
824
914
37
3835
1034
10715
11015
99
4035
40
10435
10735
11035
11035
111
10935
10935
10255
10334
105%
98%
614
1114 28,000
11111 14,000
27,000
110
15,000
110
1034 21,000
1043.5 232,000
10534 31,000
10015 197,000
92,000
66
121
no
los%
10715
10535
121% 8,000 112
8,000 104
no
17,000 9835
109
10735 8,000 102
10574 22,000 8734
112
120
112
120
12,000
2,000
45.000
1399000
121,000
108)4 109
Feb
Feb
Mar
Feb
Jan
7434
76
44%
454
8235
Apr
Apr
Apr
Apr
Apr
May
84% Jan 99
50.000 66
139,000 284 26% Feb 4035 MaY
Apr
116,000 2735 2734 Feb 40
Mar
10354 Jan 108
15,000 103
Feb
2,000 10134 106% Jan III
109% Feb 114
Jan
10,000 102
23
106% 106%
58
864
3035
2935
6335
Jan 10935 Slay
Jan 9933 Jan
Apr
Jan 74
8633
8635
8034
79%
sox
6934
924
54
3334
37
Apr
47
Feb
10934 Jan
Jan
109
105% Jan
104% Jan
1024 Apr
944 Jan
10515 Apr
85
Jan
614 Mar
112
11234
1104
110
1064
1044
109
1004
66
11933
10833
1684
107%
1034
121% Apr
112
Jan
10935 Mar
10934 Jan
Jan
108
Jan
Ay
Jan
Apr
Jan
Mar
Apr
Apr
Apr
Apr
May
Jan
May
Slay
3,000 10034 III
3.000 9934 11435
Jan 11234 Apr
May
Jan 120
6,000 10144 10514
9835 107
8834 1064
Apr 11134 Feb
Apr 111
Apr
Jan 1104 Ma
,
30,000
Jan 684 Apr
51
33
Apr
435 Jan 20
4%
Mar 89
87
70
Mar
107% 108
39,000 88
107% Jan 10934 Mar
102% 103
35,000 1004 102% Apr 104
Jan
42
6034 6334 565,000 33
Jan 6335 Apr
67
66
1634 19
26,000
.55,000
10215 103
31,000
9915 24,000
99
6633 71
14,000
103%
105%
10233
10634
10515
1074
9515
107%
9215
10234
963i
104
106
104
10735
106
108
98
1074
9314
10335
9735
33,000
13,000
21,000
5,000
10,000
32,000
175,000
9,000
47,000
55,000
77,000
8
Jan
234
Jan
774 102
do% 954 Apr
814 Ma
ao
4434 Apr
35
93% 10315 Ma
102
10315 Ma
65
95% Jan
10031 1064 Apr
94
10434 Fe
994 10531 Apr
Jo
86
ea
9234 1054 Jan
Jan
13895 83
76
Jan
99
6714 91% Jan
1734
10335
10094
74
484
104
1074
104
11035
107
109
98
1084
9535
104%
99
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Slay
Mar
Mar
Mar
Slay
Feb
Apr
Feb
Feb
New York Curb Exchange-Continued-Page 5
3014
IVeek's Range
of Prices
BONDS
(Continued)
Low
Detroit Internet Bridge
Aug 1 1952
634.
Certlficatee of depoeit _
Aug 1 1952
Deb 7s
Certificates of deposit
Dixie Gulf Gaa 6344_1937
Duke Power 4358
1967
Eastern TJtil Invest Se.. 1954
Elea Power & Light 53.2030
Elmira Wat,Lt & RR bs'56
El Pan° Elec be A_
1960
El Paao Nat Gaa 6340_1943
With warranta
Deb 634.---------1938
Empire Diet El be.. _.1952
En pita Oil 4 Ref 535e 1942
Ercoie ?Amain Eke Mfg
1953
634e A ex-warr
Erie Lighting be
1967
Euronean Eke Corn Ltd
1965
630 x-warr
European Mtge Inv 7s C137
Fairbanks Mom 5a_1942
Farmers Nat Mtge 7..1963
Federal Sugar Ref 66_1933
Federal V. ater ken 53064
Finland Reeldential Mtge
Bank. ea-lbe8tampe01961
Firestone Cot Mille 5a. 48
Firestone Tire & Rub Zs 42
Fla Power Corp 54e_1975
Florida Power 6 It & 1964
Gary Elec & Gas be ext.'44
Gatineau Power let 5151956
Deb gold es June 15 1941
1941
Deb& series B
_1940
Geueral Bronze
General Pub Sexy& _1963
Gen Pub Etil 834. A.196o
General Rayon eet A...1948
Gen Refractoriee es. 1938
A ith warrant.
55 ill out warrant.
Gen Vending 6s ex war '37
Certificates of depoelt.
Get Veal VS ke & Fla 1945
Georgia Poser ref 5(3_1967
Georgia Pow A Lt 5e_.1978
Geeturel 68 x-warrante 19138
Gillette Safety Razor Cs '40
Glen Alden Cc al 48_.... 1965
GOA)(Adolf) 035s._ 1931,
with warrante_
-Godchaux Sugar 735E41941
Gratd 'Trunk By C 34. 1938
Grand 'I runt V. est 48.1960
Cl 2,, r Pow ba atmp 1950
Great NV eetern Pow be 1940
Guantanamo 4 55 eel ea '68
Gtard,an Inve8tore 5s.1948
1987
Gulf(Rol Pa be
1947
be_
Gulf &teeter Mil be
1968
1561
435e sales B
--
6
534
135
102
107
Sales
for
Week
High
Low
6
18,000
7,000
6
135 3,000
10231
107
13,000
2,000
334
135
35
100
10135 65,000
78
85
10
22
55
64
100
98
86
6035
1014 12,000
9834
4,000
50,000
90
6235 71,000
6634
25
46
41
4435 474 366,000
9,000
60
60
10535 10535 25,000
60
78
95% 9635 5,000
38
3835 8,000
10235 10335 29,000
......
6935
24
58
384
14
15
54
56
6
7- ;666
9835
103
103%
864
7635
714
8435
6835
674
88
84
634
59
9935
103%
104
90
81%
7535
864
73
7234
8835
84
69
60
11,000
12,000
17,000
51,000
524,000
58,000
107,000
18,000
21,000
7,000
2,000
116,000
2,000
156
10135
835
635
6935
9335
66
60,000
160
101% 33,000
835 4,000
64 6,000
39,00
73
95% 385,000
6935 58,000
6
104
10434 1- ;666
8735 8835 184,000
7035
1064
103%
87
106
108
35
30
103%
10535
1024
9835
8035
10634
1034
87%
106
108
36
32
104%
1064
105
99
Range Since
Jan. 1 1935
BONDS
(Confirmed)
High
Low
Jan
734 Apr
3
Apr
2
Jan
7
235 Apr
35 Jan
135 Apr
31 Mar
1014 Jan 1024 Jan
105
Jan 108% Mar
1635 Jan
11
Star
3335 Feb 47% Apr
Apr
8535 Jan 95
8935 Jan 101% Apr
91
904
67
64
60
100
Jan 101% May
Jan 9835 May
Slay
Jan 90
Jan 6535 Jan
Jan
Apr 69
Jan 10535 Slay
Apr
85
Jan 98
3435 Apr 5535 Jan
964 Jan 10335 Apr
Feb 5535 Jan
63
235 Apr
134 Feb
Apr
3135 Jan 56
9835 Mar 100
80
10234 Jan 10635
85
103
Apr 10534
89
78
Jan 90
48
444 684 Jan 8135
63% 634 Jan 7635
7935 Apr 9935
7134
60
Apt 9935
60
5935 6934 Apr 9835
8135 Mar 94
66
Mar 85
74
64
2335 5134 Jan 69
56
Jan 60
36
Apr
Mar
Mar
May
Slay
Feb
Jan
Jan
Jan
Jan
Feb
May
Slay
Mar 1624 Apr
145
90
Niar 10234 Feb
86
100
4
Jan
834 Apr
2
6% Slay
Jan
4
2
Slay
3835 5635 Jan 73
6435 8135 Jan 9535 May
Apr
56% Jan 70
40
38
Apr 6635 Jan
30
103
Jan 10535 Feb
93
84% Jan 92
63
Mar
128,000 09
70
15,00
106
95
6,000 984 103%
51,000 63
87
6,00 10235 10235
2,00
9335 107
12,00(
10
17)4
3,000 24
25
57.00
9935 103%
12,000 97
105
61,00
9435
62
20,000 55
8734
5,000
Hackensack A ater 5s. 1938 109% 109%
1977 10535 10535 1,00
Zs series A
74
43,00C
Hall 1 rint (es:Amp_ 1947 70
......
Hamburg Elect 7a..._.1936
Han burg El Underground
34
1938 33
2,000
Et BY 6344
1,000
92
Hood Rubber 635e...- 1938 92
1.000
9335 9335
1934
71_ _
(se 6(4_1541 9835 99% 30.000
Houston
90% 24,000
er with warrant,. 1941 88
Ilouston Light & Power
23,000
1953 104% 105
lot 58 ear A
35,000
1978 10335 104
lot 435e eer D
1981 105 10535 22,00
let 4358 ger E
Budget,Pay M 4 81 es. 1936 1044 10635 43,000
......
liung-Itallan Ble 7;48.1963
113 druulic l'ow 5.s_. _1950
1;666
1951 107- 107 .
Ref & impr be _
Haan& Food Product,
52,000
19419 5664
es perks A
7,000
63
1949 60
ea eerie. B
23,000
1947 107 107
Idaho Power S,
37,000
07
iiliiole Ce ntral RR es 1937 65
8,000
10635 107
III Noitht
11) Pow 4 I let ea ter A '59 9134 94% 196,000
Ist A ref bMe se! B_1954 85% 90 132,000
86 216,000
82
1951
let & ref be ter C
7235 744 43,000
SI deb 63th -May 1957
Indiana Elute' erC or(28,000
1947 79% 85
0s term A
11,000
87
.1953 83
634. Feriae P
57,000
1961 6835 76
be eerier. C
_
-ltdiana (.en 1 cry 5s_1948
1- - 666
6,
734 77
IL011,La Hyde*" Flu be 68
ItChana A Mich Flee Si. 61 10431 10435 12,000
4,000
.196*. 110% Ill
be
59,000
4435 49
It-d
a 8erviot be___1951
61,000
49
let ,ien 4 ref 6p____1913: 43
15,000
93
InOlanspolie On. te A.1962 92
led to Ile P4 1 leper A'S' 102% 10334 95,000
Intereontinents Power
2,000
235
335
8e eerie. A ex- w_. _1949
Inturatioral Power Sec4,000
75
6348 aeries C.
1960 75
1,000
79
is series E...... _1957 79
7e aeries F _
___1952 7635 76% 3,000
luterratior al Sal be... 1951 10734 107% 4,000
76% 33,000
Internattot al Etc 5,__1947 75
interetate Irn &
43040 924 19635 56,000
Interstate Nat Gas es..1938
75 241,000
tersiate Power be_. 1967 71
504 109,000
Detenture Be__ _.1952 46
hettrekte Put lie St inlet40,000
Uteri& D..
1966 65% 71
44s earl& F.
1958 5934 65 123,000
lutes, Cool Amer
93
10,000
1547 97
be striae A w w
2,000
98
without warrants__ _. 98
lowa-laeb L & P 6e.,. 1967 1014 103% 80,000
36,000
bs series _
_1961 10135 102
61,000
wa Pow & It 430_1969 1044 105
Iowa rub Su% be___ 1967 93
9635 123.000
Iearco Hydro Elea 78.1962 75% 8334 31,000
bolts' Franshini 7e_._1942
Health Superpower of Dee
Lab ap without war_ 19133 5934 604 27,000
46% 16,000
Jacksonville Car be
1943 46
7,000
Jamaica A at Sup 63055 106 107
Jamey Central Pow & Light
1947 103 103,35 82,000
543 series 13
1961 1014 1034 22,000
4350 series C
Jones & Laughlin SU te '39 107% 107% 6,000
34,000
Hanka Geo 4 Flee 6(3_2022 106% 107
1947 5335 9435 28,000
Kansas Power bie
or footnotes sEe page 3015.
July 1
1933 to
Apr 30
1935
Apr
Apr
May
Ape
Feb
Jan
Jan
Mar
May
Apr
Jan
Jan
9335 Feb
107% Mar
Jan
105
9235 Jan
10635 Apr
10935 Apr
36
Apr
36
Jan
10535 Jan
107% Jan
105
Slay
99
Apr
984 10834 Jan 11035 Mar
98
105
Apr 10635 Feb
70
70
Slur 77'5 Apr
43
Feb
44
Jan 51
28
55
65
40
294
33
84
87
93
76
Slay
Jan
Jan
Jan
Mar
4135
93
96
994
92
Feb
Mar
Mar
Apr
Apr
9135
79
80
101%
44
10035
100
104%
10235
104
101%
53%
11 1 31
1054
Apr
Feb
Jan
Apr
Feb
Jan
Mar
107
10535
10635
107%
65
1134
107%
Mar
Mar
Mar
Apr
Jan
Mar
Jan
4034 47
Apr 0435
42
Apr 63
54
86
10535 Jan 108
Mar 804
60
60
8235 1024 Jan 107
48
7534 Jan 9535
46
6935 Jan 90
424 664 Jan 86
324 67
Jan 74%
Jan
Apr
Mar
Jan
Apr
Mar
Mar
May
May
85
87
76
1074
77
104%
111
49
49
93
103%
Slay
Slay
May
Mar
May
Apr
May
May
May
Slay
May
5435
68
45
93
44
70
8835
2335
22
68
73
134
64
68
60
107%
62%
99
10735
3635
35%
80
97%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
135 Mar
434 Mar
Mar 774
65
65
7235
7235 Mar 8534
60
Mar 804
60
8335 10435 Apr 108
6835 Jan 7635
43
Apr 964
634 89
105
Apr 10535
103
57
Jan 75
87
38
Jan 5035
2634
41
42
52
4735
Jan
Jan
71
65
Jan
Feb
Feb
Apr
Feb
Dec
Jan
Slay
May
May
May
92
Jan 98
Apr
67
Apr
91
Jan 98
67
88
Jan 103% May
60
Jan 102
Apr
5835 86
100
Jan 1064 Apr
72
57)5 824 Jan 9635 May
64
64
Mar 8335 Apr
Jan 87
Apr
7335 83
51% Mar 6634 Feb
49
38
Jan 484 afar
32
Mar
9634 10535 Apr 108
10135
77
7035 93%
10235 10634
90
6135
774
85
Jan 1044 Feb
Jan 10335 Slay
Jan 1074 Apr
Jan 107
Apr
Jan 9435 May
Week's Range
of Prices
May 4 1935
Sales
for
Week
High
Low
Kansas Power & Light
5,000
1955 1064 10731
65 serke A
fee series B
1957 10535 10531 35,000
Kentucky Utilltlea Co
let ratzte baser H 1961 754 814 68,000
12,000
1948 8835 93
1334. striae D
17,000
86
54a series F
1956 78
8135 111,000
1969 75
S. series I
Kimberly-Clark 541_1943 1024 10335 14.000
Koppers04 C deb be 1947 10235 10335 23,000
Sink fund deb 630-1950 10335 1044 45,000
20,000
Kresge(SS) Co 6a...._1045 100% 101
Certificates of deposit _ 10135 1023.5 14,000
Laclede Cka Light 6451935
Larutan Gas Corp 64s '35
1001 10035 3,000
5
With privilege
Lehigh Pow Secur 65..2020 994 101% 158,000
Leonard 'nets 735s ex-w '46
13,000
Lexington UtIlitleabs_1962 9235 96
Libby McN & Libby 5s '42 103 10335 53,000
Lone Stir Gro 5s
1942 103% 10135 9,000
Long Island Ltg 68..,1945 10135 10234 16,000
Los Angelee Gas & Elec1939
65
8,000
1961 10535 106
be
1942 109 10935 8,000
(30
1947
534a,erleoE
1943 107 10735 2.000
834s series F
1949 10635 106% 7,000
534, eerie. I
9835 165,00(1
Loultelana Pow & Lt 6. 1957 97
Louisville 0 & E 6s__ _1937 102 1024 4,000
1961
44e series C
Manitoba Power 630_1961 514 5535 23,000
9131 72,000
Mass Gas deb 5.
1951 90
9535 54,000
1946 95
1535a
McCord Radiator & Mfg
71
4,000
es with warrants_1943 70
Memphis P & L /54 A 1948 10035 1014 113,000
Metropolitan Edison48 aeries E
1971 9835 10034 87,000
1962 10535 10535 37,000
ba series F
Middle States Pet 634.'46 7231 73
5,000
Middle A eet
734 835 68,000
• ctfe of depoelt 1932
31,000
1933
rea °Us of dep
734 8
16,000
7% 8
1934
& ink of dep
17,000
735 8
fes efts of deposit_ _ _1936
72
1,000
Midland Valley 5.
......1943 72
Milw Gas Light 44e 1967 10735 10834 13,000
Minneap Gas Li 4359_1960 10334 10335 64,000
Minn P&L 445
1978 9035 9334 239,000
1955 9731 100 173,000
bs
MIsaisaiPD1 Pow 58_1955 78)5 8435 84,000
Mi.. Pow & Lt
86% 191,000
81
Mississippi River Fuel& with warrants_ _ _1944
7
s Without warrant...... -66- 66- i . ;666
Mi.. River Pow let be 1951 107 10735 19.000
Misrouri Pow & Lt 548'55 10531 106
22,000
Mierouri Pub Serv 65_1947 454 50% 62,000
Monongahela Weal PennPub Per, 535 ser B.1963 97
99% 147.000
Mont-Dakota Pow 534.'a
3,000
76
73
Montreal L H & P Con
let & ref be leer A_ 1951 10635 10635 17,000
bs aeries B
1970 10735 10735 10,000
Munson SS Line
335 5,000
3
655s with warr
1937
Narragansett Elea be A '57 1024 103% 106,000
be wide B
1957 103 10335 10,000
Nassau & Suffolk Ltg ba '45 ---- --s2;666
Nat Pow & Lt 6. A._ _2026 904 93
Deb Ees aeries B
2030 7931 83% 207,000
Nat Public Service be 1978
Certificates of deposit_ _.
01 734 58.000
3,000
Nebraska Power 4356_1981 110 11031
&sedate A
2022 11031 11235 22,000
Neisner Bros Realty 6e '49 9631 9731 16,000
Nevada Calif Elec 58_1956 714 764 162,000
18,000
New Amsterdam G• 50.'48 10734 108
N E Gas & El Man be_1947 54% 5634 103,000
Cony deb 5es
1948 5535 5631 32,000
Cony deb Si
1961
5535 5631 80,000
New Eng Pow Aeanba_194% 634 6834 101.000
Debenture 535e
1954 6535 7035 134,000
New OH Pub Serv 435s '36 7935 88 319,000
&series A
1949 4034 4335 31,000
N Y Central Elea 634.
N y & Foreign Investing
/334s with warrants.1 48
6
N Y l'enn & Ohio 4358 1950 107- 10734 _ - ;666
NY P&L Corp let 4358 67 102 1044 226,000
NY State° & K 4356.1981
9734 9835 173,000
181 834.
1962 10635 10645 3,000
8,000
24 Y & Westch'r Ltg 432004 10335 104
Debenture be
1954 _
_ - ;666
5
Niagara Fails Pow (Ite 1950 107 108
&Berke A
1959 106% 107% 9,000
Nippon El Pow 630_1963 85
8534 6,000
No American Lt de Powb% notes
1936
- - ;666
67
54e series A
57
198e 55
28,000
32
Nor Cont UM!64e....1948 30
No Indiana (1 & E 6..1952 10331 10535 48,000
Northern Indiana P 5
-85,000
bee series C
1966 964 100
62,000
&sedan])
1969 9631 100
94
86,000
446 eerier. E
1970 89
No Ohlo P4 L 548_1961 10631 106% 26,000
Nor Ohio Trac & 1.1 be '58 106 106
2,000
No Staters Pr ref 4Mi 1961 1014 10434 126,000
1940 100 100% 51,000
634% note.
N'w astern Elect 8.....1935 8.535 8034 101,000
31
11,000
N'western Power es A _1960 31
1,000
3031 3035
Certificates of &poen-_
34,000
N'wentern Pub Serv 6. 1957 8335 88
Ogden Gas ba
I94o 10035 1024 97,000
Ohio Ediaon 1st 5s
1960 105 10535 86,000
Ohio Power let be B 1962 105 10631 29,000
1st & ref 435s ser D 1956 10435 10531 12,000
Ohio Publio Service Co
65 series C
1963 10834 10834 9,000
5s series 1.)
1954 103% 10435 38,000
12,000
634. eerie. E
1961 10534 106
Okla Gas & Eke 6e___1950 10434104 3-4 50,000
60 series A
1940 9834 1003.5 46,000
Okla Power & Water be '48 63
654 35,000
Osgood 6s ww
3,000
40
1938 40
6,000
81
Oswego Falk 6.
194! 80
Pacific Coast Power 50 1940 10335 10434 30,000
Pacific Gale
El Go
tat 6a series 13
1941 117% 1184 31,000
let & ref 534s ser C.1952 10535 10535 39,000
be Berke D
1956 10731 107% 21,000
let & ref 435e E
1967 10635 10635 13,000
34,000
let & ref 4 SS is F
1980 1064 107
Par invest 5e reer A
9235 13,000
194a 92
Pacific Ltg & Pow & 1942
Paelfir Pow .4 Ltg 58. 1958 72
7735 221,000
July 1
1933 to
Apr 30
1935
Low
80%
70
Range Since
Jan. 11135
Low
105
100
High
Jan 10734
Jan 106
ar
Apr
8135
93
86
8135
10335
104
10535
10435
103%
Apr 73
May
May
May
May
Mar
Mar
Jan
Jan
Feb
Jan
Jan 101
Jan 102
32
Feb 4035
75
Jan 96
9835 Jan 104
101
Jan 1044
9535 Jan 10231
Mar
Apr
Feb
Apr
Apr
May
Slay
107%
Mar
Feb4
63
7234
46
sa
ao
4535
8234
72
76
89
85
ao
1°°
564.4
91
Jen
Jae
19034
01
iss
25
5435
67
82Si
65
69
6235
Jan
Jan
Jan
102 4 Feb
1 1
103
Feb
10035 Apr
100
874
9935
94
94
94
6135
90
79
2234
70
80
1100834
107
10434
106
8834
100
1101
0
0
4
b
8535
8735
33
70
6835
904
Apr 82
Jan
Jan 10135 Slay
63
73
46
89
10035
68
May
Jan 10
105
1 Nie3
Jan
Jan 7435 Apr
Feb 108
Jan 10734
110
Jan 10934
Jan 107,35
Jan 110
Jan
981024%
M. } 1083.5
n
r
.
N
(3634
Mar 9535
Mar 10235
Feb
Feb
May
Feb
May
Slay
Apr
Feb
Jan
Jan
Jan
935 Apr
34
45i Jan !
Apr
909
9
3
34
434 Jan
Apr
384
4)5 Jan
Apr
334
6235 Jan 74
53
Mar
107
90
545 10834 Jan
94)5 Jan 104
67
Mar
79% Jan
54
Slay
5835 8835 Jan 100
May
6235 Jan 8435 May
3535
40
72
Jan 8635 May
89
94
Mar 9935 Jan
854 94
Mar 993.4
9535 10635 Jan 10735Mar
j
704 1013.5 Jan 106
May
4135 Star 68
33
Feb
68
4735
86
674
Jan
Jan
99% May
May
76
9435 10435 Mar 107%
9334 10535 Mar 10835
Jan
Apr
235 Mar
5
234
Jan
9135 1024 Apr 10635 Feb
934 103
Apr 1054 Feb
10035 Jae 10435 Apr
98
7135 Jan 93
61
May
42
61% Jan 8335 May
335
83
704
35
64
85
84
334
3334
4635
50
324
25
613
511
10335
73
584
77
81
90
104
9931
63
335
10735
10135
90
67
10035
4734
48
67
5435
6735
4735
3031
77
734 Apr
Mar
Jan 110% Apr
Jan 11235 May
Jan 9834 Mar
Apr 7735 Jan
Jan 108
Apr
Mar 6835 Jan
Mar 68% Jan
Mar 584 Jan
Mar 684 May
Mar 704 May
Jan 88
May
Jan 4335 Slay
Jan 89
Mar
90
Jan 90
Jan
10335 Mar 10754 May
8935 Jan 10435 Slay
85
Jan 99
Apr
9935 Jan 106% Apr
994 Jan 104
Apr
104% Jan 112
Apr
107
Apr 110
Mar
105% Apr 10935 Feb
824 Feb 8535 May
8135 1004 Jan 101
Jan
254 4435 Mar 68% Apr
1835
2035 Mar 32
Apr
71
9935 Jan 10534 May
514 77
Jan 100
5235
7635 Jan 100
4935
714 Jan 94
69
10135 Jan 107
65
100
Jan 1064
71
9034 Jan 10435
69
88
Jan 100%
54
7435 Jan 8935
28
Jan 38%
835
28
Jan 37
4735 72
Jan 88
7335 96
Jan 103%
eau
97% Jan 1054
as
1044 Apr 10835
8334 103% Apr 10635
May
May
May
Apr
Apt
May
May
Apr
Feb
Feb
Slay
Apr
Apr
Jan
Jan
70% 10534 Jan 109
6035 9935 Jan 104%
63
10035 Jan 106
6835 99
Jan 10435
63
9035 Jan 1004
40
48
Jan 65%
31
40
Mar 40
4534 6535 Jan 844
GO
9935 Jan 10435
Mar
Apr
Apr
Mar
May
May
Mar
Mar
Apr
101
9694
91
8234
8234
69
102
35
11135 Jan 118%
105
Apr 1084
10554 Jan 10835
101
Jan 1074
10034 Jan 107
87
Mar 9434
110
Jan 117
57% Jan 7736
Apr
Feb
Jan
Mar
Mar
Jan
Apr
May
New York Curb Exchange-Concluded-Page 6
Volume 140
BONDS
(Continued)
Week's Range
of Prices
Low
1034
102
98%
96%
10134
91
Sales
for
Week
High
Low
103% 8,000
3,000
102%
98% 5,000
984 165,000
3,000
102%
92 77,000
934 95%
87% 91%
105 1054
105 10534
10534 106
100% 1004
1044 1054
113 1134
1054 1054
July 1
1933 to
Apr 30
1935
Range Since
Jan. 119:55
Low
High
73%
86
62
57
Jan
Jan
Jan
Jan
Jan
Jan
45,000 394
193,000 35
34,000 74
14,000 92%
8,000 863(
3,000 oo
3,000 86
47,000 103
4,000 89
664 Jan
61% Jan
103% Jan
105
Apr
100
Jan
Jan
95
103% Jan
1104 Jan
105% May
98%
102
924
8434
93%
5134 74%
BONDS
(Concluded)
104
Mar
1034 Apr
100
Mar
984 May
1023( Apr
924 Apr
9534
91%
106%
10834
106
100%
106
114
108%
Apr
May
Mar
Feb
May
Apr
Apr
Apr
Jan
8234
96
2%
111%
10834
83% 146,000 51334
72
Jan 8414 Apr
984 240,000 6834 89
Jan 99
Mar
3
10,000
134
3% Apr
134 Mar
112
18,000 10434 1114 Apr 11434 Mar
109
28,000 100
108
Jan 1104 Mar
78% 80
3,000 44% 7534 Jan 8234 Feb
107 1074 9,000 98
107
Apt 109
Mar
104% 105
3,000 95% 104% Apr 1064 Mar
65
67
6,000 68
56
Mar 754 Jan
99 1004 80,000 69
93% Jan 100% May
105% 1054 2,000 89
10534 Jan 1084 Feb
96
94
31,000 79
89
Apr 984 Jan
27
27
5,000 254 27
May 35
Feb
99% 100
7,000 80
984 Apr 10134 Jan
81
50,000 67% 67% Feb 81
77
Slay
1044 105
31,000 72
9931 Jan 1064 Apr
10414 105% 34,000 65
934 Jan 105% Apr
104% 104%
7,000 101
104% Mar 1054 Jan
13
34
Jan 55
Apr
8 4 80%
2,000 53
07
78% Mar 884 Jan
8.000 60
76
56,000 4134
76
3,000 29
33
10,000 82% 104
24,000 102
118
9534
88
33
106
12734
100
9234
33%
106
129
104
103
964
974
105% 92,000
103% 27,000
99% 40,000
100
mom
62
5834
53%
524
6234
69%
102% 16,000
80,000
103
96
25,000
7634 264,000
7334 86,000
69% 159,000
103% 8,000
104% 5,000
99% 12,000
604 94%
9334
55
4031 794
37% 554
3614 5334
334 50%
101
85
102
88
6134 86
90% 9951 213.000
105% 10631 124,000
101%
102%
9434
71%
664
64%
1034
104%
97
88
44
36
113
3734
29
May
May
Feb
Feb
Slay
Jan 1054 May
Jan 1034 Slay
Jan 994 May
Jan 100
May
Jan 993( Slay
Jan 1013% Mar
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
1024
103
9734
7634
734
6931
10531
1064
99%
May
May
Apr
May
May
May
Feb
Mar
May
9031
5,000 553-4 82
Jan 904 May
4034 Ma
14
47% Jae
45
44,000 1834 3934 Ma
48
Jan
37
2,000 22% 3134 Ma
374 Apr
113
3,000 100
11214 Jan 1134 Mar
3735 6,000 28% 36
Ma
434 Feb
3,000 23
29
29
May 344
eb
Safe Harbor Water 446'79 106% 107
12,000
St Louis Gas & Coke 6s '47
834 931 7,000
San Antonio Public Service
58 series B
1958 994 102% 140,000
San Diego Gas & Elea
534e !erica D
1960 106 1063-1 11,000
San Joaquin Lt d: Power
65 series 11
1,000
1952 116% 116%
&friaries D
1957 1044 101% 13,000
jggg 109% 11034 14,000
Saud. Falls 56
Saxon Pub Wks fis _ _ _ _1937 40% 4035 8,000
Schulte Real Fetter+ with warrants
193,
1936Is% 19 .
60 ex warrants
1,666
scour.(E vo Co 5348_1943 1014 102 25,000
Seattle Lighting 58...1949 40
42
56,000
Serval Inc 55
1948 10535 1054 5,000
shawinlgan W dk P 434e '67 96% 9734 92,000
4348 series B
1,000
1968 97% 97%
let be series C
1970 1014 1024 26.000
let 4
aeries _ _1970
13,000
Sheffield Steel 5348....1948 106% 107 31 23,000
663i6
6
Sheridan Wyo Coal 8. 1947 5234 524 4,000
Sou Carolina Pow 5.8_1957 88
924 30,000
Southeast P & L 63.. 2025
Without warrant
91
9514 264,000
Sou Calif Edison 5s...1951 10534 10534 121,000
be
1039 105% 105% 24,000
Refunding bs Jame 1 1954 10734 1074 33,000
Refunding as Sep 1952 10634 1074 18,000
Sou Calif Gas Co 448_1961 105 105
3,000
1967 1013.4 10131
11t ref fs
1,000
41 series B
1,000
1962 1034 103%
Sou Calif Om Corp S. 1937 1013( 1014 3,000
Sou Counties Gati 448.'68 102 10235 18,000
Southern Gas Co 648_1935
Sou Indiana 0& E 634e '57 10634 1074 8,000
Sou Indiana Ry 4s_ _1951 35
37,001
38
Hon Natural Gas 68...1944
Unstamped
9134 924 63.000
Stamped
92
92
3,000
S'westera Assoc Tel 5. '61
4,00
Southwest0 & E be A.1957 1014 1023% 40,000
767 4
6
Sc serifs li
1967 101 102
13,000
S'western Lt & Pr 5a.. _1967 87
90
56,000
S'western Nat Gas 68_1945 744 77
10,000
So'Weal Pow & 1,1 53.2022 734 77% 80,000
S'west Pub Hers es_ _ _ 1945 974 9834 16,000
1942 101% 10434 13,000
Staley Mfg es
Stand Gas & Elea 68..1935 43
46
60,000
Con•(is
1935 424 46
40,000
Debenture as
1951 38
4031 81,000
Debenture 6s_Dee 1 1966 3731 404 78,000
Standard Investa 530 1939 85% 854 10,00
Seen warrants
1937 91
91
3,00
Stand Pow & Lt 68_ _ _1957 364 383£ 168,000
Standard Tett, 534e_ _1943 28
29
4,000
Stinnett (Hugo 1 Corp
Deb 78 en-warm
1936 46
48
4.000
7-4% stamped. _1939 35
35
1,000
1)eb 7s ex-warr.....1946
40
5,000
40
7-4% stamped-.1946 3034 31
3.000
Super Power of Ill 4%e '68 98 100 124,000
let 4348
1970 974 100 181,000
as
1961 10534 106
11,000
Swift & Co lat m e f 58_1944 10334 103% 38,000
note.
1940 1024 1023 12,000
Syracuse Ltg 53-48..,,,J954 107 107
2,000
1957 107% 108
58 serlee 13
10,000
reftlIONOPP Rile Pow 5.1966 92 9335 27,000
904
89
81
80%
80
9834
Jan 100
Feb 924
Apr 42
Jan 106
Jan 129
90
91
334
64
102
Apr 1034 Jna
1063( May 1084 Feb
7% Jan
104 Feb
924 Jan 10234 May
9834 106
Apr 1084
Jan
10734 Jan 11634 (pr
85
764 98
Jan 105
Mar
1084 Feb 111
101
Jan
38
38
Jan 42% Feb
11
Jar
7
20
44 104 Feb 20
Jan 102
6634 96
17
284 Jan 43%
101
61
Jan 10534
5334 90
Apr 98%
63
90
Apr 994
98
73
Apr 103%
63% 914 Apr 98%
773( 10534 Jan 10834
47
38
Jan 524
73
41
Jan 92%
374
92
100
9034
9231
784
8534
92
8334
754
93
9634
25
643£
10544
1054
1054
10534
974
10131
103%
101
9634
101%
106%
25
Jan
Jan
Apr
Jan
Jan
Jan
May
Mar
Jan
Jan
Jan
May
Mar
9534
10834
10834
108
10831
105%
10654
1054
10234
10334
102
110
4734
Apr
Apr
Apr
Apr
Mar
Feb
Feb
Jan
Feb
Mar
Slay
May
May
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Feb
Mar
Jan
Jan
Jan
53
81
Feb 93
Apr
56
804 Feb 924 Apr
40
63% Jan
76% Apr
60
93
Jan 1024 May
60
924 Jan 102
Slay
45
7134 Jan 90
Slay
25
60
Jan 77
Slay
37
49
Jan 77% Slay
55
77
Jan 9834 Apr
83
1044 Jan 106
Mar
373' 373£ Feb 68
Jan
3734 374 Feb 68
Jan
30
32
Feb 424 Apr
28%
31
Ma
423£ Apr
64
824 Jan 8634 Mar
644 85
Jan
91
Slay
25% 25% Ma
394 Apr
16
2331 Jan 29
Apr
434
35
40
30%
59
86
se
854
70
1004
1013( 1034
9434 10234
103% 107
97
1064
48
81%
304
304
29
25
Apr
Apr
Slay
May
Jan
Jan
Jan
Apr
Jan
Apr
Apr
Jan
56
51
53
43
100
100
106
107
104%
1084
108
944
Feb
Feb
Feb
Feb
May
May
Star
Jan
Jan
Feb
Jan
Mar
Tenn Public Service be 1970
Tarot Hydro Elea 6 Ste 1953
Texas Elee Service 58_1960
Tat,s Gas Utll 6e_ _ _ _1945
Texas Power & Lt 56..1956
be
1937
6.
.2022
Thermold Co fie 86041.1937
Tide Water Power 53_1979
Toledo Edison 55
_ _1962
Twin City Rao Tr 5%e'82
Uien Co deb Ele
1944
Union Amer Inv 5a A_1948
Union Elea Lt & Power
5e series A
1954
be series B
1967
£348
1957
United Elea NJ 4e_ _ _ _1949
United El Sem 78 x-w_1956
,
United Industrial 634s 1941
1st s f Gs
1945
United Lt & Pow esi_ 1975
6 Sio
1974
545
,
Apr 1 195)
Un Lt & Rya (Del) 534e '62
United Lt & Rya(Me)
fie Berta A
1952
ea8el
-1es A
1973
S Rubber 68 .
1938
834% serial notes_ 1936
serial notes_ _1937
634%
8 1 % serial notes_ 1938
4
64% aerial notes
1939
64% serial note
-5_1940
Utah Pow & Lt 65 A..2022
41)s
1944
Valvollve 011 53
1937
Vamma Water Pow 548'57
Va Elea & Power 5a
1955
Va Public Serv 5345A_1946
181 ref be ser B
1950
65
1948
Waldorf-Aetorla Corp
78 with warrant..._1964
Ward Baking ete
1937
Wash Gas Light 55_..1958
Wash fly dc Elect 48_ _1951
Wasn Water Power 58.196)
West Penn Flee 5m
_aoan
West Penn Traction 58.'60
West Texan Util bs A.1957
Western Newspaper Union
es
194
Weetern United Gas & Ele
let 545serlea A__ _195
Weetvaco Chlorine Prod
634e
193
Wheeling Elec Co 58_ _194
Wien Elea Pow he A
195
Wise-Minn Lt & Pow Se'4
Wise Pow & Lt be E..1956
5$ series F
1958
Wise Pub fiery fis A._ _195
Yadkin Riv Pow 5s
1941
York Rye Co 58
1937
Week's Range
of Prices
3015
July 1
Sales 1933 to
.4 or 30
for
Week
1935
High
Low
Low
73,000 40
801r6 84
69% 69%
1,000 62
98% 98% 187,000 60
17
3.000 12
1815
9931 102 256,000 65
101% 105
30,000 87
97
99% 17,000 .51
69% 72% 20,000 55
92
93% 77,000 49
107 10734 64,000 79
5434 554 95,000 19
4934 23,000 33
48
78
10631 115/3i
1124 114
644 65
904
38
39%
94
57
9734
3934
1024
1014
10034
101
101
100%
75%
84
106
104
1054
1083(
56
39
3934
28
29
78
3934
Apr
Apr
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Ma
514 8234 Jan 99%
30
25
Feb 4434
8934 10134 Apr 103
100% Jan 102
65
99% Jan 102
60
984 Jan 102
60
98
60
Jan 101%
984 Jan 102%
60
55
45
Jan 77%
Jan 84
52% 62
90% Mar 95
75
9534 Jan 101
75
105
86
Jan 11073(
73
52
Jan 93
45
684 Jan 864
56% Jan 76
45
May
Apr
Feb
Feb
Mar
Feb
Mar
Feb
Apr
Slay
Apr
Apr
Apr
May
May
May
9
5
Slur
45.4
3,000
19,000 923( 1044 Fe
106
26,000 76
10034 Jan 10534
99
Jan 10434
11,000 1 83
37,000 75
98)4 Jan 105
96,000 4634 6334 Jan
89
12,000 60
Jan 954
84
Jan 78
233,000 41
63
Jan
Feb
May
May
May
May
May
May
61,000
24,000
33,000
24,000
31,000
1,00
11,000
22.00
36,00
10,00
844 8634 56,000
2,000
7334 76
7
106
10534
1044
105
89
9534
78
High
May
Feb 84
Apr 7534 Feb
Jan 984 Mar
184 May
Jan
May
Jan 102
Jan 10531 Apr
Jan 994 May
Jan 75
Apr
Jan
9354 May
Jan 107% Feo
Jan 5634 Feb
Apr 551-4 Feb
9934 Apr
Jan
Feb
Feb
Mar
Apr
Jan
Feb
Feb
Apr
Apr
Apr
Apr
106% 16/- 13;656
90 93 38,000
64
10534
105
104
1034
85
95
72
Low
754
6334
85%
13%
9434
103%
83%
67
7634
1054
45%
424
944
1084
1084
10734
114
75
424
43
4334
44%
96
6014
5,000
17,000
11,000
41
_ - ;666
6
414 86,000
434 68,000
21,000
96
59% 327,000
994
43
1024
102
101
101
1014
1014
7734
84
Range Since
Jan. 1 1935
99
9234
90%
9634
56
35
331
4
28
2634
60
31
55
57
10,000
23
50
Jan
102
104
58,000
64
9134
Jan 104
1013(
1074
1064
1024
9434
94%
10434
1037-4
10034
1014
108
1064
10334
954
9534
105
1033-4
101
101% Apr 104
Jan
4,000 101
May
3,000 100
1663£ NIAr 108
4,000 97
10134 Feb 10634 Mar
94
Jac 10334 May
35,000 61
764 Jan 954 May
44,000 52
75
Jan 95% Slay
38,000 51
27,000 78% 964 Jan 105
Apr
4,000 6331 0531 Jan 104
Apr
68,000 70
943( Jan 101
Apr
5934
Feb
May
FOREIGN GOVERNMENT
AND MUNICIPALITIES
Agricultural Mtge Bk (Col)
20-year 75_ _ _1934-1946
With cation:.
20
-year 7s
1947
Baden 7e
1961
Buenoe Aires (Province) ,
78 stamped
1952
73.44 etarnped
1947
Cauca Valley 7s
1948
Cent Ilk of German State &
Prov Banke es B_ _ _1961
fle Kerte A
1952
Danish 53411
1955
5,5
1953
Danzig Port & Waterways
External 63-4.
1955
German Cone Monte 7e '47
Secured lie
1947
Hanover (City) 78......1939
Hanover(Prowl 6 4...194.
Lima (City) Peru sie._'58
Certificatee of depoelt _ _
Maranno 76
195)4
75 coupon off
1958
Slade!!!!) 78 ser F
1951
Mendoza 730
1951
45 stamped
1951
Mtge ilk of Bogota 78.1947
!slue of May 1927
Issue of Oct 1927
Mtge Bit of Chile 499._ .1931
Mtge ilk of Denmark fs '72
Parana iNtatei g3
_Mb
Coupon off
Rio de Janeiro 6348..1959
Coupon off
Russian Govt 630_1919
64e certificates____1919
5 14e
1921
5%5 certificates_ 192!
Santa Fe 7.
1945
Santiago 73
1949
72
1961
5
244 - ,000
22
2831 294 21,000
18%
21
244 Apr
26
.‘p
22
May
26% Jan
38
3434
3534
34
61
58
62% 68
35,000
31,000
254
2734
7,4
54
Apr
Jan
59
7% Ma
5334 Star
68
Apr
11
Jan
94
94
8744 88
_ - ;66o
3
30
22
6834
el
4334 Apr
36
Apr
934 Ma
86
Apr
544 Jan
49
Feb
983( Jan
933i Jan
363(
24.34
2131
23
24
434
34
1234
65
27%
25
304
254
6%
54
15
134
114
51
44%
Apr
Stay
Apr
Jan
Ay
Ma
Ma
Jan
Ma
Ma
Apr
Jan
72
384
37
39
34
84
734
17%
153(
13
61
5514
174
184
1134
85
124
12
13
1134
134
134
134
134
46
94
10
Mar
Apr
Apr
Mar
Jan
Jan
Mar
Apr
Mar
Mar
Ma
Mar
Jan
Ma
Ma
24
Jan
243£ Jan
134 Jan
94
Jan
144 Feb
14% Feb
15% Jan
1531 Feb
43.4 Jan
434 Jan
Jan
5
434 Jan
564 Apr
11%; Mar
Feb
11
184
8,000
65
274
25
35
254
74
66
7,000
28% 46,000
27% 25,000
7.000
3534
10,000
27
4,000
731
55
55
21
20%
11%
88
144
123(
144
13
21
21
114
884
144
12%
144
1344
103-4
_ _____
1,000
2,000
5,000
2,000
3,000
1,000
7,000
6,000
264
234
1311
1334
734
82%
1134
_3,000 1%
13.4
1,000 131
14
54
.56
13.000 13
1034 104 4,000
5
10
1,000, 534
10
14
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Apr
Apr
Jan
Jan
Feb
Apr
Apr
• No par value. a Deferred delivery silos not I winded in year's range. a Under
the rule sales not Included in year's range. r Cash sales not included in year's
range. z Ex-dividend.
z Deferred delivery sales not Included In weekly or year y range are given below:
Northwestern Power 64 1960, A prIl 27 at 314.
U. S. & International Securities common, May I at 34.
e Cash sales not included in weekly or yearly range are given below:
No sales.
si Price adjusted for split-up.
Si Price adjusted for stock dividend.
Abbreciations Used Abore--"cod." certificates of deposlt; "cons," consolidated;
"cum," cumulative; "cony," convertible; •'rn," mortgage; "n-v," non-voting stock.
"v t c," voting trust Certificates; "w 1," when issued; "w w," with warrants. "x w,"
without warrants.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures In tables). are as follows:
.Cincinnati Stock
1
New York Stock
w Pittsburgh Stock
New York Curb
1, Cleveland Stock
12 Richmond Stock
New York Produce
,4 Colorado Springs Stock . St. Louis Stock
4
New York Real Estate .Denver Stock
1
Is Salt Lake City Stock
.Detroit Stock
1
Baltimore Stock
.. San Francisco Stock
,, i.e. Angeles Stock
Boeton Stock
17 San Francisco Curb
.Los Angeles Curb
1
Buffalo Stock
.. San Francisco Mining
. 15 NfInneapolls-St, Paul
California Stock
25 Seattle Stock
Chicago Stock
25 New Orleans Stook
in Spokane Stock
1 Chicago Board of Trade 11 PhIladelphia Stock
si Washington(0.C.)Stork
Chicago Curb
may
Financial Chronicle
3016
4 1935
Other Stock Exchanges
Week's Range
of Prices
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, May 3
Unlisted Bonds
Bid
1941
Alden 6s
Allerton N Y Corp 534e 1947
Carnegie Plaza Apts
1937
Bldg 69
1941
Dorset 01, etre _
5th Ave & 28th Bld 635e '45
Greely Square Bldg
1950
Lincoln Bldg Corp1963
534sv10
Mortgage Bond (N Y) 534s
1939
(Ser 6)
Ask
Bid
Unlisted Bonds (Concluded)
Park Place Dodge Corp—
with •t c
666 W End Ave Bldg 98 1941
79 Madison Ave Bldg 5e '48
2124-34 B way Bides ars. _
2450 I3way Apt Hotel Bldg—
Certificates of deposit_ ___
2612
812
1912
22
2312
Ask
612 10
30
02
712 1- 1
1212 1412
83
4
15
Unlisted Stoat—
312
CItY & Suburban Homes...
Hotel Barblzon Inc•t
100
52
56
4
59
Orders Executed on Baltimore Stock Exchange
STEIN BROS.SD BOYCE
Established 1853
39 Broadway
6.S. Calvert St.
NEW YORK
BALTIMORE, MD.
York, Pa.
Louisville, Ky.
Hagerstown, Md.
Members New York,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.
Baltimore Stock Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
JUlo 1
Range Since
Week's Range Sales 1933 to
Apr 30
Jan. 1 1935
for
of Prices
Week
1935
Par Low
Stocks—
Arundel Corporation
• 164
Atlantic C Line (Conn)__50 21%
•
Black & Decker com
8%
25 28%
Preferred
Chas & P Tel of Balt pfd100 112
Comm Credit Corp pfd B25 31
100 114%
634% let pref
25 31
7% prat
Consol Gas EL & Power_• 63%
100 114%
6% prat ser D
100 112%
5% preferred
E Porto Rican Sugar corn.'
4%
20 60
Fidelity & Deposit
Fidelity & Guar F Corp_10 27%
Finance Co of Am el A._ _•
74
100
Houston 011 pref
7%
1
1%
1%
25
1834
42
134
7
91%
61%
5%
634
84
1
1
1
1
134
1
21
21
124
1534
1934 41
1%
10
14
972
6
53
4
4 71
8834
53
35 s 4134
5
'25
2%
1,199
255
534
80
62 65 '
9434
11
3934
95
634
40
40
50
5,000
2,000 I
1,000
1,000
1,000
1,000
5,000
8%
10
65%
4
13%
14
3334
11
11
11
6,000
9,000
3,000
73.1
734
7
2000.
1
34
108
11
3934
95
534
35
37
50
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Jan
May
Jan
Feb
Jan
Feb 110% Apr
Apr
May
Apr
Jan
Jan
Jan
may
1034 May
1034 May
1034 Mar
1%
1%
1%
1%
26
1834
44%
4
83-4
9334
63
6
734
90
Jan
1834
3934
95
12
4234
43
523-1
20
20
19
Jan
May
Apr
Feb
Mar
Feb
Mar
Feb
Feb
Jan
4% Feb
Boston Stock Exchange
April 27 to May 3, both inclusive compiled from official sales lists
124
12%
334
334
3
83
534
534
4%
4%
6
6
934
834
111
125
3%
.54
2%
234
106
3
5%
Jan 115
4
Feb
Feb
Jan
W..a00A.?
OOC
.-,0
.0.00..00
•
85
3
Mar 19
Jan
Jan
Apr
6
Jan
Apr
8
Feb
Apr
Jan
7
Apr
Jan
Mar
10
Jan
1134 Feb
Apr 153
Jan
834 Jan
Feb
Mar
434 Jan
2
373-4
53
455
1
95e
2
3735
5444
5
134
95c
95
33
973-4
834
18
234
95
Jan 102
Mar 38
34
9754 Feb 132
1134 Jan
244 Mar 2834
3
Anr
43
1
,
Mar
Apr
Mar
Jan
Apr
Apr
4% Jan
50
Jan
64
Jan
9
Feb
Jan
3
1% Jan
1534
Apr
Apr
May
Slay
Jan
Jan
50
32%
34
35
50
Mar
48% Jan
5234 Jan
63
Jar
70% Jan
61
Apr
6614 Feb
70
Apr
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
April 27 to May 3, both inclusive compiled from official sales lists
July i
Week's Range Sales 1933 to
Flange Since
for
APT 30
of Prices
Jan. 1 1935
1Peek
1935
Stocks—
High
Par tow
Abbott Laboratories oom_• 8034 8134
Acme Steel CO
25 4834 5234
Adams (J D) Mfg corn _ _.• 16
17
Advanced Alum Castings_ 5
145
145
Allied Products Come]A _• 173.4 183.4
Amer Pub Serv Co pref.
.100 12
14
Armour & Co common...5
334 334
Asbestos NIfg Co co m _ _1
136 2
Assoc Tel Utll Co com....*
A
Si
Automatic Products corn 5
734 8
Balaban & Hats pref. __100 95
95
Bastian-Blessing Co com_.
334 3%
Bend% Aviation corn __ ....• 1434 15
Berghoff Brewing CO.. _,
33-4 4%
Binks Mfg CIA cony pref_•
2
2
Borg-Warner Corp corn _ 10 3234 33%
111
7% preferred
100 111
Brach & Sons(I.: 2) cam.. _• 15
15
Brown Fence & Wire Cl A * 1834 21
Class B
734 9
•
Bruce Co(E L)com
5
•
5
Butler Brothers
63-4 7
10
Canal Const Co cony pfd.
•
34
%
Castle & Co(AM)com..10 2934 2934
Central Cold Stor com_ _20 11% 1234
Cent Ill Secur—
Common
14
34
1
Convertible preferred_..•
73.4 744
Cent III Pub Serv pref.__• 2451 3234
Central Ind Power pref 100 10
115-4
Cent states Pow Ar Lt pref.
5%
5
Central S W—
Common
1
%
%
•
4
Preferred
534
• 224 26
Prior Ilan prat
Chain Belt Carom
2434
• 23
Cherry Burrell Corp cons_• 26
26
Chicago Corp common....•
1
1%
Preferred
• 3051 3135
Chicago Electric Mfg A _ _. 1534 1534
Chic Flexible Shaft oom 5 18
183-4
Chicago Mall Order com.5 1834 19
Chic Nor Sir & NIllw pr
lien prof
100
%
v.,
Chic& N W Ry nom._ _100
334 3%
Chic Yellow Cab Co Inc_ _•
934 934
134
•
Cities Service Co corn
13-4
20
Coleman L'p & Stove corn • 19
Commonwealth Edison 100 6414 673.4
Cord Corp cap stock
In
231
334
Crane Co common
25
93-4 934
_100 100 1003-4
Preferred
2
Curtis Lighting Inc corn_ _ *
2
Curtis Nlfg Co com
5 634 63-4
1
Decker (Alf) & Cohn comb0
1
Dexter Co (The) corn__ 5
6
634
Eddy Paper Corp cona...• 153-4 36
13
Elea Household Mil cap_5 12
Elgin Nati Watch CO -- _15 19% 21
11
Fitz Sim & CD & 13 corn.' 11
Low
Low
High
3434 60
Jan 8851 Apr
423 Jan 5254 May
21
5
12
Mar
17
May
114 Mar
13-4
234 Jan
534
12
Jan
1834 Apr
3
734 Jan
1454 Mar
1 3%
374 Apr
634 Jan
13.,
24 Jan
194 Mar
%
14 Feb
54 Feb
5
Jan
234
8% Feb
20
8754 Feb 98
Mar
234 Mar
21-4
434 Jan
12
Mar 1734 Jan
951
2
234 Jan
41-4 Apr
1%
1% Jan
234 Apr
1134 2834 Jan 355-4 Apr
87
10854 Jan 113
Mar
64
13 1 4 Jan
10
Jan
r 1634
1434 Jan
21
May
r 534
4
Jan
9
May
5
5
Apr
634 Feb
' 251
634 Star
7% Jan
4
31 Apr
24 Feb
10
1734 Jan 3334 Apr
414
1134 Apr
1434 Jan
si
34
54
1034
134
134
735
1334
334
I%
Jan
Feb
Jan
Feb
Jan
4
7(5
3234
15
534
Jan
Jan
May
Apr
May
'Is
2
'2
14
5
1
2034
3
7
834
A
334
124
214
1834
1
29
131
4
134
1534
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Mar
14
53-4
26
2434
27
2%
3234
1634
1834
1934
Feb
Mar
May
Feb
Feb
Jan
Jan
Apr
Feb
Apr
14
234
94
%
53/,
3034
2
5
32
2
24 434
34
3
%
43-4
6
i 63
4
834
9%
34
234
9%
%
1734
47
2
7
83
2
53-4
1
444
1334
12
14/4
84
17
Jan
34
Mar
55-4
May
114
Apr
I%
Apr 2031
Jan 6734
Mar
434
Mar 1054
Jan 103
Jan
2%
Jar,
6%
Jan
154
7
Jan
19%
Jan
Apr
1734
Feb
21
Jan
1154
I'M, "0
Feb
Jan
Jan
Jan
l'a
Slay
Jan
Jan
Am
Mar
FeL
Jan
Apr
Pet
Jan
May
Apt
1
vg2Rsggsgsgu,g,i22
0
m
ei
OWl,00N-4004.
NOn0i.0.4000
how
High
7
Apr
Apr 10
34 Mar
1% Jan
234 Jan
5% Jan
98% Mar 114% May
Mar 120% Jan
88
5834 Apr 65
Feb
47
30%
%
60c
30
234
Listed and Unlisted
_
MN
00
Low
4
4
21i
I 9834
88
55
t
High
Low
8
12%
18
2634
95
15/4
Apr
Apr
Mar
15% Apr
Feb 25
Mar
Jan 37
Mar
Jan 107% Mar
Apr 15% Apr
May
2% Apr
500 Mar
80c Jan
6.54 Apr
8% Apr
1
1% Apr
Feb
28
Apr
32% Jan
8834 Mar 96
Mar
55
Jan
Apr
70
8% Jan
3-4 Feb
20c Apr
30c Feb
5634 Apr
Jan
71
25c Feb
50c Feb
12
Apr 21
Jan
22% Apr 27
Jan
17% Mar 25% Jan
84
May 105
Jan
13% Mar
Jan
15
2
Mar
2% Jan
10c Feb
19c Apr
8
Feb
8% )Jan
Mar
5% [Jan
15
Apr
19% Jan
89
Jan 80
May
15c May
20c May
12% Jan
15
Mar
34 Mar
44 Jan
70
Jan 82
May
3534 Jan 40
Mar
1% Jan
34 Apr
1% May
2% Jan
90
Jan 70
Feb
Mar
6% Jan
7
744
104
17
74%
13%
1%
30c
2%
1
20%
75
244
234
20c
5614
25c
12
10
17%
87
8
134
10c
5%
2%
11
35
12c
8
CHICAGO SECURITIES
0000000,00
Range Since
Jan. 1 1935
86,000
22,000
1,750
700
ertMMN
For footnotes see page 3019
Jute I
1933 to
Apr 30
1935
51
61
63
70
00000
00MN=
Stocks—
Par Low
High
American Cont'l Corp_ _ _ _•
934
93.4
Amer Pneumatic Serv Co25
90c 90c
6% non-cum pref
50
334 335
Amer Tel At Tel ___. _ 100 110% 114%
lioeton & Albany
100 102 10434
Boston Elevated
100 6035 63
Boston & Maine—
Prior preferred
100 15
1531
Class A let pref stpd _100
5
5
Class A 1st prof
100
4% 434
Class B 1st pref stpd_ 100
5%
534
Class C 1st pref stp(1_100
5
5
Class D let pref stpd 100
7%
734
Boston Per Pr Tr
11
• 11
Boston & Providence_ __100 135 135
Brown Co 6% cum pref 100
6
634
Calumet & Hecla
25
334
334
Chi Jet Ry & Un Stk Yds—
Preferred
100 113 113
Copper Range
25
334
334
East Gas & Fuel Assn—
Common
•
3
3
100 42
8% cum prof
44%
434% prior preferred 100 6134 6234
East Mass St Ry 1st p1100
7
734
Preferred B
100
1%
1%
Adjustment
100
95c 95c
Eastern S S Lines 7% cum
100 102 102
let preferred
• 38
2d preferred
38
Edison Elm Illum
106 126 132
• 15% 1534
Employers Group
General Capital Corp_
• 2734 28
-nn.h..to. On
'
1
3% 3%
Sales
for
Week
.00_0N
Week's Range
of Prices
51
59
62
65
to
$300
May
Jan
Mar
Mar
Jan
Jan
Apr
Mar
Mar
Jan
Apr
Jan
Feb
Bonds—
Arnoskeag Man Co 63_1948
East Mass St Ry A 450'48
1948
Ser 13 5s'
1948
Series D as
2955
94%
70
5%
30c
5834
4Cc
1354
23%
21%
84
14
2
10c
83-1
4%
15%
80
20c
15
34
82
39%
1
1%
40
5%
Low
100
326
45
200
275
20
107
10
10 z
650
134
440
14
358
320
239
10
30
335
600
5
7
500
25
626
265
353
91
300
26
15
1,470
122
105
6.215
10
255
Range Stsee
Jan. 1 1935
,0000=000000000=0000000000
110
28
135
38
90
15
High
1831 Mar
Jan
31
9% Mar
28%, Mar
Mar
120
33
Jan
117
May
32% May
67% May
Apr
115
113
Apr
434 Apr
6434 May
30
May
Jan
8
734 Apr
8
15%
22%
32%
104%
15'4
1%
60c
7%
MOM
Bonds
4s Water loan
1958 110
Balto Sparrows Point &
Chesa 434% (ctfs)...1953 11
Consol Coal 5% Can't_ 1934 3934
Gibson Island Co 1st 6s _'36 95
Md El Ry 648(flat)_ _1957
634
1933 40
65
1933 40
6% (certifs)
North Ave Market 63.1940 5()
United Ry & El fund
1st fis (flat)
1949 10%
1st 63 ctts (flat)__1949 104
1st 43 etts (flat) _ _ _ 1949 11
.
Wash B & A (Md) 5%
tr ars_ _
1641
334
1
14
14
26
1835
42
134
734
91%
63
534
634
85
Low
154 Mar
Mar
20
74 Jan
23% Feb
Apr
111
2934 Jan
Jan
110
29% Jan
Jan
53
112% Feb
10434 Jan
Jan
3
41% Feb
22% Jan
6% Jan
Feb
5
High Shares
1,N0
Mfrs Finance 2nd pref _ _25
1
Maryland Cas Co
Junior cony pref ser B._1
Merch & Miners Transp *
Slonon W Penn P S7% pf 25
Mt Yer-Woodb Mills pf 100
Common
100
New Amsterdam Carr_ _5
50
Northern Central
Penn Water At Pow com_ _•
Seaboard Comml com A_10
2
US Fidelity & Guar
West Md Dairy Corp pref •
High Shares Low
286 11%
17
132 18
23
44
384
9
83.4
120
283,
71 111
114
135 23
32
170 85
117
614 20
3234
300 2 45%
6734
27 92
115
97 91
113
4%
134
80
64%
483 15
87
30
8
74
74
3
734
4
200
Stocks (Concluded) Par Low
German Credit & Invest
Corp 25% 1st allot ctfs..*
8
Gillette Safety Rasor
_• 14%
Hathaway Bakeries pref._* 20%
If ygrade Sylvania (T C)_• 30%
Preferred
• 104
Int Button Hole S M Co 10 15%
Intl Hydro-Electric Co_25
1%
Isle Royal Copper Co_ _ _25
60c
I,Ibby McNeil & Libby._10
7%
NI ass Utilities Assoc vtc_ _•
136
,
Mergenthaler Linotype._• 28
New Eng Tel St Tel__100 93
New River Co prer___100 70
NY N Haven&Flartford100
4%
North Butte Mln Co
26c
100 57
Old Colony RR
Old Dominion Mining Co_
40c
• 12%
Pacific Mills Co
P C Pocahontas Co
• 22%
Pennsylvania RR
ao 20%
Prov & Wore By
100 84
Reece Button Hole Nfach10 14
2
Reece Folding Mach Co..10
10c
Shannon Copper Co_ _25
8%
Shawmut Awn tr etfs____•
334
Stone A Webster
Swift & Co
25 15
Torrington Co
• 7854
Union Cop L & Mining-.25 150
UE110111 Twist Drill Co
_6 15
United Founders oom.._•
%
D Shoe Mach Corp
25 78
Preferred
100 3934
Utah-Apex Mining Co__ _5
%
1%
Utah Metal & Tunnel_
1
Waltham Watch pr pref100 90
4%
Warren Bros Co
•
July 1
1933 to
Apr 30
1935
Sales
for
Week
1
I
ArA•
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Apr 30
1935
Stocks (Concluded) Par Low
High Shares Low
General Candy Corp A__b
100
3
8
8%
Gen Household Util cam_•
1,850
2% 334
2%
Godchaux Sugars Inc-• 2234 23
Class A
1,500 10
Class 13
100
•
9
9
394
Goldblatt Bros Ittc nom .• 1934 1934
900
834
Great Lakes D & D own_ _• 19
19%
700 1234
Greyhound Corp corn _ _ 5 42% 46
5
400
Hall Printing Co com _ _10
33(
4% 4%
150
Hibb Spencer Bart com _ 25 33
20 21%
33
Houdaille-Herehey Cl 13..• 1134 13% 12,750
2%
Illinois Brick Co
25
800
534 534
3%
Illinois Nor CHI pref. __100 8734 89%
60 42%
Hider) Pneum Tool v t c._. 36
250
9
38
Iron Fireman Mfg v Se
• 14% 15
900
33'
Jefferson Electric Co corn.* 24% 2434
50
9
Kalamasoo Stove
Common
29
1,630 07
• 27
Katz Drug Co corn
400 19
36% 36%
Kellogg Switchboard pf.100 25
20 17
26
Ken-Rad T & Lamp corn A•
5
5
50
134
Ky CHI Jr cum pref
740
50 19% 24
5
Keystone 511 & Wire cora.• 26
27
750
714
Preferred
110 65
100 99 100
Kingsbury Brewing cap„1
1% 1%
350 z 1
Kupperheimer el 13 corn. .5 10
20
10
5
Leath & Co cumul pref.._ _•
40
6
6
3
Libby McNeil & Libby_ _10
1,350 I 251
734
734
0_
Lincoln Prtg 0
Common
134 1%
50
34
Lindsay Lt & Chem corn.10
434 4%
150
2
Lion 011 Ref Co corn
3
•
200
534
53
4
Loudon Packing
22% 22%
180 10%
Lynch Corp corn
950 15
5 29
30
McGraw Electric oom
5
AlcQuay Norris Mfg corn •
McWilliams Dredging Co.'
Manhatt-Dearb Corp corn'
Marshall Field oommon_ •
Material Serv Corp com _10
Mer & Mfrs See Cl A cora.I
Metrop Ind Co allot CtIS
Mickelberry's Pd Pr corn 1
Middle Weer CHI corn _ _ _.•
Midland 141'7% prior lien
100
Modine Mfg corn
•
Monroe Chemical
•
Common
Preferred
Mosser Leather Corp corn *
1534
53
31
Si
7%
5%
2%
10
%
34
15%
54
3334
Si.
7%
5%
2%
10
1
%
100
"4
150 24 27
1,450 12%
300
36
1,400
6%
50
3
500
31
20
911
200
1,6
2,100
Range Since
Jan. 1 1935
Low
554 Jan
234 Apr
Week's Range
of Prices
High
9
Mar
7% Jan
15%
634
1734
17
19%
434
30
854
534
60
30
1334
18%
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Feb
Feb
Jan
23
9
20%
2034
46
7%
33
15
7%
90
38
15
24%
Apr
Apr
Feb
Feb
May
Jan
May
Apr
Jan
Apr
Apr
Jan
Apr
15%
33
1734
3
6
22
85
1%
10
6
5
Jan 29
Mar 3751
Apr 26
6%
Jan
Jan 24
Mar 28
Jan 100
254
Feb
14
May
7
Feb
Mar
8%
Apr
Jan
May
Feb
May
Feb
May
Jan
Jan
Apr
Apr
1
Jan
3% Mar
331 Mar
19
Jan
Mar
26
2
4%
6%
2234
39%
Mar
Apr
Apr
Apr
Jan
1354 Jan
51
Mar
22% Jan
34 Apr
651 Mar
Jan
5
1% Jan
10
Jan
;X Apr
3.4 Jan
17
5534
3334
134
1154
534
3
10
1%
Si
Mar
Jan
May
Jan
Jan
May
Apr
Jan
Jan
Jan
54
Jan
Apr
Apr34
44
35
20
20%
20
150
14
7
18%
Jan
21
734
734
45
46%
16
16%
70
90
30
2
2034
7
634
42%
15%
Jan
Jan
Jan
934 Feb
47% Apr
16% Jan
Mar
Mar
Mar
Feb
Mar
Apr
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Nati cYlvolm cl A cora _ _5
834 9;4
National Leather com....10
1
134
National Standard com • 29
29%
Noblitt-Sparke Ind oom_ • 15% 15%
North Amer Car com__ _20
334 334
North Amer L & Pow corn
34
Northwest Bancorp eons. •
3% 434
Okla Gas & El 7% pfd.100 85%
Parker Pen Co(The)cornI0 15% 1634
Peabody Coal 6% Pfd_ 100
8
8
Penn Gas & F.lee A corn' 11% 11%
Perfect Circle (The) Co..' 3631 36%
Pines Winterfront cOm
E
34
54
•
Prima Co corn
3% 3%
Process Corp corn
3
Public Service of Nor Ili
• 2334 25
Common
Common
0(
24% 24%
6% preferred
8434
10.
83
7% preferred
90
90
Quaker Oats 00
Common
• 130% 131
Preferred
101 140 140
Raytheon Mfg corn v t c 50.
34
34
Reliance Internal A corn.'
1%
1%
Reliance Mfg Co corn_ __lm.
934 934
Preferred
100 10054 10034
Rollins lion Mills cony pfd' 10
lou
Ryerson & Sons Inc com_.• 28% 28%
8634
950
1,650
150
2,250
100
1,600
350
130
300
40
150
150
100
250
50
6
5i
17
10
134
34
234
56
4
5
6
21
3'
154
8
%
26%
1334
254
34
334
75%
11
5%
8
31
%
2%
34
900
50
60
120
911
9
28
88
1551 Jan
16% Jan
6134 Jan
733( Jan
9%
134
29%
1654
35.1
34
554
8634
17
8
12
3931
1
1
10
37
37
16%
28%
31
60%
13%
3
2%
134
16%
29
%
68
14
3%
2%
134
Bonds
Chicago Rys 55 ctfs....1927
7134
72% 823,000
32
34
134
4
30
134
6%
69
Jan
Apr
Jan
May
Apr
Jan
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
27
26% Apr
8434 Apr
93
Mar
160 106
128
Jan 133
Feb 142
20 111
133
134
34 Apr
50
1 11 Feb
1%
100 z
9
9;,i. Feb 10
50
100
Jan 101
10 84
934 Apr
140
8%
1331
Jan 3354
100 11
20
St Louis Nall Stkyds pref25
Standard Dredge
Convertible prefened__•
Sangamo Electric Co
•
Sears-Roebuck & Co corn.*
Signode Steel Strap corn _.•
Preferred
30
Southern Union Gas corn_•
Southw 0& E 7% pref _100
Southwest Lt & Pow pfd_•
Sutherland Paper Co com10
Swift International
15
Swift & Co
25
Thompson (.1 11.) corn _ _25
Util & Ind Corp
Common
•
Convertible pref
Viking Pump Co
Preferred
•
Vortex Cup Co
Common
•
Walgreen Co common_
•
Stock purchase warrants
Waukesha Motor Co cora •
W leboldt Stores Inc COM --*
Williams 011-0-Matlo corn*
WisconsinBanksharee corn'
Zenith Radio Corp corn....'
75
Feb
Apr
Jan
Jan
Jan
Apr
Feb
Feb
Feb
70
70
534
11%
38
3%
20
%
85
3734
13%
34
14%
6
6
13
38
3%
20
%
85
3734
13%
35
1534
6%
800
250
100
100
80
50
30
40
100
1,200
6,750
300
X
1%
Si
134
50
100
34
40
2134
34%
Jan
450
600
100
170
200
450
350
100
53'
1554
14
21
93'
2%
1%
134
15
2734
34
30
11
251
251
134
Jan
Mar
Apr
Jan
Feb
Mar
Jan
Apr
1854 Mar
81
Jan
134 Jan
72% Apr
14
Jan
4
Apr
354 Feb
234 Jan
43
67
Jan
7234 May
39%
14
5%
19%
11
4%
34
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Mar
6%
13
40
3%
21
%
85
37%
18
36
1934
6%
Apr
May
Jan
Apr
Apr
Apr
Apr
Apr
Jan
Feb
Jan
Apr
3,( Mar
% Mar
34
174
Jan
Jan
3%
8
33
1%
11%
%
5434
2534
10
31%
14%
534
38
Mar
Los Angeles Stock Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
July 1
Range Since
TVeek's Range Sales 1933 to
Jan. 1 1935
Apr 30
for
of Prices
1935
Week
StocksPar Low
Bandini Petroleum
334
1
Ilarnhardt-Morrow cons 1
4c
Ramadan Corp
8%
5
3
Bolsa Chica 011 A
10
10
134
13
Bway Dept St 1st pref_100 66
13uckeye Union 011 pref__1
16c
1
16o
Voting trust ctfa
California Bank
25 20
734
Central Investment _ __100
Chapman's Ice Cream.... ____
K
001,
For footnotes see Page 3019.
3017
Financial Chronicle
Volume 140
High Shares Low
2
1,700
33.4
1,000 334e
4c
534
400
834
100
131
3
134
134
100
8 42
66
60
160 1,000
15c
18e 4.300
250 1834
20
1
169
83.4
1
100
23-4
AISL
AAA I
911U
Low
High
4
Apr
334 Jan
4o May
4c May
9
Apr
534 Mar
434 Mar
251 Jan
134 Mar
134 Apr
60
Jan 7134 Jan
160 Apr
60c Feb
16c Apr 57340 Feb
20
Jan 20
Jan
634 Mar
834 May
234 Feb
33-4 Feb
211A Mar
Al 74 Mow
Sales
for
Week
July 1
1933 to
Apr 30
1935
Range Since
Jan. 1 1935
Low
High
Stocks (Concluded) Par Low
High Shares Low
1534 Apr 244 Feb
Citizens Natl Tr & S Bk..20 2134 21%
250 18
1134 Mar
1034 Jan
Claude Neon Elea Prod_ _* 1034 1134
800
734
834 Jan
634 Mar
200
Consolidated 011 Corp..
634
7% 8
1.40 Jan
90c 1.10 Feb
100
Consolidated Steel
• 1.25 1.25
Jan 10% May
7
2%
1,400
Emsco Der ttr Equip
5 10% 10%
Jan 362% Feb
340
Farm & Merch Natl Bk 100 350 350
11 275
6% Jan
4% Mar
434
800
GladdIng McBean & Co...*
5
534
1934 Mar
934 Jan
6
1,000
IIancock Oil A corn
• 1736 18
40c Feb
31c Jan
250
Holly Development
100
39c
39c
1
38c Jan 6734c Feb
100
Kinner A irpl & Motor _ _ _1
50c 523ic 6,600
80c Feb
35c Apr
20c
Lincoln Petroleum Corp _ _1
37c 40c 4,100
2% Apr
90c 1.10 Jan
Lockheed Aircraft Corp._1
700
1% 2
85c May
60c Feb
50c
Los Ang Industries Inc 2
750 8534c 3,700
Jan 9934 Apr
Los Ang G & E 6% pref 100 9834 99%
151
7334 81
734 Apr
5
Jan
Los Ang Investment.
1%
100
.._10
534 534
300
150
200
6%
200
8
300 I 1234
300 2 1834
100 26 16%
100
7%
40 268834
200
34
1%
3,600
1,050 25
20 13
300
134
200 11
1,700 1034
166 26
600 18%
600 1534
1,400 1434
1,300 1234
2,200 2634
4%
3,800
1834 3,300 1134
3c 17,000 134c
8% 21,300 7 1.20
150
934
9%
1334
2036
1834
8%
72
1%
2
33
1534
534
1134
10%
29
2094
1734
1634
1334
2831
4%
15
3c
2
May
Jan
Mar
Feb
Feb
Feo
Jan
Jan
May
Jan
Apr
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
100
1,000
1,000
3,000
300
2,000
15%
70
130
134c
25c
734c
1734
12c
7c
2c
42c
7340
May 19% Jan
Jan
17c Jan
May 1234c Jan
Mar
4c Jan
Jan
51c Jan
Apr
22c Jan
502 98%
100
200 16
500 22 22%
4
100
2 3334
99%
34
2134
27
434
42
Mar 115% May
Mar
1% Jan
Mar 2534 Feb
Mar 34
Jan
Apr
5% Feb
May 42
may
Merchants Petroleum
Pacific Finance Corp_.i0
Preferred 13
10
Pacific Gas & Elec Co _ 25
6% 1st preferred
25
514% 1st preterred___25
Pacific Indemnity Co. 10
Pacific Lighting pref
•
Pacific Public Service...*
Republic Petroleum _ _ _10
Security 1st Natl Bank_20
Security Co units
•
Signal Oil & Gas A corn...*
Socony-Vacuum Oil Co _ _15
So Calif Edison Co
25
Original preferred_ _ _25
7% preferred
25
25
6% Preferred
534% preferred
25
Southern Pacific Co _ _ _100
Standard Oil of Calif...*
ransamerica Corp
•
Union Oil of Calif
25
U S Oil So Royalties_ _25c
Universal Cons Oil Co 10
15c
14
1034
18
2434
23%
1234
88
1%
2
3434
2034
934
14
14%
3534
25%
2234
2034
14%
33%
5%
1734
30
53i
Mining Stocks
Alaska Juneau Gold M _ _10
131k Mamm'h Cons MnglOc
Calumet Mines Co_ _ _.10c
Imperial Development _25c
Tom Reed Gold MInes__1
Zenda Gold Mining Co__1
17% 17%
12c
12c
7c
7c
2c
2c
47c 48c
934c
10c
20e
144
10%
1834
24%
2334
1234
89
134
234
35
20%
1034
14%
15%
3534
2534
2234
20%
1634
3434
Unlisted Stocks
American Tel & Tel___100 110% 11534
1%
Cities Service
General Electric
• 2334 2434
10 2934 30%
General Motors
5
5
Radio Corp of America__*
42
25 42
Standard Oil of N J
15c
1434
10%
1834
2534
2334
12%
89
134
334
38
20%
1134
14%
15%
3534
26
2334
21
19
3434
5%
18%
3c
834
May
Apr
Apr
Apr
Apr
Apr
Apr
May
Apr
Mar
Jan
May
Mar
Jan
Apr
May
Apr
Apr
Apr
Jan
Slay
Jan
Apr
Jan
May
WATLING,LERCHEN St HAYES
Members
New York Curb (Associate)
New York Stock Exchange
Detroit Stock Exchange
Buhl Building
DETROIT
Telephone - Randolph 5530
Detroit Stock Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
for
Apr 30
of Prices
TVeek
1935
Par Low
StocksAuto City Brewing corn..!
134
11
Baldwin Rubber A
Bower Roller Bearg corn._5 19
• 27
Briggs Mfg corn
Burroughs Add Mach _ _ _ _* 1534
• 10%
Capital City Prod com
5 37%
Chrysler Corp corn
Detroit Edison com___100 7534
231
•
Detroit Forging corn
4%
Detroit Gray Iron corn. 5
Detroit Mich Stove com I
74
• 1234
Det Paper Prod corn
High Shares Low
1%
870
410
234
11%
1,845
193i
634
1,202
634
28
410 10%
15%
100
4
10%
41% 5,621
2634
137 55
76
857
234
1
100
2
43-4
100
34
34
13%
1,216
334
Low
134 Mar
Mar
16
Mar
25
Feb
14
Apr
Feb
4
31
Mar
Mar
65
1
Feb
Apr
3
36 Mar
934 Jan
High
2
Jan
1331 Apr
20
Apr
29% Feb
1534 Jan
10% May
4234 Jan
7834 Jan
2% Apr
5% Mar
1
Apr
13% Apr
•
Eaton Mfg corn
Ex-Cell-0 Aircraft corn.._3
•
Federal Mogul corn
Federal Mot Truck com •
Fed Screw Works corn_
Ford Motor of Can A....
General Motors com____10
Graham-Paige Mot corn..l
•
Hall Lamp corn
•
Hiram Walker-G & W
•
Home Dairy class A
Hoover Steel Ball corn..10
Houdaille-Hershey B...'
•
Iludson Motor Car
•
Mich Steel Tube com
•
Mich Sugar corn
10
Preferred
•
Motor Products corn
5
Motor Wheel corn
10
Murray Corp corn
18% 18%
836
4
434
53:
3% 354
29% 305i
2934 30%
1%
1%
4% 4%
24% 25%
11% 1134
334
1134 13%
734
9
9%
13,1
13-4
434
43g
25% 27%
934 9%
735 834
115 10
4,230
2%
3
345
234
565
234
220
300 2 8%
2,234 24%
134
756
3
1,165
240 2 20%
25 11
100
1
7,235
2%
1,115 21 6
1,030
3
7,060
36
600
234
1,845 16
967
6%
4
3,996
1734
5%
334
334
3
27
2634
134
4
24%
1134
334
634
634
3
34
234
1734
756
5
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Apr
Apr
Feb
Mar
Mar
Jan
Apr
Jan
Mar
Mar
Mar
1934
834
534
6%
434
31 34
3434
334
6
30%
11%
4
1434
1234
9%
134
434
2834
11%
9%
Jan
May
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Apr
Jan
May
Apr
May
Apr
Jan
Apr
Packard Motors corn
•
•
Parke-Davis & Co
Parker-Rust-Proof com._.
Reo Motor Car Co eon_ _ _5
2
Rickel(R NV)
River Raisin Paper corn. •
10
Scotten-Dillon corn
•
Square D "A"
•
"B"
Timken-Det Axle cora._ _10
100
Preferred
1
Tivoli Brewing corn
10
Truscon Steel Co
100
U S Radiator pref
•
Universal Cooler A
•
Walker do Co units
Warner Aircraft Corp.._ _1
Young(L A)S& Wire.. _•
3%
3834
59
334
3%
334
24
2934
1734
5%
98
134
4%
10
4%
134
15
34
22
1,313 2, 234
2,147 1934
153 434
2,900
2
1,990
1,540
1
100 1734
290 10 3
150
700
1,410
3
10 54
2,914
1%
360
3%
28
5
100
1%
1,100
56c
268
6%
1,240
50c
435 10%
Apr
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Ma
Mar
Jan
Ma
May
10
356 Fe
1
Apr
May
15
34 Apr
18% Ma
5%
40
63%
334
3,4
334
24
29%
18%
7.34
98%
234
6
10
434
134
1534
I%
23
Jan
May
Jan
Jan
Apr
Feb
May
May
Apr
Jan
Apr
Feb
Jan
May
May
Jan
May
Jan
Apr
3%
40
60
33,4
3%
3%
24
2934
17%
634
98
234
454
10
4%
134
15%
34
22%
334
33
55
2%
234
23-4
20%
21
7%
434
93
2
3018
Financial Chronicle
May 4 1935
Established 1874
BALLINGER & CO.
DeHaven iSt Townsend
Members Cincinnati Stock Exchange
CINCINNATI
Members
New York Stock Exchange
Philadelphia Stock Exchange
UNION TRUST BLDG.,
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
PHILADELPHIA
NEW YORK
1415 Walnut Street
30 Broad St.
Wire System—First Boston Corporation
Philadelphia Stock Exchange
Cincinnati Stock Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
Week's Range
of Prices
General Machry pref _ _
Gibson Art
Hobart class A
Julian & Kokenge
Kahan let pref
A
Kroger
Lazarus pref
Magnavox Ltd
Nash Co
Procter & Gamble
5% preferred
Randall A
13
Rapid
Richardson
U S Printing
U S Playing Card
Preferred
Whitaker pret
High
6
15
835
3
38
68
6
2
94
180%
100
3%
80
2635
2335
15%
6
8%
435
10%
_100 8134 81%
• 24% 2534
* 2934 30
11
• 11
71
100 71
40 1434 1435
* 2415 2534
111
100 111
2.50
35
35
25 1535 15%
• 4815 49
100 119 119
19
• 19
*
7
7
• 37% 40
• 10
10%
4
•
4
36%
10 36
50 1235 13
00
100 90
July 1
1933 to
Apr 30
1935
Range Since
Jan. 1 1935
High
Low
Low
835 Jan
Apr
6
6
1235 Mar 15%, Jan
2 10%
May
935 Apr
8
4
Apr
3
135 Jan
1
Jan
Apr 42
38
31
May
Apr 68
65
51
Apr
7
235 Jan
1
1% Mar
234 Jan
134
May
72% Jan 94
62
May
18035 18034 May 190
Apr 10335 Apr
100
80
2% Apr
2%
334 Apr
Apr
6035 62% Jah 80
Feb 26% Apr
21
16%
t 1435 20
Feb 23% May
Apr
Mar 16
13
I 7
7
Jan
6 Apr
6
9
Jan
8
Mar
2
434 Apr
3% Mar
3%
Jan
935 Mar 14
8
01.-0,MMfOOMON(O.N..0..,01. C-Q.00.^0000VN.. 00.00
,
,
F
EMM24M. ,44 VM mo
M..N
Stocks—
Par Low
Aluminum Industries__ _ ..•
6
Amer Laundry Mach_ __20 1434
American Products pref __.
8
Baldwin
8
3
100 38
Carey
Preferred
100 68
Churngold
•
535
Chat' Ball Crank pref
•
2
Chit' Gas & Elec
100 9234
CNO&TP
100 18034
Preferred
100 100
Cincinnati Street Ry _ _ __50
3%
Cincinnati Telephone_ _ _50 79
Cinti Union Stock Yard_ _* 2634
City Ice & Fuel
• 2334
• 1514
Crosley Radio
Crystal Tissue
•
6
*
8%
Dow Drug
Eagle-Picher Lead
20
494
Formica Insulation
• 1034
Sales
for
Week
Feb 8134
75
52
7% 16% Jan 2535
Feb 3035
2235 27
12
10
Feb
4
Apr 75
50
65
13
Jan
1434
10
1 19
2334 Mar 28%
110% Apr 111
95
114
35 Jan
35
10
Jan
16
10
1 33% 4334 Jan 49%
114
Jan 119
101
19
934
1734 Jan
23.1,
5
Feb
734
12
27% Jan 40
6% Jan 10%
6
4
3
Jan
2
14% 29% Jan 38
Jan
435
10
143.4
50
8334 Jan 90
Apr
Apr
Apr
Jan
Feb
Mar
Jan
May
Feb
Apr
Mar
Apr
Apr
Apr
May
Apr
Feb
Apr
Mar
May
OHIO SECURITIES
Listed and Unlisted
GILLIS WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bid.—Cherry 5050
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan, 1 1935
for
Apr 30
of Prices
Week
1935
Stocks-Par Low
• 1714
Allen Industries Inc
Preferred
• 40
•
4
Apex Electrical Mfg
• 2334
City Ice & Fuel
Preferred
100 98%
Cleve-Cliffs Iron pre_ _ ...• 1934
Cleve F:lec III 6% pref_ _100 114
•
6
Cleveland Quarries
.
Cleveland Railway _ __100 5334
Ctfs of dep
100 5334
Cliffs Corp v t c
•
7
Corr McKin Steel vot _ _1
..
1234
1
Non-voting
1134
Dow Chemical
* 9334
100 113
Preferred
Electric Controller & Mfg • 32
Faultless Rubber
" 30
Federal Knitting Mills_ _ ..* 40
Ferry Cap di Set Screw_•
134
Firestone T dz R 6% pt_100 9034
Gen T & R 6% pref A_ _100 93
Geometric Stamping
•
134
Great Lakes Towing pt.. 100 45
Greif Bros Cooperage A _ _• 2934
Halle Bros
5 1534
Preferred
100 91
Interlake Steamship
• 23%
Jaeger Machine
*
8
r
I
Mohawk Rubber
National Acme
1
534
National Refining
25
6
Preferred
100 63
National Tile
•
214
Nestle LeMur cum el A.
__
3%
Nineteen Hund Corp cl A • 28
Ohio Brass B
" 2634
100 100
6'7,, cum pret
Patterson-Sargent
• 22
3
l'eerless Corp
134
Richman Bros
• 46
Robbins dr NIyers v t c ser2•
n
SeiberlIng Rubber
•
114
• 3234
Selby Shoe
Sherw-Williams AA pref100 110
I
934
S NI A Corp
• 25
Stouffer class A
Trumb-Cliffs Fur cumpf100 95
Mremenn Steel cum 7',-Df100
35
or footnote, See Mee 3019.
Low
High Shares Low
High
1834
835 Jan
743
2
1834 Apr
Feb
Apr 45
39
75 1734
40
5
4%
Jan
Jan
4
70
334
Apr
103 1 1435
24
2034 Jan 24
Mar 9834 Apr
100' 6334 90
9835
Jan
Mar 20
15
19%
85 15
114
15 9934 110% Jan 11435 Apr
Jan
6
Jan
6
100
535
6
Jan
47 3535 5335 Apr 60
55
Jan
Apr 58
243 3435 50
55
Apr
5
40
7% Jan
5
7
Mar 1534 Jan
562
14
8
8
14
8% Mar
386
1534 Jan
834
1252 3634 85
Apr
Mar 95
95
Mar
850 99
114%
112% Jan 117
Apr
Jan 35
125 14%
3234
21
Jan
Jan 30
20 21
30
30
Mar 46% Jan
35 2934 40
40
234 Jan
118
1
1%
115 May
20 67% 9034 Apr 9334 Mar
91
Mar
93
50 2 HU
9134 Jan 97
135 Jan
134
Star
4
1
50
May
Jan 45
45
10 3414 40
3115 Mar
29%
Jan
155 16
27
Feb1534 May
8
11
52
1534
Apr 91
• Apt
91
10 4434 91
25
20% Mar 2834 Jan
138 20
835 Apr
835
434 Jan
120 It 1
235 Jar
Apr
1
1
I
265
Jar
7
535 Apt
200 1 3
514
2% Mar
370
7% Apr
2%
635
May
63
50
Jan 63
15 45
Ain
3
1
1 Mar
339
3
3% Apr
110
1
3%
.5.35 Jar
28
25 21
2334 Jan 2835 Apr
Apt
28
19
Jan 28
235 10
Mar 101% May
96
295 48
10134
Jar
Apr 24
23
19
125 1035
134
1
Mar
100
I% Mw
1
let
46
May 51
4735
434 38
% AP
n Apr
13
14
34
Jar
3
134
25
115
134 Apr
3
Ap
275 2 1534
2715 Jan 34
334
111
110 9034 10734 Jan 1,1234 Mal
10
1131 API
9
Jan
270
8%
Jan 25
935
25
Ap
20
15
95
Jar
Jan 95
95
516 60
Feb
3634
150 25
25
Apr 44
April 27 to May 3, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 193310
Range Since
for . Ayr 30
of Prices
Jan. 1 1935
1935
Week
High Shares Low
Stocks—
Par Low
Low
High
5
• 34% 3515
American Stores
859 3334
33
Apr 45/, Jan
5%
11
Feb
210
Bankers Securities pret._50 1234 12%
1334 Jan
367 109% 11435 Apr 120
Apr
Bell Tel Coot Pa pret_ _100 115% 117%
385
•
335 3%
3
335 Mar
Budd (E G) Mfg Co
53,4 Jars
13 1 16
23
Preferred
100 2614 2634
Mar 2934 Feb
210' 2
•
334 4
Budd Wheel Co
235 Mar
4% Apr
122 34
48%
42
Cambria Iron
50 48
Jan 48% Apr
130 3334
41
Electric Storage Battery100 4135 4234
Apr 4934 Jan
58 68
8134 Feb 10054 May
Horn & hard (Phila)corn' 100 100%
952 1534 21
Horn & Hard(NY) corn_ _• 2354 23%
Feb 24% Apr
495
634 2634
5%
Lehigh Coal & Navigation.
5% Mar
734 Apr
50
180' 5
Lehigh Valley
734 7%
535 Mar
1134 Jan
29
Mitten Bank Sec Corp.._25
35
35
35
35 Apr
IN Feb
114
350
135
Preferred
25
35
% Mar
13,4 Jan
1% 2,1652 131
135
Pennroad Corp v to
•
134 Mar
214 Jan
1,397 I 1734
Pennsylvania RR
1734 Mar 25% Jan
50 2035 2135
2282 4234 70
Penna Salt Nlfg
50 77% 79
Mar 7934 Apr
139 90
103% Jan 112% May
Phila Elec of Pa 55 pref..... 110% 112%
1,760 2935 3134 Mar 3334 Apr
Plana Elec Pow pref
25 3234 33%
180
234 234
Philo, Rapid Transit_ _ _ _50
13.4, Mar
13,4
Jan
4
203' 3
7% preferred
50
4% 4%
6% Jan
33,4 Mar
100' 114
2% 215
Phila dr Rd Coal & Iron...'
2
Mar
4% Jan
183 1235
1234 Mar 2234 Jan
Philadelphia Traction_ _ _50 1434 1434
70 105
113% Jan 12134 Apr
Scott Pap ser A 7% pret100 11835 11834
45 1734
2034
Tacony-Palmyra Bridge_ _• 20
1834 Apr 21% let
Tonopah-Belmont Devel_ 1
34
7.500
316
N Apt
Its
116 Feb
1
1
1% 3,433 2
%
Tonopah Mining
35 Feb
1% Apt
216
435
3%
Union Traction
50
43,4
6% Jar
33's Mar
9% Feb
United Gas Impt com____• 1214 1334 7,375 1 914
14
Apr
102%
453 I 8235 8734 Feb 102% Apt
• 101
Preferred
10
• 10
631
Westmoreland Inc
1335 Feb
100
10
Apt
Bonds—
Flee Ae. PAnneese Cr. errs 451'45
13%
15
3 13.500
3
1354 Mar
1235
Sr
Js t
Pittsburgh Stock Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
July 1
IVeek's Range Sales 1933 to
Range Since
for
Apr 30
of Prices
Jan. 1 1935
Week
1935
Stocks—
Par Low
Allegheny Steel corn
• 25
1
Ark Nat Gas Corp corn *
2%
Preferred
100
Armstrong Cork Co com_• 1954
• 10%
Blaw-Knox Co
Carnegie Nfetals Co
1
235
4
Clark (D Ill Candy Co_ _•
Columbia Gas & Elea Co
.•
535
Devonian 011
10 12
735
DlICIlletine Brewing com__5
Class A
835
5
2
_ .1
Fort Pittsburgh
Brew_Koppers G & Coke prof 100 9334
*
Lone Star Gas Co
594
1
•
McKinney Mfg Co
Mesta Machine Co
5 273,4
Pittsburgh Brewing Co_ ..•
3%
334
Pittsburgh Forging Co_l
Pittsburgh Plate Glass_ _25 54
Pittsburgh Screw & Bolt _ _.•
634
134
Pittsburgh Steel Foundry _•
5 10%
Plymouth Oil Co
5
8
Ruud Mfg Co
San Toy Mining Co
1
3c
Standard Steel Spring_ . 12
United Eng & Foundry _ _ _• 39
Victor Brewing Co
1 95c
•
4
WestPSCovtc
Westinghse Air Brake._ _ _• 1954
Westinghse El & Nifg._ _50 4035
Unlisted—
Lone Star Gas 6% Pref.100
635% preferred
100
High Shares Low
300 1 13%
27
602
35
1
392 1%
2%
1002 13
1934
6
503
1134
2% 2,660 90c
45
3
4
110' 335
635
95
8
12
724 3 1
8
210
434
835
1,890
135
235
130 54
94
534
078
4%
1
115
150
254' 894
28%
681
335
154
275
2
3%
179 I 3034
56
270' 4%
6%
10
1%
134
150 1 635
10%
25
7
8
Sc 25,000
2c
1235
60
8
225 15
39
1
4,120, %
3%
434 3,697
80 15%
19%
90 27%
42%
82% 84
953,4 9534
Bonds—
102
Independent Brewing 68 55 101
Pittsburgh Brewing G. '40 10374 104
.
,
119
10
52,000
2,000
64
7494
51
86
Low
2034 Jan
1
Feb
2
Mar
17
Mar
9% Mar
194 Jan
3
Mar
3% Mar
10% Jan
3% Jan
535 Jan
2
Jai
73
Mar
434 Mar
1
Mar
2415 Jar
2
hurl
214 Mar
47% Apr
5%, Nfar
I% Apr
9% Apr
7
Feb
2c
Jan
9
lob
2734 Jan
85c Mar
314 Jan
1835 Mar
32% Mar
High
Apr
27
134 Apr
274 May
24
Jan
1334 Jan
334 Mar
4
Jan
7% Jan
13
Mar
8
Apr
835 Apr
235 Jan
95
Apr
634 Jan
135 Feb
31% Mar
335 May
434 Feb
5734 Jan
8% Jan
4
Feb
11% Apr
1035 Jan
Sc
Ala
1434 Jan
40
Apr
134 Jan
4% Mat
263-4 Jar
4234 Apr
69
90
84
MaY
9534 Apt
101
103
Mar
Jan
Apr102
A,sr 1(14
May
Mae.
ST. LOUIS MARKETS
LISTED AND UNLISTED
WALDHEIM,PLATT &CO.
Members
St. Louis Stock Exchange
New York Stock Exchange
New York Curb Exchange (Assoc.)
Chicago Stock Exchange
mortals quotatton shun mailed upon request.
ST. LOUIS
513 Olive St.
MISSOURI
St. Louis Stock Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
July 1
11"eek's Rance Sales 1933 to
Range Since
for
Apr 30
of Prices
Jan. 1 1935
Week
1935
Stocks—Par Lou
• 55
Brown Shoe corn
Burkart Mfg pret
• 2734
Como Mills corn
13%
Dr Pepper corn
• 16
Ely dr Walk D G let Did 100 110
Common
25 19
High Shares Low
55 1 41
56%
25
9
2714
13 10
14
10
16
6
45 90
110
95 13
19
Low
53
Mar 59% Feb
22
Feb 27% Apr
13% May
15
Apr
16
May
16
May
105
Jan 110
Apr
17% Jan
21
Feb
July 1
Range Since
Sales 1933 to
Jan. 1 1935
Apr 30
for
Week 1935
Stocks (Concluded) Par Low
Low
High
High Shares Low
Falstaff Brew corn
234 Jan
415
1
574 Apr
234
434 5
I Lyda Park Brew corn_ _ _10 19
Apr
50 11 10
19
1634 Feb 20
Apr
International Shoe corn.-• 453.4 4574
20 38
4294 Mar 46
Laclede-Chris Clay Prod
434 Apr
common
5 May
25
4
5
5
*
Jan
Laclede Steel corn
20 1554 1534
30 1234 1554 May 16
Jan
McQuay-Norrls corn
Apr 56
53
43 39
54
• 53
Slayer Blanke com
• 1054 1034
25
134 log May 1034 May
Moloney Electric A
May
774 Feb 11
50
6
11
• 11
Mo Portld Cement com _25
734 Apr
63-4 Apr
6
132
7
8
Nati Candy com
195 1334 1394 Apr 1674 Feb
* 1334 1434
Rice-Stix Dry Gds com
974 AM 1274 Jan
230
* 1034 1054
634
Scullin Steel pref
Apr
1
•
5
40c
1
1
134 Feb
Southwest Bell Tel pref 100 120 12134
Jan 12354 Feb
356 11554 119
Stlx, Baer & Fuller com *
854 Slay 1054 Jar
428
73.4
834 9
Ara
Wagner Electric com _ _15 15
145
634 1254 Jan 16
1554
Week's Range
of Prices
DEAN WITTER & CO.
Municipal and Corporation Bonds
DIRECT PRIVATE WIRER
San Francisco
Oakland Sacramento
Portland
Honolulu
Los Angeles
Fresno New York
Tacoma
Seattle
Member,
New York Stock Exchange
San Francisco Stock Exchange
San Francisco Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Es. (Asso.)
New York Cotton Exchange
New York Coffee & Sugar Ex.
Commodity Exchange, Inc.
Honolulu Stock Exchange
San Francisco Stock Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
July 1
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 0 Mining 10 17
17%
290 1 1554
Jan
1634 Mar 20
Assoc Insur Fund Inc_ __10
251 234
460
34
154 Jan
234 Apr
Associated Oil Co
25 35
37
19 26
3154 Jan 37
May
Imp Diesel Eng A....
Atlas
7% 7%
245
I%
5
Jan
93.4 Mar
Bank of Calif N A
100 152% 155
247 12034 143
Jan 155
Mar
Byron Jackson Co
• 1054 12
6,997
734 Jan 12 May
334
Calamba Sugar corn. ..20 2134 2234
755 153-4 19
Jan 23
Feb
20 2154 21%
7% preferred
30 1734 2134 Apr 2154 Feb
California Copper
10
200
%
%
%
54 Feb
54 Mar
Calif Cotton Mills corn.100 11% 1134
15
4
1094 Jan 143.4 Mar
Calif Ink Co A corn
• 34
34
445 17
30
Feb 34
May
Calif Ore Pow 7% pref_100 43
43
50 20
25% Feb
Calif Packing Corp
• 35% 37
1,047 183-4 3534 May 42% Feb
Calif West Sts Life Ins CaP5
934 10
54
734
9% Apr 11% Jan
• 43% 44
Caterpillar Tractor
524 15
36% Jan 44% Apr
Claude Neon Elea Prods_ _• 1094 10%
578 7 734 1034 Apr 1134 Feb
Cot Cos G & E 6% 1st pf100 9054
49 56% 77
Jan 92% Apr
• 2954 30
Cons Chem Indus A
300 2174 2734 Jan 3054 Apr
Crown Zellembeh v t c
*
468 1 354
33.4
5% Jan
334 Apr
Preferred A
• 57% 57%
38 27
304 Mar 7054 Jan
Preferred 11
• 56% 58
50 26
50% Mar 70
Jan
1)1 Giorgio Fruit $3 pref100 33
33%
80 13
22% Jan 38
Jan
Emporium Capwell Corp_*
7
7%
67o
5
5%, Jan
7% Apr
Fireman's Fund Insur. __25 7854 7955
_
100 44
Jan 82
Mar
Food Mach Corp corn
• 29
29%
380 1034 2034 Jan 31
Apr
Foster &Kleiser corn____10
1% 1%
310
Feb
1
1% Apr
14
Golden State Co Ltd
•
554
601
4
Star
4
554 Mar
Hale Bros Stores Inc
•
974 9%
100
8
8% Jan 10
Apr
Hawaiian C dr S Ltd _ _25 59
59
5 40
Apr
433.4 Jan 60
lIome & 13I Ins Co_
10 39
39
73 2434 3154 Jan 39
Mar
Ilonolulu Oil Corp Ltd.__. 18
18
410 1034 143-4 Jan 18% Apr
lonoulu Plantation_
20 28
29
150 1754 26
Jan 29
Apr
15 1654 1654
Hutch Sugar Plant
40
7
Jan 1654 Apr
7
Island l'ine Ltd corn_
20
674 7% 1.068
3
Jan
7% May
Leslie-Calif Salt Co
• 24
24
225 21
22% Apr 26
Jan
L A Gas & Elea pref___100 osg 9934
125 75
8134 Jan 99% Apr
Magnavox Co Ltd
294
1
798 II 34
7,4 Jan
154 Mar
Magnin & Co (1)6% pf 100 99% 100
20 66
93
Fe 100
Apr
Marchant Cal SIMI com_10
3% 3%
100
1
2
Jan
4
Mar
Market St Ry pref
100 1474 147-4 2,485
3
13
Fe
1554 Apr
Natomas Company
• 10
1094 5,912
7% Jan 10% Mar
3%
No Amer Inv 6% pret_ _100 38
38
10 14
31% Ma
44
Feb
North Amer Oil Cons..,.1(1 1174 14
6,711
634
954 Mar 14 May
Occidental Ins Co
10 23% 23%
99 13
21% Mar 24% Apr
Oliver Utd Filters A
• 15
15
334
5
12% Jan
1631 Mar
Pacific G & E corn
25 1774 184 2,553 1 1234 1314 Feb 18% Apr
6% Ist pref
25 243-4 2534 4,535 2 1894 2054 Jan 25% Apr
5% Pref
25 2234 23
1,868 16% 18
Jan 23% Apr
Pacific Lighting Corp com• 273-4 2734 1,133 1 19
2034 Mar 28% Apr
6% Prof
• 8754 8954
690 664 71
Jan 89% Apr
Pao Pub Ser(non-vot)com •
955 17 fi
1% 154
% Feb
13( Apr
(Non-voting) prof
• 12
829
12%
134
754 Feb 12% May
Pacific Tel & Tel corn. _100 893-4 9174
499 683-4 7034 Jan 9154 Apr
pref
100 1263.4 127
126 1 903.4 111
Jan 127% Apr
Paraffine Co's coin
• 3734 38
1,234 21
36
Mar 4254 Jan
Ity Equip & RIty 1st pre • 16% 17
90
5
10
Jan 17% Apr
Series 1
• 14
14
10
2
5% Mar 14
May
Series 2
14
90
14
1%
5% Feb 14
May
A
254 2%
25
% Feb
54
2% Apr
154
%
154
55
154 May
154 May
Rainier Pulp dr Paper Co_• 3354 3354
280 15
30
Jan 3454 Mar
SJL& P
or pref___10C 101
101
9 6794 8834 Jan 10154 Apr
6% pr pref
100 98
98
10 65
77
Jan 9854 Apr
Shell Union Oil corn
•
7
7% 1,474
555
5% Ma
7% Jan
Preferred
100 78
80
195 4534 6454 Mar 80
May
Sierra Pan Mee 6% pref100 78
78%
11 41
62% Jan 80
Apr
Socony-Vacuum 011 Co_15 1374 1454
300 11
13% Apr 1454 May
Southern Pacific Co.__ _100 16
1554
1,180 12% 13
Mar 19
Jan
So l'ac Golden Gate A _
154 1%
650
35
1% Jan
1% Jan
Spring Valley Water Co..•
554 554
110
4
5% Jan
6
Feb
Standard 011 Co of Calif... 3234 344 2,297 1 2634 28
Mar 34% May
Telephone Inv Corp
• 37
37
50 28
33
Jan 38
Apr
Tide Wtr Assd Oil
pf100 9454 95 34
110 4354 837-4 Feb 9534 Apr
Transamerica Corp
•
1:,527
4%
4% Mar
.534 53-4
5% Jan
Union Oil Co of Calif.
.25 17% 1874 3,168 I 1154 1434 Feb 1874 Apr
union Sugar Co corn.....25 11% 12
675
4
5
Jan 1254 Apr
7% pref
25 23
11 18
2336
17% Jan 24
Apr
Utd Air Lines Trans Corp 5
514 5%
100 1 334
474 Ma
63( Jan
Wells Fargo Ilk & U 17100 240 24074
10 179
230
Jan 244
Mar
Western Pipe & Steel Co 10 1734 1774
150
7% 10% Jar
19
Apr
Yellow Checker Cab A..50
9% 10
73
2%
6
Feb 10
Apr
•
San Francisco Curb Exchange
April 27 to May 3, both inclusive compiled from otticia sales
lists
JUIv
Week's Range
of Prices
StocksAlaska Mexican
Alaska Treadwell
Alaska United
A rnorinftn 'Vol A- 'Pnl
3019
Financial Chronicle
Volume 140
Sales
for
Week
1
11)3310
Apr 30
1935
Par Lou
High Shares Low
5
10c
10c 2,320
lc
25
44c 60e 1,300
10c
5
10c I5c 1,100
2c
I An 1 1 n , , n i /
on 1 nen n,
.
Range Since
Jan. 1 1935
',ow
High
100 Apr
10c Apr
20c Apr
60c Apr
4c -.
Mar
100 .
Apr
nn
Sr Ito, .
July 1
1Week's Range Sales 1(133(0
Apr 30
of Prices
for
Week 1935
High Shares Low
Stocks (Concluded) Par Low
20c
30c 32c 4,100
American Toll Bridge__ _ _1
270
•
9
3
Anglo National Corp
934
1001 934
14
Anaconda Copper
* 14
Argonaut Mining
5 1394 1554 5,245 1.75
130 I 3
4
Aviation Corp
5
4
16
2
2
Calwa Co
2
10
4054 2,460 263.4
Chrysler Motors
5 39
75c
Cities Service
539
154
134
•
100, NA
47c 47c
Claude Neon Lights
1
80 40
Crown Willamette 1st pt.* 80
80
5 24
5
5 17
24
Dominguez 011
7
Emsco Derrick
1054 10% 1,450' 254
20 4034
Ewa Plantation
20 4934 4934
50 79
Fibreboard Prod pref__100 104 104
222294
1,001
General Motors
10 2954 3034
Gladding McBean
100 17 434
•
5
5
Cr West Elec-Chem___100 175 175
20 85
Holly Development
100
" 25c
36c 36c
1
1.40
700
Honokaa Sugar
53.4 53.4
20
2.50
700
Idaho Maryland
1
3.50 3.65
273
Sc
Italo Petroleum
18c 18c
1
47c
Preferred
525
1.00 1.00
1
7752 25.4
Libby McNeill & LIbby_10
794 754
• 2.00 2.00
Lockheed Aircraft
600 7 90c
10
9
Marine Bancorp
• 1194 1134
Occidental Petroleum_
25c 30c 2,100
20c
1
5
Pacific American Fish
* 1274 1334 1,995
615
Pacific Eastern Corp
1
134
21-4 234
Pacific Western Oil
122 2 5
•
834 834
Park Utah
400 __
•
55.4 6
5
Pineapple Holding
20 1534 1694 1,760
30 16
l'ioneer Mill Ltd
20 2934 31
325
5
4
5
•
Radio Corp
2
50 ', 134
2
Republic Pete
10
35 '725
Sec 1st Nati Bank L A 25 343.4 343-4
130 11
• 2474 2494
Shasta Water
1,040 23 63.4
Silver King Coalition_ __ _• 1734 1834
733 1 1034
25 1454 1534
South Calif Edison
20" 1434
554% preferred
25 2054 2034
8752 1554
6% preferred
25 2274 23
300 183-4
7% preferred
25 2554 2554
15 143.4
22
Southern Pacific GO pf 10C 22
200 __
14
Standard Brands
• 14
16c
23e 200 3,400
1
U S Petroleum
1.2
Universal Cons 011
10
83.4 834 3,872
313 3.75
954 934
Virden Packing
25
570 29
5534
20 54
Waialua Agricult
15 4.50
5 4.60 4.60
West Coast Life
Range Since
Jan. 1 1035
Low
21c Mar
73-4 Jan
May
14
Jan
10
334 Apr
2 May
3474 Mar
75c Mar
32c Apr
Mar
68
22% Feb
Jan
7
4054 Jan
Jan
100
2634 Mar
Apr
5
Jan
124
36c May
4.15 Apr
3.00 Jan
13c Jan
660 Jan
63-4 Apr
1.30 Mar
1174 Apr
23c Apr
954 Jan
174 Mar
734 F_b
534 May
Ian
11
2934 May
4
Mar
2 May
343.4 May
Jan
22
874 Mar
1034 Mar
1654 Jan
173-4 Jan
203.4 Jan
17
Jan
14
May
18c Mar
____
2
Jan
4
3634 Jon
4.50 Feb
High
38c Apr
934 May
May
14
1654 Apr
554 Jan
2 Slay
4134 Jan
1(4 Jan
50e Jan
Jan
87
Apr
25
1134 May
4951 Apr
May
104
3334 Jan
Apr
5
Apr
175
37c Feb
53-4 May
3.70 Apr
28c Feb
1.20 Jan
831 Apr
2.30 Apr
1414 Feb
33c Mar
1394 AM
234 Apr
954 Apr
May
6
1634 May
Apr
31
574 Feb
2 May
3434 May
2534 Apr
Apr
19
1554 Apr
2134 Apr
2354 Apr
Apr
26
22
Apr
14
May
24c Jan
81-4 May
1134 Apr
5554 Mal"
4.60 May
• No par value. c Cash sale. z Ex-dividend. Er-Ugh s. z Listed. t In default
o Price adjusted to 100% stock dividend paid Dec. 29 1934(Kalamasoo Stove Co.)
Low price not Including cash tr odd-lot sal(s.
r New stock.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables), are as follows:
22 Pittsburgh Stock
' Cincinnati Stock
2
New York Stock
"Cleveland Stock
u Richmond Stock
New York Curb
*
77 Colorado Springs Stock 7 St. Louis Stock
New York Produce
11 Salt Lake City Stock
New York Real Estate 11 Denver Stock
27 San Francisco Stock
Baltimore Stock
te Detroit Stock
27 San Francisco Curb
'7 Los Angeles Stock
Boston Stock
San Francisco Mining
' Los Angeles Curb
7
Buffalo stock
-St. Paul
27 Seattle Stock
California biock
II Minneapolis
.
1 Spokane Stock
27 New Orleans Stock
Chicago Stock
2' Washington(D.C.)Stock
Chicago Board of Trade II Philadelphia Stock
Chicago Curb
CURRENT
NOTICES
-Following the dissolution of Bull & Eldredge and Snyder, Popper
& Co., both members of the New York Stock Exchange, announcement
Is made of the formation of Bull, Eldredge & Popper With offices at 39
Broadway, this city. The new firm is a member of the New York Stock
Exchange and an associate member of the New York Curb Exchange.
Representing the consolidation of two houses which have specialized
for many years as brokers for dealers, the firm will carry on this business,
acting as brokers for banks and dealers In industrial, railroad, utility,
foreign, State, New York City and other municipal bonds.
Chas. M. Bull, Jr., Douglas R. Coleman, John E. Kassebaum and
Stuart 13. Coxhead, partners of the old firm of Bull & Eldredge: Harry J.
Popper and Leo Kirsch, formerly partners of Snyder, Popper & Co., and
Harry L. Hoglander comprise the new partnership. with Clayton Snyder
as special partner.
-The opening of the New Orleans branch of J. S. Bache & Co. makes
39 cities in the United States, Canada and England in which this Stock
Exchange firm now has offices. The firm has 41 offices and branches,
Including the main office, and two branches in the City of New York.
J. P. Henlcan, Jr., and Thos. E. Grinnen, partners of the dissolved
firm of Henican, Grinnen & Co., New Orleans, will manage the new Bache
branch there, which is located in the Cotton Exchange Building. In
addition to being members of the New York Stock, New York Cotton, and
other leading exchanges, J. S. Bache & Co. are also members of the New
Orleans Cotton Exchange.
Roland G. Arrington is the new representative of J. S. Bache & Co. in
Dallas, Tex., and M. J. Rogers has joined the New York staff of the firm.
These men were also partners of the dissolved firm of Henican, Grinner]
& Co.
-Announcement is made of the formation of a new Stock Exchange
firm to be known as L. S. Kerr & Co.. with offices at Harris, Upham &
Co., 11 Wall Street. The new firm has been formed as an offshoot of
Pearl & Co., the dissolution of which also becomes effective May 1. Three
of the partners of the new firm were formerly partners of Pearl 3: Co.
They are Louis S. Kerr, the floor member of the firm, Herbert Spendlove
and Gordon D. Smith.
Simultaneously, it is announced that Alexander Falconer, formerly
associated with Pearl & Co., has been admitted to partnership in the
new firm. It is also announced that John J. Cuff, Jr., Richard N. SUL
Arthur Riehl, Charles M. Schoenstein and Robert B. Kerr, all formerly
associated with Pearl & Co.. will in the future be associated with L. S.
Kerr & Co
-Canadian Government, Provincial and municipal financing for the
first four months of 1935 aggregated $135,369,374. compared with $89,046,553 in 1934 and $29,777.328 in 1933, according to complete figures
compiled by Wood, Gundy & Co., Ltd. All financing for these four
months in the past three years has been taken care of through the sale
of internal issues.
April financing amounted to $64,155,774 and consisted almost entirely
of a new issue of $43,400,000 of Canadian National Rys. bonds and $15,000.000 of Dominion of Canada three months' treasury bills. The month's
total compares with $15,843,900 in April of last year and $10,593,385 in
April of 1933.
3020
Financial Chronicle
May 4 1935
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta
58
Jan
1 1948
4558
1 1958
Oct
Prow of British Columbia
Feb 15 1936
435e
July 12 1949
5e
455e
Oct
1 1953
Province of Manitoba
Aug 1 1941
4548
June 15 1954
68
to
Des 2 1959
Prow of New Brunswick
June 15 1938
4558
Apr 15 1960
44s
Apr 15 1961
4358
Province of Nova Scotia
Sept 15 1952
454s
Mar 1 1960
Is
Ask Province of Ontario
Bid
Jan
554e
3 1937
99 100
Oct
58
1 1942
9314 9414
Sept 15 1943
68
5s
May 1 1959
100 10034
June 1 1962
48
99 100
Jan 15 1965
455e
,
9514 96 4
Province of Quebec
Mar 2 1950
4558
10114 100,
4
Feb
48
1 1958
104 105
May 1 1981
4sie
105 106
Province ot Saskatchewan455e
May 1 1936
10314 104
June 15 1943
58
110 111
Nov 15 1946
5545
108 109
4558
Oct
1 1951
10914 110 4
,
11514 11614
Bid I Ask
10614 10634
11014 111
11512 116
11514 11614
10512 10614
10914 110 4
,
1103 11134
4
10712
1103 11184
4
10014 101
9912 10012
9912 10012
93
94
LAIDLAW & CO.
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
Wood,
Gundy
& Co., Inc.
Friday
sales
Last IWeek's Range for
Sale
of Prices
Week
Stocks (concluded) Par FTiC9 Low
High Shares
Dominion Rubber pref _100
Dom Steel & Coal B__ _25
Dominion Textile
•
Dryden Paper
Eastern Dairies
2
Famous Players C vtg tr_*
Rights
200
Foundation Co of Can.. • 125s
•
General Steel Wares
Goodyear T pf Inc '27_100
Gypsum Lime & Alabast_ •
5%
Hollinger Gold Mines__ 5 17.00
Howard Smith Paper_
•
Imperial Tobacco of Can.5 1255
Private wires to Toronto and Montreal
Internal Nickel of Can_" 27%
Preferred
150
International Power
•
155
Preferred
100 49
•
Lake of the Woods
A It Lindsay (C NV) pref. _100
All
Bid
Bid
Abitibi P & Pap etre 56 1953 33 I 34
Int Pow & Pap of Ntld 5868 98
9884 Massey-Harris
McColl-Frontenao OLI
. 13
Alberta Pacific Grain 65 1946 86
Lake St John Pr & Pap Co
88
Mitchell (J S)
•
Asbestos Corp of Can Is 1942 9812 100
23
855s
Feb I 1942 20
Montreal L II dr Pow cons• 27%
Beauharnols L Li & P 554873 83 I 85
6%a
58
Feb 1 1947 55
Montreal Tramways__ A00 94
Beauharnols Power 65 1959 41
MacLaren-Que Pow 5558 '61 7112 74
National Breweries
• 3255
Bell Tel Co of Can 58..1955 1143 115 Manitoba Power 5%8_1951 5412 .56
4
25
Preferred
British-Amer Oil Co 53_1945 1043 10514 Maple Leaf Milling 55581949 3612 3812
2
• 16
Brit Col Power 5%a_ _.1960 100 101
Natl Steel Car Corp
Maritime Tel & Tel 68_ _1941 110
Niagara Wire Weav pref.*
58
Massey-Harris Co 58_1947 80
March 1 1960
•
British Columbia Tel 58 1960 1033 10412 McColl Frontenac 011681949 10312 05
Ogilvie Flour Mills
4
100
Burns & Co 5545
Preferred
Montreal Coke & M 5548 '47 10212
42
1948 40
Calgary Power Co 58__ A960 9512 9612 Montreal Island Pow 5548'57 102
Ontario Steel Products_ •
Canada Bread 61
Ottawa L II & Power_ _100
1941 103 10412 Montreal L H & P (550
Canada Cement Co 548 '47 1013 1023
l'referred
100 100%
1939 4714 48
Dar value) 3s
4
4
Canadian Canners Ltd 68'50 10412
• 50
56
Oct 1 1951 10612 0714 Penmans
Canadian Con itubb 68_1946 100
•
Be
Mar 1 1970 107
734
0712 Power Corp of Canada
Canadian Copper Ref (is '45 10412 106 Montreal Pub Bevy 55_ _1942 10514
Quebec Power
• 15%
Canadian Inter Paper 68 '49 64
St Lawrence Corp
643 Montreal Tramways Is.1941 99
4
Can North Power 5s_ 1953 9912 10014 New Brunswick Pow Se 1937 81
A preferred
50
8312
Can Lt & Pow Co 5s_1949
St Law Flour Mills__100
Northwestern Pow es __1960 30
34
Canadian Vickers Co Be 1947 6512 6612
St Law Paper pref.._ .J00 10%
Certificates of deposit_ __
30
34
Cedar Rapids M & P 58 1953 11114 112 Nova Soots L & P 58_1958 100
Shawinigan Wat & Pow.* 1554
Sherwin Williams of Can_•
Consol Pap Corp 5545 1961 1412 1514 Ottawa Lt Ht & Pr 5s...1957 10414
Dominion Canners 88._1940 108
Preferred
100
Ottawa Traction 5558_1955 9312 (T412
Southern Can Power
Dominion Coal 5e
1940 104 105 Ottawa Valley Power 6%8'70 84
• 10
86
Dom Gas & Elea 6558_1945 6612 6712 Power Corp of Can 455e 1959 8014 8114 Steel Co of Canada
• 4335
Preferred
Dominion Tar 68
1949 9312 9512
25 42%
5e
Dee 11967 85
88
Donnaconna Paper 5555 '48 40
1943 91 12 9312 Tuckett Tobacco pref .100 13555
42 Price Bros & Co as
1)uke Price l'ower 6s_ 1986 97 973
Certificates of deposit____
•
4
9112 9312 Wabasso Cotton
Western Grocers Ltd____" 32
Provincial Paper Ltd 5558'47 10012 02
East Kootenay Power 78 '42 78
Eastern Dairies fls
Winnipeg Electric
1949 85,
Quebec l'ower 56
• 1.00
1968 10312 04
2
Eaton (T) Realty 5e
Preferred
Shawinigan Wit & P 4358'67 97
1949 10012
100
9712
Woods Mfg pref
Fam Play Can Corp 68A948 100 161 12 Simpeons Ltd 65
100
1949 10214
Fraser Co 68
1950 50
53 Southern Can Pow 58_ _1955 103
0412
Banks—
Gatineau Power 5s
1956 8414 843 Steel of Canada Ltd 68_1940 11112
4
Canada
General Steelwares 66_1952 9212 94
United Grain Grow 5s 1948 90
50 58%
Olf
Canadienne
Great Lakes Pap Co let 68'50 33
100 130
76
3412 United Seourles Ltd 5356 '52
Commerce
Hamilton By-Prod 7s 1943 1003 -- West Kootenay Power 55 '56 16 12
100 151
4
Smith H Pa Mills 550..1953 10112 103
Winnipeg Elea Co 58
100
1935 97
9812 Montreal
Oct 2 1954 55
100 290
es
5612 Nova Scotia
Royal
100 162
14 Wall St.
New York
Industrial and Public Utility Bonds
6-613
Range Since Jan. 1 1935
Low
nigh
80
80
17 80
Apr 80
Apr
3% 5
6,205
3% Apr
Jan
6
7755 78
45 77% May 82% Jan
150
335 3%
3% Mar
5% J ,n
2% 235
50
2
Apr
Jan
3
15
15
5 15
Apr
16
Mar
200
20c
805
20c Apr
20c Apr
1255 1255
10 11
Apr
1355 Jan
5% 4
235
3% Apr
5% Jan
115 115%
45 114
Jan 115% May
200
5% 5%
5
Mar
735 Jan
16.25 17.00 1,967 16.25 Apr 20.20 Mar
9% 10
70
9% Apr
13
Feb
1255 13
1,314 12
Mar 13% Jan
27
27% 10,162 22% Fob 27% May
130% 130%
100 130% Apr 13054 Apr
155
1
145
1
Apr
Jan
49
49
61 45
Mar 64
Jan
1055 10%
20 10
Mar
1355 Jan
40
40
10 39
Mar 40
Apr
4% 4%
345
3% Mar
554 Jan
13
13% 2,648 13
Apr 15% Jan
27
27
5 25
Jan 27
Feb
27
27% 4,946 26% Apr 32
Jan
90
94
26 80
Jan 94
Inlay
32)5
30
1.444 31
Jan
34
Feb
38
85 38
3835
Mar 39
Jan
16
16%
120 14
Mar 1855 Jan
60
60
210 4535 Feb 51
Apr
159% 15955
9 140
Mar 190
Jun
139 139
11 130
Mar 152
Feb
50
634 64
6
Feb
65f Apr
794 79%
79
Feb 85
Feb
100 100%
12 100
Apr 104
Feb
55
133 50
50
May 6354 Feb
7
7%
265
7
Apr 1055 Feb
15
15%
241 15
Mar 17% Jan
Loo 1.10
510 1.00 May
1.90 Jan
5
5
75
4% Apr
891 Jan
36
36
20 35
Mar 3955 Jan
10
11
60 10
Mar
1655 Jan
15
15%
1,222 15
Apr 20
Jan
1354 14
30 11% Apr 17
Jan
105 108
22 100
Jan 110
Feb
10
11
681 10
May
1455 Jan
43.55 4454
695 42% Mar 48
Jan
4255 42%
260 41% Feb 44
Jan
31 13355 Jan 140
13534 13754
Jan
21
21
20 17% Jan 27
Feb
32
32
8 32
Feb 36
Apr
1.00 1.25
230 1.00 May
255 Jan
4
4
52
4
Apr 10
Feb
62
62
20 60
Apr 70
Jan
57
12955
150
181
283
15835
58%
130
153
185
290
162
55
26
55
54
42
110
55
Jan 58%
125
Jan 132
14354 Mar 169%
181
May 2114
279
Jan 304
15454 Mar 17354
Slay
Mar
Feb
Jan
Jan
Jan
Montreal Stock Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
Stocks—
L
rrulay
sates
'Range Since Jan. 1 1935
Last Week's Range J for
Sale
Week
of Prices
High
Par Price Low
High Shares
Low
Agnew-Surpass Shoe
•
Preferred
•
Alberta Pac Cr A pref..100
Assoc Breweries
•
Preferred
100
Bathurst Pow SG Paper A_•
Bell Telephone
100
Brazilian T L & P
•
Brit Col Power Corp A.. •
B
•
Bruck Silk Mills
•
Building Products A
•
Canada Cement
•
Preferred
100
Canada Forgings class A_•
Canada No Power Corp.."
Canada Steamship pref 100
Canadian Bronze
•
Canadian Car & Fdry__•
Preferred
25
Canadian Celanese
•
7% preferred
100
Rights
*
Canadian Cottons pref..100
Can Gen Elec pref
50
Can Hydro-Elec pret__100
cnnadian Indus Alcohol.•
Class B
•
Canadian Locomotive
•
Canadian Pacific Ry___25
Cockshutt Plow
•
Con Mining & Smelting_25
Dominion Bridge
•
Dominion Coal pref......100
Inn
12%
43/
12434
8%
1655
655
5555
1855
855
734
1334
107
60
42
9%
835
10%
734
159
2655
129
11A
854 855
98 100
19
19
12% 13
105 105
4% 5
12355 125
4 955
2454 25
3
3
1634 18%
2834 2834
655 6%
55
5555
2
2
1834 19
834
83-4
2654 26%
7%
73.4
1355 14
2034 21
1063-4 107
1834 1835
100 100
60
61
39
4434
9
9.15
8
8%
3
3
1034 103-4
7% 734
155 16155
2534 2655
12234 130
1ln
tin
10
755
10 96
25 18
70 1035
5 104
435
120
268 118
1,309
834
368 2334
255
20
461 14%
160 2655
275
6
157 51
2
10
155 174
655
35
40 2635
6%
735
329 1255
1834
200 100
300 1834
10 95
32 60
423 37
7
6,911
6
1,635
5
23.4
2,544
934
6
250
2,779 126
758 244
315 1163-4
20
11,1
Jan
Jan
Apr
Mar
Feb
Mar
Apr
Apr
Apr
Apr
Jan
Apr
Mar
Apr
Apr
Mar
Jan
May
Mar
Mar
Apr
Jan
Mar
Jan
Mar
Apr
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mow
9
100
28
1334
109
634
135
10%
3055
5
17%
3034
855
6455
7
20
1134
3034
8%
17
2334
110%
20%
105
63%
8235
10
934
4
1334
8%
166
33%
140
190
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Tan
HANSON BROS Canadian Governmenl
INCORPORATED
iess
255 St. James St., Montreal
56 Sparks St., Ottawa
330 Bay Si, Tanta
ESTABLISHED
Municipal
Public Utility and
Industrial Bonds
Montreal Curb Market
April 27 to May 3, both inclusive, compiled from official
sales lists
Friday
Sales
Last 1Week's Range for
Range Since Jan. 1 1035
of Prices
Last
1Veek
Stocks—
Par Price Low
High Shares
Low
High
Acme Glove Works pref.50
41
41
25 32
Jan 45
Feb
Asbestos Corp Vot trsts__•
9
9
248
931
6
Mar 114 Jan
ASSOC 011 & Gas Ltd
•
Sc
300
60 Mar
15c Mar
Brit Col Packers Ltd
75c 75e
115
50o Feb
1.75 Jan
Preferred
16
100 16
16
140 16
Jan
18
Jan
Bathurst Pow & Paper B_•
1.00 1.25
22
1.00 Apr
2.00 Jan
Belding-Cortic cum prof100
116 116
12 116
Feb 120
Mar
Bright(T G)& Co Ltd_ •
11
11
15 11
Apr 14
Feb
Brit Amer 011 Co Ltd_ _ •
14% 14%
335 1455 Slay
15% Feb
Cndn Pow & P Invest Ltd
-•
755 735
5
6% Jan
10
Jan
Catelll Mac Prods pre A 30
12
12
20
9
Jan
12
Apr
Champlain 011 Prods prat •
7
755
480
75i
7
Jan
7% Feb
Comm Alcohols Ltd
•
50e 50c
75
50c Mar
90o Jan
David & Frere Ltee A
•
334 394
100
394 May
4
Apr
Distillers Corp Seagrains_•
1455 14%
545 13% Apr
18% Jan
Dominion Eng Works Ltd * 20
20
2134
60 17
Apr 23
Feb
Dominion Stores Ltd
•
20
84 8:4
8%
8% Apr
12% Jan
Dom Tar & Chem Ltd__ •
44 4%
1,650
434
334 Jan
755 Feb
Cum preferred
50
5034
75 44
Jan
72
Feb
•No par value.
jai],
3021
Financial Chronicle
Volume 140
Canadian Markets-Listed and Unlisted
CANADIAN SECURITIES
CANADIAN MARKETS
GOVERNMENT, MUNICIPAL, CORPORATION and RAILROADS
JENKS,GWYNNE & CO.
Members New York Stock Exchange, New York Curb Exchange and other
prIncfpal Exchanges
ERNST & COMPANY
Members New York and Chicago Stock Exchanges
New York Curb Exchange - Chicago Board of Trade
66 Broadway, New York
230 Bay St., Toronto
258 Notre Dame St., W., Montreal
Philadelphia - - - Burlington, Vt.
PRIVATE WIRES MONTREAL. TORONTO AND CHICAGO
Montreal Curb Market
Toronto Stock Exchange
Sales
Friday
Last Week's Range for
of Prices
Week
Sale
Stocks (Concluded) Par Price Low
High Shares
*
Fraser Cos Ltd
Voting trust
Home Oil Co Ltd
Imperial Oil Ltd
*
Int Petroleum Co Ltd
5
Matchers Dist Ltd A
•
B
*
Mitchell & Co Ltd (Robt) *
Page-Hersey Tubes Ltd__*
Regent Knitting Mills Ltd*
Sarnia Bridge Ltd A
•
*
Thrift Stores Ltd
Cum prat 634%
25
United Dist of Can Ltd_*
Walkerville Brewery Ltd.*
Walker Good & Worts_ *
Preferred
*
Whittal Can Co Ltd
*
16%
3234
10%
5
4.00
17%
3%
2%
55e
16%
31%
9%
334
4
84%
5
23-4
1.50
7
500
3.95
24%
17%
334
3%
234
Mc
16%
3234
1034
3%
434
84%
5%
234
1.50
7
50c
4.15
25%
17%
3%
Public UtilityBeauharnois Power Corp_*
3%
334 3%
C No Pow Corp Ltd pref100 102
102 103
City Gas & Elec Corp Ltd 5
2
2
Inter Util Corp class B_ _1
300 35c
Pow Corp of Can cum pf100
83% 84
Sou Can P Co Ltd pref _100 83
83
85
Range Since Jan. 1 1935
Low
High
3% Apr
40
2
Mar
40
100 5234c Apr
7,029 15% Mar
2,910 2834 Mar
2,155
7
Mar
105
23.4 Apr
95
3% Apr
Jan
60 78
434 Jan
355
15
2
Apr
10
1.00 Feb
5
5
Mar
175
50c Apr
520
3.00 Mar
135 34
Apr
170 16% Jan
1.50 Mar
50
3
358
41 102
1.50
20
350
30c
105 80
24 83
5
4
750
1734
32%
11
4
53.
84%
7
3
1.50
13
1.50
4.25
33
18%
3%
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
May
Apr
Feb
Feb
Jan
Mar
Jan
Feb
Apr
Jan
734
Apr
Apr 107
Jan
2.50
Mar
50e
Apr 94
May 100
Feb
Feb
Apr
Feb
Jan
Jan
650
38.00
41c
60
1.32
4.10
1634c
200
57.75
9c
6340
1.18
40.60
320
2.01
2.96
600
900
3.28
750
4.55
24%a
9.85
Apr
Mar
Apr
Mar
Apr
Apr
Jan
Mar
Mar
Mar
Mar
Apr
Apr
Feo
Apr
Mar
Apr
Jan
Mar
Mar
Mar
Mar
Mar
Mining
550 63c 11,505
60c
MX Missouri M Corp- -- -1
1116010 Gold Dredging-- --5 35.50 35.05 36.25 1,100
Brazil Gold •Sr Diamond_ _1
32c
30c 32c 5,800
Cartier-Malartic G M .. I
334c 334 c 1,000
Castle-Trethewey M
1
1.18
1.05 1.18 2,950
Falconbridge Nickel M......5
550
3.65
3.65 3.93
Francoeur Gold
•
90
tic
350
J M Canso'
1
19c 32,340
18c 1434c
Lake Shore Mines Ltd_
1
25
55.50 55.50
Lobel Oro Mines Ltd
50 554c 4,600
1
Larnaque Cont
•
434c 43-ic 1,000
Mining Corp of Can Ltd_ •
1.18 1.18
300
Noranda Mines Ltd
• 38.45 38.00 40.25 2.940
Parkhill G Mines
20c 22c 9,300
1
21c
Premier G Mln Co Ltd__ _1
1,900
1.96 1.96
Pickle-Crow
1
2.60 2.67 1,900
Quebec G Mining Corp__1
50c
480 54c 19,200
Read- Athler Mine
720
76c 2,000
1
73c
Siscoe Gold Mines Ltd---1
3.10
3.08 3.15 3,335
Sullivan Consol
1
65c
65c 6634c 7,233
Teck-Hughes G Mines _ _ _1
15
4.10 .420
4.20
Wayside Con G Mines_50c
150 30c 5,200
Wright Hargreaves M_ •
25
8.80 8.80
30c
33.75
200
2c
61%o
3.25
9c
11340
49.00
3%c
4340
1.10
31.00
20c
1.45
2.25
934c
600
2.50
380
3.66
Sc
8.20
Unlisted Mines
Cent Patricia G Mines_ _ _1
1.48 1.48 1,000
Eldorado G Mines Ltd- - _1
2.05 2.72 3,550
2.40
San Antonio 0 M Ltd_..1
100
3.50 3.50
Sherritt-Gordon M Ltd..1
610 64c
100
Stadacona Rouyn Mines--• 2434c 203-ic 2534c 173,600
1.15
1.15
3.50
45.3
140
Feb
1.63
Feb
2.90
May
5.00
Mar
70c
Jan 3134c
Mar
Apr
Mar
Apr
Mar
950
434
3
60c
3
15%
57
29
11%
1.00
334
32
26
37
1.00
18
18%
1.75
19
9334
18.25
19
Apr
2.00
Jan
934
Apr
634
Feb
95c
Apr
43-4
Apr 21%
Apr 60%
Apr 31
Jan 14%
Mar
234
Apr
434
Mar 34
Mar 32%
Jan 55
Apr
1.00
Jan 19%
Apr 23%
Jan
3%
Mar 34
Apr 100
Jan 22.50
May
19
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Jan
May
Jan
Mar
May
Jan
Feb
Apr
Apr
Apr
Feb
Jan
Mar
Feb
May
Unlisted
Abitibi Power & Paper__ _*
1.05
1.00 1.00
Gum prat 6%
100
531 5%
Ctf of deP 6% Prat _..100
4
434
Brewers & Dist ot Van__*
75c
600 75c
Brew Corp of Can Ltd_ _*
3% 3%
3%
Preferred
• 203.4 20% 20%
Can & Dom Sugar
61%
60
* 60
Canada Malting Co Ltd._5 29% 29% 30
Consol Bakeries of Can_ _*
14
14%
Consol Paper Corp Ltd _ _.*
1.00
1.00 1.05
Can Pow & Pap Inv prig...•
334 33.4
Dom Oilcloth & Lino_ __ _* 34
4
34
Ford Motor of Can Ltd A.* 27%
2634 28
Gen Steel Wares pre _ _ _100 41
41
42
Donnaconna Paper B _
•
.1.00 1.00
Loblaw Groceterias Ltd A 5
18% 18%
Aiassey-Harrls prof ____100 21
21
21
Price Bros Co Ltd
100
2%
23-4 234
Preferred
24
100 23% 22
McColl-Frontenac pref.100 9534 95
96
Royalite 011 Co Ltd
• 22.50 22.50 22.50
lot Paints pref
19
30.50
19
635
10
35
1,635
470
72
75
152
2,485
5,623
20
50
1,421
300
90
60
10
510
305
50
100
10
Feb
Jan
Jan
Jan
Mar
Jan
Apr
Feb
Jan
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Toronto Stock Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
Stocks-
Sales
Friday
Last Week's Range for
Week
Said
of Prices
Par Price Low
High Shares
Abitibi corn
5
050 1.05
6% preferred
100
5% 534
Alberta Pac Grain prat _100 19
19%
19
hr Amer Oil
14% 14%
14%
13eauharnois Power corn_ *
3% 3%
Bell Telephone
100 124% 12334 125%
28%
Brant Cordage let pref. _25
28
Brazilian corn
9
934
8
5 70
70
Brewers & Dist corn
60
•
25%
28
B C Power A
5
2% 2%
•
Building Products A
28% 28%
31
25
30
Burt 1 N com
0
3
3
Canada Bread corn
•
3
65
100 65
let prat
63
18
17
B pret
100
•
Canada Cement corn
6% 6%
56
54
Preferred
• 55
Range Since Jan. 1 1935
Low
New York
One South William Street
High
900 Apr
2,146
2.00 Jan
10
4% Mar
9% Jan
Apr 29
95 17
Jan
8,260 14% Apr 15% Feb
140
234 Apr
7
Feb
285 118% Apr 135% Feb
57 27% Jan 30
Mar
3,312
Apr 10% Jan
Jan 95
4,450 50
Jan
40 23
Apr 30
Jan
33
5
Jan
234 Apr
35 26% Apr 30
Feb
85 28% Apr 34% Jan
220
2
Mar
534 Jan
Apr 80
90 63
Jan
11
17
Apr 30
Jan
300
5% Mar
8% Jan
Apr 64% Jan
94 51
Sales
Friday
Last Week's Range for
Sale
of Prices
Week
High Shares
Stocks (Concluded) Par Price Low
Canada Packers com
•
100
Preferred
Canadian Canners corn_ 5
100
1st pref
Con pref
•
Canadian Car com
•
25
Preferred
Canadian Dredge corn_ 5
Canadian Gen Elec pref _50
Canadian Ind Alcohol A _ _ 5
B
"
Cdn Locomotive com_
*
Canadian 011 com
*
100
Preferred
Canadian Pacific Ry _ ___25
Canadian Wineries
*
Cockshutt Plow com
5
Consolidated Bakeries__ ..•
25
Cons Smelters
100
Consumers Gas
•
Cosmos Imp Mills
100
Preferred
Dominion Coal pref
•
Dom Steel & Coal B__ _25
.
Dominion Stores
*
East Theatres pref
100
Economic Invest Trust.. _50
Fanny Farmer com
•
*
Ford of Canada A
Gen Steel Wares com*
Goodyear Tire prat _ _ _ _100
Gypsum L & A
*
50
51
50
11254 112% 112%
4% 4%
90
89c 8834c
734 8
735
734
734
13% 14
21
2234
61
6034 61
934
9%
9
8
8%
336 334
11%
11
11
114% 11434
1034
1034 1034
434
434 434
7% 7%
734
1434
14
14%
15834 154 16234
188
188 18834
15
1534
105% 105%
123 1233.4
4%
334 5
8%
834 9
70
70
70
1534 1534
7%
734 syi
2734 2634 28
334 3%
114 116
115
5% 534
534
75
145
2
200
165
60
150
137
160
2,895
135
50
150
20
6,180
135
450
3,568
2,985
157
91
10
20
9,445
205
5
30
3,170
7,460
50
59
890
Range Since Jan. 1 1935
Low
50
110
434
88c
73-4
6%
12
1934
60
734
634
33-4
11
114%
9%
43-4
63-4
1134
12534
188
14%
102%
123
3%
834
60
1434
7%
2534
334
114
5
High
May 56
Jan 113
Apr
6%
Apr
94c
May
9
%
8%
Mar
Mar 17
Mar 24%
Apr 6434
Jan
10
Jan
93-4
Apr
334
May 15
Apr 127
Mar 133-4
Apr
6
mar 831
Jan 1434
mar 16234
May
Apr
Jan
Apr
Apr
Apr
Apr
Jan
Mar
Mar
Mar
Feb
Mar
•
234
Harding Carpets
Ham Cottons prat
30 28
Ham United Theatres_ _25
Preferred
100
Hinde & Dauch
5
Hunts Ltd A
*
5 12%
Imperial Tobacco
Intl Milling 1st pref. _100
.__100
International Nickel corn.* 2734
Kelvinator com
•
Laura Secord Candy com _ 5
Loblaw Groceterias A-- _ _. 18%
* 17%
B
Loew's The Marcus pfd 100
Maple Leaf Milling corn_ •
100
2
Preferred
*
434
Massey-Harris corn
Monarch Knitting Pref-100
Moore Corp corn
•
100 129%
A
B
100 141
Maple Leaf Gardens
*
Preferred
10
National Grocers
'
Orange Crush 1st pref _ -100
Page-Hersey Tubes corn_ _* 84
Photo Engravers & Elec..*
Pressed Metals com
•
Riverside Silk Mills A.. _ _* 28
•
Simpson's Ltd A
•
Stand Chemical com
Steel of Canada com
* 4334
25
Preferred
Sterling Coal
100
3
Tip Top Tailors com
•
Preferred
100
Union Gas Co com
*
434
United Steel Corp
*
Walkers Hiram corn
• 25
Preferred
• 17%
Western Can Flour pref_.."
Weston Ltd Geo corn_ _ _• 34
Preferred
100 108
Zimmerknit pref
100
234 234
250
234 Apr
28
28
50 25
Air
2
2
193
1.00 Apr
60
57
61 50
Mar
10% 1034
145 10
Apr
25
634 Apr
634 634
12% 13
392 12
Apr
111% 11134
5 110
Apr
2534 27% 13,197 22% Feb
63-4 634
460
634 Jan
61
6234
55 60
Jan
1834 18%
1,214 17% Jan
Feb
1734 18
340 17
110 110
110 wag Apr
60
10 50
Mar
60
2
2
Mar
200 50
334 Mar
43-4
1,175
43-4
86
86
35 7134 Jan
19
Jan
86 17
1934
128 12934
84 11834 Jan
141
141
2 135
Jan
50
1 50
Apr
50
5
334 Apr
334 334
5
534
120
5
Apr
15
10
6
Feb
15
314 78
Jan
8134 8434
140 21
Mar
2234 22%
498
8
Mar
93-4 11
28
65 27
Jan
28
Mar
934 93-4
5 11
4
4
10
4
May
521 42
Mar
43
443-4
Apr
42
115 41
4234
Jan
5
2
3
3
15
734 Apr
736 73-4
15 90
Jan
9434 953-4
1,280
434 May
434 4%
320
2% Apr
234
234
Apr
243-4 253-4 4,370 23
1,230 1634 Jan
1734 17%
15 20
27
27
Apr
919 32
Mar
33
34
10 108
108 108
May
Apr
65
65
3 65
Banks
Canada
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
5734
150
180
18934
182
282
158
220
58
152
181
192
184
290
160
220
140
9434
75
105
143
9434
75
105
50
100
100
100
100
100
100
100
573-4
15034
181
190
182
289
Loan & Trust
Canada Permanent __100 140
_ _ _100
Huron & Erie Mortgage 100
Landed Banking
100 75
Toronto General Trusts 100 105
261
35
9
52
68
61
69
12
55
145
180
18934
182
280
15434
218
47 135
14 90
1 75
31 104
193
18
107
139%
6
123-4
90
20
994
323-4
514
11734
754
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar I
Jan
Mar ,
Jan
Mar
Jan
May
May
Mar
Mar
Apr
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Mar
Jan
334 Mar
3034 Feb
234 Apr
60
Apr
12
Jan
11
Jan
1334 Jan
114 , Feb
27% May
83 Feb
‘
,
63
Jan
19
Apr
183-4 Mar
111
Jan
1.30 Jan
Mar
5
5% Jan
May
86
1934 Feb
130
Mar
145
Mar
50
Apr
5
Apr
634 Feb
16
Apr
8434 May
2334 Jan
15
Jan
29
Feb
12
Jan
634 Jan
48
Jan
44
Jan
4
Jan
10
Jan
9834 Feb
53.4 Feb
5
Jan
33
Feb
1834 Mar
52
Mar
4634 Jan
113
Jan
85
Jan
Feb58
Mar 1693-4
Apr 20136
May 208%
May 203
Apr 305
Apr 173
Apr 230
May
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Jan 150
Jan 103
Mar 75
Jan 125
Feb
Feb
May
Feb
Toronto Stock Exchange-Curb Section
April 27 to May 3, both inclusive, compiled from official sales lists
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices
Week
Par Price Low
High Shares
Biltmore Hats pref. _100
Brewing corp corn
•
•
Preferred
•
Can Bud Brew com
Canada Malting corn_ __*
*No par value.
101
101
3%
3% 4
21
20
21
8
8
8%
30
29% 30
10
2,822
410
360
255
Range Since Jan. 1 1935
Low
9734
2%
153-4
7%
29
High
Jan 101
Apr
Apr
4% Jan
Mar 21% Apr
Apr
8% Feb
Apr 3134 Jan
3022
Financial Chronicle
May 4 1935
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Curb Section
Toronto Stock Exchange-Mining Section
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Sale
of Prices
Week
Stocks (Concluded) Par Price Low
High Shares
High
Low
Canada Vinegars com
•
Canadian Marconi
1
Can Wirebd Boxes A
•
Corrugated Box prof _100
Crown Dominion OE
•
Distillers-Seagrams
•
Dominion Bridge
•
! Dom Tar & Chemical com•
Dom Tar ds Chem pref _100
100
' Dufferin Pay pref
'
•
Goodyear Tire com
Hamilton Bridge com
"
Preferred
100
•
Honey Dew corn
Preferred
Imperial Oil Ltd
*
Inter Metal Indus pref-100
Internatl Petroleum
•
Langleys pref
100
" McColl-Frontenac°Room*
Preferred
100
Montreal L H & P Cons_ •
National Breweries com- •
National Steel Car Corp_ •
North Star Oil corn
5
Ontario Silknit com
•
Preferred
100
Power Corp of Can com_.•
Prairie Cities 011A
•
•
Rogers-Majestic
2731
1
154
74
2
14
254
334
51
25
2754
1
16
74
2
15
2644
434
53
25
130
4
2334
30
631
1634 1834
43
3254 314
67
13034
4
2334
30
64
17
43
3234
67
13
9534
2631
3254
16
1.05
11
83
734
800
OM
134
96
274
3254
1654
1.20
11
8434
734
800
7
1434
2634
434
53
1354
9534
1.20
11
8454
731
800
Shawinigan Water &Pow-• 15
1454 1534
850 900
: Standard Paving com-- * 850
24
24
Supertest Petroleum ord •
•
38
38
Thayers Ltd pro!
Toronto Elevators pref_100 119
11854119
United Fuel Invest pref 100 2154 21
23
•
4
4
4
Walkerville Brew
*
134
1
Waterloo Mfg A
80
4
30
20
100
5,115
265
505
15
20
Jan
Mar
Jan
May
Jan
Feb
Jan
Mar
Mar
Jan
Apr 150
Apr
53.4
Apr 33
Mar 60
734
Apr
Feb 17
Jan 45
Mar 3254
Jan 80
50 125
150
334
10 2334
125 15
100
6
6,146 1554
10 37
7,115 2854
5 60
968
88
482
110
45
450
100
175
461
100
550
2834
134
17
74
231
1834
34
754
70
31
Jan
Jan
Jan
Jan
Feb
Apr
Mar
May
Mar
Jan
Apr
Apr
Jan
Jan
Apr
Mar
Jan
Jan
Feb
25
1
15
30
14
1354
2434
34
42
24
13
9434
27
31
14
700
8
75
7
80c
531
Apr 1534 Jan
Apr 10031 Mar
Jan
Apr 32
Feb 3334 Feb
Mar 1854 Jan
Jan
1.50 Feb
May
Jan 11
Apr
Jan 85
Mar 104 Jan
May
1.00 Jan
Jan
Mar
9
135 1434
230 800
20 2154
25 38
25 108
85 16
110
234
300
1
May 20
Jan
Apr
1.75 Jan
Feb 25
Jan
May 414 Jan
Mar 12934 Jan
Jan
Mar 29
Mar
434 Jan
Ap
231 Jan
Toronto Stock Exchange-Mining Section
April 27 to May 8, both inclusive, compiled from official sales lists
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week
of Prices
Par Price Low
High Shares
Range Since Jan. 1 1935
Low
High
210 240 18.703
1
Acme Gas & Oil
19e Jan
260 Mar
1
560
55e 560 17,200
Afton Mines Ltd
55c May
56o May
1
850 88c 3,300
850
Ajax Oil & Gas
830 Mar
1.09 Mar
•
45c
400 55c 7,100
Al Gold Mines Ltd
400 Apr
570 Apr
Alexandria Gold Mines_ 1
131c 1.340 131c 20,500 134o Feb 238c Jan
• 534c
513 534e 6,200 2540 Jan 8340 Mar
Algoma Min dr Fin
1
Anglo-Huronion
4.50 4.10 4.50 2,144
3.75 Mar 4.50 May
1
130 15c 2,500 1140 Apr
Ashley Gold
32e Jan
1
40 431c 6.000 2340 Jan
Astoria Rouyn
80 Mar
1
Sc 834c 48,700
Sc
Bagamao Rouyn
60 Apr
140 Jan
4340 4340 5,750 4310 Apr
1
Barry-Hollinger
80 Jan
•
75c
390 Feb
730 84c 68,070
Base Metals Mining
94e Apr
1
56c 40340 600 884,500
140 Feb
Bear Explor & It
60c Apr
• 1.60 1.60 1.75 3,810
Beattie Gold Mines
1.59 Jan
2.16 Jan
540 640 71,363
1
60c
310 Feb
860 Apr
Big Missouri (new)
1 22340 22540 24c 10,500
20c Apr
Bobjo Mines
380 Jan
1
1.60 1.60 1.60
715
1.50 Mar 2.95 Jan
Bradian Mines
• 6.40 6.40 7.40 6,637 6.40 May 12.50 Jan
Bralorne Mines
1434c 16340 8,050 14340 May
50c
240 Apr
B R X Gold Mines
2.70 2.50 2.7C 4,075 2.50 Apr
I
Buffalo Ankerite
3.50 Mar
• 14c 134c
2c 3,200 1340 Feb 3340 Jan
Buffalo Canadian
4310 434e 4,500
40 Jan 840 Mar
•
Bunker Hill Exten
Sc 5,340
1
Sc 3,621
Calmont Oils
Sc
630
54o
630 89c 14,438
Canadian Malartle Gold •
1.05 1.10 1,000 1.05
1
Cariboo Gold
1.00 1.19 24,622 4 560
1
1.14
Castle-Treth
1.50
1.41 1.53 39,175 1.12
1
Cent Patricia
*
1.45 1.40 1.57 8,970 1.25
Chem Research
•
220 1834c 23340 132,150
So
Chibougamau Pros
20
• 5340 53.10 634c 39,076
Clericy Consol(new)
•
90 934c 12,600
70
Columarlo Cons
Sc 2,000 3340
5c
Commonwealth Pete
*
2.75 3.00
900 2.25
5
Coniagas Mines
Conlaurum Mines*2.00 2.15 2,700 1.90
41.25 42.65 1,525 35.00
Dome Mines
8c 27,87o 540
6c
1
6c
Dom Explor (new)
Feb
8c Feb
Feb
73e Feb
Apr
1.50 Jan
Jan
1.34 Apr
Jan
1.67 Mar
Apr 2.35 Jan
Jan
270 Mar
Jan
Se Apr
Jan
15o Mar
Apr 5840 mar
3.60 Feb
Jan
Jan
2.60 Jan
Jan 42.65 Apr
Feb
100 Apr
1.98 2.63 409,890 1.02 Jan
1
2.37
2.93 Apr
Eldorado
* 3.75 3.70 4.00 8,690 3.25 Jan
lalconbridge
4.07 Apr
4c 32,000
4C 3340
2c Jan 440 Feb
1
Federal Kirk
410 45e 8,680
41c
38c Apr
1
Gabrielle Mines Ltd
450 Apr
*
1.42
1.24 Mar
1.40 1.49 17,957
2.24 Jan
God's Lake
1
210 Apr
36e 390 1,700
420 Apr
Golconda Lead
140 14340 4.800
14c
120 Apr
1
Goldale
200 Jan
70 Jan
7c 7340 2,500
1
110 Jan
Goodfish Min
434c 4340 7,150 434c Apr
1
Graham Bousquet
70 Mar
38, mu
1 2635e 2540 27c 48,162 25340 Apr
Granada Gold
500
•
7340 734c
70 Feb
Grandoro Mines
120 Jan
20e 210 9,400
20e
200 Apr
1
Greene Mabel!
45o Jan
780 87c 54.430
78c
480 Feb
1
Gunnar Gold
960 Apr
30 3340 14,500
50 Apr
1 3310
10c Jan
Halcrow Swayze
5 18.85 16.15 17.00 3,850 16.15 Apr 20.25 Mar
Hollinger Cons
850
1.10 Jan
840 Mar
85e 90e 12,235
1
Howey Gold
140 18340 43.670
110 Feb
200 Mar
J M Cons Gold MinesI 1734c
Sc 434c
40 Apr
1
Kirkland Cons
60 21,000
14e Jan
28c 2834e 1,100
1
220 Feb
Kirk Hudson Bay
300 Jan
420 45c 10,525
43c
42c Apr
1
Kirk Lake Gold
850 Mar
' Lee Gold Mines
1
8c 5340 734c 29,400 2340 Jan
Sc Apr
Little Long Lac
Macassa Mines
Man & East Mines
Maple Leaf Mines
McIntyre-Porcupine
McKenzie Red Lake
McMillan Gold
McVittle Graham
McWatters Gold
Merland OP
p Midwal 011 & Gas
' mining Corp
Moffatt-Hall Mines
Moneta Porcupine
Morris Kirkland Gold M
Murphy Mines
Newbec Mines
NiPissing
Noranda
• 5.10 4.85 5.65 39,080 4.85 May
7.25 Feb
I
2.32 2.25 2.35 18,145 2.00 mar
2.75 Jan
• 431c 4310
5c 16,200
30 Feb
120 Jan
1 634c 634e
8c 53,700
60 Apr 13340 Jan
653 37.00 Jan 48.00 Mar
5 43.70 43.70 44.50
1
1.15 1.13 1.20 13,050
1.06 Mar
1.45 Jan
1
20c
20c 21c 20,900 18340 Apr 46340 Jan
1
180
400 Jan
150 Apr
18c 1934c 9,400
• 1.84
1.51 1.75 77.515
45c Jan
2.15 Mar
"
17c 170
500
18c Jan
20e Jan
350
1
34c 35c 850,000
13c Jan
35c API'
• 1.15 1.10 1.20 13,020
90c Mar
1.28 Jan
1 334c 2340 334e 98,050 231c Feb
40 mar
1
110
100 110 3,000
10c Apr
18c Jan
1
590
47o Apr
57c 600 32,300
82e Apr
4,40
10 2,000
1
340 Feb 1340 Jan
• 240
20 2340 14,300 1340 Feb
4o Apr
5 2.89 2.52 2.90 13,890 2.11 Mar 2.95 Apr
• 38.50 37.85 39.50 9,543 31.00 Jan 40.75 Apr
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Week
of Prices
Sale
Stocks (Concluded) Par Price Low
High Shares
Low
High
Nor Can Mining
•
O'Brien Gold Mines
1
•
Olga Oil& Gas
1
Paymaster
Peterson Cobalt
1
Pickle Crow
1
Pioneer Gold
1
Premier Gold
1
Prospectors Airways
•
•
Quemont Mining
Read-Authier
1
Red Lake Gold Sh Mines *
Reno Gold
1
Roche Long Lao
1
Royalite 011
*
San Antonio
1
Sarnia 011 & Goa
1
Sheep Creek
500
Sherritt Gordon
1
Simon Gold
1
South Tiblemont
*
1
St Anthony Gold
Sudbury Bason
•
Sud Contact
1
Sullivan Cons
1
Sylvanite Gold
I
Took-Hughes Gold
1
Texas Canadian
•
Toburn GM Ltd
1
Towagmac Explor
1
*
Vacuum Gas & 011
•
Vanson Gold Mines
Ventures
•
Wayside Cons
500
•
White Eagle
Wiltsey-Coughlan
1
Wright-Hargreaves
•
Yammer Yankee Girl M*
240 27c 31,500
24c
210 Apr
310 Jan
50c
500 500 9,260
75e Mar
500 Mar
34c 344o
40 10,900
3e Feb 54c Jan
2334c
160 25c 429,850
16c Feb
250 May
9c632,700 131e Feb 9340 Apr
70
8310
2.82 2.60 2.87 14,760 2.24 Jan
2.96 Mar
11.85 11.50 11.95 4,285 9.00 Jan 11.95 May
1.75 1.95 51,125 1.45 Jan
1.87
2.05 Apr
2.00 1.90 2.01 2,150 1.25 Jan
3.05 Mar
50
500
5e
3c Apr
50 Apr
720 750 8,100
72e
550 Jan
90e Jan
320 37c 27,800
33e
320 May
41c Apr
1.52 1.57 34,225 1.21 Jan
1.53
1.87 Mar
7c 19,700 434o Feb 1034c Mar
60
6c
22.50 21.75 22.50 1,972 18.00 Mar 22.50 Jan
3.55 3.50 3.60 3,628 3.35 Apr
5.20 Mar
1134c 814c 100 29,350 2540 Jan 1034c Apr
1.02 1.10 1,600
550 Jan
1.25 Apr
820 66c 20,324
45c Mar
73e Jan
3.10 3.10 3.15 23,705 2.49 Feb
3.28 Mar
lie 10340 12e 21,940 7340 Feb
150 Mar
230 2434c 11,700
20e Apr
390 Jan
1.35 1.35 1.43 4,350 1.25 Jan
1.81 Mar
7140 8340 12,000 530 Feb
110 Mar
65e 86340 13,950
660
380 Jan
75e Mar
2.28 2.25 2.32 11,035 2.20 Feb
2.70 Mar
4.15 4.10 4.20 7,795 3.70 Jan 4.65 Mar
800 85c 5,650
80c
55c Feb
850 Apr
1.20 1.16 1.22 3,940 1.12 Apr
1,45 Jan
190
19c 200 4,450
190 Apr 3034c Jan
le
lc 1540 4,000
340 Feb 130 Mar
210 230 1,800
21c
180 Apr
320 Mar
86e
860 92e 23,015
860 Mar
1.07 Mar
19c 1440 204c 255,900
70 Jan
24e Mar
44c 431c 534e 164,750 2340 Jan 10340 Jan
4340 44c 2,000 4540 Jan
70 Jan
8.85 8.85 9.05 3,280 8.25 Jan
9.90 Mar
490 490
500
490 May
850 Mar
Direct W'iro-IVeto York & Toronao
CANADIAN MINIMS STOCKS
SILVER FUTURES
41 leresydwyei
New York
C.A.GENTLES a CO.347ISaySti.02
or....Tweet* Stack Emaircle
& Orrin Commedity Irsehaaffe, lime
.
Ter•lie.
Toronto Stock Exchange-Mining Curb Section
April 27 to May 3, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Range Since Jan. 1
Sale
Week
of Prices
StocksPar Price Low
High Shares
Low
High
Aldermac Mines
•
60
Se 634c 4,100
6c Feb
lbo Apr
Brett TretheweY
234c 23lc
1
500 13.4o Jan
30 Mar
Brownlee Mines
1 14c 1310
2e 50,500 14o Jan
30 Jan
Canada Kirkland
1
134e 134o
2c 9,600 1340 Apr 3310 Jan
Central
4o 440 4,300
40 Apr 731c Feb
Churchill Mining
Manitoba1
331c 34c
1
500
3o Jan
Se Jan
Cooed Copper
425
5 2.00 1.95 2.15
1.50 Mar
2.25 Jan
Cobalt Contact
I 6310
7c 279,250 131() Feb
50
fle Apr
Dalhousie Oil
29c
29c 2,500
220 Mar
350 Jan
Dom Kirkland GM
340
.
1
31c 2,000
340 Apr 240 Jan
530 734c 4,450
East Crest 011
60 Feb
120 Jan
Erie Gas
•
8c
Se
500
80
8o Feb
210 Jan
Gilbec Gold Mines
• 24c
20 234e 8,000 Iho Mar 334o Mar
Grozelle
30
30
500 2340 Feb
Sc Jan
Kirkland1
•
Home 011
55c 55c 1,425
50o Apr
70o Jan
Hudson Day Mining
• 15.00 14.75 15.85 3.833 11.50 Jan 15.60 Apr
Keora Mines
1
20 3,500
2c 1340
be Apr 234c Jan
Kirkland Hunton
1
34c 11,000
340
340 May 14c Jan
Kirkland Townsite
190 21e 5,100
1 194c
190 Apr 3334o Jan
• 531e
Lake Maron
Sc 531c 42,800
3o Jan
70 Apr
Label Oro
1
Sc
50 534o 27,400 3310 Jan 9340 Mar
Malroblo Mines
1
134c 1340 131c 11,000 1340 Jan
30 Jan
Mandy Mines*
Sc
Sc
500
60 Apr 83.4o
Night Hawk Pen
1c 171 c 8,500 1340 Mar 4340 Apr
154c
Jan
Nordon Corp
40 414C 2,600 3340 Mar 840 Jan
S
l
Oil Selections
• 534c 434c 532c 37,400 340 Jan
80 Mar
Osisko Lake
1
Sc 1,500 434c Mar
60
90 Feb
Parkhill Gold
1 204c
20c 2Ic 31,500 1934e Jan
32o Feb
Pawnee Kirkland
1
3c
3o 3340 19,000
lc Feb 43-4o Apr
Pend Oreille
1
850
650 79c 14,300
45o Mar
800 Apr
Porcupine Crown
1 434c 440 5140 24,000
3o Jan
60 Mar
•
ic
Potterdoal Mines
lc 131c 14,000
ha Jan
1340 Apr
Preston East Dome
20
1
2e 1,000 1310 Jan
2540 Jan
I 230
Robb MontbraY
2o 231c 28,600
20 Apr 4340 Feb
South Keora Mines
Sc
1
Sc 11,800 2310 Apr
3c
70 Jan
•
Stadacona Rouyn
25c
200 2534c 124,750 13340 Jan
320 Mar
Sudbury Mines
4a 531c 79,700
1 534e
30 Jan
60 Mar
Temiskaming Mining_ _ I
20 1310 231c 39,500
lo Jan
Wood Kirkland M 0
5340 534c 2,000 334o Feb 254c Apr
1
734o Apr
Railway Bonds
Btd Ask
Bid
Canadian Pacific RYCanadian Pacific Ryte perpetual debentures_ 8004 8604
4346
Sept 1 1946 1008
6s
Sept 15 1942 10914 110
Ss
Dec 1 1954 104
Dec 15 1944 99
434s
9412
4445
July 11960 9878
As
July 1 1944 11114 112 I
Ask
102
10412
9914
Dominion Government Guaranteed Bonds
Bit Ant
Canadian National RyCanadian Northern 1074344
Sept9
11112 11214
75
Dec 1 1940
4448
Sept 15 1954 10314 1035
8
634o
July
4545
June 16 1965 11412 115 Grand Trunk Pac, 1 1946
Ry434s
Feb 1 1956 11212 113
le
Jan
1 1962
July 1 1957 11012 111
4345
8s
Jan
1
4444
Dec 1 1968 10314 10312 Grand Trunk Railway 1982
5
8
July 1 1969 11412 115
ta
Sept 1 1926
as
Oct
1 1969 1183 11714
78
Oct 1 1940
5s
Feb 1 1970 11644 11712
•NO par value.
Bid
Ask
10534 1064
124 1244
107
99 100 106% 1064
1043 105's
4
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,%1SE &DOTER,
Established 1914
74 Trinity Pl., N.Y.
Whitehall 4-3700
Members New York Security Dealers Association
• Open-end telephone wires to Boston. Newark and Philade•plita • Private wires so yrtnrinal CO Ut tri United States and Caaada
Quotations on Over-the-Counter Securities—Friday May 3
New York City Bonds
814 All
I
4314u May 11954
9934 10012 a44as June 1 1974
a344s Nov 1 1954
993 1001 2 a4448 Feb 15 1976
4
c4.9 Nov 1 1936
1023 1033 a44is Jan 1 1977
4
4
ats May 1 1957
104 10412 a44as Nov 15 1978
a45 Nov 1 1958
104 10412 a442 March 1 1981._
a4s May 1 1959
104 1011. a4448 May I & Nov 1 1957_
ads May 1 1977 _
104 10412 a4.4.4s Mar 11903
a4s Oct 1 1980
104 10412 a444s June 1 1965
za4trie Marl 1960 opt 1935_ 10138 1013 a44413 July 1 1967
4
a4)4s Boot 1 1980
10612 107 a440 Dec. 15 1971
Win Mar 1 1962
1081 2 107 a444s Dec 1 1979
a4;iti Mar 1 1964
10612 107 nes Jan 25 1936
a414.4s April 15966
1061 107 aes Jan 25 1937
a444s April 15 1972
10612 107
Bid Ask
10612 107
1063 10738
4
1063 1073
4
8
8
1063 1073
4
8
10714 1075
10914 110
10912 1101
:
10912 11012
2
1093 110,
4
11014 111
11014 11114
8
10318 1035
8
1061a 1065
All
Canal & Highway—
fie Jan & Mar 1946 to 1971 r3.00
8(d
World War Bonus
41.(a April 1940 to 1949_
Highway Improvement
4s Mar & Sept 1958 to '67
Canal Imp 48J &J '60 to 67
Barge CT 4s Jan 1942 to '46
Barge C T 414s Jan 1 1945_
Highway Imp 444e Sept'63. 130
Canal Imp 412e Jan 1984_ -- 130
Can & Imp High 44.40 1965. 126
Ask
r2.15
12012
12012
1133
4
11412
Port of New York Authority Bonds
Bist
Ask
Port of New York
Gen & ref 48 Mar 1 1975_
105
Arthur 1410 Bridges 4448
eerie. A 1935-46_ __1111,4S 10712
Cleo Washington Bridge
4e 4erles II 19311-50___J&I) 102 103
444s ser II 1939-53_ _M&N 110 I I 1
fltd
Ask
Bayonne Bridge 4s series C
1938-53
J&J 3 1021 1033
.
4
Inland Terminal 4145 ser D
1936-60
M&S 104 1051.
Holland Tunnel:Cie series E
M&S 111 112
1935-130
United States Insular Bonds
Philippine Government—
4e 1046
4449 Oct 1919
444s July 1952
fe April 1955
58 Feb 1552.
544e Aug 1941
Hawaii 44580et 1958.
Honolulu be
Bought Sold and Quoted
MUNDS WINSLOW & POTTER
40
Wall Street, New York
Whitehall 4-5590
Members New York, Chicago and other Stock and Commodity Exchanges
New York Bank Stocks
New York State Bonds
Bid
Bank and Insurance Stocks
844 I Ask
BM !Ask
100 10034 U S Panama as June 1 1981
112 1116
10412 10512
24 1936 called Aug 11935.100.13 100.15
10412,10512
2s 1938 called Aug 11935.100.13 190.15
10012 10212 Govt of Puerto Rico
107 1_
1081
1 112 1115
4 34e July 1958
110 112
Se July 1948
109 1 111
125 129
1930
U S Congo! 2
113 117
Called July 1 1935
100.8 109.10
Par 844 Ask
Bari. of Manhattan Co_ _10 19
2012'
Back of Yorktown__ 66 2-3 32
38
Bensonhurst National...100 30
Chase
13.55 213 2 14
4 i
City (National)
1244 20
2112
Commercial National Bank
& Trust
100 133 139
Fifth Avenue
100 960 995
First National of N Y 100 1460 1500
Flatbush National
100 25
35
Ask
10238
10778
10418
10414
10314
10418
lnau
Par Btd Ask
BIROS COMM Italians. 100 140 150
Bank of New York & Tr_100 357 365
Bankers
10 55
57
Bank of Sicily
20 10
12
Bronx County
7
4
512
Brooklyn
100 79
84
Central Hanover_
20 100 103
Chemical Bank & Trued_ _10 3612 3812
Clinton Trust
50 42
50
Colonial Trust
25 10
12
Continental Bk & Tr _ ..10 11
1212
Corn Etch Bk &Tr
20 43
44
18te
4440
444s
444s
444s
444e
1958 opt 1938__M&N
1942 opt 1935_51.4N
1943 opt 1935._ _J&J
1953 opt 1935____J&J
1955 opt 1935____J&J
1956 opt 1938____J&J
Asi
104
101 Is
101
101
101
104' 7,
2614
1814
11
30
273
4
1914
13
40
Pal
10
100
100
10
100
25
8(4 .A
1.9 4' 1614
,
220 235
243 248
1212 1312
1645 1695
3912 4112
Manufactureni
20
New York
25
Title Guarantee & Trust __RC
1914 203
4
91
94
53
4
4 63
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Underwriters
United Staten
100 55
100 1560
65
1610
We specialize in
Underlying Inactive Railroad Bonds
Also in Public Utility
Bid
10512
102
1013
8
1013
8
1013
8
10212
Bid Ask
55
15
2 6
8
9
612 712
48
58
New York Trust Companies
Federal Land Bank Bonds
Mil
iqs'55 optional'45 _MAN 10218
A 1941 optional 1944. _Jett 10712
A 1957 optional 1937.M&N 1035
8
A 1958 optional 1938_111&N 10334
1448 1958 opt 1936____J&J 1023
4
opt 1937____J&J 1033
14(8 1957
8
,1 In 1057 ont 1937 IVI&N Malt,
,
Par
}Glassboro Nat Bank ____100
National Bronx Bank____50
Nat Safety Bank & Tr_124(
Penn Exchange
10
Peoples National
100
Public National Bank &
Trust
25
Sterling Nat Bank & Tr_ _25
Trade Bank
1212
Yorkville (Nat Bank of) 101)
Bonds and Insurance Stocks
JOHP1 E. SLOANE & CO.
M6 slices New TO7kSccurity Dealers Association
41
Broad St., New York
HAnover 2-2455
Railroad Bonds
LAND
BANK
BONDS
Bought — Sold — Quoted
Comparative analyses and individual reports of the
various Joint Stock Land Banks available upon request.
Bid
Akron Canton & Youngstown 540, 1945
&s. 1945
Augusta Union Station let 4e, 1953
Birmingham Terminal tat 4a, 1957
Ilosloli & Albany 1st 4 .s, April 1 1943
Breton & Maine 30, 1950
Prior lien 45, 1942
MUNICIPAL BOND BROKERS•COUNSELORS
Prior lien 444e, 1944
Convertible be, 1940-45
120 So. LaSalle St., Chicago
State 0540
Buffalo Creek let ref As. 1961
Clutteaugay Ore & Iron 1st ref 48, 1942
Chicago Union Station lot mtge 4s, 1963
Choctaw & !Memphis 1st be, 1952
13(4
Act
Cincinnati Indianapolis & Western let b., 1965
Bid Ask
Atlanta be
LaFayette be
9712 99
92
94
Cleveland Terminal & Valley lot 45, 1995
Atlantic be
100 101
,
Georgia Southern & Florida 1st be, 1945
973 98 4 Louisville bs
4
Burlington be
Maryland-Virginia be
96
Goshen & Deckertown let 544e, 1978
100 101
California 5e
Mississippl-Tennessee bs_
100 101
9812 991, Hoboken Ferry 1st As, 1946
Chinas° be
f3414 5514 New York 5e
96
971
. Kanawha & West Virginia lot be. 1955
Dallas be
North Carolina 56
99 100
92
9312 Kansas Oklahoma & Gulf 1st bs, 1978
1)enver be
Ohio-Pennsylvania 5e
86
93
94
Lehigh & New England gen A: intge 4s, 1965
1)ee Moines bs
Oregon-Washington 5s___
100
93
95
Little Rock & Hot Springs Western lst 43, 1939
First Carolinas 58
93
05 Pacific Coast of Portland to 9712 99
Macon Terminal let 58, 1965
First of Fort Wayne 15a
Pacific Coast of Los Ang Se 100 101
100 101
Maine Central 138, 1935
First of Montgomery As_
Pacific) Coast of Salt Lake be 100 101
84
86
Maryland & Pennsylvania let 45, 1951
First of New Orleans bs
93 Pacific Coast of San Fran.5e 100 101
92
Meridian Terminal let 415 1955
First Texas of Houston An_ 96
9712 Pennsylvania bs
9813 Minneapolis St. Paul & Sault sta. Marie 24 4s, 1949
97
First Trust of Chicago 5s_
95 0612 Phoenix fe
103 10412 Monongahela By Co tot nage Is, May 1 1960
Fletcher 58
Potomac bs
101) 101
9712 99
Montgomery & Erie 151 55, 1958
Fremont 51
85
87 St. Louis 55
New York & Hoboken Ferry gen 63, 1946
169
71
Greenbrier U
San Antonio be
100 101
Portland RR 1st 344s, 1951
993
4
Greensboro 59
0812 Southwest bs
97
84
Consolidated 58. 1945
86
Illinois Midwest bs
85
87 Southern Minnesota be
13612 371. Rock Island-Frisco Termina 444s, 1957
11110014 of Monticello Las
881 90 Tennessee be
St. Clair Madison & St. Louis lot 4e, 1951
0512 100
Iowa of Sioux City be
Union of Detroit be
94
96
93
Shreveport Bridge & Terminal 1st be. 1955
94
Lexington 58
Virginia-Carolina be
100 101
Somerset By 1st ref 4e 1955
9712 99
Lincoln be.
Virginian As
89
95
9612 Southern Illinois & Missouri Bridge 1st 48. 1951
Toledo Terminal RR 4)4n,1957
Toronto Hamilton & Buffalo 444e, 1966
Washington County By 1st 3448, 1954
Bid
Ask
Par Bid i Ask
]
American National Bank &
First National
100 9312 9612
100 120 130
Trust
Hartle Trust & Savings_ 100 191 1202
Continental In Bank &
Northern Trust Co
1001 419 428
Pt:v. 1 50 l Ask
3318 403 4218
Trust
8
Bond & Mortgage Guar. _20
38
5811 La wyere Nfortgase
For footnotes see page 3025.
Empire Title
G oar
100
6
13 Lawyer/3 T:tle 4 niter
gt,abusopt
Vonocri-ey, Joie.
Joint Stock Land Bank Bonds
Chicago Bank Stocks
10
4
j41
80
89
9618
54
67
69
75
93
SO
106
118
86
86
40
99
86
88
95
103
43
99
74
45
75
48
10234
SS
75
6012
81
65
82
76
46
7412
1053
4
81
47
Ask
45
45
ii"
963,
3
61
72
73
85
84
10612
68
88
43
9612
10312
48
53
10314
62.82
69
So
49
7612
10612
50
Realty, Surety and Mortgage Companies
Par Aid Ask
201
113!
173
Inn
3
312
Financial Chronicle
3024
May 4 1935
Quotations on Over-the-Counter Securities-Friday May 3-Continued
We specialize in
Guaranteed & Leased Line
Preferred
Common
Railroad Stocks
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.
Carnefie Ewen
2 Wall St., New York
Tel. REctor 2-3273
Public Utility Bonds
Guaranteed Railroad Stocks
(Guarantor In ParenthellIC)
birtaarsa
Par in Dollars.
100
Alabama as Vicksburg (III Cent)
Albany & Susquehanna (Delaware & Hudson)_100
100
Allegheny & Western (Bull Roch & Pitte)
50
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
7Caro Clinchrield &Ohio(L & N A CL)40 ___ _100
100
Common 5% stamped
Chic Cleve Chic & St Louts prof(N 'Y Cent).- -100
50
Cleveland & Pittsburgh (Pennsylvania)
60
Betterman stock
25
Delaware (Pennsylvania) _
Fort Wayne & Jackson vref (N Y Centra0----100
100
Georgia RR A Banking (L & N. A C L)
Lackawanna RR of NJ (Del Lack & Western) _100
100
Michigan Central (New York Central)
50
Morris & Easel (Del Lack & western)
New York Lackawanna & Western(DL & W)_100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N H & Hartford)
_ 60
Oswego rfs Syracuse (De. Lack & western) _
60
Pittsburgh Bess & Lake Erie(U 8 Steel)
60
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)____100
Preferred
100
Rensselaer & Saratoga (Delaware dk Hudaon).100
-It Louis Bridge tat pre (Terminal RR)
100
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal(Penne)
Utica Chenango & Susiquebanna(D L & W)...100
Valley (Delaware Lackawanna & Western)__ _100
Vicksburg Shreveport & Pacific (III Cent)
100
100
Preferred
Warren RR of N J (Del Lack & Western)
60
west Jersey h 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
11112
74
185
86
30
101
132
50
84
89
72
82
47
43
60
160
76
800
64
98
92
57
68
36
67
152
176
100
139
68
139
251
83
97
60
63
46
64
78
190
90
33
105
136
53
88
92
76
83Si
49
46
65
170
80
65
102
94
60
73
38
72
158
180
105
143
72
143
256
87
102
64
68
50
66
EQUIPMENT TRUST CERTIFICATES
ear
Albany Ry Co con be 1930_
General 5e 1947
Amer States PS 53-45 1948..
Amer Wat Wks & Elec ba '75
Arizona Edison let 58 1948..
1st 6s series A 1945
Ark Missouri Pow 1st 6s '53
Associated Electric be 1961
Assoc Gas & Doe Co 4(4* '58
Associated Gas & Elea Corp
Income deb 33-6e____1978
Income deb 35ie____1978
1978
Income deb ts
Income deb 4I4e__1978
Cony debenture 45 1973_
Cony debenture Cie 1073
Cony debenture be 1973_
Cony debenture 53-4s 1973
Participating 85 1940____
Bellows Falls Hydro El 55'58
BIlyn C & Newt'n con Se '39
Cent Ark Pub Serv 5s 1948
Central 0.1 E 534s 1946_ __
let lien coil In 65 1946____
Cent Ind. Pow let 68 A 1947
Colorado Power 6s 1953..._ .
Con leld & Ilklyn con 4e '48
Consol Rice & Gas 5-6* A '62
Duke Prim Pow 1068
Federal P El let 6a 1947
Federated Utll 53-4e 1957._
42d St Man & St Nick 55'40
Green Mountain Pow 65 '48
III Commercial Tel bs A '48
Interborough R T is etre '66
Iowa So Uill 53451950
Han City Pub Seri 33 1951_
,
eystone Telephone 6 Fie '55
Bid
130
725
4412
6914
142
f4312
44
4314
1812
Ask
Par
___ Lehigh Vail Trans ref be '60
Long Island Lighting 56 1955
4612 Mtn States Pow 1st 68 1938
- -703 Nassau El RD. 1st 53 1944_
4
43 Newport N & Ham 68 1944_
New England G & E 55 1962
45
4512 NewOrleansPubServ412s,'35
4414
Certificates of deposit__
1912 New York Cent Else be 1952
Northern N Y Utli 5e 1955.
1712 1814 Northern States Power 1964
1734 1812 Oklahoma Nat Gas 6s A1946
19
1934
53 series 1.1
1948
21
22 Old Dom Pow 5*_May 15.
51
3312 35 Pacific G & El 4s, Dec 1 '64
3712 39 Parr Shoals Power 5s 1952_
4112 43 PenlneularTelephone53-4e'51
4512 47 Pennsylvania Rice S. 1962_
__ Peoples L & P 5;0 1941_78
9912 10014 Public Serv of Colo 68 1961.
80 83 Public Utilities Cons 53 '48
-is
Rochester Ry let 5s 1930___
84
85
58
60 Schenectady Ry Co let 5a46
61
63 Sioux City Gas & Rice 65 '47
62 64 Sou Blvd RR let be 1945._
10514 1063 Sou Calif Edison 338 1(160..
4
65
70 Sou Cities Utilities 59 A 1958
2712 2812 Tel Bond dr Share 55 1958...
9714 98 Union Ry Co N Y 5e 1942__
32
34
Un Tree Albany 43-4s
4912 5012 United Pow & Lt 6s i944._.
755sseries B 1947
98
66- Virginia Power be 1942
9014 9114 Wash & Suburban 5We 1941
8812 8912 Westchester Eleo RR 5a 1943
77
7812 Western PS 530 1960
28
29
Wisconsin Pub Serv 5128 '59
90
9112 Yonkers RR Co gtd 68 1946_
Bid Ask
44
42
105 106
81
80
98 102
102 10212
5512 57
6212 64
8312 86
97
10612 10/ 2
188
89
71
72
5312 5412
1023 1023
8
4
87
90
1045s 106
997 1007
8
s
3712 39
102 103
493 503
4
4
/17
20
7
1
4
99 100
6212
9814
98
3514 36
55
56
75
15
10312 105
102
106
74
76
63
8212 53 2
,
10112 021
,
58
PUBLIC UTILITY BONDS
R.F. Gladwin Ft Co.
Quotations-Appraisals Upon Request
Established 1921
35 Nassau St.
STROUD & COMPANY INC.
New York City
Tel. Cortlandt 7-6(152
A. T. T. Teletype--NY1-951
Philadelphia, Pa.
Private Wires to New York
IVe deal in
Railroad Equipment Bonds
Bid
Atlantic Coast Line 6345_ _
4Sta
Baltimore & Ohlo 4Sig_ _ _
55
Boston dr Maine 434a
56
Canadian National 434s__
58
Canadian Pacific 434s
Cent RR New Jer 434e___
Chesapeake & Ohio 5348..
6Sis
4)45
as
Chicago & Nor West Cis_
as
Chia Milw & St Paul 4355
as
Chicago RI &Pao 434o___
be
Denver & HG West 434e__
5s
5Sis
Erie FtR 53is
8a
43-55
58
Great Northern 434e
as
Hocking Valley be
Illinois Central 4S4tt
as
5;is
6 368
75
Internet Great Nor 434s__
Long Island Cie
be
Louie"& Nutty 434a
,
as
6(45
Maine Central be
5(45
Minn St P &SS M 45____
4°6e..
72.00
73.50
74.00
r4.00
r4.25
74,25
73.75
r3.75
74.00
73.25
r3.00
r I.50
73.50
73.25
70
70
70
70
60
60
77.50
r7.50
77.50
r3.70
r3.7()
r3.85
r3.85
73.50
73.50
73.50
r3.95
r3.95
73.95
r3.95
71.75
r6.50
73.50
r3.50
r3.60
73.50
72.00
r4.25
74.25
r7.00
r7 00
Bid
Ask
1.00
2.75
3.00
3.00
3.75
3 75
2.75
2.75
3.50
2 50
2.00
.50
2.50
2 50
80
80
80
80
68
68
6.50
6.50
6.50
3.00
3.00
3.25
3.25
2.75
2.75
2.75
3.25
3.25
3.25
3.25
1.00
5.75
2.75
2.75
2.50
2.50
1.00
3.75
3.75
6.00
6.00
Missouri Pacific 434s
be
5548
New ON Tex & Max Cie_
New York Central 43-ie_
be
N Y Chic & St L 434s
be
NYNH & Hartford 43-4e_
5e
Northern Pacific
Pennsylvania RR 434e._...
as
Pere Marquette 43-ie
Reading Co 43
-Is
Ask
76 50
76.50
r6.50
76.25
74.00
r4.00
74.00
74.00
e6.25
r6.25
73.75
r3.00
73.00
r4.00
r3.25
r3.25
6.00
6.00
6.00
5.75
3.50
3.50
3.25
3.25
5.50
5.50
3.25
2.25
2.25
3.00
2.75
2.75
St Louis-San Fran 45
60
60
4345
be
60
St Louis Southwestern is.. r4.50
r4.50
S 365
71.50
Southern Pacific 75
r3.85
4.Sis
r3.85
be
r4.25
Southern Ry 434s
,
74.25
be
r4.25
5348
74.00
Texas Pacific 4s
74.00
4. e
4
1
74.00
as
72.75
Union Pacific 43
0
,
72.75
55
71.00
75
Virginian Ry 414s
73.00
r3.00
as
68
68
68
4.00
4.00
1.00
3.40
3.40
3.50
3.50
3.50
3.50
3.50
3.40
2.00
2.00
.50
2.00
2.00
r8.00
r8.130
r8.00
r8,00
74.25
74.25
77.50
77.50
7.00
7.00
7 00
7.00
3.50
3.50
6.50
6 50
as
Wabash Sty 434e
56
5.Sie
68
Western Maryland 43-6s__
be
Western Pacific 58
5 Fie
ABBOTT PROCTOR & PAINE
Public Utility
Preferred Stocks
W. D. YERGASON & CO.
Dealers in Public Utilitg Preferred Stocks
30 Broad Street
New York
Tel. ElAnover 2-4350
Public Uti ity Stocks
Par
Alabama Power 37 pref....'
Arkansas Pr dr Lt $7 pref...'
Ammo Ong& El orig pref...'
•
36.50 preferred
•
37 preferred
Atlantic City Elea $6 pref.'
Bangor Hydro-El 7% pi _ WO
Birmingham Elec $7 prat _.•
Broad Riv l'ow 7% Pf--100
Buff Meg dk East pr pret_25
Carolina Pr & Ll $7 pref...'
6% preferred
•
Cent Ark Pub Serv prat _100
Cent Maine Pow 8% p1_100
100
17 Preferred
Cent Pr & Lt 7% pre_ _100
Cleve Elee III 6% met _100
Columbus Ry. Pr & Lt
let $e preferred A__ ...100
$6.60 preferred B____ 100
Consul Traction(N J)__ _100
Consumers Pow $5 prat_ .•
100
6% Preferred
8.00% preferred
100
Continental Gas & El
7% preferred
100
Dallas Pow & Lt 7% pref 100
Dayton Pr & Lt tig. pref100
Derby Gas & Elec 37 pref.'
349114
12
Par Bid Ask
Essex•Hudeon Gas
61
100 183
Foreign Li & Pow units.... 86
1
212 Gaa de Elea of Bergen....100 114
1
212 Hudson County Clas
100 183
3 Idaho Power $6 pret
•
Drefa Lt 1st p
r erred
100 84-_94
96
93
9 __ Illinois Pr
_5
7%
100
prof....' 22
•
24
43
45 Interstate Natural Gas._ •
9
1012
18
22
Interstate l'ower 17 prof • 11
13
1831 1914 Jamaica Water Supply Pf-60 5214 54
79 Jersey Cent P & L 7% p1100 68
78
70
72
69
Kangas Gas & El 7% P1100 96
98
-__ Kings Co Ltg 7% Dref_ _100 91
50
71
_
Long Island Ltg 6% Pt. 10(1 55 5i7% preferred
56
54
100 62
Los Angeles0& E 6% pf 1011 97 100
33
35
NIeinphlaPr eekLt $ pret ____
1133 115
4
p,
pr t : 72
75
Mississippi
C
45
47
94
___ NlIss Riv Pow 6% pret 100 94
-_
9612
Metro Edison IT prof II___• 9912 101
86
39
il.
6% preferred ser C____• 9312 96
8212 8412 INIo Pub Seri ET pref.. 100
212 5
94
9612 Mountain States Pr com_ •
12
90 100
7% Preferred
10
0
10
Nassau & Suffolk Ltg pf 100 38
40
Nebraska Power 7% pref100 1083
5312 56
4 093
4
10814 110
Newark Congo! Gas
100 114
108 11_0._ NNeswwEEnn:IP0.&AE..551-47.%prpifoo.• 19 66
72
3512 3612
B4A
5
8
59
Associated Gas & Electric System
Securities
Inquiries Solicited
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
J
S. A. O'BRIEN & CO
Members New York Curb Exchange
160 Broadway, New York
•
75 Federal St., Boston
COrtlandt 7-1868
Hancock 8920
Direct private telephone between New York and Boston
For footnotes see page 3025.
Financial Chronicle
Volume 140
3025
Quotations on Over-the-Counter Securities—Friday May 3—Continued
Par Bid ASS
New jersey Pow & Lt $6 pt• 8812 8812
New Orl Pub Serv $7 pt.__• 16
IS
N Y & Queens E L P pf 100 102
Northern States Pr $7 p1100 63
66
Ohio Power 61 Pref..---100 104 10619
Ohio Edison $6 pret
84
87
$7 preferred
94
02
Ohio Pub Serv 6% pt _100 8212 85
7% preferred
100 90
92
Okla G & E7% Pret
39
100 85
)'ac Gas & Elec 6% Pf -2
2414 2514
Pacific Pow & Lt 7% 01_100 50
54
Penn Pow & Light $7 pref..• 98
9912
Philadelphia Co $5 pref_.• 50
54
Piedmont Northern Ry_100 30
35
Pub Serv of Colo 7% Pt-.100 90
03
Puget Sound Pow & Lt—
$5 prior preferred
• 2411 26
Queens Borough G&E
ft% preferred _
100 66
69
Par
Roch Gas & Elec 7% B1001
6% preferred C
100
Sioux City 0 & E $7 of .100
Sou Calif Ed [wet A
25
Preferred 13
_ 25
South Jersey Gas & Elec_100
Tenn Elec Pow 6% pret_100
7% preferred
100
Texas Pow & Lt 7% DI .100
Toledo Edison 7% pt A.100
United G & E (Conn) 7% Pf
United 0& E(N J) pret 100
Utah Pow & 1.1 87 pref__ __•
Utica Gas & El 7% pref_100
Gill Power & Lt 7% Dref100
Virginia Railway
100
Wash Ry & Else com
100
5% preferred
100
Western Power $7 Pref — 100
Bid
101
95
60
24%
22
183
52
58
87
100
65
50
25
87
5
60
295
104
SO
Ask
104
97
62
2572
2272
54
60
89
102
67
2 -8
8!)
7
65
310
106
_
Specialists in
PRUDENCE BONDS
&Wistful: information Furnished
Title Company Afortgages & Certificates
PULIS,COULBOURN &CO.
25 BROAD ST., NEW YORK
Tel.: HAnover 2-6286
Real Estate Securities
Reports—Markets
Public Utilities—Industrials—Railroads
Specialists in —
AMOTT, BAKER & CO.
WATER WORKS SECURITIES
Complete Statistical
INCORPORATED
BArclay 7
2360
Information—Inquiries Invited
SWART,BRENT& CO.
25 BROAD STREET, NEW
YORK
TEL.: 11Anover 2-0510
Specialists in Over the Counter Securities
for Out of Town Banks & Dealers
BOND & GOODWIN
incorporated
63 Wall St., N. Y. C.
Whitehall 4-8060
Boston, Mass.
AT&T. Teletype NY 1-3(51)
l'ortland, Me.
Water Bonds
Water Serv bs. '57
Alton Water Co Os, 1956_ _
Arkansaw Water Co 58, 1956
Ashtabula Water Wks 5s.'58
Atlantic County Wat be. '58
131rininghain Water Works
55, series 0, 1957
5s, series II, 1954
530, series A, 1954
Butler Water Co bs. 1957_
California Water Serv 58,'58
Chester Water Serv 430,'58
Citizens Water Co (Wash)
55. 1951
510, series A, 1951
City of New Castle Water
58, 1941
City W (Chat) Os B___ A954
1st Os series C
1957
Clinton NV Wks Co 55. 1939
Commonwealth Water(NJ)
55, series C, 1957
510, aeries A, 1947
Community Water Service
510, series B. 1946
6s. series A. 1946
Connellsville Water 5s_1039
Consolidated Water of Utica
430, 1958
lot mtge Os, 1958
Davenport Water Co 55, '61
E St L & Interurb Water
5s, series A. 1942
6s, series IL 1942
be. series D. 1960
Greenwich Water & Gas-5s. series A, 1952
5s. series B, 1952
Hackensack Water Co 5s,'77
5 yis, aeries B, 1977
Huntington Water Is B.'54
as. 1954
be
1962
Illinois Water Serv be A.'52
Indianapolis Water 410.'40
1st lien & ret Es, 1960____
let lien & ret be, 1970__
1st lien & ref 510, 1953__
lot lien & ref 510, 1954_,
Indianapolis W W Securities
55. 1958
Interstate Water 6s, A, 1940
Jainalca NVater Sup 510,'55
Joplin W NV Co be, 1957__-Kokoino NV W Co As. 1938..
Lexington Wat Co 510,'40
Long Island Wat 510. 1955
Alabama
501 Ask
9314 9412
104
104
100 4 10212
,
9912
16s-
103
101
104 165 10212 103 4
,
105 10614
10214
9814
102
1(412
10212 104
104
104
1013
4
10412
10412
50
51
5014 5112
98 4 100
,
9712 9812
10114 10214
104 4
,
_
99 100
10214
9812
97
9014 9114
8914 9014
105
108
10212 16E10412
10312
9512 166 105
105
105
10514 16612
10514
871
1011
106
1003
1031
102
991
8912
16i12
16E16612
Bid Ask
Manufacturers Water Ss,'39 10212
Middlesex Wat Co 510. '57 10514
Monmouth Consol W be,'56 94 4 6E34
,
Monongahela Valley Water
510. 1950
10112 103
Morgantown Water 5s, 1965 93
Muncie Water Works Es.'39 101 1(12
-12
New Jersey Water 5s, 1950
97 4 99
,
New Rochelle Wat 58. B.'51
9714
53.0, 1951
9912 100 4
,
New York Wat Serv Os. 1951 100 100 4
,
Newport Water Co Os, 1953_ 103
Ohio Cities Water 510, 1953 7212
Ohio Valley Water So, 1954. 103 4
,
Ohio Water Service 59. 1958 7812 80
Ore-Wash Wat Serv 58, 1957 70
72
Penns State Water 510.'52 9714 9812
Penne Water Co 5s, 1940___ 105
Peoria Water Works Co—
la & ref 5s. 1950
9512 9614
lot consol 40. 1948
93 4
,
lot consol 5s. 1948
97
Prior lien Os, 1948
103
Phila Suburb Wat 410,'70_ 105
lot mtge bs. 1955
-110412 165 2
Pinellas Water Co 510 1959 9113 93
Pittsburgh Sub Water bs.'58 102
Plainfield Union Wat 55,'61 107
Richmond
W Co 58. 1957 10414
Roanoke W W So, 1950____ 8212 84
Hoch & L Ont Wat 55. 1938 10112 102 4
,
St Joseph Water 5s, 1941-- 103 4
,
Scranton Gas & Water Co
410. 1958
10214 103
Scranton Spring Brook
Water Serv 55, 198L
8612 let & ref 5s, A. 1967
87
8814
Sedalia Water Co 530. 1947 9812 10014
South Bay Cons Wat Os. '50 69 4 7114
3
South Pittsburgh Was 5s.'55 10312
Os, series A. 1960
10312
Os series 11
1960 104 4
,
Terre Haute Water Os, B,'56 10112
fie. serial A, 1949
103 16112
Texarkana Wat lot 0e__1958 9512 9712
Union Water Serv 5/0. 1951 96 4 98
,
Water Serv Cos, Inc. bs.'42 741
Watt Virginia Water 58, '51 9514 6E12
Western N Y Water Co
5e, series B, 1950
96
lot mtge As, 1951
96
lot mtge. 5(4o, 1950
981 6612
Westmoreland Water 5s, '52 97
99
Wichita Water Co 69. B.'56 103
As, series C, 1960
103
6s. series A. 1949
10412
W'msport Water As, 1952._
99 4 16f1,
4
Telephone and Telegraph Stocks
Par
Amer Diet Teleg(NJ)corn •
Preferred
100
Bell Telep of Canada_ .100
Bell Telep of l'enn pret 100
Cincin & Sub Bell Telep_50
Cuban Telep 7% Pret_ —100
Empire & Bay State Te1.100
Franklin Teleg 82.60_ _ -100
lot Ocean Teleg 8%____100
Lincoln Tel & Tel 7%
•
Mount States Tel & Tel_100
New England Tel & Tel_100
Bid
Ask
Par
83
8612; New York Mutual Tel._100
111 113 ' Northw Bell Tel of 654% 100
12412 126.2 Pao & Atl Teleg US 1%_25
11612 11712 Peninsular Telephone com_•
79
Preferred A
81
100
29
Boob Telep $6.50 lot pt.100
54
58 SO & Atl Teleg $1.25.-25
4012 46 Sou New Eng! Telep____100
77
81
S'western Bell Tel, pf_ _100
93
Tri States Tel & Tel
110
Preferred
10
9312 95
Meow:win Telep 7% prof 100
Bid AIR
22
25
114 115 4
,
15
1712
612 812
r7714 81
10514
1912 21
--109 11012
120 122
10
114
10 4
,
116
$Soviet Government Bonds
Bta I Ask
Bid I Ask
Union of Sovlet Soo Repub
Union of Soviet Soe Repub
7% gold rouble_ _ __19431 88.731 88.741 10% gold rouble_
_19421 87.601
• No par value.
a Interchangeable.
c Registered coupon (Bernd).
I Flat price
d Coupon.
r BASIS price.
z Ex-dividend.
Quotations per 100 gold rouble bond equivalent to 77.4234
:
grams of pure gold.
I Called for payment Oct. 1 1935 at 100.
A.T.& T. Tel
N Y 1-588
Real Estate Bonds and Title Co. Mortgage Certificates
,r4 Cop PO RATE
-
150 Broadway, N.Y.
Alden 1st 65, Jan.1 1941...
Broadmoor, The, let 65. '41
B'way Barclay 1st as, 1941
Certificates of deposit....
B'way & 418t Street
1st leasehold 6(4s. 1944_ _
B'way Motore Bldg 6o 1948_
Chanin Bldg Inc 48 1945. _ _ _
Chesebrough Bldg 1st as.'48
Chrysler Bldg lot Os 1948__
Court & ReM8013 St Ott Bldg
lot 68, Apr 28 1940
Dorset, The, lot Os. l941..
Eastern Ambassador Hotels
let & ref 510, 1947
Eaultable Off Bldg deb 5352
50 Bway Bldg let 3s. Inc '48
500 Fifth Avenue
810, 1949 stamped
502 Park Avenue let 6s, 1941
52d & Madison Off Bldg
6s, Nov 1 1947
Film Center Bldg let 13s, '43
40 Wall St Corp 6s. 11158._ _
42 13'way lot 65. 1939
1400 Broadway Bldg—
lot 630 stamped. 1948_
Fox Metrop Playhouse
610, 1932 ctfs
Fox Theatre & Off Bldg—
lot 612s, Oct 1 1941
Fuller Bldg deb 65. l944__._
510. 1949
Graybar Bldg bs, 1046
Harriman Bldg tot 6s, 1951
Hearst Brisbane Prop Os '42
Hotel Lexington 1st 6s, 1943
Hotel St George 1st 5(45,'43
Keith-Albee Bldg (New
Rochelle) 1st 6s, 1936... _
Lefeourt Empire Bldg
4s,
1st 53 June 15 1941.....
Lefoourt Manhattan Bide—
let Mks, stamped, 194I__
1st 3-5s extended to 1948_
Lewis Morris Apt Bldg—
let 612s, Apr 15 1937
Lincoln Bldg Inc 5(40.
Loew's New Broad Pros, '45
lot fee & leasehold (is,' 45
Loew's Theatre Realty Corp
let 6s. 1947
London Terrace Apts 6s, '40
Ask
Bid
125
Ludwig Bauman
142
1st as (1.1klyn). 1942
12412 2712
let 610(L I), 1936
1251a 2614 Majestic Apts let 85. 1948..
Mayflower Hotel 1st 6e, 48
/3512
Munson Bldg let 6(4s. 1939
.55
563 N Y Athletic Club
5012 53
1st & gen 6s, 1946
.5112 5312 NY Eve Journal 6(4s. 1937
64 66
NewYork Title & Mtge Co510 series BK
139
510 series 0-2
122
2412
030 series F-1
510 series Q
1814
19th & Walnut St (Phila)51
53
1st 6s. July 7 1939
2618 273 Oliver Cromwell, The—
lot as, Nov 15 1939
/3412 36 I Park Ave 6s, Nov 0 1939,,.,
113
103 East 57th St 1st 8s, 1941
165 11'way Bldg let 510.'51
12312
Postum Bldg 1st 810, 1943
53
Prudence Co 5145, 1961.....
5612 E6 Prudence Bonds—
39
43
Series A to 18 Inclusive__
Prudence Co ctfs—
/38
Ilotel Taft
Hotel AN ellIngton
/4814 4914
Fifth Avenue Hotel
360 Central Park West
1012
422 East 86th St
19
4612 Realty Assoc Sec Com—
45
1371 39
te, income, 1943
63
Roxy Theatre
65
4212 45
1st fee & leasehold 8Sts'40
8412 savoy Plaza Corp—
82
1361 3912
Realty ext let 510. 1945_
6s, 1945
145
47
Sherry Netherland Hotel
681
1st 5 4s. May 15 1948_
,
60 Park PI (Newark) 6s,'37
139
616 Madison Ave lot 01-do '38
81 13'way Bldg 1st 510. 1950
/50
General 7e, 1945
501
Syracuse Hotel (Syracuse)
1st 8125, Oct 23 1940
f361 3912 Textile Bldg lot 60, 1958_
/1214
Trinity Bidgs Corp
1st 510. 1939
10014 10212 2 Park Ave Bldg 1st 4s, 1941
Walbridge Bldg (Buffalo)
9012 92
1st 612s, Oct 19 1938
13412 3712 Westinghouse Bldg
1st fee & leasehold as, '39
Specialists in
SURETY GUARANTEED
MORTGAGE BONDS
Mackubin,Legg & Co.
Redwood & South Ste., Baltimore, Md.
BANKERS—Est, 1899
SW
Ask.
6412
6612
_
f2614 27
1463 4812
4
132
3414
128
30
10012 10214
13114
12414
1391
13914
34
26
41
4112
1221
fll
571
6112 64
4212 45
93
f3913 63'2
a;
13-6
30
30
45
48
48
33
35
12212 2412
11012 1212
/10
1212
12112 2312
/4312
11712
_
4014 42 16
20
13912 4212
41
43
97
54
12312
55
59
Members
New York Stock Exchange
Baltimore Stock Exchange
Washington Stock Exchange
Associate Member N.Y. Curb
Exch.
Bahl. ore—Plaza 9260
New York—Andrews 3-6630
Philadelphia—Spruce 3601
A.T.& T.Teletype—Italt.288
Surety Guaranteed Mortgage Bonds and Debentures
Allied Mtge Cos. lc.—
All series, 2-53, 1953
Arundel Bond Corp 2-5s, '53
Arundel Deb Corp 2-6s, 1953
Associated Mtge Cos, Inc—
Debenture 2-6s, 1953
Central Funding Corp
0
A Os. 1935-44
Conti Inv Bd Corp 2-55,'53
Cont'l by Deb Corp 2-6s '53
Home Mtge Co 530 & 6s,
1934-43
Mortgage Bond Co of Md.
Inc.. 2-5e, 1953
Mtge Guar Coot Amer
510 & 8s, 1937-38
Mortgage Security Corp
510 & 6s, 1933-46
Nat Consol Bd Corp 2-59,53
Nat Debenture Corp 2-6s,'53
Bid
Ask
Nat Union Mtge Corp—
S.ries -A" 2-6s, 1954____
_
series "B" 2-5s, 1954...
41 t Potomac Bond Corp (all
-1issues) 2-5x 1953
40
42 Potomac Con Mated Deb
Corp 2-6s, 1953
132
34 Potomac Deb Corp 2-6s, '53
56
Potomac Franklin Deb Corp
39
2-6s, 1953
Potomac Maryland Deben13912 4112
ture Corp 2-6s, 1953
Potomac Realty Atlantic
65
Debenture Corp 2-6s, 1953
Southern Secur Corp 6s. '36
130
32 Union Mtge Co 6.1, 1937-47.
Union Mtge Co 530 &
130
32
1937-47
56
_
Universal Mtge Co (is
39
41
-65
61
40
Bid
Ask
50
55
52
5412
39
39
41
41
39
41
40
42
39
132
132
41
34
34
1301
1301
4012
4012
Sugar Stocks
Par Bid
Ask
Par Bid
4,2
Cache La Poudre Co 20 17 8 1£0 Hayttan Corp
2
,
•
Amer
1
East Porto Rican Sus oona.1
412 5 4 Savannah Sugar Ref
,
• 10012 104
1
Preferred
9
1
1012
7% preferred100 109
Fajardo Sugar
100 8812 92
West ladles Sugar Corp
I
212
Quotations on Oyer-the-Counter Securities-Friday May 3-Continued
fu LLER, CRUTTEN DEN
& 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
the
SERVICin
Over-the-Counter Market
Bristol & Willett
Established 1920
Members New Yip k Security Dealers Association
Tel. BArclay 7-0700
115 Broadway, N. Y.
Industrial Stocks
German and Foreign Unlisted Dollar Bonds
Art
Bto
23
f2.5
Anhalt 75 to 1946
30
126
Antloquia 8%. 1946
_
Austrian Defaulted Cupons 95-125
Bank of Colombia, 7%,'47 11912 21.12
Bank of Colombia. 7%,'68 11912 211L
13arrauquilla
r1412 1612
8s 1935-4(5-40-48
3112
130
Bavaria 634e to 1945
Bavarian Palatinate Cons.
22
118
Cit. 7% to 1945
14
Bogota (Colombia) 634.'47 ;12
6
14
Bolivia 6%, 1940
60
./.57
Buenos Aires scrip
Brandenburg Elec. 6e, 1953 12714 2814
6312
,
Brazil funding 5%. '31 51 63
____
j63
Brazil funding scrip
British Hungarian Bank
/4412 ____
7144, 1982
Brown Coal Ind. Corp.
_ __
138
ely.s. 1953
Call (Colombia) 7%. 1947 1812 19
812
Callao (Peru) 735%. 1944 1712
5
/3
Ceara (Brazil) 8%. 1947_ _
74
Columbia scrip issue of '33 171
43
110
issue 01 1934
64
Costa Rica funding 5%.'51 62
20
Costa Rica Pac; Bs 75049 117
51
47
as. 1949
City Savings Bank. Buda136_
Peet 7s, 1953
- 12
3.
Dortmund Mun TRU 85.'48 /33
12512 28
Duisburg 7% to 1945
12512 28
Duesseldorf 7e to 1945
4
4 293
Keel Prussian Pr. 6a, 1953_ 1273
European Mortgage & In___
vestment 7344. 1966_
165
160
French Govt. 534e, 1937._ 142.
161
French Nat. Mall SS.611;52 157
/2612 2812
Frankfurt 7/1 to 1945
German All Cable 7s. 1945 13114 3314
German Building & Land4
1303
4 323
bank 634%. 1948
German defaulted coupons. 110-45
-7
678
1642
German early
/25-28 29-34
German called bonds
German Dawes Coupons
1197
2 1014
10-15-34 Stamped
1197
8 2014
April 15 1935._
German Young CeuPons
1127
8 1314
12-1-34 Stamped
42
f38
Guatemala Rs 1948
33
86
Haiti 6% 1963
90
Hamb-Am Line 6544 to '40 85
Hanover Harz Water Wks.
125
28
6%, 1957
____
Housing & Real Imp is.'48 /24
Hungarian Discount & Ex--- .
/39
change Bank 7s. 1963
Ask
. 81.4
Hungarian Cent Mat 75.'37 142
Hungarian defaulted mune f30-30 -----__
Hungarian Pal Bk 7 Wi, 32 162
40
38
Jugoslavia Is, 1956
_
f4.455
Coupons
/2912 lily
Koholyt 614s, 1943
84
Land M Bk, Warsaw 85,'41 81
34
Leipzig Oland Pr.(Dis,'46 /30
Leipzig Trade Fair 75, 1953 13112 3312
Luneberg Power, Light &
/2012 3212
Water 7%,1948
Mannheim & Palat 7e, 1941 f3014 3214
29
127
Munich 75 to 1945
Munia Bk,Hessen, 7s to '46 /2512 28
Municipal Gas & Elec Corp
34
Recklinghausen. 75. 1947 131
38
Nassau Landbank 6348,'38 /35
Natl. Bank Panama 65.5%
4912 52
1948-9
Nat Central Savings Bk of
____
145
Hungary 734e. 1962
National Hungarian & Ind.
__
14312
Mtge. 7%,1948
-2
9
126
Oberpfalz Elec. 7%, 1946_
Oldenburg-Free State 7%.
12512 28
to 1945
/1812 2012
Porto Alegre 7%. 1988 _
Protestant Church (tier
32
/30
many), 75, 1946
Prov Bk Westphalia 85,'33 /38
32
Prov Bk Westphalia 135, '38 128
Rhine Weston Eleo 7%,'36 ./3912 41
Rio de Janeiro 6%. 1933_ _ /2112 2312
Rom Cath Church (ilia,'46 /3612 3712
3212
R C Church Welfare 7s,'46 /31
---Naarbruecken M Ilk 13e, '47 /30
_
141
Salvador 7%, 1957
Salvador 7% cif of dep '67 1301: i112
33
132
Salvador scrip
Santa Catharine (Brazil).
2112
120
8%, 1947
60
j54
Santa Fe scrip
Santander (Colom) 75, 1948 1812 10
Sao Paulo (Brazil) 6s, 1943 11312 15
Saxon State Mtge. Os. 1947 132
40
38
Serbian be, 19513
/44_55_
Serbian coupons
2-4.0
Slam & Heist° deb 66,2930 1230
60
f50
is 1910
40
StateMtg Bk Jugosl Ea 1956 38
14455
-coupons
2914
Stettin Pub Mil 75, 1946_ /2814 47
Tucuman City is, 1951_ _ /46
75
72
Tucuman Prov, 75, 1950_
55
152
Tucuman Scrip
Vesten Elea Ry is, 1947_ 12212 2412
Wurtemberg 7e to 1945__. /2712 2012
Par
Adams-Millis Corp. pf_100
•
American Arch $1
100
American Book $4
American Hard Rubber_50
25
American Hardware
100
American Mfg
100
Preferred
*
American Meter corn
American Republics com •
Andian National Corp_ __ _•
Art Metal Coristruction__10
•
Babcock & Wilcox
Bancroft (Jos)& Sons com_•
100
Preferred
Beneficial Indust Loan td-•
Bon Aml Coil common __ _•
Bowman-Biltmore Hotels_•
100
lot preferred__ ....
Bunker H & Sullivan nom 10
BM
318
12
81
12
1212
Ask
312
14
86
7
8
1412
Canadian Celanese com__ _•
100
Preferred
100
Carnation Co $7 pref
•
Climax Molybdenum
Chnotifield Coal Corp p1100
Colts Patent Fire Arms___25
Columbia Baking corn......•
let Deferred
•
•
2d preferred
Columbia Broadcasting CIA •
•
Claes B
•
Columbia Pictures pref
•
Crowell Pub Co corn
100
$7 preferred
Bid
Par
AskI
1
106 10912, Kildun Mining Corp
1414 1714 King Royalty coin
•
66 69
$8 preferred
100
612 Kinner Airplane de Motor _1
4
1838 2038 Lawrence Port Cement 100
6
4
35 Maefadden Publica'ne com 5
28
Preferred
1014 1112
•
412 Merck & Co Inc corn
1
4
8% preferred
100
3814 4014
4
43
4 53
33 3412 National Casket
•
Preferred
3
1
•
14 Nat Paper & Type pref..100
10
493 5114 New Haven Clock pref.._ 100
4
44 North Amer Match Corp •
41
Northwestern Yeaet____100
1 12 3 Norwich Pharmacal
5
44 46 Ohio Leather
•
Oldety me Distillers
1
1912 21
105 108 Paramount Publlx Corp__10
___ Pathe Exchange 8% pref 100
108
38 40 Publication Corp corn
•
$7 let preferred
___
32
100
283 2912 Remington Arms corn
4
•
8
138 17 Rockwood & Co
•
Preferred
4
100
534 63
4
23
4 33 Ruberold Co
100
3138 3278
4
3114 323 Elwyn]Mfg
25
4
463 483 Singer Manufacturing100
4
2012 2112 Standard Cap & Seal
5
Standard Screw
97
100
193 2012
4
246 249
323
4
31
80
85
•
Dictapnone Corp
Preferred
100
Dixon (Jos) Crucible__ _100
•
Doehler Die Cast pref
50
Preferred
Douglas Shoe preferred __100
•
Draper Cory
100
Driver-Harris pref
10
First Boston Corp
_•
Flour Mills of America
Gen Fireproofing $7 pf100
10
Golden Cycle Corp
Graton & Knight com____•
100
Preferred
Great Northern Paper___25
Herring-Hall-Mary inate_100
2512 27
119 124
55 59
85
__
421
__ 14
2-5614 58
89 96
3812 40
58 112
___
66
38 41
312
2
20
17
22
20
18
15
Taylor Milling Corp
•
Taylor Whar I & S corn_
•
TubizeChatillon cum of _100
Unexcelled Mfg Co
10
U S Finishing prof
100
1712
15
214 3
4512 50
23
8 31,3
4
2
Welch Grape Juice pref- _100
West Va Pulp & Pap com_.•
Preferred
100
White (f3 8) Dental Mfg-__20
White Rock Min Spring
$7 1st preferred
100
Wilcox-Gibbs corn
50
Worcester Salt
100
Young (J 31) Co cornI00
7% Preferred
100
6
42
28
11910
5
40
26
118
50
109
4
62
28
91
293
4
1314
112
54
9
6712
94
3114
1614
214
314
34
,
100 105
1812 2212
9614 1003
4
8
27
8 35
14
10
50
46
4/
12
82
103
4
490
14
90
I1 4
,
105
15
103
18
51
100
108
-2212
-----
SHORT-TERM SECURITIES
-Industrials Public Utilities
Railroads
U. S. Treasury Notes
Federal Intermediate Credit Bank Deb.
Pell, Peake & Co.
Trading Markets in
Hartford Insurance, Industrial and
Public Utility Stocks
24 BROAD ST., NEW YORK
Tel, 1lAnover 2-4600
Members N.Y. Stock Exchange
Bought - Sold - Quoted
Short Term Securities
HARTFORD,
S. Bissell & Co.
New
.
Irm.k C
Phone
REctor 2-1343
Phone 7.8235
,
Insurance Companies
Par
Aetna Casualty & Surety _10
10
Aetna Fire
Aetna Life
10
25
Agricultural
10
American Alliance
American Equitable
5
American Home
10
American of Newark__ __2 SS
American Re-insurance_ _10
10
American Reserve
26
American Surety
10
Automobile
Baltimore Amer
234
25
Bankers & Shippers
Boston
100
Camden Fire
.5
Carolina
10
City of New York (new).... 10
Connecticut General Life_10
Continental Casualty___. _5
Eagle Fire
234
Employers Re-Inaurance_10
Excess
6
10
Federal
Fidelity & Deposit of Md_20
Firemerre of Newark
S
5
Franklin Fire
1
General Alliance
10
Georgia Home
5
Glens Falls Fire
5
Globe & Republic
Globe & Rutgers Fire__25
5
Great American
Great Amer Indemnity__ 1
10
Halifax Fire
15
Hamilton Fire
10
Hanover Fire
10
Harmonla
10
Hartford Fire
10
Hartford Steam Boller
5
Home
Bid Ask
6812 7014
51
49
1812 20
77
74
1934 2114
1814 2114
912 11
113 1314
4
4814 5014
223 2414
4
371y 3012
2714 283
4
512 612,
81
219
557 567
20
19
4
2114 223
4
2214 233
2512 28
1614
14
23
4
2
34
32
1512
14
73 7612
6512 69
5
6
233 2514
4
1414
12
2212 2312
3334 3534
10
8
1712 231,
203 2214
i
63
4 73
4
1712 19
__ 15
1414 3614
21
2212
6412 6612
7014 7214
25
2612
For footnotes see Page 3025.
Par
10
Home Fire SeeuritY
10
Homestead Fire
Importers & Exp. of N Y_25
6
Knickerbocker
5
Lincoln Fire
2
Maryland Casualty
25
Mass Bonding & Ins
Merchants Fire Amur com234
Merch & Mfrs Fire Newark _5
10
NatlonalCasualtY
10
National Fire
2
National Liberty
20
National Union Fire
New Amsterdam Can
5
10
New Brunswick Fire
10
New England Fire
New Hampshire Fire_ __10
20
New Jersey
5
New York Fire
12.50
Northern
2 50
North River_
Northwestern National _ _25
25
Pacific Fire
10
Phoenix
6
Preferred Accident
Providence-Wasnington _ _10
10
Rochester American
6
Resets.
St Paul Fire & Marine__ 25
Seabo..71 Fire & Marine ___5
5
beabeArd Our
Security New Haven-- -10
10
Southern Fire
Springfield Fire & Marine.26
:0
Eiturvesant
100
Sun life Assurance
100
Travelers
U b Fidelity & Guar Co..„2
4
U f4 Fire
10
U S Guarantee
2.50
Westchester Fire
BO Ask
3
4
13
8
1912 21
7
5
10
8
,,
312 .
412
114 212
18
17
38
35
7
5
1012 121i
6214 06412
614 714
108 113
,,,,
7 .
14
24
2512
14
___
4512 4712
3914 413
4
1312 16
79
84
2212 24
115 119
90
94
823 3 4
4 43
10
1112
3512 3712
1714 203
4
1014 123
4
172 176
512 7
1212
11
3512 -_21
23
114 117
21, 414
303 313
428 438
612 734
4412 4612
62 68
2712 20
Bld
Allis-Chalmers Mfg 5s 1937_
Amer Tel & Tel 434s 1939_
Appalachian Pr is 1936._ _
Armour & Co 4144 1939__
Atlantic Refg Co 5s 1937 _ __
13 &0 RR Sec 43.45 1939____
Beech Creek RR let 4/31936_
Bethlehem Steel 5e 1936_ __
Buffalo Roch (5 Pitts .5s 1937
Calif Gas & Elea 5s 1937_ __
Ches & Ohio RR let 58 1939_
Chic Gas Lt & Coke let 66'37
Cleve Elec III Co Is 1939.__
Columbus Power let 58 1936
Consumers El Lt & Pr(NO)
lot 66 Jan 1 1936
Consumers Power let 661936
Consum Gas(Chic) 1st 58'36
Cumb'I'd Tel & Tel 1st 55'37
Duluth .1 Iron Range 5:4 '37
Edison El Ilium Co Boston
54 April lb 1936
38 July 18 1937
35 November 2 1937
Fox Film cony Os 1938
Glidden Co 534e 1939
Cir Trunk Bs Can (gu) 8s 36
Greyhound Corp (Is 1938
Gulf 011 Co of Pa 511 1937
Kresge Foundation fle 1930_
Long Dock Co fle 1935
Long Island Ltg let be 1936.
Long Island RR as 1937_
Gen 4s June 1 1933
Ask
10118 10112
108 10812
10612 10714
8
1035 1037
8
1073 108
4
873 8312
4
10114 102
8
10418 1043
10412 10514
10818 10812
11212 113
10512 106
4
10414 1043
10212 10312
10114 102
10234 103
10412 10472
1063 107
4
4
1081 1 1083
104 104316
1005 10078
8
1005 1007
8
8
1023 10312
4
4
10312 1033
10614 10612
10212 10314
4
1033 104
10318 10312
10214 10314
10212 10314
103 10312
4
10514 1053
Bid
Ask
Louisville & Nash unit 4.s '40 10712 1077
8
Midvale Steel & Ordrun19_ 103 1037
i9393 10,2 0318
.
6
3
4
Morris & Co lat 434*
NY Chic,& St List 40 1937_ 1003 10118
4
New York Tel let 4'-4a 1939_ Ill 11112
Nor American Lt & Power
5e April 11(136
1003 102
4
Nor Ry of Calif Sc, 1938
108 1083
4
Pacific Tel & Tel 55 I937
1063 107
4
Penn-Mary Steel 53 1937_
10312 10411
Pennsylvania RR 634s 1938_ 10418 10438
Pinta & Reading C & I 4e '37 10314 104
Pi:
2
4
11111Pa Petroleum fitie mg 1033 1032
Pototnae Elec Power 59 1936 10412 105
Pere 011 Corp 540 1937
1013 10154
8
554s Mar 1 1940
102 10214
Roch & Lost Water 6e 1938 1013 1023
4
4
4crenton Electric 5s 1937.
10714 101314
Sinclair Conant 011 Cord
71M.
64 arehl? 1937_ . _ _ 102% 1025
1 98
0
04
Juno
Sou Calif Edison 58 - - - 193
9
10512 1054
3
Swift & Co 58 1940
10212 1023
4
5s July 1 1944
10318 1033
8
Texas Pr & Lt 1st be 1937_ _ 1043 1051a
4
United States Rubber Co
Otis March 1 1936
1013 102
4
(ili 1936
1023 1033
4
4
Vliginis Midland Ry Is 1936 10112 10212
Ward Baking Co lot as 1937 10514 106
Western Mass Coe 481930._ 1033 1043
8
4
W N Y & Pa RR lit fie 1937 1057 10614
8
Western Union Tel 634e 1036 10112 1017
8
54 Jan. 1 1938102(4 1023
4
p
Federal Intermediate Credit Bank Debentures
Bid
F IC 1345 May 15 1935._
F IC 134s June 15 1935_
Fl C 1 lis July 15 1935_
F IC lls Aug. 15 1935._
F IC 134e Sept. 16 1935._
F IC 134s Oct. 15 1935_
r.35
r.35
r.35
r.40
r.40
r.40
Ask
Bid
Ask
____ Ft C ISO Nov. 151935.. r.40
Fl C lSio Dec. 16 1935__ r.45
.20% P IC 130 Jan, 15 1930_ 7.60
___.
.2(1% Fl C 1344 Feb. 15 1936_ r.60
.20% F IC 130e Mar, 16 1936_ r.60
.20%
.257
.307:
.35%
.357
.357:
Volume 140
Financial Chronicle
3027
Quotations on Over-the-Counter Securities-Friday May 3-Concluded
Investing Companies
Par
Administered Fund
•
Affiliated Fund Inc corn _ _
Amerex Holding Corp.__•
Amer Bankstocks Corp _ _ _•
Amer Business Shares
1
Amer & Continental Corp__
Am Founders Corp 6% p150
7% preferred
50
Amer & General Sec cl A__•
•
$3 preferred
Amer Insurance Stock Corp•
Assoc Standard Oil Shares_2
Bancamerica-Blair Corp___ I
Bancshares, Ltd part she 50c
Banters Natl Invest Corp _•
Basic Industry Shares
•
British Type Invest A
1
1
Bullock Fund Ltd
Canadian Inv Fund Ltd_ __1
Central Nat Corp class A..•
•
Class B
Century Trust Shares
•
Commercial Natl Corp
Corporate Trust Shares__
Series] AA
Accumulative series
Series AA mod
Series ACC od
Crum & Foster Ins com_10
6% preferred
100
Crum & Foster Ins Shares
Common B
10
7% preferred
100
Cumulative Trust Sharee__•
Deposited Bank.She ser A__
Deposited Insur Sha A____
Diversified Trustee She B__
Bid
Ask
14.18
1.31 1.42
9% 10 34
.85 .95
.87 .96
914 log
19
21
193.4 2134
4
6
47
51
3
4
2)4 3. ,
534 53-4
5
.534
.50 .75
• 3% 434
2.97
_
.23 .43
113-4 12%
3.30 3.55
2035 2234
84 134
21.22 22.81
234 3%
2.01 ---1.94
1.94
2.24 2.37
2.24 2.27
23
2534
111
116
Par
Internet Security Corp(Am)
Class A common
•
Class B common
•
63.4% preferred
100
100
8% preferred
Investment Co. of Amer
Common
10
7% preferred
•
Major Shares Corp
•
Mass Investors Trust
Mutual Invest Trust
1
Nation Wide
_1
Voting trust certificates
Securities_NY Bank Trust Shares_
No Amer Bond Trust ctfe_ _
No Amer Trust Shares. 1953
Series 1955
Series 1956
Series 1958
Northern Securities
100
Pacific Southern Invest pf..•
Class A
•
Class B
Plymouth Fund Inc el A_10c
Quarterly Inc Shares_ _.25c
Representative Trust Shares
Republic Investors Fund_..5
Royalties Management__
Second Internet Sec ci A___•
Class B common
50
Seleed A er r Shares Inc__
tl
prefmrd
Selected American Shares__
Selected Cumulative Shs__
Selected Income Shares.___
Selected Man Trustees Shs_
Spencer Trask Fund
•
Standard Amer Trust Shares
•
Standard Utilities Inc
•
State Street Inv Corp
Super Corp of Am Tr Sims A
AA
27% 30
105 110
3.85
1.93 2.15
3.55 3.95
734 -_ _ _
3.00 3.30
4)4 5
Dividend Shares
25c 1.24 1.36
Equity Corp cv pre
1 29
33
Fidelity Fund Inc
• 38.31 41.27
Five-year Fixed Tr Shares__
3.42
Fixed Trust Shares A
• 7.82
BB
• 6.64
Fundamental Investors Inc 1.97 2.15
D
Fundamental Tr Shame A.._
10c
4% 4% Supervised Shares
Shares B
3% ___ Trust Fund Shares
Group Securities
Trustee Standard Invest C
Agricultural shares
107 117
D
Automobile Shares
.79 .88 Trustee Standard 011 She A
Building shares
B
1.04 1.14
Chemical shares
1.11 1.23 Trusteed Amer Bank Slum B.
Food shares
1.10 1.22 Trusteed Industry Shares_
Merchandise shares
.95 1.05 Trusteed N Y Bank Shares_
Mining shares
1.10 1.22 United Gold Equities (Can)
Petroleum shares
1
Standard Shares
1.02 1.12
Bit Equipment shares _
El dr Brit Int class A com •
.62 .69
Steel shares
Preferred
•
.86 .95
Tobacco shares
1.28 1.41 U S Elea Lt & Pow Shares A
Guardian Invest Trust_ _ _• 11
1334
B
Huron Holding Corp
Voting trust etle
.18 2.8
Incorporated Investors____• 16.61 17.86 Un N Y Bank Trust C 3
Indus & Power Security--• 1234 14% Un Ins Tr She ser F
Investors Fund of Amer_ _
.88 .97
Investment Trust of N Y _• 4%
Pia
Ask
1
35
17% 19%
19
17
OVER-THE-COUNTER SECURITIES
BOUGHT-SOLD
-QUOTED
RYAN St McMANUS
Members New York Curb Exchange
23
20
20
-2
19.55 2126
1.00 1.09
2.95 3.05
1.14 1.25
234
86% 9034
1.90
2.27
2.25
2.27
46
40
3234 35
3
335
34
34
.82 .92
1.25 1.37
8.03 8.78
1.98 2.12
34
I%
1% 2%
35
34% 38
1.13 1.24
2.36
6.59
3.39 3.88
43-4 5
14.30 15.20
2.45 2.70
.37 .40
64.97 70.18
3.00
2.12
3.17
2.14
5.53
.5.54
1.24 1.36
3% 3%
2.15
2.10
5.86
4.97
.83 .92
1.09 1.21
1.15 1.31
2.12
34
7
1234
1.64
.55
2%
134
2.35
1
10
1334
1.74
.63
334
23.4
Prices on Paris Bourse
39 Broadway
New York City
A. T. & T. Teletype N. Y. 1-1152
Dlgby 4-2290
Prirate Wire Connections to Principal Cities
OBSOLETE SECURITIES
Reports Rendered Without Charge
Gearhart St Lichtenstein
99 Wall Street, New York
A.T.& T. Teletype-New York-1-852 Tel. WHitehall 4-3325
Miscellaneous Bonds
Bit .488
Adams Express 45 ..._.1947 8834 893
4
___
American Meter(is ....1946 97
Amer Tobacco 49
1951 10512
Am Type Fdrs Cs __ _1937 135
38
Debenture 6s
1939 135
38
Am Wire Fabrics 75 _1942 83
_-Bear Mountain-Hudson
1953 85
River Bridge 7s
88
ButterickPublishing 6341936 1112 1212
Chicago Stock Yds 56_1961 9612 98
Consolidation Coal 434s 1934 13712 4012
1937 /4012 42
Deep Rock Oil 7s
Haytian Corp 8s____ 1938 11112 1212
Home Owners' Loan Corp
1345
Aug 15 1936 101.19 101.23
Aug 15 1937 102.4 102.8
Ihs
Aug 15 1938 02.19 102 23
25
Bid Ask
Journal of Comm 6)4s.1937 60
Merchants Refrig Os. _1937 96
Natl Radiator 5s
1948 J24
26
N Y ShIpbidg 5e
_1946 95
No. Amer Refrac 634s_1944 __53
57
Otis Steel 6s etre
1941 so
93
Pierce Butler & P 61.48_1942 116
19
Scoville Mfg 53-48
1945 10453 1053
s
Standard Textile Products
let 634s assented _ _1942 11
14
Starrett Investing 5& ..A950 4214 4614
Struthers Wells Titusville
1943
78
634*
Swift & Co 1st 334s_ _ _ _1950 16614 1005s
United Biscuit 55 Apr 1 1950 105 1053
s
Witherbee Sherman Ss.1944 13
5
Woodward Iron 5e ......1952 130
33
Chain Store Stocks
Ask
Par Bid
5
7
Bohack (H C) corn
7% preferred
45
100
_
Diamond Shoe pref
100 87
Edison Bros Stores pref _100 10012
_
Fishman(M
174 Stores
• 12
Preferred
100 88 93
Great A & P Tea Dr_
100 125 128
Kress(S II)6% pref
10 1112 1212
Lerner Stores pref
___
100 98
Lord dr Taylor
100 145
1st preferred 6%
10 100
2nd preferred
_100 100
For footnotes see page 30_5.
Par
Melville Shoe pref
100
Miller (I) & Sons pref_..100
MockJuds&Voehrger pf 100
Murphy (0 C) 8% preI_100
Nat Shirt Shops (Del)___ _•
1st preferred
100
Reeves (Daniel) pref._ _100
Schiff Co preferred
100
United Cigar Stores 6% pref.
8% pref Mrs
U S Stores preferred____100
AUCTION
Rid Ask
110 112
1514 1714
8012 90
11212
4
314 1138
43
87
100
514 14
16
5
4
7
12
SALES
Quotations of representative stocks as received by cable each day
The following securities were sold at auction on Wednesof the past week
day of the current week:
.1pr. 27 Apr. 29 Apr. 30 May 1 May 2 May 3
By Adrian H. Muller & Son, New York:
Francs Francs Francs Francs Francs Francs
Bank of France
Stocks
10,100 10,100 10,100 10,300 10,400 10,400 Shares
$ per Share
Banque de Paris et Des Pays Hae
854
838
863
940
916
73 Marsol Mortgage Corp.(N. Y.) class A, par $100
61,000 lot
Banque ilL'Union Parisienne....
445
447
470
448
472
BondsPer Cent
Canadian Pacific
166
167
165
170
165
- 16'
$800 Greater New York-Suffolk Title & Guarantee Co. 514% 1st mtge. ctfs.,
Canal de Sues
19,400 19,500 19,400 19,700 19,700 19,700
series G.N.Y.. serial Nos. 9880 and 9879
5137 lot
Cie Edam d'Eleetricitie
1,212
1,202
1,238
1.196
1,239
Cie Generale d'Electrieltie
1,350
1,330
1,410
1,330
1,420
1:486
By Adrian H. Muller & Son, Jersey City, N. J.:
Cie Generale Transatlantique _ _
20
19
20
20
21
20 Shares
Stocks
$ per Shore
Citroen B
62
60
65
65
62
44,309 Mesabi Iron Co. (Del.), par 91
500 lot
Comptoir Nationale d'Escompte
943
935
949
944
957
5 National Horse Show Association of America (N. Y.). no par
5 lot
Cots' S A
7275
62
75
76 2,137
Tennessee Eastern Power Co.(Mass.), voting prior lien common, no par 150 lot
Courrieree
-286
244
235
234
247
____ $360 Westchester Title & Trust Co.
(N. Y.), par $20
1 lot
Credit Commercial de France_ __
540
538
534
558
564
1011. H. Franklin Mfg. Co.(N Y.), preferred, par $100
1 lot
Credit Lyonnalee
1,730
1,720
1.780
1,740
1,780
1- i66
,
5 It. H. Franklin Mfg. Co. (N. Y.). common, no par
1 lot
East Lyonnaise
2,390
2,320
2,430
2,340
2,430
2.450
Bond
Per Cent
Energie Electrique du Nord_ _ _
506
520
508
506
525
$6,250 Wm.Cramp & Sons Ship & Engine Building Co. gen. mtge.6% bonds,
Energie Electrique du Littoral
792
786
780
805
805
_
due June 1 1930 (Pa.)
$95 lot
Kuhlmann
535
537
549
559
529
L'Air Liquids
790
770
810
780
810
-65
By. R. L. Day & Co., Boston:
M)
Lyon (P L
967
963
967
965
973
Nord RY
Shares
1,204
Stocks
1,215
1,217
$ per Share
1,210
1,220
Orleans fly
464
467
465
460
13
-462 30 Amoskeag Co. common
Paths Capital
1 First 'National Stores first preferred, par 1100
42
41
41
41
43
113
Peebiney
10 Central Maine Power Co. $6 preferred, par $100
939
965
928
922
977
5014
Perpetual 3%
Rentes,
76.90
76.30
76.90
77.20
76.30
113
7fi.66 2 First National Storer first preferred, par $100
Bente, 4%, 1917
81.50
81.80
81.25
82.00
81.00
80.75
BondsPer Cent
Bente.4% 1918
80.40
80.60
80.10
80.90
79.90
79.80 S3,000 City of Boston 314s, April 1939, registered, tax exempt
101 & int.
Rentes 4+-4%, 1032 A
88.40
88.00
88.40
88.60
87.50
87.20 $1.000 Waltham Watch & Clock 6s, June 1943
91 & int.
Rentes 434%, 1932 B
87.40
87.40
87.00
87.60
86.50
86.20
Rentes 5%, 1920
110.60 110.40 110.20 109.60 109.50 108.90
By Crockett & Co., Boston:
Royal Dutch
1,590
1,600
1,610
1,570
1,630
1.670
Saint Uobain C & C
1.398
1,442
1,385
1,382
1,460
By Barnes & Lofland, Philadelphia:
Schneider & Cie
1,705
1,677
1,759
1,739
1.666
Shares
Stocks
$ per Share
Societe Francalse Ford
61
83
62
61
64
64 2,905 Miami Jockey Club, common-700
at 234; 200 at 2; 100 at 1%; 1,000 at
Generale Fonelere
Societe
39
38
38
40
42
___ 134; 905 at 134
Societe Lyonnalse
2.415
2,420
2,345
2,323
2,420
125 Carstairs Bros. Distilling Co
$4,000 lot
Societe Marseillaige
556
580
558
560
556
Option on 100 shares Carstairs Bros. Distilling Co., expiring April 1 1939...1100 lot
Tubise Artificial Slit prof
79
79
81
81
83
___
2 Northern Trust Co., par $100
500
Union d'Electrialtie
608
605
628
606
621
100 Real Estate-Land Title dr Trust Co., par $10
Wagon-Lite
531
52
51
56
52
54
25 Consolidated Traction Co. of New Jersey 4% guar., par $100
41
10 Norristown-Penn Trust Co.
22%
CURRENT
NOTICES
-The Now York Stock Exchange firm of Morgan, Howland & Co.
announce the removal of their offices to 42 Broadway.
-Dunne & Co., 20 Pine Street, New York, have prepared a special
circular on Columbia Broadcasting System, Inc.
& W illett, 115 Broadway. New York. are distributing the
.
issue of their over-the:counter-review.
S7yLyon Pruyn & Co. of New York - announce the removal of their
main office to1441rIrStreet.
-L. S. Carter & Co. Inc., announce the removal of their New York
afice tersnvall Street.
-Cooke & Lucas announce the removal of their office to 115 Broadway
J. R. Williston & Co.
at
By A. J. Wright S.: Co., Buffalo:
Shares
Stocks
15 Angel International Corp
CURRENT
$ per Share
$0.15
NOTICES
-Morris Mather & Co. have moved their Chicago office to 3212 Board
of Trade Building.
-Richard W. Clarke & Co. announce the removal of their offices to
50 Broadway.
-Marache Brothers of New York have moved their offices to 60 Broad
Street.
-Brandon & Co. have moved to larger quarters at 39 Broadway.
-E. P. Frazee & Co. have moved their offices to 215 Broadway.
I 3028
Financial Chronicle
May 4 1935
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
-MISCELLANEOUS
Allied Chemical & Dye Corp.
-No Decision on Registration-New Directors
-
New Issue of Utility Compendium
We have just brought out a newly revised edition of
the "Public Utility Compendium" which contains latest
financial and statistical data available on holding and
operating companies in the utility field.
This publication is issued semi-annually-at this time
and again at the end of October. Subscription price for
the two issues is $7.50; single copies may be obtained at $5.
WM. B. DANA CO. 25 Spruce St.
-Earnings
Acme Steel Co.
1934
1935
3 Months Ended Mar. 31$286.408
$601,990
Net profit after int., deprec. & Federal taxes_ _ _
$1.83
$0.86
Earnings per sh. on capital stock (par $25)
The City Bank Farmers Trust Co. has been appointed registrar for an
-V. 140, p. 2852.
authorized issue of 500.000 shares of common stock.
-----
-Resumes Dividends
Acme Wire Co.
The directors have declared a dividend of 12A cents per share on the
common stock, par $25, payable May 15 to holders of record April 30.
This is the first dividend payment to no made on this issue since March 14
1931, when a regular quarterly dividend of 25 cents per share was distributed.
-V. 140, p. 2690.
-Earns.
Addressograph-Multigraph Corp.(& Subs.)
1932
1933
1934
1935
3 Mos. End. Mar.31Net profit after interest,
deprec., develop. exp..
Fed. taxes & diva. on
$140,658
$113,157 loss$49.188
$241,432
minority pref. stock__
Earns. per sh. on 746,313
Nil
$0.15
$0.19
$0.32
shs. cap. stk. (par $10)
Current assets as of March 31 last amounted to $6,139,000, which
compares with $5,747.713 on Dec. 31 1934, and on March 31 1935 cash
had increased $232,000 over the $464,539 held at the year-end, while
current liabilities were up $57,000 from the $2,198,199 on Dec. 31 1934.V. 140, p. 2852.
-Earnings
Alabama Water Service Co.(& Subs.)
12 Months Ended March 31
Operating revenues
Operating expenses and general taxes
1935
$784.745
394,982
1934
$732,460
383,766
Net earnings
Other income
$389.763
3.638
$348.694
4,694
Gross corporate income
Interest on funded debt
Miscellaneous interest
Amortization of debt discount and expense
Provision for Federal income tax
Prov.for retirem'ts & replacem'ts in lieu of deprec_
$393.401
210,692
1,945
959
9,685
80,849
$353,388
213,298
1.754
959
5.375
72,017
Net income before pref. stk. div. & int. on 5%
$59,982
$89.268
debs. subordinated thereto
Note
-Interest on $372,000 5% debs., owned by Federal Water Service
payment of preferred dividends.
Corp., is subordinated to the
H. F. Atherton. President, stated that directors had come to no decision
on the permanent registration of the stock with the Securities and Exchange
Commission and that no registration statement had yet been filed.
Very careful consideration is being given the matter by the board, and
it is expected that a decision will shortly be reached.
Joseph N. Ford and W.C. King were elected directors.-V.140, p. 1994.
Allegheny Steel Co.
-Earnings
3 Mos. End. Mar. 311935'
1934
1933
Gross sales
$5,973,081 $4,339,236 $1,699,470
Cost of sales
5.256,471
3.635,833
1,534,612
Selling, adminis. & general expense....
207,469
180.769
139,129
Miscellaneous losses
15.611
14
Depreciation
154,819
189,682
189.396
Profit for period
$354,322
$317.341 loss$163.681
Other income
20,530
19,382
31.743
Net profit
$374,852
$336,723 loss$131,937
Federal taxes
50,707
42,769
Net profit
$324,146
$293,954 los4131,937
Preferred dividends
58.495
58,495
Surplus
Earnings per share on 610,695 shares
common stock (no par)
-17, 140, p. 1299.
$265,651
$235,459 def$131,937
$0.43
$0.38
Nil
Alton RR.-EarningsMarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
--V. 140, p. 2690.
1935
1934
1933
1932
$1,124,672 $1,037,790 $1,020,694 $1,306,367
258,545
236.982
280,881
370,984
30,305
38,469
67,383
134,774
3,137,178
631,751
17,476
2,887,534
2,888,327
614,303
673,952
15,405'
28,549
3,712,288
817,938
116,616
American Bank Note Co.-EarningsQuar. End. Mar.31x Operating profit
Other revenues
1935
1934
8250.679 def$118,641
22,656
22,273
1933
$29.300
25,704
1932
$69,242
36,970
Total income
Depreciation
Miscall. charges, &c..
$273.335 def396.368
82,733
69,994
11,372
14,365
$55.004
73,537
18,278
$106,212
76,119
21,029
Net profit
Pref. divs, of for'n sub
Preferred dividends
$179.230 (1.43180,726
7,564
7,819
67,435
67,434
def$36,811
5,545
67.434
$9,064
8,088
67,435
sur$104,232
Deficit
$255,980
$109,790
366,458
Shares corn, stock outstanding (par $10)-- _
652,773
652,773
652,773
652,773
Earnings per share
$0.17
Nil
Nil
Nil
x After expenses and Federal taxes.
Consolidated Balance Sheet March 31
1934
1935
1935
1934
Assets
Liabilities$
$
Preferred stock___ 4,495,650 4,495,650
Land, bldgs., machinery, &c____10,669,646 10,888,181 Common stock___ 6,527,730 6,627,730
1,871,832 1,633,527 Pref. foreign subs. 391,032
Inventories
391,032
504,897 Accounts payable_ 274,709
Accts.receivable,, 911,124
197,908
Reserve for taxes_ 155,176
Corn. stk. acquired
139,939
48,852 Advances on cus53,100
for resale
tomers' orders__
Mktable. investls 1,671,450 1,996,450
70,728
115,712
108,385 Pref, dive. payable
deposit._ 183,562
Contract
67,435
67,434
1,401,672 1,722,757 Approp. surplus__ 444,485
Cash
437,520
Earned surplus___ 4,848,099 5,048,828
Invest. of appro437,520
priated surplus_ 444,485
81,184
68,173
Def.& unadj. chgs.
Consolidated Balance Sheet March 31 1935
-Plant, property,rights,franchises, &c., $7,460,565; miscellaneous
Assets
investments and special deposits. $21,492; cash in banks, $244.843; working
funds, $3,282; accounts, notes and warrants receivable, $93,194: accrued
unbilled revenue, $11,232; materials and supplies, $25,468; commission on
capital stock. $14 236; debt discount and expense in process of amortization,
'
$20,878; deferred chages and prepaid accounts,$65,439;total, $7,960,632.
Total
17,275,043 17,421,752
Total
17,275,043 17,421,752
-Funded debt. $4,192.500; convertible debs., $872,000; notes
Liabilities
liabilities
-V. 140. p. 1994.
and accounts payable, $18.807; accrued items, $156,852; deferred(6,790 no
and income. $94,442; reserves, $593,242; $6 cum. pref. stock
-50
-Cent Special Dividend-46-4` ‘' e
par shares). $679,000; common stock (6,000 shares no par), $600,000; 'American Chicle Co.
(
capital surplus, $541.240; earned surplus, $212,546; total, $7,960,632.
The directors have declared a special dividend of 50 cents per share and
-V.140, p. 2852.
the regular quarterly distribution of 75 cents per share on the common
stock, no par value, both payable July 1 to holders of record June 12. Similar distributions were made on Jan. 2 last. Each quarter from Jan. 1 1930
Aldred Investment Trust-Earnings
to and including Jan. 2 1934 the company paid extra dividends of 25 cents
1933
1934
1935
Ended March 213 Months
per share.
-V. 140, P. 2690.
$5,682
51,255
Profit after expenses and deb. int____loss$4.553
18.792
118.154
20 365
-Sales
-Loss on securities sold
American Colortype Co.
$116,899
$13,110
324.918
Deficit
The balance sheet as of March 31 1935, shows total assets of $9,886,276,
of which investments at cosi,of $9,768,727 had a market value of $5,1,1,103.
This compares with cost of securities Dec. 31 1934, of $9,741.432 and
market value of $5,077,981.
During the quarter the Trust purchased 900 shares of Consolidated
Gas of Baltimore and 2,800 shares of Consolidated Gas of New York and
sold 900 Pe msulvania Water & Power.
The liquidating value of the Trust on March 31 1935, was $802 per $1,000
debenture. The market price was $490 bid for units consisting of $1,000
principal amount of debentures with 10 common shares. This compared
-V. 140.
with Dec. 31 1934 market value of $800.37 per $1,000 debenture.
p. 2172.
-When-Issued Trades
Alleghany Corp.
Quarter Ended March 31
Sales
-V. 140, p. 1816.
1535
1934
$1,968,618 81,661,799
Am rican Gas & Power Co.-Hearing-oft,..Bian..The earin , the merits of the amended plan of reorganization was
e on
l
held April 29 efore Judge John 1'. Melds, of the U. S. District Court for
Delaware, in Wilmington. Decision on the confirmation of
the District
the plan was reserved by Judge Nields, who designated May 24 as the date
of the hearing to consider the form and substance of the supplemental
Indentures and other documents which may be necessary in order to carry
out the plan of reorganization after the decision upon the confirmation.
The Delaware Trust Co., as depositary, certified to the Court that
holders of 75% of all outstanding debentures and holders of 60% of the first
preferred stock had approved the plan. Deposits both of the debentures
and preferred stock still are being received by the depositary at Wilmington.-V. 140, p. 2853.
a when-issued basis
In an effort to and disputes arising out of trades onExchange Firms has
of Stock
in the prior preferred stocks, the Association consisting of Chalmers Wood
act as arbitrators
appointed a committee to
-$2 Preferred Dividend-111 ---American Hair & Felt Co.
-of Johnson & Wood; Phillip Hettleman of D. H. Silberberg & Co., and
A dividend of $2 per share was paid on account of accumulations on the
the
Arthur C. Kole! of Vilas & Hickey. Frank R. Hope. President ofthat
8% cum. 1st pref. stock, par $100, on May 1 to holders of record April 27.
the committee, states
Association, in announcing the formation of
A similar distribution was made on April 1 and Jan. 15 last, while $3 per
Sllberberg & Co., are on one side of the controversy and Vllas & Hickey
share was paid on Dec. 15 1934 and $2 on Nov. 1 1934. The last regular
are o a the other.
quarterly of $2 per share was made on July 1 1931.-V. 140, p. 1138.
trading transactions
Mr.Pope I a letter sent to brokers interested in the
of the stockIstated that the controversy over transactio 4 in when-issued
American Hide & Leather Co.
-Earnings
-securities of the corporation would adversely affect all"when-Issued" trading
-9 Months EndedMar. 30 '35 Mar. 31 '34
if it reached the courts.
that bought on a when-issued basis securities of the corafter repairs, deprec.,& reserves for exps. $278,739prof$549,339
Oper.loss
Some houses
Reserved for income taxes
poration before it filed a petition for a reorganization under the bank93,500
ruptcy law, now refuse to accept delivery of stock in a company that is
filed its petition without previous anNet loss
in bankruptcy. The corporation
$278,739prof$455.839
nouncement.
-V.140, p. 790.
..When the reorganization plan was announced a year ago, the prior
-Votes Div. on Corn. Stock
preferred stock that was to be issued under the plan sold at about 34.-- ,
- American Republics Corp.
The high price in part reflected, it is said, heavy arbitraging in Allegheny
The directors have declared a dividend of 10 cents per share on the
securities. The stock now sells around 10.
common stock par $10 payable June 30 to holders of record June 10
This will be the first dividend paid by the company since it emerged from
New Directors
receivership on March 23 1934.
Stockholders at their annual meeting held May 1 elected George A.
Holders of the old $7 cumulative )preferred stock or old common stock of
represent the prior preferred
Martin and Herman R. Neff directors, to
no par value will participate in the dividend as fully and to the same extent
convertible_stock. V. 140, p. 2690.
-
American Ice Co.(& Subs.)
-Earnings
Calendar Years1932
1931
1934
1933
Sales
$14,225.788 $15,001,721 $16.195,355 $19.231,535
Inc. from investments,
Interest, rents, &c_ _ _ _
190,825
200,663
140,183
194.059
Total
$14,365,971 $15,195,780 $16.386,180 $19.432.198
Cost of mdse., operating
expenses, &c
11.932,718 12,176,757 12.651.134 14,097,136
Interest on bonds, &c _
309,830
340,869
309.123
257.236
Res. for Fed. &c., taxes
331.126
128,162
101,842
183.049
Losses on sales of real
property & demolition
of buildings- -18.504
7.790
37.894
Depreciation
1.575,572
1,697,674
1,810,064 1.831,208
Net gain
Preferred divs. (6%) _ _
Common dividends
Rate
3029
Financial Chronicle
Volume 140
as though their certificates for such old stock had been exchanged for
certificates covering the new $10 par common stock.
-V. 140, p. 1649.
$453,779
838,212
Balance, surplus
def$384.433
Corn. shs. outstanding-559,200
Earnings Per share - Nil
$872,489 $1,424,313 $2,831,859
843.285
838,409
837,810
698.928
1,408.557
$2.50
$1.25
$34,080 def$112,425
600,000
559.200
$1.04
$0.06
$580,017
600,000
$3.55
Earnings for the Quarter Ended March 31
1934
1932
1935
1933
Net loss after int., dept.,
Federal taxes, &c___ _ $225,084
$272,422
$223,866 Pref$86,104
Earnings per share on $6
preferred stock_ _
Nil
Nil
Nil
$0.56
March Output Shows Increase of 10%.
The power output of the electric subsidiaries of the company for the
month of March totaled 176.254.833 kwh., against 160.821,140 kwh.
for the corresponding month of 1934, an increase of 10%.
For the three months ended March 31 1935 power output totaled 511.009.131 kwh. as against 451,663,384 kwh. for the same period last year,
an increase of 1.3% •
Weekly Power Output
Output of electric energy for the week ended April 27 1935 totaled
37,100,000 kwh., an increase of 3% over the output of 35,957,000 kwh.
for the corresponding period of 1934.
Comparative table of weekly output of electric energy for the last five
years follows:
1932
1931
Week Ended1933
1935
1934
April 6
37,670,000 32,857,000 27,314.000 29.494,000 34.669,000
April 13
39,135,000 35,004,000 27,681,000 29.581,000 33,590,000
April 20
38,874,000 35,224,000 28,319.000 28,835.000 34,972,000
April 27
37.100,000 35,957.000 29.232.000 28.123,000 34.012.000
-V. 140. p. 2854.
-Earnings
Anaconda Wire & Cable Co.(& Subs.)
3 Months Ended March 31Profit on manufacturing operations
Interest earned (net)
1935
$714.043
15.614
1934
8557,744
16.022
Total income
Selling and administrative expenses
Depreciation and obsolescence
Provision for Federal income taxes
$729,658
290,377
188,537
34,477
$573,766
236,300
191,026
20,135
Net profit
Earnings per sh. on 422,470 shs. cap. stock
-V. 140, p. 2853.
$216.266
$0.51
$126,304
$0.30
Consolidated Balance Sheet Dec. 31
rSharing Plan Cancelled
American Woolen Co.-Profit
1934
1933
1934
1933
A director of the company confirmed report of the cancelation, effective
AssetsLiabilities
$
Jan. 1 1935. of the profit-sharing plan for executives approved by stockx Plant,equip.,&o.29.717,560 30,728.220 Preferred stock.
holders in 1931. Action is understood to have been voluntary and without
Cash
1,777,325 1,115,392 Common stock.la24,187,938 24,618,269
compensation.
-V. 140, p. 1300.
Notes Sc accts. roe_ 1,190,386 1,312,817 Earned surplus_
Discounts on debs. 113,903
123,164 Bonds and mtge.. 5,154,000 5,286,000
Androscoggin Electric Corp.
-Sells $4,000,000 Bonds
Inventories
658,285
537,610 Dividends payable 209,404
209,603
The company has sold an issue of $44,000,000 bonds through competitive
Inv. in co.'s secs
365,145
270,907 Notes payable_ _ _
34,112
bidding. The bonds, due on April 1 1955, were won by a syndicate comOther Investments 848,807
923,830 Real estate mortprising Brown-Harriman & Co., Inc.; Bond & Goodwin Inc.: F. S. Moseley
Insurance fund._ _ 255,461
260,556 gages current._ _
8,250
dr Co., and Maine Securities Co. of Portland, which named 99.32 for the
Prepd.rents, taxes,
Deposit on accts.of
bonds as 41.(s. Other bids, just below the winning price, were made
Arc
128,342
125,497 sales of prop___-132,004
114,741
by syndicates headed respectively by Halsey. Stuart & Co., Inc., and
Deferred items...
85,541
Sitges payable not
Kidder, Peabody & Co.
current
138,000
It is understood that the Brown Harriman group will reoffer the bonds
Accounts payable_ 527,479
571,335
next week at about 1013i which would show a yield of about 4.125%.
Accrued interest
19,304
20,404
- 140, p. 2692.
V.
Federal taxes, &c.. 254,533
208,523
(o
Res,for pay. under
-25
-Cent Special Dividend,
"Archer-Daniels-Midland Co.
Workmen'sComshare,
7
The directors have declared a special dividend of 25 cents per
pensatlon Act
500,000
500,000
Res. for obsoles• In addition to the regular quarterly dividend of 25 cents per share, on the
common stock no par value, both payable June 1 to holders of record
cence, d,c
3,841,498 3.869,118
May 21. Similar distributions were made in each of the three preceding
Equity of min. int.
quarters. Regular quarterly dividends of 25 cents per share have been
in Knickerbocker
paid since and including Dec. 1 1931, prior ot which 50 cents per share was
Laundry Co.
.me y134,234
paid quarterly from May 1 1929 to and incl. Feb. 1 1931.
Total
35,140,756 35,397,993 Total
35.140,756 35,397,993
Income Accountfor 3 and 9 Months Ended March 31
x After depreciation. y Represented by 2,075 shares of stock. z Repre1935-9 Mos.-1934
935-3Mos.-1934
sented by 600.000 no par shares. a As follows6% non-cumulative preferred
Net profit after charges
stock (par $100): Authorized and issued. 140,000 shares, including scrip
$564,959 $1.759,099 31,492,537
and taxes
$596,054
and 53.76 shares reserved for conversion, $14,000,000; common authorized
Earns. per sh.on 549,546
and issued. 560,000 shares (no par,) including 232 shares reserved for ex$0.92
$0.92
$2.90
$2.39
shs.com.stk.(no par)
change of prior issued $2,800,01)0; earned surplus $7.413.130; total $24.- - 140, p. 963.
V.
213,130 less 381 shares preferred and 800 shares common stock owned by
-Earnings
Arkansas Power & Light Co.
subsidiary; at cost, $25,193: balance as above, $24,187,938.-V. 140.
p. 2173.
[Electric Power & Light Corp. Subsidiary]
-Month-1934
1935-12 Mos.-1934
Period End.Feb.28- 1935
American Metal Co., Ltd.
-Earnings
Operating revenues.,.. $543,310
$575,486 $7,405,433 87,007.885
Oper. caps., incl. taxes_
284,762
344.619 4.101,158 3.809.230
3 Months Ended March 311934
1935
Rent for leased property
Profit before charges
$579,526
$267,659
(net)
720
2.744
9,189
Cr3,664
Other income
93,569
219,349
Total income
Interest, &c
Administrative and selling expense
Taxes, other than income
Amortization of investment
Depreciation
Depletion
Reserve metal price fluctuation
Contingent reserve
Federal taxes
Minority interest
$798.875
x92,867
92,318
37.063
9,109
198.625
7.034
207,601
9,970
75,712
Cr4,783
$361.228
238.154
105,412
191,743
9,685
Net profit
$73,359 loss$183,766
Earns, per sh. on 66,670 shs.6% pref. stock
$1.10
Nil
a Includes $7,822 loss on liquidation of security and $58 loss on foreign
exchange
Above figures do not reflect company's interest in results of operations
of subsidiaries less than 80% and more than 50% owned.
In March the company reduced its bank loan from 36,500,000 to $5, 00.000 -V 140
181
4. --.American Steel Foundries
--50
-Cent Accumulated
The directors have declared a dividend of 50 cents per share on acetiLuit
of accumulations on the 7% cum. pref. stock, par $100, payable June 29
to holders of record June 15. A like amount was paid in each of the nine
preceding quarters, prior to which the company made regular quarterly
distributions of $1.75 per share. Accruals on the pref. stock, after the
payment of the June 29 dividend, will amount to $12.50 per share.
Net earnings
Depreciation
Earnings for 3 Months Ended March 31
1934
1935
1933
1932
$24,637 loss$285,257 loss$154,621
$86.615
225,078
220,773
243,246
247,486
Loss
Other income
$138,463
Dr7,077
8196.136
Dr2,923
3528,503
34,151
8402.107
53,703
Deficit
Net ofsubs. appertaining
to minority stock, &c..
Federal taxes
$145,540
$199,059
$494,352
$348,404
1,304
14,000
1,968
1.180
1.896
$160,844
$201,027
$495,532
$350.300
Deficit
140, p. 2174.
American Water Works & Electric Co., Inc.(& Subs.)
Period End. Mar.31- x1935
-Month-1934
x1935-12 Mos.-1934
Gross earnings
$3,927,585 $3,783,593 $46,619,232 $43.715,591
Oper.exps.,maint.& tax. 2,122,615
1,912,283 24,422,010 21,102.377
Gross income
$1,804.970 $1,871,309 $22,197,222 $22,613,214
Int. and amortlz. of discount. &c., ofsubs
8,816,501
8,789,285
Preferred dividends ofsubs
5,713,513 5,713,821
and amortiz. of discount of American Water
Int.
Works & Electric Co.,Inc
1,500,431
1,343,134
Reserved for renewals, retirements and depletion. 2,328,349 3,111,661
Preferred dividends
1,200,000
1.200.000
Available for common stock
$1,638,426 $2,455.310
Shares of common stock
1,741.008
1,747.749
Earnings per share
$0.94
$1.40
x All figures subject to audit in sofar as they contain earnings for the year
1935.
Balance
Other income
$262,112
2.124
$230.147 $3,301,531 $3,189,466
16,072
1,283
14,925
Gross corp. Income...
Int. and other deduce..
$264,236
157.469
$231,430 33,316.456 83.205,538
157,447 1.891,959
1.919,789
Balance
y$106,767
y$73,983 $1,424,497 $1,285.749
594,600
644,617
Property retirement reserve appropriations
a Dividends applicable to preferred stocks for
949.269
949.272
period, whether paid or unpaid
Deficit..$119.372 $308,140
y Before property retirement reserve appropriations and dividends.
z Dividends accumulated and unpaid to Feb. 28 1935, amounted to $1,187,225. Latest dividends, amounting to $1.16 a share on $7 pref. stock
and $1 a share on $6 pref. stock, were paid on Jan. 2 1935. Dividends on
these stocks are cumulative.
-V.140. p. 1996.
-Accumulated Preferred Dividend-6ZArtloom Corp.
The directors have declared a dividend of $1.75 per share on the 7%
cumulative preferred stock, par $100. payable June 1 to holders of record
May 15. This payment represents the dividend due Sept. 1 1934. Similar
distributions were made each quarter since and including June 1 1933, as
against $1.50 per share on March 1 1933,$1 per share on March 1 and Nov.
18 1932 and $1.75 per share previously each quarter to and incl. Dec. 1
1931.-V. 140, p. 2692.
-Earnings
-Arundel Corp.
3 Months Ended March 31-
, 1935
1934
Net income after depreciation, Federal taxes. &c__ $178.658
$148.360
Earns, per sh. on 483,851 no par shs. cap. stock_
$0.37
$0.30
March net income was $30,785 after taxes and charges, against $24,789
in March. a year ago.
Current assets as of March 31. last, amounted to $2,823,216 and current
liabilities were 3435,955.-V. 140, p. 1996.
Associated Gas & Electric Co.
-Weekly Output
An increase of 2.6% in net electric output was reported for the week
ended April 20 by Associated Gas & Electric System, when Compared with
last year. Net production amounted to 53,187,119 units for the week.
During the four weeks to date an ina ease of 3.4% in output was noted
in comparison with the corresponding period a year ago.
Consolidated Statement of Earnings and Expenses of Properties
-Increase12 Months Ended March 311934
Amount
%
1935
Electric
$74,752,362 873,026,492 31,725.870 2
Gas
15,947,294 15,589,961
357,333 2
Ice
2,667,843 2,282,397
385,446 17
Transportation
2,197,443
1.429.252
768,191 54
Heating
1,545,826
1,562,354
x16,528 z1
Water
1,195,239
1,208,008
x12,769 xl
Total gross oper. revenues..---898,306,007 $95,098,464 $3,207,543
Oper. exp.. maintenance, &c51,303,200 47,539,959 3,763,241
Taxes
10,579.573 10,149.290
430,283
Total over. exp., taxes, &c..- -861,882.773 $57.689,249 $4,193,524
Net operating revenue
$36,423,234 $37,409,215
Provision for retirements (renewals and replacements).- 8,686,055 8,155,387
3
8
4
7
x$985,981
x3
530.668
7
Operating Income
$27.737,179 $29,253,828 x$1.516,649 55
x Decrease.
-V. 140, p. 2854.
3030
Financial Chronicle
Associated Oil Co.(& Subs.)
-Earnings
Calendar Years1934
1933
1932
1931
b Total volume of business done
137.102,880 $35,267,157 137,421,343 140.701,610
c'Total expenses
29,394.437 26,742,451 28.347,070 29,900,575
Realized loss on
dated inventory
1,516.856
Operating Income__ $7,708,443 $8,524,707
Other income
235,959
369,235
$9,074,273
260,298
$9,284,179
237,352
Total income
$7,944,402 $8,893,942 $9,334,571 19,521,531
Int. discount & premium
, on funded debt
I
256,870
418,071
563.760
727,374
Deprec.& deple. charged
off
4.697.736
4,933,330
4,969.287
5,509,470
Est. Federalincome tax..
35.000
Canceled leases, &c
366,797
172,298
Unrealized invent'y loss,
4,094,152
Other int., loss on sale of
securities, &c
d32,226
223,525
Rentals & amortization
of undeveloped leases_
169,868
Aband. of undev. leases_
146.777
Property retirem'ts (net)
157.086
43.594
Net income
$2.630.615 13,093,645 $3,434.727 lossS981,764
Surp. of begin, of year.- 25,026,942 24,190,718 33,816.447 34,187,229
Transf.from appro.sur.
3,578,917
2,321,780
AJd.applic.to prior period
560,588
236.052
Gross surplus
$27.657,557 $27,844,951 $40,830,091 $35,763,297
Netladjustment applic.
to prior periods
28.805
Revaluation of assets
14.320,157
Adj. of book val. of inv.
kiln certain affil. cos. &
properties, &c
1,553,843
Loss on sale of Tide Wat.
Assoc. 011 Co. shs. of
1st pref. stock
118,958
Miscellaneous deduction
693,896
Dividends paid
2,290,412
1,145,206
2,290,412
1,946,850
Unapprop. surplus- - -124,673,249 $25,026,942 124,190,718 $33,816,447
Earns, per sh. on 2.290,412 shs. cap. stk.(par
11.15
$1.35
$25)
11.50 a loss$0.43
a The net income of $3.112,388 before unrealized inventory loss was
$1.36 per share. b Total volume of business done by Associated Oil Co.and
its•
subs, as represented by their combined gross sales and earnings, excl. of
inter-co. sales and transactions. c Total expenses Incident to oper., incl.
insurance, taxes and other charges (excl. of depreciation, depletion and
oss on retirement of physical properties). d Other interest only.
Earnings for the Quarter Ended Mar.31
1935
1934
1933
1932
$10,072.230 $9,067,893 $8,246.017 $8,855,149
Gross revenue
xffotal oper. expenses
7.758,053
6,986,146
6.704,610
6,634,775
Operating Income..
Other income
12,314,177 $2,081.746 $1,451,408 $2,220,374
92,813
57.781
39,033
36,141
Total income
$2,406,990 $2,139,528 11.490,441 12,256,515
Interest, discount, &c- y8,536
99,356
156,876
120.549
Deprec. & depletion _ - 1,165.863
1.314.655
1,258,880
1.329.680
Aban.of undevel leases_
38,200
retirements (net).
Prop.
Cr4,328
Cr30,893
Canceled leases, develop.
expenses, &c
25.322
42,223
Taxes(other than income
257,752
taxes)
and amort. of
Rentals
46,866
undeveloped leases....
Net income
Dividends
Balance, surplus
Previous surplus
1932.301
801.644
1718.208
1,145,206
185,691
$727,736
572,603
$130,657 def1426.998
$85,691
1155,133
24,673,249 25,026,942 24,190,718 33,816,447
Profit & loss, surplus _$24.803,905 $24,599,945 $24,276,409 133,971,580
Earns.persh.0n2,290,412
$0.41
shs.cap.stk.(par $25)10.31
10.04
10.32
x Including repairs, maintenance, administration, insurance and other
charges. y Interest only.
Consolidated Balance Sheet Dec. 31
1933
• 1934
1934
1933
$
LiabilitiesAssets-$
$
$
57,260.300 57,260,300
x Fixed assets. -_ -57.419,070 56,500,120 Capital stock
Inv.in cos.an_ _ _ 6,559,494 8,093,488 Funded debt
4,682,000
Other investments 1,706,814 2.521,108 Purch. money ob3,465
ligations
2,465
Due from employ's
555,000
Marketable secur- 422,935 1,026,339 Accounts payable- 1.839,544 1,656,182
Due affiliated cos- 1,581,382 1,595,626
Cash deposited In
Wages, interest &
690,000
escrow
misc, accts. pay. 619,950 1,993,664
Due from affil cos. 466,523 1,002,303
2,526,420 3,687,520 Accrued taxes_ ._ _y1,199,983
Cash
35,000
194.476
Notes & accts. rec. 3,336,205 3,705,411 Res. for cont., &c_
182.776
1,499,876 1,126,317 Deferred credits_ _
Material& suppl
120,078
94,364
12,505,070 14,256,083 Bold liabilityMerchandise
393,016
997,717 Surplus
24,673,249 25,026,942
Def. & unadjusted 909,089
Total
88,043,963 92,919,871
88,043,963 92,919,871
Total
x After reserves for depreciation and depletion of $64,134.351 in 1934
1933. y Includes accrued oil and property.
-V. 140,
and $60,427,156 in
D. 2854.
Atchison Topeka & Santa Fe Ry. System-Earningsanel. Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa Fe Ry.,
Panhandle St Santa Fe Ry.]
1935-3 Mos.-1934
Period End.Mar.31- 1935-Monfh-1934
Railway oper.revenues_110,340,o88 $10,289,565 $29,276,481 $27,630,207
Railway oper. expenses_ 8,774,079 8,193.992 26,042,302 23,151,517
908,834
856,731
2,586,674
2,710,065
Railway tax accruals_ -102.039
322,433
86,502
280,572
Other debits
Net railway oper. inc_
Average miles operated_
$623.275 11,084.698
13,307
13.333
$366,931 $1,446,190
13,312
13,334
New Director
May 4 1935
and $10,000. Registered and coupon notes and the several denominations
of registered notes are interchangeable. Registrars and transfers agents
of the registered notes are W. J. McDonald and C. E. Ambler, or either
of them. Room 901. 71 Broadway, N. Y. City. Guaranty Trust Co. of
New York, trustee. Redeemable at the company's option upon 60 days'
notice as a whole on any date, and in part on any int. date, at following
prices and int.: To and incl. May 1 1940 at 105%, thereafter to and incl.
May 1 1941 at 104%, thereafter to and incl. May 1 1942 at 103%, thereafter to and incl. May 1 1943 at 102%, thereafter to and inlc. May 1 1944
at 101%, and thereafter at 100%.
Issuance
-This offering Is subject to approval by the Interstate Commerce
Commission.
Legal Investments
-In the opinion of counsel these notes will be legal
investments for savings banks in New York.
Purpose-Proceeds from the sale will be used to repay 16,500,000 bank
loans due Sept. 30 and also to retire $4,000,000 Wilmington & Weldon
RR. gen. 1st mtge. bonds due July 1, of which $3,062,000 are 5% and
$938,000 are 4% bonds.
Company
-The company, which owns 51% of the outstanding capital
stock of Louisville & Nashville RR.. operates 5,148 miles of road situated
in Virginia, North Carolina, South Carolina, Georgia, Florida, and edabama,
Its principal main line extended from Richmond, Va., to Pott Tampa,
Fla., a distance of 908 miles. Serving a territory largely devoted to agriculture, including the greater part of the citrus fruit and winter vegetableproducing sections of Florida, the road also handled a substantial tonnage
of phosphate, timber and petroleum products. With extensive terminal
facilities at Norfolk, Wilmington, N. C., Charleston, Savannah, Brunswick,
Jacksonville, Tampa, and Port Tampa, the road also connects with practically all important carriers In the Southeast and with eastern and northern
railroads at Richmond.
-The notes which are being offered are to be limited to an authorSecurity
ized 112,000,000 and will be direct obligations of the road,secured by deposit
and pledge under a collateral trust indenture with Guaranty Trust Co. of
New York, as trustee, of $25,000,000 gen. unit. mtge. series A
bonds. Upon completion ol this financing, the amount of gen. unit. 434%
mtge.
bonds and prior lien mtge. bonds outstanding in the hands of the public,
excluding the bonds of the Wilmington & Weldon RR., will be equivalent
to $21,536 per mile of the 4,542 miles of road covered by the general unified
mortgage and, including the 125,000,000 of these bonds to be pledged with
the trustee for the current note issue, the amount would be $27,039.
Funded Debt
-As of the end of last year, the road's outstanding funded
debt was $151,292,230, including the 16,500.00o of short-term notes due
Sept. 30 and to be retired from proceeds of present financing. This compares witn $154,349,055 as of Dec. 30 1920, at which time the road reported
investments in road, equipment, property and securities of and advances
to affiliated and other companies amounting to $269,858,631, compared
with $357,432,289 at the end of last year.
Listing-Application will be made to list the notes on the New York
Stock Exchange.
Earnings for Month of March and Year to Date
March
1935
1934
1933
1932
Gross from railway ___- 14,450,853 $4,735,771 $4,035.983 $4,336,522
Net from railway
1,459,579
1,867.019
1,440,218
1,145.684
776,133
Net after rents
1,160,226
708,243
389.663
From Jan 1
Gross from railway
11,634,234 12,629.352 11,217.911 12.759,792
Net from railway
3.101,691
4,382,705
3.680,180
3.162.894
Net after rents
1,398.209
2,619,780
1,810.712
1,211,813
-v.140. p. 2692.
Atlas Powder Co.(& Subs.)
-Earnings
3 Mos.End. Mar.311935
1934
1933
Net sales
13,084,028 $3.292,122 $1,875,414
Cost of goods sold, dolivery & other expenses 2,829,311
2.891,770
1,906.076
Not oper. profit
Other income
1254,717
33.861
$400,351
34.643
Gross income
Federal income tax
1288,578
43,243
$434,995
80.369
def$8,031
1245,336
4,188,198
1354,635
4.063,867
1932
12.078,211
2,211,521
def$8,031
3,878,845
Net income
Surplus begin'g of year
def$30,663 def$133,311
22,632
54.080
def$79,230
def179,230
4,564,487
14.433,534 14.418,502 $3,870,813 14.485.257
124,128
126.293
133,660
147.913
124,982
122,550
130.717
Surplus March 31--- - $4,184.424 $4,169,659 13,737,154 14,206,626
Earn, per sb.on com.stk.
$0.48
$0.92
Nil
Nil
Consolidated Balance Sheet March 31
1934
1935
1035
1934
Assets
Liabilities
3,189,329 2,767,503 Accounts payable_ v483,725
Cash
483,859
Stock of the Atlas
Federal Inc. taxes
1,582,677 1,471.740
Powder Co
accrued
176,934
98.542
U. S. Govt. seem 1,397,000 1,397,000 Dividends accrued
Accts. & notes rec. 1,999.959 2,531.723
on pref. stock
82,730
83,992
Employ. notes rec.
20,228
36,118 Reserve for depre2,667,268 2,415,932
Inventories
ciation, loss, &c. 6,714,126 6,406,205
Mktable. secure
845,287
793,257 Reserve for deprePlant prop. dr eq-13,689,673 13,630,094
ciation, untxdlec.
Good-will, patents,
accounts & condro
4,052,967 4,060,425
tingencies
639,392
867,888
1,239,609 1,432,133 Preferred stook
Secs. of MM.cos
9,860.900 9.860.900
108,385 Common stock
Mortgage reedy
130,227
8,714,625 8,714,625
41,382 Surplus
Detd items (net).
42,630
4.184,424 4,169,659
Total surplus
Preferred dividends
Common dividends
Total
Total
30,856,856 30.685,671
x Represented by 261,4385i no par shares.
30,856.856 30,685,671
y Includes notes payable.
To Redeem Pref. Stock
.
The company has notified the New York Stock Exchange that it
redeem on Aug. 1 1935 a total of 12,005 shares of preferred stock at will
and dividends. Payment will be made at the Empire Trust Co., 110
120
Broadway, N. Y. Oity.-V. 140, P. 1997.
Atlanta & West Point RR.
-Earnings.
-March1935
1934
1933
Gross from railway ---Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 2175.
1125.144
15,799
def3.946
1131,728
19,269
1,112
• $100,439
def6,421
def26,355
1932
$126,920
7.270
def12,059
356,987
32,516
def24,588
358,154
39,357
def14.767
280,742
def27,814
def86,169
357.534
def4,552
def65,764
1934
1278,698
1933
1212,509
1932
$310,581
17,687
1oss233
loss22,261
$0.18
Nil
Nil
-Earnings
Atlas Tack Corp.
Thomas W. Lamont of J. P. Morgan & Co. has been elected a director,
3 Mos.End.Mar.311935
succeeding Charles Steele, who asked to retire.
Net sales
1325.622
E. J. Engel, formerly Vice-President, was elected Executive Vice-PresiNet profit after expenses
dent. H. B. Fink. Assistant Treasurer at Topeka. Kan., was elected
& charges
x13,994
Secretary and Treasurer to succeed E. L. Copeland, retired. M. L. Lyles.
Earns, per sh. on 94.551
Secretary to the President, was appointed Assistant to the President.
shs. cap. stk.(no par)
$0.14
V. 140, p. 2522.
x Before Federal taxes.
-$12,000,000 Notes Offeied-4- . -V.140, p.2693.
Atlantic Coast Line RR.
aldwin Locomotive Works
-Pays May 1 InterestBrown Harriman & Co., Inc.; Edward B. Smith & Co.; The
ederal
11 29 approved the company's
First Boston Corp.; Kidder, Peabody & Co., and Lee, petition toJudge Oliver B. Dickinson on Apiinterest of
pay on schedule the semi-annual
166,90J due May 1
Higginsan Corp. are offering at 100 and int. to date of on 12,676.000 of 1st mtge. 5% 30-year bonds held by the public. The
the company has
petition was
delivery $12,000,000 10-year coll. trust 5% notes, due Section 77-Bnecessary because Banktuptcy Act.sought reorganization under
of the National
-V. 140, p. 2854.
May 11945.
-May Refund Mel. Stock
'
Dated May 1 1935: due May 1 1945. Principal and int. (M. & N.)'--(L.) Bamberger & Co.
At the annual meeting of stockholders of R. H. Macy & Co. at April 30,
payable at office or agency of company in New York in such coin or cur-
rency of the United States of America as at the time of payment shall ba
legal tender for private debts. Coupon notes are in denom. of $1,000
and may be exchanged for fully registered notes in denom. of 11,000, 15,000
Percy 8. Straus, President, said the officers had discussed unofficially the
refinancing of the preferred stock issue of L. Bamberger & Co. of Newark,
which is controlled by Macy's. This issue, totaling $7,882,700 at the end
3031
Financial Chronicle
Volume 140
of last year. bears an annual dividend rate of $6.50 a share. Owing to the
prevailing low rates in the money market the officers have been discussing
the advisability of refunding this issue, Mr. Straus said.
Changes in Personnel
Hector Suyker, Vice-President and Secretary, has been made VicePresident and. Treasurer, and Frank I, Liveright, who was Vice-President
and Treasurer was named Secretary -V. 140, P. 2523.
Bangor & Aroostook RR.
-Earnings
-Period End. Mar.31- 1935
1935-3 Mos.-1934
-Month-1934
Gross oper. revenues-- $675,603
$715.114 $2,239,558 $1,995,336
Operating expenses
1,135,530
381,515
383,325 1,190,202
Tax accruals
161.521
61,772
187,011
55,972
"Belding-Corticelli Ltd.
-Thirds'CalledTheccompany has called for redemption on Nov. 1 1935, at 105 and accrued interest, the remainder of its outstanding funded debt, conslstl,pg of
cr
first mortgage 25
-year 5% sinking fund gold bonds due May 1 1936.
ted
Bondholders may surrender their bonds for redemption prior to th
date of Nov. 1 1935 and receive 105 and accrued interest to date of surrender.
-V. 140, p. 792.
-Bell Telephone Co. of Pennsylvania-Earnings
1933
1934
3 Mos. End. Mar. 311935
Telephone operating revenue
Telephone operating expenses
$15,053,055 $14.944,706 $14,713,932
10,694.743 10,705.000 11.090,830
Net operating revenue
Taxes & Federal taxes
$4,358,313 $4,239,706 $3,623,102
579,884
685,882
890,789
Operating income
Non-operating revenue (net)
$3,467,523 $3,553,824 $3,043.218
82.612
47,811
17,319
Total gross income
Miscellaneous deductions
Interest
$3,484.843 $3,601,635 $3,125,830
22,533
25,774
26,349
1,550.582
1,550,028
1,468,243
Barcelona Traction Light & Power Co., Ltd.
-Earns.
Net income
Preferred dividends
Common dividends
$1,990,251 $2.025,833 $1,552,715
325.000
325,000
325,000
1,650,000 2,200,000 2,200,000
[Mexican Currency)
Period End. Mar. 31
- 1935
-Month-1934
1935-3 Mos.-1934
Gross earnings from oper 10,305,039 10,238,607 32,869,146 31,879,885
Operating expenses
4,027,744
3,632,691 11,728,999 10,796.099
Surplus
-V. 140. p. 2524.
$15,251 def$499,167 def$972,285
Operating income..
Other deficit
$238,116
10,275
$270,017
17,757
$862,345
51,990
$698,285
45.448
Gross income
Deductions
$227,841
69,850
$252,260
66,011
$810,355
207,443
$652.837
198.394
$602,912
$454,443
Net income
-V. 140, p. 2694.
Not earnings
-V. 140. p. 2175.
$157,991.
6.277,295
$186,249
6,605,916
21,140,147
21,083.786
Barnsdall Corp.
-Segregates Refineries-Forms New Co.
-
The following statement was issued on April 28 by Pres. E. B. Reeser:
"There is evidently some misunderstanding as to the plan promulgated
by the board of directors of Barnsdall Corp. at its meeting on April 26,
which is sot forth in a letter to the stockholders now in the mails.
"The plan provides for a complete divorcement of the refineries and
marketing units heretofore operated by the Barnsdall Oil Co.. a 100%
owned subsidiary of Barnsdall Corp., leaving the Barnsdall Oil Co. as
solely an operator in crude.
"The new company which has been formed to take over the refining
and marketing units has a corporate set-up which will have a net quick
position sufficiently ample for it to carry on without the advance of moneys
from Barnsdall Corp. or Barnsdall Oil Co. In other words, the new
company will stand on its own resew cos.
"The common stock of the new company will be distributed as a dividend
to the Barnsdall Corp. stockholders at an early date to be announced.
If prices of refined products are sustained at the present level, the operations of the new company should break even. If there is any increase
In price, it should make money. If there is a reduction in price, so that
it runs into losses, these losses will in no way be assumed by Barnsdall
Corp. or its subsidiaries.
"Barnsdall Corp., having its operations thus confined to that of finding.
producing and marketing crude oil, with no possibility of losses to be
charged against such operations from refining and distribution, should
be in a position to early pay dividends to its stockholders. It has an
allowable production, under proration, of approximately 16,000 barrels
per day at the present time, which is at the rate of approximately 1,300,000
barrels per year over and above its allowable production in 1934, and yet
had this plan been in effect in 1934 so that no losses of refining and distribution could be charged against the crude oil profits, it would- have had
ample profit in 1934 to pay a dividend to its stockholders. With the
added production which it is now enjoying these profits should be vet y
materially increased if the present price of crude is sustained.
"Shortly after the first of the year Barnsdall Cot p. entered upon a
serious drilling campaign on proven locations, and the best advice that
the management has is that with the wells now drilling, the allowable
production will shortly show a substantial increase to the rate of between
6,000.000 and 7,000,000 barrels per year. Every additional barrel of
allowable, under the present corporate set-up, will mean additional profits."
-V. 140, p. 1818.
Beaumont Sour Lake & Western Ry.-Earnings.MarchGross from railway
Net from railway
Not after rents
Fpom Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2348.
def32361
1934
$160,414
42,395
def10,900
1933
$107,345
23,777
def20,017
1932
$160,899
36,914
def21,270
454,983
124,284
def14,483
453.109
127,339
def11,998
328,070
72,146
def57,871
462,872
92.269
def77,175
1935
$127,937
1933
loss$9,875
248,009
9.579
1932
$338,081
297,319
14.398
Net profit
$758,977 loss$267,463
$803,537
-V. 140, p. 2694.
x Profits before Federal taxes.
x$26,364
-Earnings
Beneficial Industrial Loan Corp.
3 Months Ended March 31Operating income
Operating exp. (incl. prov.for doubtful notes)
1934
1935
$4,296,152 $3,718,628
2,154,493
2.527,264
Net operating income
Income credits
$1,768,888 $1,564,135
65.279
11.217
$1,780.105 $1,629,414
Gross income
64,764
63,555
Interest on 6% convertible debentures
92,967
119,884
Other interest
170.000
304,756
Prov. for Federal income and capital stock taxes
Amort. of expdend. for business develop., deb.
disct. & exp., and commissions and exp. in
57,438
connection with sales of capital stock
1,856
x9,398
Other charges
6.299
5.804
Net inc. applic. to minority stockholders ofsub. cos
Net income
Earned surplus Jan. 1 1934
$1.276,707 $1,236,088
5,689.621
5,340,359
Total surplus
Surplus charges, net
$6,617,066 $6,925,709
35.479
16.320
Earned surplus available for dividends on capital
$6.600,746 $6,890,229
stocks of the corporation
188,494
188,494
Dividends on preferred stock, series A
784.684
784.694
Dividends on common stock
$5,627,556 $5,917,049
Earned surplus March 31
$0.50
$0.52
Earns, per sh. on 2,092,444 shs. corn. stk.(no par)_
-V. 140.
x Including amortization of debenture discount and expense.
9.2855.
Bessemer & Lake Erie RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 2695.
1935
$579,152
47,425
58,222
1932
1933
1934
$255,340
$168,567
$455,356
def87,133 def174,036 def138,670
def63,245 def185,405 def159,267
739,105
509,319
1,107,771
1,396,272
def87,474 def359,970 def429,337 def422,352
def67,098 def317,281 def442,500 6ef471,807
-Quarterly Report
Blaw-Knox Co.
Belding Heminway Co.
-Earnings
Calendar YearsGross operating profit
Selling, general & administrative expenses
Depreciation
Bendix Aviation Corp.(& Subs.)
-Eatnings-1934
3 Mos.End. Mar.31
-1935
Operating profit
$1,204,789 $1,169,260
261,920
Depreciation
251,496
3,795
6,971
Interest
141.392
Federal taxes
145,961
1934
1933
$1,465,502 $1,591,776
892,690
969.967
55.262
55,800
Operating profit before interest
Other income
$517,549
52,661
$566,009
57,606
Total income
Expenses of idle plants-net
Miscellaneous deductions
Interest
Provision for Federal taxes
$570,210
20,113
26,118
2,995
25,000
$623,616
31,078
42,069
30.297
29,000
Net profit
Earns, per sh. on 465,032 shs, com. stk.(no par)_ _
$495.984
$1.06
$491,171
$1.05
Income Account for Quarters Ended March 31
1934
1935
$438,676
$406,380
262,632
233,405
13,713
13,076
1933
$335.218
259,618
13,164
Irvin F. Lehman, President, states that company had net profits of
approximately $142,000 after depreciation and estimated taxes, exclusive
of its foreign subsidiaries, for the first three months of 1935, compared
with a loss of $5,272 after depreciation and taxes in the corresponding three
months of 1934. Mr. Lehman said.
- Our sales of road building and construction equipment are still subnormal, but it is expected that the present Federal construction program
-V. 140, p. 2348
will increase sales in these divisions," he concluded.
$62,436
19,324
$81.760
17,572
8.985
Gross operating profit
General expenses
Depreciation
PrOfit
Other income
$162,331
10,379
$159,899
10,547
Total income
Idle plant expenses, &c
Interest
$172,710
7,616
$170,
446
8,364
2.995
-Earnings
Borg-Warner Corp.(& Subs.)
3 Months Ended March 31Operating profit
Other income
1934
1935
$2,014,623 $1,545,795
157,265
104,904
1933
loss$6,961
95.973
Total income
Depreciation
Interest_
Federal taxes
Minority interest
$2,119,527 $1,703.060
397,964
383,697
274,131
74,757
165.872
277,227
$89.012
401.261
69,742
Net profit
Pref. diva, of constituent companies
Prof. divs. Borg-Warner Corp
Common divs. Borg-Warner Corp
$1,383,846
Cr10
55.832
$865,093 los.s$381,981
1,162
2,204
56,760
57,985
287,727
$519,444 def$442.170
$1,328,014
Surplus
1,150,909
1,150.909
1,150,926
Shares common stock (par $10)
Nil
$0.70
$1.15
Earnings per share
Consolidated Balance Sheet March 31
1934
1935
1934
1935
$
LiabitiLiesA ss
els-$
Profit before Federal tax
$165,094
$159,087
$55,203
Cum. 7% pref. stk 3,280,000 3,400.000
:
Prop'ty, plant Az
13,020,739 13.931,756 Common stock ___12,308,510 12,308,340
equipment
Balance Sheet Dec. 31
400,861 Sinking fund bonds 825,000 1,075,000
Pat'ts dr good-will_ 376,275
Assets1934
1933
Liabilities1934
1933
58,100
y Misc. invest'ts 2.786,274 2,361,005 Minority interest_
Cash
$702,418 $904,320 Accounts payable_ $105,509
$71,659
6,337,416 2,705,867 Notes Jr bonds pay 177,413
Cash
b Accts, notes &
Accrued expenses,
4,021,112 Accounts payable
U. S. Govt. secs_
trade accept. roe 478,142
wages,&c
505,192
34,554
28.080
657,455
and accrued____ 3.820,700 3,418,808
Marketable securs. 1,263,882
Miscell. accts. and
Accrued taxes
48,214
44,023
374,451
51,074 Federal tax reserve 1,013,512
27,600
Due fr. closed Mrs_
notes rec.-net10,218
25,792 Credit balances in
345,649
Inventories
8,317.003 6,098,080 Dividends payable 487,447
Merch'diseinvent. 1.740.301 1,478,006
accts. receivable
5,059
4.303
Notes payable (not
Accrued. int. and
Notes rec. employ.
25,290
Other liabilities_
5,728
85,880
9.782
25,445
6,482
current)
dive. receivable_
Notes rec.-R. C.
Int. payable Jan. 1
454,726
341.817
Notes & accts. rec_ 5,643,806 4,482.971 Special reserves
Kramer, Pres_
108,688
on 6% convert.
319,783 Surplus
15,889,259 13,670.980
Deferred charges__ 351,506
Invests. In & adv.
gold notes
12,180
187,054
to aftII. cos
160,586 10-yr. 6% cony.
38,149,941 35,115,838
Total
38,149,941 35.115,838
Total
274.665
Other assets
312,193
gold notes
e406,000
788,480 d Common stock_ 1,757,200 1,757,200
x After depreciation. y Including 79.925 shares of Borg-Warner comc Fixed assets__ 771,470
Deterred charges__ 105,998
mon and 996 shares of preferred in 1935 (1,566 in 1934).-V. 140, p. 1998.
102,834 Capital surplus___ 1,558,618 1,558,6Ig
1
1 Earned surplus- 780,675
Good-will
501,837
-April Output
Boston Consolidated Gas Co.
-
Total
Total
$4,275,556 $4,383,900
$4,275,556 $4,383,900
b After reserves for doubtful accounts of $96,616 in 1934 and $143.337
also after reserves for discounts of $21,691 in 1934 and $24.229
in 1933, and
in 1933. c After reserves for depreciation and obsolescence of $1,492.972
in 1934 and $1,477,659 in 1933. d Represented by 465,032 no par shares.
-V. 140, p. 1819.
•Since redeemed.
January
February
March
April
-V. 140, p. 1998.
1935
1.346,975,000
..1,153,085,000
1,152,477,000
1 039,210,000
1934
1,172.408.000
1,171,444.000
1,126,368,000
988,598,000
3032
Financial Chronicle
Boston Elevated Ry.-EarningsMonth of MarchReceiptsfrom direct operation of the road
Interest on deposits, income from securities. &c
1935
1934
$2,299,327 $2,386,180
3,797
5,308
Total receipts
$2.303.124 $2,391,488
Operating expenses
1,443,423
1,485,465
Federal, State and municipal tax accruals
134.931
125,528
Rent fror leased roads
103,363
103,363
Subway, tunnel and rapid transit line rentals_ __ _
235,675
233,363
Interest on bonds and notes
312,657
321.861
Miscellaneous items
8,938
5,611
Excess of receipts over cost of service
64.134
116.294
-V. 140. p. 2348.
Boyne City Gaylord & Alpena RR.
-Sale
The road was sold to the Boyne City RR. on Jan. 25 1935. Up to the
present time the new company has not received the permission from the
Interstate Commerce Commission as to the authorized capital stock.
The new company has made application for permission to issue 850,000
worth of common stock, which is capitalizing the road from Boyne City,
Mich.. to Boyne Falls, Mich. a distance of 7.2 miles. The other part of
the railroad, from Boyne Falls, Mich., to Alpena, Mich., the new company
has made application for abandonment with the ICC and expects to have
this abandonment about May 15, and will commence abandoning if same
Is received around June 1 1935. The railroad from Boyne City to Boyne
Falls connects with the Pennsylvania RR. at Boyne Falls, Mich.
The new company will be free and clear of all debt, having no obligations
whatever.
The executives of the new company are as follows: Henry Lee, President;
Alexander Heller, Vice-President; Erling J. Strangstad, Sec. & Treas.;
Lysle H. White, Gen. Mgr.
-V.137, P.4009.
Boyne City RR.
-Acquires Old Road
See Boyne City Gaylord & Alpena RR.
Brandywine Brewing Co.
-Registration Suspended
The Securities and Exchange Commission has issued an order suspending
the effectiveness of a registration statement covering 259.000 shares of
common stock of the company, of Washington, D. C., together with findings and an opinion in the action.
In its opinion, the Commission gave particular attention to untrue statements regarding a contract, which provides for sale by the company of
gravel on property owned by to it, and regarding the value of services
rendered by one Michael Klachko for which he was stated to have been
paid 71,000 shares of the stock. Klac.hko was the promoter of the company
and the original purchaser of the property near Brandywine, Md., which
he sold to the company.
-V.140. p.793.
Bridgeport Brass Co.
-Registrar-The Bank of the Manhattan Co. has been appointed registrar In New York
for the common capital stock.
-V. 140, p. 2856.
(J. G.) Brill & Co.
-New Director and Treasurer
Directors elected E. L. Oerter a director and Treas.. succeeding E. P.
Rawle. who resigned. L. E. Hess, who was elected Vice-President by
board, was signated Executive Vice-President.
-Y. 140, P. 1140; V. 138.
p 1401.
Brooklyn Union Gas Co.
-Earnings
-
May 4 1935
(4) Falcon Lead Mining Co.
-3,000,000 shaees of capital stock ($1 par)
on the New York Curb Exchange. The Exchange on Feb. 18 1935 suspended dealings in the stock because of the fact that the issuer had discontinued transfer agent and registry facilities, which constituted a violation
of the rules and regulations of the Exchange.
(5) Fulton Iron Works Co.
-10,000 shares 8% cum. pref.stock and 88,500
shares common stock (no par) on the St. Louis Stock Exchange. Under a
plan of reorganization confirmed by the District Court on Dec. 28 1934.
the old preferred and common stocks are to be exchanged for new common
stock.
(6) Itike-Kumler Co.
-125,000 shares common stock (no par) on the
New York Curb Exchange. The market for this stock on the New York
Curb Exchange had become inactive and the stock has recently been listed
and temporarily registered on the Cincinnati Stock Exchange.
shown that a substantial majority of the stockholders are residentsIt was
of the
territory served by the latter Exchange.
(7) St. Lawrence Paper Mills Co.. Ltd.
-142,500 shares 6% cum. pref.
stock ($100 par), on the Boston Stock Exchange. Few shares were traded
on the Exchange In 1930 and none since. The shares are listed on the
Montreal and Toronto stock exchanges, where all trading is effected.
(8) Seneca Copper Mining Co.
-'730,000 shares capital stock, on the
New York Stock Exchange. The Exchange suspended trading in these
shares on Nov. 15 1934 because of the inability of the receivers of the company to meet the requiremems of the.Exchange with respect to maintaining
an adequate supply of stock certificates.
-V. 139. p. 1395.
Calumet & Hecla Consolidated Copper Co.
-Earnings
Earnings for the Quarter Ended March 31 1935
Revenue from copper and oxide sales
Cost of same
$630.235
452,834
Operating gain
Other char
(net)
Depreciation
Depletion
$17,40ges 32,610
124,043
131,502
Net loss
-V.140. p. 2176.
8110,755
Cambria & Indiana RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2177.
1935
$114,945
51,364
109.522
310,962
122.931
293,694
1934
1933
8113.977 , $105.611
46,435
40.102
104,777
84,645
304,252
114,809
285,959
1932
$104,626
38,578
80,453
323.912
129,254
276,270
299,711
98.841
232,929
Campbell, Wyant & Cannon Foundry Co.-Earnings-
Quar. End. Mar. 31Net inc. after deprec.,
int., Fed. taxes, &c_ Earn.per sh.on cap.stk
-V. 140. P. 2856
1935
$133.927
$0.38
1934
1933
1932
881.843 loss$69,535 100423,379
50.23
Nil
Nil
Canada Dry Ginger Ale, Inc.(& Subs.)
-Earnings
-
Period End.Mar.31- 1935-3 Mos.-1934
1935-12 Mos.-1934
Gross revenue
$5,466.046 $6,178,247x$21,713.283 $23.370,464
Exps., taxes, depr., &c_ 4,283,543 4,374,890 16,542,467 16,311,705
Interest, &c
662,674
652,211
2,637.515 2,585,485
Period End. Mar.31- 1935-3 Mos.-1934
1935-6 Mos.-1934
Gross mfg. profit
81.168.556 81,223,655$2,221,325 82.311.338
Adver., selling, distrih.,
and admin. expenses
998.053
1,012,079
1,951,119
1.860,821
Net income
Revenues in suspense_ Int. accrued on revenues
In suspense
Profit from operatians
Other income
$170,502
14,997
$211.576
33,464
$270,205
36.647
8450,517
62,607
Gross income
Other deductions
Depreciation
Interest _
U. S. & Dom. of Canada
income taxes (est.) __ ..
$185,500
65,217
48,082
544
$245,041
79,765
48.447
3,961
$306,852
09,291
93,191
2,944
$513,125
119,237
66,928
4,972
10.785
9.845
14,975
32,490
Net Inc. for the period
560.871
8103.021
$96,450
5259,496
$519,829 $1,151,146 $2,533,301 $4,473.274
y271,106
y998,224
12,288
25,903
Net income
$803,223 $1,151,146 $3,557,429 $4,473,274
x Exclusive of revenues in suspense. y This figure includes amounts
held in suspense pending the final determination of the validity of an order
of P. S. Commission dated March 3 1934, which directed a temporary
reduction of 5% in rates of tariff schedules.
New Executives
James J. Jourdan was elected Chairman of the Board, and Clifford E.
Paige was elected to the Presidency vacated by Mr. Jourdan to take the
chairmanship. W.H.Weber was elected Asst. Secretary.
-V.140, p 1999.
(F. M.) Brown Funeral Home, Ltd.
-Hearing--
The Securities and Exchange Commission April 29 announced that
a hearing has been called at the office of the Commission in Washington,
D. C.. May 9, at which the company is asked to appear and show cause
why the effectiveness of registration statement filed April 6 1935 should
not be suspended because the Commission finds reasonable grounds for
believing that the prospectus contains untrue statements.
(E. G.) Budd Mfg. Co.
-Meeting Again Postponed
The annual stockholders' meeting of this company and of the Budd Wheel
Co. have again been postponed.
The meetiogs of both companies w.11 be held May 31 instead of April 29.
Edw. G. Budd, President of the companies, said: "On March 111935.
I advised that owing to the postponement of the annual meeting the date
as of which waivers from March 25 will be determined, had likewise been
postponed from March 25 1935,to May 2 1935. The further postponement
of the annual meeting necessitates again postponing the date as of whicn
waivers will be determined from May 2 1935 to July 16 1935. Thus the
common stockholders entitled to receive warrants will be determined by
the books of the company as at the close of business on July 16 1935, and
waivers shall be binding only in the event that the common stockholders
signing the same do not sell or transfer the shares of stock covered thereby
on or before that date. Unless the company is promptly notified to the
contrary all common stockholders who have previousIT signed waivers will
be deemed to have agreed to the above psotponement.'-V.140, P. 1821.
Budd Wheel Co.
-Meeting Postponed
See E. G. Budd Manufacturing Co. above.
-V. 139. P. 2823.
Burlington & Rock Island RR.
-Earnings.
-March
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 2349.
$59,855
def23.559
def39,748
$63,353
def4.818
def18.157
1933
$56,173
def6,887
def20,440
1932
$88.820
10,021
def10,498
193.164
def41.544
def87,624
196,442
def11,279
def54,938
191,728
def2,452
def49.531
305,492
42,598
def23.671
Bwana M'Kubwa Copper Mining Co., Ltd.
-SEC
Allows Delisting of Stock
The Securities and Exchange Commission announces April 27 that,
after notice of and opportunity for hearing, at which no persons appeared
to state objections, the applications to withdraw or strike from listing and
temporary registration the following securities on the exchange designated
have been granted:
(1) Bwana M'
lcubwa Copper Mining Co., Lid.
-14.000,000 American
shares, representing deposited ordinary registered shares, par value 5 shillings, on the New York Curb Exchange. The deposit agreement, dated
Sept. 11 1929, pursuant to the terms of which the shares had been issued.
terminated on March 8 1935.
(2) (W. B.) Coon Co.
-3,661 shares 7% cum. pref. stock (par $100) and
60,000 shares common stock (no par), on the New York Curb Exchange.
It was shown that the market for both these stocks had become inactive.
W(3) Central West Public Service Co.
-94.262 shares class A stock (no par)
and 31.655 shares series B cum. pref. stock ($100 par), on the Chicago
Stock Exchange. The Exchange suspended trading in these stocks on
March 8 1935 because of the failure of the issuer to maintain an independent
registrar in Chicago, which constitutes a default in its listing agreement with
the Exchange. There were no transactions in either of these stocks on the
Exchange during the years 1933, 1934 and 1935 to date.
New President and Chairman
-
The company on April 24 announced that R. W. Moore, Vice-President
In charge of operations, has been elected President to succeed P. D. Saylor,
who becomes Chairman of the Board. Wilbur Collins, Gen. Sales Mgr.,
has been made Vice-Prseident in charge of sales and advertising and William
Williams, Secretary.
Mr. Saylor sent a letter to stockholders stating that the board passed
resolutions amendiag the by-laws to make the Chairman of the Board
chief executive officer, and the President the chief operating officer. the
-V.
140. p. 2176.
Canadian Dredge & Dock Co., Ltd.
-New Directors--
Hon. Gordon W. Scott, and William Inglis, Toronto, have been elected
directors.
-V.140. p. 471.
Canadian National Lines in New England.
-Earnings.
March1935
1934
1933
1932
Gross from railway ____
$92,217
$117,477
$74,341
$91,048
Net from railway
def13.264
18,159
def22,171
def44,169
Net after rents
def59,450
def28,015
det71,642
def99,726
From Jan 1
Gross from railway
282,658
276,015
255,429
293,103
Net from railway
def56,477
def48.628
def42.066
def94,251
Net after rents
def200,410 def190,113 def190,191 def270.284
-v. 140, D. 2177.
Canadian National Rys.-Earnings-[All-Inclueve Systeml
Period End. Mar.31- 1935
-Month-1934
1935-3 Mos.-1934
Operating revenues
$13,842,281 $14,278,648 $38,376,400 $37,366,442
Operating expenses
12.745.859 12.679.689 37.889,037 37,301.439
Net revenue
31.096,422 91.598.959
$487.363
965.003
Earnings of System for Fourth Week of April
1935
1934
Increase
Gross earnings
$4,580,815 $4,098,601
$4482,214
-V. 140. P. 2856.
Canadian Pacific Lines in Maine.-Earnings.-
March1935
Gross from railway
$224,291
Net from railway.
Net after rents
22,253
From Jan 1
Gross from railway
649,515
Net from railway
135.067
Net after rents•
46,552
1934
5293,136
78%16
1933
5206,895
70,541
39,015
1932
5228,607
61,077
30,358
752,926
217,866
126,099
592,588
185,766
96,086
675,079
171.325
76,869
Canadian Pacific Lines in Vermont,-Earnings
MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
1935
$74,799
def21,041
def43,089
1934
178.709
def18.147
def38.914
1933
$66,180
def28,723
def50,186
1932
$87,921
def17.283
def43,612
216,215
227,680
179.124
def7t1,381
def63.174
det79,881
def145.005 def126.799 def148,179
263.414
def52.936
def131.547
Canadian Pacific Ry.-EarningsPeriod End. Mar.31- 1935
-Month-1934
1935-3 Mos.-1934
Gross earnings
$9,515,608 $9,946,321 $26,438,271 $27,487,171
Working expenses
8.468.372
8,427,391 24,336,576 24,260.171
Net profits.
51,047,235 51,518,929 52,101.694 53,226,439
-V. 140. p. 2856.
,
-Cent Extra Dividend
-25
Caterpillar Tractor Co.
The directors have declared an extra dividend of 25 cents pect%hare, in
addition to the regular quarterly dividend of like amount on the capital
stock, no par value, both payable May 31 to holders of record May 15.
An extra dividend of 50 cents per share was distributed on Nov. 30 1934.
-V. 140, p. 2697.
Central of Georgia Ry.-Earnings.1932
1933
1934
March1935
$979,171 $1,149,313
Gross from railway ---- $1,314,756 $1,289,011
221,095
139,397
261,360
208,584
Net from railway
97.641
15,115
127,799
84.116
Net after rents
From Jan 1
Gross from railway ---- 3,519,095 3,465,222 2,634.486 3,192.235
418,073
221,106
625,007
423.957
Net from railway
55,587
257,834 def158,957
Net after rents
83,552
-V. 140, p. 2527.
-Earnings
Central Illinois Public Service Co.
1934
1935
$2,702,433 $2,525.467
1.735,434
1,759.223
3 Months Ended March 31Total gross earnings
Total operating expenses and taxes
Net earnings from operation
Other income (net)
943,210
5.417
790,032
12,285
Net earnings before interest
Interest and other deductions
$948.627
702,207
$802,318
720.045
Net income before preferred dividends
-sr. 140. p. 1822.
$246,420
$82.272
1935
$366,780
273,266
1934
$321,319
235,068
Central Power Co.
-Earnings
-3 Mos. Ended March 31
Total gross earnings
Total operating expenses and taxes
Net earnings from operation
Other income (net)
$93,516
4
$86,251 .
80
Net earnings before interest
Funded debt interest
General interest
Amortization of debt discount and expense
$93,513
65,543
479
6,773
$86,332
65,617
208
6,773
Net income before preferred dividends
140, p. 1999.
$20.721
$13,731
4
10k.Central West Public Service Co.
-SEC Allows Delisting
of Stock
See Dwane MICubwa Copper Mining Co.. Ltd.. above
-V.140, p. 2857.
Certain-teed Products Corp.(& Subs.)-EarningsQuar. End. Mar. 311932
1933
1934
1935
Net loss for period
$511,937
$441,106
$631,506
$241,319
The income statement for the 3 months ended March 31 follows: Gross
operating profit, $804,310; maintenance and repairs, $106,991; depreciation
and depletion, $209,512; expenses, &c., $618,540; operating loss, $130,733:
other income (net). $21,544; loss. $109,189; interest, $132,130; net loss,
3241,319.-V. 140, p. 1822.
-Removed from Un& General Equities, Inc.
listed Trading-.
The New York Curb Exchange has removed from unlisted trading privileges the common stock, 10 cents par.
-V.140. p. 2177.
Chain Store Investment Corp.
-Earnings
P.3 Mos. End. Mar, 31Dividends income
Managers' commission
Interest
Taxes
Miscellaneous expense
1935
$3,307
325
145
1934
$2.750
178
492
Net income to current surplus
11
261
$2,344
$2.301
Gain from Security Transactions Mar. 31
Sales of securities
$36,259
26,192
Cost of securities sold
$22.089
12,178
Net gain from security transactions
$10,066
$9.911
Balance Sheet March 31 1935
Assets
-Cash, $1,162; accounts receivable, $1,155; investments (market
value, $267.825). $339,277; treasury stock at cost (50 shares preferred).
$2,508; total, $344.103.
Liabilities-Accounts payable, $8,937; unclaimed dividends. $291; preferred stock (no par), 2,245 shares at stated value of $45 per share, $101.025;
common stock (no par). 100,000 shares at stated value of 10c. per share,
$10,000: deficit from security transactions, *,324,025; current surplus,
$7,848; total. $344,103.
Surplus Account March 31 1935
Def. fr.Sec.•
Capital
Current
Transactions
Surplus
Surplus
$334,092
Balance, Jan. 1 1935
$540.026
$7.699
10,066
Gain from security transact., as above
Current net income, as above
2,544
-$324,025
Total
$5407026
$10,043
Dividends on preferred stock
2,195
--Balance, March 31 1935
8324,025
$54070- 6
2
37.848
-V. 140. p. 2528.
Charleston & Western Carolina Ry.-Earnings.-MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2177.
1935
$211.295
80,332
61,533
1934
$204,378
86.437
66,131
1933
$163,502
53.246
35,090
1932
$176,435
52,275
35,940
524,805
161,917
110,133
543,837
209,707
149,346
427.903
121,391
66,675
465.144
93,845
39.310
Chicago Burlington & Quincy RR.
-Annual Report
Ralph Budd, President, states in part:
Operating Revenues-Total operating revenues for 1934. $80,288,159;
Increased 31.791.184 or 2.28% over 1933. Passenger revenues increased
$27.134 or four-tenths of 1%. This may be interpreted as Justifying the
reduction in fares which was made in the West. On the other hand it may
be said that the increase in business activity and in travel generally would
have brought substantially more passenger traffic to the railways,as occurred
in the East where fares were not so low; that it cost more to handle the
45,000,000 passenger miles which represent the increase, than the small
additional revenue received; in short that the average fare per mile of 1.93
cents in 1933 would have yielded substantially more net income than the
1.71 cent average of 1934. Se many indeterminate factors enter into this
complex problem that the field is a fertile one for theorists and extravagant
claims are made in behalf of more radical changes. One thing is certain
as to results on the Burlington, and that is, that its net income available
for interest was not increased by its passenger business in 1934 compared
with 1933, but no one can say whether net inborn° would have been less
If fares had not been reduced.
-The continued low level of gross revenue made it
Operating Expenses
necessary to hold expenditures to the minimum in all departments. While
the maintenance reserves established in previbus years and based upon
larger traffic were further drawn upon, the track was held to the standard
Of traffic. During the year
required for the prevailing speeds and
80.$8 miles of new 112 pound rail and 13.66 miles of second-hand 90 pound
pound rail were laid in the principal main lines.
and 100
3033
Financial Chronicle
Volume 140
Rolling stock has been kept up to the requirements of the available traffic
which are more exacting than ever.
The high speed, lightweight, streamlined, and Diesel powered passenger
train known as the "Zephyr," was placed in regular service between Lincoln,
Omaha, St. Joseph and ICansas City on Nov. 11, where it has more than
met expectations, both as to traffic drawing ability and economy in operation. Two additional trains of this type have been ordered for service
between Chicago, St. Paul and Minneapolis, and one for service between
St. Louis and Burlington.
In order to attract additional traffic and meet competition, air conditioning equipment was applied to 23 dining and lounge cars, the work being
performed in the company shops. Ten Pullman lounge and observation
cars assigned to our trains were similarly equipped.
Federal Valuation Work-The cost of this work during the year was
$71,495. This is an increase of $11,302 over that incurred during year
1933 and is due to expediting certain valuation reports at the request of
the Interstate Commerce Commission.
tokl
Industrial
-160 new industrial leases were issued on railroad property
during the year, and 68 new industries were located on private property
served by the tracks. Eleven new industry tracks and extensions to
existing tracks were built. Twenty temporary tracks for contractors were
installed in connection with river improvement work on the Mississippi and
Missouri rivers.
Traffic Statistics for Calendar Years
1931
1932
1934
1933
9,313
9,262
Average miles oper__
9,144
9,237
Operations
9,856,396
7,753,105
Rev, passengers carr__
7,064,344
7,582,128
347,833,554 472,741,806
387,064,918
Rev, pass. carr. 1 m__ 425,949,359
2.370 cts.
2.102 eta.
Rate per pass. p. m___
1.585 cts.
1.737 cts.
31,815,102
23,196,303
Rev. freight (tonal__.
25,126,645
23,944,824
x7,761,587,000 x7,447,777,900 8,898,893.958
Rev. freight 1 mile.,...x8,541
.993 eta.
1.003 cta.
Rate per ton per m__
0.908 eta.
0.960 cts
$1.17
$0.91
Earns, per pass. tr. tn.
$0.95
$0.92
$6 46
*4.99
85 25
Earns. per [et tr. m__
64.60
$11,943
$8,780
$8,498
$8,588
Oper rev, per mile_ _ _
x All freight.
Income Account for Calendar Years
1932
1931
1933
1934
Railway Operat'g Revs.
$
Freight
64,815,018 63,319,234 63,182,739 88,237,564
Passenger
6,749,238 6,722,104 7,311,279 11.205,062
Mail
3,685,394 3,903,932 4,008,204 4,407,436
1,311,051
1,594,579 2,536.106
1,603,841
Express
2,687,998
1,965,481
1.786,599
All other transportation_ 1,857.108
1,027,115
1,077,106
1,577,195
1,133,134
Incidental
404,241
567,600
426.941
444,426
Joint facility
Total ry.oper.revs--- 80,288,159 78,496,975 79,543.629 111,218,960
Railway Oper.Expenses.
Malnt. of way & struct's 9,860,327 8,561,684 9,576.465 13,721,164
Maint. of equipment.-- 12.431,389 12.140,500 13,341,550 17,785,942
2,527,663 2,450,820 2,536,072 2,913,238
Traffic
28.564,565 27,374,245 28,952,904 38,030,549
Transportation
658.758
952,425
741,534
641,122
Miscellaneous operations
4,200,626
4,082,234 3,390,388 3,532,451
General
Cr80,596 Cr137,974
Transportat'n for invest. Cr199,730 Cr197,160
Total ry. oper.expens. 58,007,983 54,361.599 58,517,604 77,465,969
• Net rev.from ry.oper. 22,280,177 24,135,376 21,026,025 33,752,990
Railway tax accruals__ 5,783,597 6,918,697 8.148,156 9,955,502
31.176
23,739
25,123
20,455
Uncollectible ry. revs-__
Ry.operating income_ 16,471.456 17,196,225 12.846,693 23.773.749
987,165
Hire ofequip.
-net
-Dr. 1,679,712 1,375,888 1,223,759
2,030.437 2,279,667
Jt.facility rents, net,Dr. 2,140,808 2,329,111
Net ry. oper. Income.. 12,650,936 13,491,225
Other Non-oper.IncomeMiscell. rent income.,....714,946
745,117
537,344
802,425
Divs.& miscell. interest14,287
Miscellaneousincome-1,877
Tot.other non-op.inc. 1,254,168
1.561,829
9,592,497 20,506,918
738,685
599,967
24,266
712,514
1,540,188
46,372
1,362,919
2,299,074
Gross income
13,905,104 15,053,054 10,955,417 22,805.992
Other Deducts.from Gross Inc.
191.846
213,577
Miscellaneous rents_ _ -169,871
175,873
Interest on funded debt_ 9,084,635 9,084,635 9,084.635 9,084,635
42,774
34,274
30,848
Int. on unfunded debt-32,355
Amortization of discount
145,271
145,271
145.271
145.271
on funded debt
Miscell. Income charges16,293
16,897
Total other deductions
from gross income__ 9.450,344
Net income
Dividends
4,454,760
5.125,161
9,455.031
9,452,601
5,598,024
5,125,161
1.502,816 13,319,735
x8.541,935
9
9.486,257
Inc. bal. transferred to
1,502,816 4,777,800
profit and loss
670,401
472,863
Earns, per sh. on capital
$7.79
stock (par $100)
$2.68
$3.27
$0.88
x In addition, a dividend of 5% ($8,541,935) was charged to profit and
loss. y A dividend of 3% was paid from surplus in June 1932.
General Balance Sheet Dec. 31
1934
1933
1933
1934
AssetsLiabilities$
$
$
$
Road & equipl_588,247,635 597,984,185 Capital stock_ __170,839,100 170,839,100
Inv.in sift!. cos.:
Funded debt_ _219,672,000 219,672,000
Stocks
31,081,449 32,321,249 'Prat., &c., bats_ 1,196.075 1,213,568
639.615 Accts. dc wages_ 3,912,807 3,708,663
Bonds
554,485
Notes
3,684,815 3,710.935 Matured interAdvances.
965,422
952,077
7,518,933 7,561,451 cat, &a
Other investm'ts 4,321,509 4,412,307 Fd. debt. inat'd
2,600
2,600
unpaid
754 441
794,085
Misr. MM.Prop
374,339
Dep. in lieu of
Miscell. sects
1,389,986
monied prop.
Accrued int.. Ac 2,265,793 2,265,793
sold
21,500 Other current
115,881
157,858
liabilities
203,828
ImPts. on leased
14,703
14,703Tax liability__ 4,322,418 5,454,688
property
Cash
12,029,167 9,694,671 loser., &c., res. 1,422,944 1,444,265
124,659
• 70,109
Time drafts and
Deferred Habil__
884.433 Accrued deprec_ 64,777,660 66,511.076
deposits
343,723
3.940 Unadjusted, &a.
Special deposits_
27,344 accounts
25,984
1,846,383 1,603,996
Rents receivable
274,408
362,843 Add'ns to prop_
664,502
Loans & bills rec
678,288
Materials & supp 8,485,629 7,724,146 Funded debt re105,264
97,491
tired
44,044,177 44,044,177
Int. & digs. rec.
837,640 Sinking fund re865,288
Bal. from agents
564,148
567,238 serves
600
600
Traf., &c., bats_
Misc. accounts_ 5,835,693 4,752,613 Profit and loss_154,526,354 161.416,721
384,226
61,332
0th. curr. assets
Disc.on fund.dt 4,704,020 4,849,291
386,079
271,338
Deferred charges
Other unadjust.
2,231,487 2,463,912
debits
Total
672,123,200 680,464,027
Total
672.123,200 680,464,027
Earnings for Month of March and Year to Date
1935
1934
1932
1933
MarchGross from railway _ __- $6,401,222 36,677.859 $5,166.697 37,392.290
1,357.396
2,546,030
2,185,703
1,133.093
Net from railway
513,750 1.337,556
1,476,196
169.725
Net after rents
From Jan 1
18,080,328 18,689,899 15.435,888 21.262,322
Gross from railway__
3,367,560 5,648.610 3,301.164 6,147,490
Net from railway
881,051
3.060.761
471.682 3,107,938
Net after rents
-V. 140, p. 2349.
3034
Finan 'acVChronicle
Chemical Paper Mfg. Co.
-Accumulated Dividenti
A dividend of $1.75 per share on account of accumulations o he 7%
cumulative first preferred stock, par $100, was paid May 1 to holders of
record April 20. A like payment was made on Feb. 1 last, this latter being
the first payment made on this issue since Nov. 2 1931, when a regular
quarterly dividend of $1.75 per share was paid. Accumulations on the
above issue after the payment of the May 1 dividend amount to $21 per
share.
-V. 140, P. 1478.
Chicago & Eastern Illinois Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
1935
1934
$1,245,941 $1,186,56
383.707
325.905
209,349
128,007
3,463,126
879,802
313,499
1932
1933
$889,923 $1,233,671
116,284
239,839
def71,825
501
3,243,606 2.782,023 3,409,569
677,393
357.473
411,168
50,082 def281,981 def304,413
Trustee Operation
The Interstate Commerce Commission on April 20 issued a certificate
authorizing Charles M. Thomson, trustee of the company, to operate,
under trackage rights, over certain tracks of the St. Louis-San Francisco
By., and to use jointly certain terminal facilities of that company, in Scott
County, Mo.-V. 140, p. 2858.
Chicago Great Western RR.-Earnings.March'Gross from railway
Net from railway
Net after rents
Prom Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140. P. 2700.
1935
1934
1933
1932
$1,158,460 $1,272,252
$966,019 $1,443,430
159,596
318.995
111,711
447,302
def51.467
97,447 def122,893
184,461
3,398,992 3,500,185 2,893,016 4,009,683
390,661
747,869
325,309 1,040.542
def267,692
55,339 def404,915
232,549
Chicago & Illinois Midland Ry.-Earnings.MarchGross from railway
Net from railway_ __ _ _
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2178.
1935
$306.726
98,752
81,824
1934
$237.936
59,432
56,410
1933
$284,607
123,341
115.710
1932
$371.584
193,111
177,958
820,060
269,502
237,153
756,745
218,515
195.436
694,654
208,216
186.357
833,736
330,267
301.003
Chicago Indianapolis & Louisville Ry.-Earnings.March1935
1934
1933
1932
Gross from railway - $700,867
$661,505
$503,116
$757,124
Net from railway
124,880
119,953
74,000
134,932
Net after rents
def1,011
de135,056 def46,246 def26.873
From Jan 1
Gross from railway-- - 1.903.819 1,814.585
1,579,066 2,214,658
Net from railway
264,975
303.799
175,209
393.900
Net after rents
def95,623 def98,652 def189.457
def97.372
-V.140. p. 2528.
Chicago & North Western Ry.-Earnings.-MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.140. p. 2700.
1935
1934
1933
1932
$5,793,614 $6,204,924 $4,849.696 $6,457.177
1,022,191
1,298,912
293,353
1.150,550
289,006
576.187 def564.641
227,338
16,500,536 17,309,218 14,350.511 18,446,399
2,455,149 3,375.714
1,064,615 2,921,283
179,562
1.164.676 deli.463.245
135,242
Chicago Milwaukee St. Paul & Pacific RR.
-Annual
-H. A. Seandrett, President, says in part:
Report
Results-The net income of the company before deducvion for interest
on funded debt was $6.390,653. This compares with net income of $8,523,433 before fixed interest charges on funded debt for the year 1933,
a decrease of $2,132,780.
Railway operating revenues increased $2,364,572 over 1933 or 2.8%.
Railway operating expenses increased $5,058,706 or 7.8%. due largely
to increases in rates of wages paid for labor, increases in cost of material
and supplies resulting from the codes established under the National
Industrial Recovery Act, accruals to cover the company's contribution
for the National Railroad Pension Fund required by the Railroad Retirement Act, and to additional maintenance work. Because of this increase in
operating expenses, which was more than double the revenue increase, net
railway operating income was $2,058 265 less than in 1933.
While the effect of the improvement of general business conditions has
been to increase company's revenues, the unprecedented drought reduced
revenues from agricultural products more than 8%. Much live stock
moved from drought stricken areas and relief supplies shipped in by State
and Federal Relief administrations at rates on the average 36% below
commercial rates, with an aggregate reduc.ion in revenue in excess of
$1,000 000. Due to the lack of forage and water many animals which otherwise would have moved to market were purchased by relief agencies and
slaughtered for disposal on farms and ranches.
-'The average revenue per ton of freight (hauled by comFreight Revenue
pany) in 1934 was $2.61 as compared with $2.77 in 1933: the average distance
haul in 1934 was 268 miles as compared with 279 miles in 1933, and the
average revenue per ton mile in 1934 was 9.73 mills as compared with 9.91
mills in 1933.
During 1934 industrial sites were leased to 122 industries not theretofore
located on the company's lines.
Passenger Train Revenue, which includes mail, express, sleeping car and
other earnings on passenger trains. In addition to the revenue from passengers carried, shows an increase over the preceding year for the first time
since 1920. In 1934 it amounted to $10,703,553 as compared with $10,476,134 in 1933. an increase of $227,419 or 2.2%. Revenue from passenger
traffic in 1934 was $5,616,951. a decrease of 582,890 or 1.5%. While the
Century of Progress at Chicago was continued through the same months.
June to October,inclusive. in 1934 as in 1933. the stimulus was not sufficient
to increase passenger revenue during those months. In 1934 the total passenger revenue for the five months of the Fair was $255.936 less than for the
same months of 1933.
The lower passenger fares which were placed in effect on Western railroads on Dec. 1 19 3, and which were to expire May 31 1934 have been
extended to Sept. 30 1935.
-Railway tax accruals in 1934 were $6,405,000 as compared
Taxes
with 56.942.500 in 1933, a reduction of $537,500 or 7.7%.
Genes al
-The rate of return earned on investment in road and equipment
including material and supplies and cash at the beginning of the year for
the year 1934 was .85% as compared with 1.11% earned for the year 1933.
For the entire Western district the average rate of return for 1934 was 1.25%
as compared with 1.22% for 1933. For the Northwestern region in which
this company is grouped, the rate of return for 1934 was 1.16% as compared with 1.17% for 1933.
General Statistics fos Calendar Years
1934
1933
1932
1931
Miles oper., average_ __ 11,172
11,226
11,263
11.304
I EquipmentLocomoti ves
1,293
1,640
1,671
1,703
Passenger equipment_ _ _
1.001
1,160
1,8.51
1.230
Freight equipment
62,481
57 704
63.976
65,234
Company serv. equip_ .
_
2,979
3.221
3,448
3,900
Floating equipment__ _ _
7
7
7
7
o Operations
passengers carried._ - -- 3,538,215 3,181.431
3,457,266 4,638,081
Pass. carried one mile-341.742,308 308.540,537 262.209.615 345.067.774
1.641 etc 1.845 cts. 2,256 cts. 2.591 cts.
Rate per pass. per mile.Freight ktons) carried - 31.970.081 29.181.842 29.225,330 38,257,678
Frt (tons) carr. 1 Mdle.-8779972372 8340187.534 8122139,45010328695329
0.973 eta. 0.991 cts. 1.025 cts. 1.029 cts.
Rate per ton per mile
$5.13
Earns, per frt. tr. mile_
$5.42
$5.27
$5.78
May 4 1935
Income Account for Calendar Years
1934
1933
1932
1931
Operating Revenues$
$
S
$
Freight
73,382.543 71.571,456 70,302,779 91 392,070
Passenger
5,616,950 5,699.841
5,947,700 8,952,421
Mail,express, &c
7.508.299 6.998,529 7.440,209 9,327.128
Incidentals,&c__1,352,000 1,225,394
1,752,153
1,210,145
Total oper. revenues._ 87.859.792 85.495.220 84,900.833 111,423,772
ExpensesMaInt.of way,&c
12,851,519 10,162,788 13,446,229 17,041.150
Maint. of equipment
16,849,617 17,240,737 18,683.044 21,755,076
Traffic expenses
2.456,437 2,437,541
2,812,759 3,344.361
Transportation
33.346.658 31,374,166 33,545,311 43,165,900
General expenses
3,819.533 3,024.148 3,481,174 3,940.846
Miscell.operations
558,853
475.116
509,799
751,060
Tramp. for invest.-Cr_
227,070
117.655
400,197
728,947
Total oper. expenses-- 69,655,547 64,596.841 72,078,119 89,269.446
Per cent. op. exp. to earn.
(79.28)
(75.56)
(80.12)
(84.90)
Net operating revenues. 18,204,245 20,898,379 12,822,714 22,154,326
Uncollectible ry. rev-23,500
28,044
20,322
34,901
Taxes
6,405,000 6.942.500 7,921,000 8.723,000
Operating income_ - _ _ 11,775,745 13,927,835 4.866,813 13.411,004
Non-Oper Income
Rents received
937.408
773,539
994.505 1,074,950
Income from lease of rd_
424,859
423,713
420,468
419,452
Miscellaneousincome- _
604,123
501.275
685,424
1,215,756
Gross income
13,742.134 15,626,362 6,967.210 16,121,162
DeductInt. on funded debt
22,638,273 22,935,574 22,981,736 23,003,276
Int. In unfunded debt
329,302
104,712
55,352
12,416
Rents for hire of equip.
joint facilities &c_ _ _ _ 6,948,486 6,924,323 7,101.898 6.854,134
Mine'. deductions_ _ -73,693
73,894
97.903 •
74.073
Deficit
16,247,621 14.412.141 23,269,678 13,822,737
Previous surplus
df49.656,624 df32,821.241 df8 010,733 7,685,657
Miscell. credit items _ --73.496
122,617
38,029
255.035
Deficit
65.830,749 47,110.765 31.242,382 5,882.045
Miscell. debit items_ _ 6,961.435 2.545,859
1.578,859 2,128,688
Total deficit
72,792.184 49,656,624 32,821,241 8,010,733
Comparative Balance Sheet Dec 31
.
1934
1933
1934
1033
Assets
LiatrattiesRoad & equip_681.984,319 721.097.511 Common stock _105,175,913
136,710,
933
impt. on leased
Preferred stock_119,307,300 119,307,300
railway prop_
407,162
405,732 Govt. grants
107,048
98.901
Dopes. in lieu of
Funded debtmtgd. motets'
unmatured.._448,536,252 446,231,789
sold
39,724 Equip. obligaMs 27,906,930 31,291,739
48.331
Miscell. physical
Loans & bill pay. 5,839,666 3,509,795
5,307,827 5,422,375 Traf. & car serv,
property
Inv.in MM.cos.:
Mils. payable_ 2,231,278 2,123.304
Stocks
5,476,206 5,359,796 Payrolls & vouch 5.309,939 4,606,399
Bonds
1,498,801 1,500,801 Misc. accts. pay. 537,415
184,532
Notes
10,541.357 10,529,141 Int. mat. unpd. 3,260,625 3,234,430
Advances
7,033.703 7,326,869 Fund, debt mat.
Other Invest_ _
204,351
411,059 unpaid
9,000
5,000
Cash
8,813,090 11,417,890 Unmat.lat. accr 2,640,516 2.738,372
Special deposits. 1.020.255
130,174 Unmat.rents Sc..
Loans & bills reo
52,163
48,622 rued
305,248
268,702
Tref. & car serv.
Other curr. Bab.
402,654
448,663
bal. receivable
313,166
400,538 Cony. ad). mtge,
Due from agents
bond int. accr.
& conductors.. 2,217,119 2,059,336 -unmatured. 42.975,318 33,831,633
Misc. accts. rec. 2,756.537 2,239,186 Deferred liabiL _ 2,221,827
849,157
Matls & suppl's 9,116,360 8,658,127 Unadj. credits 49,117,163 46.405,390
Int. & dive. rec.
448,093
454,882 Corp. surplus:
0th. curr. assets
18,147
22,702 Add'ns to prop.
Deferred assets. 2,172,592 2,357,996 thru. Income
Unadj debts __ 4,203,121 2,830,258 and surplus..
.
497,688
480,200
Fund, debt ret'd
thru. income
and surplus
43,104
43,104
Deficit
72,792,135 49,656,624
Total
743,632,700 782,712,718 Total
743,632,700 782,712,718
Earnings for Month of March and 1'
ear to Date
March1935
1934
1933
1932
Gross from railway__ __ $7,174.169 $7,316.059 $5,800,009 $7,403,548
Net from railway
1,489,466
1,839,483
884,142 1,489,148
Net after rents
532,116
862,867 def205.232
309,761
From Jan 1
Gross from railway
20,188,207 20,335,849 17,143,685 21,022.261
Net from railway
3.173,015 4,552.800 2,366.146 3,586,273
Net after rents
302.919 1,550,669 def868,792
7,176
-V. 140, p. 2178.
Chicago Rock Island & Pacific Ry System-Earnings
.
Period End. Mar.31- 1935
-Month-1934
1935-3 Mos.-1934
Railway oper. revenue... 55,505,971 $5,590,254
Railway oper. expenses_ 4,862,539 4,669,532 515,385,015 $15,847,321
14,227.763 13,273,073
Railway tax accruals__
385.000
435,000
1,165,000
1,305,000
Uncollectible ry. revenue
1,628
829
5,175
3,411
Equip. rents
-Dr. bal _ _
252,343
224,579
746,224
706,405
Jt, facil. rents
-Dr. bal.
102,429
76.677
294,539
250,269
Net ry. oper. Income- def1197,968
$183,637df$1.073,686
$309,163
a Includes 4% contribution required by Railroad Retirement Act 1934
amounting to $116,120 for March 1935 and $110,018 for February 1935.V. 140, p. 2701.
Chicago & Western Indiana RR.-Eca nings-Calendar Years
Operating revenues........
$95,253
.
Inc. from lease of road.... 2,133,598
Joint facil. rent income.. 2,428,376
Miscall, rent income. _ _
45,227
Equipment rents
40,256
Income from unfunded
securities & accounts_
2.555
Miscellaneous earnings.
21,545
1933
$105,902
2,122,670
2,464,020
48,818
62,189
1932
$117,964
2,117,245
2,398,288
51,680
16,876
1931
$135,555
2,109,275
2,761,098
54,872
6.370
2.117
20,809
11,242
21,656
6,181
21,949
Total
$4.766,810 $4,828.525 $4,734.949 $5,095,300
Operating expenses
459,521
198,454
222,977
243,657
Int. on funded debt_ _ _ _ 3,303,823 3,241,532 3,264,848 3,284,128
Rent for leased road_ _ _ _
48,458
130,977
133,752
126.635
Joint facility rents
5,857
5,974
10,264
14,055
Equipment rents
1.660
1,183
1,220
928
Tax accruals
673,684
731,619
601,824
979,036
Amortization of discount
on funded debt
50.163
49,980
49,986
49,672
Miscellaneous expenses_
3..972
39,036
40,990
76,583
Total
$4,575,139 $4,398,760 $4,325,864 $4,774,694
Net income
191.671
s27,764
409,085
320,606
Surplus forward from
previous year
771,582
348,910
172,853
242,741
Other credits
33,026
207
557
41.596
Total
$996,279
$776.881
$582,495
$604,943
Dividends paid
226,000
300,000
Other debits
55,413
5,299
8,586
132,090
Surplus Dec.31
$771,582
$9i0 868
$348,910
$172 853
Earned per sh. on com_
3.g3%
8.55%
8.18%
8.41%
Comparative General Balance Sheet Dec. 31
1933
1934
1933
1934
5
5
Liabilitiess
$
AssetsInvestments: Road79,495.914 79,365,295 Cap. stock-Cons. 5,000,000 5,000,000
73.151,600 73,353.200
3,314.612 3,782,976 Funded debt
Equipment
Non-negot. debt to
Impts. on leased
affiliated cos.__ 4,858,469 4,513,497
9,499
9,499
ry. property.
455,000
65,500
576 Loans & bills pay_
2,038
sink. fund
Cash in
Misc. plays. prop_ 1,915,323 1,444,850 Traffic & car ser10,295
7,513
vice bal. payable
7,843
9,327
Inv. In MB!. cos
435 Audited accts. &
535
Other investments
590,255
wages payable._ 690,008
182,450
291,008
Cash in treasury
42,424
60,555
Special deposits 1.784,801 1,636.444 Misc. accts. pay
Int. inatur'd, unpd 1,011,664 1,009,219
Loans and bills
500,000
Divs. mat'd unpd. 500,000
1,019
receivable
382,251
Unmat. int. accr'd 426,428
Traffic & car ser3,333
3,333
19,539 Unmat. rents accr.
10,619
vice bal. receiv.
1,020
1,594
Other curr. habits.
Net bal. rec. from
19,653
15.579
2,967 Other def'd liablls.
2,493
agents & condrs_
1,421,956 1,491,661
840,710 Tax liability
MLsc. accts. receiv. 774,254
258,580 Accrued deprec.Mat'ls & supplies_ 316,912
1,719,207 1,868,117
240
55 equipment
Int. & divs. receiv.
3,333 0th. unadj. credits 459,249 1,003,102
3,608
Rents receivable
2,589Addithas to proo•
2,589
Deferred assets
through income
Rents & ins.prems.
1,135,805 1,102,813
& surplus
2,279
1.966
paid in advance
Funded debt reDisc't on funded
tired through in1,117,937 1,155,499
debt
54,582
54,583
come & surplus_
0th. unaell. debits 2,468.904 3,456,397
771,582
Profit & loss-bal. 940,868
91.523,911 92,172,004
Total
-v. 140. P. 314.
Total
91,523,911 92,172,004
Chicago Rock Island & Gulf Ry.-Earnings.March-1935
$295,392
Gross from railway
51,771
Net from railway
def34,021
Net after rents
From Jan. 1
868,530
Gross from railway
174,543
Net from railway
def61,473
Net after rents
-V. 140, p. 2350.
1934
$284,001
50,535
def26,281
1933
$246,219
57,673
def30,951
3932
$36:3,634
140,214
70,651
842,410
176,733
def54,533
764,648
180,214
def93,516
1,089.612
410.169
208,913
Chicago St. Paul Minneapolis & Omaha Ry.-Earns.
MarchGross from railway
Net front railway
Net after rents
From Jan 1
Grossfrom railway
Net from railway
Net after rents
-V. 140, p. 2701.
1934
1935
$1,108,323 $1,212,124
251,585
142,632
97,510
-23,964
3.296,633
327,746
-134,821
3,491,834
671,620
234,009
1932
1933
$902,294 $1,255.461
142.030
23,170
-22,870
-113.621
2,739.586
118,802
-302.458
3,633,537
297,794
t83.154
4 LJ-11
-25
-Cent Extra Dividend4(s•
"
s.
'-Chrysler Corp.
'
25 cents per share
The directors on May 1 declared an extra dividend
in addition to the usual quarterly dividend of like amount on the common
stock, par $5, both payable Juno 29 to holders of record June 1. A special
dividend of 25 cents was paid on Juno 30 1934.
The company has been paying regular quarterly dividends of 25 cents
per share since and including March 31 1934. Prior to then 50 cents was
paid on Sept. 15 and Dec. 31 1933; 25 cents quarterly from Jan. 2 1931 to
Dec. 31 1932 inclusive and 75 cents per share paid each three months from
April 2 1926 to and including Sept. 30 1930.
-Walter P. Chrysler,
Financial Statement March 31 1935
President, says in part:
In the number of passenger cars and commercial vehicles sold to distributors and dealers, in retail sales of Chrysler Motors products to the public
and in the dollar volume of business handled during the period, the first
Quarter of this year was the greatest in the corpoiation's history.
Sales of the corporation's products to distributors and dealers during
the first quarter totaled 247.631 units to the value of $149,949.990, as
compared with 167.212 units to the value of $95,287.305 sold in the first
three months of 1934. an increase of 57% in dollar sales and 48% in unit
sales. Unit sales exceeded the best previous quarter (220.472 units sold
In the second quarter of 1934) by 12%. Dollar volume of sales exceeded
the best previous quarter (3135,816,472 in the second quarter of 1934) by
10%. Sales to distributors and dealers and retail sales to the public were
greater in the first quarter of this year than in the corresponding periods of
the last two years combined.
The balance sheet of the corporation as of March 31 1935, reflects the
extraordinarily large volume of business handled during the first quarter
and continuing currently. Cash and marketable securities increased
$20,342,936. as compared with Dec. 31 1934. These two items amounted
to $52.758.778. of which $48,674,715 was cash and the balance $4,084.063,
prime short-term securities. Inventories at the end of the quarter amounted
ro $33,237,310 as compared with $37,533,615 on Dec. 31 1934. and $42.472.101 on March 31 1934.
Net current assets on March 31 1935 amounted to $61,088,436 as compared with 549.402,147 at the close of 1934, an increase in net working
capital of $11,686,289. after provision for premium of $1,507,525 on the
entire amount of 6% debentures of Dodge Brothers, Inc., outstanding,
and for $5,150.500 principal amount of these debentures which are to be
paid from current funds May 1 1935. Dividends paid during the first
quarter of this year amounted to $1,083,082. Depreciation and amoritzation amounted for the first quarter to $7,469,654. Net permanent assets
decreased $6,542,221.
Chrysler Corp.'s strong cash resources and exceptional credit position
enabled the corporation on March 14 1935, to announce that it had made
arrangements to wipe out completely its remaining funded debt by calling
for redemption on May 1 1935, the $30.150,500 of 6% debentures of Dodge
Brothers. Inc., now outstanding. Retirement of these bonds will effect a
saving of approximately $1.200,000 a year in interest charges after the
first year, which is equivalent to 28 cents a share on its outstanding common
stock.
In order to effect this redemption, the corporation arranged an aggregate
credit of $25,000,000 with its regular depositary banks, the proceeds of
which will be applied to the redemption of the debentures; the balance of
$5,150,500 and the premium of $1,507,525 being provided from the corporation's current funds. The $25,000,000 has been borrowed on one,
two, three, four and five-year notes, distributed equally between the five
maturities, the notes being straight bank loans arranged between the
,
corporation and the individual banks respectively by the corporation's
treasury department without any underwriting. The effect of the call for
redemption of the 6% Dodge debentures and the bank loan is reflected in
the balance sheet-the entire pre nium of $1,507.525 on the debentures
and $5,150,500 of the principal amount being included under current liabilities and the 325.000.000 principal amount which will be replaced by
bank loans being shown as funded debt. The rates, It is understood, compare favorably with similar loans made by other companies for like purposes
during recent months. Maturity of the notes in the amount of $5.000,000
a year during the next five years will provide for an orderly liquidation of
a debt which would have had to be met in full at maturity of the debentures
on May 1 19.40. This annual retirement amounts to substantially less than
half of the corporation's annual amortization and depreciation charges in
recent years. Corporation, if it had so elected, could have retired the
debentures without the use of bank credit, but consistent with the conservative policy which it has always followed in its operations, the manage
ment elected to remain in the stronger cash position which the plan adopted
provides.
Domestic retail sales of Plymouth, Dodge, DeSoto and Chrysler passenger
ears and Dodge trucks show that in the expanding market for automobiles
which has developed since the beginning of this year, Chrysler Motors is
selling one out of every four now cars sold. Sales to the public In the first
quarter totaled 159,265 cars and trucks as against 105,822 in the first three
months of last year, an increase of 51%. Export sales were 62% over the
first quarter of 1934. Stocks of both new and used cars in dealers' hands
are being kept at a level consistent with the volume of retail deliveries which
dealers are currently making.
Unless increased costs, imposed upon the industry, whatever their origin.
retard its present progress, there is more reason for the automobile industry
to look ahead optimistically than has existed for several years.
3035
Financial Chronicle
Volume 140
Consolidated Income Account 3 Months
1934
1935
$149,949,991 $95,287.306
Sales
127,167,397 82,758.238
Cost of sales
-Gross profit ____. _ _ _ _S22,782,593 $12,529,068
616.733
486,474
Int. & miscell. income__
Ended March 31
1932
1933
$33,059,489 937,368,443
29.252.554 32,996,144
$3,806.935 $4,372.299
475.759
181.648
Total income_ _ _. __ $23,269,067 $13.145,800 $3,988,583 $4.848,059
Admin., eng'g, selling,
adv..service & general
6,160.370
4,766.189
8,607.831
10,301,296
expenses
730,261
2.251,874
606,276
Interest paid & accrued_ 1.960,811
Prov. for income taxes
23,913
8,602
627,842
countries_ 1,843,777
(U. S., SEc.)
$9,163,182 $3.303,850loss$3038082lo6s32066485
Net profit
1.101,102
1,086,447
1,083.081
Common dividends
$8.080.101 S2.217,403df33.038,082df$3.167,587
Surplus
Shares capital stock (par
4,345,788
4.345,788
4,345.788
4,332,327
$5) outtsanding .
Nil
Nil
$0.76
$2.12
Earnings per share
cc Sheet March 31
Consolidated Balan
1934
1935
1934
1935
LiabuisiesAssets
Stated capital__ 21.661,635 21,728,940
Land, bides.,
25,000.000 40,026,500
Gold boneLs _
mach.,equip.,
52,814,163 60,104,743 Accts. payable__ 33,682.303 38,812,376
&c
48,674,715 23,813.468 6% debs. of
Cash
Dodge Bros.,
4,084,063 17,964,132
Market. Recur
called
Inc.,
Bk.loan & drafts 11,498,934 11,704.857
Apr. 1 1935 to
500,000
Sink. fund cash
be redeemed
374,651
417,826
Notes receivable
on May 11935 5,150,500
Accts. receivable 7,871,820 2,621,805
Inventories _ _ 33,237,310 42,472,102 Prem. pay. on
debs. of
10,784,190 10,536,352
Other assets__
Dodge
' Bros.,
1
1
Good will
1.507,525
Inc
1,413,834
Deferred chrgs_ 1,660,382
Accrued interest
taxes, &c_ _ _ _ 1,062,887 1.305,922
129,622
Dealers' depos _
Federal tax prov 3,293,018 2,212,685
8,085,544 4,580,873
Reserves
692,940
760.245
Approp. surplus
TJnapprop. surp. 23,958,773 24,100,410
Earned surplus_ 47.380.976 37.415,676
171.543,406 171,005,945
Total
x After depreciation.
Total
171,543,406 171,005,945
Pays Off Entire Funded Debt
The corporation paid off on May 1 its entire remaining outstanding
funded debt of $30.150,500 of 6% debentures of Dodge Brothers, Inc.,
which had been called for redemption.
The total disbursement involved in the redemption of these bonds was
$32.562,540. which included the principal amount of the bonds. the premium
of $1,507,525 and the accrued interest of $904,515.
In order to effect this redemption, the corporation, through its own
treasury department, recently arranged an aggregate credit of $25.000.000
with certain of its depositary banks in the form of one, two, three, four,
and five-year notes, and made provision to pay off the balance of $5,150,500
and the premium out of its own funds.
As a result of wiping out this funded debt the corporation will, after the
first year, effect an interest saving of approximately $1,200,000 annually.
Chrysler Sales
Retail deliveries of Chrysler cars in week ended April 20 were 1.094, an
increase of 1.5% over previous week and 36.6% over like 1934 week. For
16 weeks to date Chrysler sales totaled 11,884 cars, an increase of 148.5%
over the corresponding 1934 period.
Dodge Deliveries Gain
Dodge dealers delivered 4.659 passenger cars in week ended April 20, a
gain of 9.2% over 4,240 cars delivered in preceding week. Passenger
car sales in first 16 weeks this year total 53.957 units as against 28.906 in
corresponding period of 1934, an increase of 86.7%. Dodge truck deliveries
week.
in week of April 20 totaled 1.300, against 1.302 in the previous 12.622
Total for year through April 20 is 15,278. or 22%, more than the
-V. 140, p. 2702.
total in corresponding period last year.
-Earnings
Colorado Fuel & Iron Co.(8c Subs.)
1934
Calendar YearsProfit before provision
for depreciation and
$1,343,355
depletion, &c
Prov. for deprec.3z dopl_ 1,358.379
Balance, loss
Interest on funded debt_
Prov. for Fed. income
taxes, incl, adjust. for
prior years
Total, loss
Undeprec, value of equip
dismantled _Dr
Transfers from conting.
and operating reserves
Write-off ore devel. exp.
Preferred dividends_
Common dividends
Surplus at begin, of year
1933
1931
1932
$5,518loss$1242,744 loss$236,457
1,473,721
1,387,148
1,429,806
515,024 $1,424,287 52,629.893 51,710,179
1.626.530
1,611,369
1,033,812
225,504
37,929
12,000
26,498
$241,539 $2,496,029
$4.253,261
33.363,207
1,011
45,739
110,126
661,370 .
Cr150,000
Dr120.000
2,133,026
4,709,182
9,623,813
918.306
120,000
85.117
14,110,443
Surplus at end of year. $1,845,748 $2,133,026 $4.709,182 $9,623,813
Notes-Provisions for depreciation and depletion and losses on retirements were affected by appraisal adjustments made during the Period,
and the profit and loss figures for the individual years habe not been adjusted
for subsequent write-offs or surplus charges.
Interest on the industrial bonds has not been accrued subsequent to
July 31 1933. If such interest had been accrued, interest on funded debt
for 1933 would have been increased by $575,687 and for 1934 by 31,381,650,
and the losses, before surplus adjustments, correspondingly increased and
the surplus correspondingly decreased for those years.
x Total earnings
Other income
Earnings for the Quarter Ended Mar. 31
1933
1934
1935
$537,779 def$60.159
$379,896
61,813
66.105
75,139
1932
$288,892
73.913
Total income
Interest
Deprec. and exhaustion.
of minerals
$455.035
55,771
$603,884
$1,657
402,312
$362,805
404,985
347,774
330,843
350.041
357,099
$51,490 y$273,041 def$750,695 def$399.279
Profit
x After operating expenses, selling and administration and general
expenses. y Before provision for interest on funded debt.
Consolidated Balance Sheet as at Dec. 31 1934(Prepared by the Trustee)
-e Liabilities
Assets
$574,294
Cash in banks and on hand__ $3,636,629 Accounts payable
982,874 Accrued liabilities
809,090
Notes and accounts receivable
41,011
Res.for Fed,taxes prior years
Warrants of States and politlRes, for workmen's compen__ 218,716
cal subdivisions thereof, at
54,008 Funded debt
32,133,000
face values
3,546,857 Interest on industrial bonds_
690,825
Inventories
31,128 Excess of book value of assets
Miscellaneous investments_ _
over liabilities
38,463,058
x12,358,373
Property accounts
1
Pats., trade-marks & g'd-will
110,754
Deferred charges
846,825,310
Total
$46,825,310
Total
x Represented by: Preferred stock, 8% cumulative ($100 par) 20,000
-V. 140. p. 1823.
shares; common stock of no par value. 340,505 shares.
3036
Financial Chronicle
Cleveland Graphite Bronze Co.
-Earnings
-
May 4 1935
Consolidated Balance Sheet Dec. 31
1933
1934
AsscisPublic utility, petroleum & other props., incl.
intangibles
-book value
$0.67
$1.70
a Inv.in affil. & sub. cos. not consol., and mis-1,066,308,748 1,069,044,340
cellaneous invest.& advances
-at cost
70,759.783
68,494,324
Sinking fund assets
Cities Service Co.
11,215.834
12,336,877
-Annual Repot t for 1934
-Henry L. Specialcash deposits
156.455
166,758
Doherty, President, in his remarks to stockholders states in Current assets-Cash in banks and on hand__ - 24,300,323 26,771,086
b Marketable securities
part:
1,062,729
1,061,549
Customers' accts.,receivable,less reserve
16,269,319
Earnings
-The consolidated net earnings before depletion and depreciaBalances receivable from sales of securities, 15,625.366
tion amounted to $61,593,921 in 1934, being more
under instalment and other contracts
493,658
requirements for interest on all public indebtednessthan double the total
Mdse.accts. receiv., incl. instal. contracts.._
of company and sub3,521,523
3,744.128
sidiaries. Such net earnings compare with $59.784,932 in 1933. Every
Other notes & accts. receiv., less reserve.-3,843.978
2,435.538
economy consistent with efficient operation has been continued.
Crude and refined oil-at market
24,908,227
24,244,026
Financial
-Company and subsidiaries showed a further substantial imMerchandise,materials and supplies
-at cost
9,221,650
8,972.348
provement in their financial position. During the year funded debt and
Prepaid interest, insurance & other expenses
1,509,585
1,876,361
notes payable were reduced $20,316,000. Construction expenditures in
Balances in closed banks,less reserve
363,434
594,568
1934 amounted to $14,677.000. The debt reductions and construction
Notes and accts.receivable-not current
2,068,422
1,786,098
program above referred to were effected without any impairment of conEmployees'Holdings,Inc.
-advances&securs.
solidated working capital.
sold under repurchase agreement,less reserve
837,026
1,041,210
Total debt reductions by the company and subsidiaries for the -year
Accts. receivable (incl. traveling advs.)period ended Dec. 311934, exceeded $96,800,000. During the same 4
personnel
period
343,692
323,169
construction expenditures have aggregated approximately $94,000,000.
Employees' subscriptions to capital stocks and
Neither Cities Service Co. nor its subsidiaries issued any new securities
debent urea,lessreserve
1,005,295
205,516
to the public during the year, debt retirement and construction requirements
Unamortized debt discount and expense
31,277,273
29.350.685
being furnished out of earnings and other resources.
Other def'd charges & miscell. unadj debits--6,912,150
7,161,677
Reserves-Reserve appropriations for depletion and depreciation out of
current earnings amounted to $22,297.000, as compared with $17,744,000
Total
1,269,626,752 1,281,987,981
in 1933. Charges against reserves for the year 1934 amounted to only
Liabilities
$14,300,000 (including the elimination of $4,910,000 of revaluation reserve
c $6 preferred stock
114,253.448 114,956,581
of a subsidiary), leaving a balance of $142,327,000, a net increase of
d $6 preference BB stock
2,746,441
2,878,341
e Preference B stock, 60c. cumulative
$7.997.000.
1,575,951
1,693.331
Tazation-Tax burdens continue to increase at an alarming rate. In
5% non-cumulative stock ($1)
1,000,000
1.000.000
1934, the increase of direct taxes on the business of the company and its
Common stock (Issued. 37,804,394 shares)_ _ 188,095,820 188,887,968
subsidiaries amounted to about $3,000,000. This increase for the year is
f Prof. stocks ofsub. cos. in hands of public_ _ 121,848,848 118,821,900
equivalent to over 41% of the annual dividend requirements on the pref.
Minority corn, stockholders' int. in sub. cos.,
stocks of Cities Service Co.
less $988,815 deemed to have been exting.
In 1934,the expense for direct taxes such as real estate taxes,income taxes
through operating losses
43,927,724
43,579,318
and the amount of other taxes such as, gasolene sales taxes, &c., paid by the
Funded debt in hands of public: Sub. cos.,
subsidiaries out of tax collections made from customers, togerther aggrebonds and notes
272,502,571 g276,495,849
gated more than $30.700,000. This total for 1934 is equivalent to nearly
Cities Service Co.
-debentures
188,787,935 189.866,326
$1.000 per year for each employee of the company and subsidiaries, and is
Cities Service Co.-purch.money obligat'ns.
565,785
h848,678
greater than the annual interest charges of Cities Service Co. and its subCurrent liabilities: Notes payable (secured)._ _ 30,482,660
43,428,011
sidiaries.
Notes payable to others(unsecured)
2,964,232
Federal Legislation-Under date of Feb. 18, you were advised of the introAccounts pay.,accrd.int.& other charges__ _ 23,097,636
23, - 26:642
0
duction in both Houses of Congress of an act known as "Public utility Act
Dividends payable on pref. stock of certain
of 1935."
subs. companies
147,295
Hearings are now being held before the Senate Committee on Inter-State
Provision for Federal income tax
3.646,272
Commerce.
Notes payable (secured)
312,930,000 115.260,000
While Cities Service Co.Is not primarily a public utility holding company,
Notes and accounts payable-not current
1,102,836
2,401,678
it does have large interests and investments in this field. Any legislation
Drilling charges-payable solely from future
which would force a dissolution or dismemberment of the company
crude oil production
564.304
period of depression would further greatly impair the values backduring a
Customers' and line extension deposits
of your
3,440,435
3,347,897
securities. As an investor you may be vitally affected by the legislation in
Reserves-Depletion, depreciation & replacequestion. It is recommended that you follow the consideration being given
ment,as determined by companies
142,327,288 134,330,350
this matter by Congress, in order that you may take such steps as you deem
Reserve for crude & oil ptice changes
5,244,741
advisable in your own interest.
Reserve for injuries & damages
1,651,052
Contributions for extensions,not refundable__ _
1,470,854
Consolidated Income Account Year Ended Dec. 31
Employees' stock subscription plan-prey.
for obligations thereunder,to be liquidated
1934
1933
1932
by pref. stock or other securities of Cities
$
$
$
Service Corp. at July 1 1934 market prices
Gross operating revenue
1,932,649
173,835,020 153,806,755 168,022,101
Operating, tax (prior years) & other reserves
3,4430
--310 13,750,424
Operating expenses, maint. & taxes_ _119,462,492 102,291,318 115,890,909
Surplus in suspense-excess of par over book
value of Cities Service Co. debs. owned by
Net operating revenue
54.372.528 51,515,437 52,131,193
Cities Service Securities Co
Income from affil. pipeline cos., divs.
1,372,176
1,584,524
Surplusfrom allsources(net)
on invest, in other cos., interest &
101,349.646 103,084,802
sundry receipts
5,099,003 5,668,304 5,695,624
Total
Int.& advances to & on bonds of New
1,269,626,752 1,281,987,981
Brunswick Pow. Co., & int. & ada Including company's stocks of $84,960 In 1934 (1933. $69,078)•
vances to & on debs. of Warnerb Market value $656,743 in 1934 (1933. $830,846). c Represented by
Quinlan Co. & subs
1,142,534 shares of(no par)stock in 1934(1933,1.149,586). d Represented
325,986
Excess of par over book value of bonds
by 27.464 shares of (no par) stock in 1934 (1933. 28,784). e Represented
and debs. retired through sinking
by 167,596 shares of (no par) stock in 1934 (1933. 169.333). f Preferred
funds, & amortization of discount
stocks of subsidairy companies in hands of public, at par or stated values
on bonds held for retirement
and accrued undeclared cumulative dividends thereon, less $2,520,079
1,796,404 2.601,191
3,124,767
deemed to have been extinguished through operating losses. g Due in 1934
Total
$3.468.882. h Due in 1934. $282,893. i Due in 1935. j Due in 1936.
61,593,921 59,784,932 60,951,583
x Int. on notes & accts. pay. & other
Income Account Year Ended Dec. 31 1934 (Cities Service Co.)
charges
4,036,768 4,480.788 2,849,475
Int.on funded debt ofsub. companies 14,313,960 14,581,561 15,056,517
Interest on investments in bonds of subsidiary companies
Amort. of debt disct. & exp. of sub.
Divs,on investments in common stocks of certain sub. companies $3,598,699
companies
1,498,518
1,334,813
Int. and divs, on invests. In and advances to affIl. and other 4,369,688
1,990,149
Divs. on pref. stocks of sub. cos. in
companies(Including Warner-Quinlan Co.and subs,$216,811) 1,230,445
hands of public, paid and accrued
7,316,124 7,316,230 7,358,260
Interest on indebtedness of subsidiary companies
Int. on notes and accounts receivable, bank balances, &c., and 6,510,785
Balance
34,428,550 32,071,540 33,697,182
sundry receipts
175,713
Propr. of net loss of sub. cos. applic.
Excess of par over --------value
of bides"§c1 e oo:
41eto minority interests
280,121
150,383
689,122
tired through sinking funds ($876,548); and amortization of
purchase discount on debs. of Cities Service Co. ($219,984)
Total
34,708,671 32,221,922
and on bonds ofsub. companies ($619,419) held for retirement
Int.on funded debt of CitiesService Co 9,470,798 9,575,971 34,386,304
or investment
9,692,924
Amort. of debt disc. & exp. of Cities
1,715,951
Service Co
634,953
689,320
702,561
Total
Provision for Federal income tax
2,252,574
358,253
157,629
Administration, management and engineering expenses,$17,601,283
$1,716,562; general, legal and other expenses, $908,705; depreciNet income before deple. & deprec_ 22,350,346 21,598,379 23,833,189
ation of furniture and fixtures, $72,591: total, $2,697,858; loss
Deple.& deprec. as determined by cos 22,296,905 17,744,345 18,367,450
management and engineering fees collected from sub.companies.
$2,041,693; balance, $656.165; franchise, capital stock and
Netincome
53,440 3.854,034 5,465,740
debenture coupon taxes. $223,760;loss on bonds ofsub.cos.sold.
Previoussurplusfrom all sources
31,613.654
103,084,802 101,140,128 112,928,431
$733,729
Surplus acquired in respect of addiInterest on faefilidness - still. cos., ----to
112 7,'Tho; inieresi on
8
tional holdings in sub.cos
notes and accounts payable and other obligations, $997,851:
1,926,988
Sundry credits & charges(net)relating
interest on debs. and purchase money oblgiations.
in part to prior period & in part to
amortization of deb.discount and expense,$634,963$10,082,603; 12,003,168
non-operating transactions of current period
969,129
Balance-------------------Excess of par over book value of debs.
Divs. on Investments in
steal;oi
cos: accrued------ Wel $3,984,461
acquired
3,379,292
declared---------------------------------------------- 3,095,709
Total surplus
103,138,243 108,373.454 121,290,287
Total---------Cost of mahit. secur. sales organizaOperations of stil:). cos. for ------------------- $7,080,170
----fOgi:
tion & prov. for contingent & other
Cities Service Co's proper. of profit as reported by such comlosses inc. to scours. transactions
2.818,410 7,926,434
panies after provision for Federal income tax, and after
Adjustment of reserves for depletion &
adjustment ($280,121 net loss) for minority interests but
deprec. applicable to prior years_
1,138,744
before appropriation for deple., deprec. and replace, and
Loss on certain abandoned street railpreferred dividends
way & electric props, written off_ _ _
766,184
Depletion, depreciation and replacements as provided by cos-$29,972,074
Losses in connection with liquidation
22,217,283
ofsecurs.sales departm.t discontinNet income
ued in 1933 less credits charged to
Preferred diva.(incl. accrued undeclared cum. diva.$3,095,709 $7.764,792
premium on capital stock issued__ _
649,392
as stated above)
Additional provision for bad debts and
10,411,833
estimated losses on balances in
closed banks applic. to prior years_
$2,657,041
1,025,771
Dividends received on common stocks credited above
Sundry charges & credits (net) relat4,369,688
ing in part to prior years & in part
Excess of divs. over net income as above,credited to investto non-oper. transactions of current
ment account
period
7,026.730
373,020
305.726
Net income
$53.440
Surplus from all sources (net) as at Dec.31 1933
Balance
101,349,646 103,084,802 113,363,852
103.084,802
Dividends of Cities Service Co. (to
Total
$103,138,243
June 1 1932):
Loss on certain abandoned street railway and electric properties
Cash dividends-preferred & preferwritten off-------------------------------------------766,184
ence stocks
Mime in connection with liquidation of securities sales depart3,084,831
Common stock
ment discontinued in 1933,less credits (charged to premium on
4,569,447
Stocks dividends(common stock)
capital stock issued)
4,569,447
649,392
Other surplus charges and credits (net)
373.019
Surplus from all sources (net) at
a Surplus from all sources (net)as at Dec.31 1934
Dec.31
$101,349,646
101,349,646 103,084,802 101,140,128
a Incorporating company's proprtion of net undistributed
x Less interest capitalized on construction and other accounts, 848,605
sub. cos., inclusive of special surplus reserves ($8,287.938) ofsurplus of
such cos.
in 1934; $287.499 in 1933, and $1,254,417 in 1932.
transferred by them from replacement reserves.
3 Mos. End. March 31Net income after deprec.,and Federal taxes
Earns, per share on 322,160 shares (par $1) new
common stock
x Approximate.
-1r. 140, p. 2529.
1935
$547,917
1934
x$215,800
Financial Chronicle
Volume 140
Balance Sheet Dec. 31 1934 (Cities Service Co.)
Assets
Investments in and advances to sub. cos. regarded as integral
operating units of Cities Service Co.:
$230,252,506
Securities of subsidiary companies
Indebtedness ofsub.cos.: Notes receivable (secured), $6.000,
000; notes receivable (unsecured). $183,880,367; accounts
193,743,896
receivable, $3,863,528
Company's proportion of undistributed surpluses,less deficits
of sub. cos.from all sources after charging against minority
stock interest the accumulated amount of $4,706,098 deemed
to have been extinguished through operating losses; and inclusive of $8,287,938 special surplus reserves transferred by
140.501,020
certain sub.cos.from replacementreserves
Discount and expense on original issue of pref. and common
less discount on pref. am.common
stocks, organization, &c.,
7,556,828
stocks reacquired
Other investments and advances,including securities ofand advances to sub. cos. not regarded as Integral operating units of
Cities Service Co.,affiliated cos.,and debentures ($29,376) of
37,194,018
Cities Service Co (at cost)
426,441
Officefurniture and fixtures,less reserve
4,499.384
Cash in banks and on hand
853.195
Accrued interest on securitirs ofsub. and other companies..
908,540
Loans,notes and accounts receivable,less reserve
997
Prepaid expenses
Accounts receivable-personnel (incl. officers and directors of
47,982
subsidiary companies, $14,659)
205,516
Employees'subscriptions to cap,stocks and dabs., less reserve
12,868,961
Unamortized debenture discount and expense
1.319.031
Other deferred charges
$630,378,315
Total
Liabilities
$114,253,448
$6 pref. stock (1,142,534 shs. no par)
2,746.441
$6 pref. BB stock (27.464 shs. no par)
1.575.951
Preference B stock. 60c. cum.(157,595 shs. no par)
1,000,000
-cum. stock ($1ar),
5%'non
188,095,821
Common stock (37,619.16.:. Ms. no par)
Debentures of various uturities 1950 to 1969 (Purchase fund
requirements $2,620.575 in 1935):
188.787.935
Held by public, per schedule attached
Owned by Cities Service Securities Co.(a wholly owned sub.) 10,764,591
565,785
Purchase money obligations ($282,892 due in 1935)
7.666,385
-accounts payable
Indebtedness to subsidiary cos.
9,300.000
Notes payable to banks (secured)
1,880.098
Interest accrued on debs. and purch. money obligations
117,203
Accounts payable
231,118
Accrued taxes and other charges
Assessments of Federal income tax (prior years) and accrued
1,324,841
interest thereon
719,052
Reserve for contingencies
Surplus from all sources (net), incorporating cos. proportion of
net undistributed surplus of sub.cos., per schedule attached_ 101.349,646
$630,378,315
Total
-V. 139, p. 2990.
-Balance Sheet Dec. 31
Cincinnati Union Terminal Co.
1933
1934
1934
1933
$
LiabilitiesAssets
$
$
Common stock-- 3,500,000 3,500,000
Invest. in road &
equipment, Zee-41,317.462 41,138,283 Preferred stock-- 3,000,000 3.000,000
Cash
38,000,000 36,000,000
983,390 Funded debt
863,224
Special deposits_
814,408 Non-negot. debt to
20,395
Mill. cos
625,000
Net bal,rec. fr. agt
61
41
326.183
Miscell. accts. rec_ 934,522
870,274 Audited accts. Os
174.532 1,089.790
Total def. assets_
4.
wages payable
5,311
576,880
Dint.on fund. di. 959.136
980,688 Its. maid unpaid_ 585,317
37.528
90,000
0th. unadj. debits
1,434 Divs. mat'd unpd7,032
100,000
Mat'l & supplies- 200,154
205,734 Unxnat'd int. seer_ 100,000
14,808
717
Rents receivable
8,509 Miscell. accts. pay.
2,053
27,268
15,826
Deferred liabilities
148,277
Unadjusted credits 202,948
570
Deficit
Total
44,308,429 44,806,073
- 140, P. 2858.
Total
44,308,429 44,806,073
Clinchfield RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
V.
- 140, P. 2180.
1935
$473,693
208,089
194,886
1934
$558,457
302.534
296,915
1933
$368,991
162.670
117.370
1932
$404,029
155.008
106,042
1,363,899
583.399
543,996
1,542.894
782,066
748,824
1,133,704
509.086
376,735
1,150,873
397.746
239,302
s."
. -- Colorado & Southern Ry.-41efunding of $28,978,900
Bonds D May 1 Approved-RFC to Purchase Bonds to Be
Extended
The Interstate Commerce Commission on April 20 approved the purchase
by the Reconstruction Finance Corporation for itself, at a price equal to
their face value, of not exceeding $28,978,900 of ref. & ext. mtge. 4;6%
gold bonds maturing May 1 1935 to be extended to May 1 1945.
The Commission found that the company, on the basis of present and
prospective earnings, is reasonably "expected to meet its fixed charges,
without a reduction thereof through judicial reorganization."
The report of the Commission says in part:
The company on April 8 1935 filed with us an application requesting approval of the purchase by the RFC of certain of the applicant's outstanding
obligations. The Finance Corporation, norwithstanding any limitation of
law as to maturity, with our approval, including our approval of the price
to be paid. may, to aid in the financing, reorganization, consolidation,
maintenance, or construction thereof, purchase for itself, or for account
of a railroad obligated thereon, the obligations of railroads engaged in interState commerce, including equipment trust certificates, or guarantee the
payment of tho principal of and(or) interest on,such obligations, including
equipment trust certificates, provided that in the case of the purchase or
guarantee of obligations, including equipment trust certificates, of railroads
not in receivership or trusteeship, we shall, in connection with our approval
thereof, certify that such railroad, on the basis of present and prsopective
earnings, may reasonably be expected to meet its fixed charges, without
a reduction thereof through judicial reorganization. We have made the
required investigation.
The Application
To aid in its financing, the applicant requests that the Finance Corporation purchase not to exceed $28,978,900 of its ref. & ext. mtge. 4;6%
gold bonds maturing on May 1 1935, constituting the entire amount outstanding in the hands of the public. The applicant proposes to extend the
maturity date of these bonds for 10 years to May 1 1945 at an interest rate
of 4;6% per annum, with provision for reduction of the rate at any time
by agreement between the applicant and the holder of any such bond.
It is proposed to obtain the release from the lien of the mortgage securing
these bonds of the following property now subject thereto: (1) All narrowgauge railway lines and equipment and property pertaining thereto (including 2.44 miles of broad-gauge railway connecting with a narrow-gauge
line) now or hereafter owned by the applicant;(2) any stock or indebtedness
of the Colorado Springs & Cripple Creek District Ry., the Denver & Interurban RR., the Gilpin RR., and the Colorado Midland Ry., and (3) onehalf of the stock, bonds, and other obligations of the Buflington-Rock
Island RR. (formerly Trinity & Brazos Valley Ry.). The narrow-gauge
lines will be omitted for the minion that their abandonment is under consideration, and the stock or indebtedness of the four railroads referred to will
be excluded because those roads are now defunct corporations. The onehalf of the stock, bonds and other obligations of the Burlington-Rock Island
have been sold by the applicant to the Chicago Rock Island & Pacific Ry.
and have been paid for by that company. The delivery of these securities
at the time of purchase was impossible, since all of the stock and mortgage
bonds of the Burlington-Rock Island are pledged under the applicant's
refunding mortgage. The applicant, therefore, deposited $4,190,000 of
3037
its own refunding bonds in escrow in 1918 to secure its obligation to deliver
one-half of the Burlington-Rock Island securities when it should be able to
do so. The applicant proposes to obtain the release of this one half of the
Burlington-Rock Island securities from the lien of its refunding mortgage.
when the bonds outstanding thereunder are extended, thus permitting
their delivery to the Rock Island in performance of the above obligation.
The $4190,000 of the applicant's refunding bonds, now deposited in
escrow, will thereupon be released from escrow, returned to the applicant
and by it canceled, permitting the issue of a like amount of the applicant's
general-mortgage bonds which it is proposed then to pledge with the Finance
Corporation.
The extended refunding bonds are to be redeemable in whole, or in part,
of the applicant,at 101. Provision will also be made for a sinking fund to be
applied toward the retirement of a part of the principal of such extended
bonds at or before maturity, payments to be made only out of the applicant's net income and not to be cumulative, the obligations of the applicant
in respect of such sinking fund not to be secured by the lien of the mortgage. The provision for a sinking fund also will be upon such other terms
and conditions as may be agreed to between the Finance Corporation and
the applicant. There will also be a provision in respect of the extended
bonds that any provision or action necessary or appropriate in respect to
Public Resolution No. 10 of the 73d Congress, relating to obligations purporting to be payable in gold coin, may be made or taken.
It is proposed that the applicant will agree with the Finance Corporation
to purchase from it at the principal amount thereof and accrued interest.
not later than Jan. 1 1945. and the Finance Corporation will agree to sell
to the applicant, the entire amount of $28.978,900 of extended refunding
bonds acquired by the Finance Corporation or any part thereof which
shall not have been theretofore sold, or at the time contracted to be sold,
by the Finance Corporation. The applicant will have the privilege of purchasing from time to time, prior to January 1 1945. at the above price, all,
or any part of, the bonds not already sold or at the time contracted to be
sold. The agreement will provide that, pending such purchase by the
applicant, the Finance Corporation shall have the right to sell any or all
of the bonds so acquired by it, upon such terms and conditions as the
Finance Corporation may from time to time determine, upon giving the
applicant 30 days' notice of its intention to sell so that the applicant may,
if it so desires, purchase, the bonds at the principal amount thereof plus
accrued interest. The applicant plans to extend the bonds at a stated
interest rate of 434% per annum with a provision for reduction of the rate
of interest by agreement between the applicant and the holder of any
bond.
The applicant proposes to secure Its performance of the conditions of Its
agreement with the Finance Corporation to purchase the bonds not later
than Jan. 1 1945, by pledging collateral as set forth below.
The applicant contemplates that a small percentage of the refunding
bonds will not be acquired and extended because of its inability to locate
the holders, neglect of some holders to present their bonds, or for other
reasons. The applicant expects to provide the cash necessary to pay and
satisfy these bonds,and to that extent, the maximum amount of $28.978,900
of bonds proposed to be purchased by the Finance Corporation will be
reduced.
Before the refunding bonds can be extended, it will be necessary, because
of covenants in the applicant's general mortgage, which is junior to the
refunding mortgage, to procure the consent of general mortgage bondholders. All known holders of general mortgage bonds, $20,000,000 of
which are outstanding, have been notified of the proposed extension of
the maturity date of the refunding bonds and their assent to such extension
and waiver of rights and remedies resulting therefrom requested.
The applicant states that it is impossible at this time to provide for the
maturity of its refunding bonds by the issue and sale of general mortgage
bonds, and that means of providing for the necessary financing other than
that proposed herein have been considered and found to be impossible at
the present time.
Security
To secure its proposed undertaking to repurchase the $28,978,900 of
refunding bonds to be purchased by the Finance Corporation the applicant
offers to pledge with the Finance Corporation (1) $4,190.000 gen'l mtge
436% series A gold bonds of 1980, on or before July 1 1935, appropriately
stamped in evidence of assent to the proposed extension of the refunding
bonds, and in case of inability to deliver them for pledge, for causes beyond
its control, the applicant offers to purchase from the Finance Corporation,
on or before the same date, $1,000,000 of its extended refunding bonds at
face value and accrued interest, pledging them simultaneously as additional
security for its above undertaking; (2) note of the Denver Northern to the
applicant in the principal amount of $4,182.091, maturing on May 11945,
bearing interest at the rate of 6% per annum and duly assigned to the
Finance Corporation, and 1,091 shares of the capital stock of the Denver
Northern, the pledge of these securities to be in such form as to give the
Finance Corporation the equivalent of, or in effect, a first mortgage on the
property of the Denver Northern; (3) 32.000,000 of Chicago Burlington &
Quincy RR. gen'l mtge currency 4% bonds of 1958, to be subject to withdrawal from pledge at any time when $2,000,000 is paid upon the Finance
Corporation's advances for the purchase of refunding bonds: and (4) U. S.
Government securities in the principal amount of $1,000,000, which the
Finance Corporation may have the right to convert into cash and apply in
Part repayment of expenditures by it for the purchase of refunding bonds as
contemplated herein: provided that upon such conversion of U. S. Government securities into cash and(or) upon withdrawal of Burlington bonds from
pledge an equivalent principal amount of refunding bonds shall thereafter
be held by the Finance Corporation as additional collateral security for the
applicants undertaking to purchase refunding bonds.
Based on its estimated income statement for 1935, the applicant has filed
a cash forecast by months for the same year, which shows actual cash on
hand on Jan. 11935, of $831.932 of $1,561,480 on March 31. and an estimate of$1,08.5,624 on Dec.31. The system forecast for 1935shows $4,137,527 actual cash on hand on Jan. 1, $3,813.233 on March 31 and an estimate of $3,480,870 on Dec. 31.
The income estimates and cash forecasts give effect to the 234% wage
reduction restored Jan. 1 1935 and a 5% wage reduction restored April 1
1935 and also include the companies' prospective contributions to the railway retirement fund. No effect is given to rate increases under the Commission's decision of March 26 1935. The applicant's estimates of additional cash receipts in 1935 expected to be obtained from such rate increases, are $104,900 for itself, $48,900 for the Denver City and $2,725 for
the Wichita Valley, making a total of $156.525 for the system.
The applicant's record of past earnings and its forecasts for this year
indicate that it is not in need offinancial reorganization in the public interest
at this time and that it reasonably may be expected to meet its fixed charges
Ralph Budd, President, in a letter to the holders of the
ref. & extension mtge. 432% gold bonds states:
The refunding bonds will mature May 1 1935. To meet this maturity.
arrangements have been made for the purchase commencing on April 29
of all of the outstanding bonds at the principal amount thereof, to be financed by the RFC,this company paying interest on the bonds to maturity.
To facilitate the presentation of refunding bonds for purchase, the Federal
Reserve Bank of New York, as Fiscal Agent of RFC,will have a representative located, on and after April 29 1935. in the fiscal office of this company. Room 1601, 2 Wall St., N. Y. City. Checks for the principal
amount of bonds presented will be delivered by the representative.
Coupons for interest due May 1 1935 must be detached from all coupon
bonds, and may be presented for payment at the time bonds are presented
for purchase, or may be presented in the customary manner. Interest due
May 1 1935 on any registered bond will be paid by this company to the
person appearing on the books of this company as owner at the time such
bond is presented for purchase.
Issuance and Extension of Bonds
The Interstate Commerce Commission on April 26 authorized the company (1) to procure the authentication and davery of $4.190,000 gen. mtge.
434% gold bonds, series A. to refund a like amount of maturin • ref. & ext.
mtge.. 436% gold bonds. and (2) to extend from May 1 1935 to May 1 1945.
the maturity of $28.975.900 of ref. & ext. mtge. 436% gold bonds
Earnings for Month of March and Year to Date
March
1933
-1934
Gross from railway
ra
72
19 2 462
$4 3.
43
1 45
$9 6,944
$397,177
.
$369 869
railway
Net from rentsdef2.111
65,555
58 905
193
def71,629
def16,108
Net after ren
def19590
def50,762
From Jan. 1
1,271,312
Gross from railway
1,174,282
1,120,848
1.457.170
Net from railway'
221.362
76,094
124.408
167,109
Net after rents
def130,301
def50,220
def92,645 def23.283
-v.140, p.2530.
3038
Financial Chronicle
Columbia Gas & Electric Corp.
-May Merge Subs:
The company has petitioned the Ohio State Utilities Commission for
of merger of the Ohio Fuel Gas
'FpprovalGasa & Fuelavoid and SpringfieldCo., Columbia Gas & Fuel Co.,
ederal
Co.,
Gas Co.. all subsidiaries, to
simplify operations,
bookkeeping duplications and meet objections
to the present set-up.
-V. 140, P. 2530.
Columbus & Greenville Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2180.
1935
$72,604
def1,447
def1.203
1934
$77.579
6,684
3,130
1933
650,040
def6,598
def6,320
1932
$75,478
3,244
3,670
199,197
def19,142
def21,288
215,593
15,604
6,198
143.084
def28,336
def29,043
215,475
7,378
11,136
Commercial Credit Co.
3
-$19,371,800 53/% Convertible
Preferred Offered-Public Offering Is Concurrent with Offering to Stockholders Under Exchange Privilege-Simplification
of Capital Structure-Concurrently with an offer by the company to exchange $19,371,800 new 532% convertible preferred stock and 114,207 shares of common stock for various
preferred issues which have been called for redemption,
a public offering of the same $19,371,800 preferred stock issue
is being made at a price of 102 to yield 5.39%, by a group
headed by Kidder, Peabody & Co. and First Boston Corp.,
which has underwritten the offer of the convertible preferred
stock to present stockholders. All sales by the underwriters
will be subject to allotment, based upon the amount
of stock which is taken by present stockholders under their
exchange privileges, which expire on May 20.
The new issue of preferred stock comprises 193,718 shares of $100 par
value, and is convertible at any time into common stock at the rate of one
share of common for each $55 par amount of preferred. The stock is
redeemable at $110 per share on or before June 30 1938. and at $105 a share
at any time thereafter. Dividends are cumulative.
Net income for 1934 before dividends on stock of Commercial Credit
Co. and preferred shares of Commercial Credit Trust and before surplus
adjustments was $5,382,896. or 5.05 times the annual dividend requirements of $1.065.449 on the $19,371,800 par value of preferred stock to be
outstanding on completion of the exchange plan. After such dividend
requirements, the balance would have been equivalent to $4.04 per share
on the maximum of 1,068,259 shares of common stock to be outstanding
upon completion of the exchange plan. 75.000 shares will be sold independently of the plan.
Company is one of the largest companies engaged in financing the sale of
merchandise. The prospectus reveals that in 1934 it purchased total
receivables of $377.959,030. As of Dec. 31 1934. its current receivables
outstanding amounted to $96,082,199. The company's business for 1934
was divided approximately as follows: 25% retail automobile paper; 34%
wholesale automobile paper; 36% open accounts, notes, acceptances and
rediscounts; 5% industrial retail notes.
The offers of exchange to present holders of the various preferred stock
issues are in accordance with a plan for simplification of the company's
capital structure. The purpose of the plan is to reduce the amount of
preferred stock outstanding and the amount of annual preferred dividends
by retiring four issues of preferred stock of the company and one preferred
stock issue of Commercial Credit Trust, a subsidiary, and substituting for
them a single issue of preferred stock and additional common stock. Upon
completion of the exchange plan, outstanding stock capitalization will
comprise only 193,718 shares of $100 par 534% convertible preferred stock
and a maximum of 1,068,259 shares ($10 par) common stock to be outstanding upon completion of the exchange plan, excluding 75,000 shares
which will 'be sold independently of the plan. Consolidated capital stock
and surplus will exceed $41,800.000.
As compared with the old capitalization, the number of preferred shares
and the preferred dividend requirements will be substantially reduced, the
reduction in annual preferred dividend requirements being $388.707, or
approximately 26.7%.
All preferred stock Issues for which exchanges are being offered have
been called for redemption and accordingly any shares not exchanged will
be redeemed for cash. The terms of the offers are as follows:
For each share of 634% first preferred stock ($100 par) holders will
receive one share of 534% convertible preferred stock and 16-80ths of a
share of common stock.
For each share of 7% first preferred stock ($25 par) holders will receive
J. share of 534% convertible preferred stock and 9-80ths of a share of
common stock.
For each share of class B 8% preferred stock ($25 par) the holder will
receive 34 of a share of 534% convertible preferred stock and 9-80ths of a
share of common stock.
For each share of class A convertible preferred stock, series A 6% ($50
par), holders will receive 7-20ths of a share of 554% convertible preferred
stock and 38-80ths of a share of common stock.
For each share of 8% preferred beneficial interest of Commercial Credit
Trust ($25 par) holders will receive ti of a share of 534% convertible preferred stock and 4-80ths of a share of common stock.
To exercise their rights of exchange holders must surrender their shares
to Chase National Bank by May 20. Against such surrender stock receipts
will be issued entitling the holders to receive the 534% convertible preferred
and common stock not earlier than July 2 1945.
Authorization has been given for listing of the new preferred stock,
additional common stock and the stock receipts on the New York Stock
Exchange.
Directors Res(gried-Walter P. Chrysler, who was elected a director on
Dec. 10 1934 coincident with conclusion of a new contract between Chrysler
Corp. and this company, resigned that post on Feb. 28 1935, it is disclosed
in the prospectus. A. IL Gordon, a partner of Kidder, Peabody & Co.,
and George Ramsey, Vice-President of the First Boston Corp., resigned as
directors on March 28 since their firms were to become underwriters of the
new issue.
-V. 140, p. 2859.
Commercial Solvents Corp.(& Subs.)
-Earnings
3 Mos. End. Mar.311935
Net profit after all chgs.
and taxes
$564,860
Shares common stock
outstanding (no par). 2,636.110
Earnings per share
$0.21
-V. 140, p. 2001.
1934
1933
1932
$635.004
$224,758
$293,454
2,635,891
$0.24
2,530,277
$0.09
2,530.174
$0.12
Consolidated Cigar Corp. (& Subs.)
-Earnings
Quar. End. Mar.31Net profit after interest,
deprec.& Fed. taxes
Shares of corn. stk. outstanding (no par). __ _
Earns. per sh. on com_ _ _
-V. 140, p. 1142.
1935
1934
1933
1932
$88,979
$105,253
$35,590
$244,536
250,000
Nil
250.000
Nil
250,000
Nil
250.000
$0.15
-Commonwealth Edison Co., Chicago-Befinandn_
"
-
(Tentative arrangements have been made with a group of Chicago and
isT
w York investment bankers to underwrite an issue of bonds for the purpose of refunding at a lower rate of interest theeries E and series 0 bonds
)
I
of the company, maturing in 1960 and 1962 respectively, aggregating
es
$29,500,000. If this refunding can be accom !shed a substantial saving
in interest charges will result. The details of the proposed refinancing
are being worked out in conformity with the requirements of the Securities
Act of 1933 and the Illinois Public Utilities Act. Pursuant to a recent
amendment to the Business Corporation Act of Illinois, a special meeting
of the stockholders will be called in the near future at which will be submitted for approval a proposed indenture in relation to the new bonds,
which will be supplemental to the company's mortgage.
May 4 1935
Consolidated Income Account for Stated Periods
-3 Mos.End. Mar.31- 12 Months End. Mar. 31
1935
1934
1934
1935
a As Adj. b As Adj. b As Adj.
Elec.light & power rev_ _$20,348,387 $19,490,500 $76,296,390 $73,115,341
Other oper. revs. (net)-_
555.550
94,667
110,272
486,110
Total gross earnings-320,443,055 $19,600,773 $76.782.501 $73,670,891
Power purchased
3,159.747
3,100.579 12,572,234 12.208,614
Operation
6,296,237
6,060,187 24,898,861 24,155,203
Maintenance
3,694,194
879,064
907,865
3,409,996
Taxes-State,local, municipal comp., &c... 2,241,193
7,966,572
2.172,399
8,740,191
Fed.:3% tax on elec
410,543
881,062
390,902
1,501,427
Federal income
497,305
1,204,408
431.731
1,426,517
Provision for deprecia'n_ 1,991,123
8,019,881
2.019,881
8,050,768
Net earns, from oper_ $4,967,839 $4,517,226 $16,182,503 $15,540,955
Other inc.-Dividends
214.993
226,820
1,160,299
810,219
Int. on bds., notesokc.
314,188
1,120,284
324,767
1,274,273
Miscellaneous
86,146
57,614
191.745
259.621
Net earnings
65,583,167 $5,126,428 $18,526,617 $18,013,283
Int. on funded debt- _ 2,215,057
8,901,066
2,221,773
8,861.653
Int. on unfunded debt
47,679
56,150
153,418
181.000
Amort.of dt.disc.& exp.
717,846
161,365
163,901
645,194
Net income
$3,159,065 $2,684,603 $8,866,351 $8,213,369
Shares outstanding
1,609,114
1.623,902
1,623,902
1,609,114
Per share earnings
$1.96
$5.06
$1.65
$5.51
a The adjustments for 1934 resulted primarily from revised provisions
for the necessary tax accruals during that year. The confused status of
many of the various taxes made estimating throughout the year very difficult. Information available in the latter part of the year disclosed that
the amounts originally estimated for necessary tax accruals exceeded the
probable ultimate requirements. Such excess provision has been allocated
to the several quarters of 1934, and as a result the not income originally
reported for the first quarter has been increased.
b The above income accounts for the 12 month periods ended March 31
1935 and 1934 have been adjusted to reflect the elimination of the provision
for the
2% retailers' occupation tax on electric service and adjustments incidental thereto and are in addition to the 1934 year-end adjustments referred to.
-V. 140. p. 2001.
Consolidated Gas, Electric Light & Power Co. of
Baltimore-Bonds Called
The company has called for redemption on July 1 1935, at 105 and
accrued interest, all of its outstanding series G. 434% 1st rofg. mtge. sinking fund bonds.
Holders of these bonds may obtain immediately the full redemption
price of such bonds, namely. $1,066 for each $1,000 bond, by presenting the
bonds (with Sept. 1 1935 and all subsequent coupons attached to coupon
bonds and with proper transfer to registered bonds) at the principal office of
Bankers Trust Co., trustee, in the City of New York.
Quar. End. Mar.311935
1934
1932
1933
Gross revenue
$8.095,615 $7,840.169 $7.298,980 $7,604,451
Expenses Sc depreciation 5.651,048
5.415,360 y5,048,156 y4,930,965
Operating income_
Other income
Gross income
Fixed charges
_ $2,444.567 $2,424,808 $2.250,824 $2,673,486
51,708
4,273
106.274
19.865
$2,496.275 $2,429,081
725,978
721,631
62,270,689 $2,779,760
727,944
759,924
Net income
$1.770,297 $1,707,450 $1,510,765 $2,051,816
Preferred dividends- _
290,067
289,496
285.140
288,511
Common dividends
1,050,657
1.050,622
1.050,492
1,050,657
Surplus
$429,572
6367.333
6716.184
$171,596
Shs.com.stk.out.
(no par) 1,167.397
1,167,397
1.167,397 x1,167.229
Earnings per share
$1.27
$1.21
$1.51
$1.05
x Average amount outstanding. y Includes amount credited to hydroequalization account.
-V. 140, p. 2702.
Continental Gas & Electric Corp.(& Subs.)
-Earns.
12 Months Ended Jan. 311935
1934
Gross operating earnings of subsidiary (after eliminating inter-company transfers)
$30,901,451 $29,605,545
Operating expenses
12,076,681 11.166,076
Maintenance,charged to operation
1,487,042
1,369,421
Depreciation
4,209,353 4,167,040
Taxes, general and income
3,412,050
3.068,654
Net earnings from operations of subsidiaries$9,716,323 $9,834,351
Non-operating income of subsidiaries
775,783
561,935
Total income of subsidiary companies
$10,492,106 $10,396,287
Interest, amort. & pref. divs, of sub. cos.
Interest on bonds, notes, &c
3,975,539
3.964.390
Amort. of bond and stock discount and expense300,119
348.720
Dividends on preferred stocks
1.070,219
1,070.421
Total deductions of subsidiary companies_ -- - $5,345,878 $5,383,531
Balance
5,146,228
5,012,755
Proportion of earnings attributable to minority
common stock
7,476
9,927
Equity of Continental Gas & Electric Corp. in
earnings of subisidiary companies
65,138,751 65,002,827
Earnings of Continental Gas & Electric Corp.__
40,889
44,373
Balance
$5,179,641 $5,047,200
Expenses of Continental Gas & Electric Corp
153,299
143,517
Balance
$5,026,342 $4.903,683
Holding company deductions-Interest on debens- 2,600,000
2,600,000
Other interest
351
Amortization of debenture discount and expense
164,172
164.172
Balance transferred to consolidated surplus
Dividends on prior preference stock
Balance
Earnings per share
-V. 140. p. 2860.
2,262,170 52,139.159
1,320.053
1,320,053
$942,117
$4.39
$819,106
$3.82
Continental Oil Co.(of Del.)(& Subs.)-Earnings-
Quar. End. Mar. 31- 1935
1934
1933
1932
Gross income
514,493.638 $14,271,651 $9,607,941 $11,244,915
Cost and expenses
11,685,365 11.131,379 10,570,016 9,626.161
Operating profit
$2,808,273 $3,140,272 def$962,075 61,618,754
Other income
301,402
60,079
149,921
Dr8,157
Total income
$3,109.675 $3.200,351 def$812,154 $1,610,597
Franchise taxes
384,138
396,328
366,036
419,617
Intangible develop. costs
573.615
304.247
320,921
513,300
Depletion
201,150
157,920
176,389
529.592
Depreciation
979,234
995,143
1,022,475
1,883,514
Interest
133,475
128,220
140,583
Federal taxes, &c. (est.)
29.499
Minority interest
Dr1.232
Dr1.755
Cr948
Cr3.181
Net profit
$940,807 51. 11,4831's$2,825,2471a$1,872.848
2
Earns, per sh. on 4,738,ka
593 shares cap. stock
(par $5)
$0.19
$0.25
Nil
Nil
-V. 140, p. 2703.1_
_
-SEC Allows Delisting of Stock W. B.) Coon Co.
-
See Ba-ana Al'Kubwa Copper Mining Co.. Ltd. above.
-V. 140, p. 1142.
Volume .140
Financial Chronicle
Copper Range Co.(& Wholly Owned Subs.)
-Earnings
Earnings for Year Ended Dec. 31 1934
Sales of copper
$1,046.273
Sales of timber and land, rentals and miscellaneous income26,240
Total sales
$1.072,514
Cost of copper sold, including mine operating expense, smelting, taxes, freight, selling expense, depreciation of mine machinery and structures ($56,554) and depreciation of smelter
plant($22,552)
1.071,895
Taxes on timberlands,executive salaries and general administrative expenses
64.761
Loss from operations of mines and lands
es
Intert paid on notes and acceptances
Other income
Loss of Copper Range Co. before its share:of losses of transportation companies
Operating revenues of railroad and bus companies
(without eliminating revenues from affiliated
companies)
$264,940
Operating expenses thereof, incl. depreciation
($62.859)
289,822
$64,142
10.643
72.823
$1.962
Net operating loss oftransportation companies__ $24,881
Interest and miscellaneous income(net)
4.508
Total income
$20,373
Interest on Copper Range Railroad Co.first mtge.
5% bonds (of which $78,750, incl. $52,500 defaulted Oct. 1 1934 coupons,had not been paid)
and amortization of bond discount
106,275
Loss of transportation companies
$126,649
Interest charge applicable to $1.005,000 of first]
mtge. bonds held by Copper Range Co.(of which
$37,688, incl. $25,125 defaulted Oct. 1 1934
coupons,had not been paid)
76,398
50,250
Consolidated loss for year
$78.360
Consolidated deficit in earned surplus as at Dec.31 1933
408.578
Loss on Copper Range Railroad Co. property retirements
134,162
Adjustment of Copper Range Railroad Co.'s tax
provision for prior year
Cr$14,981
Adjustment to market value ofsecurities owned
by Copper Range Co
Cr1,905
Consolidated deficit in earned surplus as at Dec. 31 1934--- $604,215
Note
-No depletion charges are reflected in operations because undepleted
ore content of mines is not included among the assets.
Consolidated Balance Sheet Dec. 31 1934
AssetsLiabilities
mines &lands, timber tracts,
Funded debt of copper Range
mineral rights & develop'ts $3,603,895 Railroad Co
$1,201,104
Building and machinery
3,299,850 Notes and acceptances payInvestments
325,000
72 able to banks
„
Cash
139,989 Advances on open account__
Marketable bonds
a.939
.
20,160 Notes and contracts payable.
Accounts receiv.-less reserve
41,063
138,716 Accrued coupon interest-Copper sold and not delivered
58,531 Ac ed taxes,interest, wages
cru
Copper on hand and consigned
103,184
687,115 and other expenses
Supplies inventory
71,923
329,042 Accounts payable
Other assets de def. charges__
8,231,072
67,594 x Capital stock
1,009,579
Capital surplus
604,215
Deficit in earned surplus...-.
Total
$10,418.765
$10,418,765 Total
x Represented by 550.000 no par shares less 8,094 shares held in treasury.
Note-Surplus has not been reduced by depletion charges because
undepleted ore content of mines is not included among the assets.
-V. 138. P. 3436.
Copper Range RR.
-Filing of Claims,
3039
Denver & Rio Grande Western RR.
-Earnings
Period End, Mar. 31- 1935
-Month-1934
1935-3 Mos.-1934
Operating revenues
$1,503,908 $1,406,227 $4,323,509 $..,042,559
Net revenues
311,421
359,168
937,192
1,034,471
Net ry. oper. incon3e_ _ 225,340
611,632
128,474
368,056
Available for Interest....
132,239
229,471
365.339
610,453
Int. on funded debt476.609
457,570
1,429,436
1,375,754
Net deficit
-V. 140, p. 2352.
$228,099 $1,064,097
$765,300
Ry.-Earnings.1934
1933
1935
$126,996
$80,761
$96.642
47,121
9.079
30.905
19,323
75,727
2,320
1932
$149.194
62,045
50,346
$344.369
Denver 8c Salt Lake
March
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 140, p. 2353.
424.418
184,952
263,395
311,276
113,489
79.978
562,581
283,590
249,104
340.440
119.054
91,535
Denver Tramways Corp.
-Earnings of SystemQuer.End.Mar.31Total oper. revenue-x Operating expenses.-Taxes
1935
$680,216
538,061
79.456
1934
$683.994
516.894
73,134
1933
$625.611
535.463
66,944
1932
$829,862
615,509
100.694
Net oper. income. --Total miscell. income_
$62.698
7,875
$93.965
9,282
$23.204
11,282
$113,658
13,066
Gross income
Int.on underlying bds
Int. on gen. & ref. bds
Amortiz. of discount on
funded debt
$70,574
31,362
66,285
$103,247
33,687
68,289
$34.486
37,025
71,217
$126,724
39.275
74.265
1,228
1,303
3.072
3,319
def$28,302
Balance, surplus
def$32 def$76,829
Shares pref.stock outst'g
(p $100)
104,412
104,412
(par
104.412
Earnings per share- ......
Nil
Nil
Nil
x Including depreciation.
-V. 140, p. 969.
$9,865
104 412
tb.o9
-Earnings.Detroit & Toledo Shore Line RR.
MarchGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway..Net from railway
Net after rents
-V.140, P. 2151.
1935
$363,446
216,446
120,944
1934
$384,279
244,106
146,473
1933
$182,171
78,822
23,397
1932
$248,817
123,143
49,467
1,070,660
644,357
367,830
1,022,584
636.207
359,871
687,537
373,050
176.354
773,135
412.389
189.310
1933
$40,343
Detroit & Mackinac Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.140, p. 2181.
def4,219
1934
$49,457
.
3,157
def4,732
1932
$52,896
4,678
def3,340
117,401
def4,651
def17,835
125,559
8,190
def10.838
106.069
def11,681
def30,051
148.840
9,329
def14,490
1935
$41,694
-Preferred Stock Called
Dictaphone Corp.
20% of the oustanding 8% cum. pref. stock has been called for redemption on June 1 1935, at the fixed redemption price of $120 per share, on a
pro rata basis at the rate of 20% of the number of said shares held by each
stockholder of record at the close of business on May 17 1935, witn any
fractional shares resulting in the computation of said percentage in respect
of each such stockholder disregarded and only full shares redeemed.
To receive said redemption price, each holder of more than four shares of
said pref. stock should deposit their certificates on or before June 1 1935, or
as soon thereafter as possible, with the Chase National Bank of the City of
New York (corporate agency division), the stock transfer agent of the
corporation, 11 Broad St., N. Y. City.
-V. 140, p. 143.
On March 26 1935 a petition was filed in the U. S. District Court for
the Western District of Michigan, Northern Division, for the purpose of
initiating reorganization proceedings under Section 77-1 of the Bankruptcy
Act.
Creditorit and stockholders are notified to file their claims in writing,
duly sworn to and itemized, with the Deputy Clerk of the Court at Mar-To Pay Pref. Accruals
--quette, Mich., on or before June 24 1935. After that date no claim or . "tDoehler Die Casting Co.
The company has announced that in accordance with the plan offered
interest not filed shall participate in any plan of reorganization except
shareholders(V. 140, P. 2532, 2353). Payment of all accumulated dividends
on order of the Court for cause shown.
of $12.25 a share as of April 1 on the $50 par value 7% preferred stock will
The First National Bank of Boston, successor trustee under the 1st
be made on May 7. Payment will take the form of one Share of common
mtge, indenture dated Nov. 13 1899, will file proof of claim for all bondstock or cash in full settlement of arrears. On the no par $7 preferred,
holders: consequently, it will not be necessary for bondholders to file
arrears amount to $24.50 a share, which calls for payment of two shares of
individual proofs of claim, although they may do so if they choose.
common or cash in full settlement of arrears. The payment dates are the
A reorganization plan is being worked out by a special committee apsame.
-V. 140. P. 2532.
pointed by the board of directors for that purpose. It will first be submitted to the Interstate Commerce Commission and if and when apDonnacona Paper Co., Ltd.-Earnings--proved by it. will be submitted to creditors and stockholders for their
acceptance or rejection in such manner as the Commission may direct.
1931
Calendar Years1934
1932
V. 140, p. 2860.
8150,308
Profits for year
$434,879
$206,522
8241.383
Bond & debenture int_
644,289
30,625
Other interest
Coudersport & Port Allegany RR.
51.645
-Bonds
Deprec. & depletion_
150,000
574.875
The Interstate Cominerce Commission on April 24 authorized the com205,993
204,721
pany to issue not exceeding $100,000 1st mtge.5% refunding bonds,$94,000
Balance,surplus
to be exchanged for a like amount of 1st mtge. 5% gold bonds and $6,000
$6,035 def$835.931
$529
$308
to be pledged and repledged as collateral security for short-term notes.
V. 122, p. 3079.
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933
4. --Cuban Cane Products Co., Inc.
-Assets
Liabilities-Suspended from Deal$
$
17,832
Cash
33.697 Accounts payable_
44,374
36,633
143,529 Bank loans
Accts.receivable.- 263,244
100,000
The 20-year gr dehd, 'tie Jan. 1 130 were on April 30 suspended from
297.491
Inventory
341,253 1st mtge. bonds.... 6,584,000 6.584.000
dealings on the . Y. Stock Excge -V. 140. p. 2860.
Adv. on wood over 271,422
61.755 Deprec. reserve.... 3,485,831 3,294,547
han
10,847.232 10.881,315 Plant reserve
Real estate
30,391
68,955
Delaware & Hudson Co.
Deferred charges..
21,612
18,039
43,336
21,635 Insurance reserve_
-New Boatd Membet
1,449.460 1,449,460
a Capital
Gates W. McGarrah has been elected a member of the Board of Managers
Surplus
6.740
6,253
of this company and a director of the Delaware & Hudson RR. Corp.
He succeeds Henry W. DeForest, who resigned.
-V.140, P. 2352.
11,718,836 11,483,185 Total
Total
11,718,836 11,483.185
Delaware & Hudson RR.-Earnings.a Represented by 121,804 (no par) class A shares and 123,088 (no par)
-V.138. P. 3437.
class B shares.
March1933
1932
1934
1935
Gross from railway
$1,774,807 $2,275,593 $1,626,971 $2,165,839
Net from railway
Duluth & Iron Range RR.
-Earnings
1 , 90
e 3 . 99
409,093
38,191
Net after rents
358,991 def139,913
81,734
def33,006
Income Account for Years Ended Dec. 31
From Jan. 1Gross from railway
Non-Oper. Income1934
1933
1932
1931
5.665,024 6,451,372 4,850,462 5,934,941
Net from railway
Inc.from lease of road__ $1,216,887 $1,215,011 $1,212,213 $1,208,784
966,841 def292,518
144,511
302,236
Net after rents
Miscell. non-oper. phys.
811.520 def481.764 def125,381
116,380
property
398
659
4,069
2,877
See Delaware & Hudson Co. above.
-V. 140, p. 2352.
Inc.from funded secur
205,715
214,066
214,066
214,066
Inc.from accts. & depos.
394,388
360,147
334.210
315,414
Delaware Lackawanna & Western RR.
-Earnings.
Release of preminum on
Marchfunded debt
1933
1934
1932
1935
4,007
4,007
4,007
4,007
Gross from railway
Miscellaneous income_
$33.685,246 $4,177,996 $33,460,489 $4.462,665
8
59
Net from railway
525,4591,101,839
1,168,423
638,053
Net after rents
Gross income
$1,824,396 $1,793,890 $1,768,629 $1,745.157
55.111
807,397
652,572
309,239
From Jan. 1Deducts.from Gross Inc.
Gross from railway
Railway tax accruals_..
173,357
22,502
10,984,920 11,326,679 9,893.940 12,289.911
Cr21,010 Cr169,114
Net from railway
Miscall. tax accruals_ __ _
3,192
1,250,269 2,640,867
1,858,426 2,286,117
3.364
3.359
3.670
Net after rents
Int. on funded debt out,
1.184.954.
1,383.184
standing
407,550
407,550
407,550
407,550
-V. 140, p. 2861.
Int. on unfunded debt.
1
11
Miscell. inc. charges_
272,E99
Cr105,054
Detroit Caro & Sandusky Ry.-BondsMaiatenance of invest.
The Interstate Commerce Commission on April 24 authorized the corn
organization
10,215
10,457
21,388
10.367
pany to issue not exceeding $84,350 hat mtge. 6% income bonds to be
exchanged, par for par,for a like amount of first-mortgage 6% 10
-year gold
Bal, of net inc. for yr.. 51,230.081 $1,350,017 $1,473,418 81,209,053
bonds which matured April 1 1935.-V. 121. p.2269.
Dividends paid
10,400,000
650,000
975,000
650.000
Li3040
Financial Chronicle
Balance Sheet Dec. 31
19334
1934
1933
Assets$
Liabiiietes$
Property invest't _28,142,597 29,103,694 Capital stock
6,500,000
Misc. phys. prop__ 2,534,026 2,558,924 Grants in aid of
Other investments 4,861,886 4,856,836
construction
2,071,382
8,151,000
Funded debt
Special deposits-574
2,350
3,175 Audited accts. pay
Demand loans and
12
Misc. sects .pay'le
deposits
5,342,207 12,765,606 Int. matured unpd
2,350
Misc. accts. tee__ ,.
111
727,927 Unmat. int. accr'd 101,887
Int. & dive. rec.__
40,016
45,368 Accrued tax Rah_ 200,411
D. M. ez N. RY.
Prem. on funded
Co. rental unpd. 149,096
12,022
debt
167,466
Deferred assets_ _ 2,142,905 2.559,499 Ins,fund reserve.
Unadjusted debits
23,986 Equip. & rd. depr.
896
fund reserve
7,014,221
0th. unadj. credits 347,637
Cap.amort.res__ _ 9,949,074
Approp.surplus invested in prop 4,825,674
Swamp land grant
Income
365,171
Profit and loss
3,683.430
Total
43,224,84652,819,329
-V. 138, p. 2573.
Total
1933
$
6,500,000
2,071,382
8,151,000
573
16
3,175
101,888
44,199
16,029
399,068
7,493,672
357,351
9,949,074
4,825,674
434,115
12,472,113
43,224,84652,819.329
(S. R.) Dresser Mfg. Co.(& Subs.)
-Earnings
12 Months EndedMar. 31 '35 Mar. 31 '34 Dec.31 '33
Net profit after taxes and charges__ _
$45,606
$32.994
$80,725
Earns, per sh. on 84,600 shs. class A
$0.54
stock (no par)
$0.39
$0.95
The consolidated balance sheet as of March 31 1935, shows total current
assets of $1,794,065 and total current liabilities of $108,423-a current ratio
of 16 to 1. Of the total current assets, $828,045 or 46%. is represented by
cash in bank and on hand.
-V. 140, p. 1310.
Duluth Missabe & Northern Ry.-Annual Report
Statistics for Calendar Years
1931
Freight1932
1934
1933
Iron ore (gross tons)____ 9,127,488 9,169.966
1,458,711 11,072,534
986,467
Miscell. freight (tons)_ _
670,961
750,497
563,133
All frt.1 mile(net tons)
.825,735.186 805,721,958 154,651,667 950,969,522
$0.7207
Aver,revenue per ton....
$0.8739
$0.7900
30.7431
1.01 cis.
Aver.rev.per ton er m_ 0.99 cts.
1.30 cts.
1.06 cts.
$16.96
Aver, rev, per train mile
$7.70
$19.02
$18.06
Passenger
40,074
19,439
29.978
Passengers carried
46,371
1,665,397
854,889
Pass.carried one mlle _ _ _ 2,183,112
1,509,177
$0.10085
Aver,rev, per passenger
$0.9933
$0.8327
$0.9566
2.43 cts.
Aver.rev. per pass.per rn
2.26 cts.
1.77 cts.
1.90 cts.
$0.26
$0.25
$0.23
Av.pass.rev.per train m
$0.30
Income Account for Calendar Years
1931
1932
Operating Revenues__ _
1934
1933
Freight-iron ore
$7,336,638 $7,936,685 $1,279.582 $8.634,767
1,014,369
734,444
Freight-miscellaneous.
817,834
621,292
40,416
19,309
28,676
38,612
Passenger
173,414
87.982
Mail, express, &c
162,287
98,582
1.199,211
253,616
Incidental &joint facility 1,131,222
1,014,964
Total oper.revenues--3
Operating ExpensesMaInt. of way Piz struct _
Maint. of equipment _ _ _
Traffic
Transportation
General expenses
Transport'n for invest Cr
9.486,593 $9,700,200 $2,374,934 $11,062,177
1,465,148
2,468,872
38,199
2,219,868
526,268
943
1,130.258
2,012,020
36,149
2,067,371
472.337
285
1,027,714
1,724,544
37,358
1,508,387
486,519
203
2,219,892
3,068.355
45,046
2,915,099
480,771
589
Total oper.expenses__ $6,717,413 $5,717,850 $4,784,318 $8,728,574
Net rev,from ry. oper__ 2,769,180 3,982,350 def2,409,384
2,333,603
Railway tax accruals, &c
125,946 GT407,195
810,644
601,385
Total oper. Income.,. $1,958,535 $3,380,965 df$2,535,330 $2,740,798
Equipment rents & joint
Cr456
facility rents
27,270
10,508
23.113
Net ry. oper. inc
$1,981,648 $3.408,235df$2,524,823 $2,741,254
1,138,392
Total non-oper. income_
902,059 3,034,751
1,065,872
Gross income
$2,883,707 $6,442,986df$1,458,951 $3,879,647
6,643
Miscellaneous rents....
6,431
5,940
6,238
1,417,278
1,420,574
Rent, leased roads
1,428,600
1,423,159
210,055
Int. on fund.& unf. debt
94,705
130,360
172,441
1,143.092
114,720 Cr5,697,578
Miscell. income charges_
Cr82,610
Total deductions
Net income
Dividends paid
$1,644,456Cr$4,138,119 $1,516,643 $2,777,069
1,239,251 10,581,105 def2,975,595
1.102,578
25,703,125 6,168,750
1,028.125 2,056,250
Balance, surplus.. _df$24,463,874 $4,412,355df$4,003,720 def$953.672
General Balance Sheet Dec. 31
1934
1933
1934
1933
DiaMlittesAssets$
$
3
$
Road and equipt.A6,400,973 44,751,698 Capital stock
4,112,500 4,112,500
Misc. phys. prop__ 453,632 2,588,557 Gen. mtge. bonds_ 1,484,000 2,306,000
293,829
Improvements on
Accts. & pay. rolls 215,576
leased ry. prop__ 100,123
80,966 Miscell. accts. pay
96,128
901
45,044
64,566
U.S. Govt. bonds_ 3,330,147 3,237,279 Traffic, &c., bals.
37,325
Interest matured _
58,575
Trustee of bond
sinking fund,.. 312,536
292,285 Accrued rents_ __ 149,096
167,466
24,330
Inv.in affil. cos__ _
92,809
116,011 Other curr. Raiz_ _ _
59,566
Miscall.invest__ _ _
441,319
72,286
79,905 Accrued tax liab„ 558,445
Cash
182,846 Insur. fund reserve 785,623
763,525
109,223
Special deposits_ 10,171,361 33,872,989 Other unadjusted
14,596
accounts
13,312
Traffic, &c., hal
11,732
3,830
Miami!. accts. rec.
45,422
106,944 Equipm't & docks
depreciation_ _ 12,737,329 12,429,108
Int. receivable__ _ _
28,818
33,496
42,373 Amortization fund 8,291,053 8,183,851
Agents & condtrs.
22,950
Mat'l de supplies
1,023,271 1,002,562 Surplus invested in
sinking fund
2,208,032 2,208,032
Other curr. assets_
51
66
Working fund adv.
380
380 Approp'd surplus_ 8,378,302 8,378,302
Insur. de other fds
763,525 Profit and loss_ _ _23,181,777 47,811,218
21,783
Other def. assets
21,783
Unadjusted debits 121,657
114,576
Total
62.319,157 87,292,071
Not to Register
-
Total
62,319,157 87,292,071
May 4 1935
Duluth South Shore & Atlantic Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 140, P. 2532.
V.
1935
$166,907 •
22,164
5.934
1934
$164,087
11.986
--6,261
1933
$125,543
-12,624
-35,383
1932
$148,933
-3.686
-33,633
444,208
7,852
-45,939
443,370
1,956
--74,055
362,862
--47,806
--129,067
418,938
--52,320
--146,724
Duluth Winnipeg & Pacific Ry.-Earnings.MarchGrossfrom railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 140, p. 2182.
V.
1935
$84,325
10,554
def4,512
1934
$84,340
2,612
6,593
1933
$50,190
def27,030
def11,311
1932
$81,022
def6,054
6,460
245,378
13,508
def20,638
220,192
def7,665
10,469
161,074
def75,009
def24,467
263,085
def2,561
39,328
Eastern Gas & Fuel Associates-Earnings
-12 Months Ended March 311934
1935
Totalincome.
$11,681,488 $11,912,178
Depreciation and depletion
3,188.743
3,150,770
Int., debt disct. & exps., Fed, taxes, minority int
4,460,935
4,873,604
Net income
$3,619,141 $4,300,473
.5
Dividends paid on 41 % prior pref.stock
1,105,560
1,106,548
Divs. paid on 6% pref. stock, excl. of diva, on stock
owned by Eastern Gas & Fuel Associates & subs. 1,970,952
1,970,517
Surplus
Earns, per sh. on 1,987,762 shs. common stock__ _ _
--V. 140, p. 2861.
$541.641 $1,224,396
$0.61
$0.27
-Earnings
Eastern Rolling Mill Co.
.
Quar.End. Mar.31Operating profit
Prey. for depreciation..
1935
$27,059
22,426
1934
1933
1932
$39,586 loss$21,379 loss$124,578
44,300
44,509
45,173
Net profit
$4,633 loss$4,715 loss$65.888 loss$169,751
Deficit Account, Mar. 31 1935-earned surplus deficit, Jan. 1 1935,
$855,793; net profit for quarter, $4,632; earned surplus deficit, Mar. 31
1935, $851,160; capital surplus. Mar. 31 1935, $185,358; net deficit, Mar. 31
1935, $665,801.-V.140, p. 2533.
Eastern Utilities Associates(& Subs.)
-Earnings
Period End. Jan. 31- 1935
-Month-1934
1935-12 Mos. 1934
Gross earnings
$775.198
$731,739 $8,219,031 $8,176,450
Opedation
363,822
316,505 3,886,008
3,691,255
Maintenance
27,461
22,828
250.443
307,808
Retirem.reserve accruals
60,416
60.416
725,000
725.000
Taxes (incl. inc. taxes).
90,460
90,072
995,812
937,749
Interest and amortization
46,637
46,964
565,400
566,277
Balance
$186,399
$194,951 $1,739,001 $2,005,723
Preferred diNidends-B. V.0.& E. Co
77,652
77,652
P. G. Co. of N. J
49,600
49,500
Applicable to minority interest
65,524
55.178
Applicable to E. U. A
-V. 140, p. 2862.
$1,556,671
$1,813,047
Edison Electric Illuminating Co. of Boston-Financing
Plan AppovedThe stockholders at a special meeting held April 30 authorized the
company to take the necessary steps to create a mortgage to secure an
Issue of bonds. The articles in the call for the meeting relating to issuance
of preferred stock and capital stock were not voted upon, it being the
present intention to confine the financing to mortgage bonds.
President Comerford advised the stockholders that directors had agreed
that the financing should take the form of first mortgage bonds and no
stock. The initial issue will be $53,000,000 of bonds which, with cash
on hand, will be used to take up by call the $55.000,000 coupon notes
due July 16 1937 and Nov. 2 1937. An additional $16,000,000 of bonds
will be earmarked to take care of the non-callable note issue of an equal
amount maturing April 15 1936. "It is obvious that this is the most
favorable long-term money market that has been seen in a generation,"
Mr. Comerford said, "and unless we take advantage of it and substitute
long-term bonds for short-term debt we would be, it seems to us, very
delinquent in our duty."
The bonds must be sold at not less than par and under Massachusetts
laws it will be necessary to ask for tenders for the bonds. What the directors have in mind is a 3A % issue running say 30 years which it is believed
under conditions existing to-day can be sold. however, Mr. Comerford
pointed out, it is difficult to estimate the effect on the earnings of the
refinancing until a coupon rate can be fixed and the coupon rate cannot
be fixed until the Department of Public Utilities approves the rate and
other terms of the issue. "But," he continued "assuming that we can
do as well as we think we can do, there will be a slight saving in interest
annually."
The Massachusetts Department of Public Utilities will hold a hearing
May 9 on the petition of the company for authority to issue $53,000,000
of bonds.
-V. 140, p. 2704.
Edmonton Street Ry.-EarningsPeriod End. Mar.31- 1935
-Month-1934
$62,932
Operating revenue
$58,714
Operating expenses_ _
42,788
43,146
Fixed charges
5,646
6,158
Renewals
9,000
5,000
Total surplus
- 140, p. 2704.
V.
$5,498
$4,410
1935-3 Mos.-1934
$187,701
$177,268
132.180
127,750
16,939
18,475
26,000
21,000
$12,583
$10,042
Electric Bond & Share Co.
-Weekly Output
-
For the week ended April 25 the kilowatt system input of subsidiaries
of American Power & Eight Co., Electric Power & Light Corp. and
National
Power & Light Co., as compared with the corresponding week during
1934, was as follows:
Increase
1935
1934
Amount
%
American I'ower & Light 00.86,163,000 75,579,000
10,584,000
14.0
Electric Power & Lt. Corp.33,911,000 32,637,000
1,274,000
3.9
National Power & Light Co.67,986,000 69,239,000 Dec.1,253,000 Dec.1.8
-V. 140, p. 2861.
The Committee on Stock List: of the New York Stock Exchange has
Elgin Joliet & Eastern Ry.-Earnings.,:eceived notice from the following companies that they do not intend
March1935
1934
1933
to apply for permanent registration of the securities now listed and tem1932
Gross from railway
$1.289,324 $1,073,496
$560,737
porarily registered described below: (1) Duluth Missabe & Northern lty.
$930,452
Net from railway
435,038
342.180
39,828
gen. mtge. 5% gold ponds due 1941; (2) Utah Copper Co. capital stock.
203,308
Net after rents
295,175
206,039
def81,677
35,914
Earningsfor the Month of March and Year to Date
From Jan. 1
Gross from railway
3,559,732
2,534,875
March1933
1932
1935
1934
1,711,073
2,530,928
Net from railway
1,120,193
504,261
$81,910
Gross from railway
$52,104
$82,239
$85,151
115,155
370,451
Net after rents
763,068
134,286 def280,300 def112,856
Net from railway
-348,626 -459,315 --295,348 -360,711
Net after rents
-369,894 -469,086 -300,543 -369,059 - 140, P. 2533.
V.
• t. / .1
From Jan. 1
---Empire Power Corp.
Gross from railway
232,038
243,338
-50
-Cent Participating Dividend7r163,925
261,455
Net from railway
--1,078,767 --1,239.508 -913,390 -1.109,402
The directors have declared a dividend of 50 cents per share oh' the
Net after rents
--1,148,223 -1,275,787 --933,839 --1,138,120
$2.25 cum. panic, stock, no par value, payable May 20 to holders of
-V. 140, P. 2182.
record May 13. A like payment was made on Nov. 10 1934. Quarterly
distributions of 56 cents per share were made on this issue on Jan. 1 and
Corp.
-Preferred Dividendi"V' ------Equity
April 1 1932, none thereafter until May 10 1934 when a dividend of 50
Directors at a meeting held May 2, inaugurated partial dividends on the
cents per share was made. A record of dividends paid on the participating
corporation's $3 convertible preferred stock by declaring from capital
stock follows:
surplus a payment on account, amounting to 37;i cents per share on the
July, 1926, 40c.; Oct. 1926 to Oct. 1927, 50c. quar.; July 1928 to April
dividend payable on June 1 1935 to stockholders of record May 25 1935.
1930, 50c. quar.; July 1930, $3.04; Oct. 1930, 56c.; year 1931, $2.25;
-v. 140, P. 2862,
year 1932, $1.12.-V. 139, p. 2676.
Financial Chronicle
Volume 140
Eureka Vacuum Cleaner Co.
-Earnings
-Quarter Ended March 31Net profit after taxes, depreciation, &c
Shares capital stock (Par $5) outstand
Earnings per share
-V. 140. p. 1144.
1935
'368,994
240,595
$0.29
Florida Public Service Co.
-Earnings
1934
1933
3941
244,918
30.01
$66,038
244,918
$10.27
Evans Products Co.
-Earnings
3 Mos. End. Mar. 31- 1935
1934
1932
1933
Net profit after taxes,
int., deprec., &c
$504,286 loss$32,912 loss$17,363
$250,292
Shares coin, stock outstanding (Par $5) .. _
244,196
244,196
244.494
244,494
Earnings per share
$1.02
Nil
Nil
$2.06
Current assets as of March 31 last, including $1.523,331 cash amounted
to $2,736,936 and current liabilities were $644,297. This compares with
cash of $1,057,721, current assets of $2,639.231 and current liabilities of
$902.287 on March 31 1934.-V. 140, p. 1828.
Falcon Lead Mining Co.
-SEC Allows Delisting of Stock
-
See Bwana M'Kubwa Copper Mining Co., Ltd., above.
"FIAT" Societa Anonima, Torino-Earnings
Calendar Years
Net sales
Cost of manuf.,selling &
gen. exp., taxes and
ordinary depreciation_
Din Thousands of Lire)
1933
1934
725,801
748,653
1932
647,693
1931
701.650
694.398
678,919
619,498
656,986
54.255
16,829
46,882
14,621
28.195
17.879
44.664
24,592
Gross income
71,084
Int. on funded debt......8,008
int, on floating debt.. _ _ _
882
Other deductions
38,028
61,503
10,884
992
49.627
46.074
11,514
1,917
32,643
69,256
12.315
2,724
41,911
Net oper. profit after
all taxes
Non-operating income
Net prof. for the year.
Surp. at begin, of year.. _
Other surplus credits__ _
24.166
910,600
39
930,978
930,978
12,306
L033,513
Together
Deductions
Approp. for shareholders
dividends, &c
934,805
930.978
930,978
1,045,819
78,031
20,378
20,378
36,810
Surplus at end of year..
910,600
914.427
930,978
Consolidated Balance Sheet Dec. 31
[In Thousands of Lire)
Assets
1934
1933
1932
Cash
415,126
392,520
349.066
Securities (marketable).
5,429
1,142
2.639
Notes Sc accts. receiv'le_
199,447
251,252
283,984
Inventories
205,368
271,152
219,363
Land, bidgs., mach, and
equipment
570.013
581,999
593,346
Investments
149.412
156,372
170,279
Advances to affil. cos_ _
41,274
35,407
52,628
Def. chgs. & other assets
6,139
4,228
17.079
-year sink. 7% deb..
20
(held in treasury) _ _ _
38,780
38.342
38,835
Total
1.630,988
1,681.118
1,778,515
Liabilities
Accounts payable
212,013
175,512
222,468
Accr. exp., wages and
deposits on contracts_
20,127
14,723
21,793
Funded debt
65,873
142,082
70,890
Reserves
60,453
67,488
61,194
Capital stock
400,000
400,000
400,000
Surplus
914,427
910,600
930,978
Total
1,681,118
1,630,988
1.778,515
-V.139. p. 2993.
930,978
1931
284.424
2,058
323,169
290,834
603,161
202,268
51,608
20,815
23,237
1,801,574
248,496
24,293
152,968
44,839
400,000
930,978
1,801,574
$333,826
5,634
Net income from dividends
Undistributed income Dec. 31 1934
828,192
36,191
Total
Cash dividend paid on stock (not)
$64,383
37,036
Undistributed income March 31 1935
327,347
* Including $992 proceeds from sale of Mission Corp. stock received as
m
dividend on stock of Standard Oil Co. of New Jersey.
Balance Sheet March 31 1935
Assets-Securities at cost (aggregate quoted market value, $3,119,575):
Common stocks, $3,705,981; Cash in banks. $210,755; Accounts receivable
for sales of securities, 347,209; account receivable for sale of shares,
$2,861;
Dividend.s declared on stocks selling ex-dividend, 317,074; total, $4.013,885.
Liabilities-Accounts payable tor purchase of securities, $87,162; account
payable for purchase of treasury shares. $7,194; other accounts payable,
$2,574; provision lor State and Federal taxes, $8,699; capital stock
shares, par 35, not including 10,088 shares held in treasury), (92.794
$463,970;
capital surplus, $3,416,937; undistributed income, exclusive of gains and
losses on sales of securities, $27,347; total, 34,013.885.-V. 140, p. 2701.
Filene's Sons Co.
-Preferred Stock CalledCalled
-
'rho directors on April 29 voted to call for redemption 1-5 of the preferred stock (not including shares held in treasury) outstanding on June 20.
The stock will be redeemed at $110 and dividends on July 1. Payment
will be made at the First National Bank of Boston, 17 Court St., Boston,
-V. 140. p. 1658.
Mass.
Fisk Rubber Corp. (8c Subs.)-EartrUzgs3 Months Ended march 311935
1934
Not profit after charges and Federal taxes
$42,745
$120.287
Earns, per sh. on 423,405 shs.(p $1) com.stk._ _
(par
Nil
Gross sales for first quarter of 1935 less returns and allowances,3 ere
w A5
0
32.666,066. V. 140. p. 2183. 1659.
-
Florida East Coast Ry.-Earnings.1934
1935
$1,088,770 31,172.269
370,080
555,001
234,182
426,393
1933
3992,175
490,462
362,591
1932
$996,639
450,718
296,067
3,032,238
1,293,592
915,193
2,688,360
1,179,785
818,796
2,886,726
1.240,293
771,088
Reconstruction Loan Extended
-
The Interstate Commerce Commission on April 26 approved the extension
for a period not to exceed three years of the time of payment of $627.075
of the loan to the receivers of the company by the Reconstruction Fin ce
Corporation,maturing May 11935.-v. 140, p. 2682.
7
"-Ford Motor Co. of Canada, Ltd.
-50
-Cent M
Minden
The directors have declared dividends of 50 cents per share on the class A
and class stocks, no par value, payable May 28 to holders of record May 8.
This compares with dividends of 75 cents paid on Dec. 17 1934. 50 cents
on May 28 1934, $1 per share on Dec. 31 1933. 60 cents on June 20 1931
and $2.10 per share paid during the year 1930.-V. 139. P. 3479.
Operating income
Other income (net)
$355,835
11,935
$475,270
5,218
Gross income
$367,770
$480,488
Interest on mortgage debt
$757,436
$757,436
Interest on unfunded debt
308.436
359,738
Amortization of debt discount and expense
55,404
49.608
Interest charged to construction
Cr2,265
Cr2,559
Net loss
$638,230
$796,746
Balance Sheet Dec. 31 1934
Assets-Fixed capital-plant, property, &c, $20,653,926; investments(incl. Inactive subsidiary at $1). $2,091; deposits with trustee in lieu of
mortgage property, &c., $1.215; cash (inci. working funds), $66.481; notes
receivable, $9,954; accounts receivable, $379,559; materials and supplies,
$62,421; deferred debit items; $1,009,075; total, $22,184,721.
Liabilities-Preferred stock ($7 cum.), par $100, $2,165,200; common
stock (60.000 shares no par), 32,100.000; funded debt, $12,407,900; notes
and accounts payable to parent company, Southeastern Elec. & Gas Co.,
$4,201,531; matured in, unpaid (past due), $646,523: notes payable.
$483; accounts payable. $67,572; taxes accrued, $43,237,int. accrued, $292.939; miscellaneous accruals, $2,294; consumers' service and line deposits,
$287,855; reserves, $1,291,119; contributions for extensions (non-refundable). $54,484; capital surplus, $780.351; corporate deficit, $2,156.767;
total, 322,184,721.-V. 140, p. 1829.
Ford Motor Co. of Detroit-Will Build Coke Plant
Henry Ford let it be known to-day that the company had placed the
largest order of its kind in the United States in more than seven years
for a 34,000,000 by-products coke plant.
The Koppers Construction Co. of Pittsburgh has received the award
of a contract for the building of two batteries of 61 ovens each. This
involves $2,000,000, the second $2,000,000 going to other work connected with the ovens.
This is in addition to the 323,000,000 construction program at Dearborn
which was announced several months ago by the Ford company.
The construction of the coke furnaces will bring the Ford coke-making
equipment up-to-date to facilitate the manufacture of steel in the plant
now being constructed. The ovens will be completed within a year, it
was announced.
-V. 140, p. 2863.
Earrings for 3 Months Ended March 31 1935
Interest earned
Operating expenses
Interest on 5% debentures, series A
$837
2.820
2,364
Deficit (before profit on sale of securities)
z $4.347
x As there was an excess of operating expenses and debenture interest
over interest earned during the three months ended March 31 1935, for this
period there were ao net earnings (as limited by the certificate of incorporation) which would be required to be distributed at the end of the year.
As at March 31 1935, the accrued inteiest since the last payment date per
$100 debenture was 30.416.
Statement of Surplus for three Months Ended March 31 1935
Capital surplus
-Balance, Dec. 31 1934
546,460
Excess of amounts received on issuance of 5% debs., series A,
with escrow receipts annexed, over the principal amount of
debentures issued
26,101
Total
Earned surplus (before decrease in market value of securities
owned-Deducted as a separate item on the balance sheet,
amounting to $32,682):
Balance, Dec. 31 1934
Net profit realized from sale of securities (based on aver. cost)
Provision for Federal income tax
Total
Excess of °per. exps. and debenture int. over interest earned
Dividend paid Jan. 16 1935 (75c. per share)
1935
[Exclusive of gains and losses on sales of securities)
Ileum°-cash dividends
I
Expenses
2,806,678
794,995
431,223
Calendar YearsF1934
Operating revenues
$1,681.773 $1,678.518
Operating expenses
854,478
964,681
Maintenance
157,437
175,719
Provision for retirements, renewals, and replacements of fixed capital
51.892
34.625
Provision for taxes
151,928
138.426
Foreign Bond Associates, Inc.
-Earnings
-
Fidelity Fund, Inc.
-Earnings
-Earnings for the 3 Months Ended March 31
March(4ross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Not from railway
Not after rents
304::1.933
$72,562
25.523
7.245
Dr396
$104.935
4,347
2.416
Balance of surplus account as at March 31 1935
398,170
Note-The certificate of incorporation requires that any profits from the
sale of securities shall be excluded from the net earnings required thereby
to be paid out as dividends once in each eyar. However, earned surplus
resulting from such profits may be declared as dividends.
Balance Sheet March 31 1935
Assets-Cash in banks, $17,348; receivable for securities sold but not
delivered, $27,091; miscellaneous accounts receivable,$530;securities owned
-at market value as determined by the executive committee of the company
in conformity with resolutions passed by the board of directors (cost $311,455), $278,773; accrued int. receivable, $1,063; deferred charges, &c., $717;
total, $325,524.
Liabilities-Payable for securities purchased but not received, $31,576;
accounts payable-fiscal agent's fees. $264; accrued int. on 5% debs., series
A, 3916; provision for Federal taxes, $5.829; accrued expenses, 3550; 5%
debs., series A, due Sept. 1 1948: Authorized in the principal amount of
$19,961,250 with non-detachable escrow receipts annexed representing one
share of common stock for each $50 principal amount of debs. (The debs.
with escrow receipts attached are redeemable at any time before maturity
and notice of any acceleration thereof at the option of the holders.) Issued
and outstanding, $219.900; common stock (par 10c.), $1,000; capital surplus
-representing the excess of amounts received on issuan-4 of 5% debs.,
series A, with escrow receipts annexed over the principal amount of debs.
issued, &c., $72,562; earned surplus (before decrease in market value of
securities owned-deducted below), 325,608; excess of cost over market
value of securities owned, as determined by the executive committee of the
company in conformity with resolutions passed by the board of directors.
Dr332.682; total, $325,524.
As of March 31 1935 the asset value per $100 deb. with escrow receipt
annexed (the net asse), value of two shares of common stock as defined in
the indenture, plus the principal amount of one such deb.) amounted to
3128.-V. 140. p. 970.
Fort Smith & Western Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2704.
1935
$48,555
-2,140
-8,684
1934
$50,115
-918
-6,079
1933
$50,600
1.878
-4,484
1932
$49,524
-7,091
-14.031
168,717
11,627
-9,069
169,502
14.951
-2,841
159,435
7,425
-7.292
173.315
-1.386
-18,870
Fort Worth & Denver City Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2354.
1935
3408,150
72,406
14,637
1934
$418,494
136,103
75,086
1933
$364,014
100,838
48.695
1932
$459,142
165.630
107,046
1,146,430
185.043
13.950
1,253.765
413,573
234.664
1,134,657
338,343
189,204
1,467.646
507,111
333,982
Fort Worth & Denver Northern Ry.-Notes--
The Interstate Commerce Commission on April 26 authorized the company to issue to the Colorado & Southern Ry. a promissory note or notes
in the sum of $4,182,091, to evidence advances made for construction.
V. 135, p. 814.
3042
Financial Chronicle
Fort Worth & Rio Grande Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Netfrom railway
Net after rents
-V. 140, p. 2354.
1935
$31,279
dot18,564
def26,945
19341
$35,509
def17,306
def26,093
1933' "l - _ 1932'. 1
'
135.8011! '$36,634
def20,442 def24,169
def35,713
def30,530
89,319
def59,218
def84,906
105.146
def48,102
def74,651
1102,531
193,199
def84,222
def73,670
def105,920 def118 903
Fourth National Investors Corp.
-60
-Cent Common Div.
The directors have declared a dividend of 60 cents per share on till
common stock, par $1, payable May 14 to holders of record May 7. Th
compares with 40 cents paid on July 1 1934.45 cents on Jan. 1 1934,40 cents
on July! 1933,55 cents on Jan. 1 1933.60 cents on July 1 1932 and 55 cents
per share paid on Jan. 1 1932 and July! 1931.-V. 140, p.2863.
Fox Film Corp.
-Earnings--(including wholly owned subsidiaries]
13 Weeks EndedMar. 30'35 Mar. 31 '34
Gross inc.from sales & rental of film & literature_ .510,476,958 $9,061,009
Other income
263.864
264,557
I.
Total income
$10,740,822 39,325,566
Expenses, &c
2,649,525 2,525.533
Amortization ofproduction costs
5,439,557 4,353,025
Participation in film rentals
1,774,761 1,354,323
Interest
76,063
77,887
Amortization of discount & exp. offunded debt_ -14,684
15,398
x Depreciation offixed assets
69,426
69,024
Federal taxes
100,000
125,000
•
Net profit
$805,376
$616,806
Earns.per sh.on 2,439,409 shs.comb.cl. A.& B stks
$0.25
$0.33
x Not including depreciation of studio buildings and equipment absorbed
in production costs amounting to $132,438 in 1935 and $165,809 in 1934.
The consolidated earned surplus at Dec. 29 1934 was $3,006,812. and
after adding the net profit, as stated, and deducting foreign exchange adjustments of $2.607, the consolidated earned surplus at March 30 1935,
stands at $3,621,011, all of which has accumulated since the effective date
of reorganization of the company April 1 1933.
No theatre earnings are included in the above figures from National
Theatres Corp. in which Fox Film Corp. has an interest of 42%.-V. 140.
P. 2705.
Fulton Iron Works Co.
-SEC Allows Delisting of Stock
See Bwana M'Kubwa Copper Mining Co., Ltd., above.
-V.139. p. 3479.
Gabriel Co.(& Subs.)
-Earnings
Calendar YearsNet sales
Cost of sales
1934
$682,966
585,986
192
1931
1933
Not
$507,056 ( $337,2131
233,901f avilable
428,701
Gross profit from oper.
Selling, gen. & adm. exp.
Depreciation
$96,980
90,574
92,891
$78.354
118,920
62,740
$103,312
149,840
58,075
$147.632
246,157
95,938
Loss
Other income
$86,485
19,311
$103,306
39.427
$104,604
21,363
$194,463
38,050
Total loss
Other deductions
$67,174
73.585
$63,879
66,741
$83,240
24.698
$156,413
221,430
Net loss
$140,759
$130,620
$107,939
$377,844
Earnings for Quartcrs Ended March 31
1934
1933
1935
Net loss after taxes, deprec. & chrges_
$21,623
$24,496
$28,865
Comparative Balance Sheet Dec. 31
Assets
1934
b Land&bldgs...tc. $524,252 $658.890 a Capital stock- _ _$1,000,000 $1,000,000
15,700
Inventories
63.331
98,553 Accounts payable_
28,917
U.S. Treas. notes..
25,000 Notes payable_ __ _
18,227
2,262
Notes dc accts. rec.
46,928
45,621 Due to Gabriel
Receivable from
Pneumatic VU!sale of props- _ _
20,000
canizer, Inc_
217
Due from officers
12,287
Accruals
11,594
d102
2,500
and employe_ _
1,852 Other liabilities
6,250
44,871
Other assets
Initial surplus__ 351,847
351.847
13,210
9,495 Deficit
472,020
Prepaid expenses_
331,261
6,987
C Treasury stock_ _
6,988
Marketable secur_ 177,787
204,154
Mtge. receivable_
3,656
Cash
25,689
8,948
Cash in closed bks_
103
2
2
Good-will
5,279
6,665
Deferred charges_ _
Total
Total
$928,541 $1,069,826
$928,541 $1,069,826
a Represented by 198,000 shares of class A, no par value, and 2,000
shares of class B, no par value. b After reserve for depreciation of $451,280 in 1934 and $376,139 in 1933. c Represented by 850 shares at cost.
d Employees only.
-V. 139, p. 2519.
may 4
1935
the new values. The directors have further authorized a reappraisal on
the basis of expectable commercial recoveries of the Trinidad Asphalt Lake
lease or concession and of the coal and gilsonite properties in Colorado and
Utah, together with amortization and depletion rates in keeping therewith.
The result will be a reduction of approximately $1,504,000 in the aggregate
book value of these properties.
Transportation of Gilsonite-The tonnage now being mined is transported
over a wholly-owned railroad subsidiary. Government improvement of
highways in Utah in recent years has made transport by truck more economical. When the company's mining conditions can be advantageously
adapted to truck transport, the railroad property now owned and used will
become obsolete. The directors have, therefore, authorized the creation
of a reserve of $1,325,000 against this contingency.
Reduction in Charges
-It is expected that the above adjustments, together
with those effected in 1934 at Buffalo, N. Y. and Madison, Ill., will result
in a reduction in operating charges of more than $350,000 per annum.
Pro Forma Consolidated Surplus Statements as at Jan. 1 1935
[After giving effect to adjustment of certain assets]
Earned
Capital
Surplus
Surplus
Balances, Dec. 31 1934 before adjustments
43,737.625 $11,340,743
Adjustments as at Jan. 1 1935:
Elimination of deficits of Bermudez Co. and New
York & Bermudez Co
4,273,278
Total
58.010,903 $11,340,743
Investments in Bermudez Co. and New York &
Bermudez Co
5.447,877
Inventories of Bermudez Co.and N.Y.& Bermudez
Co.incl. in sale of these properties on Apr.10'35
200,488
Reduction in book value of buildings, machinery
and equipment, Sec
1,365.142
Reduction in book value of concessions, gilsonite
and coal deposits charged to earned surplus of
subsidiaries to the extent of their earned surplus
accounts and the balance to capital surplus_ _ _ _ 1,205,489
298,763
Res,for obsolescence of transportation properties..- 1,325,000
Balances, Jan. 1 1935, after adjustments_ __- $2,914,782 55,594.103
x Earned surplus in net of deficits of the Bermudez Co. and New York &
Bermudez Co.
Pro Forma Consolidated Balance Sheet, Jan. 1 1935
[Giving effect to adjustment of certain assets)
Assets
-Cash in banks and on hand, $2.233,699; bills receivable, customers, $112.899; accounts receivable (customers, $634,360, others, 351,281,
tax liens, 83,537, total, $882,078, less allowance for discounts and doubtful
receivables, $53,517), $828,561; inventories, $1,794,366; investments, at
cost, $130,228; deferred expenses, $242.538; land, roadways, sewers, &c.,
$3.233,471; buildings, machinery and equipment. &c., less allowance for
depredation, $4,376,369; gilsonite and coal deposits, less allowance for
depletion, $300,000; concessions and royalty contracts, less allowance for
amortization, $628.531; total. 313,767,764.
Liabitilies-Accounts payable, $292,994; U. S. and Trinidad income
taxes, estimated. $66,388; equipment trust certificates of Barber Asphalt
Co., series A, due in four semi-annual payments of $18,000 from July 1
1935 to Jan. 1 1937. $72,000; reserve for contingencies, $220,177; reserve
for obsolescence of transportation properties, $1,325,000; advance payment
under option, $50,000; capital (common stock par $10, $4,133,330, capital
surplus, $5,594,103, earned surplus. $2.914,781 total 312,642,215, less in
treasury, 27,109 16-100 shares at cost, $901,011)
,
11.741,203; total,
$13.767,764.-V. 140, p. 2534.
General Cigar Co., Inc.
-Earnings
Quar. End. Mar.31Profit after charges &
Federal taxes (est.)-- Com.stk. outst.(no par)
Earnings per share
-V. 140, p. 1486.
1934
1935
$323,995
472,982
$0.50
General Indgmn,ity
ing Dividend-AC
-t-t-^-
$3335,277
472,982
$0.52
Corp. of
1933
$110,203
472,982
30.04
1962
$302,136
472,982
$0.45
America--Initial Liguidat-
Superintendent of Insurance George S. Van Schaick on April 22 aunounced plans to pay a first dividend amounting to $400,000 to credito.s
of the company.
This first distribution of assets follows confirmation by Supreme Com t
Justice Lous A. Valente of the Superintendent's second report? audit and
,
petition as liquidator of the company authorizing payment to policyholder
creditors of the proceeds of the statutory deposit made pursuant to Section 71
of the insurance law. The Superintendent was directed also to pay to all
general creditors such dividends as the funds in his hands Ni ould permit
after necessary reserves for taxes and future administration costs.
The policyholder creditors will receive a first dividend of 40% from the
proceeds of the statutory deposit which are held "for the benefit and
protection of and as security for the policyholders." The holders of
approved non-policyholder claims will receive a first dividend of 10%
from general funds at this time. Additional dividends will be paid as
rapidly as the remaining assets, consisting of first mortgages on real estate
and stocks and bonds, can be reduced to cash.
-V.137, p. 2279.
-Buick Sales Higher
General Motors Corp.
Buick dealers delivered 2.552 new cars In second 10 days of April, a
gain of 52% over deliveries of 1.676 cars in previous 10 days and 60% over
the 1,590 cars delivered in corresponding period a year ago. Volume was
best for any corresponding April period since 1931. Company% bank of
more than 5,000 unfilled orders is up 25% since April.
-Earnings- General Asphalt Co.
1935
1934
3 Months Ended March 31Chevrolet Truck Sales
$1,618,483 $1,425,727
Volume of business
The Chevrolet Motor Co. division of this company reports retail sales of
47,504
Net loss
166,619
trucks this year to April 1, totaled 40.332, a record for first quarter sales
Note
-The foregoing figures are partly estimated to give effect to adjustfor the last six years, and being exceeded only once before in the history
ments outlined in supplemental report to stockholders dated April 17 (see
of the company, in the first quarter of 1929.
below) and are subject to audit at the end of the year.
-A supplement to the annual report for 1934 has
Oldsmobile Deliveries Up
Reduction in Surplus
issued.
Retail deliveries of Oldsmobile cars totaled 6,652 units in second 10 days
The annual report dated March 19 193$ referred to an option given on
of April a gain of 18% over the 5.630 cars delivered in first third of the
month and double the corresponding period a year ago. Deliveries for
two non-operating subsidiaries and to adjustments which will reduce operthe year through April 20 total 45.644 units, more than three times as
ating charges. This supplemental report is now issued to inform the stockholders on these points,
many as were delivered during same period lastyear and about as many
Venezuelan Asphalt Properties-Asphalt and oil operations at the Beras in the first seven months of 1934.-V. 140. P. 2864.
mudez Asphalt Lake in Eastern Venezuela have been shut down since 1931
because of a lack of market for the products. No change in this condition
General Public Utilities, Inc.(& Subs.)
-Earnings
is presently expectable. The Trinidad Asphalt Lake (which is held under
Period End. Mar.31
- 1935-Month-1934
1935-12 Mos.-1934
a long-term concession or lease) assures the company of a supply of mateGross oper. revenues..- - $344,613
$323,861 $4,509,958 $4,088,767
rials which, as a result of processes now being developed, are expected to
Operating expenses
149,980
145,955
1,881,462
1,765,017
cover the field in which the Bermudez products were formerly sold. With
Maintenance
21,496
16,854
215,350
201,579
these considerations in mind the directors last August gave an option for
Taxes other than Federal
cash and royalty basis of all of the shares of the two subthe purchase on a
33,923
income taxes
31,869
394,774
344,084
sidiary companies holding the Bermudez asphaL and oil properties and for
23,055
24,464
Depreciation
358,055
321.198
acquisition of an oil lease over lands owned by subsidiary companies in
Trinidad, B. W. I. This option expired on April 1 1935, without being
Net oper. income_
_ $116,157
$104,716 51,660,315 51,456.887
exercised. On April 10 the directors sold for cash and an oil royalty the
Non-operating income,,,,
2.024
def197
22,561
4,954
shares of the two Bermudez subsidiaries and gave the purchaser an option
to acquire the Trinidad oil lease on the same royalty basis as in the expired
$118,181
Total
$104,519 $1,682,877 $1.461,842
option. The sale of the Bermudez shares resulted in a net write-off in
Exp. & taxes of General
surplus accounts of approximately 51,375,000. If the new option for the
Public Utilities, Inc.
Trinidad lease is exercised the aggregate cash received for the sale of the
3521:,441861646
2,110
(excl. Florida Ice oper.)
shares and the lease will be approximately the same as stipulated
Bermudez
• 31,582
Interest & amortization,,
in the expired option.
Federal income tax
The proposed Trinidad oil lease will not in any way affect operation by
72,966
Interest on funded debt_
72,966
872, 0t.
7 7
6
875,602
subsidiaries of the Trinidad Asphalt Lake, nor will the sale of the Bermudez
Divs. on General Public
shares in any way affect General Asphalt Co.'s royalty rights under its
Utilities. Inc. $5 pref.
the Royal Dutch-Shell Group, either as respects producing
contract with
3,242
3,242
stock
38,010
38,910
oil properties or the 55,000 acres of undeveloped oil claims held by a Royal
Dutch-Shell subsidiary in Eastern Venezuela.
Bal,avail,for common
believe that the
Depreciation, Amortization and Depletion-The directors
$2,904
stock & surplus- def$5,382
$278.552
040,242
company will be in a stronger competitive position if aggregate annual
V. 140. P. 2535.
charges for depreciation of plants, amortization of concessions and depletion
of mineral deposits are reduced. They have, therefore, authorized a reduc-"Glidden Co.
-Stock Sale Planned
tion of approximately $2,365.000. in book values to reflect appraisals by '7.
The company, it is reported, is filing with the Securities and Exchange
the companies' engineers on the basis of the present useful value and est Conunission an application for registration of additional common stock.
mated life of units carried in the plant accounts, and they have also authorWhen the registration is approved the company, it issaid, will offer 100.000
ized future annual depreciation upon the straight line method applied to
31M1 34:283
Financial Chronicle
Volume 140
shares to the holders of its common stock. It is reported that the new stock
will be offered at $22 a share, which would bring in $2,200,000. Proceeds
of the sale will be used to reimburse the company's treasury for capital
expenditures of the last two years.- V. 140. p. 2706.
General Refractories Co.
-Earnings
3 Mos.End. Mar.31Earnings before taxes,
interest, &c
Corp. munic.& inc. taxes
Interest on bonds
Bond disct. de expense
Int. on floating debt_ __ _
Deprec. & depletion_
$387,268
53.798
47,510
14,559
155
73,444
$342.579 loss$28,386
40,522
21,507
78.270
66,667
9,020
14,688
5,211
70,044
68.896
Net income
Shs.cap.stk.out.(no par)
Earnings per share
$197,802
394,255
$0.50
$144.723 loss$205.356 loss$176,272
279,266
262.900
300,000
$0.52
Nil
Nil
1935
1934
1932
1933
$1,496
21,030
62,500
19.600
3,607
71,031
Balance Sheet March 31
1935
1934
1935
Assets
Liabilities
Prop.,equip., min.
x Capital stock ___11,354,603
lands, &e
12,124,857 17,537,129 Capital surplus-- 601,333
Cash
999,149
477,093 Earned surplus__ 914,730
Cash In banks In
5
-year 6% bonds__ 3,914,000
hands of receiv'rs
22,146 Accounts payable_
14,837
Bills & accts. ree
883,461 Accrued accounts_ 173.925
883.171
Inventories
1,784,523 1;683,456 Accrued Interest__
19,570
Accrued Interest._
289 R.for coating_
163
Market.securities _ 166,212
166,212 Res.for employees'
Employees' mtges.
1,855
1,243
pensions_
25,500
Investments
927,094 1,038,664 Reserve for Federal
Notes & accts. rec.
income tax
30.023
& aeon int, not
current
20,204
Duefrom env!.,&c 195,448
516,434
Cash on deposit for
redemp. of notes
3,000
2,000
47
Accr. Int. on Invest
893
Repair parts, &c_ _ 124,269
106,395
Deferred accounts_ 208,130
338,195
17,645
Patents
27,600
1934
10,940,402
4 651 209
. .
234,538
5,152,000
160,604
26,550
1.418,238
25,850
Total
17,468,994 22,802,826
Total
17,468,994 22,802,826
x Represented by 394,255 no par shares in 1935 and 279,266 in 1934.V. 140, p. 2355.
Georgia & Florida RR.
-Earnings
-Period End. Mar. 31
- 1935--Month-1934
1935-3 Months
-1934
Railway oper. revenue,. $111,214
$114,107
$255,623
$286,778
Net rev, from ry. oper_ _
24,983
19,088
14,488
23,226
Net railway oper.Income
19,731
.11,294
de14,230
def1,899
Non-operating income_ _
354
151
3.581
2,859
Gross income
Deductions
$20,085
1,086
Period
Gross earnings
- 140, p. 2864.
$11,446
1,286
def$648
3,160
$960
3.042
$18,999
Surplus applic, to int
$10,159
def$3,809
def$2,082
-3d Week of April- -Jan. 1 to April 211935
1934
1933
1934
$18.350
$20,650
$312.873
$351.228
Georgia RR.
-Earnings.March
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 140, P. 2186.
v.
1935
$271,430
52,345
55,234
1934
$296,467
52,342
50,312
1933
$250.104
27,663
27,281
1932
$256,562
13,896
18,509
742,027
98.351
112,687
817,688
141.172
139,758
693.455
67,114
68,016
723.845
def18.994
def8,720
Globe Indemnity Co.
-Financial Statement, Mar.31 1935
Assets
Cash in office and banksU. S. Govt. bonds
State. municipal,railroad
& other bonds & stocks
Real estate
Prerns. in course ofcollection not more than
3 months due
Interest due and accrued
Sundry balances due_
Total
140. p. 1831.
Liabilities
$760,975 Reserve for claims
$14.197,880
11,584.663 Res. for unearned prems_ 6,927.453
Reserve for commissions
on uncollected prems_ 14,047,188
652,019
1,588,934 Reserve for taxes and
sundry accounts
442,000
Contingency reserve- 316.218
3,376,792 Res, for losses incurred
but not reported
268,276
2,200.000
609.217 Capital
2.500.000
Surplus
5,000.476
$32,236,046
Total
$32,236,046
Globe & Rutgers Fire Insurance Co.
-New Secretary
-
James II. Perry, has been elected a Secretary.
-V. 140.
-- (Adolf) Gobel Inc.
-Bankruptcy Petition
At the regular monthly meeting of the directors held pril 25, following
the adjournment of the stockholders' meeting, the di ectors decided to
authorize the officers of the company to apply in the Federal Courts under
Section 77-B. A petition was filed April 26, in the Federal Court, Eastern
District, in Brooklyn. V. D. Skipworth, president of the company, issued
the following statement:
"The directors after very careful consideration, realizing that the company is solvent and has ample security for the payment of the outstanding
Wade of notes which matures on May 1 next, decided that they would be
safeguarding the bondholders and stockholders in the best possible manner
by taking this action. Section 77-B enables a solvent corporation an
opportunity of working out in an orderly manner a plan to meet maturing
notes in a way satisfactory to the noteholders and stockholders and at the
same time allows the corporation to continue operating in a normal manner.
"In this case there are $2,250,000 6 % notes maturing on May 1 1935.
These notes are secured by the Jacob E. Decker & Sons common stock,
99.9% of which is owned by Gebel. The book value of this stock is approximately $2,600.000, without any consideration of good-will, trade marks,
&c. This stock has earned over 10% per year for over a period of the last
five years. Negotiations for the sale of this stock have been in progress
and are still in progress, and the Gobel directors feel that within a reasonable time, which they will have under 77-B, that this will be successfully
accomplished."
Mr. Skipworth assured the stockholders at the meeting held on April 25
that the company is running in the black, and he feels that with the changes
in the management which he has contemplated the future of the company
is much more encouraging now than It has been for the past five or six years.
Protective Committee Formed for Noteholders
In connection with the filing of a petition in the Federal Court in Brooklyn
for reorganization under Section 77-B of the Bankruptcy Act, announcement is made of the formation of a committee to represent the holders of
the 6H% collateral gold notes. series A.
The committee is composed of: John McHugh, Chairman; Henry G.
Biter. 3rd. of Riter & Co.', Charles B. Wiggin of Pearl Assurance Co.;
and Hubert F. Young, of Fidelity Investment Association of Wheeling,
W. Va. The secretary is Charles 13, Wiggin, 80 John St.. New York, and
Davis, Polk, Wardwell, Gardiner & Reed are named as counsel.
The committee states that it represents a substantial amount of the
notes and that it intends to become active immediately in the Interests of
the noteholders.
Common Stockholders Organize Protective Committee
A protective committee has been formed to represent the holders of
the common stock. H. C. Richard is chairman of the committee, the
other members being H 8 Parker and Cornelius Hearn, Jr. Counsel
3043
for the committee is Simpson Thatcher & Bartlett, and the secretary:is
John P. Daly, of 120 Broadway, N. Y. City.
In a statement issued on behalf of the committee, Mr. Richard says:
-year 65•5% collateral
"Adolf Gabel, Inc., has outstanding $2,250,000 5
gold notes, series A, which mature May 1 1935. We are advised that
the company has not the cash to pay these notes. These notes are secured
by substantially all of the common stock of Jacob E. Decker & Sons and
100% of the common stock of Merkel, Inc., which together are of very
substantial value. If these assets were sold at forced liquidation it would
Jeopardize the equity of the stockholders therein, and might even leave
a deficiency judgment against the company. We intend to use our efforts
in an attempt to prevent such contingencies."
Meeting Again AdiyournedThe annual stockholder s tneeting_has been further adjourned until May 16.
-V. 140, p. 2535.
-Bonds Offered-Halsey, Stuart
Godchaux Sugars, Inc.
& Co., Inc., New York, &c.; Sills, Troxell & Minton, Inc.,
Chicago and Detroit, and T. J. Feibleman, New Orleans,
are offering $2,000,000 1st mtge. 5% serial bonds. Offering prices range from 99.50 and int. to 102.87 and int.,
according to maturity. A prospectus dated May 1 affords
the following:
Dated May 1 1935. to mature serially $100,000 each May 1 1936-1946.
and $900,000 May 1 1947. Int. payable M.& N. at office of Continental
Illinois National Bank & Trust Co , trustee, and at Chemical Bank &
Trust Co., New York. Coupon bonds in denom. of $1,000 registerable as
to principal only. Bonds maturing May 1 1947, also available in interchangeable denoms. of $1,000 and $500. Red, all or part on 30 days'
notice on any int, date at 103 and int. to and incl. May 1 1940, and thereafter to and incl. Nov. 1 1946 at 101 and int. Bonds due May 1 1947
also red. through operation of sinking fund on 30 days' notice at 101 and
int. on May 1 1938 and on any succeeding int. payment date thereafter to
and incl. May 1 1946.
Sinking Fund-Bonds due May 1 1947 entitled to benefit of a sinking
fund intended to retire $100,000 of such bonds on May 1 1938 and on each
May 1 thereafter, out of the available earnings (as defined) of the company
for the preceding fiscal year remaining after provision for payment of bonds
maturing in that year. For this purpose the company may tender bonds
at par and shall deposit cash with the corporate trustee to the extent that
bonds are not tendered. The sinking fund is to be cumulative to the
extent that earnings in any fiscal year are not sufficient to accomplish the
retirement of$100.000'of bonds on the succeeding May 1, and the deficiency
in any year shall be made up out of available earnings in subsequent fiscal
years.
Purpose
-Proceeds of the sale of the bonds to be received by the company, in cash, will be $1,908,570. Such proceeds will be used in part for
the redemption, on June 1 1935, of company's first mortgage sinking fund
755% gold bonds and in part for the payment of serial notes, due July 1
,
1935. As of April 1 1933. $1,342,800 first mortgage 73i'e (red. as a whole
at 106 and int.), were outstanding. The serial notes aggregate $311.111.
Balance of proceeds will be available for general corporate purposes.
Company & Business-Incorp. July 7 1919 in New York. successor to a
business which had its inception in 1868, at which time it was founded by
Leon Godchaux.
Company is engaged in all phases of the cane sugar business, from the
growing of cane to the delivery ofrefined sugar to the jobber and wholesaler.
It is one of the largest producers of cane sugar in the United States. The
most important part of its business is, however, the refining of raw sugar
Which is not confined to its own production of raw sugar but Includes each
year the refining of a large amount of domestic, Cuban, Philippine and
Porto Rican raw sugar which is delivered to its refinery through the port
of New Orleans. Company's production of raw sugar is but a small proportion of the total refined by it. Company is the sixth largest refiner of
cane sugar in the United States, and in its fiscal year ended Jan. 31 1935
its total melt was 436,035.171 pounds.
Company has only two subsidiaries, both 100% owned. Godchaux
Sugar Sales, Inc., and Belle Pointe Milk, Inc.
Company's.physical properties are all located in the State of Louisiana.
They include a sugar refinery owned and operated at Reserve. La., with a
capacity of about 2,000.000 pounds of raw sugar melt per 24 hours. Two
raw sugar factories are owned and operated, with an aggregate daily grinding capacity of about 5,000 tons of cane. The sugar factory at Reserve.
La., is a unit of and operated in conjunction with the refinery. The Raceland factory is the largest producer of raw sugar in Louisiana. Company's
lands comprise over 31,000 acres, owned in fee, of which approximately
13,700 acres are under cultivation.
Capitalization as of Jan.31 1935 (after present financing)
Outstanding
Authorized
$2,000,000
1st mtge. 5% serial bonds (this issue)
$2,000,000
$7 cumul. preferred stock (no par)
30,500 she. *27.226 she.
Class A stock (no par)
.
200,000 shs *71,453 she.
Class B stock (no par)
200.000 she. *83,445 she.
* Exclusive of 3.274 shares of $7 cumulative preferred stock, 13,797
shares of class A stock and 1.805 shares of class 13 stock in treasury.
Security-Bonds will be secured by first mortgage on all real estate.
improvements located thereon and other immovable property now owned
by the company, subject to taxes and assessments ndt in default, and to
existing easements for highways, railroads and pipe lines. There will not
be subjected to the lien of the indenture cash, merchandise, products,
materials and supplies, accounts and bills receivable, securities (other than
those of subsidiaries and bonds issued under the indenture) and planted
and growing crops. Company will covenant in the indenture that at any
time upon request of the corporate trustee or the individual trustee, it will
subject to the lien of the indenture any property (other than that specifically
excepted) thereafter acquired or not initially subjected thereto. The
trustees, however, will not be obligated to request that any additional
property be subjected to the lien of the indenture, unless the holders of 10%
in principal amount of the bonds at the time outstanding shall in writing
request the trustees, or either of them, so to do.
Income Statement Years Ended Jan. 31
1933
1934
1935
Gross profit from manufacture & sale
of sugar & residuals
$2.059.064 $1,801,346 $1,512.438
520.315
Selling, general & administrative exp408,994
714,995
Provision for doubtful notes & accts.
33.041
27,261
receivable
23,703
154.918
Maintenance & repairs
165,576
206,578
Taxes (other than Federal or State in51.825
come & processing taxes)
68.506
89,636
200,000
200,000
Provision for depreciation
200,000
Gress income from operations
Other income, including discount on
1st mortgage bonds purchased
$552,336
$824,149
$931,007
228,331
27.715
49.268
Gross Income
$1,052,481
Interest on long term debt
145,000
Interest on notes & accounts payable_
17,725
Amortization of debt discount & exp..
56.949
Provision for Fed.& State Inc.taxes_ _
140.000
$958,722
151.551
19.273
81,448
120.897
$601,604
191.416
21,669
76.884
13.500
$298,134
$692,806
$585.552
Balance Sheet as at Jan. 31 1935
Assets-Property, plant and equipment (less deprec., $2.185,521).
$6,544,317; land and buildings acquired in settlement of debts. $83,657;
goodwill. Si; capital stocks of subsidiary companies (coat, $20,000, undistributed earnings. $81,508), $101,508; other investment securities (at
cost). $61,720; indebtedness of subsidiary company (secured), $16.923;
cash in banks (demand) and on hand ($750) $461,287; notes and accounts
receivable (less reserve for bad debts,$52.992,and discounts and allowances,
824,583), 81,219,692, inventories, $1,608,822; other current assets, $337,867;deferred charges,$132.104;other assets $219.160;total,$12.787.062.
Liabilities-Accounts payable (trade), $374,816; notes payable (banks).
$850,006;serial notes payable (banks),due July 1 1935. $311.111; 1st mtge.
20
-year 734% gold bonds sinking fund installments due prior to Jan .31
1936,$200.000;indebtedness to officers and employees,$843;accounts payable to subsidiary. companies. $88.654; accrued expenses, $51,335; Federal
processing tax, $129,493; provision for Federal and State income taxes,
Net income
3044
Financial Chronicle
1935(e,stImated) $140,000; long-term debt,$1.150,000;mortgages payable
on land and buildings acquired in settlement of debts. $2.793; $7 cumul.
preferred stock (27,226 shares no par), $2,722,600; class A stock (71.453
shares no par),$3,572,650: class B stock (83,445 shares no par) $3,192,767:
Total, 812.787,062.-V. 140. p. 2536.
- Golden Cycle Corp.
-Cent Extra Dividend77-'
-60
The directors have declared an extra dividend of 60 cents per share in
addition to the regular quarterly distribution of 40 cents per share on the
capital stock, par $10, both payable June 10 to holders of record May 31.
Similar payments were made on March 10 last and Dec. 10 1934.-V. 140,
p. 145.
Golden State Co., Ltd.
-Application to Delist Stock
Withdrawn
The company has requested the Securities Exchange Committee to cancel
Its application for withdrawal from listing and temporary registration of
Its capital stock on the Los Angeles Stock Exchange.
The Commission has consented to the withdrawal of the application and
has canceled the hearing scheduled thereon. Accordingly, the stock will
continue to be listed and temporarily registered on the Los Angeles Stock
Exchange as heretofore.
-V. 139. p. 2046.
Goodyear Tire & Rubber Co., Akron, Ohio
-$1
Preferred Dividend-4'.
The directors have declared a dividend of $1 per share on account of
accumulations on the $7 cum. pref. stock, no par value, payable July 1
to holders of record June 1. Similar distributions were made on this
Issue in each of the five preceding quarters, prior to which 50 cents per
share was distributed in each of the four preceding three-months' periods.
A disbursement of $2 per share was also made on the pref.stock on March 1
1934 on account of accumulations.
After the payment of the July 1 dividend, accruals on the above issue
will amount to $7.50 per share.
-V. 140, p. 1831.
Grand Trunk Western RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan.
Gross from railway
Net from railway
Net after rents
-V.140, P. 2186.
1932
1933
1934
1935
$1,784,114 $1,894,299 $1,085.180 $1.403,316
153,213
42,001
516,290
430,716
def77,067
322.247 def167.985
230,303
4,896,380
954,378
335,242
Green Bay & Western RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
F/om Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2356.
Granite City Steel Co.
-Earnings
--
1935
$126.035
33,993
23,974
1934
$93.488
10,534
3,664
1933
$79,284
6.291
def901
1932
$104,114
14,810
6,172
343,661
68,462
44.126
269,840
24,330
3,032
245,767
26,983
5,180
285,594
22,152
def2,123
----Greenfield Tap & Die Corp.-Initial Pref. Dividend-'
An initial dividend of 50 cents per share was paid on the $6 convertible
preferred stock, no par value, on May 1 to holders of record April 25.
This is the first dividend to be paid on this stock which was exchanged for
the old $8 preferred stock as outlined in the plan published in V. 139. p.
p. 1085. The item that appeared in last week's "Chronicle" page 2865,,
calling this payment an accumulated dividend, was in error -V. 140, P.
2865.
Gulf Mobile & Northern RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
1935
8479,664
144,960
67,130
1934
$464,384
156,026
72,728
1933
$3388,692
135,806
59.175
1932
$277,690
27.311
def16,213
1,297,654
300,464
80.882
1,261,619
362,352
116,476
1,069,144
261,506
38,336
786,717
31,037
def92,369
Would Issue Notes
The company has applied to the Interstate Commerce Commission
for permission to issue $212,000 serial 4% collateral notes to be sold to
the Public Works Administration for funds to be spent on rehabilitating
22 miles of track by replacing light rail with 90
-pound rail.
-V. 140. p.
2187. 2356.
Gulf & Ship Island RR.-Earnings.-
MarchGross from railway
Net from railway
Net after rents
4,645.804 3,444,229 4,034,228
From Jan 1
246,310
255,993
Gross from railway
945.079
Net from railway
363,111 def369.930 def413,923
Net after rents
-V.
-......____, 140, p. 2187.
Calendar Years1931
1932
1934
1933
Net sales
$5,188,790 $6,278,663 $4,259,573 $6.808,141
Cost of sales, sell., gen.
and admin. expenses
5.990,681
3,916.621
5,379.833
4.585,273
Depredation
480.000
360.000
360,000
360.000
May 4 1935
1935
$130.259
19,985
def4,279
1934
$131,815
34,833
9,369
1933
$106,161
30,858
640
1932
$112,297
22,685
def5,578
307.919
28.428
def38,200
319.363
60,242
def16,683
276.362
43,386
def50.111
289,839
17,855
def64,266
(W. F.) Hall Printing Co.
-Removed from
Trading
-
Unlisted
The New York Curb Exchange has removed from unlisted trading
privileges the 1st mtge. & coll. trust 05% sinking fund gold bonds, series
A, due May 1 1947 (unstamped).-V. 140, p. 2706.
Operating income____
Miscellaneous income __
$243.516
28,650
$538.830 def$17.048
27,822
30.875
$337.459
42.155
-Bondholders' Committee Objects to
Hamilton Gas Co.
Method of Accounting-Submits Trustees Statement
-
Total income
Prov. for Fed. inc. tax
8272.167
13.406
$566,652
60.000
$13,827
$379,615
47,295
Net prof.applic.to stk
Earned surp., bal. Jan. 1
Res. prov. in prior years
no longer req'd (net)
$258,761
625,138
$506,652
373.552
$13,827
678,318
$332,319
949,105
$1,248.275
254,992
$880.205
255,067
8892.145
318,593
$1,281,424
603,106
Balance Dec. 31 ___
$993.283
Cap. surp., bal. Jan. 1_ _ 2,292,996
a Readjustment
Adjust. in respect of
treasury stock retired
$625,138
2.341,866
3373.553
2,360.831
Dr18,965
$678.318
1,407.856
Cr952,975
Our attention is called to the financial statement which appeared In
our issue of April 6, page 2,356 by the bondholders protective committee for
the 634% 1st mtge. bonds (Clarence L. Harper,chairman). The committee
in a letter to us dated April 27 states:
"We have written to the trustees and receivers of this company because
the statements furnished by them do not coincide with the report as
published by you and we have received from them the following:
" The financial report of the trustees for the Hamilton Gas Co. and its
two subsidiaries the Lamer Gas Co. and Thompson Gas Co. shows the
following results for the year 1934:
Gas sales
$407,426.26
Less gas purchased
42,245.63
Total surplus
Dividends paid
364,376
48,870
Balance Dec. 31 __-- 82.292,996 $2,292,996 $2,341.866 $2,360,831
Earns, per share on cap.
stock outstanding_ __ _
$1.01
$1.99
$1.28
$0.05
a Capital assets and depreciation on basis actual acquisition cost of
properties to company.
Earnings for the Quarter Ended March 31
Quar. End. March 31- 1935
.
1934
1933
1932
Sales
$1,584,490
$868,203
$854.603 $1,176,529
Costs, expenses, &c_ _ _ _ 1.347,323
798,251
849,584 y1,223.172
Operating profit ____
Other income
$237.167
7,070
$69.952
3,901
$5,020 loss$46,643
4,655
9.987
Total income
$244.237
$9,675 loss$36,656
$73,853
Federal taxes and special
charges
19,655
2,294
x1.240
Depredation
90,000
90.000
90.000
See y
Net loss
prof$134,581
$18,441
$80.325
$37,896
x Excludes Federal taxes. y Includes depreciation.
Comparative Balance Sheet Dec. 31
Assets1934
MaittiMes1933
1934
1933
Cash
151,737,638 82,881,814 Accounts payable_ 8158,877 $188,729
U.S. Treas. notes_ 1,042,031
Accrd. prop. taxes
78,997
85,089
Accounts & notes
Wag., comm., &c_
62,090
45,933
receivable
472,396
511,326 Prov. for Federal
Inventories
1,318,572 1,071,390 Income tax
40,000
60,000
Invest. in sundry
Reserves:
securs., wholly
Employers' liab.
owned subs.,real
Insurance.
19,201
32,186
estate and real
Malnt. & oper
181,500
255,617
estate loans on
Contingencies _
150,134
empl. houses
99,230
65,783 y Capital stock
6,088,821 6,088,821
Deferred charges
43,451
52,647 Capital surplus
2,292,996 2,292,996
x Real est., bldgs.,
Earned surplus.__ 993,283
625,138
plant & equip 5,202,448 5,241,683
Net sales
Oil sales and miscellaneous income
$365,180.63
2,690.54
Operating income
Operating expenses, maintenance and general expenses
$367,871.17
150,925.54
Operating profit
Less: Depreciation and depletion and loss on material
$216,945.63
67,008.41
Net operating profit
Other Income
Interest on deposits
Accrued interest
$149,937.22
Net Income
Less-Other Deductions*
Lease rentals
Interest paid
Accrued interest on notes
Accrued interest on funded debt
$155,494.16
$2,985.46
2,571.48
$25,390.98
1,861.76
11,094 28
205,730.00
Net loss 1934
$88,582.86
'Non-cash income or accruals against which reserves have been esta"
blished, shown as $478 971 represents nothing more nor less than a bookkeeping entry with respect to the claim against Inland Gas Corp., bears no
relation to the facts of such claim, the likelihood of recovery thereon or the
collectibility thereof if recovery is allowed. Inclusion of such an item in the
operating statement has no other consequence than to increase by an equal
amount the 'assets' shown on the balance sheet and the enormous total of
'reserves.'"
The trustees state that it appears to be evident that the statement
furnished you included gross earnings of the Harshbarger Gas Co., a subsidiary of Hamilton Gas Co. not under their management, but did not
include the expenses of such subsidiary, and that the statement also ineluded as "non-recurrent income" a payment made by the subsidiary
Darner Gas Co. for the services of certain employees of Hamilton Gas Co.,
but did not include an equal amount as expenses for the operation of such
subsidiary. It is obvious that the trustees In charge of the company's
operations would have shown net income after Interest it, in fact, it had
been earned, but the trustees know of no method of accounting which
justifies the inclusion in an operating statement of income without an
inclusion in expenses of the costs of obtaining such income."
Total
89,015,766 $9,824,644
Total
89,015,766 89,824,644
x After reserve for depreciation of $8,013,782 in 1934 and $7,701.990 in
1933. y Represented by 254.992 no par shares.
-V. 139, p. 2678.
Great Lakes Power Co., Ltd.
-Earnings
-3 Months Ended March 31Operating revenues
Operating expenses
Provision for retirement
1935
$184,712
43,205
37,516
Net earnings from operations
Non-operating income
$103,991
1,039
Net earnings before interest
Funded debt interest
General interest
Miscellaneous
$105.031
23,295
73,686
Net income before pref. dividends
-V.140, p. 2007.
$8.049
The protective committees for both the 1st mtge. bondholders and the debentureholders have issued a joint statement to the securityholders and general creditors of the
Hamilton Gas Co., calling their attention to alleged obstruc1934
tive tactics of W. Angamar Lamer, President, to the efforts
$197,817
of the committees to effect a quick reorganization of the
40,929
31,263
company. The letter also contains a summary of the principal steps taken by the committee since the receivership
$125,624
3,232
of the company in January 1932, with quotations from the
opinions of the Court regarding the different phases of the
$128.856
25,170
litigation affecting the company.
-V. 140, p. 2356.
73,704
--Hamilton Woolen Co., Inc.
-$35 Liquidating Dividend-,---420 s
\
$29,561
Great Northern Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 2864.
1935
1934
$5.060.620 $4,782.935
1,132.522
1,350,066
410.807
638,005
13,825.973
2,252,738
125.966
1933
1932
$3,779,304 $4,448,867
603.978
735,082
-168,458
-48,975
12.759,756 10.489,095 12,039.843
2,629,693
831.547
808.176
578.471 -1,325.366 -1,324,933
A liquidating dividend of $35 per share was paid May 1. Direetots
stated that when the remaining assets are sold there is a possibility of a
further payment of approximately $5 a share. The present dividend was
made possible by the sale of inventory, real estate and other fixed assets,
subject to certain adjustments, to Ames Worsted Co. for 81.400,000 cash,
and by the sale of certain other assets to Southbridge interests for $45,000.
-V. 140, p. 1660.
Harvard Brewing Co.(Del.)(& Subs.)
-Earnings
6 Mos. Ended Afar.31Net income after int., depr. & prov. for taxes, &c.
1935
1934
890,059 de f$37,658
To Be Added to List
The New York Curb Exchange will list 23.161 additional shares of
common stock, par $1, upon official notice of issuance.
-V. 140, p. 146.
Hancock Oil Co. of Calif.
-To Pay Larger Dividends
A dividend of 25 cents per share was declared on the no par class A and
class B stocks, payable June 1 to holders of record May 15. Formerly 10
cents per share was paid every three months.
PeriodEnd.Mar.31- 1935--3
1935--9 Mos.-1934
Gross oper. income
$1,505,993 $1,074,669 $4,427,903 $3.390,583
Costs, oper. & gen. exp.,
incl. raw materials,
oper.,selling & admin.
exps., State, county
and Federal taxes_ _ 1,243,186
1,032,348 3,893.039 3.140,470
Intangible develop.exps.
60,160
59,570
9,935
126,963
Deprec.. retirements and
amortization _____
155,801
106,367
50,705
36,816
Deprec. & lease amortization
65,122
39,226
20,625
82,439
Net profit
-V. 140. p. 972.
$113,306 loss$25,055
$169.662
318.463
II
---Havana Electric & Utilities Co.-Accumulatedderia:
The directors have declared a dividend of 75 cents per share on accountl
of accumulations on the 6% cum. 1st pref. stock, par $100. payable May 15
to holders of record May 1. Similar distributions were made on Aug. 15,
May 15, Feb. 15 of 1933 and on Nov. 15 1932. The last regular quarterly
payment of $1.50 per share was made on May 16 1932.
Accumulations after the payment of the May 15 dividend will amount
to $14.25 per share.
-V. 137, p. 864.
Hayes Body Corp.
-New Officers. W. Hoagland, former President has been elected Chairman of the
Board* A. A. Anderson, former Secretary and Treasurer was elected President and Treasurer; E. J. Connolly, former Vice-President, was elected
Vice-President and General Manager; 0. W. Birnie was elected Secretary
and Assistant Treasurer and McKee Robson was elected Assistant Secretary.
-V. 140, p. 2008.
Hercules Powder Co• Inc.
-Earnings-
•
3 Mos.End. Mar.311932
1933
1935
1934
Gross receipts
$7,204,411 $6,859,204 $4,007,062 $4,477,277
x Net earnings
92,860
937.708
1,010,875
257,296
Fed'I income tax (est.)
5,655
140,648
137,948
30,318
Net profit for period-- $797,060
$87,205
$872,926
$226.978
Surp. at begin, of year__ 10,229,141 10,040,110
9,727,806 12,254,665
Total surplus
$11,026,201 $10,913,037 89,954.783 $12,341,871
Divs, on pref. stock..
184,702
184,686
185.255
199,922
Divs. on corn. stock- _
437.654
291.365
218,507
454,676
Surplus at March 31--$10,403,861 $10,436,970 $9,551,021 $11,687,273
Shs. corn. stk. out. (no
par)
583.533
582,729
582.679
606,234
Earnings per share
$1.05
$1.18
Nil
$0.07
x From all sources after deducting all expenses incident to manufacturing
and sale, ordinary and extraordinary repairs, maintenance of plants, accidents. depreciation, &c.
Consolidated Balance Sheet March 31
1935
1934
1934
1935
Assets8
3
Plants & property _16,502,228 18,588,031 x Common stock_ _15,155,850 15,155,850
Cash
4,119,948 2,213,944 Preferred stock_ _11,424,100
Accts. receivable 3,041,977 .4,501,327 Accounts payable_ 507,057 11,424,100
414.484
Hercules Powd.Co,
Pref. div. payable_ 184,686
92,356
capital stock
1,691,349 1,718,270 Deferred credits....
16,521
21,019
Other assets
107,250
Fed'I taxes (eat.)... 487,782
460,516
Invest. securities_ 1,053,962
631,786 Reserves
3,843,678 4,465,433
Govt.securities_ _ _ 2,951,181 4,177,591 Profit and loss _ _ _ _10,403,861 10,436,970
Marketable secs._ _ 397,888
Materials & suppls 3,455,077 2,900,691
Finished products_ 3,603,878 2,509,866
Deferred charges
98,797
229,221
Good-will
5,000,000 5,000,000
Total
42,023,536 42,470,729
Total
42,023,536 42,470,729
x Represented by 606,234 shares of no par value.
-V.140. p. 2187.
Hershey Chocolate Corp.
(& Affil. Cos.) EarningsQuar. End. Mar. 311935
1934
1933
1932
Operating profit
c$1,825,503 c$2,007,952 b$1,319,575 $2,095,721
Other income
73,064
89,798
31,971
55.913
Total income
$1,915,302 $2,081,017 $1,351,546 $2,151,634
Cash discount, &c
167,883
155,813
106,226
170,522
Federal taxes
240,850
264,716
171,232
237,733
Not income
$1,506,570 $1,660,488 $1,074,089 $1,743,379
Cony. pref. dividends_ _ _
253,844
253,844
259,568
a270.971
Common dividends
526.312
526,312
546.487
1,091,293
Surplus
$726,415
$880,332
$268,033
$381,115
Shs.com.stk.out.
(no par)
701,749
701,749
728,649
727.529
Earnings per share
$1.79
$2.00
31.12
$1.65
a Does not include extra div. of $1 per share payable in Feb. from previous fiscal years' earnings. b After deducting from gross profit on sales
of $1,880,468, shipping expenses of $74,602 and selling and general expenses
of $486,291. cAfter deducting from gross profit on sales of $2,954,321
in 1935 ($3,046,136 In 1934) shipping expenses of $554.383 in 1935 ($517,870
in 1934) and selling and general administrative expenses of $574,434 in
1935 ($520,314 in 1934).-V. 140, p. 1832.
Hudson Motor Car Co.(& Subs.)
-Earnings
Calendar Years1934
1933
1932
1931
Net sales, autos & parts-$52,567,561 $23.521,458 $25.861.671 $38,235.636
Cost ofsales,incl, selling,
adv.,shipping, admin.
& general expenses_ _ _y53,788,356 25.823.422 28,320,787 37.115.955
Loss from sales of
autos and parts_ _ _ _ $1,220,795 $2,301,964 $2,459,116 pf$1,119,681
Int. earned & other inc.
67,161
49,793
66,658
333,536
Total loss
$1.153,635 $2,252,171 $2,392,458pf$1.453,217
Depreciation
1,981.759
2.157,758 3.036,891
3.444.416
interest paid or accrued
103,808
Net loss
$3,239,202 84,409,929 85,429,350 81,991,199
Previous surplus
7,275,502 11.685,521 20.145,503 30.266,069
Total surplus
$4,036,390 $7,275,592 314.716,153 $28,274,870
Cgsh dividends paid_
1,596,660
Contingent reserve
500,000
Loss on obsolete equip_
463,124
Res, for shrink. In subs
2,000,000
Res. for special tools__
2,000,000
Special advertising
1,400,000
Write-oif of plant facilities, rearrang. of plant
2,567,508
632,707
Profit & loss surplus__ $44,036,390 $7,275,592 $11,685,521 320.145,503
y Includes allowances for amortization of dies, jigs and fixtures, &c.
Earnings for the Quarter Ended March 31
3 Mos.End. Var.31..934
1935
1933
1932
Net loss after de recia'n,
Fed, tax provision and
all charges
$802,845 $1,491,005 $1,245.943
x$235.610
x Before provlsion for estimated income tax.
A. E. Barit, Vice-President and General Manager, stated that ''the
April profits will exceed those of March and the current cash holdings,
38,000.000, with no current bank loans, place the company in a strong
financial position. Excepting current accounts, the company has no
3045
Financial Chronicle
Volume 140
obligations to meet until Aug. 1 1936, when $250,000 of the $6.000.000
note Issue recently sold will mature."
Consolidated Balance Sheet Dec. 31
1933
1934
1934
1933
$
Liabilities$
Assets
a Real est., plant
b Capital stock__ _19,958,250 19,958,250•
and equipment_22,567,292 24,439,728 Accounts payable_ 3,125,369 2,952,200
1,800,000 1,000,000
2,575,538 2,334,832 Bank loan
Cash
d344,607 Accrued accounts,
U. S. Gov. occur...
509,253
1,212,976
361,129
Accts. receivable_ 745,275
Bre
Inventories
4,562,046 4,492,388 Contingency res.,
1,911,113 1,904,904
Prepaid taxes, int.
&c
Earned surplus___ 4.036,390 7,275,592
& insurance_ _ _ _ 393,452
Depos. insur. cos_
96,592
104,379
10,000
11,250
Investments
Dep. with cl'd bks.
45,741
62,232
C Cap. stock Hud904,556
son Mot. Car Co 641,644
Deferred charges_ 406,517
545,098
32,044,098 33,600,199
Total
Total
32,044,098 33,600,199
a After depreciation. b Represented by 1,596.660 no par shares.
c 51,850 rhares at market value In 1934 and 61,850 in 1933. d Market
value, 3339,901.-V. ho, p. 2707.
-Special Meeting
Home Fire Security Corp.
Stockholders of this company and its affiliate, the Home Insurance Co.,
were notified on April 25 of a special meeting of shareholders for May 10
to vote upon a plan designed to eliminate the possibility of the foreclosing
of various bank loans now owed by the corporation.
In a letter to the shareholders, Wilfred Kurth, President of both organizations, stated that the value of the collateral securing the loans was,
at present market quotations, substantially below the amount of the
debt, the principal of which is $18,500,000 and the accrued and unpaid
interest on which totals more than $1,800,000. He indicated that the
creditor banks were favorably disposed toward a plan which would involve the forgiveness of accrued interest and the continuance of the prin-V.140. p.2537.
cipal amount of the loan together with certain other steps.
-Special Meeting
Home Insurance Co.
-V. 140. p. 2538.
See HomelFire.,Security Corp. above.
-Earnings
Idaho Power Co.
[Electric Power & Light Corp. Subsidiary]
1935-12 Mos. 1934
-Month-1934
Period End. Mar. 31- 1935
$306,326
$287,807 $4,169,087 $3,844,899
Operating revenues__ __
1,884,047
2,064,583
142,973
159,209
Oper. exps. incl. taus__
Net revs, from oper__
Other income
$147,117
1,449
$144.834 $2,104,504 81,960.852
5,210
Dr1,949
1,912
Gross corp. income __
Int. and other deducs__
$148,566
59,472
$146,746 $2,102,555 31.966.062
715.887
715,420
59.618
y$89.094
3487,128 $1.387.135 $1,250,175
Balance
442,500
420,000
Property retirement reserve appropriations
z Dividends applicable to preferred stocks for
414,323
414,342
unpaid
period, whether paid or
$393,352
8552.793
Balance
y Before property retirement reserve appropriations and dividends.
z Regular dividends on 7% and $6 pref. stocks were paid on Feb. 1 1935.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
-V. 140, p. 2865.
Illinois Central RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
1932
1933
1934
1935
$7,304,839 $6,961,565 $5,270,015 $7,025.879
2,028.215
2,060,3221,325,016
1,715.675
1,365,460
696,099
1,396,378
1,100,435
MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2866.
1932
1933
1934
1935
$8,310,519 $7,888,889 $6,102,248 38.125.559
2,354,570
1,572,347
2,294,621
1,951,686
1,470,713
722,239
1,446,442
1,166,611
20,619,991
4,272,733
2,726,729
19,067,791
5,194.660
3,350,533
16,523,087 20.418,920
5.222,592
3,672,895
1,881,492 3,303.045
Earnings of System
23,315,149 21,824,083 19,026,655 23.504,603
5,898,672
4,278,296
5,922,114
4,729.637
1,806,042
3,309,570
2,654,560
3,481,248
Illinois Terminal Co.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2187.
1935
$446.810
153,506
109,982
1,246,192
376,451
248,782
1932
-.
1933 $437,973
$332,723
130,287
83,357
70,561
31,526
1934
$442.612
133,314
90,042
1,218,617
365,393
212,037
999.263
240.271
88,979
1,265.405
341,848
165,508
-Earnings
Indiana Associated Telephone Corp.
-Month-1934
Period End. Mar. 31- 1935
$87,215
Operating revenues
$91,038
435
Uncollectible oper. rev
112
47.206
Operating expenses
54,503
Rent for lease of oper.
49
property
11,934
Operating taxes
12,125
Net operating income_
-V. 140, p. 2358.
$24,249
1935-3 Mos.-1934
$272.194
$262.605
337
1,305
138,684
154,441
$27,640
105
36,396
35.793
380,915
386.823
India Tire Co -Gkottes-Pittnt-4-.
'
( April 28
-Tim company ,
pn '1d its plant for an indefinite perioi due
to the demands of the Unitdd Rubber Workers Union for increase pay
and shorter working period. The company is the only closed shop in the
rubber industry.
W. G. Klauss, President stated that the averageliourlyYwage of workers
conforms with the prevailing standard in the Akron tire industry. The
company is understood to have a good-sized inventory of finished tires.
V. 139, p. 3481.
-Larger Extra
& Power Securities Co.
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 15 cents per share on the
common stock, par $1, both payable June 1 to holders of record May 15.
Previously, extra dividends of 5 cents per share were paid on March 1
last. Sept. 1 and March 1 1934. Dec. 1 1933 and March 1 1933.-V. 140.
lisI• 803.
International Agricultural Corp.
-Tenders
The Bankers' Trust Co., corporate trustee, 16 Wall St., N. Y. City, will
until noon May 10 receive bids for the sale to it of 1st mtge. & coll. trust
-year s. f. gold bonds dated May 1 1912 at prices not exceeding 103 and
20
int. For this purpose a sum of 8152,333 is now held in the sinking fund.
-V. 140. p. 319.
Steel Co.
-Doubles Dividend
The directors have declared a dividend of 50 cents per share on the
capital stock, no par value, payable June 1 to holders of record May 15.
This compares with 25 cents per share paid on March 1 last, Dec. 1 and
Sept. 1 1934, this latter being the first payment made on this issue since
March 1 1932 when 25 cents was also distributed, prior to which the company made the following distributions: 50 cents per share on Dec. 1 1931.
6234 cents per share on Sept. 1 and June 1 1931 and $1 per share each
quarter from March 1 1930 to and including March 2 1931.
Financial Chronicle
3046
Consolideaed Income Statement for Quarter Ended larch 31
1932
1933
1934
1935
$268,916
$77,002
Net profit after expenses $4,103,379 $2,337,705
616,957
623,305
777,543
796,083
Deprec. & depletion___ _
472,500
465,750
455,625
445.500
Interest
396,000
Federal taxes
$2,465,796 $1.104.53710ss$1012053 loss$820,541
Net income
1,200.000
shs.com.stk.out.(no par) 1,200,000
1.200,000 1.200m0
Nil
Nil
$0.92
$2.05
Earnings per share
2538.
-V.140, p.
International Great Northern RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 2358.
- 1932
1934
1933
1935
$889,905
$932,013 $1,183,558 $1,040,346
114,001
329.884
379,165
131,936
152,784 def19,378
201,123
5,530
2,847,960
493.620
93,656
3.093,477
879.443
380,679
2.695,759 2,671.705
258,498
691,135
264,297 def138,761
-President Resigns
International Harvester Co.
The directors at a special meeting held April 25 accepted the resignation
of Addis E. McKinstry as President, effective May 1 1935.
Sydney G. McAllister. First Vice-President. was elected to succeed
-V. 140, p. 1833.
Mr. McKinstry as President.
Inrrnational Nickel Co..of Can.,Ltd.-SmIN-Protires-B4o.
The Mond Nickel Co.. Ltd., British subsidiary of this company, announc in London on A;r11 30 that it will retire on August 1 he 5Yi%
mortgage debenture stock The redemption price will be 103 and interest.
According to the last nnual report, the amount still outstanding was
1.089,908 pounds sterling on Dec.31 1934. This redemtion will eliminate
all mortgage indebtedness from the consolidated balance sheet of the
-V.140, p. 1833.
International Nickel Co. and its subsidiaries.
International Rys. of Central America-Earnings
-1934
1935-3 Months
-Month-1934
Period End. Mar.31- 1935
$552.710 41,307,612 $1,523,084
Gross revenues
4469,057
821.966
x693,973
270,660
Oper.exps.& taxes
x237,265
Income applicable to
$613,639
$701118
$231.792
$282.050
fixed charges
x Revenues and expenses earned or incurred in Salvadorian colones
Converted at rate of 2.5 colones for $1 approximately current rate instead
of at 2 colones for $1 parity as in 1934.-V.140, p.2866.
-Earnings
International Silver Co.
1933
1934
$9.736,016 $8.352,970
8,603,169 7,760.362
501,316
. 541,340
228,527
160.039
129,903
Calendar YearsNet sales
Costs and expenses
Depreciation
Maintenance and repairs
Ordinary taxes
Rents, &c
$73.038
155,006
1,639
$91,292
166,559
loss27,082
Profit
Adjustment for fluctuation in Canadian exchange_
$229,683
$230,769
Cr55,940
Profit
Write-down-Government securities
Federal and State taxes
$229,683
23,500
$286,709
29,086
15,000
Net profit
Preferred dividends
$206,183
237,828
$242,623
59,457
Profit
Other income
Profit of International Silver Co. of Canada
Deficit
$31,645 sur$183.166
Income Statement for Quarter Ended March 31
1934
1935
1933
1932
Net loss after deprec'n,
int. and Federal tax.... $341.477 prof$56.794
$362,319
$461.808
General tolance Sheet Etc. 31
1934
1934
1933
1933
Liabilities
Assets$
599,686 1,934,829 Preferred stock___ 5,945,688 5,945,688
Real estate
Mach.,tools & fixt 3,892,422 2,611,235 Common stock.... 9,119,731 9,119,731
5,778,800 4,657,248 Accounts payable_ 149,400
Inventories
218,891
Accr. liabilities_ _ _
58,213
Invest. In InternaProv. for Federal
tional Silver Co.
902,785 taxes
38,500
15,000
of Canada, Ltd. 876,842
462,453 1,117,984 Pref. stock div.
U. S. Govt. secs
22,701 scrip
30,184
Accrued int. no
10,709
34.461
149,536 Preferred dividends
Due from empl_ _ _
134,205
payable
59,151
59,457
Deferred charges
133,967
59,457
808,332
839,978
Stocks and bonds. 867,177 1,449,962 Surplus
799.961
Cash
•
Accts.& notes rec. 2.595,115 2,527,812
Total
16,209,505 16,233,206
-V. 140, p. 2708.
Total
16,309,
06
Interstate Equities Corp.
-To Be Aricken from List
The $3 convertible A preferred stock and trcomson stock will be
stricken from the list of th New York Curb E change upon approval of
nunission.--V. 140, p. 188.
the Securities and Exchange
Intertype Corp.-EarningsQuar. End. Mar.31Gross prof. bet. deprec__
Head and branch office
selling expenses
Depreciation
Reserve for taxes
x1935
$350,023
x1934
1303.138
x1933
8181.936
x1932
$151.077
223.144
31.335
38,000
212,891
36.357
13,000
194,091
35,844
194.788
35,549
Cr14,000
Net to surplus
$57.544
$40.889 108447,999 loss$65,260
x Subject to adjustment at end of fiscal year.
-V.140, p. 2359.
Island Creek Coal Co.(& Subs.)
-Earnings
Calendar Years1934
1932
1931
1933
Income from operation_ $2,568,539 $1,943,576
Other income
220.566
177.023
----Total income
$2,789,105 82.120,599 81.825.048 $2,614,551
Expo.,int. & sundry tax.
224,731
234,751
277,515
206.780
Deprec. & depletion.._.
540,668
626,687
509,974
570,378
Gross sales taxes, &c._
127.295
70,137
Reserve for loss on closed
banks
25,622
Reserve for Fed. taxes__
125.000
190,000
250,000
150,000
Net income
$934,650 $1,520,348
$1.667,083 $1,097,680
167,520
Preferred dive. (6%)
157,251
160,530
154.831
Common dividends
1,336,195 2,226.993
1.484,662 1,187,729
Deficit
$562,075
$27,590
$247,300
Com.she. outs'g (par $1)
593,865
593,865
593.865
$1.30
Earnings per share
$2.54
$1.58
Earnings for the Quarter Ended March 31
1934
1935
3 Mos. Ended March 31Net profit after deprec., deple., Fed$454.753
$355.507
eral taxes, &c
Earns, per share on 593.865 she, corn.
$0.70
$0.53
stock (par $1)
8874.165
593 865
$.28
1933
$153,890
$0.19
May 4 1935
Balance Sheet Dec. 31
1934
1933
1934
1933
Liabilities$
$
Assets
25,282
26,145
x Property seets__10,888,201 11,315,625 Preferred stock...
593,865
Common stock._ 593,865
Invest. In Appal.
Paid-in surplus..._11,126,073 11,215.053
Coals, Inc. pref.
399,390
. 297,907
13,525
13,568 Accts. pay., &c_ _
& corn. stock _ _
148,461
Am.tax., pay.,&a 143,952
Other investments
16,378
150,000
254,367
Cash
1,137,147 1.421.727 Federal taxes
336,171
37,944
Liberty bonds_
6,000,000 6,000,000 Dividends pay
322,104
344,084
669.647 Reserves
Accts. & notes rec. 902,582
465,592 Profit & loss surpl_ 6,807,324 6,779,734
Inventories
578,995
16,771
Cash in closed bks.
Deferred charges.
93,969
67,994
19,630,798 19,970,924
Total
19,630,798 19,970,924 Total
x After depreciation and depletion of $9,916,425 in 1934 and $10,088.676
In 1933.-V. 140, p. 2539.
Isotta Fraschini-Curb Ruling
The New York Curb Exchange has been notified by the National City
Bank of New York that stockholders have been offered the right to subscribe to additional shares of the company capital stock at 21 lire per share
on the basis of one new share for each nine shares held: that said National
City Bank. as American Depositary, is not in a position to make the subscription right available to American Depositary Receipt holders: that consequently the subscription rights accruing on the shares of capital stock of
Isotta Fraschini underlying the American Depositary Receipts of the
National City Bank have been sold in Milan, Italy, and out of the proceeds
of such sale the National City Bank will make a cash distribution to American Depositary Receipt holders at the rate of five cents per American share.
grable 1;/hy 8 1935, to American Depositary Receipt holders of record
i
5.
'I'he committee on securities of N. Y. Curb Exchange ruled that the
v
American Depositary Receipts for the capital stock of Isotta Fraschlni be
quoted "ex' said distribution of five cents per American Depositary
Receipt on April 30 1935.-V. 140. p. 2866.
-Earnings
Jamaica Water Supply Co.
1933
1934
1932
1931
Calendar YearsOperating revenues ____ $1,653,600 81,642.627 $1,645.812 $1,644,782
19 1
537.051
578,480
Gen. and oper. expenses
503.980
539,402
4
51.138
Maintenance_ _ _ ______
7,004
42;
10,950
Uncollecti ble bills
003
6,905
11,705
170,148
144,814
146,697
Taxes, State and local
148,564
City emergency gross
21,986
revenue taxes
Operating income_ _
Miscell. rent revenuesMiscell. int. revenues
$843,383
$915,186
695
Dr1.926
$903,936
723
5,386
$856.761
170
251
Total revenue
Non-oper, rev. deducts.
(rent expense)_
Int. on long-term debt
Amon.of debt die. & exp
Refund of State tax to
bondholders
Miscell. int. deductions
Interest charged to plant
and property
Retire't res., incl. deprec
Federal income taxes _ _
$850,763
$913,955
$910,045
$857,182
321,965
14,525
719
324,599
14.731
1,191
328.307
14,939
319,216
14.686
4,125
3,820
25,951
3,863
18,991
1,927
1,264
Cr9 533
11,847
102,000
39,004
102,000
46,791
103,667
54,349
102,000
38,310
7,379.
$351,437
$395,344
$379.779
$384.737
Balance Sheet Dec. 31 1934
Assets-Plant and property, $13,163,242; cash, $130,080; accounts receivable, $703,531; materials and supplies. /75,604; prepayments, $8,243;
miscellaneous assets, $62,175; suspense, $328,336; total, $14,471,211.
-Common stock,81.715,941;73:5% preferred stock,$1.000.000;
Liabilities
$6 preferred stock series (no par), $1,000,000; long-term debt, $5,859,000;
accounts, payable, $49.840; consumers' deposits, $87.952; taxes accrued.
$67,458; consumers' revenue billed in advance, $305,019; niiscellaneous
unadjusted credits, $22,436; retirement reserve, including depreciation,
$1,889,395; contributed surplus, $83,333; earned surplus, $2,390,838;
total, 814,471,211.-V. 140. p. 1489.
Net inc. trans. to sur
-New Directors
Jones & Laughlin Steel Corp.
Dwight Clark, William B. Todd and F. E. Fieger were elected directors
at the stockholders annual meeting held on April 23. One director was
elected to fill a vacancy and the remaining two to occupy additional direc_
-V.140, p. 2866.
torsi:lips created by action ofstockholders at the meeting.
-Balance
Kansas City Fire & Marine Insurance Co.
Sheet Dec. 311934Liabilities
Assets
Cash on hand and in banks... $140,409 Reserve for outstanding claims
114,295 In process of adjustment...
U.S. Govt. bonds
Reserve for unearned premiums
State, county and municipal
bonds
216,893 Reserve for taxes
467,089 Reserve for impounded preCorporation bonds
miums, State of Missouri_ _
2877.89
4
3
0 . 25
Corporation stocks
Reserve for all other liabilities
Real estate first mortgage...
Reserve for fluctuation of
Accrued interest on securities
13,766 security values
owned
56,782 Capital
Due from agents
88 Surplus
Due from reinsurance cos.
Impounded prams. deposited
63,615
with State of Missouri
Total
$1,367,752
Total
$18,639
239,209
8,205
68,497
16,877
100,000
500,000
416,324
$1,367,762
-35th Annual Report,
Kansas City Southern Ry. Co.
-The remarks of President C. E.
Year Ended Dec. 31 1934
Johnston covering operations for the year will be found under
"Reports and Documents" on subsequent pages. Our comparative income account and balance sheet were published
in V. 140, p. 2540.-V. 140, p. 2708.
Kansas Oklahoma & Gulf Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
Ftom Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2867.
1935
$155,885
62.123
33,260
1934
$165,592
83,253
52,931
1933
$116.478
44.525
17,152
1932
$161,195
71.607
39,878
465,304
210.518
128.043
461.355
240,609
153,236
382,986
174,486
92.925
474,645
207,566
107,689
Kentucky Power Co., Inc.(& Subs.)
-Earnings
Calendar YearsGross earnings
Operating expenses and taxes
1934
$603.497
450,036
1933
$584,544
413.893
1932
$610,523
393,549
Net earnings from operations
Other income
8153.461
6.846
$170,651
3,064
$216,974
1,788
Total net earnings
Interest deductions of subsidiary cosInterest deductions of company
$160,307
84.119
140,873
$173.715
90,428
134,373
$218,762
89,603
134,529
Net loss
$64,685
851.085
$5,370
Consolidated Balance Sheet Dec. 31 1934
Assets-Plant, property, rights, franchises &c.. $3,819,018; preferred
stock, commissions and expenses, $7,232; special deposits. 81.150; discount
and expense on bonds of Kentucky Power & Light Co.In process of amortizetion„966; prepaid accounts and deferred charges, $5,893; current
asset', $574,566; total, $4,492,826.
Volume
Financial Chronicle
140
Liabilities
-8% preferred stock (par $100), $82,100: 7% pref. stock
(Par $100). $643.300 6Si% non-cumulative pref. stock (par $100), $10,000:
common stock: class A, voting (22,000 shares). $50,451: class B. non-voting
(4,616 shares no par), $29,916; capital surplus (deficit), 1407.042: funded
debt of subsidiary company, $1,461,700; deferred liabilities, 134.997;
note payable to United Public Service Corp. and accrued interest thereon.
$2,280,667; current liabilities, $75.796;reserves,1202,250;total, 14,492,826;
-V.139, P. 447.
Kelsey-Hayes Wheel Co. (& Subs.)
-Earnings
3 Months Ended March 311934
1935
1933
Net profit after depreciation and int.,
but before Federal taxes
$506,429
$127,303 loss3363,363
Note
-A non-recurring profit of $582,593 was realized on purchase of
debentures.
-V. 140, p. 2867.
Kelvinator Corp.
-Earnings
-Period End, Mar.31- 1935-3 Mos.-1934
Net prof. after all charges
incl. deprec. and int-- $357,297
Shares corn, stock (no
par)
1,110,068
Earnings per share
$0.32
-V. 140. p. 2360.
$305,517
1.106,041
$0.28
1935-6 Mos.-1934
166.975 loss$36,418
1,110.068
$0.06
1,106,041
Nil
-Earnings
-Kimberly-Clark Corp.(& Subs.)
Calendar Years1933
1932
1931
1934
Net sales
$16,529,315 513.804.355 113.174.479 $18.136.539
Sell., gen. & adm. exps- 1,361,239
1.205,752 1,289.820
1.602.389
Depreciation
1,141.565
1,131,529
1.187.711
1,150,583
Depletion
108.660
Cost of sales
13,010.967 10.550.450 9.950,477 13,217,442
Operating profit
Other income
$1,006,526
218.223
$906,588
292.646
1802.653 52,020.337
773,096
705.643
Total income
$1,224.749 $1,199.235 $1,575,749 12.725.981
Federal & State taxes
x90.000
82,500
165.000
376.736
Int., amortiza'n, &c__..
412,347
431,545
465,368
586.814
Prov.for doubtful wets_
102,172
105,530
203,415
Other int., cash discount
on sales. &c
222,871
149.556
117.868
Net loss of subsidiaryprof40,699 prof13,914
35.342
Net profit
Preferred dividends
Common stock
1438,056
597.780
1444.018
597,780
$588,755 51,762.430
597,780
597.780
396.143
1.226,440
Deficit
561.790
1159,724
$153,763
$405,168
Shs.com.stk.out.(no par)
487,173
487,173
487,173
499.800
Earnings per share
Nil
Nil
Nil
$2.33
x Estimated.
Earnings for the Quarter Ended March 31
Three Months Ended March 311935
1934
1933
Net prof. after deprec., int., reserves
for all taxes and res. for pref. divs_ $121.119 daf.$86.830
1150,206
Earns, per sh. on 99,630 $6 pref. shs_
Nil
$1.51
11.21
Condensed Consolidated Balance Sheet Dec. 31 1934
Assets-Cash. $509,856; deposit for payment of bond interest, $188,600;
H. S. Gov. securities (market value. 5533,842)
-at cost, less amount
applicable to unemployment insurance fund. 5534.163; other marketable
securities (market value, 161.928)-at cost, $61,809* notes and accounts
receivable, incl. receivables from officers and employees. $8,630 (lees
reserve for doubtful receivables, $151.279, 51.774.950: inventories. $4,107.915; other assets, $463,201; due from affil. co.
-North Star Timber
Co.. $81,031; investments in securities of MM. cos., not consolidated
at cost. 58,721.190; property (less res. for deprec. and depletion, $11,505.674). $28,957,525; deferred charges, $642,669; total, $46 042.914.
Liabilities-Notes payable to International Cellucotton Products Co.,
00,000; accounts payable (incl. 129.799 due to officers and employees).
84.385; due to affil. co.
-Spruce Falls Power & Paper Co., Ltd., $54,988:
ederal income tax, prior years (est.). $35,378; accrued int. on 1st mtge.
bonds. $188600, accrued taxes, salaries and wages. $532,340; dividends
on pref. capital stock, payable Jan. 2 1935, $149,445: 1st mtge. 5% gold
bonds, maturing July 1 1943 (less bonds of 582.000 prin. amt. held in
treasury), $7,544,000; 6% cumul. pref. stock (par $100). 19.963.000:
common stock (487.173 shares), 519,494.667: capital surplus, 55,054.950,
Earned surplus, $2,141.159; total. 846,042.914.-V. 140. p. 976.
F
Kresge Foundation-Notes Called
The company has called for redemption on June 1 1935. all of its outstanding 10
-year collateral trust 6% gold notes dated June 1 1926, at 103 and
interest. Holders are requested to present their notes to the Trust Department of the Chase National Bank, 11 Broad St., for redmption on and
after that date.
-V.130. p. 3726.
Lake Superior District Power Co.
-Earnings
-3 Months Ended March 31Total gross earnings
Total operating expenses and taxes
1935
$397,047
227.593
x1934
$372,971
223,465
Net earnings from operation
Other income (net)
$169.454
3.198
$149,505
4.212
Net earnings before interest
Funded debt interest
General interest
Amortization of debt discount and expense
Amort. of preferred stock commissions & expense_ _
$172,652
66,400
1,939
10,183
2,126
$153,717
67,355
2,197
10,027
2.126
$92,003
59.179
572.011
59.190
Net income before preferred dividends
Preferred stock dividends
Balance
$32.824
$12,821
x Adjustments made subsequent to March 31 1934, but applicable to
the period beginning Jan. 1 1934, have been given effect to in this column.
-V. 140. p. 2010.
Lake Superior & Ishpeming RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
140, p. 2189.
1935
$34,680
def35,575
def50,344
1934
$34,606
def27,657
def43,442
1933
123,170
def26,358
def39,609
1932
$27,876
def24,883
def40,989
93,705
67,377
81,836
101,726
def112,934 def95,885 def77,824 def82,146
def1.57 889 def142,319 def117,938 def130,702
-Committee Reports
Lautaro Nitrate Co., Ltd.
A "progress report" has been mailed to holders of the first mortgage 6%
convertible gold bonds, due July 1 1954, by Willard V. King. chairman of
the protective committee. Mr. King reports that of known holders of
approximately $17.000,000 principal amount of bonds, holders of more
than 56,750.000 principal amount have signified their desire to support the
efforts of the committee by sending in signed assents. He notes also the
recent election, at the suggestion of his committee, of two directors to
represent the first mortgage 6% convertible gold bonds viz.: William S.
Culbertson and Luis Alempartre, who will represent the dollar bondholders
at board meetings in Chile. Mr. King quotes from the annual report of
the company, recently made available, to the effect that "the time would
seem to be approaching when the representatives of the creditors and
shareholders may progress in their negotiations toward the final reorganization of your company."
The latest figures available on sales of Chilean nitrate-for the year ended
June 30, last, place the total at slightly more than 1,000,000 metric tons,
Well-informed authorities estimate that sales for
Mr. King continues.
the current year, ending with June 30, next, will be something over 1.100,000 metric tons. The participation of the Lautaro Nitrate Co., Ltd.,
has been fixed at 36.9731% for a period of five years, subject to certain
variations which may be effected in accordance with legal provisions."
3047
Profit and Loss Accountfor Year Ended June 3() 1934
Profit on the sales reported by the sales corporation as deliveries
from 1933-1934 production of nitrate incl. nitrate delivered
from June 30 1933stocks to be replaced and incl. partielpatien
in profit of the sales corporation less price-levelling adjustu ent 41327,892
Profit on iodine sales incl. participation in profits of the salts
46,855
corporation and price-levelling adjustment
6.876
Other operating incodie
842
Interest earned investments, deposits
12.943
Interest in account current with sales corporation (net)
Total
Other credits
£395,410
57,616
Total
Company's proportion of the service for half year ended June 30
1934, of the 5% income debentures of the sales corporation
Appropriation to working capital reserve
Amount applicable to sales ceded to independents
Other charges
Interest on funded and deferred debt
Special non-recurring charges
£453,026
119.079
86.068
4.497
37,766
688.906
138.336
_, _
1621,626
Balance Sheet as at June 30 1934
(This company is affiliated to the Chilean Nitrate and Iodine Sales Corp.
by public deed dated Jan. 27 1934, and is therefore subject to the by-laws
and regulations of that corporation.]
Assets
-Cash, £7.028; bills and accounts receivable, less reserve, £5,243;
products in course of manufacture, raw materials, stores awl supplies as
certified by the management, /447,927; sundry investu cuts. dere sits and
guarantees, £4,094;accounts due from Chilean N itrate & loeioe Sales Corp.,
£151,115; deferred accounts to be received from Chllean Nitrate & Iodine
Sales Corp., E2,667.717; capital assets. £23.681,660; unai ortized bond
discount and stock issue expense as at June 30 1932, £516.731: sundry
prepaid expenses, £1,065; total, £27,482,579.
Liabilities
-Accounts payable and accrued liabilities, 1.84,482; liabilities
to Chilean Nitrate & Iodine Sales Corp. in respect of ob14,atious of this
company assun.ed and payable by the corporation in accordance with
,
Articles 21 and 26 of Law No. 5,350. .£410.632; liabilities to creeit rs as at
June 30 1933, including accrued interest to June 30 1934. £2,739,631'
funded debt outstanding and accrued interest thereon, 19.415.741: prepaid
rentals, £1.566;reserves. £851,021;7% cumulative pref.(sterlim)shares of
( 5 each), £8,000,000; oruinary shares of (18. each), £100.000; capital
surplus 1931, £5,879,505; total, £27.482,579.-V. 139. P• 3811.
Net deficit
-Reduces Dividend
H. D.) Lee Mercantile Co.
The directors have declared a dividend of 25 cents pei share on the no par
common stock. payable May 10 to holders of record April 30. This compares with 35 cents per share distributed each quarter free May 10 1934
to and including Feb. 9 last, and 50 cents paid on Feb. 1 1934 Prior to
this latter date no dividends were paid since May 15 1930. at which time a
regular quarterly payment of $1 per share was made.-%. 139. p. 2052.
Lehigh & Hudson River Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2360.
1935
$121.874
34,851
11,173
1934
$147.511
51.540
27,676
1933
5111.311
30.320
6.706
1932
1151.418
44.224
16.445
378,094
116.446
44,330
392.266
122,052
52,274
333.668
96.976
27,551
417.673
87.701
9,860
Lehigh & New England RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2867.
1935
$239.912
25.815
28.497
1934
$333.020
104,714
88.720
1933
1243.154
64.386
65.767
1932
1321.058
97.465
96.015
790,847
151.435
150,400
996.671
337.074
287,877
676.830
107.773
116.275
850.915
201.582
204,277
-Annual Report
Lehigh Valley RR.
Traffic Statistics for Calendar Years
1932
1931
1933
1934
15.627,158
21.181.622
16 209.269
Tons rev. freight 17.667.660
Tons frt. 1 mile-3,385.571,003 3.084,003,088 2,967,46,4.463 3,887.686.659
Freight revenue_ $34,462,892 532.837,093 532,474.361 S41.653,736
Av.rev, per ton12.07807
$1.96650
$1.95062
12.02582
Av. rev, per ton
1.113 cts.
1.133 cts.
per mile
1.060 cts.
1.108 cts.
1.115.599
1.519.235
969,171
Passengers carr d
965.450
Pass. carr. 1 mile 116.366,035 111,475,045 117 89N,000 1,9,358,955
$2.823,744
54,192.211
$2.413,546
Passenger rev- _ - 52,468,176
52.53115
12.759
Av.rev. per pass.
$2.49032
12.55650
Av.rev.per pass.
2.395 cts.
2.807 cts.
2.121 cts.
2.165 cis.
Per mile.
Net oper rev, per
15.178
56,642
mile of road
$6,607
$5.848
Comparatire Income Account for Calendar Years
1932
1931
1934
1933
1.362
1,362
Average miles operated1,359
1,354
Onerating RcrenuesAnthracite coal freight412,607.371 111.720,018 311,651.562 $14,516,307
1,102,194
1,034.329
1.26i .871
Bituminous coal freight_ 1,146,078
Merchandise freight-- 20.709.444 20,014,880 19.788.470 2.5.875,558
Passenger
2,468,176
2.413.546
2,823.744 4.192.211
Mail
322.613
341.588
313,810
344.635
357.485
Express
340,049
397,370
611,765
1,744,284 2,119.592 2.310,340
Other transp. revenue_ - 1,670.661
519,866
62'2.368
911,940
Incidental revenue
553,617
Total oper. revenue--$39,866,526 $38,177,450 138.739,138 150.024.627
Operates? ExpensesMaint. of way & struct_ 12,960,674 $2,925,096 $3,166.566 14.664,229
8,192,684
Maint of equipment-- 7,232,181
.
8,612,862 11,447.869
1.265,849
1,400,664
Traffic expenses
1.307.943
1,549.138
Transportation expenses 17,606,844 16,200,397 16,811,737 21,479.507
195,991
Miscell. operations
204,480
195,592
279.558
General expenses
1,455,901
1.509.8,0
1,569,968
1,611,228
Transp. for invest.-Cr.
3,851
11,080
10.847
1.546
Total operating elm-130.921,805 130,232,067 131,686.181 540.979,422
Net operating revenue... 8,944,722 7.945.383 7,052.957
9,045,205
Total tax accruals. &c- 2.010,151
2,350,482 2.675,751
3,179.114
Operating Income-- $6,934.571 $5,594,901
Dividend income
407,438
608.888
Miscellaneous income--452,025
942,422
Total other income__ _ $859,463 $1,641,310
Total income
7,794,034 7,236.211
Income Charnel
Hire of equipment
51.280,281 $1,079,651
Joint facility rents
315.299
407.681
Rent for leased roads__ - 2,363.527 2,342.832
Miscellaneous rents__ - _
321,848
365.978
Miscell. tax accruals__ 417.584
510,062
Interest on funded debt_ 4.353.398 4.429,059
Int. on unfunded debt
233,33e
276,761
Miscall,income charges_
232.285
327,665
167.621
Separately oper. prop.._
272.355
Total deduc.from inc. $9,685.175 $10,012,044
1.891.141
Net. loss
2.775,833
Preferred dividends_
Common dividendsDeficit
11.891.141 52.775,833
14,377.206 15.866.091
657,066
391,462
436.966
588.312
$1,09s,032
$979,774
5,471,238 6,845,865
5795.853 $1,057,972
370,986
206,398
2,342,682 2,342,697
394.771
365.098
484,1118
500,494
4,186.093 4,054,011
277,460
163,906
376,564
416.334
175,674
$9,404.281 19.106,910
3,933,043 2.261.045
10.630
1,512.543
$3,933,043 $3.784,218
Financial Chronicle
3048
Comparative Balance Sheet Dec. 31
1934
1933
1934
$
LiabilitiesAssets$
$
Common stock- 60,501,700
Inv. in road a:
37,950
.
equipment_ _105,399,551 103,720,654 Preferred stock_
Grants In aid of
Impt. on leased
111,668
railway prop_ 2,303,480 2,215,642 construction__
124,121 Long-term debt-103,150.271
123.909
Misc. phys. prop
Loans &bills pay 5,111,174
Inv. in affil.cos.:
92,248,567 92,666,188 Traffic & careerStocks
432,661
vice bal. pay_
20.856,130 20,856,130
Bonds
10,146,502 9,921.185 Audited accts.&
Advances_
wages payable 2,017,553
Other investm'ts 3,643,948 3.914,224
357,446
3,149.053 2,810,589 Misc.accts. pay.
Cash
388,050
45,919 Int, maid unpd.
637,036
Special deposits28,800
3,439
3,292 Divs. mat. unpd
Loans & bills rec
Fd. debt mat'd
Traffic & car ser.
1.000
783,415 unpaid
965.669
balances rec..
693,289
Unmat. int. accr
Net balance rec:
Unmat'd rents
from agents dr
503,825
533,657
551,348 accrued
conductors _
91,595
721,263 Other curr. nab_
761,107
Misc. accts. rec_
174,184
Mat'l & supplies 2.566.755 2,927,698 Deferred Habil_
70,317
71,820 Unadj. credits 35,899.579
Int. & dive. rec.
41,251
39.285 Addlis to prop.
Rents receivable
6,213
175.507 through inc.&
0th. curr. assets
368,276
269,448
263.272 surplus
Deferred assets.
Unadj. debits__ 2,457,826 2,640,141 Profit and loss
36.314,836
surplus
1933
$
60,501,700
37,950
28.030
97,740,911
5,878,975
306,204
2,532,058
176,401
383,813
30,861
1,000
762.234
503,825
152.072
166,739
34,023,397
352.786
40,872,738
246,183,859 244,451,693
246.183.859 244,451,693 Total
Total
-The item investment in road represents only road property of
Note
Lehigh Valley RR. proper (Phillipsburg, N. J., to Wilkes-Barre, Pa.).
The total road and equipment investment of the system. including transportation subsidiaries, owned by company, is $264,115.742.-V. 140,
p.2867.
-Earnings
Lehigh Coal & Navigation Co.
1934
1935
12 MonthsEnded March 31Consol. net income,incl. co.'s propor.
of undistributed earns. & losses of
subs, whose stock is either owned or
controlled,after int.,taxes,deprec.,
8569,411 $1,957.557
depletion and reserves
Earnings per share on 1.930,065shares
$1.01
$0.29
capital stock (no par)
Netincome of parent co. accruingfrom
direct oper. and from railroad rentals. divs.,&c. after taxes & charges 1,716.163 1.934,669
Earnings per share on 1,930.065 shs.
$1.00
$0.89
capital stock (no par)
-V.140, p. 1315.
$837.888
$0.43
1.907.919
$0.99
Mar. 14'35 Mar. 15 '34 Mar. 16 '33 Mar. 11 '32
$7,015,676 $6,680,713 $4,429,244 $7,965,424
2,670,339 2.707.241 2.415,963 2.700,695
Net profit before subs.
$4,345,337 $3,973.472 12,013.281 $5,264,729
dividends
$3.13
81.04
$2.38
$2.64
Earns.per sh.on com.stk.
-v.140. p.2190.
Lessings, Inc.-Earnings1935
$146,897
1934
$147,341
1933
$84,823
144,306
141,276
81,260
Profit from operations
Other income
$2,591
726
$6,064
426
$3,562
866
Total income
Loss from sale of bonds_ _
Prov. for Federal and
State taxes.........
$3,317
210
$6,491
$4,428
585
1,200
720
2,496
Net Income........
Dividends paid
$2.522
$5,291
3,153
$3.708
$13,038
11,243
--Earnings
Lockheed Aircraft Corp.
Earnings for 3 Months Ended March 13 1935
Sales-Airplanes
Repairs
Parts
$407,505
34,265
9.751
Total sales
Returns and allowances
$451.522
1,964
Net sales
Cost of sales
$449,558
353,033
Gross profit
Selling and administrative expense
$96,524
35,425
$61,099
1,447
Balance
Total other expenses
$62,547
24.477
838.069
Net profit for period
Earnings per share on 404.610 shares capital stock
$0.09
Balance Sheet March 31 1935
Assets
-Cash on hand and in banks. $65,797; accounts receivable. trade
(less reserve). $61,304; due from officers and employees,$681;cash deposits,
inventories, $198,970; due from Southern California Aviation Corp..
$51;
$2,342; investment (membership in Manufacturers' Aircraft Assn., at cost),
$..000; due from sale of foreign manufacturing rights to N. Ir. Nederlandsche Vliegtuigen Fabriek, $18,000; fixed assets (less reserve), $118,202:
deferred charges, $141,407; intangible assets, $25,001; total, $632.759.
Liabilities-Notes payable (secured by Wasp engines), $6,244; notes
payable, trade. $500; notes payable, to officer, $12,500; secured notes.
(Reconstruction Finance Corporation). $18 000, accounts payable. $73,446;
wages payable, $22,026; contracts payable, $1,283; due to Nederlanscshe
Vliegtulgen Fabriek, $49,050; accrued liabilities, $15,056; reserve, for sale
of foreign rights, realization becondig optional per agreements dated Jan.9
1935, $25,000; capital stock issued and outstanding (404,610 she., Par $1).
$404.610;capital surplus,1141.122;earned surplus (deficit), $136,080;total,
1632.759.-V. 140, p. 2868.
-New President
Long Island RR.
$2,138
$3,708
$1,795
$2.522
Balance _______ ---$0.17
$0.11
$0.40
$0.08
Earnings per share ____
Balance Sheet March 31 1935
-Cash, $17.127; accounts and notes receivable, $5,303; accrued
Assets
Interest receivable, $624; inventories, on the basis of cost or market, whichis lower, as certified by the company's officers, $11,384; prepaid
ever
insurance. $1.876; municipal bonds, at cost or market whichever is lower,
$28.889; fixed assets (less reserve), $97,101; deferred charges, $422; goodwill, $1; total, $162.730.
Liabilities-Accounts payable and accrued expenses, $12,064; tax
reserves for Federal income and capital stock and State franchise taxes.
$1.129; capital stock (par S.3). $92,322; earned surplus. $57,214; total,
1162,730.-V. 140, p. 2010.
-Earnings
Life Savers Corp.(& Subs.)
1934
1933
Calendar Years$2,990,318 $2.902,761
Sales, less returns, allowances and discounts
x Cost of goods sold,selling, advertising and admin2.129.089 2,075,930
istrative expenses
$861,229
$826.830
Profit from operations
82,389
47,441
Income from securities. interest and other income
52,338
Profit on foreign exchange
Total income
Provision for Federal and Canadian income taxes
Other losses and charges
Adjustment of securities to market quotations_
$943.618
121,412
12.855
$926,610
111.388
31.778
29,210
Net profit for the year ending Dec.31
Previous earned surplus
$809,351
196.817
$754.233
$1,006,167
556.909
$449.258
Balance,surplus
x Includes depreciation of $67.548 n 1934 and $359,681 In 1933.
Consolidated Balance Sheet Dec. 31
1934
Liabilities-1933
1933
1934
Assets$567,916 8565,312 Accts. payable and
Cash
75,000 accrued expenses $94,726 $150,231
165,000
Loans on call
199,469 Dividends payable
2,584
U. S. Govt. secur_ 208,700
654,783 Accr. Fed.& CanaMimic.&0th.scour 859,247
108,122
128,554 dian income taxes 121,317
a Accts. rec.-trade 134,452
27.732 Payable to transfer
Other receivables18,997
5,332 agent on redemp.
Employees' accts..
570.716 of scrip. ctfs. not
467,885
Inventories
23,946
yet presented.._
Life Savers Corp.
1,744,175 1,710,627
Capital stock
stock held for
Stock to be issued
sale to employees
for capital stock
-at cost (1,000
17.150 of Drug Inc. not
44,936
shares)
presented for exb Land dc bldgs.,
40,073
794,426 change
6,525
mach.,equip.,&c 817,098
920,493
Capital surplus..... 920.493
Advertitig supplies
196,817
78,791
87,888 Earned surplus _ 449,258
& def. charges__
Trade-marks, good1
1
will,&c
$3,363,024 $3,126,363
$3,363,024 $3,126,363 Total
Total
a After reserves of $10,000 in 1934 and $9,706 in 1933. b After depreciation of $875,561 in 1934 and $841,016 in 1933.-V. 139, p. 3328.
18,447,795 17,705,011
18,447,795 17,765.011 Total
Total
b At market. c After depreciation. d Represented by 709,177 no par
shares. e 36,104 shares at cost in 1935 and 34,160 in 1934. f 53 shares
at cost in 1935 and 2,063 in 1934.
Our usual comparative income statement was given in V. 140. p. 2868.
1932
-To Issue Debentui es
$114,552"
---ILoew's Inc.
Plans for the issuance of $15,000,000 of long-term debentures to bear
100,088
interest of 4 to 4 A% are being discussed by officers of the company, it is
stated. Proceeds would be used to retire $8,715,000 sinking fund 6%
814,464
gold debentures now outstanding; approximately $44,000,000 Metro1,070
Goldwyn 7% preferred stock, the obligation of a subsidiary, and certain
-V.140, p. 2190.
real estate mortgage bonds guaranteed by Loew's, Inc.
$15.534
Quar. End. Mar. 31Sales
Cost of sales, oper. and
general expenses_ _
Total surplus
Dividends paid
Link-Belt Co.-Consol. Balance Sheet March 311934
1935
1935
1934
LiabilitiesAssets$
$
$
Cash
1,325,460 1,924,385 Preferred stock __ 3,514,200 4,000,000
Accts. & notes sec_ 2,109,365 1,800,259 d Common stock _10,584.739 10,584,739
396.789
2,566,928 2,361,116 Accounts payable_ 519,150
Inventories
5,694,119 4,898,695 Prov. for current
b Securities
24,243
14,600
49,414
73,888 income taxes......
Accrued interest...
31,248
C Fixed assets__
5,477,863 5,678,703 Inc. taxes prior yrs. 70,394
12,249
Accr. cap. stk. tax
10,703
Invest. in Dodge
308,686
302,713
172,600 Reserves
172,600
Steel Co
202,037
150,290
Local taxes
Int. in employees'
3,271,363 2,214.663
Surplus
stk. par. trusts_ 365,153
552,961
e Corn.stk. in tress 582,405
218,794
5,284
I Pref.stk. in treas.
83,610
99,204
Deferred charges..
Balance
Other income
1933
-Earnings
Loew's, Inc.(& Subs.)
28 WeeksEndedOperating profit
Deprec., taxes, &c
May 4 1935
M. W. Clement, recently elected President of the Rennsylvanla RR..
was on May 1 elected president of this company. Mr. Clement succeeds
General W. W. Atterbury who. in anticipation of his reaching retirement
age next January, declined to stand for re-election. General AtterburY,
however, will continue to serve as a director of the Long Island RR.
Earnings for March and Year to Date
1934
1935
1933
1932
March$1,801,974 81,992.013 81,751,220 $2,379,889
Gross from railway
456.589
225,944
398.909
615.820
Net from railway
170,410
def92,694
108,339
323,081
Net after rents
From Jan 1
5,381,004 5,634,288 5,508,518 6,937,004
Gross from railway
557,810
1.154.977
1,521,908
1,624,918
Net from railway
339,872
def341,903
781.582
692.282
Net after rents
-V. 140. p. 2710.
Louisiana & Arkansas Ry.-Earnings.-MarchGross from railway
Net from railway
Net.after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2361.
*371.1148
110,379
67,155
1934
$344,016
114.096
78,877
1933
$308,864
111,175
67,478
1.036.251
307,501
183,412
1.038,982
356,034
236,816
938,697
348.040
214.489
1935
•
1932
1359,953
97,776
51,612
1,087,524
307,866
165,117
Louisiana Arkansas & Texas Ry.-Earnings.1935
March$74,276
from railway
8,9
Net from railway_ _ _
Net after rents
. def3,282
From Jrn. 1218,767
Giteg from railway
27,085
Net from railway. _ _ _
def13,353
Net after rents_
V. 140.p. 2361.
GrOSA
1934
$93.458
26,003
5,354
1933
$52,646
def2.095
def14,972
1932
850,161
1,713
def5,045
241,565
60,333
7.658
165,122
def1,975
def40.015
147,625
6.942
def17,006
-Preliminary Earnings-.
Long Island Water Corp.
Years Ended Dec.31Operating revenue
Operating expenses
Maintenance
Prov.for retire., renew.St replacemla
Taxes
1934
$584,489
216.990
60.660
26...43
80,017
1933
$601,511
256,959
32,195
42,812
61,174
1932
$617,989
304,166
30.570
45,260
59.516
Operating income
Other income
1200.379
2,777
$208.369
1.052
$178,476
268
Gross income
Interest on funded debt
Interest on unfunded debt
Interest during construction
$203,155
118,647
23,782
Cr208
$209,422
118,735
19.556
Cr8.651
$178,745
118,795
16.174
Cr3,207
$60.934
67.500
$79,781
67.500
$40.983
60.000
Net income
Preferred dividends
def36.566
$12,281 det113,017
Balance Sheet Dec. 31 1934
-Plant, property. &c., $7,672,690; investments, $5,212; cash
Assets
(incl. working funds), $14.389; accounts receivable, $126,670; interest
receivable, $1,271; materials and supplies, $20,821; deferred debit items,
$4,044; total, 17,845,098.
-36 preferred stock (15,000 shs., no par), $1,500,000; common
Liabilities
stock (20.000 shs., no par), $2,205,000 funded debt, $2.156,000; accounts
payable to affiliated company, $189,766; accounts payable. $6,125; taxes
accrued (except additional Federal income taxes, if any, for prior years,
Balance
Volume 140
Financial Chronicle
not yet settled), $12,588; interest accrued. $55,181; miscellaneous accruals.
$16,688; consumers' service and line deposits, 3257,048; reserves, $788,197.
contributions for extensions (non-refundable) .$9,657; capital surplus
(arising through revaluation of fixed capital). $641,825; corporate surplus,
$7,022; total. $7,845.098.—V. 139. p. 1088.
Louisville & Nashville RR.—Earnings-Calendar Years—
1934
1932
1933
1931
Aver. miles of road oper
5,063
5,136
5,240
5,266
:
$
3
Freight revenue
51+,1.19.377 58,203,046 53.567.886 72,879,114
Passenger revenue
5,306,214 4,531 424 5,176,918 8,014.906
Mail. express, &c
5.527.077 4,922,488 5.175.220 6.125.771
Total income_
69.962,668 65.656.958 63.920,024 87,019,701
Expenses—Maint.of way 8.272,526 7,329.965 8,721,927 12,953,982
Maint. of equipment_ 14,668,292 14.433,617 13,283 719 19,404,982
Traffic expenses
1.966,905
1,999.363 2,057.603 2.634.259
Transportation exp
24,649,911 23,013.826 23,782.560 32,549.431
Miscell, and gen. exp_ 3 796,253 3,490,288 3 819,988 4,939,184
Transp. for inv.—Cr
24.099
18,489
51,305
97 231
Total
53,330.788 50,248.570 51.614,492 72.384,608
Net from railroad
16.631,880 15,408,387 12,305.532 14,635.183
Taxes
3,822.906 4,010.052 4.508.867 5,485,518
Uncollectible revenue__ _
15.518
17.742
21,180
20.598
Equipment rents—Cr_
1,199,023
1.211,088
1.129 988 1.052.536
Joint facility rents—Dr _ 1.025,192
733.994
627.383
662,278
Net ry. oper.Income.. 12,967,297 11.857,687 8,278 090 9,519,324
Other income
810,034
1.217,201
2.369.142
987 021
Total income
13,777 331 12,844.708 9,495,291 11.888,466
Total interest accrued.- 10.096.850 10.225.996 10.355,864 10.450,330
Other deductions
713.097
822.998 1.248,302
398 190
Net income
2.967,385
1,795,716def2.108,875
1,039,946
Dividends
5.265.000
Miscell. approp. of inc.
13,878
65,610
Balance,surplus
2,953,507
1,795,716 def2,108,875def4,290.665
Profit & loss surplus_ - - - 80,679,818 84,512,628 84.476.811 87,622.130
Earns. per sh.on cap.stk
$2.54
$1.54
Nil
$0.88
General Balance Sheet Dec. 31
1934
1933
Assets—
$
$
Investment—road
301,932,986 303,617.682
Eequipment
143.268.017 146.418,408
Improvement on leased railway property
2,414.922 2.406,652
Sinking funds_
390.245
391.345
Deposits in lieu of mortgage property sold
29.486
17,502
Miscellaneousphysicalp p y_
2,381.823 2,432,771
Investment in affiliated companies—stocks.--- .. 20.071.357 20.112.171
Bonds
805,135
984,135
Notes
901.965
901,965
Advances
5,201.740 5,161.223
Other investments—stocks
2,011,058 2,011.058
Bonds
6,529,548 5,402,538
Notes_
746.354
750,453
Advances
1.000
1.000
Cash
9,715,383 8,094.773
Time drafts and deposits
7.116 210 7,890,084
Special deposits
323,186
105.336
Loans and bills receivable
15,359
410.716
Traffic and car-service balance receivable_
2,005,761
1,715.383
Net balance receivable from agents and conductors
516,488
465,750
Miscellaneous accounts receivable
1,721.148
1,421,639
Material and supplies
8.866.602 9.303,300
Interest and dividends receivable
226,831
186,509
Rents receivable
68,835
74.855
Other current assets
19,011
25,404
Working fund advances
45.842
51.751
Other deferred assets
7.945,395 7,776.180
Rents and insurance premituns paid in advance..-5,176
7,965
Property abandoned chargeable to oper. expenses_ - 1,140,112
_
1,654,612
Other unadjusted debits
1.609,637 2,352,461
L.& N. Terminal Co.50-year 4% gold bonds
2.500.000 2.500,000
Memphis Union Sta. Co. 1st mtge. 5%
2,500,000
gold bonds
•
•
Cincinnati Union Term. Co. 1st mtge.gold bonds 36,000,000 36,000 000
Total
569.026,612 573.145,621
Liabilities—
3
$
Stock—Capitalstock
117,000.000 117,000,000
Premium on capital stock
12,117
12.117
Grants in aid of construction
39.311
38,779
Funded debt—unmatured
225,954,440 228.213,340
Liability of Southern Ry. Co. for bonds issued
jointly with this company
Non-negotiable debt to affillated cos.—open accts. 5.913,500 5.913.500
,
93,471
93,894
Traffic and car-service balances payable
,
324,792
Audited accounts and wages ayable
3,618 498 4,213,943
Miscellaneous accounts payable
766,625
495.373
Interest matured unpaid
1,703,906
1,710.730
Dividends matured unpaid
1)5,955
99,403
Funded debt matured unpaid_
10,000
8,000
Unmatured interest accrued
1,760.092 1.803,616
Unmatured rents accrued
37.834
39,493
Other current liabilities
101,297
132.458
Deferred liability
4.878.965 3,053,684
Tax liability
1,414.233
1,539,409
Accrued depreciation—road
17,929,236 17.929.236
Eequipment
57.871,319 57.475 649
Miscellaneous physical property
9
. .7
101,909
Other unadjusted credits
3,989,684
Additions to property through income and surplus- 4,202.958 3.099,198
3.156 690
Sinking fund reserve.
39.005
39,00.5
Appropriated surplus not specifically invested
298.285
305,782
Profit and loss
80.679 818
L.& N. Terminal Co.50-year 4% gold bonds - - 2,500,000 84.512,628
2.500,000
Memphis Union Sta. Co. 1st mtge.5% gold bonds_ 2,500,000 2.500,000
Cincinnati Union Term. Co. 1st mtge. gold bonds_ 36,000,000 36,000.000
Total
569,026.612 573.145.621
Earnings for the Month of March and Year to Date
March—
1935
1934
1933
1932
Gross from railway
$6,184,240 $6,504,572 34.555,262 36.013,779
Net from railway
1.428,569 1,896,561
61.1,220 1.085.042
Net after rents
.--- 1,111.162 1,625.941
277,013
708,048
From Jan 1—
Gross from railway
18.117,002 18,307.665 14,706,766 17.187.193
Net from railway
4,013.900 5.309.864 3,064 418 2,376,471
Net after rents
3.110,393 4,405,3052,083.702 1.147.242
—V.140, p. 2860.
Louisiana Power & Light Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. Mar.31— 1935—Month--1934
1935-12 Mos.-1934
Operating revenues _ $435,140 35.530,044 $5.339,394
$436,729
Oper. caps., incl. taxes
276,898
248,852 3,442,959 3.091.003
Net revs, from oper. _ $159,831
3186.288 32.087.085 $2.248,391
Rent from leased property (net)______
Dr90
Dr824
5,605
8.423
Other income
1,636
29.038
2,656
29,895
Gross corp. income _ _ $161,663
$187,834 $2.121.728 $2,286,709
Interest & other deduct'a
76,879
932,356
76.729
926.712
Balance _______ y$84,934 y$110 955 $1,189,372 31.359,997
Property retirement reserve appropriations_ -_
420.000
445,000
z Dividends applicable to preferred stock- for
period, whether paid or unpaid
356.522
356.588
Balance
$412.850
$558.409
y Before property retirement reserve appropriations and dividends
z Regular dividend on $6 pref. stock was paid on Feb. 1 1935. After the
payment of this dividend there were no accumulated unpaid dividends at
that date.—V. 140, p. 2868.
3049
McWilliams Dredging Co.
-25
-Cent Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 50 cents per share on he
no-par common stock, both payable June 1 to holders of record May 15.
The company paid a special dividend of 50 cents per share on Dec. 1 1934.—
V. 140, p. 2361.
Maine Central RR.—Earnings—
Period End. Mar.31— 1935—Month-1934
1935-3 Mos.-1934
Operating revenues,....- $988,681 31,024,954 $2.983,580 32.805,167
Net operating revenues
250,216
257,419
622.828
521.250
Net ry, oper. income __
123,219
137,118
258.942
179,153
Other income
133.889
53.936
21,701
64,345
Gross income
Deductions
Net income
—V.140, p. 2710.
$177,155
175,815
$158,819
175.148
$392,831
545.151
3243.498
529.366
$1,340 def$16.329 def$152,320 def$285.868
Malone Light & Power Co.—Earnings—
Calendar Years—
Electric revenues
Gas revenues
Total operating revenues
Opwating expenses
Maintenance expenses
Retirement provision ,
Taxes
Operating income
Non-operatmg income.net
Gross income.
Interest on funded debt
Interest on unfunded debt
Interest charged to construction _ _ _
Amortization of debt discount & exp_
Miscellaneous deduction
Netincome
1934
1933
1932
$298,188
$315.351
$373.609
30,820
33.805
41.043
$3329,008
$349,156
$414,653
122,920
124,161
123.009
20,699
19,502
23,066
38,400
38,000
37.040
39.103
35.156
36,673
$107,885
$132,337
3194,864
282
288
367
$108.167
3132.625
3195.231
54,972
54.973
54,973
37,436
40,470
41,501
Cr21
ór22
Cr1,755
3.771
3.771
3,771
466
422
142
$11.543
$33.012
396.599
Balance Sheet Dec. 31 1934
Assets—Fixed assets, $2,720,574; investments, at cost, $6,255; cash,
18,620; notes and accounts receivable, $332,206; materials and supplies,
17,175; prepaid insurance, 31,838; deferred charges, $79,949; total, $2.876.619.
Ltabilttes-36 cum. pref. stock (3,463 shares no par), $3346,300; common
stock (30741 shares no par). $676,357; funded debt, $999,500; advances
from affiliated company. $593,000; accounts payable, $12,418; consumers'
deposits. $33,782; taxes accrued. 31,274; interest accrued, $220; dividend
accrued on preferred stock, $3.463; other liabilities, $3309; reserve for retirement of fixed assets. $142,443; reserve for contingent liabilities. 34.837;
other reserves, $8,464; earned surplus, $84,251; total, 32,876,619.—V. 139.
p. 2836.
I
Manhattan Ry.—Supreme Court Affirms Award—
The U. S. Supreme Court on April 29 affirmed the decision of the New
York Court of Appeals that the company was entitled to only $539,352
for its 42a Street spur line, demolished under condemnation proceedings.
The Court's opinion, written by Justice Cardozo, held that "the award
Is not too low, though perhaps it is too high." Excess, the Court declared,
"Is not an error of which the owner may complain."
The opinion rejected the contention of William Roberts, receiver for
the Manhattan, and other petitioners, that they were entitled to be paid
by the city the amount the easements would have cost if they were acquired at the time of condemnation, in 1923, or $3.600.000, compared
with roughly $500,000 set as the value of the easements at the time of
acquisition, in the 18708.—V. 140, P. 2011.
Marlin-Rockwell Corp. (N. Y.) (8c Subs.)—Earnings--Calendar Years—
1934
Gross earns.fr. op.cos..,. $1,123,606
Depreciation
171,225
Selling & admin.exps__ _
374,431
Gross profits
Other income
$577,950
58,607
Total income
Loss on sale of cap.assets
Federal taxes
$636,558
Net profit
Common dividends
$538.258
753.326
98.300
1933
$611.880
230.270
349,376
1932
3367,612
234.619
374.267
1931
$635.881
235.844
509,374
$32,234 def$241,274 def$109,337
100,301
117.875
208.687
$132,535 def$123,399
$99,350
122.402
22,000
$110.535 loss$123,399 1oss123.053
236,433
307,895
728,290
Deficit
3215,067
$431,294
$125,898
$751,343
Shs. corn, stock (no par)
364,145
364,145
364,145
364,145
Earned per share
$1.48
Nil
$0.35
Nil
Consolidated Ba:ance Sheet Dec. 31 (Inst. Sub. Cos.)
1934
Assets—
1933
LtardlIttes—
1934
1933
x Prop.& plant_ _ _S1,469,121 $1,626,746 9 Common stock- - $364,145 $364,145
Cash & ctls. ot dep. 1,891,874 3,100,134 Accts. pay., &c___
59,898
51,425
211,804 Accrued Fail Inc.
Notes& accts. rec. 703,311
1,052,998
Inventories
896,481 and other taxes_ 112.771
59,350
Investments
789,861 1,030,535 Reserves
167,000
159,000
Good-will, &c,......
1
1 Capital surplus_ _ 4,428,710 4,447,000
Other assets
813,886
Earned surplus
1,601,255 1,798.032
Deferred charges
12,728
13,253
Total
86,733,780 36,878,953 Total
$6,733,780 $6,878,953
x After depreciation of $4.203,478 in 1934 and $4,078.830 in 1933.
y Represented by 364,145 no par shares.—V. 139. p. 4130.
Maytag Company—Earnings—
Earningsfor Three Months Ended March 31 1935
Net sales
Cost of sales and expenses
$4,007,404
3.376,803
Operating profit
Interest and dividends received
Discounts and royalties
Sundry income
$630.600
26,285
51,242
8,082
Total income
Sundry deductions
Depreciation
Federal and State income tax—eat. prow. current period
Profit on securities sold
$716,212
10,930
62.498
95,000
Cr20,994
Net profit
Earnings per share on 1.617.922 no par shs. common stock
—V.140, p.2542.
$568,778
$0.16
Merchants & Miners Transportation Co.—Earnings-Calendar Years—
1934
1933
1932
1931
Oper. revenue (transp.)- $7,496,676 $6,770,603 $5,889,686 $6,313.680
102.915
Other income
84,317
92,091
50.810
$7,599.591 $6.854,920 35,981,777 $6.364,490
Total income
1,174.411
Maint.(incl. deprec.)
1,053,257
851,409
923.134
Other expenses
5,585.362 4,787.546 4,208,166 4,732,619
240,409
Rentals
215,568
212,411
211.644
305
Interest
302
213
269
Taxes(incl.Fed. tax res.)
198,723
216.723
208,828
182.102
Net income
$400.380
$581,522
$500.751
$314.721
Dividends paid
379.030
367.631
360,360
491,450
Balance,surplus
321,350
$213.891
$140,391 def$176,729
236,902
Shs. of cap. stk. outstd_
236,902
238,163
244.499
$1.69
Earnings per share
$2.45
$2.10
$1.29
3050
Financial Chronicle
Earnings for the Quarter Ended March 31
3 Months Ended March 311934
1935
Total revenue
$1,843.022 32,056,154
Net income after rents, taxes & deprec., &c
171,591
50.255
Earns, per sh. on 236,902 no par sha. of cap.stk.__
$0.72
$0.21
Balance Sheet Dec. 31 1934
Assets
-Prop. & equip., at cost (except wharf prop, which is shown at
1907 valuation, phis subsequent addns. at cost), $5,578,244; terminal
property. $2,856.050; Invests. (at cost) stock of sub. co., $17,000; other
investments, $427,312; cash, $1,353,188 U. S. Govt. securities, $614,109;
loans & notes receiv. (sec, by marketable coll.). $100,613; accts. receiv.,
$543.162; materials & supplies. $117.451; int. receiv., 36,477; def. chgs. &
other assets, $142,024; total. $11.755.635.
Liabilities
-Cap.stk., authorized 250.000 shs. of no par value. $5.922,550;
earned surplus, 35,173.778; audited vouchers & wages pay., $461,803;
miseell. accts. pay., $36,139; accrued taxes, $109,232; accrued rents,
$1,274; def, credit items, $50,856; total, 311,755,635.-V. 139, p. 2836.
Metropolitan Title Guaranty Co.
-Personnel
President Morris Seltzer announced the election of the following new
directors: John Auen, Jacob Krisel, Hugh A. McGorry Jr., Leon F. Scully,
George W. Ahern of the Realty Investing Corp., and Alfred Koch of the
Underwriters Trust Co. Messrs. Auen. Krisel and McGorry were elected
Vice-Presidents and Mr. Scully was elected Vice-President and General
Manager -V. 131, p. 2233.
.1, 1
-Accumulated Dividend-'Michigan Bakeries, Inc.
A dividend of $1.75 per share was paid on account of accumulations on
the $7 cum, preferred stock, no par value. on May 1. to holders of record
April 30. Effective with this payment the balance of past due dividends
amounts to $21 per share.
-V. 140, p. 644.
-Earnings
Michigan Gas & Electric Co.
1935
3283,571
218,238
1934
3285.107
209,691
Net earnings from operations
Other income (net)
$65,332
1,118
375.416
1.442
Net earnings before interest
Total interest and other deductions
$66.450
63.714
$76,859
63,831
32.736
$13,027
3 Months Ended March 31
Total gross earnings
Total operating expenses and taxes
Net income before prior lien and pref. dividends
-V. 140, p. 2542.
-Hearing Postponed
Middle West Utilities Co.
Judge Wilkerson adjourned hearings on April 30 until June 3 on the
proposed reorganization of the company under a plan presented by secured
creditors and agreed to by noteholders, a majority of preferred stock-V. 140,
holders and a substantial number of common stockholders.
p 2869.
Midland Valley RR.-Earnings.MarchGress from railway
Net from railway_ _
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2712.
1935
$86,051
18.953
2,736
1934
399.227
35.289
22,801
1933
386.437
24,323
8.268
1932
3133.389
53,912
35,687
306.016
124,854
72.796
308.127
126,217
80,746
302,099
124,475
73,566
402,522
155,447
94,526
-Capital Reorganization
Millers Falls Co.
A proposed change in the capital setup of the company is announced
by President Rogers. There will be created a new class of 7% prior preference stock, $100 par. having priority over the present preferred stock.
This new prior preference stock will be issued share for share in exchange
for the existing preferred stock to those holders of the latter who elect to
make the exchange. The plan also proposes a special dividend upon the
new prior preference stock, payable either in cash at the rate of $3 a share,
or in new second preferred stock at the rate of one share per share.
According to the announcement, the plan cannot be consummated without the approbal of 75% of the outstanding preferred stock and the directors
have expressed the opinion that it should have the approval of 80%•
The company has 93,500 shares of common stock of no par value and
-V. 115. p. 2912.
9,227 shares of 7% preferred of $100 par.
Minneapolis-Honeywell Regulator Co. (& Subs.)Earnings
3 Months Ended March 31Net sales
Cost of sales and expenses
Depreciation
1935
$1,257,431
1,146,062
65,580
1934
$655.166
625,178
55,242
Operating profit
Other income
345,789 loss$25,254
8,086
14,917
Total income
Federal taxes
Other deductions
353,875 loss$10,337
7,471
12,546
11.088
Net profit
Earns, per sh. on 23,273 shs.6% pref. stock
-V. 140, p. 2543.
333.858 loss$21,425
$1.45
Nil
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.
MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2869.
1932
1934
1933
1935
31,671.645 $1,694,933 $1,391,764 $1,797,101
def99,404
21,170
165,754
63,478
def204,466 deI111,918 def360,948 def306,229
4,038,171
4,940.150
4,777,302
4.534.924
314,567 def364,573 def273,551
def209,240
def864,935 def458,815 df1,198,592 df1,219,325
May 4 1935
Mississippi Central RR.
-Earnings
Calendar Years
Gross operating revenue
Operating expenses
1934
3632.174
589,123
1933
3604,360
552,244
1932
$609.782
590,318
1931
$995,829
766,831
Net oper. revenue__ _ _
Tax accruals
Uncoil. railway revenue_
$43,051
30,492
2
$52,116
34,229
61
$19,464
43,774
88
$228,999
42,773
589
Operating income_ _ _ _
Equipment rents
Joint facility rents
Miscellaneous
312.558
864
6.684
1,393
$17,826 def324,398
345
297
5,291
2,551
1,984
2,861
$185,636
34
15.392
5,583
Gross income
Equipment rents
Joint facility rents
Int on funded debt_ .. _ _
Miscellaneous
$21,499
30,310
8,232
87.776
37.096
$25.446 def$18,690
35,542
37.668
8,413
8.254
97,008
105,887
22.456
7,803
$206.645
56,934
8,871
113.353
1.672
Net income_
_ _____ def$141,915 def$137,974 def$178,302
Sinking fund deductions
166,424
157,191
148,313
$25,815
140,847
Deficit
$115,032
Assets
-
1933
$3,940,000
1,857,000
500,000
$295,165
$308,340
$326,615
Balance Sheet Dec. 31
1934
1933
Liabitilies1934
.-Investment
88,668,341 $8,995,815 Capital stock
$3,940,000
Cash
74,328 Long-term debt.-- 1,677,300
89,821
Deposits to pay
Loans ai bills pay_ 750,000
coups.due Jan.1 102,500
102,500 Traffic & car serv.
Traffic 4, car servbalances payable
13,040
ice balances reo_
15,060
15,693 Audited accts, and
Due from agents
wages payable
48,727
and conductors_
4,976 Miscell. accts. pay.
5,336
8,456
Miscellaneous acInt. matured &
counts receivable
13,816
15,838
unpaid
42,939
Materials di Bunn's
61,413
74,910 Other curr. liablis.
2,902
Interest receivable
21
36 Other def. Sabi's
1,030
Working fund adOther unadjusted
vances
894
808
credits
530,643
Other deferred
Add'ns to prop.
assets
23,230
through surplus_
41,820
Unadjusted debits
6,760
24,873 Sinking fund me_ _ 2,508,347
Deficit
578,099
Total
88,987,107 $ , 09,863
$8,987,107
93
Total
Earnings for March and Year to Date
March
1934
1935
1933
Gross from railway
358.990
362.557
$43,409
Net from railway
8,304
13,080
2.332
Not atter rents
6.550
def105
def2,297
From Jan let oafs S om railway
155,426
160,755
118,217
Net from railway
20.490
6.552
def4,173
Net after rents
3,063 def21.016
def11,999
-V.140, P. 2190.
10,788
48,558
867
47,479
1,318
1,188
738,056
41.390
2,323.914
-00.692
$9,309,863
1932
$59,444
1,715
def6,119
162.034
def20.728
def44,011
Mississippi Power & Light Co.-Ea,nings
[Electric Power & Light Corp. Subsidiary]
Period End. Mar.31- 1935-Month-1934
1935-12 Mos.-1934
Operating revenues..___
$396.855
$390,842 $4,908,553 $4,477.516
287,980
Oper. exps., incl. taxes__
254,716 3,317,564
2,830,877
Net revs, from oper__
Rent from leased propperty (net)
Other income
$108.875
Gross corp. income __
Interest & other deduct's
$110,400
73,353
488
1,037
$136,126 $1,590,989 $1,646,639
671
1.084
7,282
15,297
9,345
16,289
$137,881 $1,613,568 $1,672,273
75,049
890,088
928,768
y337.047
y$62,832
Balance _______
Property retirement reserve appropriations__ _ _
z Dividends applicable to preferred stock for
period, whether paid or unpaid
$723,480
351,657
$743.505
400,401
403,608
401.787
Deficit
$31,785
$67,683
y Before property retirement reserve appropriations and disidends.
z Dividends accumulated and unpaid to March 31 1935, amounted to
$504,510. Latest dividend, amounting to 50 cents a share on $6 pref. stock,
was paid on Feb. 1 1935. Devidends on this stock are cumulative.
-V.
140, p. 2869.
Missouri Illinois RR.-Earnings.MarchGross ft om railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p.2190.
1935
889,746
22,572
6,279
1934
383,736
25,246
14,952
det;:ln
245,600
56,395
14,843
221,311
56,464
27,444
&a:NI
1933
$60,092
182,515
1932
$85,654
24.601
8,264
229,612
48,488
6.167
Missouri & North Arkansas Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents.
-V. 140, p. 2362.
1935
$77,143
5,186
def8,433
1934
$84,736
11,880
def865
1933
368.716
9,469
def1,092
1932
$78,749
def588
def11,300
208.193
18.397
def15,147
241,880
31,327
def4,109
164,410
14,820
def43,663
242,301
4,970
def29,698
-Interest Due May 1 on St. Louis
Missouri Pacific RR.
Iron Mountain & Southern Ry. Bonds Ordered Paid
The trustees have been directed by the Court to pay interest on St.Louis
Iron Mountain & Southern Ry. River & Gulf Divisions 1st mtge.4% bonds
at the rate of 4% per annum for the six months ending April 30 1935. In
- order to obtain the interest payment the bonds must be presented for stamp-Sells Subsidiary Co.
Minnesota Northern Power Co.
ing at the office of J. P. Morgan & Co., New York, the paying agent of the
The company on April 29, sold its entire interest in the Minot Gas Co.,
trustees.
consisting of 510 shares of common stock, to Montana Utilities Gas Co..
Continental Public Utilities Corp.
It will not be necessary for registered holders of the committee's cera subsidiary of the
tificates of deposit to present the certificates for stamping. The committee
The officers and directors, who are members of the Minnesota Northern
-V. 138, p. 4304.
will present the bonds covered by the respective certificates of deposit
Power Co. organization, have resigned.
for stamping, and will distribute the interest received to the persons who are
-Earnings
registered holders of the certificates of deposit as of the close of business on
Minnesota Power & Light Co.
April 30 1935. The distribution will be made without any deductions for the
[American Power & Light Co. Subsidiary]
committee's expenses or otherwise.
1935-12 Mos.-1934
-Month-1934
Period End. Mar.31- 1935
Earnings for March and Year to Date
$413.625 $5,363,881 $4,913,078
$424,159
Operating revenues__
2,044.478
2,454,973
184,252
1935
1934
187,735
March1933
1932
Oper. exps., incl. taxes
$5,906,251 86,436,808 84,624,681 86,360,600
Gross from railway
3229,373 32,908.908 32,868,600
744,106
1.607,357
$236,424
Net from railway
732,666
1.637,633
Net revs, from oper__
821
154
2,676
144
104,269
854.590
Net after rents _____
80.632
939,127
Other income
From Jan 1
$229,527 $2,911,584 $2,869.421
17,090,761 17,648,071 14,349,526 18.238,008
Gross corp. income _- $236,568
Gross from railway
1,742,332
1.730.697
144,635
143,683
2,416,022 4,199,668 2.630,328 3,917,133
Net from railway
Interest & other deducts.
378,268
1.970,873
Net ate),,ents
583.341
1.778.010
$84,892 31.180.887 31,127,089
a392,885
Balance_ ______
-V.110.p. 2712
326,250
300 000.__Td
Property retirement reserve appropriations
ontgomyy Ward & Co., Inc.-Clears-UR- Accruals
Ali
for
b Dividends applicable to preferred stocks
990,492
990,522
directT ave declared a dividend of $5.25 per share on the $7 cum.
n
period, whether paid or unpaid
clar4 stock o par value. payable July 1 to holders of record June 20.
$163,403
$135.885
Th payme includes arrearages tyling $3.50 per share and the regular
Deficit
qu
ly dividend of $1.75 per share ordinarily due at this time.
a Before property retirement reserve appropriations and dividends. to
b Dividends accumulated and unpaid to March 31 1935, amounted
New Director 'Elected
after giving effect to dividends of $1.31 a share on 7% pref.
$742,892,
Percy B. Eckhart has been elected a director to succeed George B.
stock, $1.13 a share on 6% pref. stock. and $1.13 a share on $6 pref. stock.
Everitt. Howard W.Jordan and C. W. Harris were made Vice-Presidents.
declared for payment on April 1 1935. Dividends on these stocks are
-V. 140, p. 2870.
and C. B. Fullerton was made Assistant Secretary.
-V. 140, p. 2869.
.cumulative.
Financial Chronicle
Volume 140
Mobile & Ohio Mt.-lin:anal Report
Traffic Statisticsfor Calendar Years
1931
1932
1934
1933
1,153
1,226
Average miles operated1.216
1.202
Operations202.862
160,537
Passengers carried
211,354
302.924
Pass.carried one mile- - 17,844.705 16,374,217 15.016,124 15.464.751
Aver, rate per pass mile 1.800 cts. 1 603 cts. 1.865 cts. 2.708 CtS.
Revenue tons moved- _ - 3,001,414 2,932.738 2,564.366 3,571,357
Tons moved one tulle..-868,613,163 840.138.952 769.975,696 947,250.395
Aver,rate per ton per in.. 0.891 cts. 0.885 cts. 0.918 cts. 0.951 cts.
538.69
468.99
Aver.rev.train load(tons)
513.19
528.92
$8.716
$6,407
Gross earnings per m
mile_
$6.712
$7.109
Comparative Income Accountfor Calendar Years
1931
1932
1933
1934
Freight
$7,741,631 $7,438,544 $7.064,620 $9,011.542
418,802
Passenger
280.088
262,439
321,126
476,554
377,070
Mall,express. &c
395,577
395,971
137.847
Inciu'l & joint fac.(net).129,551
65,436
86.098
Total oper.revenues $8,544,827 $8.161,996 $7,851,329 $10,044,745
Operating ExpensesMalnt. of way & struc
1,213,737 1.034.886 1.184.233 1,506,947
Maint, of equipment
2.028.755 1.869.916 1.511.893 2,004,972
594.366
Traffic
500.912
457.938
448.592
Transprrtation
3.209.567 3.029,286 3,354.230 4,339.777
4,316
Miscellaneous operations
22.106
4,587
1,994
584.662
487,085
General
434.564
503.159
30.822
Trans. for invest-Cr..
4,269
2,501
1,711
Total oper.expenses
Net revenue front oper
Taxes
Uncellectible revenues
Hire ofequipment
Joint facility rents
$7,434,093 $6.828,676 $7,056.191 $9.004,218
795.139 1,040.527
1.110.734 1,333,320
666,204
579,218
407.484
336.430
2,217
19,841
4.365
5,574
352.283
401.087
378,428
419.317
289,574
353.599
365.456
379.461
Total other expenses_ _ $1,140,782 $1,155.733 $1.304.941 $1,359,082
Operating income
177.587 def509,802 def318,555
def30.048
lVon-Operating Income
Income from lease of rd..
77
202
57
82
Miscell. rent income_ __ _
27,107
38,778
29,679
29.721
Miscelline ,us non-oper.
physics! property_
16.549
20,758
12,449
16,860
6,658
Dividend income
6.658
9,950
3,781
480
Income from funded secs
480
420
Income from unfunded
securities & accounts_
51,764
44,148
35,663
6,977
399
Miscellaneous income_ _
899
1,248
277
3051
Monongahela Ry.-Income Account
Years Ended Dec. 311934
1933
1932
Freight revenues
$3.784.584 S3.554.775 $3,601,251
Passenger revenues
9,564
7.995
10,817
All other
26,436
21.926
22,045
Total
$3,820,584 $3.584,698 $3.634.115
Maintenance
730.529
557.258
624.605
Transportation
780,594
699.889
755,564
All other operating expenses
60.152
75.578
101.376
Net revenue from ry. operations
Railway tax accruals
Uncollectible railway revenues
$2,249,308 $2,251.971 $2,152.569
229.411
224,246
187,238
141
511
642
Railway operating income
Non-operating income
$2.019,756 $2.027,213 $1,964,688
65,511
101.666
145,686
$2,085,268 $2,128.879 $2.110,375
910.529
814,210
782,523
7,473
8.600
6,641
6,260
4.255
4,200
13
12
81,830
85,555
85.477
171,724
202,982
234,695
44
68
90
Cr2,130
1,760
1,913
673,954
676.715
679.713
11
404
1,398
2,353
15,982
2.090
$233,203
$318,331
$311,629
Gross income
Hire of freight cars-debit balance
Rent for locomotives
Rent for passenger-train cars
Rent for work equipment
Joint facility rents
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
Net income
General Balance Sheet Dec. 31 1934
-Investments in road and equipment, $25,676,172; improvements
Assets
on leased railway property. $255,353; miscellaneous physical property,
$945,368: investments in affiliated companies, $67,984; other investments,
$350; cash, $518,018; time drafts and deposits, $150,000: loans and bills
receivable, $212; traffic and car service blalances receivable. $282,382;
net balance receivable from agents and conductors, $5,831; miscellaneous
accounts receivable,$28,922; material and supplies,$246,747; other current
assets, $318; deferred assets, $67,178; rents and insurance premiums paid
in advance, $2,747; other unadjusted debits, $16.479; total, $28,264.067.
Liabilities
-Capital stock, $5,000.000: funded debt unmatured, $5.867.900; non-negotiable debt to affiliated companies, notes, $899,319: open
accounts, $6,512,274: traffic and car-service balances payable, $136.484;
auditied accounts and wages payable, $239,401; miscellaneous accounts
payable, $107,977; int. matured unpaid, $112.500; unmatured int. accrued,
$8,211; unmatured rents accrued, $2.394; other current liabilities, $706;
deferred liabilities, $1,151; tax liability, $145,367; accrued depreciation,
equipment, $1,269,791; other unadjusted credits, $110.499: additions to
property through income and surplus $1,746,579; funded debt retired
through income and surplus,$574,533; sinking fund reserves,$38,805; profit
and loss, $5,490,169; total, $28,264,067.
Earnings for Month of March and Year to Date
1935
March1934
1933
1932
$4:=2,914
Gross from railway_ .
$4g3,922
$244,644
$342,201
277.886
Net from railway
326.845
140,286
184.399
165,985
after rents
Net
215,238
59.165
97.440
From Jan 1
Gross from railway __ --. 1,094,422 1,204.584
734,339
976,143
660,570
Net from railway
769.939
421.339
485,100
343,886
Net after rents
462.212
189,482
226,503
-V.140. p.2869.
Total grow income_
$263.821 def$402,976 def$207.612
$28,071
Deductions
Miscellaneous rents_ _ _ _
9.443
9.214
9.025
9.245
115.744
58.025
Int. on unfunded debt _
115,181
105.389
Misc, income charges _
5,409
6.687
1,813
1.831
Misc,tax accruals
140
Interest on funded debt. 1.437.419
1,448,175
1.478.169 1,463.441
Int.on equip.obligations
240.414
272.795
209.525
178,268
Net loss
$1,704.221 $1.549,892 $2.237,427 $2,002,504
C. E. Ervin and T. M. Stevens, receivers state:
On Sept. 18 1934, the receivers, after a full consideration of present and
prospective revenues and expensas, applied to the court for authority to
negotiate agreements with the holders of equipment trust certificates to
defer payment of principal installments (but not Interest or dividends
Corp.
-Resumes
theron)maturing in the period Oct. 311934, to Sept. 1 1936, Inclusive, for ----"-Motor Wheel declared a dividendDividends
of 12% cents per share on the
The directors have
three years from their respective dates of maturity.
common stock, par $5, payable June 10 to holders of record May 20. This
The court authnrized the receivers to proceed with the plan, and to date
will be the first dividend paid on this stock since Dec. 19 1931. when a like
(April 22 19351 agreements have been executed deferring the principal due
payment was made. A distribution of 25 cents per share was made on
on equipment trusts, series L, 0 and P. Substantial progress has been
June 10 and Sept. 10 1931, while on March 10 1931 a dividend of 37%
made in effecting agreements for the remaining trusts, series M. N and Q.
cents per share was disbursed.
General Balance Sheet Dec. 31
Earnings for 3 Months Ended March 31
Corporate and Receiver's Accounts Combined
1935
Quer.End. Mar.311934
1933
1932
1934
1933
1934
1933
Net profit after charges,
Liabilities
Assets
deprec. and Fed. taxes $258,124
$269,1721084227,578 loss$228.609
6,007.200 6,007.200
Road & equImmt.55,926,499 56,682.818 Common stock
Earns, per sh.00 850.000
31,023,000 31,663,000
Physical nroperty. 599.827
601,511 Funded debt
$0.30
shs. cap. stk.(Par $5)$0.32
Nil
xNil
Equip. trust oblig. 3,658,500 4,424,000
Inv. In at!ii. cos.:
x No par shares.
-V. 140, P. 1317.
Stocks
138.104
877,599
172.604 Receiver's ctfs_ - 877,599
14,307
Bonds
603.000
14,307
603.000 Covernm't grantsMurray Corp. of America-Bonds Called
Notes
178.172
178,172 Loans & bills pay. 2,426,332 2.517,015
A total of $100,000 1st mtge. 6%% 10-year sinking fund gold bonds of
Advances
20.944
224,626
33,296 Traffic, &c., bale. 239,527
the Murray Body Corp. have been called for payment at 104 and interest
Other Investments
6.086
8.386 Accounts & wages_ 2.309,934 2,202,111
on June 1. next. Payment will be made at the Detroit Trust Co.,trusteee,
Cash
121,628
1,094.401 1,020.255 Misc. accts. pay.. 244.174
Detroit, Mich., or at the Guaranty Trust Co. of N. Y., New York City.
Special deposits
13.279
553.016 Int. matured unpd 3,546,857 2,166,155
V. 140. p. 2870.
Traffic, &c., bale. 255,848
268.192
333,583 Divs. mat'd unpd_ 268,677
Balance dun from
Funded debt maid
6,500
3,000
Nashville Chattanooga & St. Louis Ry.-Earnings.agents & conduc.
61,229
47,899 Equip. trust oblig.
matured unpaid 167,000
M isc. accts. recel v. 328.111
341.247
March1935
1934
1933
1932
Materials& suppl's 717.145
772,811
694,371 Interest accrued,.848,819
Gross from railway
$1,077.630 $1.232,797
$965.760 *1,092.042
9,199
18,340
23,279
Other assets
16,207 Other curr. liabil's
Net from railway
116,198
255,658
93,826
108,482
Deferred assets _ _ 397,112
239.685
346,623 Deferred liabilities 233,160
Net after rents
58,985
177,306
45,381
60,298
240,767
308,755
Unadjusted debits 4,180,057 3,153,653 Taxes
From Jan. 1
Operating reserves 161,920
194,893
Grose from railway
3,043,970 3,416,046 2.788,482 3.104,052
Accrued depreciaNet from railway
265.054
668,372
285.401
242,279
tion on equip't 4,592,859 4,529,531
Net after rents
68,976
459,107
143,045
90.223
Other unadj. cred- 4,258,679 3,254,614
-V. 140, p. 2870.
Additions to property through InNational Cash Register Co.(& Subs.)
-Earnings
-come & surplus. 487,589
487,092
3 Mos. Ended Mar,311935
2,897,272 4,587,129
1934
Profit and loss._
1933
Sales
$7,566,528 $6,287,221 $3.258.602
Operating profit
Total
181,457
64,529,015 64,786,621
Total
278,022 loss586.014
64,529,015 64.786,621
Miscellaneous income
15,318
2.795
23,788
Earnings for Month of Varels and Year to Date
Net profit
$196,775 4280,817 hnis3562.226
Ilarch1934
1933
1935
1932
Earns, per share on 1.628,000 shares
Gross from railway
$778.615
$687,909
$580,177
$734,297
capital stock
$0.12 , See x
Nil
Net from railway
126.327
99,499
57,865
96,879
x Equal to 17 cents a share on 1,628,000 shares of stock to be outstanding
Net after rents
22,315
2,837 def23.572
def33,526
after complete exchange of class B for class C stock and reclassification of
From Jan. 1
latter and class A shares for one class of common stock.
Gross from railway
1,629,360 2,000,136
1,933,654 2,155.791
Current assets as of March 31 1935, amounted to $19,627,392 and current
Net from railway
343,971
122,253
105.633
134,835
liabilities were $2,900,651. This compares with current assets of $19,Net after rents
27,986 def160.337 def207.607
def161.513
177,614 and current liabilities of $2,347,422 on March 31 1934.-V. 140.
-1r. 140, P. 2191.
P. 2362.
.
Monarch Fire Insuarance Co.
-Statement of Assets and
Liabilities, Dec. 31 1934-
Liabilities
Assets
U. S. Government bonds
$446.312 Unearned premium reserve...$l.772.899
Cash in banks and office
813,030 Losses in process of adjust.
171,120
Munic.,utility and other bonds 599,476 Taxes,expenses & other habits. 127,144
Stocks
473,032 Contingency reserve
42,995
Mortgage loans
152,540 Unearned premiums and losses
83 799 recoverable on reinsurance In
.
Ctfa. of partle., trusteed mtges
Real estate
464.299 companies not admitted to
Agents'balances written subseNew York State
139,444
quent to Oct. 1
453,126 Capital
816,496
Dep. with underwriters assocs.
1,000 Surplus
456,401
Reins. recov. on paid losses
27,385
Accrued interest
12,517
Total
-V.139. p.2837.
$3,526,498
Total
63,526,498
---Motor Products Corp.
-Cent Dividends
-Declares Two 50
The directors have declared two dividends of 50 cents per share each
on the common stock, no par value. One dividend is payable May 25 to
holdors of record May 15 and the other is payable Aug. 10 to holders of
record Aug. 1. This action marks the resumption of dividends on this issue.
the last previous payment having been made on Oct. 1 1932 and PM
likewise a 50-cent disbursement -V. 140. p. 2713.
National Distillers Products Corp.(& Subs.)
-Earns.
3 Mos. Ended March 31x Operating profit
Interest
Provision for contingencies
Federal taxes
1935
y1934
S1.715.927 $5,267,116
92,700
56,524
500,000
300,828
878,314
1933
$235,543
16.333
23,327
Net profit
$1,322,399 $3,832.278
$195.883
Earns, per sh. on 2.022.083 shs. corn.
stock ouistanding
$0.65
$1.90
$0.10
x After depreciation. y Includes Penn-Maryland. Inc. since date of
acquisition Jan. 31 1934. and exclusive of Alex. D. Shaw & Co.
Seeks Permission to Issue $15,000,000 434s
-See details
under "Current Events and Discussions" on a preceding
page.
-V. 140, p. 2713.
-" Trational Investors Corp.
-Accumulated Dividend Okel"---The directors have declared a dividend of $4 per share on account of
accumulations on the $5.50 cum. pref. stock, par $1, payable May 14 to
holders of record May 7. This compares with $2.75 per share paid on
July 1 1934 and $5.50 per share paid on Sept. 30 1933, this latter being
the first payment made on this issue since July 1 1930. when a regular
semi-annual dividend of $2.75 per share was paid.
Accumulations as of Jan. 1 last, after the payment of the May 14 dividend.
will amount to $12.50 per share.
-V. 140, p. 2870.
Financial Chronicle
3052
(Conde) Nast Publications, Inc.(& Subs.)
-Earnings
1931
Calendar Years1932
1934
1933
Gross rev, from sale of
publications,adv.,&c. $6,460,085 $5,558,121 $5.799,255 $7,734,618
Produc., sell., gen. and
adminis. expenses...-. 6,052,807 5,560,430 5,425,577 6,947,409
Operating profit
Other income
$407,277
12,842
def$2,309
11,455
$373,679
3,922
$787,209
133,296
Total
Interest paid
Amortiz. of bond & note
Issue comm.& expo__ _
Propor, of profit of sub.
applic. to minor.int.
Provision for Federal and
State taxes
Exch. adjust, in respect
of British subsidiary_
Depreciation
$420.120
94,142
$9,146
106,294
$377,601
82.845
$920,506
98,713
30,411
31,861
26,484
40,557
Profit
Previous earned surplus_
3,733
Cr4,767
8,046
19,954
13,921
1,800
x2,790
51,292
257,985
375,146
321,343
22,905
316,625
$19,928 loss$501,188 los$63,907
2,088,089 2,589.276 2,653,183
$370,460
2,740,806
Total
$2,108,016 $2,088,089 $2,589,276 $3,111.266
458,082
Divs, on corn. stock
Miscellaneous deductlis.
191,740
May 4 1935
Liabilities-Preferred stocks (no par) $5 cumulative, 1,041 shares issued
and outstanding, $104,100; $6 cumulative, 33,060 shares issued and outstanding, $3,300,000; common stock (87,500 shs., no par), $6,535,000;
funded debt, $13.920,000: accounts payable to parent company, Metropolitan Edison Corp., $12,815; advances from financing company, 840,800;
accounts payable, $153,161; taxes accrued, $189,793; interest accrued,
$209,781; miscellaneous accruals, $21,290; consumers' service and line
deposits, $321,184• reserves and miscellaneous unadjusted credits. $4,002,183; contributions for extensions (non-refundable). 16.059; capital
surplus, $5,186,413; corporate surplus, $191,906; total, $34,200,487.
V. 140, p. 981.
Newmont Mining Corp.
-Correction
The statement setting forth the earnings of the corporation on page 2715
of the April 21 issue of the "Chronicle" contains an error in the last paragraph of the article. The amount of commitments in connection with the
development of mining properties, as at Dec. 31 1934, was approximately
$60,000 and not as stated in the item 160,000,000.-V. 140, p. 2715.
New. Orleans Public Service Inc.-Earning8--[Electric Power & Light Corp. Subsidiary]
Period End. Mar.31- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues.. _
$1,360,651 $1,398,286 $15,072,469 $14,897,164
Oper. exps., incl. taxes
833.077
804,596 9.855,748
9,322,277
Net revs, from oper__
Other income
$527,574
Dr329
1593,690 $5,216.721 $5,574,887
Dr4,565
16.717
23.073
Gross corp. income __ $527,245
$589,125 $5,233,438 $5,597,960
Interest & other deducts.
241,392
268,407 2,888.437 2,941,968
Earned surplus at end
of year
$1,916,277 $2,088,089 $2,589,276 $2,653,183
Balance
34285,853 y$320,718 $2,345,001 $2,655,992
313,704
Shs. coin. stk. (no par)313,424
340,000
303,453
Property retirement reserve appropriations__ _ _
2,124,000 2,124,000
* $0.91
Earnings per share
def$1.62
def$0.20
$0.06
x Dividends applicable to preferred stock for
x State taxes only. * Exclusive of proceeds of life insurance policies
period, whether paid or unpaid
544,586
544,586
surrender, $84,684.
1932
Deficit
3 Mos.End. Mar 31.
1934
1933
1935
112.594
$323.585
Net inc.after all charges,
y Before property retirement reserve appropriations and dividends.
$132,373
including taxes
$36,214 10s5$69,997
$93,567
x Dividends accumulated and unpaid to March 31 1935, amounted to
313,669
Ohs, corn. out.(no par).
320.000
340,000
340 000
$1,157,245. Latest dividend, amounting to 87.4 cents a share on $7
Earnings per share
$0.42
40.10
Nil
$0.27
pref. stock, was paid April 1 1933. Dividends on this stock are cumulative.
-V. 140, p. 2714.
Consolidated Balance Sheet Dec. 31
1933
1934
Assets1934
1933
New Orleans Texas & Mexico Ry.-Earnings.Cash
2752,978 $409,321 Accounts Payable
Accts. & notes rec.. 588.826
March
1935
707,713 & accrued Ilab__ $399,218 $428,745
1934
1933
1932
317,902
Gross from railway.... _ - $127,157
Employees' accts._
34,177
25,823 Notes pay. to bks. 100,000
$155,957
$143,766
$109,630
Net from railway
Inventories
428,753
322,727 1st mtge.634% bds 1,000,000 1,000,000
21,887
46,165
12,273
23,917
Net after rents
Investments
15,435
43,784 Provision for Fed'i
28.882
54,561
29,356
29,328
18.022
14,289
and State taxes_
Real estate, mach.
From Jan 1
and equipment_ 2,709,642 2,965,244 Dep. by employ.
Gross from railway .---469,292
447,142
453,995
337,497
374,253 under stk. subNet from railway
Deferred charges.. _ 210,805
140.254
132.379
79,315
45,909
192,488
Magazine titles,
scription plan__ 184.230
Net after rents.
166 210
164,310
88,442
85,184
2,210,976 2,211,375 Prov. for possible
sub. lists. drc
-'V. 140, p. 2362.
cash refunds on
----tNew Process Rayon, Inc. Orgetrrart-returnable unsold
202,487
patterns
,,. new corporation sribb-the-above name hafr been organized to opera
120,027
Res.for conting_ I 38,679
the Furness Corporation's cuprammoniun yarn plant at Gloucester, N.
189,981
Miscell. reserves J
Paul Zens, Treasurer of Edward G. Budd Manufacturing Co., has
485,899
Deferred revenues_ 525,888
elected President and Treasurer! Hudson W. Reed, of the United Gas
Minority int. in
Improvement Co., is Vico-President, and J. Vernon Pinun is Secretary.
35,531
31,798
subsidiary co_
The board of directors consists of: Mr. Zens, S. F. Hansell, former general
Common stock 1,700,000 1,600,000
manager for Furness; Harry W. Harrison, Mr. Reed, D. S. Mallory,
830,857
831,243
Capital surplus
Treasurer of Industrial Rayon Corp., and Dr. Arthur Mothwurf, former
Current surplus
1,916.278 2,088,089
president of American Bemberg Corp. and later identified with the Furness
Total
86,951,192 $7,080,221
Total_ _ _ _ .. _ _ _ _$8,951,192 $7,060,221
e new company will start operations about May 1, according to Mr.
Zens, who said Dr. Mothwurf would act as General Manager and that the
x Represented by 340,000 no par shares in 1934 and 320,000 in 1933.-V.
machinery and equipment is now being put in order after its long shut139, p. 3002.
downs with the intent of producing first quality yarn for the trade. Production from the present equipment will total about 800.000 pounds annually,
National Steel Corp.
-Earnings
according to Mr. Zeus, who said it was possible this would be expanded to
3 Months Ended March 311935
1934
1933
a much larger poundage within the next year, through installation of addiNet earnings after all charges
$3,367,632 $1.642,328
$280.845
tional spinning machines.
Shares capital stock (no par)
2.155.777 2.156.832 2,156.832
Earnings per share
$1.56
$0.76
$0.13
Newport Industries, Inc. (& Subs..)
-Earnings
--V. 140, p. 2192.
Calendar Years1934
1933
1932
Sales
-net
Natomas Co.
-Earnings
$2.798,835 $2,354,160 11.745,367
Cost ofsales.selling & gen. expenses
2,201,505 2,154,586
1,865,951
3 Months Ended March 311935
1934
Net profit after deprec., depl.. Fed. taxes. &c_ _ _ _
$227,297
$220.474
Net loss before depreciation
prof$597.330prof$199,574
$120,584
Earns, per sh. on 995.820 no par shs.capital stork_
$0.23
$0.22
Provision for depreciation
195,009
194,668
199,806
The company's newly constructed No. 1 dredge was put into operation
Interest and other charges
-net
x11.494
1.183
10,460
on April 18 in the area on the Southwestern end of the Natomas American
Charges for equipment dismantled-6,247
8.234
67,622
River properties near Folsom, Calif., it was announced. This brings the
Miscellaneous expenses
200,505
number of dredges in operation again up to a total of 6. but 5 dredges were
Provision for Federal income tax
30,200
in operation during the first quarter of 1935, while the first quarter of 1934
returns reflected the production of 6 dredges.
Net loss before other income
prof$153,875
$4,511
$398,472
As announced in the 1934 annual report, the company's dredge No. 2
Profit from sale of stock
25,872
2,420
was dismantled and sold to the Merced Dredging Co. in which Natomas
Dividencb;receivable
5,471
44,778
owns a 20% interest, in August 1934.-V. 140. p. 2544.
Miscellaneous other income
7,743
S
Nevada Northern Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net afer rents
-V. 140, p. 2192.
1935
135.265
9,810
6,803
1934
$23,700
1,987
def487
1933
$18,981
def5,294
def8,116
1932
$24,928
def3,620
def7,741
88,138
13,170
4,913
72,819
6,935
194
58,767
def15,891
def25,272
87.587
def984
def15,877
New Bedford Gas & Edison Light Co.
-Income Account
Years Ended Dec. 31*1934
1933
1932
Total operating revenues
$4,114,625 $3,988,856 $3,894,483
Operating expenses
1.734.184
1,687,798
1,627.791
Maintenance
322,710
260,974
253,989
Provision for retirement
304,775
340.665
336,779
Taxes (incl. provision for Fed. taxes)
771.632
743,420
754,703
e
Operating income
$981,323
$955,997
$921,219
Other income
Dr1,432
Dr1,266
10,105
Gross income
Interest on unfunded debt (net)
Net income
* Preliminary.
-V. 139, p. 2685.
$979,891
127,696
$954,730
146,028
$931,325
162,646
$852,196
$808,702
$768,678
New Jersey Power & Light Co.
-Income Account
Years Ended Dec. 31
1934
1933
1932
Total operating revenues
$4,365,989 $4.115,590 $4,369,461
Operating expenses
1,722,827
1,844,793
1,896,780
Maintenance
451,529
428,997
364,808
Provision for retirements (renewals
and replacements)
600,242
579,000
600,000
Taxes (incl. provision for Federal
income tax)
349,777
381,071
393,252
Operating income
Other income
$1.046,960 $1,012.456 $1,178,544
267,673
286,448
239,516
Gross income
Interest and amortization
$1,333,408 $1,280,129 $1,418,061
672,641
701.126
684,463
$745,419
Net income
$595,665
$632,282
Dividends on preferred stock
203,565
203,565
203,565
Dividends on common stock
481,250
504.500
293,750
Balance Sheet Dec. 31 1934
-Fixed capital-plant, property, &c., $27,306,371; investments,
Assets
$4,951,840; deposits with trustee in lieu of mortgaged property sold,
$700; cash (including working funds), $147,669; accounts receivable,
$404,152; interest and dividends receivable,$68,069; materials and supplies,
$111,004; deferred debit items, $1,210,681; total, $34,200,487.
Net profit
Y$161.619
*$26.832
* Exclusive of idle plant expenses amounting to $39.487 in *1351.274
1933 and
$45,719 in 1932. x Interest net only. y Before provision for reduction
in investment in Armstrong-Newport Co.(50% interest) which is charged
to deficit account.
Earnings for the Quarter Ended March 31
1935
1934
Net sales
$722.862
$701,157
Cost and expenses
602,238
562,575
Depreciation
43,212
51,821
Interest and other charges, net
3,419
3,024
Federal taxes
11,376
14.000
Profit_
62,617
169.737
Profit on sale of stock
Dividends received, &c
4,947
7.840
x Net profit
$67.564
x The 1935 figure is before provision of $20,604 for reduction in$77,577
ment in Armstrong-Newport Co.(50% interest) which is charged to investdeficit
account; while 1934 figure is before $25.466 proportion of losses of affiliated
company.
Balance Sheet Dec. 31
Consolidated
1933
AssetsLiabilities
1933
Cash
d$2193408 $222,487 NAcoctesounpatsypaabyleay!!): $153,192 $192,099
73,4
Trade accounts,
5,833
270,978 PAcuerreuhedasleiabmIloitnissey
less reserve
394,274
34.013
Miscellaneous ac55,489 oblIgititlow itn eon.counts receivable
to onn f 5pra tn oi :
Inventories
895.137
888,008
q ui
999 i
:
Sundry other cur& corn. stock
rent assets
18,254
b Land, bldgs. and
subsidiary -----168,000
192,500
machinery
1,935,988 1,971,388 Reserves-Taxes _ e750,000 c543,497
18,245 Coneelige ecles _
w tin ann ous _____
Pat. & trade marks
18,592
:
15,285
Investments, &c.
Miscellaneous
2,994
13,063
(at cost)
514,501 Res. for Fed. taxes
499,872
30,200
Deterred charges_ _
81,389
90,747 Puorbc0h8ansecurremonnety.
18,500
Cap.stk.(Par Si). 519,347
519,347
Surplus (paid-in).. 2,998685
3,226.388
Deficit
589,148
889,024
Total
$4,085,783 $4,038,989 Total
$4,080,783 $4,038,989
b After depreciation of $1.552.000 in 1934 and $1,397,748 in
contingent liability for income and profits taxes of predecessor 1933. c A
companies
for the year 1917 and subsequent thereto is, in the opinion of
cared for by the above reserve. d Includes an aggregatecounsel, amply
of $70.434 in
foreign currencies at slightly less than current rates of exchange. e Subject
to such adjustment, if any, as may be required upon final determination of
the Federal and State tax liability of predecessor companies assumed by
this company at its inception, the amount of which cannot at this time be
accurately forecast.
-V. 139. p. 2838.
Financial Chronicle
Volume 140
0
3053
paid Jan.3 1933. Latest dividend on 5% preferred stock was $1.50 a share
paid Oct. 1 1932. Dividends on these stocks are cumulative.
-V. 140.
p. 2549.
Niagara Hudson Power Corp.
-Annual Report
-
Income Statement (Parent (Jompany) Year Ended Dec. 31 1934
Income-From subsidiary companies:
$682.359
Dividends on preferred stocks
Dividends on common stocks
732.070
Interest on bonds
76.028
Interest on advances
1,213.541
Other interest and dividends
892,412
Total income
Expenses
Taxes
Interest
$3,596.410
697.705
237,553
308.703
Net income
Balance, deficit, Dec. 31 1933
Net income for year ended Dec. 31 1934
Profit on sale of securities
Miscellaneous credits (net)
$2,352,447
Dr391.869
2,352,447
43.274
29,735
Balance, Dec. 31 1934
$2.033,588
Balance Sheet Dec. 31 1934 (Parent Compant)
Assets-Investments in and advandes to subsidiary companies: Investments (common stocks, $114,561,938; pref. stocks, at cost, $16,877,310;
bonds, at cost, $1,410,931), $132,850,182; advances: (Mohawk Hudson
Power Corp., $16,000,000; other subsidiaries, $1.946.000). $17.946.000;
investments in common stocks of other public utility companies, the properties of which are inter-connected with those of Niagara Hudson Cos.
(Consolidated Gas Co. of N. Y., 201.500 shares, $20.275,518; Central
Hudson Gas & Electric Co., 445,738 shares, $17.273,518), $37,549,035;
other investments,at cost.$1,568,785;cash,$1,390,859;accounts receivable,
$6,511; interest and dividends receivable, $315,678; total, $191,627,051.
Liabilities--Common stock (9,262,97511 shares of $15 par value),
,
$138,944,632; notes payable to banks, $5,000,000; accounts payable,
$22,242; taxes accrued. $35,850; interest accrued, $40.978; reserve for contingent liabilities, $474,121; paid-in surplus, less charges. $45.075,639;
earned surplus, $2,033,587; total, $191,627,051.
Consolidated Income Account for Calendar Years (Including Subsidiaries)
1932
1931
• Calendar Years1934
1933
Operating revenues
$73,567,445 $69.000,445 $71,806,482 $77,449,121
Operating expenses
27,692,860 24.296,48S 24,300,345 26,487,430
Retirement provision_ _ - 7,012,866 5,049,571
4,128,950 4,544,140
Taxes
10.834,870 9,816,839 10,387,205 10.024.869
Operating income_ __ 328.026,848 $29,837,547 $32,989,981 $36,392,682
Non-oper.income net--385.027
767,765
1,057.488
1,114,539
Gross income
$28,411,876 $30,605,312 $34,047,469 $37,507,221
Int., amortiz. of debt
discount, Sic
12,397,848 12,792,198 12.626,980 11.747,122
Divs, on pref. stocks of
subsid. companies_ __ _ 11.962,437 12,035,412 12,042.145 12 046.316
Spec, inc, less spec. chgs.
{
270,740
Sh. of inc. applic. to min. Sees
See x
Sees
interests
33.177
Net income
$4,051,590 $5,777,702 $9,378,343 $13.409,865
Divs. paid by Niagara
Hudson Power Corp_
2,183,911 10,471.878 10,442,757
Balance
$4.051,590 $3,593,791def$1093,535 $2.967,108
Earns, per sh. on com
$0.46
$0.66
$1.08
$0.51
x Included in interest, amortization of debt discount, &c.
Consolidated Balance Sheet Dec. 31
Assets1934
1933
Plant and property
$571.824,908 $578,220,110
Sinking funds and special deposits
267,579
250.673
Cap. stks. of oth. pub. util. cos. & sundry Inv- 42,726,755 43,031,892
Cash
9,210.694
9.852.007
Notes and accounts receivable
7,136,292
8.310,270
Marketable securities
37,250
322.625
Unpaid subscrip's to cap, stock of sub. cos
9.930
Materials and supplies
3,512.398
3,382.946
Prepayments
2,144,407
2,041,505
Unamortized debt discount and expense
10,063,190 10,633,254
Other deferred charges
5,868.368
5,480,491
Net operating income. $2,792,518 $3,052,695 $7.754.156 $9.315,334
New Director
John F. Maynard, Jr., of
N. Y., was appointed a director at the
meeting of the board held April 24 1935.-V. 140, p. 2365.
Utica,
New York Westchester & Boston Ry.-Earnings-Period End. Mar.31Railway oper. revenue_ Railway oper. expenses_
Taxes
1935
-Month-1934
$146,994
$138,574
124,541
129,532
25,600
28,000
1935-3 Mos.-1934
$418,423
$423,622
379,765
356,589
84,000
76,800
Operating deficit
Non-operating income_ _
$18,958
2,526
$3,147
2,234
$45,342
7,256
$9,767
5,063
Gross deficit
Deductions
$16,431
250,656
$913
246,206
$38,086
752.192
$4,704
739.198
$267,088
$247,119
$790,279
$743,902
Net deficit
-V. 140, p. 2547.
Northwestern Electric Co.
-Earnings
-[American Power Si Light Co. Subsidiary]
Period End. Mar.31- 1935
1935-12 Mos.-1934
-Month-1934
Operating revenues
$288,466 $3,630.877 $3.324,332
$329,115
Oper. exps., incl. taxes
174,410 2,313,442 2,147,325
193,761
Rent for leased property
203.049
16.864
16.974
974
201,944
Balance
$97,192 $1,114,386
$118,380
$975.063
income
Dr1,593
Other
Dr201
268
Dr74
Gross corp. income_ - _ $118,306
$96,991 $1,112,793
$975,331
625.030
Int. & other deductions_
54,180
51,767
640.387
Balance
y$42,811
$487,763
$334,944
)466,539
Property retirement reserve appropriations
260,000
260.000
z Dividends applicable to preferred stocks for
period, whether paid or unpaid
334,168
334,160
Deficit
$106,405
$259,216
y Before property retirement reserve appropriations and dividends.
z Dividends accumulated and unpaid to March 31 1935, amounted to
$794,005. Latest dividend on 7% preferred stock was 88 cents a share
Total
$652,403,966 $661,923,578
Liabilities
Funded debt of subsidiary companies
$218,147,750 $224,575,750
Preferred stocks of subsidiary companies
186.762,597 186,781.269
Minority interests in subsidiary companies
157.048
183,000
Long-term liabilities relating to Sacandaga and
Stillwater reservoirs
5,801,185
5.146,314
Notes payable
5,000.000 12,300,000
Prin. & prem, of certain bonds of Power Corp. of
New York called for redemption
4.742.255
Accounts payable
3,961,841
4.148,210
Interest and taxes accrued
5,190,422
5,088,268
Preferred dividends accrued
782.912
988,315
Consumers' deposits
1,499.480
1.488.624
Miscellaneous accrued liabilities
106,116
91,879
Reserve for retirement of plant and property.. _
30.256,620 27,643,034
Reserve for contingent liabilities
2.684.739
Sundry reserves
2,038.067
5.303,892
Employ. subscr. for units of stock purch. fund
472,571
656.835
Subscriptions to common stock of sub. co
27,531
x Capital stock
131,078.398 131.068.698
Cum. diva. in arrears on pref. stocks of Mohawk
Hudson Power Corp
2,383,429
Paid-in surplus
33,870,841
42.740.397
Earned surplus
17,467,694
13,691.562
Total
$652,403.966 $661,923.578
x Represented by 8,738,559 shares of $15 par value in 1934 and 8,737.913
shares of $15 par value in 1933.-V. 140, p. 1667.
Norfolk & Southern RR.
-Annual Report
Traffic Statistics Years Ended Dec. 31
1934
1932
1933
1931
Average miles operated932.20
932.40
932.40
932.66
932.66
Passenger Traffic
No.of passengers carried
358,078
347,615
296.271
397,658
No. pas.. carried 1 mile_ 7,867,854 7,853,490 5.128.717 7,147.054
7,854
No. pass. carried 1 mile
per mile of road
8,440
8,423
5,488
7,663
Average miles carried
each passenger
21.97
22.59
17.28
17.97
Avge. amount rec. from
each passenger (cts.)34.283
34.498
36.167
46.035
Avge. receipt for pars.
per mile (rte.)
1.560
1.527
2.093
2.561
Freight Traffic
No. of tons carried
1,867,697
1,764,181
1,614,015 2,544,523
No. of tons carried 1 mt.260,898.507 253,551,170 226,949,622 330.861.658
No.of tons carried 1 mile
per mile o road
279,871
271,937
243.336
354,751
Average miles hauled,
each ton
139.69
143.72
140.61
130.03
Average amount received
from each ton
2.366
2.301
2.396
2.177
Average receipts per ton
per mile (cents)
1.694
1.601
1.704
1.674
Net oper. revenues per
train mile (cents)---sl.r,
52.87
22.16
54.32
Financial Chronicle
3054
Income Account Years Ended Pm 3
1931
All Lines (Ind. Elec.)
1932
1934
1933
Freight revenue
$4,419.047 $4.059,799 $3,867.374 $5,538.543
183.061
Passenger revenue
107 151
122.782
119.920
177.799
Mail and express
123,133
121 701
138.010
All other transportation_
117.662
84.172
86 140
83.298
May 4 1935
- Northwestern Utilities, Ltd.
-Bonds Called
All of the outstanding 1st mtge. 15
-year 7% sinldng fund gold bonds have
-V. 139.
been called for redemption on June 1, next at 105 and interest.
p. 3814.
-Plans Financing
."----Nova Scotia Light & Power Co., Ltd.
-
Total oper. revenue__ $4,762,117 $4.385,592 $4,188.799 $6,017,065
942.470
708,444
Maint. of way & struct_
80.3.186
749.153
938.644
785,952
Maint. of equipment-.
667,564
594.190
248.854
297.908
223.595
Traffic
235.452
1,810.101
2.483,372
1.671,940
Transportslion
1.689.048
295,030
255.659
Miscellaneous
301,258
270,185
Authority has been granted to the company from the Nova Scotia
Board of Public Utilities for the issuance of $350.000 5% first mortgage
bonds and $129.700 6% cumulative preference stock.
The proceeds from these two issues are to be used for re'unding expenditures of $466,798 on capital account, of which amount $334.224 was for
acquisition of the Dartmouth Gas, Electric Light, Heat & Power Co. and
-V. 139. p. 452.
the Sackville River Electric Co.
Total opPr. expenses- $3.823.131 $3,582.437 $3.819.010 $4.057,423
1.059.641
Net rev. from ry. oper- 1139.986
369.789
803.155
529.316
Tax accruals, &c
490,899
314,413
315,417
-Earnings
-Ohio Bell Telephone Co.
Period End. Mar.31- 1935-Month-1934
1935-3 Mos.-1934
Total oper. income-Other Income
Hire of equipment (net)
Joint facility rent income
Miscell. rent income_ _ _
Misceli. non-oper. physical property
Dividend income
Inc. from funded secure_
Income from unfunded
securities & accounts_
Inc. from sinking and
other reserve funds
$824,569
$530,325
$488,742 loss$121.110
277
13,037
17.163
676
14.190
8.441
12.449
8.854
664
13,507
10.066
121.757
10.920
5.846
124,860
34.580
6,079
120,179
22.312
5.879
115.715
22,744
6,619
6,858
6.116
4.738
8,639
280
696
1.203
1.236
Total non-oper. Inc-- $179,141
Gross income
1.003.710
Deducts. from Income
Hire of equipment ._ .._ _
31.4 341
Joint facility rents
33.889
Rent for leased roads
156,198
300
Miscellaneous rents_ _ _ _
6.996
Miscell. tax accruals....
798.538
Interest on funded debtInt, on unfunded debt
9,456
Amortization of discount
on funded debt
19,873
Miscell. income charges54
$195,935
684.677
$175.614
54.504
$179.190
709.515
165.309
35.068
176,802
474
6.971
782.074
15.390
121.525
40.015
167.102
613
6.996
782.796
12.037
166.079
40.308
167,102
377
797.314
1,690
19.873
4.830
19,873
6.634
20.233
14.455
Total deductions
Net less for year
$1,339,645 $1,208,791 $1.157.910 $1,207.558
498,043
1.103,406
522.114
335.935
Balance Sheet Dec. 31
1934
1933
1934
$
LtablIfitesS
Assets
-$
16,000.000
Road & equipm1.31,038.795 32,116,861 Capital stock
15,756,341
Funded debt
Impts. on leased
46,971
319,902 Loans & bills p ly_
353.092
Property
820,841 Traffic, &c.. b ..ls_ 260,812
Misc. phys. prop_ 777,489
Vouchers & wages_ 314.498
Deposit in lieu of
49.843 Miicell. accounts
50.123
mtgd. prop. sold
69,788
pay dale
Inv. in affil. COL- 3,768.685 4,286,476
Interest matured,
Other investments 360.905
1.938.425
unpaid
1,038.168 1,140.861
Cash
12.300 Dividends matured
12.300
Special deposits__
27,813 unpaid
Loans & bills rec__
26.618
Fund, debt mani
Traffic & car serv.
119.600
24.544
unpaid
b)1. receiv
36,464
80,071
80.071Accrued interest,
Sinking funds_ _ _
533,196
124,103 rents, &c
Misc,accts. reedy. 214,557
50,237 Deferred & unad34,822
Bal. from agents__
44,931
70,778
62.151 justed accounts_
Int. & dive. reedy.
97,995
247,461 Tax liability
382,869
Materials, &a_ _
Accrued deprec.Working fund ad4.149
4.664 road & equip... 1,100,209
vanoes, &c
70,869
63.116 Unadjust. credits_ 336.173
Deferred assets...
2,503.447
777,801 Surplus
Unadjusted debits 741,631
Total
39,122,387 40,209,106
Total
1933
31,676
1,167,975
89
437,442
33,421
798.613
1,441,310
248.232
3,593.829
39,122,387 40,209,106
-Earnings
-Northern New York Utilities, Inc.
1932
1931
1933
1934
Years End. Dec. 31$5,026.654 $4,830.721 $5.456,748 $5,315,698
Operating revenues
Total oper.rev. deducts_ 3,480,971 3,152,048 3,665,475 3,481.919
Operating income.... $1,545,683 $1,678.674 $1,791,273 $1,833,779
17.013
29.488
14,806
12.777
Non-oper. income (net).
$1.558,460 $1,693,479 $1,808.286 $1,863,267
Gross income
883,949
899,507
875.119
866.026
Interest on funded debt.
180,966
187.397
211.788
142,986
Miscellaneous deductions
Balance
$549,448
420,000
$637.394
420,000
75,000
$736,941
420,000
350.000
$751,974
420.000
200.000
$129,448
$142,394 def$33,059
$131.974
BalanceSheet on Dec.31 1934
Assets-Fixed assets,$29,318,223;investments,at cost,$360,828;sinking
funds and special deposits, $4,335; cash. $153.758,• notes and accounts
receivable, $516.305; materials and supplies, $117.144; prepaid insurance,
&c., $21,272; deferred charges. $854.119; total, $31,345.985.
Liabilities
-7% cumulative preferred stock ($100) Par, $6.000.000;
common stock (200,000 shares no par), $5.480.000: funded debt. $15,599.900; advances from affiliated company, $800.000; long term liability
relating to Stillwater Reservoir, $404,140; accounts payable, $170.588;
consumers deposits, $71,506; taxes accrued, $58,430: interest accrued,
$78,690; dlvidend accrued on preferred stock, $70,000; other liabilities,
$11.998; reserve for retirement of fixed assets, $1,572,236; reserve for
contingent liabilities, $53,205; other reserves, $126,367; earned surplus,
$848,923. total, $31.345.985.-V. 139, p. 2839.
Northern Pacific Ry.-Earnings.-MarchGross from railway
Net from railway
Net after rents_ _ _
• From Jan 1
Gross from railway
Net from railway
Net after rents
--y. 140. p. 2872.
1932
1934
1933
1935
$4,013,334 $4,048,719 $2,998.130 $3,693,124
49.911
929.826 def223,203
402.348
299,086
774,711 def498.251
285,809
10,885,758 10.717,127 8,268,302 10,509,134
196.737 1.593,851 def911,483 def321,069
def177,885 1.037,745 def1,699.259 defl,374,242
1935
$232,120
def13,255
de137,661
638,818
def33,564
def152,623
1934
$244,639
16,528
def10,214
1933
$169,202
def50,794
def83,324
$639,710 $2,045.205 $1,885,169
$718,365
Bond Call Authorized
The directors have authorized a call for the redemption of all of the
$4,718,000 series A and series B consol. & ref. mtge. sinking fund gold bonds
of Ohio State Telephone Co. the predecessor company.
The bonds are to be redeemed on July 1 at par plus 57 premium,and will
eliminate all funded indebtedness of the company. No new financing is
contemplated.
-V. 140. p. 2366.
Ohio Oil Co.
-To Reduce Stock
A special meeting of stockholders has been called for May 23 to vote on
reduction in the stated value of the no-par common stock to $60,000,000
from $100,000,000. It is proposed to set up the difference of $40.000,000
as capital surplus, against which will be written off the item of $28,190,399
for good-will, franchises, &c.,really representing excess cost over book value
-V. 140. p. 2872.
of some of the company's subsidiaries.
Oklahoma City-Ada-Atoka Ry.-Earnings.MarchGross from railway
Net from railway
Net after roots
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140.p. 2716.
1935
$34,860
10,140
2,049
1934
$29,012
10.809
1,821
1933
$28.406
9.659
def673
1932
$36.971
10.014
def2,463
110.028
44,289
18,461
82.997
28.798
def50
82.132
30,036
def71
106,467
27,685
def9.597
Calendar YearsGross earnings
Operating expenses and taxes
1934
1932
1933
$1,121.065 $1,077.749 $1,211,511
774,639
688,330
701.716
Net earnings from operations
Other income (net)
$346,426
3,104
$376.034
2.870
$523,181
662
Net earnings
Interest deductions
$349.530
344.286
$3378,903
351,886
$522.519
358,463
Net income
$5,244
$184,055
$27,018
Balance Sheet Dec. 31 1934
property, leasehold, rights, franchises, &c. $9,664,015;
Assets-Plant,
debt discount and expense in process of amortization, $306:024; prepaid
accounts and deferred charges, $10,010; cash (including working funds of
$1,250). $219.997; Customers' accounts, notes and warrants receivable,
$68,484; due from affiliated companies, $20,134; material and supplies.
$36,730; total.$10.325.395.
Liabilities
-6% preferred stock. $2.300,000; common stock (60,000 ohs.,
no par), $539.099; funded debt, $6.264,000; consumers' security and extension deposits, $85,759; current maturities of 5% notes payable to Sand
Springs Home, $36,000; accounts payable $331.225; accrued State and local
taxes, $59,584; Federal income taxes, $1,450; accrued interest, $110.290;
reserves. $879,694; surplus, $18,294; total, $10,325.395.-V. 139, p. 3487.
-Earnings
-Old Joe Distilling Co.
or
Earningsf the 8 Months Ended March 31 1935
Net sales_ -- - -------- ---------- $275,921
------------ and estimated Federal
----Net income after expensesincome taxes-----------------------------------------72,048
The balance sheet at March 31 1935shows total current assets of$154,537
compared with current liabilities of $44.103.
In his remarks to stockholders, Gratz B. Hawkhas,President,says in part;
"During the current fiscal year, the company has erected and placed In
operation a modern bottling plant and has been bottling a substantial
amounted of whiskey for its customers.
At the poresent time,company is erecting an additional warehouse with a
capacity of 16,000 barrels. When this is completed, the aggregate warehouse capacity will be approximately 26.000 barrels. This capacity
should be sufficient for our needs for some time to come.
"All cumulative preferred dividends have been paid to March 31 1935.
The management continues to view the outlook favorably and believes
your company will continue to show satisfactory profits."
-V.140, p. 1319.
-Earnings
Otis Steel Co.
1935
3 Months Ended March 311934
1933
Operating profit
$1,499,817 $1,047,655 10553305.605
Bond interest, amortizat'n & expenses
178,811
178,766
178,766
Depreciation
216,000
216,000
216,000
152.644
Federal taxes
Net profit
-V. 140, p. 2194.
$952,362
$652,8891oss$700.371
Pacific Power & Light Co.-Ealnings-[American Power & Light Co. Subsidiary)
-Month-1934
1935
Period End. Mar 311935-12 Mos-1934
$317,285
Operating revenues
$291,470 $4,131,898 $3,664.677
191.176
194,788 2,374,548 2,191,024
Oper. exps., incl. taxes
Net revs.from oper'n_
Rent from leased property (net)
Other income
$126.109
14.874
31,060
$96,682 $1,757,350 $1,473,653
14,764
177,849
176,744
22,232
349.078
275,578
Gross corp. Income_
Int. & other deductions..
$172.043
105,473
$133,678 $2,284,277 $1,925,973
108,097
1,266,616
1,301,309
Y$66,570
Balance
y325,581 $1,017,661
Property retirement reserve appropriations
600,000
z Dividends applicable to preferred stocks for
period, whether paid or unpaid
458,478
$624,664
600,000
458,478
Deficit
$40,817
$433,814
y Before property retirement reserve appropriations and dividends.
z Dividends accumulated and unpaid to March 31 1935. amounted to
$649.511. Latest dividends, amounting to 111.75 a share on 7% preferred
stock and $1.50 a share on $6 preferred stock, were paid on Feb. 1 1935.
Dividends on these stocks are cumulative.
-V. 140, p. 2716.
Packard Motor Car Co. (8c Subs.)
-Earnings
--
-Earnings.
-Northwestern Pacific RR.
MarchGross from railway
Net from railway
Net after lents
From Jan 1
Gross from railway
Net from railway
Net after rents
-v.140. R 2365
.
Net operating income..
$2,899,945 $2,833,966 $8.633.628 $8,356,545
21.670
8,644
7,256
28.236
5.447.423
1,802.925 1,850.965 5.453.251
1.002,283
336.035 1.108.936
370,011
Oklahoma Power & Water Co.(& Subs.)
-Earnings
--
16,000,000
15,640,400
290.000
223,041
303.018
Earnings for Month of March and Year to Pate
1932
1934
1933
1935
March
$358,223
$305,045
$414.601
$399.169
Gross from railway
5,734
96.863 def18,392
94.761
Net from railway
40,406 def65,553 def47,117
37,838
Net after rents
From Jan. 1
985,582
845,712
1,088,520 1,069,697
Gross from railway
def35.371
204.642 def101,161
169.555
Net from railway
53,355 def247,127 def192,627
18.008
Net after rents
-V.140, p. 2547.
Net corporate income_
Preferred dividends_ --Common dividends
Operating revenues
Uncollectible oper. rev
Operating expenses
Operating taxes
1932
$246,400
def34.867
def76,355
691.867
496,884
647.982
def18,943 defl 57,167 def132.354
def95,782 de1256.078 def253,342
Quar.End. Mar.311935
1934
1933
1932
Net loss after deprec. &
x$1.210,162 $1,257,021 $1,131,823 81.563,983
Federal taxes
x This loss was caused largely by expenses incidental to preparing the
plant for production of the new lower priced Packard 120 car.
Cash account decreased to $6,261,596 from $12,395,680 throe months
earlier. Offsetting this decrease is an increase in inventories due to expanded operations totaling $3,374,188, tool expenditures for new car of
$1,198,734, machinery and equipment expenditures for new car $1.109,723
and increase in accounts receivable due to greater operations amounting to
$545,311.
The balance sheet as of March 31 1935, shows current assets including
$6.261.596, cash and securities (carried at market value as of Dec. 31 1934)
of $16,441,847 and current liabilities of $4,159,018. This compares with
cash and securities of $12,395,680 current assets of $18,656,432 and current
liabilities of $4,695,269 on Dec. 31 1934.
Surplus account now stands at $10,403,974 after giving effect to the transfer of 110.000.000 from capital to surplus as approved by the stockholders
at the annual meeting on April 15 1935.-V. 140. 9. 2717.
Net profit
Earns, per sh. on 1.000,000 shs. cap.
stock (no par)
-V. 140. p. 2016.
$154,281
$202,090
loss$1,042
$0.15
$0.20
Nil
7
-41 Liquidating Dividend"•Paragon Refining Co.
\
The directors have authorized the payment of a liquidating dividend of
April 29.-V.138. p. 1760.
$1 per share to certificate holders on and after
-Earnings.Pennsylvania Reading Seashore Lines.
March--Gross from railway. --Net from railway_ __ ._
Net after rents
From Jun 1
Grass from railway
Net front railway
Net after rents...
V.
- 140. p.2195.
1934
1935
$427,742
5372.439
def86,889 def31,594
def224,811 6ef202.493
1933
1104,677
def41,017
dtil90,051
1932
$133,406
def37,471
def81,392
372.685
320.692
1,207.862
1,080,144
def336,813 def133.045 def113.306 def146.035
def732,757 def621,798 def255.031 def278,209
Pennsylvania RR.-Earnings.1932
1933
1934
1935
230,901,463 531.789.767 522.940.086 *31,634.336
8,359,211 8.742,842 5,445,327 7,880,202
5,547,647 5,913,773 2,478,103 4.702.999
87,932,518 85,021.181 69.338.519 90.602.943
21,561,611 22,307,812 16,465,578 19,999,141
13.955,908 14,679.536 8,196,060 11.235,834
-Earnings
Pennsylvania Water & Power Co.
1933
1934
1935
3 Months End. March 31Gross income
51.446.058 *1,380.740 $1,314.178
Net revenue after expenses, mainten•
ance, renewals, and replacement
775.853
790,862
803,549
expenses and taxes
265,056
263.603
263,464
Interest charges
Net income
Dividends paid
$540.085
327,172
Surplus
Earnings per share on 429,848 shares
capital stock outstanding (no par)_
-V. 140, p. 2366.
5527.258
327,172
1510,797
324,901
5212.913
5200,086
$185.897
$1.25
$1.22
$1.18
--Earnings
Peoples Drug Stores, Inc.(& Subs.)
1933
1932
1934
1935
3 Mos.End. Mar.31Net sales
$4,445,775 54,017,795 53,758,919 $44,162,663
60,512
65,735
61,513
Other store income
65,132
Total store income _ $4,510,907 $4,079,308 *3.819.431 54,228.398
130,665
130,992
272,138
x Operating profit
239,707
7,529
3,238
15,659
Deducts., less other inc.
3.648
17.855
Federal taxes
13.840
39,663
32.777
Net profit
Preferred dividends__ - _
Common dividends
$203.282
31,369
59,419
$229.237
33,786
29.709
$105,281
34,081
29.984
$101.493
37,699
$41.216
$165,742
Surplus
$63.794
$112.494
Shares corn, stock out119,937
standing (no par)
122.737
118,837
237.674
Earns, per share
$0.52
$0.59
$1.64
$0.72
x After coats, expenses and depreciation.
Current assets as of March 311935,including 11.705,191 cash, amounted
to 14,674.381 and current liabilities were 51,111.702 comparing with cash
of 51,620,829, current assets of $44,266,378 and current liabilities of $990,259
on March 31 1934. Inventories totaled 12.887.961 against $2.585,024.
Total assets March 31 1935 amounted to $7,560,227 comparing with *7.514.990 on March 311934. and earned surplus amounted to $1,727.087 against
52,468,168.-V. 140, p. 2549.
Peoples Gas Light & Coke Co.(8c Subs.).
-Earnings
Period End. Mar.31- 1935-3 Mos.-1934
1935-12 Mos.-1934
Gas sales
$10.033.899 $9,164,517 234.675,630 231,850,041
814.183
Other oper. revs., net....
234.629
212.243
1,027,773
Total gross earnings-410,246,143 59.399.147 235.489.814 232.877,815
Gas purchased
8,619.769
3,634,544 2.813,299 11,024,691
Operation
2,932.833 12,132,481 10,596,846
3,234.091
Maintenance
1.438,591
340.118
1,403.888
345,784
State, local & other taxes
690.874 2.832.505 2.873,922
729.384
177.023
Federal income taxes__ 357,581
135.046
77.416
Depreciation
734,969 2.979.259 3.021,757
740,081
Net earns,from opera_ $1,484,840 $1,752,005 $4,905,260 $6,004,050
905,250
Other income-Interest_
819.705
251.622
197,349
Miscellaneous
53.817
15,665
80,467
10.007
Net earnings
$1,692,197 $2.019,294 $5,864,328 $6,904,223
Interest on funded debt_ 1,087,506
4.732.492
1,172.676 4.422.331
123.393
7,264
33,779
Int. on unfund. debt_ -52.537
Amort. of debt discount
201.182
44,319
and expense
196.243
42,582
Net income
Shares in hands of public
Per share earnings
-V. 140, P. 1153.
$509.569
675.712
$0.75
5795,033 $1.117.420 $1.941.708
675.712
676.156
676.156
$1.65
$2.87
$1.17
Philadelphia Electric Co. System-Earnings
1935
x1934
3 Months Ended March 31$16,837.232 $16,534,207
Operating revenue (including non-operating)
Operating expenses (including renewal and replace8.810.497 8,312,869
ment reserve and all taxes)
Net earnings
Income deductions
$8,026.735 58.221,338
1.981.288 2,020,469
Net income
Dividends on preferred stock
$6,045.496 36.200.869
598,322
598.322
55,447.123 $5,602,546
Balance
-V. 140
x 1934 figures restated and adjusted for comparative purposes.
p. 2368.
-Cent Dividend
-20
-Phelps Dodge Corp.
The directors have declared a dividend of 25 cents per share on the capital
paystock, par S25. payable June 15 to holders of reccrd May 29. Similarbeing
ments were made on Dec. 15, July 2 and Feb. 1 1934, this latter
July 1 1931.-V. 140. 13. 21,6.
the first dividend paid on this issue since
-New DirectorPhiladelphia Co.
•
Bernard F. Braheney has been elected a director succeeding H. C.
-V. 140, p. 2550.
McEldowney. deceased.
-Earnings--Phillips Petroleum Co.
--Earnings
.
Pacific Western Oil Corp (& Sub.)
1933
1934
1935
3 Months Ended March 31
$1,094,385 $1,067,065 51.090,284
Gross income
381.707
357,427
393.452
Expenses
88.361
27.092
40,000
Provision for abandonments
97.383
89,224
127.146
and lease amortization_ __ _
Depletion
267.306
156.411
130.479
Depreciation
39,978
21.193
16,922
Amortization of drill & oper. contract
4.463
6.038
5.414
Insurance
39,807
35.378
31.942
Taxes
172,321
172,209
169.276
Interest
25,473
Federal taxes
MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140. p. 2874.
3055
Financial Chronicle
Volume 140
1932
1933
1934
1935
3 Mos. End, Mar.31._519,445,897 $18,531.109 $11.463,017 513.271,426
Grossearnings
Expenses & Fed. taxes_ 14,161,716 13,363,916 10.034,803 10,176,356
Deprec. deplet., retirement it other am ortiz_ 3.741.846 4,441,068 3,607.835 5.231,992
$726.125loss$2179621loss$2136922
$1.542,335
Net profit
Shares cap.stock(no par) 4,153,235 4,154.687 4.154.687 4.154.687
Nil
Nil
SO 17
$0.37
Earnings per share
Prank Phillips, President. stated at the annual meeting that net working
capital as of March 31 amounted to 123,825,000. an increase of 56,300.000
over the same period last year. All equipment trust certificates, he said.
have been retired.
Oil reserves of the company, Mr. Phillips stated, are greater than ever
before, and new developments are exceeding the depletion resulting from
current production. The dividend of 25 cents paid in the first quarter
was earned 1. y; times during the period, he said.
Mr.Phillips reported that since 1929 the company had expended approximately 1120,000.000 in improvements, extensions and acquisition of
properties.
PersonPl-K. S. Adams has been elected a director and treasurer. and
B. F. Stradley has been elected secretary to succeed 0. E. Wing.secretary
and treasurer, recently deceased.-V. 190. p. 2366
-87 -Cent Preferred Dividend
""--Phoenix Hosiery Co.
The directors have declared a dividend of 874 cents per share on account of accumulations on the 7% cumul. 1st pref. stock, par $100. payable
June 1 to holders of record March 18. Similar distributions were made
88%
on this issue in each of the eight preceding quarters, as compared with1932.
cents per share on March 1 1933 and 87 cents per share on Dec. 1
- 140, p. 1496.
V.
Pittsburgh & Lake Erie RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2550.
1934
1935
$1,375,802 51.446.326
338,890
254,399
361,426
290,306
3.827,368
698,369
840,486
3,671.833
604,249
760.833
1932
1933
$842,730 51,160.989
121,649
20.938
157,170
57,569
2,596,906
142.951
244,402
3.281,505
296,254
421,137
Pittsburgh Shawmut & Northern RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2197.
1935
$104,931
22,958
13,648
1934
$110,358
25.919
16,651
258.999
29.797
3,500
293,480
62.279
34,097
1932
1933
592,857
$69.891
9,74712.167
5.361
1.504
207.059
21,926
1.174
264,622
27.417
8.027
Pittsburgh & West Virginia Ry.-Earning81931
1932
1933
1934
Calendar YearsRailway oper. revenues_ $2,720,147 *2.530.258 $2,239.822 $2,905,141
1,739,947 2,248,406
1,713,273
2,003,046
Railway oper. expenses..
326,162
131,069
242,513
242,903
Railway tax accruals _ 617
Uncoil, railway revenues
5330.573
*368,189
$574,472
Railway oper.income. *474.197
326.563
282,671
349,410
384,846
Equipmentrents-Cr__
32,120
31.837
19.042
23,072
Joint facility rents-Dr..
Net ry. oper. income_
Other income
$835,971
14,891
5904.840
14,619
$619,023
19,020
$625.016
39.296
Total income
Total interest accrued
Other deductions
$850,862
932,398
10,733
$919.459
1.017.707
7,858
$638,043
1,058,208
13.365
5664.312
626,646
33.332
14,334
def$92,270 def$106,106 def$433.530
Net income
(134)453.527
Common dividends --.. $449.193
$433,530
$106,106
$92.270
Balance, deficit
Balance Sheet Dec. 31
1934
1933
1933
1934
mammies
$
8
AssetsCommon stock _ _30,235,100 30,500,000
Invest. in road and
20,166,414 20,269.414
57,869,002 57,433,416 Funded debt
etlUipment
32,544
179,189 Traf., &c., bals.pay 31,620
Misc. phys. prop_ 179,139
1,000 Loans & bills pay_ 1,094,555 1,135,368
1,000
Sinking fund
246.435
Accts.& wages pay 411,432
Dep.in lieu of mtg.
4,422
27,435
129,370 Misc. accts. pay
96,774
property sold...
2,588
8,257
Int. mat'd unpaid_
Stocks P. & C. C.
1 Funded debt ma1
RR
82,745
4,543,414 4,520.333 tured, unpaid.... 382,745
Other investments
159.162
302,390 Unmat'd int. accr_ 153,690
Mat Is & supplies.. 198,684
27,154
18,070
3,069 Other liabilities
605
Bal.from agts., &c
150
43,150
liabilities
162,421 Deferred
73,430
Cash
199,373
2,933 Tax liabilities_ _ _ _ 190,890
16,603
Special deposits_ __
12,000 Accr. depr. equip_ 3,483,021 3,236,714
75,000
Loans dr bills rec..
41,147
61,022
91,271 Unadjust. credits.
Traffic, &c., bals. 152,191
108,309 Add'ns to property
Misc, accts. rec...... 179,471
150,184
Inc. & sur_ 150,184
3,122 thru.
1,580
Adv. In transit
275 Profit & loss bal._ 7,177.862 7,082.367
1,394
Deferred assets.. _ _
220,671
Unadjusted debits 247.160
63,635.449 63,169,767
63,635,449 63,169,767 Total
Total
Earnings for Month of Vareh and Year to Pate
1932
1933
1934
1935
March3206.397
$163,058
$274,869
$277,164
Grass from railway
56,487
32,932
103,831
90,440
railway
Net from
47.802
23,477
121.618
98.090
Net after rents
From Jan. 1
591,744
474,833
685.753
753,839
Gross from railway
84.847
124,304
238,850
• 236,220
Net from railway
89.625
63.586
257.867
258,280
Net after rents
- 140. P. 2
V.
367.
--Earnings
Pond Creek Pocahontas Co.
1932
1934
1933
Calendar Years-
Coal produced (tonsl_ _ _ 1,563,084
Total earns, of the main.
& sub co. from coal &
miscall. operations...... 51,029.843
x Admin. & gen. exits.,
240,109
incl. sundry taxes......
Int.& chgs.on gold debs.
61.620
less int.on bk.dep.,&c.
175,208
Res.for deprec.& deple_
1.431,015
1,504,993
1931
1.149.692
$602.252
5559.478
5457.718
126,264
118.187
88,829
70.377
174.230
75.934
146 977
79,940
181.009
$107,939
$218,380
$231,381
Net profit for the year $552.906
Shs. of cap. stk. out126.404
141.950
126.404
126.404
standing (no par)._ _.
$0.85
13.90
Earns, per share
$ in1934, 233.500
$1.83.73
x Includes reserve for Federal income taxes of $86,000 1
in 1933, 530.000 in 1932 and $17,000 in 1931.
3056
Financial Chronicle
May 4 1935
Earnings for the Quarter Ended March 31
Cornparatire Balance Sheet March 31
3 Months Ended March 31Assets-Bonds and notes. $3,710,687' stocks, $4,062,852; acceptance
Net profit after all charges and taxes
notes receivable, $299.400: cash, $473.735; accrued interest receivable,
193534
$170,912
19
$125,829
Shares of capital stock (no par) outstanding
167.444
126.404
$56.241; unamortized bond discount and expense, $210,255; reacquired
Earnings per share
$0.75
$1.35
$8,818,951.
Liabilities-Collateral trust bonds, $3,963,000: pref. stock ($100 Par),
Balance Sheet Dec 31 1934
$2,113,600; accounts payable, $45.217: coupon Interest accrued. $77.959;
Assets-Property (at cost), $2,807,220; Cash,$935,405; cash in hands of
tax liability, $2.815; common stock (163,140 shares no par), $2.146,447;
trustee for 7% debentures, $145; accounts receivable, less reserve for
investment reserve, $151,000; special surplus (profit from capital transdoubtful accounts, $531.996; inventories at cost or market. $271.541; misactions), $10,755; earned surplus (since Jan. 1 1932), $308,157; total,
cellaneous investments at estimated value,$915;deferred charges,$59,460; $8,818.951.
total, $4.606,683.
The aggregate of securities owned priced at market quotations was less
Liabitittes-Capital stock, no par value, issued and outstanding. 141,950
than their book amount by $460.895 on March 31 193.5 and by $425.842
shares. $2,057.500; 10
-year 7% convertible debentures due May 1 1935, on March 31 1934.-V. 140. p. 484.
,.
$471,300; accounts and drafts payable. $161,550; accrued interest, payrolls
and taxes, $77,229: reserve for Federal income taxes, $92,565; dividend ---Ren o Gold Mines, Ltd.
-2
-Cent Extra Dividend 30(--..-....
payable Jan. 2 1935. $70,885: reserve for contingencies. $20,000; earned
The directors have declared an extra dividend of 2 cents per share in
surplus. $1,655,652: total. $4,606.683.
addition to the regular quarterly dividend of 3 cents per share on the
The sinking fund requirement in respect to debentures for the year 1934.
common stock par $1, both payable July 2 to holders of record May 31.
amounting to $88.973 was made by the deposit with the trustee on Jan. 31
The dividends will be paid in Canadian funds subject in the case of non1935 of $22,600 par value of debentures (sinking fund value $24,758) and
residents to a 5% tax.
-V.139. p. 2843.
$64,214 in cash.
-V. 140. p. 2550.
Pittsburgh & Shawmut RR.
-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2197.
19351934
$95,706
35,203
38:2805
2 2
0 6
38,399
216,532
42,920
47,062
224,600
60,831
73,996
1933
$52,173
1,963
969
1932
$68,809
11,931
11,424
142,205
1,229
1.974
187,080
14,664
14,525
Portland Gas & Coke Co.
-Earnings
[American Power & Light Co. SubsidiarYI
Period End. Mar,31- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues
$256.644
$232.937 $3.061,958 $3,165,438
Oper. exp., incl. taxes
197.188
168,842 2,210,537 2,120.769
Net revs, from oper
Other income
$59,456
Dr418
$64,095
Dr2913
$851,421 $1,044,669
Dr9,364
5.450
Gross corp. income
Int. & other deductions_
$59,038
44,932
$63,799
44,714
11842,057 *1,050,119
535,732
535,852
Balance
Y$14.106
y$19,085
Pto_perty retirement reserve appropriations
z Dividends applicable to preferred stocks for
period, whether paid or unpaid
$306,325
250,000
$514,267
250.000
430,167
430.167
Deficit
$373,842
$165.900
y Before property retirement reserve appropriations and dividends.
Dividends accumulated and unpaid to March 31 1935 amounted to
$663,444. Latest dividends, amounting to 87 cents a share on 7% pref.
stock and 75 cents a share on 6% pref. stock, were paid on Feb. 1 1934.
Dividends on these stocks are cumulative.
-V.140. p. 2550.
Power Corp. of Canada, Ltd.
-Output of Subs.
-
An increase of 10.157.042 kwh., or 6.3% in power output for the month
of March as compared with the output for March of 1934 is reported by
controlled and affiliated companies.
The aggregate total output for March last amounted to 170,746,776 kwh..
as against a comparative total of 160.589.734 kwh.. the principal contributing companies to the increase being Canada Northern Power Corp.,
B. C. Power Corp. and East Kootenay Power Co.
Comparative figures are as follows:
-1935-March-j934----Southern Canada
18,527,980
19,299,230
Canada Northern
48,143.238
43,100,359
East Kootenay
7,485,984
5,922,256
B.C.Power
42,507,302
38,592.009
Northern B.C.
937,072
936,280
Winnipeg Electric
16.668.800
16,850.400
Manitoba Power
36.175.000
35.646,000
Northwestern Power
301,400
243,200
Total
-V. 140, p. 1670.
170.746,776
Public Service Co. of N.
160.589,734
Subs.).
-Earnings
-
Period End. Mar. 31- 1935-3 Mos.-1934
1935-12 Mos.-1934
Electric, gas beat and
water revenues
$8,342,858 $8,232,903 $31,067,366 $30,685,723
Charges to attn. cos. In
equalization of generating capacity among
such companies
697,053
697,428 2,788,563 2,788,644
Other oper. revs.
-net
363.572
327,904
1.360.209
1.278,393
Total gross earnings__ $9,403,484 $9,258,236 $35,216,138 $34,752,760
Power purchased
924,294
913,584 3,771,382 3,730,646
Gas purchased
1,020,957
800,650 3,188,328 2,483,452
Operation
2.622,774 2,765,338 10,704,851 10,759,577
Maintenance
372,243
287,929 1,615,779
1.543,219
State and local taxes_ _
378,134
327,981
1,367,038 1,204,145
Fed.3% tax on electricity
107,991
110,916
412,166
255,749
Federal income tax
193,927
203,678
495.740
616,705
Other Federal taxes__ _ _
28,554
26,070
107,669
129,902
Appropriation for deprec
881,902
882,707 3,531,214 3.530,845
Net earns, from oper- $2,872,705 $2,939,378 $10.021,967 $10,498,515
Other IncomeInt.on bonds,notes,&c_
61,333
41,272
162.685
87,324
Miscellaneous (net)_ _ _ _
12
Dr860
6,445
23,465
Net earnings
$2,933,178 $2,980,664 $10,191,098 $10,609,305
Int, on funded debt_ _
1,613,866
1,646.258 6,500.266 6,633.332
Int.on unfunded dt.(net)
32,687
146,316
20.958
85,377
Amortization of debt discount and expense_.....
184.238
192.830
756,783
816,898
Net income
.$1,102,386 $1,120,617 $2,787,731 $3,073,697
-V.140, p. 2197.
Railway Express Agency, Inc.
-Earnings
Period End.Feb.28- 1935
-Month-1934
1935-2 Mos.-1934
Revenues and income_ -$10,024,936 $9,300,381 $19,859,895 $18,778,655
Operating expenses
6,657,798 6,073,579 13.407.071 12,203,406
Express taxes
133.015
129,889
249,062
260.404
Int.& disc. on ftmded dt.
145.222
144,210
290,500
288,473
Other deductions
1,967
1,605
3,542
3,840
Rail transp. revenue
(payments to rail &
other carriers-expressprivileges)__
$3,086.934 $2,951.098 $5.909,720 *6,022.532
-V. 140. p. 2876.
Railway 8c Light Securities Co.
-Earnings
3 Mos.End. Mar.31
Interest reed & accrued_
Cash dividends
1935
$59,786
49,563
1934
$65.185
52,404
1933
$51,825
68.073
1932
$82,305
116,667
Total income
Expenses and taxes
Int. & amortiz. charges_
$109,349
13,406
49.857
$117,589
14.302
50.429
$119,899
13,239
52.496
$198,971
12,305
68.496
Net income----- $46,086
*52.859
$54.162
3118.170
Note
-No gains or losses from sales of securities are reflected in the
above statement of income. Profit on sales of securities for three months
ended March 31 amounted to $9,981, *53,769 In 1934. $16,699 in 1933 and
f61,023 in 1932.
Republic Steel Corp.
-Federal Judge Upsets U. S. Suit
to Halt Merger of Republic and Corrigan-McKinney-Trust
Corrigan-McKinney---Trust
Law not Violated
A merger of the corporation and the Corrigan-McKinney Steel Co. was
given the approval of the Federal Court May 3 when Judge Frederick M.
Raymond at Cleveland ruled against the Government in its suit to block
the amalgamation.
Judge Raymond, in an opinion mailed to Cleveland from his home in
Grand Rapids, Mich., ruled that the proposed merger would not be in
violation of the Clayton Anti-Trust Act, as charged by Government attorneys.
Emerich B. Freed, United States District Attorney, in whose name the
Government's suit was filed, said that the Government probably would
appeal Judge Raymond's decision to a higher court.
W. P. Belden, counsel for Republic, said the merger negotiations would
remain in status quo until the Government has indicated whether it would
appeal the ruling. Sixty days are allowed for appeal.
Judge Raymond ruled that the Government had failed to furnish sufficient proof that the merger would cause 'any substantial lessening of competition" or would result in "any probable injury to the public."
"Denial of the relief prayed is compelled by petitioner's (Government's
failure to prove sufficiently substantial lessening of competition to warrant
a finding of probable injury to the public as a result of consummation of
the merger," the opinion said. "The evidence drawn from the wording of
the statute, combined with the judicial administrative and pmtical interpretation thereof, necessitates the verdict reached in the cases.
"Corrigan's purpose is to unite its stockholders with a corporation having
an excess of finishing facilities, thereby obviating necessity for further
capital expenditures in construction or acquisition of finishing plants. The
net result will be better balanced facilities for making possible manufacture
at lowered costs."
-V. 140, p. 2876.
Revere Copper & Brass, Inc.-Earnings.
Quars End. Mar 31.
1935
4950.658
Operating profit
Depreciation_
302,717
125,985
Interest
62,000
Federal taxes
Cash discount on sales
69,714
Interest paid, &c
1934
4989.732
307.868
134.780
66.000
1932
$75,019
297,768
137,537
1933
463,970
298.101
132,331
64,068
15,314
42.028
$390,242
Net profit
$417,0151084408,490 loss$375,600
.
7Includes other income of $43.817 in 1935, $22,682 in 1934 and $16,929
3
in 1933.-V. 140, p. 2019.
-Transfer Agent
Reynolds Metals Co.
The Bankers Trust Co. has been appointed transfer agent for the 534%
-V. 140, p.2876.
ctunul. cony. pref. stock.
Richmond Fredericksburg & Potomac RR.
-Earnings.
MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2877.
1935
$678.089
182,274
92,613
1934
$655.370
196.925
106.727
1933
$567,966
140.603
50.724
1932
$702,988
186,419
97.827
1,770,058
333,347
135,224
1,733.433
436,719
203,333
1,648.532
417,074
163,126
2,052,782
504,300
219,341
-SEC Allows Delisting of Stock
--Rike-Kumler Co.
-
See Bwana M'Kubwa Copper Mining Co., Ltd., above.
-V.140. p.2368.
Rochester & Lake Ontario Water Service Corp.
Calendar YearsOperating revenues
Operating expenses
Maintenance
General taxes
1934
$521,340
175,905
25,186
48.239
1933
$534,458
163.747
13,646
48,072
1932
$523.970
173,296
16.605
47,829
1931
$554,863
163,815
27,485
46,887
Net earns, from operOtner income
$272,007
417
$308,990
554
$286,239
1,061
$316,677
315
Gross corporate Inc..Int. paid or accrued on
funded debt
Res, for retire., replace.
& Federal Inc. tax and
miscall. deductions.--
$272,424
$310,029
$287,300
$316,992
119,645
124,919
124,990
125,000
68.847
65,083
38,064
46,714
$83.932
$119,542
$145,279
$124,246
Balance Sheet Dec. 31 1934
Assets-Property, plant and equipment. $5,208.228; miscellaneous investments and special deposits. $130: cash In banks and on band. $61,364;
accounts and notes receivable. &c.,$67,838; due from affiliated companies.
$33; accrued unbilled revenue, $17,036; materials and supplies, $19,741;
deposit with trustee for redemption of preferred stock called Jan. 1928.
$9,209; prepaid taxes, Insurance, &c.. $3,723; deferred charges. $93.173;
total,35,480,475.
Liabilities-Funded debt. $2,320,000; due to New York Water Service
Corp., $137,500; accounts payable, $13,315; due to parent company
New York Water Service Corp., 342,770; accrued liabilities, $23.184
Interest on funded debt, 38,667; miscellaneous current liabilities $3,115
reserve for Federal income tax. $67,056; consumers' deposits, $1,129
deferred income and liabilities. $29,421; reserves. $483,236; preferred stock
called for redemption Jan. 1928 (Per contra). $9,209; common stock (2,000
she., no par), $50,000; capital and paid-in surplus, $1,776,642; earned surplus, 348.5,229, total. $5,480,475.-V. 139, p.3006.
Net income
Rochester Telephone Corp.-EarningsPeriodEnd.Mar.31Operating revenues
er.
Uncollectible °P.rev
Operating expenses
Operating taxes
Net operating income-V.140, p. 2551.
-Month-1934 i 1935-3 Ados.-1934
1935
$372,725
$375,370 $1,117,512 $1,120.949
1.589
4,888
293,989
228 941
88: 88
5
815
848:35
67 9
0 9
865,816
29,942
85,625
89,792
$47,205
$57,026
$157,016
$180,265
1935
$249,639
def10.767
def28,074
1934
$291.288
13,342
def4,933
1933
$255,351
def1,531
def10,084
1932
$355.350
55,707
35,891
740,107
di:434,363
def80,099
800,973
8,896
def39,416
737,877
16,569
def10.870
981.868
100,245
47.187
Rutland RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 2551.
Volume 140
Financial Chronicle
3057
\
Rockville-Willimantic Lighting Co.
-Bonds Called-Earnings
Scranton-Spring Brook Water Service Co.
The company's 1st refunding B and 068 to an amount of $425,000 being193-:
1931
1932
Calendar Years
1933
art of the $800,000 issued of 41.250.000 bonds authorized, have been calW
$5,186,903
0
i
,
$4.745.727 $4.74.,343 $4,975,537
or redemption at the Union New Haven Trust Co. of New Haven as of
1,199,618
1,138,326
Operating expenses
1.199.334
1.058,087
June 1, the next interest date. They are called at 105. The bonds are
264,104
241,586
231,192
,Maintenance
321,394
due Dec. 1 1971.-V. 124, p. 1067.
167,161
, ,I --/ General taxes
155.805
122,164
136,719
170,000
170,000
Contingency reserve.._ _
170,000
170.000
-Safety Car Heating & Lighting Co.
-81 DividendThe directors have declared a dividend of $1 per share on the
ital
Net earns, from oper- $2,932,835 $3,148,345 $3,269,819 $3,386,020
stock, no par value, payable July 1 to holders of record June 14. Similar
20,391
29,865
Other income
2,713
4,009
distributioru3 were made on April 1, last, Dec. 22, Aug. 15, and April 2
1934, and on Dec. 23, Sept. 15 and May 15 1933.-V. 140, p. 2020.
Cross corp. income.-- $2,936,844 $3,151.058 $3,299.684 $3,406,410
Interest paid or accrued
Safeway Stores, Inc.
1.729,978
1,750,080
-Sales
on funded debt
1,664,590
1,607.100
24,530
18,183
Miscall, interest charges
76,890
113,355
4 WeeksEnded1935
1934
1933
Reserved for retirements,
Jan. 26
$18,842,638 $16,486,586 $14,995,855
replacements & Fed.1
Feb. 23
20,281,505 17,508.289 15,375,857
income tax & miscell.
Mar. 23
20,770,761 17,810,088 15,885,573
381.957
391,894
372,823
deductions
379,492
Aprll 20
21,321,010 17,630,191 16,256,401
16 weeks ended April 20
Stores in operation
-V.140. p. 2719.
$81,215,913 $69,435,154 $62,513,688
3,256
3,240
3,320
s. St. Lawrence Paper Mills Co., Ltd.
----SEC
Allows De-
listing of Stock
See Bwana M'Kubwa Copper Mining Co., Ltd., above.
-V.139, p. 941.
St. Louis Brownsville & Mexico Ry.-Earnings.March1934
1935
1932
1933
Gross from railway.-. -- $415.555
$602,531
$501,739
$344.050
Net from railway- ._--_
94.945
294,509
85.547
202,885
Net after rents. __ ...___
46,391
197,191
21.707
120,716
From Jan 1
Gross from railway
1,400,688
1,765.097
161.681
1,351,799
Net from railway
498,935
428.338
552,843
827,424
Net after rents
343,170
308,296
554,373
229.043
-V. 140. p. 2368.
t. Louis County Water Co.
-Bonds -Called:1711 of the outstanding first mortgage 53i% gold bonds series A and first
mortgage 5% gold bonds ser) B have been claled for payment as of
June 1 next at 105 and interest. Payment will be made at the Mississippi
Valley Trust Co., St. Louis, o., or at the New York Trust Co., N. Y.
City.
-V. 131, p. 630.
4.--1
St. Louis Rocky Mountain & Pacific Co.
(& Subs.)Quar. End. Mar.311935
34
1932
1933
Gross earnings
$314,937
$295,596
$271,035
5322.485
Expenses, taxes, &c
228,359
207,400
193,543
231,388
Interest, Sic
45,688
45,950
46,250
52,075
Depreciation & deple'n_
26,638
52,370
25,583
27,207
Net income
$14,252
$16,663
$4,035 def$13,349
-V. 140. p. 2198.
St. Louis
-San Francisco Ry. Earnings.-March1935
1934
1932
1933
Gross from railway
$3,076,813 $3,431,262 $2,807,884 $3,536,641
Net from railway_ _.
145,565
306 167
669,011
735.813
Net after rents
def95,532
380.025
def73,996
333.939
From Jan 1
Gross from railway
8,957,595
9,904,352 8,521,967 10,218.283
Net from railway_
499,909 2,011,805
1,039,291
1.649.661
Net after rents
def217,799
1,087.153 def115,947
479.260
-V. 140. p. 2877.
St. Louis
-San Francisco Ry. of Texas. Earnings.7March1932
1934
1933
1935
Gross from railway
$78,100
$73,285
$67,551
$72,713
Net from railway
def12,229
def12,269
def25,630
def19,318
Net after rents
def43,386
def43,652
def49,031
def52,437
From Jan 1
Gross from railway
195,200
208.872
236,217
234,906
Net from railway
def54.012
def25,181
def75.810
def64,012
Net after rents
def155,174 def116.911 def145,200 _def169.708
-V.140, p. 2368.
-./..J
San Antonio Uvalde & Gulf RR.
-Earnings.March
1934
1933
1932
1935
Gross from railway_ _ _
5128.890
$65,157
$87,664
$104,347
Net from railway_ _ _
56.864
11,964
16,680
29,057
Net after rents
30,241
def14,265
def3,529
def5,980
From Jan. 1
Gross from railway__ _..
338,457
225,506
192,334
333,000
Net from railway
24,239
143.191
36,609
114.573
Net after rents
d ef47.797
63,747
def43.762
17,423
-V. 140. p. 2368.
Carlos Milling Co., Ltd.
-80
-Cent Extra Divi
.lAd
The directors have declared an extra dividend of 80 cents per shard n
to the regular monthly dividend of 20 cents per share on the
common stock, par 510, both payable May 15. An extra of 30 cents was
paid on Feb. 15 1934, while on May 15. Aug. 15 and Oct. 16 1933 the
company distributed extra dividends of 50 cents per share.
-V. 138, p. 698.
Net income
Divs, paid or accrued on
preferred stock
$836,897 $1,036,784 $1,139,528 $1,269,945
360,211
Consolidated Balance Sheet Dec. 31 1934
Assets-Plant, property, rights, franchises, &c., $56,995,514; miscellaneous investments (less reserve of $302,658), $221,345; miscellaneous
special deposits, $38,535; deferred consumers' accounts receivable, $1,565,346; cash in banks and working funds, $114,942; notes receivable from employees and accounts receivable, $879,036; accrued unbilled revenue,
$64,710; due from affiliated companies, $5,172; materiaLs and supplies,
$232,688; debt discount and expense in process of amortization, $436,066:
commission on capital stock, 8130.550; deferred charges and prepaid accounts, $544,920: total, $61,228,824.
Liabilities
-Funded debt, $33,242,000; special loan from Federal Water
Service Corp., $4,915,422: notes payable, banks, $1.017,580; purchase
money obligations, $103,918; accounts payable, $101,891; due to affiliated
items, $1,142.033; deferred liabilities, $122,675;
company, $36.347; accrued
reserves, $4,483,353; $5 preferred stock (12,075 shs., no par), $1,207,500;
$6 cumulative pref. stock (58,625 shs., no par), $5,862,500; common
stock (100,000 shs., no par), $5,000,000; capital surplus, $576,274; earned
surplus, $3,417,329: total, $61,228,824.-V. 139, p. 3817.
-Annual Report
-Seattle Gas Co.
1931
1932
1933
Years1934
$1,762,784 32.012,556 $2,260,494
$1,721.924
Gross revenues
Oper. exps., maint. &
1.307,415
1,328,883
1,159,356
1,106.366
& general taxes
Calendar
$603,427
671.996
5683.674
680,578
$953,079
667.645
defS60,837 def$68.567
Balance
Prov. for retire, of auto4,907
3,118
motive equipment
.
$3,095
$285,434
6,811
11,526
Net income
def$63.955 def$73,475
51.475
26,333
Surplus at beg. of per_
City occupation taxes,
billed to consumers__ _
78,343
Adjust,for unbilled revs.
48,333
Disct. on bonds retired
def$3,714
2,466
$273.908
107.842
$26,333
$92,308
Net earnings
Interest deductions
$615,558
676.395
80,000
13.558
40,833
Total surplus
Surplus charges
-net__
Pref. stock dividends__ Com,stock dividends__ -
$40,721
Surplus at end of per__
$40,721
$26.333
$381,750
89,283
140.000
150,000
$51,475
52.466
Balance Sheet as of Dec. 31 1934
Assets-Oper. prop.. $16.281,491; non-oper. prop., $270,522; sink. fund
& other deposits, $36,114; prepaid accts. & def. charges, $88,923; cash,
$385,193; accts. notes & warrants recelvle (less reserve of $60,631). $195,268; est. unbilled gas revenue, $70.000; merch., materials & supplies,
$159,432; total. $17,486.946.
Liabilities
-7% curn, pref. stock ($100 par), $2,000,000; corn, stock
(30,000 shs. no par), $459,038: earned surplus, $40,721; 1st mtge. 5% gold
bonds, due March 1 1944. $358,000; ref. mtge. 5% gold bonds. due Oct. 1
1949, 38,828.000; ref. mtge. 8% gold bonds, due Oct. I 1949, 5622.000:
6% sinking fund gold debs.. due Feb. 1 1936, $1,229,000; deferred nabs.,
8178,854; notes payable to Portland Elec. Power Co.Si sub.co.,$1,340.000:
notes payable, $19,375; equip. purch. obligs., current maturities, 1636,838;
accts. payable, $84,544; accrued int., $516.317: accrued taxes. $151.578:
retire. reserves, $1,482,760; matnt. reserve, $113.219; miscell. reserve,
$22,266; res, for contributions for extensions, $4,431; total, $17,486.946.
Earnings for Month and 12 Months Ended March 31
1935-12 Mos.-1934
-Month-1934
1935
$144,864 $1,720,923 $1,775,250
$145,992
Gross revenues
1,122,887
1,108.185
91,968
92,164
Operating expenses
Net earnings
Income deductions
Net loss
Retirement provision
$53,828
56,218
$52,896
55,911
5612,738
677,402
$652.363
671.526
$2,390
331
33,01
216
$64,664
3,451
$19,162
4,135
$23,298
$68,116
$33,231
$2,722
Net loss to earned sur_
-V.140, p. 2878.
San Diego & Arizona Eastern Ry. Earnings.-$1.25 Pref. Div.
Marea1932
s -- Second National Investors Corp.
-s1933
1935
Gross from railway_ ._
$45.675
$34,998
$95,877
1434
The directors have declared a dividend of $1.25 per share on account of
$49.938
Not from railway
3,053
2,708
def10,390
3.244
accumulations on the $5 cum.cony, preferred stock, par $1, payable May 14
Net after rents
2,538
415
to holders of record May 7. This compares with 95 cents per share paid on
dt,f1.3,449
def711
From Jan. 1
July 1 1934. $1.05 paid on Jan. 11934, $1 on July 11933. $1.15 on Jan. 1
Gross from railway
136,206
138.435
110,965
128,367
1933, $1.25 on July I 1932, $1.10 on Jan. 11932. $1 2500 July 1 1931 and
railway
Net from
6,029
12,453
def21,723
def2,471
$1.25 per share each quarter to and including Oct. 1 1930.-V. 140. p. 2878.
Net after rents
10.440
def2,415
d f •
def28,641
-V. 140. p. 2368.
-SEC Allows Delisting of Stk.
-Seneca Copper Mining Co.
-V.139.p.4136.
See Bwana M'Kubwa Copper Mining Co.,Ltd.,above.
Francisco Bay Toll Bridge Co.
-To Default Int.The company has notified holders of its $4,303,000 first mortgage 614%
(Frank G.) Shattuck Co.(& Subs.)-Earnings
bonds, 1957, that it is unable to pay the semi-annual interest coupon which
fell duo May 1.-V. 139, p. 1416.
1932
Quar. End. Mar. 311933
1934
1935
Net profit after deprec.
Savage Arms Corp.(& Subs.)
-Earnings
$259,502
and Federal taxes_ _ _ _ loss$3,134
$100,080 loss370,063
Shs.cap.stk.out.kno par) 1,269,170
1.269,170
1,290.000
3 Mos. End. Mar. 311,269,170
1935
1934
1933
Nil
$0.20
Not loss after taxes, deprec., &c__-Earnings per share
Nil '
$0.08
$82.336
366,930
$120,574
-V. 140, p. 1843.
-V. 140. p. 2199.
Schenley Distillers Corp.-EarningsQuar. End. Quer. End. Per. Jly 1133
PeriodMar.31 '35 Mar. 31 '34 to Dec. 3133
Not profit after interest, Federal and
excess profit taxes & other charges_ $1,587,622 $3.214,338/$3,522.307
Earns. per sh. on 1,050.000 shs. cap.
stock
stk (par $5)
$1.51
$3.06
$3.35
-V. 140. p. 2199.
Schuylkill Valley Traction Co.
-Sale & Distribution-.
The property of this company was sold at trustee's sale Dec. 5 1932 and
funds are in the possession of Real Estate-Land Title & Trust Co. of Philadelphia to pay as follows: $2.62 per bond against the purchase price of
mortgage property, and 31.31 as final distribution of cash received for loss,
by fire, of Plymouth Park Pavillion.-V. 129. P• 3168.
Sears, Roebuck & Co.
-Sales -4 Weeks Ended
-1935
1934
1933
February 26
523,147.066 $20,395,895 $15,826,847
March 26
29,007,986 22.362.353 14.215.630
April 23
31,435,278 23,731,274 18,519.608
-V. 140, p.2552.
Sierra Pacific Electric Co. (& Subs.)
-Earnings
Period End. Mar.31- 1935
-Month-1934
1935-12 Months-1934
Operating revenues
3121,455
$109,349 $1,574.935 $1,402.599
Operation
52,923
588,143
36,984
690.445
Maintenance
8.481
76,675
56.168
6,195
Taxes
15,968
15,672
203.578
193,786
Net oper. revenues___
Non.-oper. inc.-net__ _
$44,080
1,038
$50,497
928
$604.236
4.205
$564,500
3,590
Balance
Retirement accruals-a
Interest and amortiz, &c
$45,118
8,333
10,512
$51,425
8.333
10,497
$608,442
100,000
126,415
$568,091
100.478
126,135
Net income
$26,273
$32,595
$382,027
5341,477
a These amounts have been appropriated to provide a reserve which the
company considers adequate against which property retirements will be
charged as they occur. The amounts so appropriated are less than the
depreciation deductions claimed or to be claimed on Federal income tax
returns which are based on a straight-line method, and the resulting reserve
Is less than a depreciation reserve would be if based on such straight-line
method.-V. 140, p. 2720
3058
Financial Chronicle
Sharp & Dohme, Inc.-Earnings-
Spokane Portland & Seattle Ry.-Earnings.--
Quar. End. Mar. 311932
x1934
1933
1935
Gross profit
$1,299.287 $1,369,108 $1,124,965 21,263,576
Expenses
1,024,824
913,435
895,086
919,971
Charges (net)
40,483
45,439
48,243
52,931
Depreciation
34.612
38,534
39.719
37,908
Federal taxes
19.514
19,639
37.981
51.036
Net profit _ _ _ _ _ _ _ --Preferred dividends_ _ - _
$250,496
z200,449
$320,664
y257,721
$122,403
114,542
MarchGross from railway
Net from railway
Netafter rents
From Jan!Gross from railway
Net from railway
Net after rents
-V.140, p. 2369.
$144,018
200,449
Surplus
262,943
$7,861 def$56,431
$50,047
Earns, per sh. on 776,627
shs, corn. stk.(no par)
Nil
Nil
$0.06
$0.15
z Includes on a consolidated basis the accounts of Sharp & Dohme, Ltd.,
a wholly owned foreign subsidiary. y Regular dividend of 87.1i cents Per
share and a dividend of 25 cents per share on account of accumulations
(amount estimated). z Regular dividend of 87% cents per share (amount
estimated).
-V. 140. p. 1672.
The reorganization committee, composed of Henry P. Turnbull!, VicePres., Central Hanover Bank & Trust Co.; Christopher T. Chenery, Pres.,
Federal Water Service Corp.; John Y. Robbins,financier, and William von
Phul, Pres., Ford, Bacon & Davis, Inc., announced April 30 that it has
prepared a plan of reorganization of the corporation dated as of April 15
1935. Since Oct. 1 1931, the corporation has been operated by receivers.
The committee states that it will apply to the U. S. District Court in
in Delaware for approval of the terms on which new securities are to be
issued, and that meanwhile no deposits will be accepted.
Under the plan the 1st mtge.6% sinking fund gold bonds series of 1944 will
remain undisturbed. Depositors of the 6% cony, sinking fund gold debentures will receive, for each $1,000 of debentures accompanied by the Oct. 1
1931 and subsequent coupons. $500 new adjustment mtge. bonds and 48
shares of new class A stock of the new corporation which it is proposed to
organize under the laws of Delaware. A like amount of adjustment mtge.
bonds and class A stock will be issued to depositors of claims against the
corporation, for each $1,030 principal amount thereof. Depositors of $7
cumul. pref. stock will receive seven shares new class B stock.
During the reorganization depositors of 2d pref. stock and common stock
will be permitted to acquire class A stock of the new company upon making
payment at the rate of $16.50 per share, but are not accorded any further
treatment,such right being limited to the acquisition of one share of Class A
stock for each two shares of 2d pref. stock or each five shares of common
stock deposited.
Upon completion of the reorganization, as of Jan. 1 1936,the new company.
will have outstanding approximately 214.844.000 1st mtge. 6% bonds,
25,731,614 new adjustment mtge. bonds, 550,235 shares new class A stock
and 274.939 shares new class B stock, assuming deposit of all debentures,
claims and $7 cumul. pref. stock called for deposit.
The depositary is the Central Hanover Bank & Trust Co.
-V.135,p.4035.
$406,541
def38.795
def39.730
$401.854
def12,663
def13,595
"Tä2
2329.043
$395,185
def69,101 def123,941
def69,993 def125,310
1,115,597 1.022,651
878,842 1,169,330
def208,057 def198 752 def266,120 def355,332
def212,129 def201,483 def272,033 def358,374
1933
3160,417
256,874
Standard Gas & Electric Co.
-Weekly Output
Electric output far the week ended April 271935. totaled 80,406,819 kwh..
a decrease of 0.1% compared with the corresponding week last year.
-V. 140. p. 2881.
Standard Oil of Kansas (Del.)
-Earnings
-3 Months Ended March 31Gross profit
Other inco_ne
1935
$189,o65
5,271
1934
$182,486
94,714
1933
$52,114
8,866
Earned income_
Expenses
Taxes
Interest.
x Deprec., depletion,amortization,&c
y Extraordinary charges.....
$194,836
56,251
21,999
3,592
z52,050
$277,200
55,331
24,571
260,980
57,147
2,608
65.68§
21,567
250,792
Net profit
260,944
$131,609 loss$271,134
Shares capital stock (par $10)
146,542
148,446
148,446
Earnings per share
$0.41
Nil
$0.88
x After deducting charges applicable to capital surplus. y Fire loss,
Madeley lease. z After deducting profit on sale of miscellaneous equipment.- V. 140, p. 2553.
Standard Oil CO. of N. J.
-To Terminate Employee
Stock Plan
In view of legislative measures, both Federal and State. for unemployment
and old age protection which will entail contributions by employers, directors
have decided upon termination of the fifth employees' stock acquisition
plan at the end of this year. The plan went into effect Jan. 1 1935. and was
to remain in operation for three years, as with previous plans, unless sooner
terminated.
Revision of the company's annuity plan is proceeding PO as to bring it in
line with prospective legislation The plan, which will combine features
of both the annuity and stock acquisition programs, will become effective
on Jan. 1 1936. it Is contemplated.
Stockholders will be asked to vote at the annual meeting, June 4, on
termination of the stock plan on Dec. 31 1935.
$111.646
$84,297 $1,007,188
$935.523
-Third Week of April- -Jan.1 to Apr.211934
1935
1934
1935
$2,106,859 $2,083.546 231,558,903 232,659,040
Total revenue
Total expenses, including taxes
Interest
$18.084.759 $17.188,718
13,748,993 13,277.766
753,496
761,352
Net income
Dividends paid
$3,582,270 23,149,600
3.841,246 3,841.246
Deficit
-V.140, p. 2552.
$258,976
5691.646
Spiegel, May, Stern Co., Inc.
-Earnings
3 Months Ended March 31Net income after deprec., interest,
Federal taxes, Sec
Earnings per share on 175.000 shares
common stock (no par)
-V. 140. p. 2881.
1935
1934
1933
2292,145
$598,803
loss89,846
$1.29
23.04
Nil
Spokane International Ry.-Earnings.1934
$36 885
def1,568
def6.903
1933
$28.929
def13.976
def20,248
1932
$41.000
def13,692
def22.183
106.407
103.135
def7,569
def8,836
def23,985 def25,572
_...... ---.
84.264
def36,677
def56.340
132.850
def29.158
def54,276
1935
$37 699
def1.014
def6.119
Staten Island Rapid Transit Ry.-Earnings.1935
$125.505
2.456
def39,997
1934
$154,101
25.669
def12.146
1933
$132.056
23,106
def9,069
1932
$144.475
21,240
def13,581
364,201
def14,796
def151.778
445,522
81,300
def24.548
402,959
76.625
def24,604
445,350
75,007
def25.871
1933
$358,548
460,904
1932
$548,350
630,918
Superior Steel Corp.-EarningsQuar. End. Mar. 311935
$1,199,128
Net sales
Expenses, &c
1,094,163
Profit
Other income
--Earnings
-SoutTh,
- ester 1 Beli- Ei r7
- elePhone Co.
T
1934
3 MonthsEnded March 311935
.-=
7
"
--- - are D Co7-41.dmitte -toSq
-1
ew York CA Exchange astcre 11-4 103,831 sharis
.
"T
, and 71,668 shares of class B common
A preferred stock, no
of cl
-V. 140. p. 2881.
stock, no par.
1934
$99,657
221,744
MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 2369.
Southern Ry.-Earnings---
MarchGross from railway
Net from railway
Net after rents.. _ ... From Jan. 1
Gross from railway
Net from railway. ___ _
Net after rents
-V. 140, p. 2200.
1935
$100,425
232,364
26,318,838 23,813,447 19,144,712 26,359,727
1.815,712 4,377.003
5.860,795 4,817,145
118,952
2,626,982
1,384,933 dea1.864,005
[Including Salisbury & Spencer Ry.1
Period End. Jan.31- 1935
-Month-1934
1934-12 Mos.-1934
Gross income
$1.149,835 $1,065,419 $13,310,460 $12,682,940
Oper. exp., incl. taxes
779,787
719,737 9,046,796 8,656.224
38,937,426,504
General expense
37,839
Renew.& replace.
_
131,237
1,528,430
128.182 1,545,376
Interest on underlying et
res_divisional bonds
20,629
25.567
257,136
311,906
Interest on S. P. U. Co.
5% bonds
68,695
68,695
824,350
824,350
PeriodGross earnings
-V.140 p. 2880.
1,137.927
247,969
def9,638
Jay E. Crane. a Deputy Governor of the New York Federal Reserve
Bank, has resigned, effective April 30, to accept a position as Assistant
Treasurer of this company.
-V. 140, p. 2881.
-Earnings
Southern Public Utilities Co.
Net profit
-V.140, p. 2552.
1,152,150
788,859
461,599
126,944
231,293 def115.537
19321
1934
1933
1935
$9,317,731 28,698,334 $6,531,487 $9,095,013
872.209 1,734,231
2,259,969 2,241,370
177,040
1.163,538 1,069.429 def369,484
Southern Pacific SS. Lines.
-Earnings., marrii--1933
1935
-- 1934
-
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net alter rents.
-V. 140. p. 2369.
1932
$387,350
77,865
def10.195
New Assistant Treasurer--
Southern Pacific Co.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2880.
1933
$276.866
48,876
def32,186
Net loss
5332.789
$417,291
5321.401
The company announces the removal of its executive and sales offices to
the American Bank Building, New Orleans, La., and its freight and passenger department, purchasing, engineering and marine departments to 140
-V. 140, p. 1674.
Carondelet St., New Orleans, La.
$859,282 22,802,717 $2,636 425Le
Southern Natural Gas Corp.
-Reorganization Plan,
1,138.506
362,208
174,097
1934
$482.722
231.871
152,765
Standard Fruit & Steamship Corp.(& Subs.)
-Earns.
Southern Bell Telephone & Telegraph Co.
-Earnings
$954,688
1935
2451.398
175,400
114,524
3 Months Ended March 31Operating loss
Depreciation
Period End. Mar.31- 1935
1935-3 ifonths-1934
-Month-1934
Operating revenues
$4,411,953 $4,227,712 $13,015,914 $12,449,764
Uncollectible oper.rev
42,610
16,259
43,637
15,480
Operating expenses
2,899,033 2,864,455 8.550,841 8,296,624
Operating taxes
1.474.105
542,752
487,716
1,618,719
Net oper. income
-V. 140, p. 2720.
May 4 1935
$104,965
4,583
Profit
Deprec., int., tax res. &c
1934
$952,683
897,525
2109,548
71,037
$55,1581oss$102,356 loss$82.568
5,228
5,220
8,891
$60,386 105497.136 106473,677
66.652
x75.201
x76,967
$38,511 loss$6,266 loss$172,33710.4150,644
Net profit
x Includes inventory and other adjustments.
ed
Current assets as of March 31, last, including $252,895 man,amount
to $1,125,392,_ and current liabilities were 2189.017. This compares with
cash of $214.732, crrent assets of $1,337,864 and current liabilities of
1305.374 on March 31, a year previous. Inventories amounted to $664,109
against $814,554.-V. 140, p. 2023.
Superior Water, Light & Power Co.
-Earnings
-[American Power & Light Co. Subsidiary]
-Month-1934
Period End. Mar.31- 1935
1935-12 Mos.-1934
Operating revenues
$75.163
$75,207
$909.725
$886.825
54,482
Oper. expo. incl. taxes
52,420
624,698
613,052
Net rev, from operother income
$20,681
$22,787
2
$285,027
532
$273,773
621
Gross corp. income__ _
Int. & other deductions-
220,681
8.463
$22,789
8.007
$285,559
97,523
$274,394
95,526
y$12.218
Balance
y$14.782
Property retirement reserve appropriation
z Dividends applicable to preferred stock for
period, whether paid or unpaid
$188.036
47,250
$178,868
46,960
35,000
35,000
Balance
2105,786
$96,908
y Before property retirement reserve appropriations and dividends.
z Regular dividend on 7% pref. stock was paid on Jan. 2 1935. After
the payment of this dividend there were no accumulated unpaid dividends
at that date. Regular dividend on this stock was declared for payment
on April! 1935.-V. 140, p. 2721.
Syracuse Lighting Co., Inc.
-Tenders
The Chase National Bank. as successor trustee, is inviting tenders of
1st and ref. mtge. gold bonds 5J6% series due 1954. at Prices not exceeding
105% and accrued interest, in an amount sufficient to exhaust the sum of
231.882 available in the sinking fund. Tenders will be received until noon
on May 13 1935 at the corporate trust department of the Chase National
Bank.
-V. 140, p. 1157
Texas Gulf Sulphur Co., Inc.-EarningsQuer. End. Mar.311935
1934
Net earnings
51,540,869 $1,427,778
Dividends paid
1.920,000
1,270.000
1933
1932
$976,703 51.722,536
635,000
1,270,000
Balance, surplus
def$379,131
$157,778
2341,703
2452,536
Burp. & res've for deplet. 30.972.066 31,145,132 27,060,444 26,340,783
Sum, cap. stk. outst. (no
3,840,000 2,540,000 2,540,000 2.540.000
Par)
Earnings per share
$0.40
$0.56
$0.38
$0.68
As at March 31 1935 current assets (including cash and U.S.Treasury
notes and certificates $9212,639) amounted to $11,145,411; current Habilities (including provision for current taxes $1,286,205) amounted to
Financial Chronicle
Volume 140
$1.680.983 and reserve for contingencies amounted to $2,360,035. Current
assets above stated do not include inventories of sulphur above ground or
materials and supplies.
-V. 140, p. 2202.
Tennessee Central Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2553.
1935
$176,947
42,681
26,856
1934
$191,509
55,486
35,882
1933
$148,061
27,594
10.642
1932
$178,496
36,520
17,874
549,022
137,684
88,256
560,711
171,844
108,253
476,805
117.118
61.179
515,034
102,070
50,245
Texas Mexican Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 2370.
1935
$99,537
18.917
9,102
1934
$73,564
32,622
25.100
1933
$49,215
def5,756
def13,019
1932
$51.299
8,664
1.448
335,943
116,909
81.416
204,578
51,437
27,562
l57 1
2„ 3
def10 0
76
def32,862
14 :434
R 27
def20,689
Texas & New Orleans RR.-EarningsMarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2370.
1934
1933
1932
1935
$2.914.415 $2,674,225 $2,152,828 $2,778.820
151,404
670,678
491,438
304,308
252,858
54,798 def282.373 def152.965
8,135,370 7,432,954 6,341,697 8,244,568
1.530,171
081.147
337.264
701.769
265,635 de1205,924 def928,427 def667,983
Texas Pacific Coal & Oil Co.(& Subs.)
-Earnings
Quarter Ending March 31Gross earnings
Expenses
1935
$699,818
593,281
1934
$898.079
765,269
Operating profit
Other income & non-recurring income
$106,537
5,218
$130,809 def$84,741
5,917
6,313
Gross income
Deductions
Reserves for depreciation, depl., dre.
$111,755
49,345
118,216
$136,726 def$78,428
51,383
59,510
124,908
115,045
Deficit
-V. 140, p. 2202.
$55,806
$39,566
1933
$766,334
851,074
$252,983
Texas & Pacific Ry.-Earnings-Period End. Mar. 31 - 1935-Month-1934
1935-3 Months
-1934
Operating revenues
$1,869,814 $1,862,602 $5,304,087 $5,189,760
Operating expenses
1,342,1841,235,347 3,915,029 3,547,934
Railway tax accruals
101,000
100,000
303.000
300,000
Uncoil. ry. revenues..
857
584
1.360
1,629
Equipment rents (net)_ _
97,232
99,535
288,455
307,030
Joint facility rents (net)7,484
6,930
17,574
21,916
Net ry. oper. Income_ _ $321,057
$420,206
$778.669 $1,011,251
Other income
34,958
27.974
107,393
90,365
Gross income
$356,015
$448,180
$886,062 $1.101,616
Deductions
343.048
349,302
1,032.583
1,050,033
Net income
$12,967
$98,8781054146,521
851,583
-V. 140. p. 2883.
Texas Power & Light Co.
-Earnings-.
[American Power & Light Co. Subsidiary]
Period End. Mar,31- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues__ $698.596 $9,074,644 $9,226,660
$669,836
Oper,exps., incl. taxes
366,662
357,146 4.401,876 4,277.925
Rent for leased prop_
2,500
Cr7,500
30.000
Balance
Other income
$303.174
814
$3338,950 $4,680,268 $4,918.735
307
10,762
7,978
Gross corp. income.Int. & other deductions
$303,988
203,312
$339,257 $4,691,030 $4,926.713
203,258 2,457,395 2,463,189
Balance
y$100.676 y$135.999 $2,233,635 $2,463,524
Property retirement reserve appropriations
450,000
450.000
z Dividends applicable to pref, stocks for period,
whether paid or unpaid
865,050
865,006
Balance
$918,585 $1,148,518
y Before property retirement reserve appropriations and dividends.
z Regular dividends on 7% and $6 pref. stocks were paid on Feb. 1 1935.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
-V. 140, p. 2553.
Thatcher Manufacturing Co.
-Earnings
-Quarter Ended March 311935
1934
Net profit after depreciation, Federal taxes, &c--$94,501
$155,724
Earnings for the quarter ended March 31 1935 follows: Net sales,
1826.620; cost of sales, $582,459; gross profit from operation, $244,161;
depreciation, $53,109; expenses, $74,646; balance, $116,406; other income,
$9,807; Total income, $126,213; provision for bad debt reserve, &c., $8.712;
Federal taxes, &c., $23,000; net profit, $94,501; preference dividends,
$110,199; common dividends, $36,705; deficit, $52,403.-V. 140, p. 2370.
$115.717 def$199.868
Operating income.._ -Non-operating income.._
$186,503
46,533
$251,000 $1,566,535 $1,792,926
255,618
337.776
32,701
Gross income
Deductions
$223,035
235,911
$283,701 $1,904,311 $2.048,544
229,175 2,053,808 2.061,373
def$2,875
$54,526 def$149,497 def$12,829
Netincome
-V.140, p. 2203.
-Cent Common Div
hird National Investors Corp.
-50
The directors have declared a dividend of 50 cents per share on the
common stock, par $1 payable May 14 to holders of record May 7. This
compares with 40 cents paid on July 1 1934,45 cents on Jan. 1 1934,40 cents
on July 1 1933, 45 cents on Jan. 1 1933 and 50 cents per share in January
and July 1932.-V. 140, p. 2883.
Tobacco Products Corp. of N. J.
-Funds Ready
The Guaranty Trust Co. of New York has funds on deposit for the redemption of scrip certificates for fractional interests in 634% coll, trust
debentures. due Nov. 1 2022. and upon surrender at he trust department
of such scrip certificates payment will be made of the redemption value
thereof.
-V. 140, p. 813.
Toledo Peoria & Western RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2203.
1935
$144,158
33,802
13,684
1934
$145,876
29,077
13,677
1933
$112.687
18,396
6,777
1932
$116,167
18,983
7,950
381.962
86,643
34,300
401.025
75.057
28.180
317.961
59,042
24,457
325,437
46.918
16,053
-Earnings
Tonopah 8z Goldfield RR.
1932
$120.313
99,839
16,314
1931
$150,243
138,587
23.777
1.114
5,585
Calendar Years
Total ry. oper. rev
Total ry. oper. exps_ _ _ _
Railway tax accruals_ _ _
Uncollectible ry.rev__ _ _
Equip. & jt. fedi. rents_
1934
$169,469
124,614
17,978
34
1.119
1933
$115,515
95,552
14,583
Operating income_ _ _ _
Other income
$25,724
712
$4,007
719
$3,046 loss$17,706
615
1,755
Total income
Deductions from income
$26,436
959
$4,726
302
$33.661 def$15,950
1,600
593
$25,477
$4,423
$2,061 loss$16,543
Net income
- 138, p. 3456.
V.
1,373
Travelers Fire Insurance Co.
-Balance SheetDec. 31 '34 Dec. 31 '33
Dec.31 '34 Dec.31 '33
Assets
U.S. Govt. bonds_ 8,239,000 4,690,549 Unearned prem. &
Other public bds__ 482,000 1,062,419 claim reserves.. 11,413,928 10,774,326
RR.bds. AL stocks_ 1,483,400 2,165,488 Res. for taxes_ _
411,500
296,360
P.U.bds.& stks_ _ 3,352,000 4,045,845 Other reserves and
Other bds. & stks_ 1,609,100 '1,772,133 liabilities
10.5,800
68,397
1,983,045 1,832,722
First mtge.loans_ 250,000
250,000 Special reserve
Cash
1,535,749 1,564,499 Capital stock
2,000,000 2,000,000
Prems. In course of
2,558,843 1,941,904
Surplus
collection
1,368,003 1,219,958
Interest accrued
139,696
129,035
14,168
13,785
All other assets_....
Total
18,473,116 16,913,710
-V. 139, p. 3975.
Total
18,473,116 16,913.710
Travelers Indemnity Co.
-Balance SheetDec.31 '34
Assets
1J. S. Govt. bonds_ 3,785,039
Other public bonds 2,063,358
RR.bds.& stocks_ 2,149,592
P.U.bonds &stks. 1,194,167
Other bds. & stks_ 9,279,509
First mtge.loans... 327,500
Cash
1,663,754
Prems. In course of
collection
1,735,300
97,541
Interest accrued_ _
All other assets..
Dec.31'33
2,463,667
2,070,578
2,510,103
1,527,002
8,509,827
312,500
1,509,470
Dec.31 '34
Liabilities
Unearned prem. &
claim ieserves_ 7,790.017
Reserves for taxes_ 394,543
Other reserves and
549,308
liabilities
Special reserve.. _ 4,994,783
3,000,000
Capital stock
Surplus
5,567,109
Dec.31 '33
7,644,876
332,451
530,290
4,372,569
3,000,000
4,801,774
1,682,733
96,005
76
Total
22,295,760 20,681,961
-V. 140, p. 651.
Total
22,295,760 20,681,961
Travelers Insurance Co.
-Comparative Balance Sheet
-
$108,834
$0.43
Total
723.999.274 680,936,454
-V. 140, p. 651.
•
Dec. 31 '34 Dec. 31 '33
Liabilities-Life ins. res'ves _618,384.722 579,307,654
Accld't & health
insur. reserves 9,248,311 8,741,014
Workmen's corn.
& ilabil. Insur.
45,035,820 43,150,501
reserve
Res, for taxes_ _ 3,192,723 2,907.639
Other reserves &
liabilities
2,285,876 1,700,330
Special reserve.. 8,846,862 8,840,330
Capital stock .... 20,000,000 20,000,000
Surplus
17,004,961 16,288,986
Total
723,999,274 680,936,454
Truscon Steel Co.
-Earnings
1932
deprec. and interest:: x$90,413
$56,108 loss$103,363 1088E106,685
x After deducting estimated Federal tax of $12,500 (1934, $7,476) net
applicable to stock was $77.913 (1934, $48.534).
Consolidated Balance Sheet as at Dec.31 1934
[Exclusive of Southern Asbestos Co.]
Assets
-Cash In banks and on hand, $351,931; notes and accounts receivable, $624,485; inventories, $789,284; investment in capital stock of
Southern Asbestos Co.
-97.12% owned, $3,957,229; miscellaneous investments, $16,202; property, plant and equipment, $2,089,979; prepaid expenses and pref. charges, $133,428; good-will, patents, trademarks and
processes, $1; total, $7,962,542.
[Railway and Bus Operations]
-Month-1934
1935-9 Mos.-1934
Period End. Mar. 31- 1935
Operating revenue_ ___ $1.140,147 $1,182.021 $9,720,995 $9,731,324
Operating expenses
852,355 7,303,192 7,288,282
845,975
650,116
Taxes
851.268
107,669
78,666
$163.413
54,579
[Including wholly owned subsidiaries, but exclusive of So'n Asbestos Co.]
Calendar Years1934
1932
1933
1931
Gross profit before depreciation
$1.188,021 $1,153,203
$781.152 $1,305,385
Sell., admin.& gen. exp.
980,748
737,827
701,772
874,798
Operating profit
$415,376
$207,273
579,380
$430,589
Miscall.income-net_ _
2,099
4,034
10,985
26,145
Net income
$209,373
$419,410
$90,365
3456.734
Interest on gold notes_ _ _
162,249
166,361
188,322
170.934
Depreciation
124,342
123,443
123.872
122.387
Prov.for Fed.inc. tax..
18,000
10,600
liaLapplic. to com.stk def$113.892
$115,717 def$199,868
Earns. per share on corn_
Nil
Nil
Nil
Earnings for the Quarter Ended March 31
[Including wholly owned subsidiaires]
.
3 Mos.End.Mar 31- 1935
1934
1933
Third Avenue Ry. System-Earnings
-
Dec. 31 '34 Dec. 31 '33
Assets
U.8. Govt. bds_181,661,098 105,788,070
U.S. Govt.guar.
bonds
4,596,200
Other public Ms 74,349,041 83,298,412
RR.bds. stks. 64,091,173 70,068,374
Pub, utility bds.
and stocks_ _ _ 60,357,596 67,888,874
Other bds.& stka 36,881,629 46,811,036
1st mtge. loans_ 78,234,157 94.167,046
Real estate
52,394,373 38,369,683
Loans on co.'s
policies
122,282,347 123,933,755
Cash
13,649,696 15,688,064
Interest accrued 9,235,785 9,998,442
Premiums due &
deferred
25,656,636 24,355,245
All other assets_
609,543
569,454
Thermoid Co.
-Earnings
-
Balance
def$113,892
Preferred dividends paid
3059
Liabilities-Notes payable-trade, $12,486; accounts payable. $203,129;
accrued wages. interest and miscellaneous liabilities, $112,723; due to
Southern Asbestos Co.
-net, $141,974; provision for Federal income tax,
$27,920: 5
-year 6% sinking fund gold notes due Feb. 1 1934. $2,503,000;
preferred stock (par $100), $3,066,800; common stock (par $1). $256A56;
paid-in surplus, $420.000; capital surplus, $099,915; earned surplus. $218,535: total, $7.962,542.-V. 140, p. 2884.
Earnings for the Quarter Ended March 31 1935
Gross income
Sales and operating costs
Depreciation and other reserves
$2,445.2702,518.363
84,984
Net loss
$158.077
For the first quarter of 1934 company reported a loss of $146.100 after
depreciation, taxes, &c.
-V. 140, p. 2371.
Union Oil Co. of California-Debentures Offered-Dillon,
Read & Co., William R. Staats Co., Blyth & Co., Inc.,
Dean Witter & Co., Pacific Co. of California and Baneameriea-Blair Corp. are offering a total of $13,500,000 deben-
3060
Financial Chronicle
tures, viz., $6,000,000 serial debentures, due 1936-40, at
100 and int., and $7,500,000 12
-year 4% convertible debentures due May 1 1947 at 100% and int. A prospectus dated
May 2 affords the following:
History and Business
-Company was incorp. Oct. 17 1890 in California.
Business of company and subsidiaries consists primarily of the acquisition
and development of prospective and proven oil lands and the production,
purchasing, refining, transportation and marketing of petroleum and
petroleum products and the carrying on of other operations incidental
thereto. This business Is conducted chiefly on the Pacific Coast. The
main producing properties are in California and the company and its subsidiaries have substantial non-producing acreage in other States and in
South America. Marketing on the Pacific Coast is supplemented by shipments to the Atlantic Coast and to foreign countries.
Funded Debt and Capitalization as of Dec. 31 1934
Outstanding
Authorized
20
-year 6s,series A,1942
38,026,500
$10,000.000
a 5% debentures. 1945
13,463,000
15.000.000
Capital stock (par $25)
4,386,070 shs.
7.500.000 shs.
a It is the intention of the company to call these debentures for redemption June 1 1935 at 102 and int. and to use for that purpose the net proceeds
from the sale of new debentures and other treasury funds.
Purpose
-Net proceedsfrom the sale ofthe debentures will be $13,176,967.
Company has agreed to apply these proceeds, together with treasury funds,
to redemption, on June 1 1935, of the outstanding $13,463.000 5% debentures at 102 and interest.
Description of Serial Debentures-Dated May 1 1935,due ser. as follows:
$1,200,000. due May 1 1936, bearing int. at rate of 1%% Per ann. $1.200.000, due May 11937. bearing int. at rate of 2% per ann.; 31,200,000, due
May 1 1938, bearing int. at rate of 2%% per ann.; $1,200,000. due May 1
1939, bearing int. at rate of 2j% per ann.; $1,200.000. due May 1 1940.
bearing int. at rate of 3X % per ann. Int.(M.& N.) and principal payable
at Security-First National Bank of Los Angeles, Los Angeles, Calif.,
trustee, or at office of Dillon, Read & Co., New York. Coupon in denom.
of $1,000, registerable as to principal only. Debentures, other than those
maturing May 1 1936, are red.. all or part, by lot, at any time on 30 days'
notice at following prices, plus int.: Debentures maturing May 1 193'7.
at MO%% if red. on or before May 1 1936 and at par thereafter. 1938:
at 1003% if red. on or before May 1 1936, at 1003% if red. after May 1
1936 and on or before May 11937. and at par thereafter. 1939: at 100%%
if red. on or before May 1 1936, at 100X% if red. after May 1 1936 and on
or before May 11937, at 100%% if red. after May 1 1937 and on or before
May 1 1938, and at par thereafter. 1940: at 100%% if red, on or before
May 11936.at 100%% ifred. after May 11938 and on or before May 1 1937,
at 10031% if red. after May 1 1937 and on or before May 11938. at 100%%
if red. after May 1 1938 and on or before May 1 1939, and at par thereafter.
4% Convertible Debentures
-Dated May 1 1935. due May 11947. Prin.
and int.(M.& N.) payable at Security-First National Bank of Los Angeles,
trustee, or at office of Dillon, Read & Co., New York. Coupon,in denom.
of $1,000, registerable as to principal only. Redeemable, all or part by
lot, at any time, or through operation of sinking fund, upon 45 days'
notice, at 102.%% if red, on or before May 1 1936, and if red, thereafter
at 102%%, less X of 1% for each full year elapsed after May 1 1935, but
In no event at less than 100%•
Sinking Fund-Trust agreement provides for retirement, through annual
sinking fund beginning Nov. 11940. of $1,000,000 of convertible debentures
Per annum, company being obligated on Nov. 1 1940 and on each Nov. 1
hereafter to set aside in its treasury sufficient moneys to redeem, on the
next succeeding May 1. $1,000,000 of convertible debentures, less such
amount of debentures as company shall have theretofore purchased with
other than sinking fund moneys and shall have then delivered to the trustee
for cancellation and(or) shall have theretofore retired by conversion thereof
and shall then apply upon such sinking fund instalment; moneys thus set
aside are to be applied to the purchase or redemption of a sufficient amount
of convertible debentures that, together with the convertible debentures
delivered to the trustee for cancellation on such Nov. 1 or retired by conversion and applied upon such sinking fund instalment, as aforesaid, an
aggregate of 31,000.000 of convertible debentures shall have been retired
through operation of such sinking fund Instalment.
Convertible-Convertible on or before May 1 1947, or, If called for previous redemption, on or before date fixed for redemption, into shares of
capital stock (par $25). as follows: If deposited for conversion on or before
May 1 1939, at rate of one share of stock for each $25 of debentures; if
deposited after May 1 1939, and on or before May 1 1943, at rate of one
share of stock for each $27.50 of debentures; If deposited after May 1 1943
and on or before May 1 1947, at rate of one share of such stock for each
$30 of debentures. Debentures are to be convertible at principal office
of a conversion agent In New York, or at office of company,Los Angeles.
V. 140. p. 2884.
United Biscuit Co. of America-Trustee --1---1
Manufacturers Trust Co. Is trustee for 35,000,000 5% deb. bonds dated
April 119.15, and due April 11950. (See offering in V. 140, p. 2554).-V.
140. p. 2884.
Unii7c1 -- r-T provent Co.
- Gas ITh I
"
-Weekly Output
Week EndedApril 27 '35 ArnIl 20'35 April 28'34
Electric. Output ofsystem (kwh.)
69.102.557 70.980.068 66,914.569
Income of Company for Three Months Ended March 31
1935
1934
Dividends-Subsidiary companies
$5,747.960 $5,854.956
Other companies
1,817,707
1,886.431
May 4 1935
Combined Earnings Statement (U. G. I. and Subsidiaries)
Period End. Mar. 31- 1935-3 Mos.-1934
1935-12 Mos.-1934
Electric revenues
$19.592.230 $19,107,846 $74,234,289 $71,898,272
Gas revenues
4,669,731
4,903.218 18.259.156 18,594.770
Ice& cold storage
1,705.085
,
235,790
1.802,227
Transportation revenues
445,397
438.072
1,615,448
1,599,989
Water revenues
298,231
290.388
1,283,351
1.279.24e
Steam heat revenues
350,439
74'.59f
359.537
737,439
Other revenue
29.681
24,143
12 554
190,489
Total operating rev___325,654,936 $25,358.994 $98,122,399 395.950,311
Ordinary expense
8,620,591
8,301,213 33,426,318 32,034,101
Maintenance
3,942,410
1,061,735
982,139
4,499,437
Provision for renewals &
replacements
7,177,409
1,951,056
1.905,805
7,439,141
Provision for Federal income taxes
4,246,361
1,192,469
1,165,230
4,305,861
Provision for other Federal taxes
468,347
1,195,550
463.485
1,793,768
Prov,for other taxes_
4,043,132
1,173,970
1,009,487
4,172,708
Operating income_ _ _ _$11,186.768 $11,531.635 $42,485.166 343.311,648
Non-operating income__
263,244
266,105
1,454,342
1,415.563
Gross income
$11.450,012 311.797,740 343,939,508 $44,727,211
Interest on funded and
unfunded debt
3,019,327
3.067,032 12,175,166 12,453,287
Amortization of debt
discount & expense.._
129.957
116.575
506,714
468,168
Other deductions
185,556
189,921
712,532
743,277
Net income
$8.115,172 38,424,212 330,514,351 $31,093,224
Divs. on pref. stocks &
other prior deductions 1.135,780
1,133,319
4,556,034
4,580,998
Earns, available for
common stocks of
utility subsidiaries_ $6,979,392 $7,290,893 325,958,317 $26,512,226
Minority & former ints__
594,979
609,846
2,244,142
2,321,944
Balance of earns, of
utlity subs. applic$6,384,413 $6,681,047 323,714,175 $24,190,282
to U. G.I. Co
Earns.of non-utility subs
54,349
applicable to U. G. I.
70,907
459,590
495,060
Earns. of subs applicable to U.0. 1. Co__ - $6,438,762 36.751.954 $24,173,765 $24,685,342
Proportion of defd Int.
& diva, on cum. pref.
stocks of subs. applicable to U. G l. Co.deducted above
44,305
42.431
168,906
174,892
Divs.-other than on
common stocks of
subs.-int. & miscellaneous income
2,205,704
2,276,200
9,003,315
9.808,820
Total income_
Expenses
Provision for taxes
Int.on notes pay.,&c.
38.688.771 39.070,585 $33,351,972 $34,663,068
449.039
452,663
1,720,156
1,793.760
134.110
136,657
573.814
541,720
37
78
1,946
570
Balance applicable to
cap,stocks of U.G.I. 38,105,585 $8,481,187 $31,088,150 332.294,924
Divs. on $5 div. pref.stk
956,520
956,520
3,826,080
3,826,080
Balance applicable to
common stock of U.
G.I. Co
$7.149,065 $7,524,667 $27.262,070 $28,468,844
Earns, per share-common stock outstanding
end of period
$0.30
$0.32
$1.22
$1.17
Note
-Previous years' figures restated for comparative purposes. Nonrecurring income not Included.
-V. 140. p. 2885.
(& Subs.)
United Light & Power Co.
-Earnings
12 Months Ended Jan.31Gross oper. earns, of sub. & controlled
eliminating inter-company transfers)
Operating expenses
Maintenance,charged to operation
Depreciation
Taxes, general and income
cos. (after
1935
1934
374.206,288x$71.293,447
34,314,285 31,210.944
3,813.694
4,270.087
7,153.054 6,763.219
8,299,480 x7,836,750
Net earns,from open ofsub.& controlled cos_ -_320.169,379 $21,668,837
Non-oper.inc. ofsub.& controlled cos
1,566,814
1,207.703
Total income ofsub.& controlled cos
321.736,194 322,876,541
Int.,amort.& pref. diva, of sub.& controlled cos.:
Interest on bonds,notes,&c
11,438,882 11,612,572
Amortization of bond & stock dint. & exp..
668,460
728.221
Dividends on preferred stocks
4.258,591 4,258,197
Total dividends
$7.565.667 $7,741,387
Interest, services to subs., compensation for
operation of Philadelphia Gas Works & miscell.
387.997
389,769
Balance
35,370.259 36.277.549
Propor. of earns. attrib. to minority corn.stock__ _ 1,613.801 x2,050.271
Pow. Co. In earns of
Equity of United Lt. &
subsidiary and controlled companies
$3,756,457 $4,227,277
Earnings of United Light & Power Co
28.059
9,756
Total income
Expenses, provision for taxes and interest
37,953.664 $8,131,156
583,186
589,398
Balance
Expenses of United Light or Power Co
$3,766.214 34.255,336
266.147
220.841
Net income
Dividends on preferred stock
Dividends on common stock
$7,370,478 $7,541,758
956,520
956.520
5,812,938 6.975,522
Balance
Holding company deductions:
Interest on funded debt
Other interest
Amortization of bond discount and expense
33.500.066 54,034,495
Balance
3501.020 def$390,284
Balance for common stock-per share
$.2758
3.2832
Dividends paid-per share
3.25
$.30
John E. Zimmermann, President, says:
The above statement covers the income of the U. G. I. Co. only (as distinguished from the combined earnings of the company and its subsidiaries)
and does not include undistributed earnings of subsidiaries applicable to
company, which, for the three months of 1935, amounted to approximately
3 cents for each share of U. G. I. common stock, and approximately 4 cents
for the three months of 1934.
11. Dividends from subsidiary companies decreased $106,996 due principally
to a reduction 'n the dividend rates of American Gas Co. and the Delaware
Electric Powes Co. necessitated by decreased earnings of those companies.
Dividends from other companies decreased $68,724 due almost entirely to
reductions in t'ividends on pref. stock of Commonwealth & Southern Corp.
and on 1st pref. stock of Mohawk Hudson Power Corp.
Total
revenues of utlity subsidiaries for the quarter show an
Increase of approximately $195,000 or 1.2%, over the same period of last
year, reflecting a continuation of the improvement experienced during the
year 1934. Revenues were affected adversely by rate reductions in the
approximate amount of $486.000, apPlicable to electric, gas. water and
steam service. Milder weather experienced during the 1935 quarter likewise affected both revenues and sales, particularly in the gas classificaion.
Operating expenses for the three months increased in a greater amount
than the increase in revenues due principally to higher prices for production
and other materials, labor and a slightly increased provision for renewals and
replacements. While provision for taxes shows an increase. attention is
called to the fact that tax legislation is now under discussion in the Pennsylvania Legislature which will undoubtedly result in a further substantial
Increase in the tax burden.
As a result of the above, combined earnings applicable to capital stocks
of the U. G. I. Co. decreased $375,602 or 4.4% for the quarter, compared
with the corresponding period of last year.
k• Regular quarterly dividends of $1.25 per share on the pref, stock and 25
cents per share on the common stock were declared April 24. payable
June 29 to holders of record May 31.
2,317,568
234,626
2,315.988
11.576
249,350
Balance transferred to consolidated surplus
3947.871 31,457.579
x Adjusted on account of revision of Columbus (0.) electric rate ordl
nance.-V. 140, p. 2885.
United Rys. & Electric Co. of Baltimore-Earnings-Month-1934
Prriod End. Mar. 31- 1935
1935-3 Mos.-1934
3911.646
Total revenue
$999.887 32,685.697 $2,721,191
Total expenses
756.344
803,280
2,269.174
2,315,937
Taxes
78,754
91,396
234,448
260,863
Operating income__ _ Non-operating income__
$76.547
1.463
$105,210
1,181
$182,073
4,686
$144,390
2,617
Gross income
Fixed charges
$78,010
6.982
$106,391
10,440
$186,759
23.021
$147,008
31,993
Net income
-V. 140. p. 2722.
$71,027
$95,951
$163.738
$115,015
United States & Foreign Securities Cori..
-Earnings
3 Months Ended Afarch 31
Cash dividends received
Tnterest re. dyed and accruedOther income
Total Income
Interest paid
Net realized loss on investments
Capital stock and other taxes
Other expenses
Net loss for three months
1935
S1
,70.037
28.256
21,593
_
193
$247 .T13
26.18
$319,887
$274 128
463
59 562
7.280
21.350
522.224
2,659
32.03
$237 030pro:$185.474
Volume 148
Financial Chronicle
Balance Sheet Mar. 31
1934
1935
1934
1935
Assets-$
$
LiabUttles$
Cash
1,716,054
109.580 a 181 pref. stock.._21,000,000 21,000,000
Loans, accts, reb 2d pref.stock _
ceivable, die_ _
46,304
101,988 c General reserve_ 4,950,000 4,950.000
e Secur. (at cost).29,812.976 32,313,589 d Common stock_ 100,000
100,000
I Inv.inIPS.& Int.
Demand loan pay_
150.000
Securities Corp..
15,841
1
23,750
1 Reserve for taxes_
Accounts payable_
22,034
954,329
Capital surplus_ _ _ 954,329
Operating surplus_ 4,505,164 5,275,045
Total
31,575,335 32,525,158
31,575,335 32,525,158
Total
a 210.000 shares (no par) $6 cum. div. b 50,000 shares (no par) $6
cum. div. c General reserve set up out of $5,000 000 paid in cash by
subscribers to 2d pref. stock. d 1,000,000 shares. e Including 15,000
shares of conunon stock of corporation under option to the President until
March 1 1936 at $25 per share. The aggregate value of securities owned
based on available market quotations or estimated fair value in the absence
thereof, was less than the above book value by approximately $5,980.626
In 1935 and $4,458,000 in 1934. 193.700 shares of 2d pref. and 1.987,653
shares common stock.
-V. 140, p. 1157.
United Light & Rys. Co.
-Earnings
(& Subs.)
-
3061
Note-Cumulative dividends are in arrears on the first pref. stock from
Nov. 1 1930 and the 2d pref. stock from May 1 1930.-V. 140, p. 814.
United States Radiator Corp.(& Subs.)
-Earnings
Years Ended Jan. 311935
Gross loss
prof$3.088
Interest charges
x202,899
Deprec. & amortization_
264,670
Year end. Inv. price adj.
and bad debt lossea,
Disc. on purch. of deb.
notes (net)
Prov. for est, loss on deposit accts. with closed
banks
Net loss
Preferred dividends
$4464.481
1934
$273.051
121.243
272,364
1933
$703.004
129,630
287,017
1932
$477,122
142.097
285,547
92.793
424.246
384,714
$1.543.898
$1,2/31g1
CrI23,025
251,629
$888,055
Balance, deficit
$888.055 $1,543.898 $1,363,150
$464.481
x After deducting other income of $5,523.
The condensed consolidated balance sheet Jan. 31 1935 follows: Assets
Cash on hand, on deposit and in transit, $242,042; customers' notes and
accounts receivable (net), $302,049; inventory, at the lower of cost or market, $1.166.008: other assets, $196,982; land, buildings and equipment, at
cost (net). $3,544,292; good-will, patent rights, &c., $42,291: debenture
discount, less amortization. $33.243; prepaid taxes, unexpired insurance
premiums, &c., $46.239; total, $5,573,149. Liabilities
-Note payable to
lessor for cancellation of lease. $10,000; accounts payable payrolls, &c.„
$94,688: accrued expenses, $30,792; 10
-year 5% sinking fund debentures
$2,331.000; pref. stock 7% cumulative, outstanding (42,096 shares).
$4,209,600; common stock; 211,672 no par shares at stated value.$211.672;
profit and loss, deficit, $1,314.603; total. $5.573,149.-V. 138, p.4143.
12 Months Ended Jan.311934
Gross operating earnings of subs.,k controlled cos.: 1935
(after eliminating inter-company transfers)_ _ _ _366,128.486 x$63,762.846
Operating expenses
30.361,702 27.716.561
Maintenance charged to operation
3,825.197 3,369,996
Depreciation
6.227,368 5.942,066
Taxes, general and income
7,896.351 x7,634.940
Net earns,from oper. of sub. & controlled cos_ 317,817,866
Non-operating income of sub. & controlled cos___ 1.518.295 $19,099,281 -United States Steel Corp.
-Cent Preferred Dividend
-50
1.303,490
Quarterly Report-The directors on April 30 declared a diviTotal income ofsubs.and controlled cos
319,336.161 320,402,772
Int.. amortiz.& pref.diva ofsubs.& controlled cos.'
dend of 50 cents per share on the 7% cumulative preferred
leInterest on bonds,notes,&c
10.095.904 10.279,448
stock, par $100 (the rate paid since January 1933), payable
Amortiz. of bond & stock discount and expense625,509
670.975
Dividends on preferred stocks
May 29 to holders of record May 3.
3,028,120 3.028,322
Balance
Earnings for 3 Months Ended March 31
$5,586,627 $6,424,026
Proportion of earns., attrib, to min,common stock 1,617.443 x2.057,358
3 Mos.End. Afar.31- 61935
1934
1933
a Total earnings
$12,428,449 $6,578,731def$3795,473def3113 2
193.607
6
Equity of United Lt. & Rys. Co. in earnings of
Deprec., depletion, &c._ 11,395.180 10.795.225
9.603,706 10.740,321
subs. & controlled cos
$3,969,184 $4,366.667
Earnings of United Lt.& Rys. Co
$1,033,269def34216.494de113399.179deD1876,923
Profit
9.829
11,444
Subsidiary bond Interest 1,253,708
1,262,709
1,337.921
1,308,656
Balance
U. S. Steel bond interest
3.362
$3,979,014 $4,378.112
3,362
3,700
3,576
Expenses of United Lt. & Rya Co
175,873
220,568
Deficit from oper
$223,801 $5,482,565 $14,711,411 $13,218.549
Balance
b Special expenses
1,950,000
1.507.400
2,018,860
33.803,140 $4.157,543
Hodling company deductions:
Interest on 53. % debentures, due 1952
Net loss
$2,173,801 $6,989,965 $16,730,271 $1::t,218.549
1,375,000
1,375,000
Other Interest
Preferred dividends...... 1,801,405
1.801,405 6.304.919
1,801,405
1,161
Amortization of debenture discount and expense
, 8
4298
57,369
Deficit,
$3.975,206 $8.791,370 $18,531,676 $19.523,468
Balance transferred to consolidated surplus,a After deducting all expenses incident to operations, including ordinary
$2,385,152 $2,724,013
Prior preferred stock dividends:
repairs and maintenance of plants, and taxes, An-. b Proportion of over
7% prior preferred-first series
head expenses (of which taxes alone are $1,766.871 in 1935, $1,301,925 in
275,002275.042
6.36% prior preferred-series of 1925
1934 and $1,713.914 in 1933) of the Lake Superior Iron Ore properties and
346.212
346.785
6% prior preferred-series of 1928
Great Lakes Transportation service, normally included in the value of the
619,557
620.411
season's production of ore carried in inventories, but which because of the
Balance
extreme curtailment in tonnage of ore to be mined and shipped is not $o
$1,144,379 $1,481,774
applied.
x Adjusted on account of revision of Columbus(0.)electric rate
-V. 140, p. 2555.
ordinance.
-V. 140. p. 2885.
U. S. Industrial Alcohol Co.(& Subs.)
-Earnings--
----United Stores Corp.
-To Cut Stock
-
Calendar Years1934
1933
1932
1931
Operating income
$4,446,854 $3,215,464 $2,482,348 $1,049,704
Adm.,sell. & gen. exps,- 1,841,787
1.521,688
1.404,852
1.726,582
Prov. for renewals & replacem't in lieu of dep.
900,000
300,814
Depreciation
889,200
1,156.949
Income charges (net)12,191
Estimated Fed. taxes_ _ _
125,000
Net income
$1,580.067 $1,392,962
3176,1051oss1.833,828
Common dividends
186,922
Balance, surplus
$1,580,067 $1,392,962
Profit & loss surplus..
5,483.827
Corn. she. outst.(no par) 7,026,928
391.238
391,238
Earnings per corn. share_
$3.56
$4.03
$176,105d32.020,750
4,458,318
2,789,765
373.846
373,846
$0.47
Ni
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933 ii
Assets$
Liabilities$
$
$
y Prop'y, plant &
z Common stock__ 4,934,563 4934.563
,
equipment
1
1 Accounts payable_ 604,909 1,216,975
Capital since Jan
Miscell. accruals__ 555,110
145,799
1 1933
6283,500
Dep. to Insure the
z Treasury stock
9.122
return of raw
10,865
Investments
c4,655,139 2,595,926
matis loaned to
Cash
1,694,654 1.973.241
others
Accts. nicely., &a_ 1,883,550 2,577,977 Misc, current nab_ 509.286
161,872
Miscell. assets_
.
349,266 1,109,462 Res've for conting _
Merchandise,etc 5,822,748 5.011,933 Reserve for ship 1,000,000 1,719,238
Deferred charges
331,740 2328,152
repairs, dm
237,055
107,158
Surplus
7,026.928 5.483,827
Total
15,029,722 13,607,558
Total
15,029,722 13,607,558
x Represented by 391,238 no par shares. y After reserve for
depreciation
of $27,875.738 in 1934 and $28.203.732 in 1933. z Represented by
shares at market. a Less reserves of $87,793 in 1934 and $85.496 in 205,
b After reserve for depreciation of $14,040. c Includes marketable 1933.
securities.
-V. 140. D. 2371.
United States & International Securities Corp.
-
3 Months Ended March 31Cash dividends received
Interest received and accrued
Other income
1935
$226,535
7.553
6,694
1934
$187.998
25,980
Total income
Interest paid
Net realized loss on investments
Capital stock and other taxes
Other expenses
$240,782
$213,979
400
143.437
6,266
17,190
Net loss for 3 months
387.297
3,978
27.774
The New York Stock Exchange has been notified of a proposed decrease
In authorized class A stock from 1,042,400 shares to 918,000 shares, and
common stock from 2,955,800 shares to 2,090,200 shares
.-V. 140. p. 1324.
Utah Copper Co.
-Not to Register
-
See Duluth Missabe & Northern Ry. above.
-V. 140. p. 2372.
Utah Light & Traction Co.
-Earnings
-Period End. Mar. 31- 1935-Month-1934
1935-12 Mos.-1934
Operating revenues__ __
Oper. exps.,incl. taxes
$90,937
73,513
$88.890 $1,004.507
69,047
919.617
$931,986
854,122
Net revs, from oper__
Rent from leased prop__
Other income
$17,424
34.431
263
$19.843
32,283
150
$84,890
547,631
3.072
$77.864
874.472
1,700
Gross corp. income__
Int. & other deductions
$52,118
$635.593
$52,276
$954.036
52.447
52.605
639.543
966,682
x Deficit
$329
$329
$3,950
$12,646
a Before property retirement reserve appropriation and dividends.V. 140, P. 2885.
Utah Power & Light Co.(& Subs.)-Eatnings[Electric Power & Light Corp. Subsidiary]
Period End. Mar. 31- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues__ __
$817,478
$779,552 10,133.643 $9,503,224
Oper. exps., incl. taxes__
495,574
446,779 6.020.208
5.157.396
Net revs. from oper__
Other income
$321,004
3,845
$332.773
1,973
Gross corp. income-Int. & other deductions
$3325,749
242,291
$334,746 $4,156.999 $4.374.923
244,775
2,918,959
3,066,359
$4,113,435 $4,345,828
43,564
29.095
Balance
y$89.971 $1.238.040 $1,308.564
y$83,458
Property retirement reserve appropriations
746.149
700.000
z Divs, applicable to pref. stocks for period,
whether paid or unpaid
1,704,761
1,704.761
Deficit
$1,212.870 $1,096,197
y Before property retirement reserve, appropriations and dividends.
a Dividends accumulated and unpaid to March 31 1935 amounted to
$3.551.585. Latest dividends, amounting to $1.16 2-3 a share on 37 pref.
stock and $I a share on $6 pref. stock, were paid on Feb. 1 1935. Dividends on these stocks are cumulative -V. 140. p. 2885.
Utah Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140. p. 2372.
1935
$85.035
25,204
9.834
1934
$443,015
1.290
def14,892
1933
$80.392
27.255
10,291
1932
$87.823
22.510
5.143
$178 267 prof$46.685
278.932
181,252
368.336
402.410
91.762
41,712
162.022
160.336
Balance Sheet March 31
34,913
def13,001
86,316
80.608
1035
1934
1935
1934
Assets
$
Matititats$
Cash
695,272
41,508 Accounts payable_
13,860
46,650
Utilities Power & Light Corp.
-Annual Meeting AdidShort-term credit _
310,000 Reserved for taxes
14,340
20,750
The question of whether the Reconstruction Finance Corporation will
Accts. rec., aimed
Demand loan pay_
150,000
place representatives on the board of directors of the company was deinterest, At__ _ _
334,019
294,139 b First pref.stock-23,980,000 23,980,000
ferred until an adjourned session June 26 by agreement among those
a Secure. at cost_ _41,352,903 42,113,025 c Second pref. stk_ 500,000
500.000
present at the company's annual meeting held at Richmond, Va.. April 24.
d Special reserve__ 9,475,000 9,475.000
The RFC obtained voting control of the Public Utilities Securities Corp.,
e Common stock__
24,855
24.855
of which the Utilities Power & Light Co. is a subsidiary, through stock
Capital surplus...10,038,574 10,038,574
put up as collateral by the Central Public Bank & Trust Co. of Chicago
Operating deficit_ 1,664,436 1,477,157
for a $90,000,000 RFC loan.
Recently the RFC named three of the five directors of the Public
Total
42,382,195 42,758,673
Total
42,382,195 42,758,673
Securities Corp. and has announced it will bring about similar Utilities
changes
aggregate value of securities owned based on market quotations
a The
in subsidiary boards unless a loan of $57.000,000 is paid.
-V.140.F. 2555.
was less than the above book value by approximately $20,669,044 in 1935
and $17,875,000 in 1934. b Represented by 239.800 no par $5 div. shares. "-----Utility Equities Corp.
-Accumulated Dividend 4
"
c Represented by 100,000 no par $5 div. shares. d Set up out of amount
The directors have declared a dividend of $1.75 per share on account of
paid in cash by subscribers to 2d pref. stock. e Represented by 2,485.543
accumulations on the no-par $5.50 cum. priority stock, payable June 1 to
par shares.
no
holders of record May 15. Similar payments were made on June 1 and
Financial Chronicle
3062
Dec. 1 of 1934 and 1933 and compares with semi-annual payments of $2.75
per share previously made up to and including Dec. 1 1932.
Accruals, following the June 1 payment, will amount to $5 per share.
V. 140, p. 814.
-Cent Dividend
-25
Vanadium-Alloys Steel Co.
-
The directors have declared a dividend of 25 cents per share on the
common stock, no par value. payable June 20 to holders of record June 10.
Similar payments were made on April 10 and Jan. 2 1935. Fifty cents
was paid on Aug. 10 1934 while on May 15 and March 20 1934 and on
-V.
Nov. 20 1933 special distributions of 25 cents per share were made.
140, p. 2204.
-Would Extcnd Notes
----Van Sweringen Corp.
The corporation has presented a plan for extension of interest and principal for a period of five years on its $15,000,000 6% notes which matured
My 1.
The corporation proposes to outside holders of the notes that they accept
a new non-interest bearing note in principal sum of $1,450 maturing May 1
1940, for each $1,000 note now held. The amount takes care of past due
Interest on the notes and 6% interest to the new maturity. Of the total
Issue of $15,000.000 there is $1.213,000 outstanding, while the balance of
813,787.000 is held by the Vaness Co., which also holds the majority of
the capital stock of the corporation. The Vaness Co. has received no
interest on its notes since Nov. 1 1931, while the remaining notes received
two more interest payments funds for which were advanced by Vaness Co.
As a consequence, Vaness Co. will receive new notes in face amount of
$1.510 for each old note it holds.
Income account of Van Sweringen Corp. (exclusive of subsidiary):
1932
1933
-1934
Calendar Years
$14,601
$16,057
$8,866
Expenses, taxes, &c
935.575
938,135
938.135
Interest on gold notes, &c
$950.176
$954,192
$947,001
Net loss
The corporation's only important assets are capital stock of Cleveland
Terminals Building Co., a wholly owned subsidiary, which is carried at
$29,253,066. the same as at the end of 1933, and an open account with
the company amounting to $27,112,785 which compares with $27,128,115
on Dec. 31 1933.
The statement of Cleveland Terminals Building Co. for the year ended
Dec. 31 1934, showed a net loss of $3,511,204 after taxes, interest, deprebut exclusive of loss of affiliated company and loss from sale
ciation,
&c.'
of securities of $2:078,940. This compares with net loss of $3,590,427,
$2,227,172 loss on sale of securities, in 1933.-V. 139, pj1.34i
excluding
dr
-Final Divatn --Venezuelan Oil Concessions, Ltd.
The directors have declared a final dividend of 6).1%. less tax, on the
ordinary shares, making a total of 113i% for the year 1934 as against 10%
paid In 1933 and 12%% in 1932.
May Reduce Capital
Directors decided to call the necessary meetings for the purpose of
reducing the capital of the company by returning to holders of issued 7%
non-cum. preference shares and ordinary shares of the company the sum
of 6s. 56. per share, as the excess capital of the company warrants it -V.
138, p. 3110.
--Earnings
Virginia Electric & Power Co.(& Subs.)
1935-12 Mos.-1934
-Month-1934
Period End. Feb. 28- 1935
$1,234,612 $1,203,762 $15,202,202 $14,684,934
Gross earnings
480,845 5,921,040 5,590,585
444,844
Operation
973.742 1,003,098
86,377
79,474
Maintenance
1,503,022
154,480
1,877,318
126,364
Taxes
7.336
157,646
158,393
Inc.from other sources_ a
$352,528 $6,430,101 $6,595,564
$397,419
Balance
1,899.897 1,917,217
Interest and amortization
1,800,000 1,800,000
Appropriations for retirement reserve_ b
1,171,570
1,171,611
Preferred dividend requirements
Balance for common dividends and surplus_ __ _ $1,558,593 $1,706,776
a Interest on funds for construction purposes. b These amounts have
been appropriated to provide a reserve against which property retirements
will be charged as they occur. The amounts so appropriated are less than
the depreciation deductions claimed or to be claimed on Federal income
tax returns which are based on a straight-line method and the resulting
reserve is less than a depreciation reserve would be if based on such straight-V. 140, p. 2886.
line method.
Virginian Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2886.
3,738,726
2,031,742
1,782,492
--Earnings
Waldorf System, Inc.
1934
1935
3 Mos.End,Mar.31-
Net profit after deprec.,
amortiz.and inc. taxes
Shares com. stock outstanding (no par)__ ._
Earnings per share
-V.140, p. 1678.
At March 31 1935 there were outstanding in the hands of the public.
purchase warrants expiring Dec. 31 1935 covering 63,818 shares of common
stock at $5() per share. There were also outstanding options to employees
at $13.50 per share, expiring not later than Dec. 31 1935, covering 19,865
-V. 140, p. 2555.
shares of common stock held in the treasury.
-Earnings
Walworth Co.(& Subs.)
3 Mos. End. Mar.31
Profit
Interest on notes & drafts
Interest on mortgage bonds of subs
*Coupon int. on mtge. bonds & deb. of Walrth Co.
Depreciationtaken on plant & equipment
Net loss
Provision for Walworth Alabama company accrued
unpaid preferred dividend
1935
$206,093
1,191
3,709
134,301
111,034
1934
$361,522
10.425
4,840
134,309
110,703
$44,142prof$101,243
3.937
3,937
$48,080 prof.$97,306
Consolidated Net Loss
*Accrued but not paid.
-The above statement of earnings had been prepared from the
Note
books of account for the period covered and is subject to annual audit and
-V. 140,
to year-end adjustments relating to inventories, reserves, etc.
p. 1856.
-Hearing Postponed
(John Warren) Watson Co.
The hearing on the application of the company for withdrawal from listing
and temporary registration on the New York Curb Exchange, of 200.000
shares of no par common stock, scheduled for April 26. has been postponed
at the request of the company until May 10 at the office of the Securities
-V. 139, v. 1884.
and Exchange Commission in Washington.
Webster Eisenlohr, Inc.-EarningsQuar. End. Mar. 31Gross profit
Expenses
Net loss
-V. 140, p. 1856.
1935
$159,298
214,590
1934
$151,811
238.437
1933
$66,651
153,230
1932
$121,420
156.366
155,292
386,626
$88,579
$34,946
-Earnings
-West Virginia Coal & Coke Corp.
1934
3 Months Ended March 311935
oduction-tons
,roes profit on coal sales
Other operating profit and income-
694,867
$275,287
295,387
625,251
$154,428
207,193
Gross profit from operations
Selling, administrative & gen.exp_
Interest on funded debt
Depreciation and depletion
Provision for Federal income taxes
$570,673
126,394
13,312
125,168
42,442
$361,621
117,936
14,6281
127,7591
14,000
1933
546.147
$55.192
153,142
$97,949
97,052
142,914
887,297 loss$142,017
Net profit
1263,357
Earnings per share on 400,000 shares
Nil
$0.22
capital stock (no
par).61
Balance Sheet as of March 31 1935
-Cash, $568,883; accounts and notes receivable (net). $916,971;
Assets
inventories, $504,127: prepaid, accrued and other items, $134,630; investmenta, $44,206; fixed assets (less depreciation of $3,265,903). $6,265,982;
total. $8,434,801.
Liabilities-Vouchers and accounts payable, $491,237; accrued interest
and taxes, $90,427; equipment purchase notes, $36,000; operating reserves,
8165.130; funded debt, $1,000.000; reserve for contingencies. $434,588;
common stock, no par value. 400.000 shares, $5,103.066;surplus. $850,994;
earnings for current year, $263,357; total, 18.434.801.-V. 140, p. 1856.
Western Maryland Ry.-Earnings-Month-1934
1935-3 Mos.-1934
Period End. Mar. 31- 1935
Operating revenues.._ __ $1,444,588 $1,416,739 $3,905,355 $3,731,624
1,264,102 1,360,079
513,435
475,809
Net oper.revenue
Net ry. oper. income
Other income
8452,453
6,166
8474.294 $1,165,384 $1,225,416
24,306
8,784
19,113
Gross income
Fixed charges
1458.619
265,508
$483,078 11.184,497 31,249,722
808,953
269.066
798,531
1440.769
1214.012
1193,111
$385,966
-Third Week of April- -Jan. 110 Apr. 211934
1934
1935
1935
Period$221,720 14.631,490 $4,396,783
Gross earnings(est.)---- $269,938
-V.140, p. 2887
Net income ______
1932
1933
1934
1935
$1,358.807 $1,313,431 $1.037,766 $1,307,942
486.410
656,964
727.163
722.131
421,292
548,478
625,463
587,581
4,000,983
2.141,288
1,769,966
May 4 1935
3,337,013
1,672,008
1,446,136
1933
3,729,240
1,858,123
1,564,493
1932
$26,997
$41,636
$22,926
$145,361
428.119
$0.06
433,719
$0.09
438,219
$0.05
438.419
$0.33
--Earnings.
Western Pacific RR.
MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents..
-V. 140. p. 2373.
1935
$900,013
104.932
24,888
2.542.833
233,773
def63,767
1934
$896,267
172,975
78.723
1933
$632675
def18.261
def80.640
1932
$765,482
def22,167
det98.086
2,366.819 1,810,436 2,311.821
358,331 def98,994 def124,783
110,102 def312,519 def39,657
---Earnings.
Western Ry. of Alabama.
1935
$113,526
300
def6,053
1934
$120.673
4
def5,070
1933
$104,132
def889
def2,217
1932
$127,921
4,262
def159
315,963
def16.779
def31,534
346.180
11,684
1,409
296,458
def12,444
def18,695
359.964
def19,302
def34,625
Operating profit
Other income
$1,172,627 $1,220,301
109,878
x161.090
$601.648
85.630
$857,974
128,717
MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 2206.
Total income
Other charges
Federal taxes
11,333.716 $1.330.180
141,934
120,410
103,050
118,779
$687,278
145.952
19.174
$986,691
176.305
22,840
Directors have elected L. W.Lyons as Treasurer to succeed H.F. Beets,
-V. 140. 13. 2887.
retired. and V. F. Covert as Assistant Comptroller.
Net profit
51.094,528 11,085.196
1,072
Sub, preferred dividends
132,847
132,716
Walgreen pref. dividends
379,546
394,063
Common dividends
5% div. paid by distribution of tress. stk.
Nov. 1 1934 (at approximate average cost
497,725
of treas.stk.)
1522.152
2,948
131,713
190,756
$787,546
20,479
137,560
Bernard Smith became Chairman of the Board on May 1.-V. 140, p. 1325
--Earnings
Walgreen Co.(& Subs.)
1932
1934
1933
1935
6 Mos. End. Mar.31Net sales
$29.887.333 $26,583,664 $21,563,193 $25.072.280
Costs, expenses, &c__ _ _ 28.714,706 25,363.382 20,981,545 24,214,306
1629.507
$196,735
Surplus
1571,729
$70,025
Shares com. stock out801,980
760,315
759,435
109,096
standing (no par)._
$0.78
$0.51
$1.25
Earnings per share
$1.19
x Includes other operating income for the corresponding period last year
classified as "other income."
Consolidated Balance Sheet March 31 1935
-Cash in banks, in transit and on hand, $1,367.809; accounts
Assets
and notes receivable-less reserve, $441,075; negotiable warehouse receipts
for merchandise in public warehouses,$860,911: inventories of merchandise
based on latest physical Inventories adjusted to March 31 1935, valued at
the lower of cost or market, 39.259,986: prepaid insurance, taxes, rent,
&c.,$428,588; investments. $897,982:fixed assets, less reserve. $5.896,232;
goodwill, leaseholds. leasehold improvements. &c. (at nominal value). $1;
total,119,152,588.
Liabilities-Accounts payable, 12,470.913: employees' investment certificates, $38,100: accrued payrolls and other expenses, $253,698: provision
for taxes, $499,820;6 % cum. pref.stock (par 8100)),$4.083,700;common
stock, 858.409 shares (incl. 49.313 shares held in treasury), $6,816,689:
earned surplus (restricted to the extent of $718,083 representing coat of
treasury common stock, $637,633 and unexpended pref. stock sinking fund
appropriation, $80,450). $5,627.298; less-treasury stock-49,313 shares
a common at cost. $637,633; total, $19.152,588.
-New Officers
Westinghouse Electric & Mfg. Co.
-New Chairman
(George) Weston, Ltd.
-Earns.
Westvaco Chlorine Products Corp.(& Subs.)
1935
1934
1933
3 Months Ended March 31$160,314
$93,984
Net profit after deprec., Fed. tax., &c. $162,233
Earnings per share on 284,962 shares
$0.43
$0.42
$0.19
common stock (no par)
Current assets as of March 31 last, including 1,492,595 cash and Government securities, amounted to $1,849.655 and current liabilities were $392,811. This compares with cash and Government securities of 8462,650,
current assets of $1,448,526 and current liabilities of $331,375 on March 31
1934.-V. 140, v. 2373.
Wheeling & Lake Erie Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 2207.
1934
1935
$1,069,092 $1.121,720
382,391
142,643
64,758
262,979
3,198,652
607.775
342.762
2.898,262
887,793
570.174
1933
$579,712
71,161
def18,146
1932
$821,970
197,217
92,063
1,940,894
398,624
113,1 3
2,250,230
481,014
165.708
-h__&
-Preferred Dividend
-r--Whiting Corp.
A dividend of $1.62.4 per share was paid on the 634% cum. prstock,
par $100, on May 1 to holders of record April 25. Accumulations on this
..sue amount to $1.62)i per share as the Nov. 1 1934 dividend remains
-V. 140, p. 489.
unpaid.
For other Investment News, see page 3066.
Financial Chronicle
Volume 140
glefforts and
3063
pocuments.
PUBLISHED AS ADVERTISEMENTS
THE KANSAS CITY SOUTHERN RAILWAY COMPANY
THIRTY-FIFTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 1934
Kansas City, Mo., May 1, 1935.
To the Stockholders of
The Kansas City Southern Railway Company:
The thirty-fifth annual report of the affairs of your
Company, being for the year ended December 31, 1934,
is herewith presented.
SUMMARY OF OPERATIONS.
That portion of the system lying within the State of Texas,
the mileage of which is included in the operated mileage of
your Company, was until February 1, 1934, operated
separately by its owner, the Texarkana and Fort Smith
Railway Company, which maintained its own general offices
and books of account at Texarkana, Texas. On that date,
however, operation of the Texas property was assumed by
your Company under lease. The reports of the Texas
Company are combined with those of the parent Company
in so far as necessary to enable a comprehensive survey of
operations for the entire line from Kansas City to the Gulf.
The succeeding statement shows the results of operation
for the year, compared with such results for the preceding
year:
19341933
Average Mileage Operated
878.78
Railway Operating Revenues:
Freight
Passenger
Excess Baggage
Mail
Express
Other Passenger-train
Milk
Switching
Special Service Train
Other Freight-train
Incidental and Joint Facility
Increase
882.81
4.03
$8.279,077.12
214,524.07
815.69
171,369.39
96.553.29
2,686.28
7,080.52
731,531.43
3,191.26
13.178.51
130,057.04
85.79%
2.22
.01
1.78
1.00
.03
.07
7.58
.03
.14
1.35
$7,968,278.29
190,454.61
887.31
164,071.13
72.507.34
2.650.59
10,048.38
787,457.68
3.312.90
8,070.80
155,023.84
85.11% $310,798.83
24,069.46
2.03
.01
7,298.26
1.75%
24,045.95
.77
.03
35.69
.11
8.41
.03
.09
5,107.71
1.66
$9,650,064.60
100.00%
$9.362.762.87
100.00% $287.301.73
•
•
•
$911,718.46
1,644,292.46
569,914.36
3,060.842.39
14,291.26
896.170.49
1,611.96
9.45%
17.04
5.90
31.72
.15
9.29
.02
$951,114.90
1,639.523.94
543,435.88
2,872,491.50
20,260.87
818,703.08
4,832.89
10.16%
14,768.52
17.51
26,478.48
5.80
30.68
188,350.89
.22
77,:467.41
8.74
.05
•
$7,095.617.46
73.53%
$6,840,697.28
73.06% $254,920.18
26.94% $32,381.55
Total
Railway Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment-Cr
•
•
Total
Net Revenue from Railway Operations
Railway Tax Accruals
Uncollectible Railway Revenues
Decrease
•
$2,554,447.14
26.47%
$2,522,065.59
•
$775.509.26
2.290.50
8.04%
.02
$933.439.99
2,514.95
Railway Operating Income
•
$1,776,647.38
18.41%
$1,586,110.65
•
$402,438.30
82,756.26
4.17%
.86
$345,255.06
79,181.75
$1.161,673.84
24,966.80
539,396 44
5,969.61
3,320.93
3.69% $57.183.24
3,574.51
.84
13.38%
2,967.86
55,926.25
121.64
16.94% $190,536.73
Equipment Rents
-Net debit
Joint Facility Rents
-Net debit
371.62
Net Railway Operating Income
$1,291,452.82
Ratio of Operating Expenses and Taxes to Operating Revenues
.
The combined statistics of the Kansas City Southern and
the Texarkana and Fort Smith also include the properties
and operations of the following wholly owned and directly
operated subsidiaries of the parent Company:
The Maywood and Sugar Creek Railway Company,
Kansas City az Grandview Railway Company,
Fort Smith and Van Buren Railway Company,
The Kansas City, Shreveport and Gulf Railway Company.
OPERATING REVENUES.
The increase of $287,301.73 in Operating Revenues reflects
an improvement in annual earnings for the first time since
1929.
The principal increases, as well as decreases, in the various
revenue accounts were as follows:
Freight Revenue
Increases on account of
Products of Agriculture:
Fresh fruits and vegetables
Mill products, including flour and meal
Corn
Hay,straw and alfalfa
Miscellaneous items (Net)
Animals and Products:
Cattle and calves
Fresh meats
Miscellaneous items (Net)
Products of Mines:
Coke
Gravel, sand and stone
Products of Forests:
Railroad ties
Manufactures and Miscellaneous:
Automobiles, trucks and parts
Lubricating oils and greases
Machinery, boilers, pipe and fittings
Cement, brick, tile, &c
Sugar. syrup and molasses
Fertilizers
Agricultural implements
Miscellaneous items (Net)
Less-than-Carload Consignments
Decreases on account of
Products of Agriculture:
Cotton and cottonseed and products
Animals and Products:
Packing house products other than fresh meats
Hogs
Products of Mines:
Bituminous coal
Miscellaneous items (Net)
Products of Forests:
Pine lumber
Other lumber and forest products
Manufactures and Miscellaneous:
Refined petroleum (Gasoline)
Fuel and road oil
Vegetable oils
Building paper and prepared roofing material
$47.994.07
34,596.55
17,069.70
11,054.75
13,981.93
39,698.13
33,019.90
1.836.13
17,717.95
13,942.15
85,023.58
152,130.26
129,863.81
30,254.94
28,849.72
15,778.67
13,760.13
12,537.47
29,407.58
8,088.65
9,460.58
53,548.08
10,160.57
90,695.08
728.46
22,598.13
25,243.76
92,921.77
62,059.55
38,445.04
19,946.22 8310,798.83
81.57%
9.97%
.03
$157.930.73
224.45
12.41% $129.778.98
1.46%
83.03%
Passenger Revenue
Increase in local traffic
Increase in interline traffic
$13,867.35
10,202.11
Mail Revenue
Increase due to more space used for mail service
Express Revenue
Increase due to the greater movement of less-than-carload
shipments
Stet:chino Revenue
Decrease due to lesser number of cars handled at
Kansas City, Missouri
$10,183.98
Shreveport, Louisiana
32,519.37
Port Arthur, Texas
25,300.04
Increase due to greater number of cars handled at
other points
12,077.14
AU Other Revenues
Decrease (Net)
24,069.46
7,298.26
24,045.95
55,926.25
22,984.52
Net increase in Operating Revenues
82s7,301.73
OPERATING EXPENSES.
The increase of $254,920.18 in Operating Expenses was
due principally to charges for contributions to be made to
the pension fund under the Railroad Retirement Act,
effective August 1, 1934, aggregating $71,895.91; to the
restoration on July 1, 1934, of one-fourth of the 10 per cent.
reduction in the wages of certain employees made early in
1932, approximating $55,000.00; to expenses in connection
with the improvement of working agreements with employees
in train and engine service, estimated at $75,000.00: and to
the higher cost of material and supplies.
The increases and decreases in the several operating
expense accounts may be summarized as follows:
Maintenance of Way and Structures
Decreases on amount of
Renewal of ties
Roadway maintenance
Bridges, trestles and culverts
Increases on account of
Supervision
Rails and other track material
Miscellaneous items (Net)
Maintenance of Equipment
Increases on account of
Running repairs to
omotives
1.•01
Freight-train cars
Passenger-train cars
Miscellaneous items (Net)
Decreases on account of
Classified repairs to
Locomotives
Freight-train cars
Passenger-train cars
Repairs to work equipment
836,764.79
33,759.15
27,823.73
31.908.63
14,372.96
12.669.64 $39,396.44
$34,879.46
8,371.69
18,147.09
138.41
9,390.10
24,840.96
7,276.57
15,260.50
•1.76i :2
3064
Financial Chronicle
Traffic
Increases on account of
Solicitation
Miscellaneous items (Net)
$22,815.42
3,663.06
Transportation
Increases on account of
Locomotive, yard and train service
Consumption of fuel
Price of fuel
26,478.48
$61,360.66
$34,959.95
22,602.70 57,562.65
Other expenses
Miscellaneous items (Net)
Decrease on account of
Casualties
71,991.95
12,502.30
15,065.67 188,350.89
Miscellaneous Operations
Decrease (Net)
General
Increases on account of
Pensions
Miscellaneous items (Net)
5,969.61
May 4 1935
The total track mileage was reduced from 1,405.11 to
1,402.23, making a net change of 2.88 miles. Branch line
mileage was reduced 4.03 miles due to reclassification of
certain tracks at Lockport, Louisiana, as industrial tracksj
EQUIPMENT.
The Rolling Equipmar- 7
o vned7=erwif=ir olled on
r December 31, 1934, consisted of:
Locomotives
Passenger-train Cars
Freight
-train Cars in Commercial Service
Freight-train Cars in Work Service
Cabooses
Work Equipment
Total Units
$74,568.85
2.898.56
77,467.41
Transportation for Investment-Cr.Increase due to the lesser quantity of materials for construction
purposes conveyed in transportation trains
Net increase in Operating Expenses
3,220.93
$254,920.18
REVENUE TONNAGE.
The revenue tonnage movement for the year, as compared
with that of the year preceding, was as follows:
For the year ended December 31, 1934:
Revenue Tons one mile-North
Revenue Tons one mile-South
499,145,937
334,745.440 833,891,377
For the year ended December 31, 1933:
Revenue Tons one mile-North
Revenue Tons one mile-South
511,589.788
299,451.943 811,041,731
Increase in Revenue Tons one mile
22.849,646
TAXES.
Following is a statement of charges on account of taxes,
compared with the preceding year:
1934
1933
Decrease.
State, county and municipal taxes3768.057.58 $911,028.94 $142,971.36
Federal taxes
22,411.05
7,451.68
14,959.37
Totals
9775,509.26 $933,439.99 $157.930.73
2,849
WAGE ADJUSTMENTS.
Restoration of the 10 per cent. deduction from the basic
rate earnings of certain employees was made as follows:
one-fourth on July 1, 1934; one-fourth on January 1, 1935;
and one-half on April 1, 1935. These increases were made
according to agreements with organized labor and voluntarily
in the case of unorganized employees. The pay of some
supervisors was also adjusted to conform with the increased
remuneration of employees under their supervision. Based
on the present number of employees, it is estimated that
restoration of the full 10 per cent. will increase the pay rolls
of your Company approximately $440,000.00 per annum.
The 10 per cent. reduction in the compensation of officers
remains in effect. Furthermore, the practice of enforced
vacation days without pay, inaugurated in 1930, was
continued during the first eight months of the year, applying
to all officers and employees not specifically covered by
contract.
As a result of negotiations with the four train service
brotherhoods, entered into at the suggestion of the Federal
Co-ordinator of Transportation and referred to in the
previous annual report, agreements were made effective
May 1, 1934, embodying rules and working conditions which
are less rigid and restrictive, and which enable your Company
to serve its patrons in a more efficient and practical manner
than formerly. Under these agreements, sufficient relief
was afforded from the burdensome rules previously in effect
to justify withdrawal of the new schedules made effective
September 15, 1933, the application of which had been
suspended during the negotiations.
COST OF MATERIAL AND SUPPLIES.
The average cost of all material purchased during the
year (which excludes rails) increased more than 15 per cent.
The greatest increases occurred in timber and lumber
products, including cross ties, and rubber and cotton goods,
including hose and waste. Practically all items purchased
were affected more or less by N. R. A. codes. The cost of
fuel oil increased 6.71 per cent. and that of coal 6.49 per cent.
MILES OF RAILROAD.
The track mileage operated by your Company at the
end of the year was as below stated:
Main Line Owned or Controlled
Branch Lines Owned or Controlled
Second
First
Main
Other
Main
Track. Track. Tracks.
445.54
787.88 21.41
77.92
36.59
Total Mileage Owned or Controlled-865.80
Branch Lines Operated under Lease
5.94
Lines Operated under Trackage Rights 7.04
Total Mileage Operated
878.78
All
Tracks.
1,254.83
114.51
21.41
482.13
5.11
14.80
1,369.34
5.94
26.95
26.52
496.93
1,402.23
805
=
3,654
=we
During the year 2 passenger-train cars, 317 freight-train
cars and 6 cabooses were retired by dismantlement or
otherwise. The net loss on 322 units voluntarily retired, in
accordance with a programme commenced in 1932 and since
continued, was $174,658.26. Instead of being charged
against operating expenses as would ordinarily be done,
such loss was charged against surplus under special authority
of the Interstate Commerce Commission. Equipment owned
was increased by the acquisition of 100 new automobile
box cars.
INVESTMENT IN ROAD AND EQUIPMENT.
The following tabulation shows the expenditures made
during the year for additions and betterments to road and
equipment, the credits resulting from retirements, and other
adjustments in the investment account:
Expenditures. Retirements. Adjustmls.
Totals.
Road
$112,022.84 $76,913.83 $6,930.60 $42,039.61
Equipment
267.619.06 323,057.38
1,424.39 54,013.93
General Expenditures30.03
30.03
Totals
$379,641.90 $399,971.21
$8,324.96 $12,004.35
The condition of your main line with respect to ballast
at the end of the year, there being no changes,is shown below:
Section of6inches or more under ties
Section of less than 6 Inches under ties
Deferred ballasting on Leeds-Grandview line
Total main line mileage owned
The decrease in State, county and municipal taxes was
due to reductions in assessed valuations and the adjustment
of reserves. The decrease in Federal taxes results from an
adjustment of accruals of income taxes for previous years.
Under
Trust,
Owned.
Total.
131
144
13
5555
3,073
2,281
10
268
268
___
53
53
--___
61
61
771.23 miles
3.90 "
12.75 "
787.88 miles
The weights of rail in the main line at the end of the year
were as follows:
Rail weighing 127 pounds per yard
Rail weighing 115 pounds per yard
Rail weighing 100 pounds per yard
Rail weighing 85 pounds per yard
Rail weighing less than 85 pounds per yard
Total main line mileage owned
5548 miles
10.99 "
128.62 "
879.72 "
3.07 "
787.88 miles
Work was continued upon the schedule for the reinforcement of track through the application of tie plates, with a
view to stability, permanence and economy of maintenance.
The expenditure for this purpose was $12,587.33.
Other principal items of Additions and Betterments
Road, together with the amounts expended therefor, were
as follows:
Construction of industrial tracks
Improvement of bridges
Depot at Gillham, An
Total
$57,869.29
24,231.98
3,764.79
985,866.05
The expenditures for additions and betterments include
the cost of 4 sidings to serve industries not heretofore reached
by your tracks, and 1 additional siding to accommodate an
industry previously established on your line. Incidentally,
46 new industries located on existing tracks of your Company.
The investment in industrial tracks includes the cost of
facilities provided for The Mathieson Alkali Works (Inc.),
which located a large chemical plant on your tracks at Lake
Charles, Louisiana, the work being completed in January,
1935. The plant is of the most modern design, and the
location is excellent from the standpoint of availability of
raw materials and distribution of the finished products.
This industry should contribute a substantial volume of
traffic to your Company.
Work was completed on the construction, in your Company's shops, of 100 new steel frame automobile box cars,
having capacity of four automobiles each, upon which an
expenditure of $257,291.96 was made during the year.
Other items of Additions and Betterments-Equipment,
involving an expenditure of $10,327.10, consisted mainly
of the following:
Locomotives-Application of arch tubes and washout plugs, flexible staybolts, cast steel end sills, and improved air pumps and water connections
Freight-train Cars-Application of A. R. A. type D couplers, steel cover
plates, cast steel trucklsides, and side dump doors.
Passenger-train Cars-Application of electric train line extensions.
Miscellaneous equipment
-2 Material delivery trucks.
EQUIPMENT TRUSTS.
The aggregate face amount of Equipment Trust Notes and
Certificates outstanding December 31, 1934, was as below
set forth:
Trust No. 34, dated January 15, 1920:
Balance last reported
Paid during the year
$117,200.00
53.600.001363,600.00
Series E, dated September 1, 1923:
Balance last reported
Paid during the year
$540,000.00
108,000.00 432,000.00
Total
$495,600.00
Volume 140
Financial Chronicle
DEPRECIATION RESERVE FUND.
Moneys equaling the amount of charges to operating
expenses representing the so-called depreciation of equipment, and for the amortization of equipment retired and of
property abandoned in connection with improvements,
together with proceeds from the sale of obsolete equipment,
are deposited in a special fund set aside for additions to and
betterments of your property. The total amount so deposited,
and withdrawals therefrom, are shown by the statement
following:
DEPOSITS.
Charges for Depreciation of Equipment:
From June 1, 1916, to December 31 1933-$5,084.840.20
From January 1, 1934, to December 31, 1934 359,961.37 $5,444,801.57
Charges for Amortization of Retired Equipment:
From January 1, 1918,to December 31, 193351,130,932.64
From January 1,1934,to December 31, 1934
669.52 1,131,602.16
Charges for Amortization of Abandoned Property:
From January 1, 1918, to December 31. 1929
1,086,535.97
Proceeds from Sale of Obsolete Equipment:
From June 1, 1916, to December 31, 1932
331,858.17
Income from Bank Balances and Investments-Net:
From June 1, 1916. to December 31. 1933-- $148,641.51
From January 1, 1934,to December 31, 1934
20.217.47
168,858.98
Replacement Funds released by Trustees under Equipment Trusts:
From January 1, 1925, to December 31, 1925
22,592.59
Total Deposits
$8,186.249.44
WITHDRAWALS.
Payments for Now Equipment:
From June 1, 1916, to December 31, 1933
$1,149,325.28
From January 1, 1934, to December 31, 1934
257,947.46 $1,407.272.74
Redemption of Equipment Trust Obligations:
From January 1, 1932. to December 31, 1933
$353,200.00
From January 1,1934, to Decamber 31, 1934
161,600.00
514,800.00
Improvements to Equipment:
From June 1, 1916, to December 31. 1933
$1,983,595.87
From January 1, 1934, to Decomber 31, 1934
8,965.35 1,992,561.22
Shop Improvements, &c.:
From January 1, 1922, to December 31, 1933
$2,304,678.48
From January 1, 1934, to Decomber 31, 1934
1,026.81 2,305.705.29
Other Improvements:
From January 1. 1931, to Decamber 31, 1933
$214,476.72
From January 1. 1934. to December 31, 1934
56,736.61
271.213.33
Amount temporarily withdrawn
for other purposes
900.000.00 7.391,552.58
Balance December 31, 1934
$794,696.86
GROUP INSURANCE.
The agreement entered into with the Metropolitan Life
Insurance Company effective October 1, 1933, referred to
in the previous annual report, providing for a revised group
insurance plan affording comprehensive protection to
employees of your Company against loss by death, accident
and illness, was continued in effect.
At the close of the year, 2,766 employees, or 91 per cent.
of those eligible, were subscribers to the revised plan. The
life policies in force at that date aggregated $4,892,000.00.
*.,Payments to employees and their beneficiaries under the
revised plan, and payments to employees entitled to total
and permanent disability benefits under the old plan,
amounted during the year to $158,810.86, classified as
follows:
38
1
35
321
79
Death claims
Accidental death and dismemberment claimAccident claims
Health claims
Total and permanent disability claims
$84,520.81
500.00
1.263.44
14,028.01
58,498.60 $158,810.86
Since the inauguration of the plan of group insurance for
employees, the Insurance Company has paid claims aggregating $1,795,269.49.
THE RAILROAD CREDIT CORPORATION.
In the process of liquidating the fund administered by it
pursuant to the Marshalling and Distributing Plan, 1931,
The Railroad Credit Corporation repaid to your Company
$53,361.41 during the year. As of December 31, 1934, the
account with the Credit Corporation was as follows:
Amount contributed by your Company to the fund
Amount of liquidating distributions received
Balance due
$296,452.37
83,006.64
$213.445.73
LEASE OF TEXAS LINE.
Mention was made a year ago of the litigation growing
out of the lease of the line in Texas and the discontinuance of
the general offices at Texarkana, Texas. On June 4, 1934,
the Supreme Court of the United States decided the case in
favor of your Company, and as a consequence a substantial
saving in expenses has been made possible.
RAILROAD RETIREMENT ACT.
With a view to determining the validity of the Railroad
Retirement Act, passed by Congress and approved June 27,
1934, the railroads filed in the Supreme Court of the District
of Columbia a bill in equity to enjoin its enforcement. That
court held the Act unconstitutional, but the case is now
pending in the Supreme Court of the United States.
3065
Under the Act, which became effective August 1, 1934,
your Company is required to contribute to a railroad retirement fund a percentage of all compensation up to $300.00
per month paid to any one employee. For the five months
ended December 31, 1934, such contributions amounted to
$71,895.91.
TAX LITIGATION.
The United States Circuit Court of Appeals on February
14, 1935, decided favorably to your Company a number of
points raised in a suit against the Commissioner of Internal
Revenue involving income taxes for the Federal Control
period. The Commissioner is endeavoring to secure a
review, by certiorari, of this decision in the Supreme Court
of the United States. It is estimated that this decision, if
sustained, will result in a recovery by your Company of
taxes and interest amounting to $200,000.00. The decision
also authorized consideration of a claim for a further recovery
of interest approximating $80,000.00.
Litigation looking to a reduction in the amount of taxes
paid in the State of Oklahoma, although not yet concluded,
is expected to result in a considerable saving to your Company.
FEDERAL VALUATION.
Pursuant to the requirements of the Interstate Commerce
Act with respect to valuations of carrier property, your
Company has maintained its valuation as nearly as practicable upon a current basis. The cost of such valuation to
date has been as follows:
Prior to
Year
1934
1934
Field work
$68.824.72
Valuation orders. Interstate Commerce Commission
272,255.49 $18,597.33
Contribution to Presidents' Conference Committee
12,805.87
185.22
Appraisal of Real Estate
103,625.75
1,473.55
General and miscellaneous
336,123.28
2,150.44
Totals
Total
$68,824.72
290.852.82
12.991.09
105.099 30
338,273.72
$793,635.11 $22,406.54 $816,041.65
SEPARATELY REPORTING SUBSIDIARY
COMPANIES.
In addition to those subsidiaries heretofore mentioned,
your Company controls, by virtue .of its ownership of
securities, all the property of the following separately reporting companies, whose balance sheets and income accounts
are also published in the statistical section of this report:
THE KANSAS AND MISSOURI RAILWAY
AND TERMINAL COMPANY.
A company operating an electric switching line in and
through Kansas City, Kansas, which connects with the
present terminal tracks of your Company and forms an
intermediate connection between your line and an interurban line serving an industrial territory from Kansas City,
Kansas, to Lawrence, Kansas, a distance of about 35 miles.
Its property consists of 5.56 miles of main track and 4.81
miles of yard and side tracks. Control is had by your Company through ownership of all the capital stock and bonds.
THE ARKANSAS WESTERN RAILWAY COMPANY
A standard-gauge line from Heavener, Oklahoma, to
Forester, Arkansas, consisting of 55.55 miles of main track
and 5.09 miles of yard and side tracks, together with rights
of way, buildings and appurtenances; controlled by your
Company through ownership of all the capital stock and
bonds.
THE KANSAS CITY, SHREVEPORT AND GULF
TERMINAL COMPANY.
Union depot property at Shreveport, Louisiana, including
its real estate, buildings, and 1.55 miles of yard and terminal
tracks: controlled by your Company through ownership of
all the capital stock and bonds.
PORT ARTHUR CANAL AND DOCK COMPANY.
Lands, slips, docks, wharves, warehouses, one grain
elevator (capacity 500,000 bushels), etc. all at Port Authur,
Texas; controlled by your Company through ownership of
all the capital stock. The bonds of the Dock Company are
outstanding in the hands of the public.
Under an agreement entered into as of February 1, 1923,
all the property of the Port Arthur Canal and Dock Company was leased to the Texarkana and Fort Smith Railway
Company. Pursuant to an agreement of lease made with the
Texarkana and Fort Smith, your Company assumed operation of the property of the Dock Company as of February 1,
1934.
THE K. C. S. ELEVATOR COMPANY.
One grain elevator (capacity 1,570,000 bushels), situated
at Kansas City, Missouri; controlled by your Company
through ownership of all the capital stock. No bonds have
been issued or authorized.
THE UNION LAND COMPANY.
A company owning 85.36 acres of land in and adjacent
to Kansas City, Kansas, suitable for industrial sites. All
the capital stock is owned by The Kansas and Missouri
Railway and Terminal Company, and control of the Land
Company is had by your Company through its ownership
of the Terminal Company. No bonds have been issued or
authorized.
INDUSTRIAL LAND COMPANY.
A company owning 674.9 acres of land, mainly situated
in the northeastern part of Kansas City, Missouri, and
3066
Financial Chronicle
acquired for future yard expansion; controlled by your
Company through ownership of all the capital stock and
bonds.
KANSAS CITY SOUTHERN TRANSPORT
COMPANY, INCORPORATED.
A company organized under the laws of the State of
Louisiana to contract for the collection, transportation and
delivery of less-than-carload freight. It owns no equipment
or real property, and is controlled by your Company through
ownership of all the capital stock.
Mr. Richard F. Hoyt, who was elected a Director of your
Company on October 27, 1932, passed away on March 7,
1935. His death is recorded with deep regret.
ummoommamom
The appended balance sheets and statistical statements
give full detailed information concerning expenditures for
improvements, and the results of operation.
A report, including balance sheet, income account and
other pertinent matter, in form prescribed by the Interstate
Commerce Commission, has been filed with that body at
Washington.
By order of the Board of Directors.
C. E. JOHNSTON, President.
May 4 1935
Consolidated Balance Sheet Dec. 31
1934
1933
1934
Assets
Liabilities
Land, buildings,
Preferred stock_ _ _15,000,000
machinery,&c_.15,354,482 15,261,047 Class B stock
13,000,000
Ion'. in affil. cos_ __ 9,224,732 9,031,091 Common stock
8,000,000
Notes receivable__
154,545
306,764 Accounts payable_ 1,389,076
Cash
2,710,730 4,165,401 Accrued liabilities_ 687,353
x Accts. receivable 2,485,603 1,810,849 Res.for employees'
Inventories
9,614,511 8,941,987 saving fund____ 196,256
Sight drafts; &c_
3,670
65.305 Reserve for deprePrepaid expenses_
63,184
71,558
ciation, em
8,070,072
Deferred charges__ 1,800,822 1,575,917 Sundry reserves
665,512
Patents, &c
1
1 Res.for poss. losses
under repurchase
agreement
488.779
Employees' saving
229,385
fund
Profit & loss def 6,314,154
1933
15,000,000
13,000,000
8,000,000
1,178,280
638,072
178,671
7,214,588
400,823
808,578
228,594
5,427,686
Total
41,412,280 41,219,921
Total
41,412,280 41,219,921
x After reserves of$159,432 in 1934 and $158,616 in 1933.-V. 139, p.2694
Youngstown Sheet & Tube Co.
-Two New Directors
-
S. Livingston Mather and George T. Bishop resigned on April 23 as
directors of this company.
Walter E. Meub and J. C. Argetsinger were elected by the stockholders
to fill the two places.
-V. 140, p. 2890.
CURRENT
NOTICES
-J. R. Williston & Co. and McClure. Jones & Co. joined forces on
May 1 under the name of J. R. Williston & Co. The firm of McClure,
Jones & Co. was dissolved as of April 30. Partners of McClure, Jones
& Co. who now become partners of the new firm were made known to-day
- as follows: Henry R. Rudkin, Charles I. DeBevoise, W. Strother Jones,
-Accumulated Dividend
(William) Whitman Co., Inc.
The directors have declared a dividend of 15i% on account of accumulaJr., Perry D. Bogue, Arthur S. Russell, Walter F. Seeholzer, all general
tions on the 7% cum. pref. stock, par $100, payable June 15 to holders
partners, and William T. Genth, special partner.
of record June 1. Similar distributions were made in each of the five preThe foregoing, together with Harry E. Towle, George E. CAuett, Jr.,
ceding quarters. Accruals after the payment of the June 15 dividend will
.Toseph A. Dernberger, Jr., and Alexander P. Gray, all general partners
-V. 140, p. 1325.
,
amount to $5.25 per share.
of the old firm of J. R. Williams & Co., and Emile de Planque, special
-Earnings.
-Wichita Falls & Southern RR.
partner, will compose the new partnership.
1932
1934
1933
March1935
This consolidation gives the new firm three memberships on the New
$69,695
$42,854
Gross from railway
$46,923
$35,884
York Stock Exchange. The firm is also a member of the Boston Stock
34,235
9,744
Net from railway
3,473
14.092
26.535
3.708
Net after rents
7,896
def601
Exchange, Chicago Board of Trade, Commodity Exchange, Inc., New
From Jan. 1
York Curb Exchange (associate), New York Produce Exchange and
148,069
119,402
Gross from railway
111,211
131,507
Chicago Mercantile Exchange.
40,694
23.072
Net from railway
10,843
29.254
16.391
5,954
Net after rents
10,317
def3.075
- connection with the dissolution of the Stock Exchange firms of
In
-V. 140, p. 2373.
' Prentice & Slepack and J. F. Trounstine & Co., announcement was made
on Wednesday of the formation of Slepack & Co.. with offices at 25 BroadWisconsin Hydro-Electric Co.
-Earnings
-way, New York, to transact a general brokerage business. Partners in
1931
1932
Calendar Years-1934
1933
Gross revs. (incl. other
the new firm, which holds memberships in the New York Stock and Cotton
$735,725
$693.777
$631,608
$637,188
income)
Exchanges, Chicago Board of Trade and associate membership in the
280,813
Operating expenses
257,382
254,538
267,208
New York Curb Exchange, are M. J. Slepack, Joseph F. Trounstine, John
18,238
27,834
Maintenance
26,745
26.009
A. Sheeran, Earle W. Hance, member New York Stock Exchange, Norman
91,859
Taxes
95,662
87,619
88.849
Interest on funded debt_
143,900
143,900
143,900
143,900
J. Jewel, also a member of the Stock Exchange. and Clifford Howard
Int. on unfunded debt
Davis. A. branch office will be maintained at New Haven, Conn.
(net)
8,919
10.653
2,984
7,922
Mr.Slepack, head of the firm, was a protege of the late Percy Rockefeller.
Res, for deprec., amort.
of debt disc. & exp. &
Before comhur to New York in 1912 he operated a chain of cigar stores
74,304
miscell. deductions
66.581
67,128
81,258
and movie theaters in New Haven. He accumulated the funds for his
Net income
$106,362
$39,090
$85,405
$49,336
first business undertaking through selling newspapers on the Yale campus.
Balance Sheet Dec. 31 1934
Goodbody & Co., members of the New York Stock Exchange, the
Assets
-Plant, prop., rights, franchises, &c., $4,947,384 commissions &
Curb Exchange,the Chicago Board of Trade and the Commodity Exchange,
expenses on pref.stock,$8.3,517 debt discount & exp. in process of amortiz.,
Inc., opened a branch office on Monday in the Durant Hotel,Flint, Mich,
$210,784; prepaid accts. & def. chgs.. $43,417; cash (incl. working funds
of $5,110), $80,691; notes receivable (less reserve of $10,000). $4,366;
occupying the offices formerly held by Shields & Co. The office will be
accts. receivable (less, res. for uncollectible accts. $15,267), $104,405,
under the management of Russell G. Mann. William C. Cummings
unbilled revenues, $25,903; materials & supplies, $52,766; total, $5,553,235.
and M. B. Fuller will be associated with the office.
Liabilities
-6% pref. stock (par $100), $1,195,300;common stock (10.552
shs. no ,par), $1,055,200; funded debt, $2,878,000; customers' deposits.
Donald M. Liddell, Jr., has joined the securities analysis department
$8,781; due to parent co., Eastern Minnesota Power Corp., $47,299; accts.
of the Fidelity Union Trust Co., Newark, N. J. Mr. Liddell, formerly
accrued
4
7
6
5
.
, .7g . reserves,
p$ 6176;
rgill
,
3&;8
$8,55 817 1 2;n .:;japi 9/gogcru
1 . 8 1. i tt
.5j
associated with Bankers Trust Co. and White, Weld & Co., during the
past two years has been stationed at the Brooklyn Army Base, on active
-33.50 Accumulated Dividend
Wolverine Tube Co.
duty as a let Lieutenant, in charge of the finance office of the Civilian
A dividend of $:
1.50 per share on account of accumulations on the 7%
Conservation Corps.
cumulative preferred stock, par $100, was paid on May 1 to holders of
record April 22. A like payment was made on March I., last, this latter
-Frederick H. Nymeyer, who for the past two years has been manager
being the first distribution made on this issue since Dec. 1 1933, when a
of the midtown office of Fenner & Beane at 50 East 42d Street, has been
regular quarterly dividend of $1.75 per share was paid. Accruals after
appointed head of the stock department of the New York office of Eastman,
-V.140. p. 1504.
the May 1 payment amount to $1.75 per share.
Dillon & Co. at 15 Broad Street. Mr. Nymeyer for 12 years was a partner
Yale & Towne Mfg. Co.-Earningsof the Stock Exchange firm of Sutro & Kimbley and its successor, KimbleY
1934
1933
1932
.
1935
Quar. End. Mar.31& Co.
$105.619 yS137,588
515,830 1os439,441
Net earnings
112,923
119,496
-Melzar M. Whittlesey, who has been associated with Joseph Walker
Depreciation
115,295
116.334
& Sons, members New York Stock Exchange, for the past five years,
$21,254 def$107,093 deft158,937
loas$9,676
Net income
has been admitted to the firm as a general partner. Founded in 1855,
x72.998
x121,644
x72,998
x71.033
Dividends
the firm has been prominently identified with guaranteed railroad stocks
$49,779
$180,091
$280,581
Deficit
$82,674
for many years.
473.556
486,656
486,656
Shs.com.stk.out.(par$25)
486,656
Nil
Nil
Nil
$0.05
Earnings per share
The Policyholders Service Bureau of the Metropolitan Life Insurance
x Estimated by Editor. y Includes other income of $10,382 in 1935,
Co. announces the completion of a survey of a currently important snb$33.529 In 1934 and $33,449 in 1933.-V. 140, p. 2207
ject and publication of the results in the form of a report entitled, "FuncYazoo & Mississippi Valley RR.-Earnings.tions of the Controller." Copies of report may be had oh request.
1934
1933
1932
1935
March-Amott, Baker & Co., Inc., 150 Broadway, New York, have pre$832,233 $1,099,680
$927,324
Gross from railway
$1,005,680
pared statistical analyses of the real estate bond issues secured by Dorcoe
234,299
247,331
326,355
236,011
Net from railway
Mercantile Building and 45 East 30th Street Building, New York, and
40,032
26,140
105,253
Net after rents
59,388
Yorkshire Gardens Apartment Building, Flushing.
From Jan. 1
2,695,158
2,756,292
2,503,568 3.085,683
Gross from railway
-Slaughter & Russell. members of the New York Stock Exchange.
676,080
727.454
605,401
Net from railway
456.904
announce the opening of a Detroit office in the Penobscot Building under
101,349
def75,450
6,525
95,744
Net after rents
the management of Chester B. Droulliard, recently manager of the Detroit
-V.140, p. 2208.
-New Directors, &c. office of Shields & Co.
(L. A.) Young Spring & Wire Corp.
-Ell T. Watson & Co., Inc., 60 Wall Street, New York, has prepared
Charles E. Miller and Lloyd H. Diehl have been elected directors.
statistical reports on New York Athletic Club 1st & gen. fee 6s; court
They succeed Henry Ruen and A. G. Coffin. C. M. Young was elected
Treasurer, that office formerly being held by L. A. Young, who was reand Remsen Streets Office Bldg. 1st 6s, and 1088 Park Avenue Apartments
-V. 140, p. 1680.
elected President. Other officers were re-elected.
1st 6s.
- Eberstadt & Co., Inc., 39 Broadway, New York, are distributing
F.
-Earnings
-Yellow Truck & Coach Mfg. Co.
a comparative analysis of the Cleveland Graphite Bronze Co. and other
1932
1931
1934
Calendar Years1933
Net sales
$28,249,839 $19,668,171 $16,437,874 $26,948,154
motor accessories companies.
Net prof. before prov.for
-William H. Gilbert, formerly with Cassatt & Co. and Livingston &
271,225loss2,857,136loss1,869,419
deprec.& special adj- _ loss370,904
Co.. is now manager of the municipal bond department of Herbert Filer
929,915
892,916
Prov. for depreciation912,830
883.408
Co.'s prop, of net loss &
Co. of this city.
prop, of sub. & prov.
-Goldman, Sachs & Co. announce that Elmore Song has joined their
for loss on deposits in
closed banks
prof397,266
370,166
organization in charge of the municipal department in their Chicago office.
The firm of Braham,Fox & Co.,Inc., has changed its name to Braham,
982,348 $3,787,051 $2,762,335
Net loss
$886,468
McElroy & Co., Inc. Robert McElroy was elected Vice-President.
Earnings for the Quarter Ended March 31
1933
1932
1935
1934
-Burton, Ciuett & Dana. members of the New York Stock Exchange,
Net sales
$6,765.078 $5,618,376 $2,543,991 $4,040,500
announce that Kenneth Ward is now associated with the firm.
731,021
838,036
11,811 prof241,545
x Net lossfrom operat'ns
229,945
235,330
234,230
Depreciation
228,157
-E. W. Swackhamer, formerly with J. & W. Seligman & Co.and James
C. Willson & Co., Is now associated with O. A. Prelm & Co.
$966,351
$239,968 prof$7,315 $1,067,981
Net loss
-R. H. Johnson & Co., 70 Wall Street. New York, have prepared a
x Including the company's proportion of net profits or losses of wholly
list of investment bonds selling above their callable price.
owned and controlled companies not consolidated.
Volume 140
Financial Chronicle
3067
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS-DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME
quiet and easier. Sales of 4,300 tons of Puerto Rico, loading
May 29, were reported at 3.350. Refined was up to 5.250.
hiday Night, May 3 1935
Coffee futures were quiet on the 27th ult. and closed with fair withdrawals. On the 2d inst. futures declined 1 to
with Santos contracts 2 points lower to 1 point higher on sales 3 points on sales of 9,750 tons of old contracts and 18,350
of 4,000 bags and with Rio contracts 3 points lower to 1 tons of new. Sales of Cubas loading next week were reported
point higher on sales of 3,000 bags. On the 29th ult,futures at 2.40c. and for August shipment at 2.50c. Light's estimwere slightly more active and closed 1 point lower to 3 points ates on beet acreage in Europe remained unchanged. To-day
higher on Santos and 4 to 5 points higher on Rio. Sales prices ended 1 to 3 points lower under hedge selling induced
were 8,250 bags of Rio and 14,000 bags of Santos. The by the weakness of raws.
Prices were as follows:
strength at Brazil and a higher exchange rate stimulated the
December
2.50 September
2.43
demand. Cost and freight offers from Brazil were about May
2.33 January
2.40
unchanged with Santos 4s quoted at 7.40 to 7.80e. On the July
2.36
30th ult., after showing early stability, futures reacted and
Lard futures on the 27th ult. closed 7 to 10 points lower
ended 1 point lower to 2 points higher on Santos contracts owing to the weakness in outside markets. Foreign demand
and 2 to 6 higher on Rio; sales 7,250 bags of Rio and 9,250 continued slow. Lard stocks are expected to show a decrease
bags of Santos. A weaker Brazilian Exchange rate was in the first half of the month. Hogs, however, were steady
offset by news that the Brazilian Coffee Producers Congress with the top $9.15. Cash lard was easy. On the 29th ult.
would recommend the purchase and destruction of future futures ended 5 to 12 points lower on liquidation prompted
surpluses. Cost and freight offers were steady. Santos 4s by the weakness in hogs and a poor export demand. Hogs
were quoted at 7.40 to 7.75c.
were 10c. lower owing to heavy receipts.
On the 1st inst. futures were fairly active and higher Cash lard was easier. On the 30th ult.The top was $9.10.
futures closed 10
despite a holiday in Brazil and Colombia. Santos contracts points lower on nearby deliveries and 2 points lower on Sept.
ended 6 to 8 points up with sales of 19,250 bags and Rio May liquidation accounted for the decline. Hogs were Mc.
contracts were unchanged to 3 points higher with sales of higher with the top $9.15. Cash lard was easy.
9,500 bags. Cost and freight offers were limited because of
On the 1st inst. futures declined 5 to 7 points on selling
the holiday. Brazil cabled that the Santos Commercial prompted by the weakness in grains. Foreign demand was
Association had suffested to the National Coffee Department small. Hogs were 100. lower with the top $9.15.
Cash
the purchase of 4,000,000 bags of the present crop at 80 lard continued easy; in tierces, 12.450.; refined to Continent
milreis per bag and a 20% sacrifice quota on the coming 1178 to 114C.; South America, 11 to 11%c. On the 2d
crop to be acquired at 20 milreis per bag. The Coffee inst. futures advanced 12 to 15 points higher owing to a
Producers' Congress recently suggested payment of 39 good demand from commission houses and covering of shorts.
milreis for surplus purchases from the next crop. On the The strength of hogs and the quick absorption by
trade
2d inst. futures were more active and higher. The close was of five tenders issued early in the session caused thefirmer
a
9 to 14 points higher on Santos contracts with sales of 25,000 market. To-day futures ended 12 to 13 points higher
in
bags and 7 to 9 higher on Rio with sales of 4,750 bags. Cost sympathy with the advance in hogs.
and freight offers were about unchanged with Santos 48
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
quoted at 7.40 to 7.60c. To-day futures ended 11 to 18
Sat.
Mon. Tues.
Wed. Thurs. Fri.
points higher on Rio contracts and 14 to 22 points higher on May
12.65
12.52
12.42
12.35
12.50
12.62
12.75
12.70
12.60
12.55
12.67
12.80
Santos with sales of 57 contracts in the former and 147 July
September
12.82
12.77
12.72 12.65
12.80
12.92
contracts of the latter. There was a better demand and cost
Pork, steady; mess, $27.75; family, $26.50; nominal;
and freight offers were firmer.
fat backs, $25.50 to $29. Beef, firm; mess, nominal;
Rio coffee prices closed as follows:
packer, nominal; family, $21 to $22, nominal. extra India
March
5.53 I September
5.36
May
mess, nominal. Cut meats, steadier; pickled hams, picnic
5.09 December
5.46
July
4.24
loose, c. a. f., 4 to 6 lbs., 154c.; 6 to 8 lbs., 153'c.; 8 to 10
Santos coffee prices closed as follows:
lbs., 14%c.; skinned, loose, e. a. f., 14 to 16 lbs., 1830.;
4
March
7.89(September
7.82
18 to 20 lbs., 173c.;22 to 24 lbs., 16c.; pickled bellies, clear,
4
May
7.89 December
7.85
July
7.81
f. o. b., N. Y., 6 to 10 lbs., 22%c.; 10 to 12 lbs., 223jc.;
Cocoa futures showed little activity and on the 27th ult. bellies, clear, dry salted, boxed, N. Y., 14 to 30 lbs., 18c.
closed 2 to 4 points lower, with sales of 670 tons. May Butter, creamery, firsts to higher than extra, 27% to 293.c.
ended at 4.51c., July at 4.64c., Sept. at 4.76c., Oct. at 4.81c., Cheese, flats, 183. to 19%c. Eggs, mixed, colors, firsts to
Dec. at 4.93c., Jan. at 4.98c. and March at 5.09e. On special packs, 23 to 27e.
the 29th ult. futures ended 4 to 5 points lower after sales
Oils-Linseed was
of 294 lots. May liquidation forced prices downward. and the market for quiet. Meal business was very slow
May ended at 4.47c., July at 4.59c., Sept. at 4.72e., Oct. price was nominally cake was almost dormant. The cake
$19.50 per ton. Tank cars were quoted
at 4.77c., Dec. at 4.88c. and March at 5.04c. On the 30th at 8.9c. Cocoanut,
Manila tanks, May forward, 53 c.;
%
ult. futures were 1 point higher with less May liquidation. China wood,
tanks, J. S.forward, 14 to 143e.; drums, spot,
Sales totaled 36 lots. May ended at 4.48c., July at 4.60c., 18c.
Corn, crude tanks, Western mills, 9c. Olive, deSept. at 4.73c., Oct. at 4.79c., Dec. at 4.89c. and March natured
spot, Spanish, 83 to 84c.; shipments, Spanish, 85 to
at 5.050.
Soya bean, tanks, Western mills, nearby, 8.6 to 943.;
On the 1st inst. futures were 1 to 2 points higher with 86c. drums,
10.1c.; L. C. L., 103c. Edible, cocoanut, 76
sales of 13 lots. Liquidation of May appears to have been C. L.
completed. Sept. ended at 4.74c., Dec. at 4.90c. and degrees, 123.'e. Lard, prime, 1234c.; extra strained winter
%
March at 5.06c. On the 2d inst.futures ended 3 points lower 113 c. Cod, Norwegian light filtered, 32c.; yellow, 33c.
to 4 points higher with May 4.540., July 4.59c., Sept. 4.710. Turpentine, 52% to 56%c. Rosin, $4.70 to $7.50.
Cottonseed Oil sales, including switches, 36 contracts.
and March at 5.03e. To-day prices ended unchanged to
8 points lower with July at. 4.510., Sept. at 4.63c., Oct. at Crude, S. E., 9/sc. Prices closed as follows:
3
May
4.69c., Dec. at 4.80c., Jan. at 4.85e. and March at 4.95e.
10.35010.39 September
10.60@10.63
June
10.40010.60 October
10.6055
Sugar futures on the 27th ult. closed 1 to 3 points lower in July
10.57010.60 November
10.455510.60
August
10.55010.65 December
10.45010.55
small trading. Sales were 264 lots. Raws were quiet and
Petroleum-The summary and tables of prices formerly
easier. A cargo of Cubas for late May shipment was said
to have been available at 2.43c. and small quantities of appearing here regarding petroleum will be found on an
Puerto Ricos could be had at the same basis. Refiners earlier page in our department of "Business Indications,"
showed little interest. On the 29th ult. futures were more in the afticle entitled "Petroleum and Its Products."
active and closed 2 to 6 points higher with sales of 4,800 tons
Rubber futures on the 27th ult. declined 4 to 13 points
of old contracts and 19,150 tons of new. Sales were reported under general liquidation. There was
of Puerto Rico for June shipment at 3.40c., of Cubas, May ness over threatened labor troubles. considerable nervousThe
shipment at 2.47c., June shipments at 2.50c. and Sept. at Akron annotinced that it would shut India tire plant
down owing to its
shipment at 2.53c. Four more Cuban mills finished grinding inability to meet the wage demands
of the union. May,
leaving only 19 still active of 133 used this year. On the 30th ended at 11.62 to 11.63c.; July at
11.78c.; Sept. at 11.91 to
ult. futures closed 1 to 3 points lower after showing early 11.92e.; Dec. at 12.120.; Jan. at 12.14
gains of 1 to 2 points in the early trading. Sales were 17,350 at 12.300. On the 29th ult. futures to 12.18c., and March
ended 3
tons of new contracts and 5,600 tons of old. Cubas for 4 points higher with sales of 5,120 tons. Spotpoints lower to
ribbed smoked
second half June shipment sold at 2.50c., Philippines, first sheets were down to 11.56c. Some 3,300
tons
half, June at 3.40c., Cubas, clearing May 5th at 2.500., and for delivery against May contracts. London were tendered
closed 1-16d.
Cubas for shipment this week at 2.42e
:
to 3.16d. lower and Singapore fell 3-32d.
On the 1st inst. futures ended 3 points lower to 1 point at 11.62c.; July at 11.78 to 11.790.; Sept. May here ended
at 11.90e.;
higher under increased liquidation and other selling owing at 12.11c., and March at 12.33c. On the 30th ult. Dec.
to the easiness of raws. The issuance of 4 notices against ended 2 points lower to 2 points higher with sales futures
of 800
the May No. 3 position had no effect. Raws were rather tons. Spot ribbed smoked sheets rose to 11.590. London
3068
Financial Chronicle
and Singapore were quiet and easier. May ended at
11.63c.; July at 11.77 to 11.80e.; Sept. at 11.90c.; Dec. at
12.13e., and March at 12.35e.
On the 1st inst. futures fell 7 to 15 points with sales of
1,040 tons. Spot ribbed smoked sheets dropped to 11.50e.
London declined slightly and Singapore was unchanged.
May here ended at 11.54c., July at 11.70c., Sept. at 11.80c.,
Dec. at 12.01 to 12.02c., Jan. at 12.07 to 12.11e. Mar. at
12.20 to 12.25c. and April at 12.27c. On the 2d inst. futures
'
closed 3 to 12 points lower with sales of 1,390 tons. Spot
ribbed smoked sheets fell to 11.38e. London was dully and
1-16d. lower. Singapore declined 3-32d. to Ad. May ended
at 11.44e., July at 11.58 to 11.62c., Sept. at 11.70 to 11.72e.
Dec. at 11.92 to 11.93e., Jan. at 11.98c., Mar. at 12.15e. and
April at 12.24e. To-day futures closed 2 points lower to 1
point higher in a quiet market. Sales were 46 contracts.
July ended at 11.590., Sept. at 11.68c., Dec. at 11.90c. and
Mar. at 12.15c.
Hides futures on the 27th ult. closed 7 to 8 points lower
with sales of 400,000 lbs. June ended at 10.18 to 10.21c.;
Sept. at 10.50 to 10.55e., Dec. at 10.84c., and March at
10.12e. On the 29th ult. futures rose 2 to 5 after sales of
1,440,000 lbs. June ended at 10.20e.; Sept. at 10.55e.;
Dec. at 10.86e., and March at 11.14e. On the 30th ult.
futures declined 16 to 21 points to 9.99e. for June; 10.35e.
for Sept.; 10.69c. for Dec. and 10.98e. for March.
On the 1st inst. futures aided unchanged to 3 points lower
with sales of 2,280,000 lbs. Some 33,300 hides sold in the
Chicago spot market at unchanged prices. Light native
cows sold at 93c. Sales of 5,000 frigorifico steers sold in
the Argentine market at 11%c. June here ended at 9.98 to
10.01c.;Sept. at 10.34e.; Dec.at 10.66 to 10.67c., and March
at 10.98c. On the 2d inst. futures ended 3 to 10 points
lower with sales of 1,680,000 lbs. June ended at 9.95 to
'
10.00c.• Sept. at 10.30c.; Dec. at 10.60c., and March at
at 10.88 to 10.92c. To-day futures closed 12 to 15 points
lower with sales of 48 contracts. June ended at 10.07c.;
Sept. at 10.450.; Dec. at 10.75e., and March at 11.00e.
Ocean Freights showed a little more activity over the
weekend, but business fell off later in the week.
Charters Included-Grain booked-9 loads to Havre-Dunkirk at 7c.;
sugar-Cuba, June. United Kingdom-Continent 13s. 9d.; Cuba, May,
-West Indies round conto United Kingdom-Continent, 14s. Trips
tinuation. 85c.; West Indies round. 61.05; period trade.6 to 4 months,60c.;
scrap iron-Atlantic range, prompt, to Galata, $3.35.
Coal was in only fair demand at best. Price changes thus
far reported have been small. Bituminous output was estimated by the National Coal Association at approximately
4,800,000 net tons. For the year to April 27 it aggregated
130,448,000 tons against 126,356,000 in the same period last
year. The Bureau of Mines made production for the week
ended April 13, 5,522,000 tons and 5,887,000 in the week
ended April 20.
Copper was in good demand abroad but quiet here.
European prices were higher at 7.750. c.i.f. European ports.
Here Blue Eagle continued at 60. In London on the 2d inst.
standard copper advanced 3s. 9d. to £32 Is. 3d. for spot
and £32 10s. for futures;sales, 50 tons of spot and 2,100 tons
of futures; electrolytic bid unchanged at £35 10s.• asked up
5s. to £36 5s.; at the second session prices on standard were
is. 3d. higher with sales of 1,000 tons of futures.
Tin recently showed weakness with spot Straits falling to
50.550. owing to easiness at London due to favorable April
statistics. In London on the 2d inst. spot standard dropped
£1 15s. to £225;futures fell £1 5s. to £219 15s.; sales, 15 tons
of spot and 60 tons of futures; spot Straits dropped £1 to
£234; Eastern c.i.f. London was off £3 10s. to £229 7s. 6d.;
at the second London session standard dropped 5s. on sales
of 5 tons of spot and 75 tons of futures.
Lead was in good demand and firmer at 3.75e. to 3.80c.
New York and 3.60e. East St. Louis. Makers of batteries,
pigments, pipe, sheets and foil were the best buyers. In
London on the 2d inst. prices fell 2s. 6d. to £13 2s. 6d. for
spot and £13 6s. 3d. for futures; sales, 200 tons of spot and
900 tons of futures; at the London session prices were is. 3d.
higher with sales of 300 tons of futures. Stocks in the
United States on April 1 totaled 315,937 short tons against
315,481 on March 1 and 298,293 on April 1 1934, according
to the American Bureau of Metal Statistics. World production in March was 128,169 tons against 125,554 tons in
February and 128,340 tons in March 1934. The United
States produced 30,118 tons in March against 25,103 tons
in February.
Zinc was only fairly active at best but prices were firm
at 4.10e. East St. Louis. In London on the 2d inst. prices
were Is. 3d. higher at £13 15s. for spot and £14 Is. 3d. for
futures; sales, 500 tons of futures; prices rose is. 3d. at the
second session on sales of 250 tons of futures.
•
Steel operations receded to 43.1% of capacity the lowest
position for the year. Yet sales are said to have shown some
improvement and higher prices for third quarter are expected
especially in the districts where business has been the best,
such as in Pittsburgh where there has been a marked improvement in contrast with other districts. Cold finished
bars are expected to be lifted to $3 per ton. Tin plate
operations are expected to be maintained for some time to
come. Iron and steel scrap markets continued firm.
Quotations: Semi-finished billets, rerolling $27; billets,
forging,$32;sheet bars,$28; slabs, $27; wire rods, $38;skelp,
May 4 1935
1.70c. per pound. Sheets, hot rolled annealed, 2.40e.;
galvanized, 3.10c.• strips, hot rolled, 1.85c.; cold rolled,
2.60c.; hoops, and bands, 1.85e.; hot rolled bars, plates and
'
shapes, 1.800.
Pig Iron shipments in April were larger in several Western
districts. They were 20% larger in the Chicago area. Consumption in the New England district shows a somewhat
downward tendency. The local demand was small. 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 good demand especially for the finer qualities.
Boston wired a government report on May 2d: 'Western
grown wools continue quite active with some houses, while
others are receiving a very slow demand. Graded strictly
combing 64s and finer territory wools are selling at mostly
63 to 650. scoured basis. Choice twelve months' Texas
wool are moving at around 62c. scoured basis. Average lines
bring 60 to 61e. Ordinary lots move at around 58 to 59e.
scoured basis."
Silk futures on the 27th ult. closed unchanged toile.
lower with sales of 4,870 bales. There was a moderate
amount of switching from May to later positions. May
and June ended at $1.333 to $1.34; July and Aug., $1.33
to $1.34; Sept. at $1.323'; Oct. at $1.32 to $1.32, and
Nov. and Dec. at $1.313. to $1.323,. On the 29th ult.
futures ended with net losses of 13. to 2e. Sales were 120
bales. Crack double extra spot fell Me. to $1.41. Japanese
markets were closed for a holiday. May ended at $1.32
to $1.33;June at $1.31M to $1.323;Aug.at $1.31 to $1.323,-,
and Nov. and Dec. at $1.30 to $1.31. On the 30th ult.
futures ended lc. lower to Mc. higher, the,latter on Dec.
Sales were 1,900 bales. Crack double extra was unchanged
at $1.41. May ended at $1.313 to $1.32M; June and July
at $1.31 to $1.32; Sept. at $1.30 to $1.31; Nov. at $1.30
to $1.303, and Dec. at $1.303.
On the 1st inst. futures were dull closed unchanged to le.
lower. Sales were 130 bales. Crack double extra was unchanged at $1.41. The Yokohama Bourse was easier. Here
May ended at $1.31 to $1.323-. July at $1.31 to $1.313-,
Aug. at $1.30 to $1.31, Oct. at $1.30, Nov. at $1.30 to
$1.303. and Dec. at $1.29M to $1.303-. On the 2d inst.
futures were Mc. lower to Mc. higher. Sales amounted to
40 bales. Crack double extra spot fell 13e. to $1.393..
May ended at $1.31, July at $1.31 to $1.32, Aug. at $1.30 to
$1.31, Sept. and Nov. at $1.29M to $1.303 and Dec. at
,$1.30. To-day futures closed unchanged to lc.-lower with
sales of 50 contracts. May closed at $1.31, Aug. and Sept.
at $1.29M and Oct., Nov. and Dec. at $1.29.
COTTON
Friday Night, May 3 1935.
The Movement offthe Crop, as indicated by our telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have been 15,791
bales, against 21,251 bales last week and 15,829 bales the
previous week, making the total receipts since Aug. 1 1934,
3,8o6,197 bales, against 6,896,498 bales for the same period
of 1933-34, showing a decrease since Aug. 1 1934 of 3,040,301
bales.
Receipts at
-
Sat.
Mon.
482
25
1.401
82
86
266
17
189
502
93
79
2
4
Tues.
Wed. Thurs.
198
Totals this week
2,346
"133
311
104
9
Total
419
9
11
2,838
3,262
11
4.258
189
6.828
768
310
554
142
97
363
29
8
"Oe
-55;
424
7
24
"ioi
18
44
63
16
209
142
16
85
"-63
81
46
_
29
ig
5
3.604
1,226
1,223
3,601
Fri.
231
2,521
Galveston
Texas City
Houston
Corpus Christi
New. Orleans__
Mobile
Savannah
Charleston
Lake Charles_ _ _ _
Wilmington
Norfolk
Baltimore
3.791 15,791
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with,
last year:
1934-35
Receipts to
May 3
Galveston
Texas City
Houston _ _ .
..
Corpus Chilsti
Beaumont
New Orleans ---Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles----
Wilmington
Norfolk
N'port News. &c.
New York
Boston
Baltimore
Totals
1933-34
Stock
This Since Aug This Since Aug
Week
1 1933
Week
1 1934
1935
1934
3.252 882.069 33.401 2.045.286 362.991 631.751
62,843
406 177.316
11
12.081
11.860
4.258 1.049.489 7.279 2.173.449 648.597 1.065,089
189 273,521
136 319.933
47,167
56.431
4.693--9,610
814
4,140
5,828 973,378 27,199 1,346,649 609,969 691,864
129.105 2,488 145.139
768
84.316
94,907
72,077
95 141,297
11.423
15,162
6.810
1
13.544
3.215
4,329
310 112.395 1,264 166.536 103.471 108,206
459
19 36.553
140.457
904 128 485
554
42,067
48,689
56.652
142
13 102.888
16.865
26,326
16.576
120
97
22.408
19.478
16.901
353
51,165
235
38.560
21.632
16,865
141
29
24.508
1.675
29,716
17.701
3,569
2.485
72.669
10.033
3,670
15,791 3,856.197 75,235 6.896.498 1,907,841 2,867,291
Financial Chronicle
Volume 140
3069
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
and securities. A College Station, Tex., report said that
cool weather has retarded the activity of most of the insects,
that lice have increased on cotton, but that no boll weevils
Receipts at- 1934-35 1933-34 1932-33 1931-32 1930-31 1929-30
have been found in the several fields examined. According
to the Bureau of Agricultural Economics in preliminary
Galveston____
3.252
33.401
22,555
5,340
10,737
1.705
Houston
4,258
7.279
5.230
reports to Secretary Wallace, competition of foreign growths
24.058
7.752
4.157
New Orleans_
5,828
27.199
24,310
19.991
11,077
9,566
with American cotton was increasing in both quantity and
Mobile
2,488
768
4,137
7.854
5.360
1.834
Savannah....
quality. Exclusive of China and Russia, production was
310
1,264
4.802
.3,435
3.058
5.314
Brunswick
19
estimated at 8,842,000 bales, as compared with last year's
Charleston...
554
904
1,517
735
3,354
1,559
Wilmington...
estimate of 8,865,000, but the yield was about 10% larger
97
120
955
320
826
201
Norfolk_
353
235
911
266
3,675
275
for the 10 years ended 1932-33. On the 30th ult. prices
NewportNews
fluctuated o;ver a narrow range and ended 1 point lower to
All other
371
2,326
6,312
2.389
1.035
16,954
1 point higher owing to uncertainty over the AdminisTotal this wk..
15.791
75.235
90,027
53.102
49.161
31.266
tration's policies regarding next year's crop and the textile
ai,,,p, Aim_ 1
35/58 107 A Rba 404t 7 7g0 701 0.2.30.708 8.272.275 7.828.968
The exports for the week ending this evening reach a total situation. Both demand and offerings were light. The
market developed early weakness because of the heaviness
of 88,451 bales, of which 14,080 were to Great Britain, in stocks and
5,457 to France, 5,654 to Germany, 6,118 to Italy, 29,012 official cotton grains. Liverpool cabled that the Brazil
to Japan, 775 to China and 27,355 to other destinations. In section 737,941estimate made the crop in the northern
bales of 478 lbs. each, compared with
the corresponding week last year total exports were 127,931 468,298 last
year; and the Sao Paulo crop was put at 853,245
bales. For the season to date aggregate exports have been bales,
against 500,400 bales last year. This makes a total
3,942,103 bales, against 6,478,675 bales in the same period crop of
63% over the 1934 output.
of the previous season. Below are the exports for the week:
On the 1st inst. it was a dull affair, and prices sold off
Week Elided
May 3 1935
Exports from-Galveston
Houston
Corpus Christi_
BeaU111011t
New Orleana
Lake Charles....
Mobile
Charleston
Norfolk
Los Angeles....
Total
Total 1934
Total 1933
Exported to
Great
GerBritain France many
Italy
Japan
China
Other
Total
5,627
5,277 4,995 1,556 11,387
------------2.818 13,038
__-_
____
____
351
50
5.272
982
59
917
14,080
180
____
-_
500 13,321 42.883
275 9,800 25,931
____ 1,073 1,474
40
1,393
995
____ 2,395 10,235
------------402 1,684
------------200
618
____
300
359
------------3.542
5.457
5,654
--------4,469
8,118 29,012
775 27,355 88,451
12,497 1,951 9,514 14,911 68.016
19,411 13,824 89,620 20,676 25,812
2,969 20,073 127,931
1,900 45.213 196,456
From
Aug. 1 1934
Map 3 1935
Great
GerExports from- Britain France many
Exported to
Italy I Japan
China
Other
Total
Galveston
99,112 76,932 73,431 108,862 357,361 17.667215.466 948,831
Houston
99,460114,882 63.167136,303 353,864 70.125247,968 1085,757
Corpus Christi_ 34,289 25,441
9,894 16,124 142,034 7,048 41,191 277.011
Texas City
1,896 11,582
2,812
452
____ 14,55
743
32,020
Beaumont
3,512
122
252
400
5,435
1.149
New Orleans_ 185,839 77,930 92,088122,8911 150,421 4,009126,966 739,946
.
Lake Charles__ 10,018 10.921
3,911 3.927
_ _ 13,878 51,787
Mobile
40.864 8,477 25.086 14,.58i 33,769
9,112-528 11,053 134,535
Jacksonville _
2,493
52
1,430
4,525
550
Pensacola
10.407
68
8,769 3,067, 10.996
72 3,278 34,857
Panama City._ 11,118
175
____! 14,014
3,924
____
782 30,013
Savannah
59,880 3,494 25,015
713
6,050
____ 6,582 101,534
Brunswick_ __
.
878
1,076
2
Charleston.... 78,573 5,088 22,798
__ -1 10,400 --- 4.129 120,984
Norfolk
6,546
759
3
5,163 2:03
200
____ 2,921 17,822
Gulfport
3,213
1,225 3,000
7,438
New York....
7,429
812
684
5.601 3,916
_.-- 9,551 27,993
Boston
19
___
52
____
114
____ 3,777
3,962
Baltimore
105
605
400
Philadelphia
819
501
1,170
50
Los Angeles__ 18,213 3,917
2,792
100 221,681 1,150 12,543 260,376
San Francisco_
3,658
18
____I 49,602
843
250 1,520 54.689
Seattle
257
257
Total
857,927 340,648 348,039418,847i1381,029 100,849718,7643942,103
Total 1933-34_ 1158,441 707,4891288,508596,6831588,812236,887903,8976478,675
Total 1932-33_ 1143.288748.871 1530.217664.7591393,858264,890882,361 6618.242
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:
On Shipboard Not Cleared for
-
May 3 at
Great
Britain France
Galveston
Houston
New Orleans_ _
Savannah
Charleston _
Mobile
Norfolk
Other ports...
6.400
8,457
1,136
700
700
3.064
2,232
904
Total 1935.. 17.597
Total 1934- --- 5,701
Total 1933- --- 16,446
Germany
Other
CoastForeign wise
2,100 21.000
1.296 12.099
2.227 3.398
450
608
5,996
6,845
7,896
5,623 37,555
9,198 51.559
7.997 50,619
Leaving
Stock
Total
1.000 31.200
24,916
8,993
1.150
-1365
603
1,512
331.791
623,681
500.976
102,321
41,464
82.804
21,632
134.798
1,603 68,374 1,839.467
3.500 76.803 2.790.488
5.650 88,608 3,980,600
Speculation in cotton for future delivery was rather
quiet and prices showed a downward tendency due to the
fecent weakness of silver and general liquidation. Demand
was lacking. The trade continues to await• Washington
developments. The weather was unfavorable, due to lack
of rain in sections of the West and too much from East
Texas to the Atlantic States.
On the 27th ult., after opening 6 to 9 points lower on
foreign selling and liquidation, prices recovered somewhat
towards the close and ended unchanged to 8 points lower.
Bearish factors were the halt in the advance of silver and
disappointing Liverpool cables. Demand was less active.
Aside from moderate foreign selling and liquidation, offerings were light. A fair demand for old crop months
and short covering near the close lifted prices. On the
29th ult. prices declined 3 to 9 points owing to a poor demand rather than to any increase in offerings. Moderate
selling orders easily turned the market backward. Relatively weak Liverpool cables and the easiness in silver
brought in some liquidation in the early trading, but subsequently there was a rally of 5 to 9 points from the lows
.on limited buying stimulated by the steadiness of wheat
1 to 5 points on selling induced by the declines in wheat,
silver and stocks. No new incentive appeared in the news,
and traders showed a disposition to await developments.
The thing that acted as a prop to the market more than
anything else was the tight spot situation, which has
checked hedge selling. Cotton co-operatives were reported
to be trying to borrow 200,000 bales of cotton from the
Government pool for the sale to mills, which would be replaced by purchases of new crop futures. This attracted
attention, and if the deal is consummated it is believed it
would strengthen the distant months, which are now selling well under the nearby deliveries. One concern estimated the acreage at 32,170,000 against 33,770,000, its figures a month ago. Spot markets were reported dull in
Bremen, Havre and Milan. Worth Street was quiet, but
prices were firm.
On the 2nd inst., early in the session prices declined
5 to 10 points on selling by commission houses and New
Orleans, but subsequently buying by the trade and Far
Eastern interests caused a rally, and the ending was 1
point lower to 7 points higher. It was a dull market.
There was nothing inspiring in the news. Liverpool cables
were weak. Selling pressure was light. Worth Street reports continued quiet conditions, with prices firm. To-day
prices ended 11 to 12 points higher, on buying by the trade
and Far Eastern interests, owing to the advance in silver,
unfavorable weather reports and the tight spot situation.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
April 27 to May 3Middling upland
Sat. Mon. Tues. Wed.Thurs. Fri.
12.25 12.20 12.20 12.15 12.15 12.25
Futures
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday
4pr. 27
Monday
Apr. 29
Tuesday
Apr. 30
Wednesday Thursday
May 1
May 2
Friday
May 3
Matta935)
Range- 11.74-11.85 11.71-11.79 11.72-11.80 11.74-11.79 11.67-11.75 11.75 11.85
Closing- 11.8511.76-11.79 11.7711.75 -- 11.74-11.75 11.85June
Range
Closing 11.88n
11.79n
11.79n
11.76n
11.75n
11.88n
July
Range.. 11.78-11.89 11.76-11.84 11.75-11.83 11.76-11.83 11.69-11.77 11.78
11.87
Closing 11.88-11.89 11.8211.8111.76-11.78 11.76-11.77 11.87Aug.
Range.
Closing 11.72n
11.67n
11.66n
11.61n
11.64n
11.75n
Sept.
Range __
closing. 11.56n
11.52n
11.51n
11.74n
11.52n
11.6371
Oct.
Range.... 11.35-11.42 11.28-11.39 11.33-11.39 11.31-11.38 11.24-11.40 11.39 11.51
Closing. 11.41 11.3711.3611.3211.39-11.40 11.51 Nov.
Range..
Closing. 11.42n
11.39n •
11.39n
11.36n
11.42n
11.53n
Dec.
Range... 11.42-11.49 11.36-11.44 11.38-11.46 11.38-11.45 1130-11.45 11.45 11.51
Closing. 11.46-11.47 11.4211.4311.4011.451136Jan.(1936)
Range__ 11.47-11.52 11.40-11.46 11.43-11.48 11.44-11.50 11.34-11.49 11.50 11.61
Closing. 11.4911.4611.47-11.48 11.4511.4911.60 11.61
Feb.
Range.
Closing. 11.53n
11.49n
11.50n
11.48n
11.52n
11.64n
Mar.
Range.. 11.55-11.58 11.46-11.51 11.49-11.55 11.52-11.55 11.41-11.55 11.57 11.61
Closing 11.5711.53n
11.53 --11.5211.5511.68 April
Range ---Closing
is Nominal.
Range of future prices at New York for week ending
May 3 1935 and since trading began on each option:
Option forApr. 1935_
May 1935__
June 1935
July 1935-Aug. 1935..
Sept. 1935_
Oct. 1935-Nov. 1935_
Dec. 1935Jan. 1936__
Feb. 1938_
Mar. 1938._
Range for Week
Range Since Beg nning of Option
1L67 May 2 11.85 Apr. 27 10.25
12.30
11.69 May 2 11.89 Apr. 27 10.30
12.10
10.80
11.24 May 2 11.61 May 3 10.05
10.35
11.30 May 2 11.56 May 3 10.10
11.34 May 2 11.61 May 3 10.16
Mar. 11 1935 14.23
Mar. 6 1935 12.32
Mar. 18 1935 14.21
Mar. 11 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. 8 1935
Aug. 9 1934
Jan. 24 1935
Mar. 8 1935
Jan. 2 1935
Mar.25 1935
Jan. 9 1935
Feb. 18 1935
1L41 May 2 11.68 May 3 10.38 Apr. 3 1935 11.68 Apr. 28 1935
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows. Foreign stocks as
Financial Chronicle
3070
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
1934
930,000
107,000
1933
678,000
104.000
1932
614,000
211,000
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
748,000 1,037,000
248,000 596,000
129,000 278,000
24,000
18,000
75,000
84,000
41,000
78,000
5,000
6,000
5,000
8,000
782,000
525,000
234,000
25,000
86,000
121,000
825,000
316,000
195,000
26,000
96,000
73,000
Total Continental stocks
528,000 1,067,000
991,000
706,000
May 3
Stock at Liverpool
Stock at Manchester
1935
bales_ 666,000
82,000
Total European stocks
1,276,000
India cotton afloat for Europe-- - 132,000
Amefican cotton afloat for Europe 167,000
Egypt,Brazil,&c., afl't for Europe 138,000
Stock in Alexandria, Egypt
266,000
Stock in Bombay. India
803,000
1,907,841
Stock in U. S. ports
Stock in U. S. interior towns--1,396,198
38,292
U. S. exports to-day
2,104,000 1,773,000 1,531,000
34.000
88,000
121,000
192,000 300,000 263,000
64,000
63.000
90.000
372,000 486.000 630,000
1,226,000 972,000 818,000
2,867,291 4,069,208 3.998,327
1,467,685 1,709.661 1,664,135
44,970
51,737
836
6,124.331 8,440,812 9.513.606 9,046,432
Total visible supply
Of the above, totals of American ana other descriptions are as follows:
American
-
bales- 230,000 430,000 390,000 281,000
Liverpool stock
Manchester stock
43,000
49.000
64,000 125,000
Bremen stock
187,000
Havre stock
111,000
89,000 933,000 924.000 658,000
Other Continental stock
American afloat for Europe
167,000 192,000 300,000 263,000
U. S. port stocks
1,907,841 2,867,291 4,069.208 3,998,327
1,396,198 1,467,685 1.709,661 1,664,135
U. S. interior stocks
38,292
44,970
836
51,737
U. S. exports to-day
Total American
4,169.331 5,939,812 7,508,606 7,034,432
East Indian, Brazil, &c.
Liverpool stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, &c
Total American
436,000 500,000
39,000
58,000
61,000
16,000
62,000 134,000
132,000 121,000
90,000
138.000
266,000 372,000
803,000 1,226,000
288,000
40.000
333,000
86,000
67,000
88,000
64,000
486,000
972,000
48,000
34,000
63,000
630,000
818,000
1,955,000 2,501,000 2.005,000 2,012,000
4,169,331 5,939,812 7,508,606 7.034,432
6,124,331 8,440,812 9.513,606 9,046,432
Total visible supply
Middling uplands, Liverpool_ _
6.81d.
5.93d.
5.89d.
4.53d.
8.55c.
5.90c.
Middling uplands. New York.... 12.25c. 11.30c.
8.64d.
Egypt, good. Sakel, Liverpool_ - 8.78d.
8.78d.
7.35d.
5.20d.
6.01d.
4.66d.
4.21d.
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
6.48d.
5.47d.
5.63d.
4.34d.
Continental imports for past week have been 90,000 bales.
The above figures for 1935 show a decrease from last
week of 159,143 bales, a loss of 2 316,481 from 1934, a
decrease of 3,389,275 bales from 1933, and a decrease of
2,922,101 bales from 1932
-that is, the
At the Interior Towns the movement
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:
Movement to May 3 1935
Towns
Receipts
Week
Season
Shipmeats
Week
stocks
May
3
Movement to May 4 1934
Receipts
Week
Season
Shipmeats
Week
Stocks
May
4
629
9.753
911 9,524
156 4,298
3 20,906
Ala.,Birming'm
9,937
23
135 5,724
179
8,400
181 5,346
EufauLs
237
31,628
Montgomery.
____
23.901
435 19,220
75 28,474
51
38,176
347 31,130
30
44,203
133 40,856
Selma
139 122,375
460 84,480
321 127,334 1,145 45,604
Ark .,Blythville
17,909
190 10,961
17
27,634
282 20,027
8
Forest City
45,124
386 17,434
383 15,590
____
30 46,841
Hel.ma
297 13,094
205 48,158
40 29,118
248 19,659
Hope
30,818
151
449 7,573
1
28,052
___ 24,743
Jonaiboro_ _ _
85,759
9 46,351
624 110,417 1,110 35,101
46
Little Rock
29,992
522 12.736
17,080
____ 14,284
25
9
Newport _ _ _
.
729 105,626 2,702 26,923
522 29,192
Pine Bluff
164
78,000
70
53,319
493 9,041
3
24,844
112 11,481
Walnut Ridge
11,135
20
74
683 4,250
____
4,616
Ga., Albany
386
32,342
100 58,457
14,244 1,875 34,154
156
114
Athens
423
73,417 3,254 75.025 2,616 137,257 7.758197.707
Atlanta
747 147,796 4,107 121,377
1,078
97.277 2.646102.903
Augusta
700 12,511 1,350
23.790 1,500 12,861
26,950
Columbus_
500
18,865 1.303 32.310
53
13,421
378 18,760
146
Macon
12,345
200 9,697
75 21.858
36
19.148
90
Rome
434 23,158
53,229
20 22,181
240
La., Shreveport
8 57,537
633 127,256 1,650 26,864
Miss.Clarksdalc
853 130,633 1,783 32,569
19,464
626 10,175
603
____
23,264
676 16,419
Columbus_
833 41,502
100 143.577
495 134,330 2,050 42,218
Greenwood_ _
. 18 13,014
27,020
561 16,931
23
24,988
17
Jackson
6 4,352
4,647
1
2
3,906
23 4,619
Natchez
21,564
140 5,664
30
2
21,696
____ 5,381
Vicksburg_
27.301
70 8.885
28,335
180 14,767
5
____
Yazoo City
1,085 173,940 1,085 2,452 4,627 232,989 6,923 21,904
Mo., St. Louis_
5
7,447
---- 18,009
3,298
841 9,521
37
N.C.,Gr'nsborc
Oklahoma
528 803,011 5,644 71,264
93 240,318
348 109,368
15towns•_
S.C., Greenvilic 1,645 117,498 3,970 52,917 5,206 150,770 4,462 88,876
Tenn.,Memph8 8,886 1.336.16118.319388.041 22,921 1,746.187 34.659403,357
81
73,380
---- 2,140
24,003
__ 8.099
12
Texas, Abilene_
19,590
---- 2,240
___
21,054
____ 2,448
___
Austin
27,084
62 3,736
44 4.519
12
Brenham......
25
15,051
97,820
741 6,463
119
Dallas
220 7,156
55 46,759
53,322
959 7,543
503
____
35,708
____ 12,074
Paris
5,477
____
--_572
Robstown_
22
6,747
21 1,360
14
11,168
38
266
8
16,585
____ 3,597
San Antonio_
32,560
597 12,828
204
54 15,648
Texarkana ------26,806
92,061
592 8,759
233
85 56,666
595 8,625
Waco
Total. 56 towns 16,3423,351,469 43,3221396198 44.1394,839,645 82,458 1467685
•Includes the combined totals of 15 towns In Oklahoma.
The above totals show that the interior stocks have
decreased during the week 26,980 bales and are to-night
71,487 bales less than at the same period last year. The
receipts of all the towns have been 27,797 bales less than
the same week last year.
May 4
1935
New York Quotations for 32 Years
The quotations for middling upland at New York on
May 3for each of the past 32 years have been as follows:
1935
1934
1933
1932
1931
1930
1929
1928
12.25c. 1927
11.00c. 1926
8.30c. 1925
5.75c. 1924
9.40c. 1923
16.40c. 1922
19.75c. 1921
21.35c. 1920
15.75c. 1919
18.95c. 1918
24.15c. 1917
30.50c. 1916
27.15c. 1915
20.00c. 1914
12.90c. 1913
41.45c. 1912
29.10e. 1911
26.85c. 1910
20.15c. 19:,9
12.50c. 1908
10.20c. 1907
13.00c. 1906
11.85c. 1905
11.30c. 1904
15.45c.
15.30c.
10.85c.
10.20c.
11.55c.
11.75c.
7.90c.
13.55c.
Market and Sales at New York
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed
Spot Market
Closed
Saturday_ _
Monday
Tuesday
Wednesday_
Thursday __
Friday
SALES
Spot
Steady, unchanged_ Steady
Steady, 5 pts. dec.... Steady
Steady, unchanged_ Steady
Steady, 5 pts. dec.... Steady
Steady, unchanged_ Very steady _ _ _
Steady. 10 pta. adv.. Steady
Total week_
Since Aug. 1
Contr'ct Total
349
498
349
3,998
3:866
847 3.500 4,347
95,514 140.900 236.414
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:
-1934-35---Since
Since
Week Aug. 1
Week Aug. 1
1,085 183.436
6,923 211,325
1.043
89,130
2,603 126.766
771,322
81
12,832
..,1
11,590
3,029 149,513
4,775 146,442
3,000 476,131
5.471 431,206
8.238 911,119
20,014 928,651
May 3ShippedVia St. Louis
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
24,174
11,965
249,485
29
226
Between interior towns
4,179
Inland, &c., from South
1,675
304
2,643
29,652
13,152
201,280
Total to be deductee
4,434
285,624
4.622
244.084
Leaving total net overland_*
3,804
625,495
15.392
684.567
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 3,804 bales, against 15,392 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 59,072 bales.
-----1934-35----- -----1933
-34----In Sight and Spinners'
Since
Since
Week
Takings
Aug. 1
Week
Aug. 1
15,791 3,806,197
Receipts at ports to May 3
75,235 6,896,498
Net overlann to May 3
3,804
625,4-95
15,392
654,567
Southern consumption to May 3_ _. 90,000 3,635,000 110,000 3,759.000
109,595 8,116,692 200,627 11,340,065
Total marketed
Interior stocks in excess
*26,980 248,720 *38,432 205,447
Excess of Southern mill takings
---over consumption to April I__ _
$29,453
228,186
Came into sight dining week_ _ _ 82,615
162,195
Total in sight May 3
8,335,959
11,773,698
North. spinn's' takings to May 3. 8,947
867,175 25,145 1.115,567
* Decrease.
Movement into sight in previous years:
Bales
Since Aug. 1169,694 1932
119,420 1831
109.251 1930
Week-
1933
-May 5
1932
-May 6
1931-May 8
Bales
12,497,057
14,874,422
13,209,424
Quotations for Middling Cotton at Other Markets
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Week Ended
May 3
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery_ _ _
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ _ _ ..
Closing Quotations for Middling Cotton on
Saturday Monday Tuesday
12.25
12.30
11.95
12.38
12.38
12.60
12.98
12.40
12.30
12.08
11.75
11.75
12.20
12.22
11.86
12.42
12.32
12.52
12.92
12.30
12.25
12.12
11.70
11.70
12.20
12.22
11.87
12.41
12.32
12.51
12.91
12.30
12.25
12.21
11.70
11.70
Wed'day Thursday Friday
12.20
12.15
11.85
12.38
12.28
12.47
12.87
12.25
12.20
12.16
11.65
11.65
12.20
12.23
11.85
12.36
12.25
12.47
12.86
12.25
12.20
12.15
11.65
11.65
12.30
12.30
11.97
12.47
12.37
12.57
12.97
12.35 •
12.30
12.27
11.75
11.75
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
Apr. 27
Monday
Apr. 29
Tuesday
Apr. 30
Wednesday
May I
Thursday
May 2
Friday
May 3
1170b1175a 1167511740 11.64 Bid. 11.69 -1172b1177a
May(1935) 11.75June
July
11.8411.77 -11.7611.70-11.71 11.7311.81 August _
September
October
11.38-11.40 11.3211.3211.2811.3511.45November
11.38December_ 11.4811.4011.34 Bid. 11.39-11.51-11.52
11.41Jan.(1936) 11.4911.4311.38 Bid. 11.44-11.55February..
March_ _ 11.57- - 11.51
11.49
11.46 Bid. 11.51 11.63April
Tone
Spot
Quiet.
Quiet.
Quiet.
Steady.
Steady.
Steady
Steady.
Steady.
Options... Steady.
Steady.
Steady.
Steady
Japanese Cotton Textile Industry Showing Progress
According to New York Cotton Exchange-The Japanese
cotton mills industry has made rapid strides forward during
the past few years, according to a report issued April 29 by
the New York Cotton Exchange Service, and Japan now
stands second only to the United States as a consumer of
raw cotton. In the exportation of cotton goods, Japan is
second to none, since her cloth exports now exceed those of
Great Britain. The greater portion of the Japanese industry is devoted to manufacturing for export. The Exchange Service stated:
The Japanese cotton textile industry continues to forge ahead, regardless
of the depression, and Japanese mills have consumed 13.6% more cotton
during the first eight months of this season than during the corresponding
period last season,setting a new high consumption record for Japan. With
the exception of the United States, Japan is now the largest single cotton
consuming country in the world. While the Japanese textile industry
suffered some setback in the early years of the depression, it recovered
rapidly through vigorous expansion of export markets.
Consumption of all kinds of cotton during the first eight months of this
season, that is, from Aug. 1 through March 31, totaled 2,264,000 bales of
500 pounds each as compared with 1,993,000 in the corresponding portion
of last season. 1,772,000 two seasons ago, 1,693,000 three seasons ago, and
1.478,000 four seasons ago. Last season, Japanese mills used 3,040,000
bales of all kinds of cotton as compared with a consumption in the same
period of 5,700,000 bales in the United States, 2,659,000 in Great Britain
and 1,535,000 in Germany. Japan is constantly adding to her spindleage,
and had 9,530,000 spindles in place on Jan. 31 this year, with 120.000
in course of erection, as compared with 9,115,000 a year earlier. In 1913,
Japan had only 2.300,000 spindles.
Recent reports from Japan have told ofsome slackening in export demand
for yarn and cloth, but, despite this cotton cloth exports during March
were the largest in any month in the history of the Japanese industry.
They totaled 273.000,000 square yards as compared with 227,000,000 in
February. 223.000.000 in March last year, and 182,000,000 two years ago.
During the first eight months of this season. Japan exported 1.803,000,000
square yards of cloth as compared with 1,471,000,000 during the corresponding portion of last season, and 1,515,000.000 two seSSOIIS ago.
Japan is now the largest exporter of cotton cloth in the world, having
forged ahead of Great Britain in the 1932-33 season, and is shipping cotton
goods at the present time to all parts of the world, whereas,some years ago,
her trade was almost entirely confined to the Orient. Last season, cloth
exports from Japan were equivalent to about 65% of the total amount of
cotton consumed during the same period.
Weather Report by Telegraph-Reports to us by
telegraph this evening indicate that weather in the cotton
belt has been regarded as more unfavorable than usual,
because of low temperatures in northern sections, too much
rain in the Southeast and not enough in the Northwest.
Rain Rainfall
Galveston, Tex
2 days 2.59 in.
Amarillo. Tex
dry
Austin, Tex
- -3 days 1.48 in.
Abilene, Tex
dry
Brenham. Tax
.46 in.
5 days
Brownsville. Tex
2 days 0.05 in.
Corpus Christi, Tex
1 day 0.02 in.
Dallas. Tex
3 days 0.24 in.
Del Rio, Tex
1 day 0.22 in.
El Paso, Tex
dry
.32 in.
Henrietta. Tex
1 day 0
Kerrville, Tex
3 days 0.42 in.
Lampasas. Tex
3 days 0.98 in.
Longview. Tex
3 days 2.06 in.
Luling, Tex
4 days 1.62 in.
Nacogdoches. Tex
4 days 2.64 in.
Palestine, Tex
4 days 2.10 in.
Paris, Tex
3 days 3.00 in.
San. Antonio, Tex
5 days 1.80 in.
Taylor, Tex
4 days 1.10 in.
Weatherford. Tex_
4 days 0.51 in.
Oklahoma City, Olda
2 days 0.28 in.
Eldorado, Ark
4 days 2.36 in.
Fort Smith, Ark
3 days 0.26 in.
Little Rock, Ark
3 days 0.44 in.
Pine Bluff, Ark
3 days 2.34 in.
Alexandria. La
4 days 2.95 in.
Amite, La
1 day 0.21 in.
New Orleans, La
2 days 0.84 in.
Shreveport. La
4 days 3.10 in.
Columbus, Miss
1 day 0.18 in.
Meridian. Miss
2 days 1.48 in.
Vicksburg. Miss
3 days 1.66 in.
Mobile. Ala
3 days 1.18 in.
Birmingham, Ala
1 day 0.30 in.
Montgomery, Ala
_ 2 days 0.78 in.
Jacirsonville, Fla
2 days 0.34 in.
Miami, Fla
3 days 1.20 in.
Pensacola. Fla
2.08 in.
1 day
Tampa, Fla
dry
Savannah. Ga
2 days 1.65 in.
Athens. Ga
2 days 0.17 in.
Atlanta. Ga
2 days 0.38 in.
Augusta. Ga
1 day 0.16 in.
Macon. Ga
2 days 0.58 in.
Charleston
2 days 0.41 in.
Greenwood, S. 0
2 days 0.70 in.
Columbia, S. C
-1 day 0.12 in.
Asheville, N.0
1 day 0.12 in.
Charlotte. N.0
1 day 0.36 in.
Raleigh. N 0
2 days 0.28 in.
Wilmington, N. C..
1 day 0.04 in.
Memphis, Tenn
2 days 0.50 in.
Chattanooga, Tenn .._ .....
dry
Nashville. Tenn
in.
2 days
Thermometer
-high 82 low 64 mean 73
high 80 low 38 mean 59
high 84 low 58 mean 71
high 90 low 52 mean 71
high 80 low 60 mean 70
high 92 low 72 mean 82
high 84 low 68 mean 76
high 76 low 52 mean 64
high 90 low 62 mean 76
high 84 low 48 mean 66
high 82 low 46 mean 64
high 86 low 50 mean 68
high 84 low 46 mean 65
high 86 low 50 mean 68
high 84 low 60 mean 72
high 80 low 54 mean 67
high 78 low 56 mean 67
high 78 low 54 mean 64
high 82 low 58 mean 70
high 82 low 52 mean 67
high 80 low 48 mean 64
high 84 low 42 mean 63
high 85 low 57 mean 71
high 78 low 24 mean 51
high 82 low 50 mean 66
high 89 low 54 mean 77
high 85 low 58 mean 77
high 88 low 57 mean 78
high 84 low 66 mean 75
high 84 low 56 mean 70
high 89 low 50 mean 70
high 86 low 50 mean 68
high 86 low 60 mean 73
high 82 low 64 mean 73
high 84 low 52 mean 68
high 88 low 56 mean 72
high 86 low 66 mean 76
high 90 low 66 mean 78
high 80 low 58 mean 69
high 142 low 64 mean 78
high 86 low 60 mean 73
high 89 low 51 mean 70
high 88 low 44 mean 66
high 90 low 50 mean 70
high 88 low 46 mean 67
high 85 low 62 mean 74
high 87 low 55 mean 71
high 87 low 55 mean 71
high 88 low 38 mean 63
high 86 low 52 mean 69
high 86 low 52 mean 69
high 78 low 58 mean 75
high 84 low 50 mean 69
high 88 low 46 mean 67
high 86 low 46 mean 66
The following statement has also been received by telegraph, showing the height of rivers at the points named at
8 a. m. on the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
May 3 1935
Feet
16.8
20.2
10.6
21.6
44.6
May 4 1934
Feet
7.0
13.5
10.3
11.9
21.0
Dallas Cotton Exchange Weekly Crop Report
-The
Dallas Cotton Exchange has issued its first weekly comprehensive report for 1935, covering cotton crop conditions
in the different sections of Texas and also in Oklahoma and
Arkansas. We reprint this report, which is dated April 29,
in full below:
TEXAS
WEST TEXAS
Abilene (Taylor Co.)
-Have had good rains over most of this section.
Planting about 25% completed, some up to good stand, plenty of moisture.
Ground in fine shape. Acreage about 10% increase over last year. Plenty
of seed but no likelihood of any replanting.
Anson (Jones County)
-Cotton planting just started, weather has been
too cold top moisture about right, no cotton up. Fields clean.
3071
Financial Chronicle
Volume 140
Floydada (Floyd County)
-The moisture is spotted over this territory.
rains have fallen in places, and farmers are now listing their land for row
planting. We need a general rain. Account of winds and dust and dry
weather there will be but little wheat made in Floyd County.
-Only about one fourth of county has sufficient
Haskell (Haskell County)
moisture,rest of county needs rain. Only a small per cent of cotton planted.
no cotton up. Planting generally will start first week in May. No increase in acreage.
-Need rain badly in most of county. Only part
Memphis (Hall County)
has received enough rain to provide moistme to enable farmers to plow.
Acreage is about same as last year, 90,000 acres, providing we get rains by
May 15. If rains come late, it will necessitate the planting of feed.
-About three inches of rain. Almost two
Quanah (Hardeman County)
and me-half inches of this rain fell in less than an hour, packing the soil
and most of it running off. Need more rain. No cotton has been planted
yet, but if moisture conditions are right most of the crop will be planted by
May 15. Acreage will be increased 5 to 10%. Conditions rather unsatisfactory, dust storms most every day dry out what moisture we have had.
-Moisture conditions very poor in most of county.
Snyder (Scurry County)
Sand and dust storms prevailing. Must have good rain in northwest.
and rains here before we can have any growing conditions at all. Contemplated acreage about same as last year.
NORTH TEXAS
-Acreage increased about 4%, 70% planted,
Forney (Kaufman County)
be replanted. Moisture suflicient, crop prospects fair. Germina5% to
tion fair to poor, stands fair to poor. Quality of seed average, plenty of
seed for replanting. Crop five days late, need warn dry weather.
Honey Grove (Fannin County)
-5% increase in cotton acreage over last
year. 50% planted, 10% up. Just a little too much rain for present, need
fair and warm weather, nights too cool.
-About 60% of crop planted with about 10%
McKinney (Collin County)
up to good stand and 5% to be replanted. Moisture enough at present
and a spell of warm fair weather would be ideal. It is our judgment that
the acreage this season will be about same as last.
-Acreage about same as last year. About
Terrell (Kaufman County)
40 to 50% planted of which about 20% up to a good stand. Recent rains
,
very beneficial, need warm dry weather to finish planting. Some of the
eaaly planted cotton has to be replanted account damage by sandstorms.
CENTRAL TEXAS
-Have had good rains in this section and all
Athens (Henderson County)
crops are looking good. About 50% of cotton crop has been planted and
about 35% of it is up. There will be a slight increase over last year's crop
in acreage. The farmers will start chopping cotton in about two weeks.
Bryan (Brazos County)
-Crop 15 days ahead of normal. 30 days ahead of
last year. Received very good rain last week. Moisture at present fair to
good, however rain within next two weeks will be very beneficial. Looks
like rain to-day. 75% planted, 60% up. 5% increase in acreage.
-Crop getting off to a bad start account
Brenham (Washington County)
unseasonable weather and too much rain. Need two weeks of clear, Warm
weather. Acreage will be about same as last year, or 35% less than a
five-year average. Probably 5 to 10% will have to be replanted account of
washing rains. Plant stunted by cold and grass growing. About two
weeks later than normal.
-Planting about 85% completed, with about
Calvert (Robertson County)
65% up, stands fair, but has not made the progress that it should have
Thursday from 2 to 3M inches, will be ample for present
been. Rain since
needs, and if normal weather follows the next fortnight should show much
progress and improvement, with planting completed, and an assurance of
good stands. Need now fair and warmer weather to catch up with the
cultivation. Acreage will probably show increase of 10%. Quality of
seed the best ever planted in this section.
Cameron (Milam County)-Milam County has had from 1 to 3 inches of
rain over entire county and is very beneficial. Think about 70% cotton
planted and 50% up to good stands. Think will be little increase in acreage
this year.
-Acreage about same as last season. 75% planted,
Ennis (Ellis County)
5% to be replanted. Present moisture condition good. Cotton is up to
good stands, and cultivation is good. Extra good quality of seeds being
planted. Crop making normal progress, but warm weather is needed.
-Plenty of moisture. Very little cotton
Glen Rose (Somervell County)
planted. Acreage will be reduced some.
-About 90% of cotton has been planted.
LaGrange (Fayette County)
70% is up to a fair stand. Two heavy rains in past 10 days will necessitate
some replanting. Acreage will be about same as last year. Need warm
dry weather for next 20 days.
-Acreage about same as last year. Ample
Navasota (Grimes County)
rains have fallen for all purposes. About 90% planted, and nearly all up.
Stands fair to good. Dry warm sunshiny weather needed. Prospects
to-day fair to good. Some replanting in low places.
-Plenty moisture, 95% planted, 85% up to
San Marcos (Hays County)
good stands. Need warm weather, nights have been too cool. About
compared to last year.
15% increase in acreage
Temple (Bell Counly)-Acreage in Bell County will probably be about
same as last year. Light showers to good rains ovet county this week,
In most places sufficient to bring up cotton. Most of county deficient in
rainfall. About 75% of crop planted with probably 75% or planted acreage up to good stands.
-Beneficial rainfall of about one inch reWaxahachie (Ellis County)
ceived Thursday and Thursday night, which gives this section ample
moisture for the time being. About 25% of cotton planted, none up.
Warm dry weather needed for next 10 days so that planting can be finished.
Acreage this county increased about 4% over last year, which will leave
the acreage about 68% of normal. At the present, conditions are excellent for a good crop.
EAST TEXAS
-Cotton crop throughout our section is in good
Longview (Gregg County)
condition. About 60% has been planted. Rainfall sufficient, cultivation
good and one week late. Acreage about same as last season.
-Heavy downpour in this section all day Friday.
Timpani (Shelby County)
Bottoms overflowed, planting will be late with very little planted at this
time. Acreage will be about same as last year. Fields well plowed and
ready to plant when dry enough.
SOUTH TEXAS
-All land this section that is to be planted
Corpus Christi (Nueces County)
cotton up to generally good stands and,at present,
in cotton is finished, and
plant is from 4 to 5 inches high to fields of from 7 to 12 inches high and
squaring. All this section in good shape, plant has good tap-root, sufficient
top and bottom moisture, some fields a bit grassy but farmers busy plowing
and chopping. Crop is about as early as usual. It does not seem to me
cotton is being thinned out as usual. Seems to be about 15% increase in
acreage in this whole territory over last season, and never have there been
better prospects at this period than at present, and this goes for territory
San Antonio to the Rio Grande including the Valley. General rain this
section at present.
-Had a good rain and some hail on 6th of
Harlingen (Cameron County)
month. Fine rain also 19th to 22d. Another yesterday, which puts everything in fine shape in the Valley. Have about 20 to 25% acreage increase
over last year. and prospects at present are as good as they ever were.
Looks like a big crop for us again this year.
-Cotton this section about 80% planted
San Antonio (Bexar County)
and 60% up to good stands, chopping just beginning. Fields as a whole are
free of grass and weeds. Acreage has been decreased probably about 5%
due to large planting ofcorn compared to last year. There is ample moisture
at present and several weeks of dry hot weather are needed.
OKLAHOMA
Chickasha (Grady County)
-April rainfall to date 2.04 inches. Preparation for planting good, and will start in big way by 29th. Acreage will be
about same as last year; nights still little too cool.
Ada (Pontotoc County)
-Weather conditions almost perfect. About 10%
planted. Acreage will be about same as 1934. Moisture conditions excellent.
Frederick (Tillman County)
-A few farmers are just starting to plant
cotton. The next 10 days should see planting in full swing. Had over
three inches rain so far this month. Moisture adequate to bring the plant
up now, but there is no subsoil season, and more rain will be needed soon.
Expect about a 5% increase in acreage over last year.
Idabel fMcCurtain County)
-Plenty of moisture, in fact, too much In
places. Need 10 days dry weather. 60% planted, 25% up, 15% increase
in acreage.
Financial Chronicle
crop which finally reaches the market through the outports.
Receipts at Ports
Week
Ende
1935
Feb.
8_
15._I
21._I
Mar.
15__
23_
Apr.
12._
19__
26__
Jan.—
May—
Stocks at Interior Towns
I
1935
1934 J 1933
1934
Receipts Iron Plantations
1933
I
I
,118,211
44,884100,030182,1101.767.3122,027,7
54.614 85.311121.1631.740.4571,964.7 3,084.0'
1,910.901 2.648.06
40,895 84 99 102,4801.708.
31.692 73.5601122.9541.677,256 1.861,68 2,014.66
I
45.50970.90 101,012I 1.639.9501.815.17 1,977,79
28 622 63,82 72,1191,602.93 1.759.56 1,964.13
24.287 80.96 48,5581.587.9721,720.90 1,932.24
30,138 76,297 78.8381,559.93 1.687,66 1.903,091
24,4911 64,579 71.9161.533.4851.662.78 1.874,18
I
25,927 68.25 75.5481.492.7941,620,12 1.839.230
25,529 70,948 56.7691.474.028 1.581.871 1.806,8961
15,829 74.294 80.2441.451.84 1.546,878 1.772.6951
21.251 79,174 92,386,1.423.1781.506.11 i.739.038
I
15.791 75.235 90,02711,395.198 1,467,68 1,709.661
7f
1935
1934
1933
11.172
27.759
8.480
1,007
43,3 161,920
22.351 86,978
31.t4 , 65,517
24.43 89.557
8,10:
NU
8,322
2,103
39
24,391
8.216
42,301
43,06
39,70
64,142
58.462
16.666
49.682
43,002
NII
6,763
N11
Nil
25.587
32,699
39.301
38,413
20.358
24,435
46.143
58,729
Nil
36.803 60,650
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 7,076,600 bales and in 1932-33 were 8,025,209
bales. (2) That, although the receipts at the outports the
past week were 15,791 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 26,980 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:
1934-35
Cotton Takings.
Week and Season
Week
1933-34
Season
Week
Season
8,565.851
6.283.474
Visible supply April 26
6.1579.719
7.632,242
Visible supply Aug. 1
82.615 8,335,959
162,195 11,773.698
Amerkan in sight to May 3
85.000 1,919,000
86,000 1.991,000
Bombay receipts to May 2__ _
634.000
2.000
10.000
725.000
Other India ship'ts to May 2_
22,000 1,432,200
37.000 1.622.400
Alexandria receipts to May 1_
456.000
9.000
10.000
487,000
Other supply to May 1_ *ti _
6.485,089 19,728.878 8.870,046 24,159,340
Total supply
Deduct—
Visible supply May 3
6.24.331 6,124.331 8,440,812 8,440,812
360,758 13.604.547
429,234 15.718,528
Total takings to May 3_a-205,758 8,861.347
315.234 11.666,128
Of which American
155,000 4,743.200
114.000 4.052.400
Of which other
•Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
total embraces since Aug. 1 the total estimated consumption by
a This
Southern mills, 3.635,000 bales In 1934-35 and 3.759.000 bales In 1933-34—
takings not being available—and the aggregate amounts taken by Northern
and foreign spinners. 9,969,547 bales in 1934,35 ana 11,959.528 bales in
1933-34. of which 5,226.347 bales and 7,907.128 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 2
Receipts al
-
Week
Since
Aug. 1
1933-34
Week
Since
Aug. 1
1932-33
Week
Since
Aug.1
86.000 1,991,000 85.00011,919,000 88,000 2,130,000
Bombay
Since August 1
For the Week
Exports
From—
Bombay-1934-35._
1933-34..
1932-33._
CaherIndl
1934-35._
1933-34_
1932-33_
Total -1934-35_
1933-34_
1922-33_
Great
Br
Britain
Conti- 'Japan &
neat
China I Total
270,0001 974,00011,295.000
283,000; 561,008 898,000
233,000 862,0001,132,000
462,000,
507,0001
309,000
634,000
725,000
398,000
974,0001,929,000
561,0001,623,000
862.0001,530,000
1934-35
•
Exports (Bales)—
To
To
To
To
1932-33
110,000
7.157.958
Receipts (cantors)—
This wools
Since Arm. 1
1933-34
185,000
8 001 840
95,000
A trts h..
This
Week
Week Aug. 1
This
Week
Week Aug. 1
This Since
Week Aug. 1
Liverpool
Manchester, &c
Continent & India
America
_ 114.748 -___ 236.852 4.000 120.538
_ 124.106 5.000 154.064 6,000 96,118
9,000 604.746 13.000 550,390 9.000 386.527
33,588 3,000 66,443 1,000 30,131
Total exports
9.000877.188 21,000 1007749 20.000 822 :aid
Note—A cantar Is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended May 1 were
110.000 cantars.and the foreign shipments 9,000 bales.
Manchester Market—Our report received by cable tonight from Manchester states that the market in both yarns
and cloths is steady. Merchants are not willing to pay
present prices. We give prices to-day below and leave those
for previous weeks of this and last year for comparison.
1935
32s Cop
Twist
1934
8.ti Lbs. Shirt- Cotton
friss, Common Middrg
to Finest
Uprds
S. d.
d.
s. d
Feb.
1____ 10(0114 9 4 0 9 6
a.. _ 103(0113i 9 2 0 9 4
15____ 1031011I6 9 2 0 9 4
21.... 103101134 9 2 0 9 4
Mar.
1__ 10401156 9 2 0 9 4
8____ 101601151 9 2 0 9 4
18__ 10 01116 9 0 0 9 2
22____ 956 011
8 7 09 1
29____ 956661116 9 0 60 9 2
Apr.
9 0 09 2
5---- 951011
12____ 10 0113.1 9 0 0 9 2
18__ 10 01114 90 0 92
26_ 103401151 9 0 0 9 2
3lay
- 3..._105101l34 90 0 9 2
d.
32s Cop
Twist
d.
834 Lbs. Shirt- Cotton
ings, Common Middrg
to Finest
upi'ds
S. 11,
s. d.
=COOP a
Wim4lio •
aakzaa -4mom
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
Alexandria, Egypt,
May 1
7.07 9ri011II
7.05 1031 011I4
7.06 103101114
7.10 103601116
0
1
1
1
0
0
0
0
2
3
3
3
7.09 1016012
7.10 10 .0412
1
6.59 10 01131
6.30 91601116
6.36 91101134
1
1
1
1
1
0
0
0
0
0
3
3
7
8
3
6.35
6.85
6.63
8.78
97 0114
4
95101134
98
4011
95101051
1
1
1
1
0
0
10
0
3
3
3
3
6.81
93.101014
1
la
2
Q0000
following table
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:
peCOMO
Receipts from the Plantations—The
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
1,000 bales. Exports from all India ports record an increase
of 10,000 bales during the week, and since Aug. 1 show an
increase of 306,000 bales.
s
McAlester (Pittsburg County)—SuffIcient moisture. Need a spell of fair
weather. Very little cotton planted so far, most Bound too wet for planting
at this time. Indications are that about same acreage will be planted to
cotton as last season.
ARKANSAS
Ashdown (Little River Counly)—Acreage same as last year. 75% planted,
50% up to fair to good stands. Subsoil moisture ample but consider
winter and spring rains below average. Have had too much rain for work
this week, need warm dry weather.
Conway (Faulkner Counly)—Acreage increase about 7%. Crop late on
account of too much rain and cool weather. Pair warm weather badly
needed. Very small per cent planted and practically none up to a stand.
Little Rock (Pulaski County)—Weather has been sufficiently wet to insure
a good start and subsoil moisture will not enter into growing conditions
for some time.
Newport (Jackson)—Soil Is exceptionally favorable, and a small per cent
has already been planted, but the real planting period for this territory is
May 1 to 15. Practically the entire crop will be planted during that time.
The full Government allotted acreage will be planted, and sufficient funds
are available to finance the crop.
Ping Bluff (Jefferson County)—The farmers are replanting much of the
cotton. The recent cool rains damaged it. Many in the hill country have
not planted any yet. The crop so far points to 5 to 10 days late.
Searcy (White County)—Too much rain this month has thrown us late in
preparing the soil, however, the past week has been good and everyone is
hard at work getting the ground ready. A snaall percentage of cotton
planted. Acreage about same as last year or will say maybe a little increase. All that the Government allows, at any rate.
May 4 1935
mao
3072
Shipping News—As
shown on a previous page, the
exports of cotton from the United States the past week have
reached 88,451 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
GALVESTON—To Japan—Apr. 29—Eidsvold, 4.237— -Air. 26—
Komak .7,150 _
11.387
To Liverpool—Apr.30—Planter,3,541; Derellon, 1.501
5,042
To China—Apr. 20, Eldsvold, 500
500
To Manchester—Apr.30, Derellan,585
585
.
To Ghent—Apr. 27—West Moreland, 769-__Apr. 30_5"
Mateo, 1,224
•
1,993
To Antwert—Apr. 30—San Mateo, 50
50
To DunkIrk—Apr. 27—West Moreland, 62- _A.pr. 25—
Ragnhildsholm, 649_ _Apr. 30—San Mateo, 1-,913
2,624
To Oporto—May 1— Lafcomo, 1.242
To Havre—Apr. 27—West Moreland, 2,086--Apr. 30—San 1.242
Mateo,567
2,653
To Leixoes—May 1— Lakomo,270
270
To Bremen— Apr. 27—West flobomac. 2.346.
.Apr. 30 —
Osiris, 2,649------ --------4,995
To Bilbao—May 1—Lakorno, 100
100
To Rotterdam— Apr. 27—West Moreland, 176
176
To Barcelona—May 1—Jolee,2,679_
2,679
To Gdynia—Apr. 27—West Hobomac. 60 -Apr, 25—Ragn
hildsholm. 969...May 1—America.2,252... _Apr.30-0skis,
238----------------7
W
"
'
To Copenicagen—iipr. i- -11agialiiii.isciolan, 74371... ay-i - 3 519
- -72* America,884- _ ----------1,321
To Genoa— May 1—Jolee, 100
100
To Oslo—Apr.25— Ragnhildsholin,99_ _ May 1.—Amerlea,100
199
To TrIeste—May 1—Maria,402; Jolee, 299
701
To Gothenburg—Apr. 25—Ragnhildsholm, 279- —May 1—
America. 1,369- ------ - - -----1,648
To Venice—Apr. 30—Maria,------- - ------ 25
755
To Guayaquil—Apr. 30—Tillie Lykes, 124
124
HOUSTON—To Barcelona—Apr. 29— Mar Catibe, 1.775- --Apr.
29—Job,2.036_ -- - --- -----------------------3,811
To Malaga—Apr.29—Mar daribe,450
450
To Venice—Apr. 30—Maria, 1,121__ _Apr. 29—Jolee, 236— _ - 1,357
To TrIeste—Apr.30—Maria,382_ - _Apr. 29—Jolee,249
631
To Leningrad—Apr. 30—Graigiven, 5,463
5.463
To Genoa—Apr. 29—Joke, 830
, 830
To Japan— Apr. 27— Eldsvold, 5,587.—May 2—Norfolk
Maru,6,164; Hakonsson Maru.1.287
13,038
To China—Apr. 27— Eidsvold, 275
To Arica—May 1—Tillle Lykes. 76
78
NEW ORLEANS—To Barcelona—Apr. 27— Ogontz, 32
32
To Havre—May 1—Michigan, 180
180
To Gydnia— Apr. 27—America.550
550
To Gothenburg—Apr. 27—America.373
373
To Genoa—Apr. 24—Marina, 500
500
To Japan—Apr. 24—Norfolk 3Iaru,995
995
To Venice—Apr. 26—Maria,3
,
:t3
393
To Trieste—Apr. 26—Marla,500
500
To Oporto— Apr.26 —Lakorno,275
275
To Coruna—Apr. 26—Lafcomo, 75
75
To Barcelona—Apr.26—Mar Caribe, 100
100
To Portorolombia—Apr.20—Santa Marta,300
300
To CapelTown—Apr. 26—Silver Walnut. 100
100
To Arica—Apr.20—Santa Marta, 100
100
To Liverpool—Apr.27— Duquesne. 1.779
1,779
To Havana—Apr.20—Santa Marta,45_ __Apr. 27—Sixoela.45
90
To Manchester—Apr,27—Duquesne.3,493
3,493
To Antwerp— Apr.30— Breedyk,200_ _May 1—Michigan,200
400
CORPUS CHRISTI—To Genoa—Apr.24—Jolee,110
To Trieste—Apr.28—Job,202
202
To Venice—Apr. 26—Job,39
39
To Barcelona—Apr. 26—Jolee, 1.073
1.073
To Japan—Apr. ID—Karnak! Maru.50
60
Financial Chronicle
Volume 140
Bales.
642
40
164
CHARLESTON-To Liverpool
-Apr.30-Sundance.642
To Manchester-Apr.30-Sundance.40
NORFOLK
-To Antwerp-Apr.29
-Black Horn.184
-Manchester Exporter.271;Clairton.
To Manchester-Apr.29
250
521
-To Liverpool
MOBILE
-Maiden Creek. 18
18
-Apr. 18
To Manchester-Apr.16
41
-Maiden Creek,41
To Hamburg-Apr. 18-Agusburg. 185
185
To Bremen-Apr.22
-West Hike. 174
174
To Gdynia-Apr. 18-Agusburg, 100---Apr. 22
-West Hike,
100
200
LOS ANGELES
-To Liverpool
-Apr.(7)-Lochmonar.542;New
Westminster City. 375
917
To Japan-Apr. 30
-La Plata, 1,100- _Apr. 25-Chichika
Meru,2,142-- _Apr.26
-President Taft. 300
3.542
BEAUMONT-To Liverpool-Apr.28-Doreklan,40
40
LAKE CHARLES
982
-To Liverpool-Apr.29-Doreill3n,962
To Bremen-Apr.29
300
-Osiris,300
To Gdynia-Apr.29
402
-Osiris,402
Total
88,451
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
Density
Liverpool .25o.
Manchester.25c.
35c.
Antwerp
Havre
.25c.
Rotterdam .35c.
Genoa
.40c.
.460.
Oslo
Stockholm .42c.
Standand
.25c.
.250.
.50c.
.400.
.500.
.55c.
.61c.
.57c.
High
Trieste
Flume
Barcelona
Japan
Shanghai
Bombay z
Bremen
Hamburg
Density
.50c.
.500.
.35c.
•
.400.
.35c.
.35c.
Standand
.650.
.85c.
.500.
•
•
.55c.
.50c.
.500.
High
Density
.75e.
Piraeus
.75o.
Salonica
Venice
Copenharn Mo.
Naples
Leghorn
.40e.
Gothenberg .420.
Stan/
ant
.900.
.90e.
.65e.
.53e.
.530.
.55e.
.57o.
Liverpool
-By cable from Liverpool we have the following statement of the week's imports,stocks, &c., at that port:
Apr. 12
60,000
885,000
239.000
25.000
10.000
143.000
45.000
Forwarded
Total stocks
Of which Ainerican
Total imports
Of whk.h American
Amount afloat
Of which American
Apr. 19
39.000
878.000
233.000
35.000
14,000
130.000
48,000
Apr. 26
35,000
872,000
227,000
57.000
3,000
136.000
47.000
May 3
87.000
688 000
230.000
50.000
2.000
123.000
42 000
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
Tuesday
A lair
business
doing.
Moderate
demand.
Good
Inquiry.
6.804.
Mid.Uprde
Monday
Moderate
demand,
Market,
12:15
P. M.
6.754.
8.78d.
6.806.
Wednesday Thrasday
Firm.
8.836.
Friday
Moderate
demand
8.81d.
Futurss.{ Steady,
Quiet,
Quiet,
Steady, Quiet but
Steady
Market
2 to 4 pts. 3 to 5 pts. 1 to 2 pta.
stdy.. Ito 4 to 8 pts.
1 pt.
opened
advance, decline, advance. advance. 2 pts. dec. advance
Market.
4
P.M.
Quiet.2 pta Quiet but Quiet but Quiet but Barely stdy Steady
adv. to 1 pt tdy.. 4 to steady un- eddy.. 1 to 7 to 8 ids 5 to 8 pts.
decline. 7 pts. dec. changed to 2 pta.adv. decline.
advance
9 n. wily
Prices of futures at Liverpool for each day are given below:
Apr. 27
to
May 3
Saturday Monday
Tuesday Wed'day Thursday Friday
12.1512.3012.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
,
p. up.m.p. m.p. m.p. m.p. up.m.p. m.p. m.p. m.p. m.p. m.
New Contraa d.
May (1935)
July
October
-- -December
January (1938) ..
March
May
July
October
December
d. d.
6.56 6.51
6.51 8.46
8.24 6.18
6.20
6.20 6.14
6.20 6.14
6.19....
6.18....
6.09....
6.08_ _
d, d.
6.50 6.52
6.48 6.47
8.18 6.19
6.14....
6.14 6.15
6.14 6.15
6.14-6.l2__..
8.03_ _.
6.01_ __
d, d.
6.52 6.55
6.47 6.50
6.19 6.21
6.15_ __
8.15 6.17
6.15 8.17
6.14-- 6.12....
6.02....
6.01....
d, d.
6.54 6.53
6.49 6.48
6.21 6.19
6.17.. __
6.16 6.15
6.17 6.15
6.16-6.14....
6.04-- 6.03....
d.
d.
6.47 6.51
6.41 6.45
6.13 8.19
6. 0_ __
6.09 6.14
6.09 6.14
8.08....
6.06_ __
5.96.. __
5.95--
d.
6.52
6.47
6.21
6.17
6.17
6.17
6.16
6.14
6.04
6.03
Nominations for Officers of New York Cotton Exchange and Wool Associates of New York Cotton
Exchange, Inc.
-John H. McFadden, Jr has been nominated for re-election as President of the New_ York Cotton
Exchange, John C. Botts as Vice-President, and Clayton
B. Jones as Treasurer, it was announced May 2. Nominations for the Board of Managers follow:
Eric Alllot, Alpheus C. Beane, William S. Dowdell. Richard T. Harris.
Jr., William J. Jung, Frank J. Knell. Jerome Lewine. George F. Mahe,
Elwood P. McEnany. Perry E. Moore. Homer W.Orvis, Joseph A. Russell,
Simon J. Shlenker. Alvin L. Wachsman and Philip B. Weld.'
Other nominations were announced as follows:
Henry H. Royce has been nominated for re election to the office of
Trustee t..f the Gratuity Fund for a period of three years, and Thomas F.
Cahill has been nominated for election as Trustee of the Gratuity Fund
for a _period of one year. E. Malcolm Deacon. James B. Irwin and Byrd
W. Wellnlall have been nominated for Inspectors of Election.
The nominees for officers and governors of the New
York Wool Top Exchange were also announced on May 2.
The announcement said:
Philip B. Weld has been nominated for re-election as President of the
Wool Associates of the New York Cotton Exchange, Inc.. Arthur R.
Marsh as Finn Vice-President, Joseph It. Walker, 2d Vice-President.
and Clayton B Jones as Treasurer.
Nominations for the Board of Governors follow: William A. Roger,
H. Nicholas Edwards, H. D. Hensel Frank J. Knell, Chas. McGhee,
Henry H Royce, Gordon S. Smillie, Max W. Stoehr, Alvin L. Wachaman,
Herbert K. Webb and J. Victor di Zerega. E. Malcolm Deacon. James
B. Irwin and Byrd W. Wenman have been nominated for Inspectors of
Election.
qi)
The annual elections of the New York Cotton Exchange
and the New York Wool Top Exchange will be held on
June 3 and the new officers will assume office on June 6.
BREADSTUFFS
Friday Night, May 3 1935
Flour continued in small demand. Consumers take only
enough to fill immediate requirements. Prices were weaker,
reflecting the decline in wheat.
3073
Wheat closed
to lc. lower on the 27th ult. owing to
selling prompted by the failure of silver to continue its
advance and weaker foreign markets. Good rains fell in
the West and Ohio Valley, but very little fell in the Southwest where they are badly needed. An estimate by an
elevator concern put the winter wheat crop in Kansas at
69,000,000 bushels, or 15,000,000 less than its March 27
total. Winnipeg was M to j lower. Export sales of
gc.
Canadian wheat were estimated at 500,000 bushels. Liverpool ended unchanged to Mc. lower. Buenos Aires ended
to Mc. lower. On the 29th ult. prices ended unchanged
to lc. higher on buying stimulated by the strength at
Minneapolis. Disappointing Liverpool cables and good
rains over the belt caused early weakness, but buying on
the strength at Minneapolis sent all deliveries over the $1
mark. A further rise was checked by May liquidation.
Liverpool closed Nd. to Id. lower and Winnipeg was Mc.
lower to %c. higher. World shipments were 8,274,000
bushels, including 2,671,000 from North America. Supplies on ocean passage decreased 824,000 bushels to 31,944,000 bushels, against 30,472,000 last year. On the 30th ult.
prices declined M to ,Mc. under moderate May liquidation
in comparatively light trading. Lower cables and private
reports of rains in Kansas caused selling. Winnipeg was
Me. lower, and Liverpool declined Md. to jgd. Reports
of dust storms in Saskatchewan caused short covering
and a moderate rally late in the session.
On the 1st inst., after a brief period of firmness in the
early session, prices reacted and ended 1 to 1%c. lower.
The early strength was due to a firmer Liverpool market,
but selling increased on the upturn and prices receded.
Very little moisture was received in the dry sections of
Texas, Oklahoma and Kansas, but good rains fell elsewhere in the belt. Late in the day Eastern interests were
good sellers of July. Private crop estimates had little or
no effect on the market. They indicated a winter wheat
yield of some 40,000,000 bushels less than expected a month
ago. Liverpool was % to %d. lower, and Winnipeg was
2
off / to /
1
2 1c.
On the 2nd inst. prices ended % to lc. lower on liquidation owing partly to rains in the belt and a break in silver.
There was continued liquidation of the May delivery.
While rains were reported pretty much over the entire
belt, it was very light in sections where it was badly needed.
Winnipeg closed %. to %c. lower and Liverpool declined
% to id. To-day prices closed / lower to / higher,
1c.
2
1c.
2
owing to indications of rain to-night in western Kansas.
DAILY ()LOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed, Thurs. Fri.
No. 2 red
114% 115
11434 11334 11234 11234
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Frt.
May
99$ 9934 9934 9734 9734 97%
July
98
99% 99% 98% 97% 97%
September
99
10054 9934 9834 9734 9734
Season's High and When Made
I
Season's Low and When Made
May
117 Aug. 10 1934 May
9014 Mar. 18 1935
July
10134 Apr. 161934 July
813% Jan. 15 1935
September ---10254 Apr. 18 1934 September
8434 Jan. 15 1035
DAILY ()LOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Frt.
May
8834 8834 8834 8854 8734 87%
July
8934 90
8934 89% 89% 893i
Corn weakened with wheat on the 27th ult. and ended
M to Mc.lower. Much of the trading consisted of switching
from May to later deliveries. On the 29th ult. prices ended
M to lc. higher owing to covering of shorts. Reports that
two cargoes were being brought back to Chicago from Georgian Bay caused a reaction from the highs. On the 13th ult.
prices ended Mc. lower to %c. higher. Shorts in July covered when May rallied.
On the 1st inst. prices closed 14 to / lower, reflecting
/
1
2
c.
partly the weakness in wheat. There was some good buying early in the day owing to small deliveries on May contracts. Broomhall said: "Of the estimated Argentina corn
shipments of 6,299,000 bushels this week, 340.000 are headed
for the United States." Rotterdam was/ to %c. lower. On
1
2
the 2nd inst. prices ended / to %c. lower. in sympathy with
1
2
the decline in wheat. To-day prices ended / to %c. lower,
1
2
on selling due to reports that 2,382,000 bushels of corn
were exported this week from Argentina to the United
States.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. FriNo. 2 yellow
10534 10534 10834 10534 10534 105
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
8834 8934 8934 8934 8834 885
July
83% 8434 85
84% 8334 83
September
793i 80
79% 79% 7934 78
Season's High and When Made {Season's Low and When Made
May
9334 Dec. 5 1934 May
75
Oct. 4 1934
July
9534 Dec. 5 1934 July
7154 Mar. 18 1935
September. .... 84% Jan. 5 1935ISeptember
8734 .Mar. 25 1935
Oats followed the action of wheat and closed jg to C.
lower on the 27th ult. On the 29th ult. prices ended M to
oio. lower. On the 30th ult. prices ended Mc. lower to
Me. higher. The late rally in wheat helped oats.
On the 1st inst prices ended % to lc. lower, owing to a
lack of demand. On the 2nd inst prices declined % to lc.
Today prices ended unchanged to / lower. Reports of
1c.
2
delayed seeding caused firmness at one time.
DAILY CLOSING PRICES OF OATS nst NEW YORK
Sat. Mon. Tues, Wed. Thurs. Fri.
No. 2 white
8134 6034 6014 5044 8834 mit
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
50
4854 48R 4734 4634 48
$
July
42,4 4234 42
41% 40% 40
September
39% 39% 39
3834 3734 37
Financial Chronicle
3074
Season's Low and When Made
Season's High and When Made
59% Aug. 10 1934 May
41% Mar. 18 1935
May
Dec. 5 1934 July
Mar. 18 1938
July
36
51
September ____ 44% Jan. 7 1935 September
34% Mar. 18 1935
DAILY CLOSING PRICES IN OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
40% 40% 40% 39% 39% 39%
July
41% 41% 41% 40% 40% 40%
Rye declined 23' to 23c. on the 27th ult. under July
to E/e. lower.
liquidation. On the 29th ult. prices ended
On the 30th ult. prices showed independent strength despite
expectations of liberal tenders, and ended unchanged to He.
lower.
On the 1st inst. prices showed strength of their own and
ended % to %c. higher. On the 2nd inst. prices advanced
3(3 to 1%c. despite the weakness of other grain. To-day
prices ended % to %c. lower.
DAILY ()LOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues, Wed. Thurs. Fri.
57% 56% 57
57% 59% 58%
May
58% 58% 58% 58% 59% 59%
July
60% 59% 59% 60
September
60% 60%
Season's Low and When Made
I
Season's High and When Made
53
Mar. 18 1935
95% Aug 9 1934 May
May
55% mar. 18 1935
Jan. 5 1935 September
September...-. 78
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
51% 51% 50% 49% 56% 50%
May
52% 51% 52% 52%
53
53
July
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs..Fri.
66
66
64
66% 66% 66
May
62
59
64
64
63% 63
July
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
45% 44% 43% 43% 43% 43%
May
46
45% 44% 45% 45% 44%
July
Closing quotations were as follows:
GRAIN
Oats, New York
Wheat, New YorkNo. 2 white
58%
..d12%
No.2 red,cif., domestic.
Rye. No.2,f.o.b.bond N.Y. 65%
Manitoba No. 1. f.o.b. N.Y- 96
Barley, New York
80
47% lbs. malting
Corn, New YorkChIcago, cash
50-100
105
No.2 yellow,all rail
FLOUR
$4.10;4.35
Spring pats..high protein 17.60 7.85 Rye flour patents
7.15 7.40 Seminole., bbl., Nos. 1-3.. 8.90 9.20
Spring patents
3. 5
6.45 6.95 Oats, good
Clears, first spring
2.90
Soft winter straights_ _ .... 5.95 6.45 Corn flour
Hard winter straights_ 6.60 6.80 Barley goods
Coarse
4.25
Hard winter patents..._ 6.80 7.00
Fancyipearl,Nos.2.48c7 6.30©6.50
6.20 6.46
Hard winter clears
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Receipts at-
Wheat
Flour
Corn
Oats
Rye
Barlett
Ns 196 Os bush. 60 lbs.bush.56 Um:bush.32 lbs.bush 56 lbs bush 48 lbs
297,000
969,000
129,000 • 4,000
101,000
199,000
Chicago
378,000
43,000
54,000
12,000
176,000
Minneapolis
2.000
63,000
2,000
3,000
Duluth
138,000
48,000
4,000
322.000
10,000
Milwaukee
74,000
50,000,
58,000
1,000
Toledo
14,000
12,000
15,000
8,000
26.000
Detroit
207,000
40,000
29,000
Indianapolis_
121,000
478,000,
82,000
1,000
6,000
108,000
St. Louis- - -348,000
14,000
22,000
16,000
51,000
42.000
Peoria
765,000
855,000
26,000
17,000
Kansas City
141,000
58,000
162,000
Omaha
17,000
10,000
35,000
St. Joseph.
130,000
1,000
Wichita
24,000
28,000
10,000
Sioux City 333,000
138,000
19,000
622,000
Buffalo
Total wk.,'35
Same wk.,'34
Same wk.,'33
376,000
348.000
464,000
2,706,000
1.747,000
5,282,000
3,640,000
1,615,000
7,468,000
688,000
640,000
2,489,000
54,000 704,000
87,000 776,000
247,000 2,147,000
Since Aug.113,747,000160,803,000 149,397,000 40,648,00010,464,00050,702,000
1934
13,382,000 174,732,000 160,137,000 57,492,000 9,169,00042,619,000
1933
1099
IA 001 nnn 9011 4.4A non,i al Min fitia 71.288.000 9.000.110035.471.000
Total receipts of flour and grain at the seaboard ports for
the week endmg Saturday, April 27 1935, follow:
Receipts at-
Flour
Wheat
Oats
Corn
bbls 196 lbs bush 60 lbs bush
74,000•
109,000
New York__ _
3,000
Philadelphia.
20,111
31,000
7,000
Baltimore__ _
17,000
New Orleans•
8,000
Galveston__
48,000
15,000
Montreal_ _ _ _
St.John. Weet a22,t $ 1
160.1 l l
16.000
Boston
40,000
Halifax
324,000
245 $ 0 $
Total wk.,'3
Since Jan.1'3 $ 3,998 $ $ $ 10,971 I 1 $
I
Rye
19,000
11,000
57,000
17,0001
17,0001
30,00
1,000
28,000
21,000
10,000
45,000
1,000
29,000
143,000
64.0001
4,228.0001__5,478,000 2.289,000
242,0001
2.029.0018
21,000
291,000
69,000
1.710.000
The exports from the several seaboard ports for the week
ended Saturday, April 27 1935, are shown in the annexed
statement:
ExportsfromNew York
Albany
New Orleans
Montreal
St. John, West
Halifax
Wheat
Flour
1L000
Oats
Barrels Bushels
6,885
2,000
15,000
22,000
40,000
48,000
*160.000
720,000
Total week 1935..
Qarnes arg.lr 1024
1.127.1100
•Shipped last week.
Corn
Bushels
Bushels
274,000
238,000
85,885
71.958
Rye
Barley
Bushels
Bushels
21,000
10,000
1,000
11,000
Flour
Exports for Week
and Since
Week
Since
July 110Apr. 27 July 1
1934
1934
Barrels Barrels
United Kingdom_ 71,660 2,008,824
Continent
5,850
491,765
So.& Cent. Amer_
___
40,000
West Indies
7,000
289,000
Brit. No.Am. Col_
1,000
63,000
Other countries__
.
375
161,814
Total 1935
Total 1934_
•
21,000
Wheat
Week
Apr. 27
1935
Corn
Since
July 1
1934
Week
Apr. 27
1935
Bushels
Bushels
Bushels
208,000 28,886,000
500,000 29,738,000
12,000
277,000
45,000
Since
July 1
1934
Bushels
9,000
8,000
1,000
9,000
848,000
85,885 3,054,403
720,000 59,794,000
71.05R 3 RR4 R11 1.1271100 RR 279 non
11 rinn
27,000
828 000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 27, were as follows:
United StatesBoston
New York •
Philadelphia
Baltimore_ a
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
IndMnapolls
Peoria
Chicago
- afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
GRAIN STOCKS
Wheat
Corn
Oats
Barley
Rye
bush,
bush,
bush,
bush.
bush.
16,000
73.000
77,000
33,000
169,000
210,000
319,000
128,000
17,000
106,000
164,000
134,000
317,000
10,000
374,000
50,000
46,000
604,000
211,000
378,000
606,000
15.000
22,000
525,000
1,065,000
508,000
105,000
20,000
2,000
367,000
37,000
94,000
1,378,000
679,000
309,000
157,000
3,000
10,808,000
722,000
736,000
8,000
45,000
1,885,000 1,985,000
159,000
2,000
149,000
120,000
34,000
2,142,000
266,000
312,000
30,000
30,000
841,000
685,000
164,000
4,000
33,000
15,000
4,207,000 2,760,000 2,010,000 4,411,000
781,000
125,000
300,000
340,000
131,000
180,000
643,000
44,000
291,000
5,000 1,564,000
5,990,000 2,778,000 3,228,000 1,142,000 3,422.000
3,140,000
757,000 2,004,000 1,423,000
623,000
175,000
5,000
5,000
45,000
8,000
4,214,000 1,989,000
640,000
478,000
919,000
451,000
Total April 27 1935-- 39,795,000 13,873,000 11,436,000 8,950,000 7,679,000
Total April 20 1935
41,906,000 14,721,000 11.983,000 9,252,000 8,118,000
Total April 28 1934
84.572,000 54,541.000 32,315,000 10.794,000 10,908,000
* New York also has 634.000 bushels foreign oats stored in bond, 552,000 bushels
foreign oats afloat in bond, 97,000 bushels foreign rye stored in bond.
a Baltimore also has 20,000 bushels foreign corn in bond.
Note
-Bonded grain not included above: Barley. Buffalo, 195,000 bushels;
Duluth. 102,000; total, 297,000 bushels, against none in 1934. Wheat, New York.
381,000 bushels; New York afloat, 62,000; Buffalo, 5,552,000; Buffalo afloat,
185,000; Duluth. 1,003,000; Duluth afloat, 678,000; Erie. 906,000; on Lakes,
246,000; Canal, 354,000; total, 9,367,000 bushels, against 614,000 bushels in 1934.
Corn
Ryeoats
Wheat
Barley
bush.
bush,
Canadianbush.
bush.
bush.
Montreal
5,031,000
252,000
229,000
902,000
Ft. William & Pt. Arthur 66,450,000
2,582,000 2,590,000 3,662,000
Other Canadian & other
water points
37,547,000
2,419,000
375,000 1,172,000
Total April 27 1935_109,028,000
Total April 20 1935
109,149,000
Total April 28 1934
105,524,000
Summary
American
Canadian
5,253,000 3,194,000 5,736,000
5,540,000 3,197.000 5.874.000
6,638.000 3,102,000 5,503,000
39,795.000 13,873,000 11,436,000 8,950,000 7,679,000
109,028.000
5,253,000 3394,000 5,736,000
Total April 27 1935_148,823.000 13,873,000 16.689,000 12,144,000 13,415,000
Total April 20 1935
151,055.000 14,721,000 17,523,000 12,449,000 13.992,000
Total April 28 1934
190,096,000 54,541,000 38,953,000 13.896,000 16,411,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended April 26, and since July 1 1934 and July 2 1933, are
shown in the following:
Wheat
Extorts
Week
Apr. 26
1935
Since
July 1
1934
Corn
Since
July 2
1933
Week
Apr. 26
1935
Since
July 1
1934
Since
July 2
1933
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
North Amer_ 2,671.000133.743,000 181,899,000
38.000
745.000
Black Sea..
64,000 4,593,000 39,171,000 281,000 15,998,000 30.470.000
Argentina.. 2,350,000 154,444.000 111,188,000 5,812,000 167,714,000 175,970,000
Australia...
328,000
India
0th. countr's 1.496,000 36.152.000 23,688,000 748,000 36,596,000 10,098,000
8,274.000423,718.000 432.078,000 6,841,000 220,346,000217,283,000
Total
40,000
893.000
136.000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
a Import last week.
253,000
333,000
Week 1934....
SHnr0 inn 1.
20 4 MR MO 13221.000
The destination of these exports for the week and since
July 1 1934 is as below:
Barley
56 lbs bush 32 lbs bush 56 lbs bush 48 lbs
May 4 1935
Weather Report for the Week Ended May 1
-The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended May 1 follows:
The week was decidedly warm over the eastern half of the country and
unseasonably cold in most of the western half, though more than normal
warmth prevailed in Pacific coast sections. In the Potomac and Ohio
Basins the weekly mean temperatures were 6 to 8 degrees above normal,as
shown on Chart I. For the week as a whole, the Plains States had about
normal warmth, but it closed with much colder weather, while in the middle
Rocky Mountain area the temperature averaged from 4 to 10 degrees subnormal. The chart shows also that east of the Great Plains freezing temperatures occurred only in the interior of the Northeast in some central
Appalachian Mountain sections, and locally in the upper Lake region.
Along the Gulf coast, the lowest for the weex ranged in the 60's. In the
West the line of freezing ran well south, passing Santa Fe, N. Mex.. and
Flagstaff. Ariz. The lowest temperature reported was 10 degrees above
zero at Cheyenne. Wyo.. on the 29th.
Chart II shows that precipitation was heavy over a considerable area
of the Northwest. The largest amounts were reported in southeastern
North Dakota, central and eastern South Dakota, western Nebraska,
northeastern Colorado, and southeastern Wyoming. In this area the
weekly totals ranged generally from 2 to more than 4 inches, the heaviest
reported so far being 4.4 inches at Alliance, in northnestern Nebraska.
Heavy rans occurred also in the central Gulf area and in southern Florida;
elsewhere over the eastern half of the country the amounts were moderate
to fairly heavy. However, the persistently dry area, from southwestern
•
Volume 140
Financial Chronicle
Kansas and southeastern Colorado southward, again had a practically
rainless week. Heavy snow fell in the mountains of Wyoming and parts of
Colorado, 43 inches being reported from Dome Lake, 1Nryo.
The outstanding favorable feature of the week's weather was the additional and very helpful moisture received over considerable northwestern
areas. The precipitation brought the April total in North Dakota to
nearly one and a half times the normal, in Minnesota to about one and
a third times the normal, South Dakota nearly twice the normal. and
Increased the amount in Nebraska to a little above normal, as indicated
by preliminary reports. The added moisture was outstandingly favorable
in Nebraska. with the top soil now in excellent condition in that State
and the outlook improved immensely. Also the heavy precipitation in
Wyoming came to an area where it was most needed, the southeastern
part of the State. Most of Montana had only light to moderate rains.
which were beneficial, but more is generally needed in the east. Northeastern Colorado. central and northern Utah, and northern Nevada had
effective additional precipitation.
However, the dry, dusty section of the Southwest, centering in western
Kansas. is still unrelieved, and conditions are extremely bad. Kansas.
generally, is needing rain. The State had only about three-fourths of
normal in February, a little more than half the normal in March. and
preliminary reports show less than half the normal for April. though nodercrate helpful rains occurred in the extreme eastern portion this past week.
and moderate to light rains in some central counties. Extreme western
Oklahoma, southeastern Colorado, extreme western and northwestern
Texas, and the adjoining portions of New Mexico are still unfavorably dry.
In the South and in central and northern States east of the Great Plains
conditions, in general, are satisfactory. The season is late, but both vegetation and farm work gained impetus during the week because of warm
weather and considerably sunshine, with corn planting now advancing in
the Ohio Valley and begun well north in the Mississippi Valley. Cotton
planting has also reached the northern limit of the -twit in central and
eastern portions, with grass and pasture lands making excellent progress
generally. There is some apprehension of damage to early fruit by frost
the latter part of the week in the upper Mississippi Valley, and there was
some heavy stock losses by the blizzard in southeastern Wyoming.
Small Grains—Progress and condition of winter wheat were very good
in the Ohio Valley, where the crop is stooling well in many places and
jointing locally. Growth was also good in the trans-Mississippi States.
while some heading was noted in the lower Mississippi Valley. Winter
wheat is mostly in fair to good condition in Texas and eastern Oklahoma.
while rains were of much benefit in the eastern third of Kansas. In Nebbraska and South Dakota substantial rains improved the outlook immensely.
with progress during the week very good; the crop is reported 4 to 6 inches
high, and being pastured in southern South Dakota. Winter wheat improved in Montana. while in most other parts of the Northwest the crop
is good. No change has been noted in the dry southwestern area, where
wheat continues to deteriorate.
The greatly improved moisture situation in the Spring Wheat Belt provided generally ample amounts for germination and present needs of the
crop. Seeding was somewhat delayed by wet soil in parts, but that already
put in is coming nicely, while planting is nearing completion in some
localities. Spring-oat seeding has been nearly finished in parts of the Lake
region, where some fields are up and greening. Stands are good in the
central and southern Ohio Valley. while Beale stooling has been noted in
Missouri. In more southern districts winter oats are doing well and heading
In parts, while sonic are being cut in Georgia.
Corn—In most of the Corn Belt the week brought ample warmth and
several fair days, making conditions favorable for seeding, and this work
made much better progress. Planting has now begun as far north as
central Maryland, central Indiana, the southern half of Iowa, and is
progressing to the northern limits of eastern Kansas.
Cotton—Rainfall was moderate in most of the eastern half of the Cotton
Belt. but was rather heavy in Central Gulf sections, Arkansas, and the
eastern portions of Texas and Oklahoma. Temperatures were mostly
above normal, except in the west.
In Texas growth has been rather slow generally, because of low night
temperatures, and unfavorable dryness continues in the extreme southern
part. In Oklahoma but little cotton has been planted other than in the
southern and east-central portions. In Arkansas and northern Louisiana
rains the latter part of the week retarded field work. East of the Mississippi River lowlands continue too wet in Mississippi and field work has
been inactive in northern Alabama. but elsewhere the week was generally
favorable and progress was good to excellent. Seeding has started as far
north as Virginia and the warmer weather improved conditions in the
south Atlantic area; much replanting is necessary in South Carolina. because
of previously unfavorable weather; the work of replanting, however, is
making good progress.
3075
where up. Very favorable for growth of wheat, oats, meadows, pastures;
potatoes, truck and fruit.
Tennessee—Nashville: Excellent progress in plowing and planting.
Corn planting just begun in large areas, but one-nalf done in south; some
coming up. Cotton planting active. Winter wheat well advanced; heavy
growth and color improving. Spring oats late. Pastures rank growth.
Frosts last week injured fruits and early gardens in east.
Kentucky—Louisville: Showers mostly beneficial, but moderate rains
stopped plowing in west
-central; otherwise steady progress of soil preparation on uplands. Corn and cotton planting commenced; lowlands in
west remain generally too wet. Potato planting continues; some up.
Condition and progress of winter wheat excellent on uplands; fair on slow
drainage; color much improved. Tobacco plants small, but improving
rapidly.
DRY GOODS TRADE
New Yolk, Friday Night, May 3 1935.
In line with the variable weather conditions, retail trade
had a spotty character during the past week. Clearance
sales of spring merchandise met with a fair consumer response, although the total volume of sales was below expectations, particularly in view of the slow movement of spring
goods in the preceding weeks which was presumed to have
left many consumers uncovered on seasonal merchandise.
Estimates of the dollar volume for the month of April forecast gains over April 1934 ranging from 5 to 15%, with the
result that combined sales for March and April may still
equal, or slightly exceed, those of the corresponding 1934
period. For the current month of May, early predictions
coming from retail merchants figure on an increase in sales
of about 10%.
Trading in the wholesale dry goods markets fully reflected
the spotty movement of goods in retail channels. Following
the completion of spring clearing sales, however, a more
active buying movement in summer merchandise is anticipated. While the price trend in the primary markets displayed more steadiness indicative of the cleaning up of most
of the stocks of cheaper goods, the volume of business remained limited. Another advance of Mc. per yard on denims
was put through restoring the price level prevailing earlier
in the year and resulting in a firmer attitude on the part of
overall manufacturers. A feature of the market was the
growing interest in cotton apparel, in anticipation of the
annual cotton promotion week scheduled to start on May
6th. Trading in silk greige goods improved somewhat over
the previous week, but prices showed no change. In the
finished goods division a moderate call existed for chiffons
and some sport novelties. Threatening labor troubles continued to have a retarding effect on mill operations. Business in rayon yarns remained unsettled, with rumors of
underselling on acetate yarns circulating in the market.
Domestic Cotton Goods—Trading in print cloths was
confined to relatively small lots, but prices generally held
steady. The fair buying movement seen in the last few
weeks has improved the position of a number of mills, and
as a result, few price concessions were obtained from first
The Weather Bureau furnished the following resume of hands, although some second hand offerings made their
appearance, at a shade below the market. In the latter
conditions in the different States:
part of the week sentiment improved when rumors circulated
Virginia—Richmond: Mild temperatures and light rainfall favored
rapid plant growth and work, though latter still belated. Winter grains
that the possibility of requesting an extension of the 25%
good; meadows and pastures ahead. Seeding cotton started. Potatoes
curtailment program now in force, beyond the three months
up and looking well in southeast. Planting corn begun. Tobacco plants
originally provided for, was being considered. It was not
thriving. Southeastern truck advanced rapidly. Apples in full bloom;
little frost damage.
held unlikely that such a plan might be accepted, to the end
North Carolina—Raleigh: Weather highly favorable for farm work
that more time should be given to further improve the statisand much done. Corn planting in progress to upper Piedmont. Cotton
planting goods to excellent advance on coastal plain; some up. Good protical position of the market. A contributing factor in causing
gress in transplanting tobacco in east. Small grains, potatoes, truck, and
hesitancy among buyers were the none too enthusiastic
most fruits doing well.
South Carolina—Columbia; Fair and warmer, with moderate rains,
reports from the retail and wholesale fields, the doubtful '
favored recovery from previous coolness, but much replanting necessary.
fate of the NRA legislation and the uncertainty prevailing
Considerable corn planted and replanted, with cultivation advancing in
south. Grain prospects mostly good. Growth and progress of truck.
with regard to the future attitude of the Treasury in dealing
tobacco, and other crops improved. Cotton replanting rushed in south
with the silver question. Business in fine goods gave indicaand seeding in north well advanced.
Georgia—Atlanta: Planting cotton fair progress; chopping slow; contions of a definite improvement, both as regards the volume
dition and progress fair. Corn planting nearing completion in north:
of sales and the level of prices. Spot supplies in a number
mostly good where up; weather favored cultivation in south. Other field
crogfrowsg well, Harvesting beans,
of constructions were said to have become virtually depleted
r
onvnleaon
and oats begun.
progressrather poor; condition fair;
and this in conjunction with the prevailing trend towards
chopping slow progress. Corn improving and being cultivated. Potatoes
curtailment of output, furnished the ground for a steadier
and sweet potatoes fair to good. Tobacco growing well. Truck improving from recent rains. Citrus improving; blooming continues, but scatundertone all around. Closing prices in print cloths were as
tered and irregular.
follows: 39
-inch 80's, 83/g to 90.- 39
Alabama—Montgomery: Farm work better progress until close when
-inch 72-76's, 8%c.; 39
again handicapped locally account wet weather. More favorable for
inch 68-72's, 734 to 7Nic.; 38 inch 64-60's, 63'c.; 3834
germination and plant growth. Condition and progress of potatoes,
inch 6048's,5 8c.
/
6
truck, and pastures good. Winter grains heading; corn mostly good advance. Cotton planting fair progress in central and slow in north; advance of crop fair to good and condition mostly good; chopping slow,
but becoming more general in south.
Mississippi—Vicksburg: Progress of cotton planting generally fairly
good to good, except only fair on lowlands; considerable chopping in central
and south; growth and vigor mostly rather poor account cool nights at
beginning and end of week. Progress of corn planting fair and some
cultivated.
Louisiana—New Orleans: Farm work retarded by heavy rains in northwest and locally elsewhere, but planting and replanting cotton finished
in south; some yet to plant in north; germination and growth fairly good,
with chopping advancing slowly in south. Progress and condition of corn
fair to very good. Miscellaneous crops good advance.
Texas—Houston; Temperatutes about normal; little or no rain in western
third and extreme south, but moderate to heavy falls general elsewhere.
Much cotton planted during week in Abilene section where beneficial
rain oi previous week, but growth generally slow due to cool nights; chopping
begun in south; conditions for the crop continue unfavorable in extreme
south. Wheat, oats, parley, corn ranges, truck and cattle improved, and
mostly in fair to good condition. Rain still needed in Panhandle, extreme
west, and extreme south.
Oklahoma—Oklahoma City; Cloudy, rainy weather somewhat retarded
farm work in east, but good progress elsewhere. Progress and condition
of winter wheat very poor to only poor in panhandle and extreme northwest, but mostly fair to very good elsewhere. Planting cotton fair advance
in south and east-central, but little planted elsewaere. Fair progress in
planting and replanting corn; early planted fair to good stands, but considerable remains to plant. Oats fair to good progress and condition;
some stooling. Rain badly needed in northwest and dry, warm weather
in east.
Arkansas--Little Rock: Progress of cotton planting fair to excellent
in most portions first of week, but slow, except in central and northcentral, remainder of week, due to wet soil; some up and doing well.
Planting corn very good advance where not too wet; growth very good
Woolen Goods—Trading in men's wear fabrics continued
at a brisk pace, with indications that most mills will operate at
full capacity during the next few months. Some makers of
suitings and overcoatings are reported to be sold up to the
beginning of September, although complaints about insufficient profit margins continue to be heard. Reports from
retail clothing centers bore a spotty character, chiefly as a
result of variable weather conditions. Business in women's
wear lines showed a moderate pickup, with a nubmer of mills
being in receipt of some initial orders on women's fall coatings. However, the total volume of business was restricted,
inasmuch as the majority of the mills will not show the new
offerings for another week or so.
Foreign Dry Goods—While a steady call for linen suitings
and dress goods continued, business was somewhat hampered
through the high price demands reflecting the persistent
strength on the foreign primary markets. Reports from
abroad also express disappointment over the volume of
American buying. Under the influence of higher Calcutta
cables, burial) prices stiffened. appreciably. Trading expanded moderately as buyers displayed more willingness to
cover nearby requirements. Domestically lightweights were
quoted at 4.45c., heavies at 5.85c.
Financial Chronicle
State and City Department
•
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
106W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
MUNICIPAL BOND SALES DURING APRIL
That there is obviously no diminution in the demand for
State and municipal bonds as investments is clearly indicated
in the keenness with which new issues are competed for by
investment bankers, coupled with the high prices paid for
such obligations notwithstanding the unusually low interest
rates carried on the issues sold. These conclusions are
vividly sustained by an analysis of the municipal bond
financing negotiated during April. The total of the issues
sold in that period is larger than the figure recorded in the
month of March, which latter was the largest of any month
since March 1931. According to our records, new issues of
State and municipal bonds marketed in April aggregated
$151,769,593, as compared with $150,137,900 in March and
$106,389,422 in April 1934. The total for April of the
present year includes issues of $50,000,000 by New York
City and $24,000,000 by the State of California. In the
previous month the State of New York marketed $45,025,000
bonds, while the Port of New York Authority placed an issue
of $34,300,000.
The sale of $7,948,000 State of Kentucky bridge revenue
bonds to C. W. MeNear & Co. of Chicago and associates
was declared invalid. Lower Court decision is being appealed by bankers.
The extremely favorable market conditions prevailing for
municipal loans, together with the success achieved by the
municipal administration in placing the municipality's finances on a sound basis, made possible the sale of the $50,000,000 New York City issue on the lowest net interest cost
achieved in 30 years. The loan, which was entirely for
refunding purposes, was sold to a syndicate headed by the
Chase National Bank of New York at an average interest
rate of 3.507%. The National City Bank headed a group
whose offer was equivalent to a cost basis to the city of
3.513%. The issue includes $34,000,000 3% corporate
9
stock, due in 1960, and $16,000,000 of 33/% and 4% bonds,
due at various datesfrom 1937 to 1955 incl. The remarkably
favorable terms at which the financing was negotiated by the
city is the more striking when it is considered that only in
November 1933 it was obliged to pay 4% interest on an issue
of $70,000,000 10-year serial relief bonds which was sold to
local banks and insurance companies at par. Moreover, as
a condition of the sale, the city was obliged to abandon a
proposal under consideration at that time to levy certain
taxes on the institutions.
In the following we feature the issues of $1,000,000 or
more which were sold during April:
S50.000.000 New York City obligations, consisting of $34,000,000 331%
corporate stock due March 1 1960. 813.079,000 4% and
82,921,000 3 % bonds maturing at various dates from 1937
to 1955 Incl., were awarded to the Chase National Bank of
New York and associates at 100.60, or a net interest cost to
the city of 3.507%. The financing was undertaken to provide
for the payment of $50,000,000 43.1% corporate stock of 1960
which has been called for redemption on Oct. 1 1935. The
new issue of $34,000,000 33i% stock was re-offered by the
successful bidders at par and accrued interest, while the
816.000.000 334% and 4% bonds were priced to yield from
1.75% to 3.60% in the case of the 4s, and from 2.60% to
3.40% on the early maturities of the 3;is. the later dated bonds
being marketed at a flat price of 100.25 and 100.75.
24,000.000 California (State of) 334% relief bonds, due $2,400000 each
year from 1940 to 1949 Incl., were sold at public auction to the
combination of two syndicates headed by Edward B. Smith
& Co., Halsey, Stuart & Co.and the Bancamerica-Blair Corp..
all of New York, at 105.73, a basis of about 2.79%. Public
re-offering was made at prices to yield from 2% to 2.80%.
according to maturity.
16.920,000 Alabama (State of) refunding bonds, comprising $9,000.000
350, due from 1955 to 1965 incl., $6,920,000 41, due from
1941 to 1954 and S1.000,000 3s, maturing from 1936 to 1940
incl., awarded to a syndicate beaded by the First National
Bank of New York at a price of par, or a net interest cost to
the State of about 3.80%. Public re-offering was made by
the bankers on a yield basis ranging from 1% to 3.70%.
7,006.000 Maryland (State of) bonds were sold as follows: $5,500,000
3% certificates of indebtedness, duo serially from 1938 to 1950
incl., purchased by the First National Bank of New York and
associates at 107.699, a basis of about 2.095%. Re-offered to
investors at prices to yield from 1% to 2.50%, according to
maturity. The remaining $1.236,000, representing the State
Roads Commission bonds, include $1,236.000 3s, due from
1936 to 1942 loci.. although callable at any interest date at
maximum price of 105, which were purchased by Edward B.
Smith & Co. of New York and associates at 100.82, a basis of
about 2.80% to final maturity, and $270,000 non-callable 41,
due in 1949, obtained by the Alaryland State Teachers Retlrement System at 103.26, a basis of about 3.70%.
3,325.000 San Francisco (City and County). Calif., 4% Hetch lietchy
dam bonds, maturing $175,000 each year from 1935 to 1953,
incl., sold to Halsey, Stuart & Co.. Inc., of New York and
associates at 105.965. a basis of about 3.23%.
May 4 1935
3,100,000 Henry Hudson Parkway Authority, N. Y., 4% construction
bonds, due in 1955, although callable at various prices depending on date of redemption, were sold to a group headed
by B. J. Van Ingen & Co. of New York at a price of 96. a
basis of about 4.30%. Re-sold to investors at a price of 99.50
and accrued Interest.
2,975.000 Los Angeles. Calif., bonds, comprising $2,000,000 334% water
works construction, due 550,000 each year from 1936 to 1975
incl., and $975,000 3%% water works refunding, due $25,000
each year from 1936 to 1974, sold to a syndicate headed by
R. H. Moulton & Co. of San Francisco at 100.37, a basis of
about 3.64%.
2.434.000 Seattle, Wash.. 2% water works refunding bonds
including
$1,390,000 maturing serially from 1936 to 1943 incl., which
were purchased by R. W. Pressprich & Co. of New York and
associates at 99.63, a basis of about 2.08%. and $1.044,_000.
also due from 1936 to 1943,sold to a group headed by the First
National Bank of Portland at 99.38.
2.384,000 Trenton. N. J., 334% funding bonds, maturing $500,000
annually from 1939 to 1942 incl. and $384,000 in 1943,
Purchased by an account managed by Graham, Parsons & (Do. of
New York at 100.30, a basis of about 3.19%. Re-offered
prices to yield from 2.60% to 3.10%, according to maturity.at
1.846,000 New Jersey (State of) 25.1% institutional construction bonds,
maturing in varying amounts each year fr .0, 1937 to 1070
incl., purchased by Lehman Bros. of New York and associates
at 100.15, a basis of about 2.735%. Re-offered to yield from
1% to 2.75%, according to maturity.
1,600,000 Hartford County Metropolitan District, Conn., 234%
supply bonds sold to a syndicate headed by Halsey, water
& Co.. Inc.. of New York, at 99.865, a basis of about Stuart
2.26%.
Offered to investors at prices to yield from
according to maturities, which are from 19360.40% to 2.35%.
to 1975 Incl.
1,349,000 Passaic, N. J., 4% water supply bonds, due serially from
1936 to 1980 incl., sold to a _syndicate headed
Stuart & Co., Inc., of New Y)rk, at 101.578, by Halsey,
a
about 3.91%. Public re-offering was made at prices basis of
to yield
from 1.50% to 3.90%, according to maturity.
1,250.000 Marion County, Id.,2% poor relief bonds. due $62,000
each
June 1. and $63,000 Dec. 1 from 1936 to 1945 incl.,
group headed by the Harris Trust & Savings Bank sold to a
Chicago
at 100.277, a basis of about 1.95%. Re-offered aprices
to
at
yield from 0.50% to 2.10%, according to maturity.
1.000,000 Providence, R. I.. 141% emergency relief bonds awarded
to
Lazard Freres and associates at 100.087. a basis of
about
1.74%. Due 3100.000 each year from 1936 to 1945 incl.
1.123.000 Schuylkill County, Pa. 2S4% refunding bonds, due from
1937
to 1955, incl., sold to'
Brown Harriman & Co. of
and associates, at 100.564 a basis of about 2.44%. New York,
Reoffered
to yield from 1.25% to 2.43%. according to maturity.
1,525.000 Albany, N. Y., 2% bonds, comprising five issues, due serially
from 1936 to 1945, incl., awarded to a syndicate
headed by
Lehman Bros. of New York at 100.56, a heels of about
1.85%•
Reoffered to yield from 0.50% to 2%,according to maturity.
Colorado (State of) refunding bonds awarded to
3,610.000
a group
headed by the Chase National Bank of New York and
ciates as follows: $2,956,000 28. due from 1936 to 1947, assoincl.,
sold at a price of 101.117. a basis of about
1.83%;
141s due from 1936 to 1944. at 100.577, a basis 8650.000
of about
1.64%. The bankers also agreed to pay a bonus if both
issues
were awarded to them.
4.200,000 South Carolina (State of) 334% refunding bonds, due
from
1940 to 1955. incl. (maturities from 1950 callable at option
of
State). purchased by °enter & Co. of New York,
bidding
alone, at 101.136, a basis of about 3.12%.
As is to be expected, there are some municipalities which
are unable to sell their obligations, notwithstanding the
unusually favorable market conditions which continue to
prevail for municipal issues. Abortive offerings during
April represented issues of 18 municipal units having an
aggregate par value of $2,262,000. They are enumerated
herewith, together witi the page number of the "Chronicle"
where an account of the unsuccessful offering appears:
RECORD OF ISSUES THAT FAILED OF SALE DURING
APRIL
Pape
Name
Int. Rate
Amount
Report
3080 Acadia Parish S.D.No.65,La.
$120,000 No bids
2393Arcanum, Ohio
6%
52,000 Bid rejected
2574 Belmar, N. J
Not exc.6%
142,000 No bids
2904 aConway S. D.,Pa
Not exc. 4%
14,000 Option granted
2905 bEl Paso, Tex
667.000 No bids
2738 Euclid City S. D., 01210
44%
112,500 No bids
Kinney, Minn
2579
30.000 No bids
2742 Live Oak County, Tex
6%
37,000 No bids
2742 cMahanoy Twp. S. D., Pa
5%
65,000 Re-offered
3086 Miami, Fla
5%
45,000 No bids
2910 Orange Village S. D., Ohio__ _
43.4%
18,000 No bids
2582 dOnondaga, Niarcelius, La Fayette & Otisco S. D. No. 1,
N. Y
Not exc.5%
30.000 Bids rejected
2583 ePortage S. D., Pa
4%
29,000 No bids
2746 Roselle Park, N. J
Not axe. 534%
305,000 Bids rejected
0000 fSouth Bend. Ind
4%
50,000 Bide unopened
2913 Three Forks. Mont
5%
29,000 Not
2404 Teaneck Twp., N. J
Not exc. 43.4% 480,000 Sale sold
postponed
2586 West Long Branch, N.J
5%
36,500 No bids
x Rate of internq was optiona with bidder.
a Option on issue to May 1 obtained by S. K. Cunningham es Co.
b City later completed atrtmgements to exchange the bonds, Issuedof Pittsburgh.
purposes, for current bond principal maturities. c New bids on loanfor refunding
were
until May 3. d Issue re-offered on May 2. e Issue re-offered on May 1. invited
t Bids
unopened due to litigation.
Continued ease in money rates, particularly for loans of
short duration, has prompted an increasing number of
States and municipalities to negotiate temporary loans in
anticipation of the collection of taxes and other revenues.
Moreover, sharp competition prevails among investment
bankers for such issues, with the result that interests costs
to the borrowers are extremely favorable. The amount of
this type of financing contracted by States and local subdivisions during the month of April reached $131,300,000,
of which $60,000,000 was contributed by the City of New
York and $40,000,000 by the State of New York. The bulk
of the New York City borrowing was contracted OD an exceedingly short-term basis, a large portion having been repaid before the close of the month from first half-year tax
receipts. Other large issues included $7,092,000 by Detroit,
Mich., $4,000,000 by the State of Massachusetts, and
$3,000,000 each by Boston, Mass., and Cook County, Ill.
Volume
ion
Financial Chronicle
The Dominion of Canada was responsible for virtually all
of the $48,438,200 of long-term Canadian municipal bonds
sold during the month, having borrowed $48,400,000 on
behalf of the Canadian National Rys. The bonds,issued for
refunding purposes, comprised $35,000,000 3s, due in nine
years, and $13,400,000 2s, due in three years. They are
guaranteed unconditionally as to payment of both principal
and interest by the Canadian Government. All of the bonds
were placed in Canada and were marketed bya comprehensive
syndicate under the leadership of the Bank of Montreal.
The bankers reported rapid re-sale of the bonds, each series
having been heavily oversubscribed. The Dominion also
borrowed $15,000,000 on a temporary basis during the
month, having sold that amount of 1.6984% Treasury bills,
due July 15 1935, to various banks in Canada.
No financing of any character was undertaken publicly
by United States Possessions in April.
A comparison is given in the table below of all the various
securities placed in April in the last five years:
Page
2904
2575
2904
2737
2737
308t
3081
2905
2576
2576
2395
2576
2737
2737
2905
2738
2905
2738
2396
2396
2738
Name
Rate Maturity
Amount
Chateau. Mont
5
10 yrs.
75,000
Cleveland Co.. N. C.(2 issues)._.4
1938-1944
28,000
Cody, Wyo
5
25,000
Columbiana Co.. Ohio (2 issues)
..3
1936-1945
70,000
Comal County, Texas
4
r72,000
Colordao (State of)
2
1937-1947 r2.958,000
Colorado (State of)
144 1936-1944 r650,000
Cook County, III
5
1937-1952
389.600
Cottonwood Highway that., Ida..334
5.5.000
Crawford County, Iowa
7250,000
Creston, Iowa
5
40.000
Davenport, Iowa
105,000
Davidson County, N. C
334 1936-1947 7200,000
Dennison S. D., Ohio
5
1936-1946
711.000
Doniphan Kan
2)4
1-10 yrs.
10.000
Dorchester Co.,8. C
534 1937-1970
250,000
Douglas, Wyo
434
45,000
Dover, N. H
234 1936-1955
90..000
5
Dunkerton, Iowa
434 1937-1946
Durant. Okla
534
1-12 yrs.
12,000
East Grand Forks S. D. No. 3,
Minn
434 1938-1955
110.000
2576 East Jefferson W.W. D.No.1, La.6
1935-1964
210,000
2738 East Montpelier, Vt
4
1936-1954
r38.000
2396 East Paterson, N. J
434 1935-1938
50,000
2576 Elbert Co. S. D. No.46, Colo
193.5-1952 rd11,500
5
2905 Elizabeth, N.J
334 1936-1984
3?1 000
:
2905 Ellsworth Co., Kan
3
1938
1935
I
1934
1933
1932
1931
2905 El Paso, Tex
434
794,000
2905 El Paso, Tex
r84,000
434
$
$
$
$
$
2905 El Paso, Tex
434
r179,000
Perm. loans (U. S.)-1151,789.593 106,389,422 10,899,99 69,637,025 105,974,805
2738 Eugene, Ore.(2 issues)
4
1937-1942 r180,000
•Temp. loans (U. S.1_1131.3(10,000 47,963,994 51,630,79 127,015,686 117.323.000
2738 Eugene, Ore.(2 issues)
344 1943-1946 r107,500
Bonds U. S. Possess'ns
None
Non
Non
Non
None
2577 Exeter. Pa
534
43,000
Caned. loans (perm.):
2738 Exira S. D., Iowa
234
r19,000
Placed in Canada_ I 48,438,200
533,9
13,543,167 8,121,531 33,185.285
2906 Flathead Co. S. D. No.6, Mont...4
38,000
Placed in U.
None'
Non
None
Non 17,793,000
2397 Folcroft, Pa
344
738.000
Gen.fund bonds N.Y.0
,
Non&
Non
None
Non
None
2397 Fort Madison, Iowa
234
8,000
2397 Framingham, Mass
134 1936-1940
30,000
Total
331,507,793154,887.316 76,073.957 204.774,242274,276,090
Framingham, Mass.(2 las.)
2906
254 1936-1950
50.000
• Includes temporary securities issued by New York City: 380,000,00(. In April
2906 Frederick. Md
234 1936-1950
35.000
1935; $30,000,000 in April 1934; $22,948,800 in April 1933: 327,164,000 In April
2577 Geauga Co., Ohio
331 1936-1942
7,000
1932, and $93,000,000 in April 1931.
2577 Glenbard Tvrp. H.S.D. No.87,111 434
1951
12,000
2577 Gloucester, Mass
1936-1950
2
50,000
The number of municipalities emitting permanent bonds 2906 Gloucester. Mass
144 1936-194)
70,000
2578 Guthrie,
1938-1949
2
18,500
and the number of separate issues made during April 1935 2906 HamiltonOkla Tenn
7800,000
were 238 and 281, respectively. This contrasts with 308 2578 Hamilton Co., N. J
Tvrp
4,000
434 1942-1947
and 363 for March 1935 and with 186 and 239 for April 1934. 2908 Hartford Co. Met. Dist., Conn 244 1936-1975 1,600,000
2906
3
1948-1950
175.000
For comparative purposes we add the following table, 2908 Hastings S. D., Neb
Hayward, Calif
4
1936-1955
57.000
showing the aggregate of long-term domestic issues for April 2740 Haywood Co., Tenn
334 1937-1943
26.000
2740 Hazelton S. D., Iowa
a
1947
715,000
and the four months for a series of years:
2740 Hempstead S. D. No. 28, N. Y 511 1936-1940
100.000
Month of
For the
2907 Henderson Co., Tenn
760.000
Month of
For the
April
Four Months
2578 Henry Hudson Pky. Auth., N. Y..4
1936-1955 43,100.000
Four Months
April
1935
a$151,789,593 3452,515,271 1913
2907 Highland Park, N. J
434 1935-1945
100,000
$23,844,915 $96,258,461
1934
108,389,422 324,655,338 1912
238 Highland W. D., N. Y
334 1937-1945
18,000
22,317,243
97,951,422
1933
10,899,995
78,235,058 1911
2907 Hungtinton, N. Y
2.60 1937-1941
26.000
38,562,686
162,026,305
1932
69,637,025 352.340,849 1920
27411 Iberia Parish S. D.No.5, La
6
23,000
20,691.260
124,7(18,581
1931
b105,974,805 555,578,394 1909
2578 Irwin Pa
334 1941-1952
20.000
37,482,552
117.402.998
1930
052,194.970 469,024,905 1908
2578 Island Co. S. D. No, 201, Wash...414
6,000
21,428,859
112,196,084
1929
91,935,818 343,323,940 1907
2741 Jackson, Tenn
1938-1946
4
18,000
19,909,004
78,235,067
1928
129,904,592 493,905,006 1906
2741 Jeannette, Pa
3
1937-1945
50.000
8,725,437
65,755,686
1927
134,881,048 507,494,813 1905
2398 Jefferson Co., Kau. (2 iss.)
254 1936-1945
40.409,428
80.000
76,137,234
1926
111,151.259 470,774,988 1904
2741 Jefferson Co., Tex
r44,000
334 1936-1940
11,814,584
58,333,230
1925
94,671,659 421,599,166 1903
2741 Jefferson Co., Tex
746,000
1941-1945
4
17.626,820
43,803,588
1924
133,288,881
428,848,418 1902
2907 Johnson Co., Iowa
234 1941-1943
27.900
6.735.283
38,254,819
1923
81,426,486 328,000,980 1901
2579 Johnson City, N. Y
2.20 1938-1947
9,298,268
60.000
33,192,622
1922
d137.176,703 429,237,993 1900
1936-1948
2579 Joplin, Mo
14,157,809
4
r23.000
48.650,275
1921
88,104,218 292,561,134 1899
2741 Kalamazoo S. D., Mleh
2.60 1939-1954 r275.000
7,477,406
26.098,992
1920
86,194.759 240,287,877 1898
2741 Kansas City S. D., Kan
234 1945-1955
680,000
3.570,963
27,336,696
1919
52,713,484
158,952,753 1897
2741 Kennewick, Wash
8.000
1-10 yrs.
13,060,323
6
48,631,385
1918
14,999,882
90.130,471 1896
2908 Kenosha. Wis
r63.000
4,521,850
344
19,872,118
1917
e68,277,482
169,324,775 1895
9.000
1936-1944
2908 Koppel, Pa
8,469,464
29,496,406
1916
f86,899,155 206,902,393 1894
1936-1945
2908 Labette Co . Kan
11,599,392
3
14,000
35,718,205
1915
6,402,049
171,261,251 1893
2908 Laclede S. D., Mo
21,500
9,175,788
26,680,211
1914
4103,224,074 268,986,826
2579 Lampasas, Tex
15,000
5
•Includes 350,000,000 bonds sold by New York City.
2399 La Porte. Tex
10-30 yrs. r162.000
b Includes $34,975,000 bonds sold by New York State.
1936-1945
2908 Lawrenceville, Ill
5
16,000
c Includes $31,550,000 bonds sold by New York State.
2908 Leavenworth Co., Kan
244
53,000
1-5 yrs.
d Includes $45,000,000 bonds issued by New York City at public sale.
2742 Leominster, Mass.(2 issues)
234 1936-1955
159.000
e Includes 825.000,000 bonds sold by New York State and 33.000.000 purchased
1936-1939
2579 Lima, Ohio
5
14,000
by the Sinking Fund of New York City.
1936-1945
2579 Lincoln, Neb
2
775.000
f Includes $55,000,000 bonds Issued by New York City at public sale.
4
1-5 yrs
2742 Linn Co. S. D. No. 52, Ore
5,000
1940-1949 r244.000
C Includes 370,000,000 bonds sold by New York City-365.000.000 at public
2908 Long Branch, N. J
5
sale and 35.000.000 to the Sinking Funa.
35.000
2908 Lorain, Ohio
354 1936-1942
344 1936-1975 2.000,000
2399 Los Angeles, Calif
2399 Los Angeles. Calif
In the following table we give a list of April loans in the 2742 Los Angeles Co. Asst. Dist. No.67.334 1936-1974 r975.000
amount of $151,769,593, issued by 238 municipalities. In
r43.000
Calif
1938-1944
5,000
2579
5
the case of each loan reference is made to the page in the 2742 Lower Neches S. D., Wash
r58,929
1937-1946
Ludington, Mich
4
"Chronicle" where accounts of the sale are given.
2908 Lyons Twp. El. D. No. 204,111---3 34 1941-1945
118.000
1936-1945 1,250,000
2909 Marion
Ind
2
Page
Name
Amount
Rate Maturity
Price Basis
2909 Marshall Co.,Kan
234
15.000
10 years
2733 Abbeville County, S.0
1936-1940
4
345.000 100.46 3.85
2742 Marshalltown, Iowa
94,000
244 1936-1944
2733 Aberdeen, Miss
r20.000 100
434 1936-1957
4.25
1936-1942 1,236,000
2909 Maryland (State of)
3
2573 Akeley S. D.No.20, Minn
444
20,000
1949
270,000
2909 Maryland (State of)
4
2902 Alabama (State of)
344 1955-1985 r9,000.000 100
3.80
3
1938-1950 5,500.000
2580 Maryland (State of)
2902 Alabama (State of)
1941-1954 T8.920,000 100
4
3.80
2909 Massillon S. D., Ohio
r31.000
2902 Alabama (State of)
434
1936-1940 r1,000.000 100
3
3.80
4
r20.000
1936-1945
2909 Meridian S. D., Miss
2902 Albany County, N.Y.(4 issues) 23( 1936-1955 1,100,000 100.35 2.08
2909 Middletown. R.I
39,000
244 1936-1950
3080 Albany, N. V.(5 Issues)
1939-1945 1,525.090 100.56
2
1.85
2580 Midland, Mich
180,000
3.10 1936-1954
2902 Albany County, N. Y
234 1936-1945 r450,000 100.35 2.08
2580 Midland, Mich
59.808
2902 Alliance, Neb
334 1936-1945
1936-1945 4/100,000 100
3
3.00
r5,000
2743 Milan S D., Mo
1945
2724 Ames Iowa
5
481,843 100.18 2.73
244
1-10 yrs.
2902 Anderson County. Kan
2909 Minneapolis, Mi
630,000
(2
4.700 101.32Minn. issues)._ _2.40 1936-1955
244
82,000
2743 Moline. III
1947
2903 Anderson S. D.No. 17,S.C...... __
5
1-20 yrs
100.000 100.40 iia
7150.000
2573 Anne Arundel County, Md
2580 Montgomery Co., Tenn
5
51.000 1(10
1936-1950
5.00
775.000
2573 Arapahoe Co.S. D.No.28. Colo 434 1936-1947
2909 Moorhead S. D., Minn
244 1936-1945
r19.500
2573 Arkansas City, Kan
yoo 2580 Moore Co., Tenn
r26.000
334 1940-1952
r20,075 100
1936-1945
3
2735 Austin. Texas
2909 Moore Twp. H.S. D.No.9, III-4
33,000
75.000 105.16 3.42
1936-1944
4
2574 Baca County S. D. No.4, Colo
2909 Morven Con. S. D., Ga
30.000
20-30 yrs.
5
444 1935-1947
dr9.000
Pa
37,113
1945-1947
2394
2400 Moultrie, Ga.(2 issues)
32,000
4
9,000 100.35
1945
Li
2394 Batavia. N.Y
2909 Mower Co. S. D.No.27, Minn__ 234 1938-1944 r325.000
234
1945
80,000 100.85 2.30
2394 Batavia, N. Y
2910 Nebraska City, Neb
34
r339.000
r40.000 100.08 1.97
1936-1940
2
2735 Beaumont,Texas
2910 New Hyde Park, N. Y
3.40 1936-1945
10.000
434 1936-1942 7110,000 100.05 4.39
2735 Beaumont,Texas
2743 New Jersey (State of)
244 1937-1970 1.848.000
43-4 1943-1950 r185,000 100.05 4.39
2374 Bedford, Va
1936-1950
2910 Newton Mass
2
50,000
4
r100,000
....
Redford S. 1)., Pa
2735
2401 Newtown TWO. S. D., Pa
234 1945-1955
445,000
4
9.000 101.79
__
2374 Bend, Ore
2581 New York, N. Y
r34.000.000
334
715.500
5
2735 Biltmore Forest, N.C
2581 New York, N. Y
r13,079,000
4
1955-1965 r348,300
2394 Bluffton, Ohio
.41,6
2581 New York. N. Y
334
r2,921,000
r9,000 100
434 1937-1945
2735 Boundary County, Idaho
2743 New York Mills, N. Y
1936-1954
4
25,500
434 1937-1950 r110,000 100.50 4.18
2738 Bradley County, Tenn
cog
2910 Norwich, N.Y.(2 issues)
24 1936-1945
25,000 100
41,000
4
2736 Brandon, Miss
2910 Norwood. Ohio
254 1936-1938
5.000
7,500
2736 Bristol, Tenn.(3 Issues)
2582 Oak Bluffs. Mass
234 1936-1955
60,000
4,55 1936-1960 7159.500
....
2394 Britton, S. flak
4
1936-1949
2582 Octavio, Neb
18.000 100.07 .....
r14.000
1939-1953
5
2903 Bridgeport, Conn
2744 Olean, N.Y
234 1937-1945
234 1937-1939 r375,000 100.05 2.09
71,500
2903 Bridgeport. Conn
134 1936-1938
2744 Oneida Co., N. Y
1940-1944 r825,000 100.05 2.09
2
70.000
2574 Brockton. Mass.(2 Issues)
2.20 1939-1955
2910 Onondaga Co., N. Y
256,000 100.47
1936-1945
2
1.88
500,000
2574 Brookings Did.S. D.,S.flak
2582 Oroflno S. D. No. 22, Ida
334 1936-1950 7120,000 101.08 3.35
38,500
2575 Burnham, Pa
244 1937-1954
734,000 101
2910 Osage. Iowa
1936-1955
3.97
19,000
4
2575 Bushnell, III
244 1936-1940
30,000 100
2582 Otto TWO. S. IX,Pa
4.25
60,000
434 1936-1951
2736 Caldwell, Kan
r18.500
344
2582 Ovid S. D. No. 35, Colo
1-10 yrs.
28.500
444
2575 Caldwell Par. S. D. No. 12, Ls__
4
15,000 100
1939-1954
6768 2744 Owensboro. Ky
790,000
2575 California(stoma)
2911 Palmdale S. D., Calif
334 1940-1949 24,000,000 105.73 2.79
15.000
2737 Campbell County,Tenn
334 1937-1974
5
290.000
1-20 yrs. f100 000
. 2911 Palmyra. N. Y
.
2903 Cannon County, Tenn
4
1936-1980 1.349,000
2744 Passaic. N.f
30.000 100.26 3.47
1-20 yrs.
334
2903 Centralia. Wash
r65.000 98.87
2744 Pattonsburg. Mo
234
50,000
2575 Chazy S. 13,. No.5, N.Y
4
23.000 100.37
1938-1958
1937-1955
4
2744 Payette, Ida
3.96
r67,000
2904 Chase county, Kan
334 1938-1960
15,000
2582 Pelham. N. Y
234 1936-1945
30,000
Chickasaw County, Iowa
444 1939-1943
2904
250.000
2744 Perrysburg, Ohio
715,000
2575 Chlttenango. N.Y
22,000
1938-1946
2911 Phoenix, Ariz
4
150.000
....
3077.1
Price
100
101.80
100
100.02
100.50
101.11
10(..57
Basis
5.00
1.60
2.99
176
100.70
1.64
......
.......
100.67
100.63
3.48
4.84
100
5.25
42
131.
ill
4.50
-
100
4.50
103.95
100
3.50
4.50
1.08
3.63
3.00
. .
1 0.17
100.17
3.83
3.83
100 .
100.62
4.00
_-....
100.09
100.08
100.78
100
1.47
2.49
2.65
3.25
100.28
100.09
100
2.48
1.73
2.00
100
99.86
101.31
108.56
100
100
4.50
2.26
2.90
3.09
3.25
3.00
96
100.83
100.18
100.03
100.50
101.92
100
101.38
100.85
100.02
4.30
4.32
3.46
2.59
100
100.06
100
100.51
100.08
100
101.28
100.30
100
130
4.75
3.80
2.85
2.49
2.25
2.19
4.00
2.54
2.49
6.00
_-3.613
101
100.38
100.90
100
108.41
2.41)
5.00
1.92
100.41
100.37
100.37
3.40
3.64
3.64
100
101.06
100.10
100.27
102.50
100.68
100.82
103.26
107.69
5.00
3.81
3.49
1.95
100.45
100.56
100.05
100.35
lib
2.80
3.70
2.09
Iii
2.69
3.09
3.18
100.10
138
100.05
......
2.74
105.39
.....
112.07
100
101.47
100.25
100.15
100.27
101.30
100.60
100.60
100.60
100.09
100.20
109.06
2.73
2.25
i:ib
2.73
1.97
2.13
3.50
3.50
3.50
3.98
2.46
2.48
100.20
100.07
100.78
2.46
1.46
2.11
100.29
100.55
101.05
101.01
2.47
2.56
-.....
100.19
101.57
3.24
3.91
100.16
100
100.42
4.43
3.50
Amount
Rate Maturity
Name
Page
55,000
1937-1955
53
2582 Pickett Co., Tenn.(2 issues)
720,000
3%
2583 Pocahontas Co., Iowa
724,500
2583 Ponca, Nab
42,300
1( Oct. 1936
2745 Port Chester, N. Y
1X 1936-1945 1.000.000
2911 Providence, It. I
8,250
1-5 years
4
2911 Pulaski, Tenn
4
.000
10
1-10 Yrs.
2911 Ravenna. Ohio
50,000
4
2911 Redwood Co., Minn
60,000
3S4 1938-1950
2583 Reno S. D.No. 10, Nov
3.35 1-22 yrs. r108.000
2912 Robertson Co., Tenn
80,000
3.35 1936-1943
2912 Robertson Co., Tenn
794,114
3)4 10-15 yrs.
2748 Roseburg, Ore
775.000
1936-1941
4
2583 Rupert Highway Dist., Ida
r39,000
2912 St. Anthony, Ida
296,700
1937-1942
4
2746 St. Clair Co., Mich
10,000
2583 St. Croix, Wis
39,000
1955
4%
2912 St. Joseph, Mo
450,000
1943-1945
234
2583 St. Louis Co., Minn
100,000
1936-1945
3
2748 Saco, Me
771,000
334 1936-1941
2583 Salem, Ore
759,000
1942-1945
3
2583 Salem, Ore
3088 San Francisco (City and County),
1935-1953 3,325,000
4
CalIf
714,000
1949-1950
2912 Ban Pete Co., Utah
214 1937-1955 r1,123,000
Pa
3089 Schuylkill County.
1936-1943 r1,044,000
2
2912 Seattle, Wash
1936-1943 r 1,390,000
2
2746 Seattle, Wash
19.874
1-10 Yrs.
234
2912 Sedgwick Co., Kan
115,000
20 years
5%
2748 Sevier Co., Tenn
772,000
1950
Sharrewood, S. D. Wis.(2 iss.)_434
2584
3.4 1956-1954r54,200,000
3089 South Carolina (State of)
7.000
234 1936-1942
2584 South Dayton, N. Y
r19.500
13.05
2913 South Euclid-Lyndhurst S.
21,000
2.60 1937-1940
2404 Stafford, N. Y
100,000
234 1937-1956
2913 Stamford, Conn
r50,000
234 1938-1944
2747 Stearns Co., Minn
7234,000
2747 Steele Co. S. D. No. 1, Minn_ _23'
713,000
1945
5
2913 Steele School Twp., Ind
1935-1940 d150,000
4
2747 Stevens Co., Minn
125,000
334 1936-1951
2913 Stratford. Conn
r400,000
314
2584 Sullivan Co., Tenn
724,000
234 1940-1944
2747 Taylor Co., Iowa
84,000
434 1936-1947
2913 Tenafly, N. J
699,000
254 1936-1939
2747 Texas (State of)
801,000
234 1940-1943
Texas (State of)
2747
729,000
5
2913 Three Forks, Mont
r25,000
1936-1955
4
2747 Topsham, Vt
334 1939-1943 2,384,000
2913 Trenton, N. J
125.000
1937-1955
5
2406 Tuscaloosa, Ala
12,000
2913 Tuttle, Okla
31,000
1936-1940
.
2913 Upper Moreland Tyrp. S.D.,Pa _2
573,500
2.40 1938-1963
2747 Utica, N. Y.(4 issues)
14,000
1936-1945
4
2405 Wabasso, Minn
755,000
1936-1952
2913 Wanaque, N. J
10,000
1936
2913 Wanaque, N. J
136,000
234 1936-1950
2405 Wareham Fire Dist., Mass
20,000
1940
434
2405 Washington, N. C
yrs. d250.000
2748 Washington Sub. San. Dist., 6111.434 30-50
50,000
4
2748 Waterville, Me
1945-1954 r194,000
5
Wayne Co., N. C.(3 issues)
2405
214,000
334 1936-1944
2748 Wayne Co., Mich
7229,000
494 1936-1980
2405 Weatherford, Tex
712,000
4%
2748 Weld Co. S. D. No. 103, Colo
111,000
2748 Weld Co., S. D. No. 106, Colo__
718,000
2588 West Branch, Iowa
200,000
2586 Westchester Co., N. Y.(2 issues) 23.( 1936-1940
360,000
234 1936-1955
2914 Westport, Conn
126.000
434
2406 White, Mimi
20,000
1936-1954
3
2748 Whiting, Iowa
1975
15,000
5
2914 Willowhole 8. D.,Tel
r24,000
6
2406 Winona, Miss
16,500
1940-1950
4
2748 Woodward, Okla
Total bond sales for April(238 municipalities covering
28151,769.593
281 separate issues)
Price
100.04
Basis
5.24
100
100.08
100
1.75
1.74
4.00
101.21
100.29
100.29
100.07
100.50
100
100.14
3.34
3.31
3.31
3.49
3.87
100.30
2.46
100.45
100.17
3.13
2.98
105.96
3.23
109.56
99.38
99.63
100.03
100
2.44
2.06
2.08
2.49
5.50
101.13
100
100
100.07
100.03
100.50
101.19
106.18
100
100.51
100.51
101.06
100.28
100.03
100.03
3.12
2.50
5.00
2.58
2.49
2.41
2.08
1.66
3.42
1:a
7
2.39
2.39
101.10
3.84
100.30 • 3.19
5.08
99.31
100.03
100.23
100
1.99
2.37
4.00
100.32
100
107.27
2.20
4.25
4.07
100.63
101.88
4.94
3.46
100.33
101.43
2.13
2.34
100.25
2.97
100
4.00
later year.
d Subject to call in and during the earlier years and to mature in theStates and
Not including $131,300,000 temporary loans or funds obtained by
Refunding bends.
municipalities from agencies of the Federal Government. r
The following items included in our totals for previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Page
2573
2574
2586
2748
2908
Name
Ardmore, Okla. (Feb.)
Bettendorf, Iowa (March)
Youngstown, Ohio (March)
Youngstown, Ohio (March)
Youngstown, Ohio (March)
May 4 1935
Financial Chronicle
3078
Rate
Maturity
Amount
34,000
16,000
250,000
87,558
97,500
Price
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 made public by the
PWA this week.
Release No. 1339
Reductions, totaling $1,729,650, In 24 previously awarded loans and
grants for non-Federal construction projects were announced recently
by Public Works Administrator Harold L. Ickes.
The following allotments have been reduced:
-Loan and grant of $785,000 for a new water filtration
Hammond, Ind.
plant reduced to $685.000 because the city has sold in the private investment market $100.000 worth of bonds that PWA had agreed to purchase.
-Loan and grant of $498,000 for an addition to the
Columbus. Ohio
city hall reduced to $398,100 because the city has sold in the private investment market $100.000 worth of bonds that PWA had agreed to buy.
-Loan and grant of $1,773,000 for sewer construction
Columbus. Ohio
reduced to $1,659.000 because the city has sold in the private investment
market $114.000 worth of bonds that PWA had agreed to buy.
-Loan and grant of $793,000 for sewer cohstruction
Columbus. Ohio
reduced to $691,000 because the city has sold in the private investment
market $102,000 worth of bonds that PWA had agreed to buy.
-Loan and grant of $482,000 for a bridge across the
Columbus, Ohio
Scioto River to replace the Rich Street Bridge reduced to $368,000 because
the city has sold $114,000 worth of bonds.
-Loan and grant of $209,000 for improving the water
Anderson, Ind.
system reduced to $144,000 because the city has sold in the private investment market $65,000 worth of bonds that PWA had contracted to purchase.
Ackley. Iowa-Grant of $6,000 for a sewage disposal plant reduced to
$5,400 because of modifications in plans which will reduce the cost of
this project.
-Loan and grant of $540,000 for a new high school
Hudson, N. Y.
building reduced to $487,500 because plans have been revised to reduce
cost of this project.
the
-Loan and grant of $133,000 for storm sewer construcBloomington. Ill.
tion allotted to the Bloomington-Normal Sanitary District of McLean
County. reduced to E40,000 because plans have been revised to reduce the
cost of this project to $122,000 and the district has sold in the private
investment market $82,000 worth of bonds which PWA had contracted
to purchase.
-Loan and grant of $48,000 for a water system reduced
Crane. Texas
to $45,000 because of modifications in plans reducing the cost of this project.
-Loan and grant of $96.000 allotted to El Paso County
El Paso, Texas
for an addition to the County Hospital and an addition to the Poor Farm,
reduced to $69,000 because of modifications in plans which will reduce costs.
-Loan and grant of $40,000 for a water system reduced to
Butler, Ohio
$26,000 because the village is selling to the Ohio State Teachers' Retirement
System $14,000 worth of its bonds that PWA had contracted to purchase.
Racine, Wis.-Loan and grant of $886,400 for construction of two community houses, a garage and municipal building,fire station, nubile library.
a bridge across the Root River at Lafayette Avenue and paving Twelfth
Avenue, reduced to $826,400 because the city desires to furnish $60,000
from its own funds.
-Loan and grant of $65,000 for replacing a pipe line
Centralia, Wash.
reduced to $50,000 because the scope of the project has been reduced.
-Loan and grant of $18,000 for a one-story and baseBrockway, Mont.
ment classroom addition and a one-story auditorium-gymnasium addition
to the school building reduced to $16,850 because of revised plans.
Nora, Va.-Grant of $30,000 to Dickinson County for constructing four
new school buildings and additions to four existing buildings, reduced to
622.600 because the School Board has revised its plans.
-Grant of $42,000 for construction of approximately
Canaan. Conn.
two and one-half miles of paving on Belben Street and a bridge across the
Hollenbeck River reduced to $38,000 because of revised plans.
-Loan and grant of $408,000 for imrpoving the water
Elyria, Ohio
system reduced to $334,000 because plans have been modified.
State of Missouri-Grants totaling $1,805,000 for a general highway
Improvement program reduced to $1.026,000 because the State has curtailed the amount of work to be done.
-Loan and grant of $31,000 for a water system reduced
Herndon, Kan.
to $30,600. the amount called for by the bond contract and grant agreement executed by the city and PWA.
-Loan and grant of $60,000 for new school buildClarke County, Ala.
ings at Grove Hill and Jackson reduced to $58,000 because the county has
modified its plans.
-Loan and grant of $56,300 for school construction and
Troup. Texas
modernization reduced to $56,200 because of modified plans.
-Grant of $3,500 for improving the light plant reHerington. Kan.
duced to $3,200 because of modified plans.
Ga.-Loan and grant of $26,000 for a water system reduced
Mt. Vernon,
to $25,000 because bids received from contractors show that the project
will not cost as much as estimated when the original allotment was made.
Basis
NEWS ITEMS
Arkansas-Collection of Sales Tax Delayed-The collection
of the State 2% sales tax will be delayed until the State
Supreme Court has returned an opinion in the suit to test its
We have also leared of the following additional sales for constitutionality, according to Little Rock advices of the 25th.
previous months:
The suit wil be submitted May 27 and a decision is expected
Price
Amount
Basis
Rate Maturity
Name
Page
1935-1954 7d10,000
5
early in June. In an opinion to the Commissioner of Revenue
2573 Akron, Colo
16,000 100
3.513
334 1936-1960
Cincinnati, Ohio (Feb.)
2737
the belief was expressed by Carl E.Bailey, Attorney-General,
4,500
1936-1950
5
2577 Elliott, La
15.000 100.14
1.95
1935-1938
2
that the tax will be effective when and if upheld by the
2577 Fairfield Co., Ohio
8,000
234
2577 Fort Madison. Iowa
1.E.45 Court. He added that he considered the tax could not be
722,500 100
1945
434
2907 Joliet, III. (Feb.)
11,000 100
5.00
made retroactive to May 1, the effective date set by the
2579 Laguna H. S. D., Calif. (Feb.) 5
8,000
_
Legislature.
2909 Marshfield, Wls
42,000
1-20 yrs.
434
2912 Seneca, Mo.(Jan.)
7,500 100
5.00
5
Cook County (P. 0. Chicago), Ill.-Legislature Ap2585 Towner, N. Dak
5.00
10,000 100
1938-1942
2586 Westminster S. D.,Calif.(Feb.) 5
-The bill authorizing muni-'
proves Bond Refunding Bill
All of the above sales (except as indicated) are for March. maplities in the State to undertake general bond refunding
These additional issues will make the total sales (not in- programs has been approved by each House of the State
cluding temporary or RFC loans)for that month $150,137,900. Legislature and is awaiting Governor Homer's signature.
The measure, drafted by Chapman & Cutler of Chicago, was
CANADIAN MUNICIPAL FINANCING IN APRIL
Amount
Price
Basis
Rate Maturity
prepared principally for the benefit of the county governName
Page
*15,000,000
1.698
of)
2748 Canada (Dominion
ment and its major sub-divisions. Under existing law, many
9 years735,000,000
3
2914 Canada (Dominion of)
of these units are permitted to refund maturing loans but are
2
3 years 13,400,000
2914 Canada (Dominion of)
.275,000
1 year
4%
2408 Manitoba (Prov. of)
unable to a conduct a general refinancing to the indebtedness
25,200
99
2914 Oshawa, Ont
such as the proposed measure authorizes, according to re13,000
98.50
2914 Oshawa, Ont
648,438,200
port. The necessity for such authority is based on the fact
Total of Canadian bonds sold during April
* Temporary loan; not included in month's total.
that a disproportionate portion of the total indebtedness of
some of the municipalities becomes due during the next
five years.
PUBLIC WORKS ADMINISTRATION MUNICIPAL
ALLOTMENTS CHANGED
House Fails to Pass Relief Bill-It is stated in a United
Springfield on May
recent months many of the municipal subdivisions Press dispatch fromthe needed 102 votes to1 that the House
During
pass the Adminisbeen awarded loans and grants by the Public had failed to muster relief bill, raising
which had
the sales tax from
tration's emergency
Works Administration found that they could float their 2 to 3%, intended to vacate the above mentioned relief
bonds more advantageously in the open market, or that the
The vote was 88 to 54 for passage, fourteen
condition of their various sinking funds warranted their situation.the necessary two-thirds majority. The House
for cancellation of the loan portion of their short of
application
when the measure will be reconsidered.
allotment, utilizing only the grant customarily given by the adjourned until May 2
House Group Agrees on Old Age Pension Plan-An old
Recent press releases by the AdminisFederal Government.
tration have been laying greater stress on these changes than age pension bill providing for payment of $I a day for Illinois
age was recommended by a House
on announcements of new allotments, and we therefore give residents over 65 years of
below summaries of the latest changes we have received. sub-committee on May 1. The proposed measure requries
Volume 140
Financial Chronicle
that the recipient be a resident of the State for 15 years and
that he or she owns less than $5,000 in property.
Illinois—Relief Fund Stopped in State—The Illinois
Emergency Relief Commission on April 27 ordered relief
stations serving more than L00,000 persons to close April 30
because of lack of funds, according to Chicago press dispatches. It is said that the order will halt disbursal of
relief in all of Illinois except Cook County, where money
for 10 days' additional service was provided by sale of poor
relief bonds.
Governor Henry Horner attended the conference at which
the order was drafted and is reported to have issued a formal
appeal for private funds to avert "enormous suffering."
'1 he Governor went to Washington to place the State's
plight before Federal authorities. Financial difficulties
of the Illinois Relief Commission resulted from a refusal
of the State Assembly to provide $3,000,000 monthly to
match Federal funds at a ratio of 3 to 1.
Maine—Addition to List of Legal Investments—Bank
Commissioner Thomas A. Cooper has added to the list of
investments legal for Maine savings banks, San Jose water
works 1st 5s of 1951, 1st 5s of 1953 and 1st cons. s. f. 5s of
1954.
Minnesota—Act/ow nment of Legislature Brings Threat of
Heavier Taxes—A dispatch from St. Paul to the 'Wall Street
Journal' of May 1 had the following to say regarding the
prospect of a heavier tax burden on property due to the veto
by Governor Olson of an omnibus tax bill approved by the
Legislature at its recent session:
The 1935 session of the Minnesota legislature has passed into history,
leaving as its legacy to the people the prospects of paying the largest tax
levies ever recorded in the State during the coming two years.
Widespread agitation for limiting expenditures and reduction of taxes
failed to halt increased appropriations for the next two years. In order to
relieve property of a portion of the burden it now carries, an omnibus tax
bill containing a modified form of sales tax, was passed by both houses.
but went into discard through the medium of a veto by Governor Floyd
B. Olson in the final hours of the session.
According to compilations by State officials, the property tax levy for
State purposes in the current year will be 14.95 mills, an increase of 3 mills
over the levy for the year 1934. The 1936 levy, it is estimated, will be
slightly less, approximately 14.05 mills.
Appropriations for governmental expenditure for 1935-36 total $43,914.736, or $6,712,736 more than the amount granted for 1933-34. This total,
however, does not cover all anticipated expenses for the corning two years
by approximately $29,000,000, which is to be financed through the issuance of bonds which will not mature until after 1938.
voted
The sum to be obtained through bond issues covers the $10,000,000
for relief purposes early in the session; $12,000,000 for the highway depart$21,000,000 of federal funds into the
ment, which will bring an estimated
State for construction of highways, elimination of grade crossings and
State's
maintenance, $2,000,000 voted for drought relief, $2,000,000 for thepersons
share of the old age pensions,fixed at $30 per month for all deserving
over 65 years of age, and for public building construction.
In his message, vetoing the omnibus tax bill. Governor Olson voiced a
threat to attempt collection of more than $6000000 of corporate tax allegedly due the State annually under an existing law. It is estimated that
there now is approximately $100,000.000 due and unpaid under this classification. Any attempt to force collections must await decision of the courts
on a case now pending in Hennepin County, hearing of which has been set
for May 20.
Failure of the legislature to pass a tax law satisfactory to the Governor.
has led to general belief that a special session will be called in hopes that
some method of relieving the property tax burden may be placed upon
the statute hooks of the State. Quarried regarding this possibility. Governor
Olson thus far has failed to commit himself.
New Jersey—Governor Hoffman Yields in Conference Over
Economy—After a prolonged discussion of the State's financial problems on May 1 by Governor Harold G. Hoffman,
the Rev. Dr. Lester H. Clee, Speaker of the House, and Senator John C. Barbour, majority leader, economies and
diversions were agreed upon through which unemployment
relief may be carried on in the State until July 1, according
to Trenton advices of May 1.
It is said that, for the time being, at least, the Governor's
income and sales tax program, upon which he has insisted
since the early stages of the legislative session, will be put
aside. There is thought to be a strong possibility that it
will be revived in July, when the funds made available
through less objectionable methods have been exhausted.
The Governor has been a stanch advocate of a revision of
the whole taxing system of the State, while the forces led
by Dr. Clee have been in favor of rigid economies as a
substitute for new taxes.
New York City—Governor Lehman Signs City Emergency
Tax Measure—On April 30 Governor Lehman signed the
Dunnigan bill, extending until July 1 1936 the emergency
powers of the city to impose local taxes for unemployment
relief, according to Albany advices.
City Begins Investigation of Sales Tax Delinquents—The
Department of Finance on April 29 assigned 200 inspectors
to investigate 60,000 merchants in Manhattan who failed
to pay the 2% city sales tax. It ,s reported that many
of the delinquents are small shop keepers. Considerable
opposition to the sales tax is said to have confronted the city.
New York City—Comptroller Taylor Reports Tax Collections of $174,329,882—Comptroller Frank J. Taylor announced on May 1 that tax collections up to April 30, the
last day for payment without facing the 10% arrears penalty,
totaled $69,702,383 on account of the 1935 tax levy. Late
remittances by mail were expected to swell this amount.
The total levy for 1935 is $469,370,548 as compared with
the levy for 1934 of $474,544,112. Included in the 1935
collections is $29,685,545.55 of the second half taxes on which
a discount at the rate of 4% per annum was allowed from
the date taxes were paid to Oct. 1 1935, the date the second
half taxes are due.
New York State—Governor Lehman Signs $55,000,000
Relief Bond Bill—The Killgrew bill, authorizing the creation
3079
of $55,000,000 in State debt for the relief of unemployment,
was signed on April 27 by Governor Lehman as Chapter 505
of the Laws of 1935. The Governor is said to have signed
the measure without comment. It provides that a proposal
for the issuance of $55,000,000 bonds be submitted to the
voters at the general election in November. It is reported
that if the voters approve this proposal a block of $35,000,000
of the moneys will be used to finance public works projects
and the remainder will be distributed among localities.
We quote in part as follows from an Albany dispatch of
the 27th to the New York "Herald Tribune,' commenting
on the new law:
Governor Herbert H. Lehman to-day signed the Killgrew bill submitting
to the voters in November a new $55.000,000 bond issue for home and
work relief, the money to be available for the period from Nov. 15 this year
to Feb. 15 1937. This, with previous bond issues and appropriations, as
well as a new $10,000,000 appropriation this year, would bring the total of
State funds for unemployment relief since Aug. 1931. to $220,000,000.
There was a $30 000,000 bond issue in 1932, one of $60,000.000 in 1933,
and one of $40,000,000 last year, in addition to $25,000,000 originally
a..ropriated. Out of the proposed new $55,000.000 bond issue, $35,000,IIIwould be applied directly to unemployment and welfare relief, and
the reimbursement of municipalities, while $20,000,000 would be used to
reduce unemployment by the construction of public works improvements.
Republicans of the Legislature made an issue on the $55,000,000 proposal, insisting that unemployment relief should be placed on a permanent
basis supported out of current revenues and many of them in both houses,
voted against the Killgrew bill.
Village Bond Refunding Bill Vetoed—A bill was vetoed by
Governor Lehman on May 1 which would have authorized
any village to refund bonds bearing an interest rate of 4%
or more if such bonds were issued prior to May 1 1934,
according to Albany press dispatches.
New York State—Governor Signs Mortgage Certificate
Rehabilitation Bill—Governor Lehman is reported to have
signed the Joseph bill extending the period of the emergency
for the rehabihtation of guaranteed mortgage certificates
from Aug. 1 1937 to Jan. 1 1940. It is said that the also
signed the Pack bill giving the State Mortgage Authority
six months in which to begin exercising its functions, instead
of only 90 days, as was provided in the original bill creating
the authority.
Ohio—House Defeats Lawrence Bond Refunding Bill—The
House of Representatives on April 26 rejected the Lawrence
bond refunding bill by a count of 34 "for" to 51 "against,"
thus turning down a proposal to permit municipalities to
issue refunding bonds against deficits in operating revenues.
We quote in part as follows from a Columbus news report
on the Legislature's unexpected action:
In the wake of the Democratic revolt In the House taxation committee
which Thursday demanded decreased state expenditures instead of increased taxes, the House yesterday demanded reduction in operating
expenses of the political subdivisions instead of authority to issue more
local bonds.
The action came in the overwhelming defeat of the Lawrence bond
refunding bill which had been indorsed by Governor Davey as a substitute
for his two-year bond moratorium proposal.
Reconsideration Seen
A move to reconsider the bill may be made next week but it will have
to have twice as many votes as it received yesterday before it can be passed.
It had passed the Senate several weeks ago, but in the House the vote was
34 to 51.
The Lawrence bill would have authorized subdivisions to issue refunding
bonds in sufficient amounts to meet deficiencies in operating revenues.
Defeat of the bond refunding bill left only one of Governor Davey's
program bills alive in the Legislature—the bill to authorize county commismeet
sioners to issue bonds in a maximum amount of $15,000,000 to 1935, the
the
State's share of the unemployment relief load for the rest of
be retired out of collections from the utilities'excise tax during
bonds to
the next nine years.
Two Parts Are Dead
Both the bond moratorium bill and its substitute, the refunding bill
comprised one point in his three-point program are apparently dead.
which
The third point in the program, by which $6,000,000 to pay old-age
Pensions to the end of the year was to be met out of savings effected in
the State government, was changed this week in favor of a 1-cent increase
In the gasoline tax. But the latter proposal was killed in the House taxation committee Thursday.
Opponents of the refunding bill declared it would not be necessary if
political subdivisions would cut their expenses. Representative William
M. Boyd (D.) of Cleveland declared issuance of refunding bonds "means
only deferring payments for future generations."
Tennessee—Huge Refunding Operation Authorized By
Legislature—The 1935 Legislature has enacted a law which
gives the Funding Board authority to refund $67,773,000 of
outstanding bonds to the financial benefit and advantage of
the State, according to the Nashville "Banner" of April 24,
in which the following comment by Brainard Cheney appeared:
Tennessee soon will undertake its greatest refunding program since the
-century ago.
era of railroad bond refinancing a half
The departing Legislature granted the funding board authority to refund
$67,773.000 of the State's outstanding bonds "to the financial benefit and
advantage of the State."
The bill receiving the approval of the Legislature in its last days launched
the State upon this giant refinancing scheme as a part of Governor McAlister's program to solve govermental money problems.
Authority is conferred under the Act to permit the State "to take advantage of the exceptionally favorable bond market now prevailing" and a
limit of 4% interest rate is fixed. The bonds to be re-issued how bear interest at the rate of from 3N to 6%.
Part of the refunding aim is to secure "a favorable coupon rate and at
an extended maturity." Twenty-five years is the limit fixed in the Act.
In the bond market to "trade." the funding board members to-day were
tight-lipped about their prospects or hopes.
In addition to the more than $67,000.900 bonds to be refunded, the funding board is also in the market to sell $1,500.000 of new bonds to provide
funds for matching FERA relief money for Tennessee. Last-minute legislative action conferred this additional authority and responsibility.
Of the aggregate of bonds to be refunded, $6.056.000 fall due on or before July 8 of this year. Approximately $4.500,000 of these bonds are
obligations of the general fund and as the Act bluntly puts it, "there is no
money in the sinking fund available." Under these circumstances their
refinancing becomes imperative. Otherwise the State would default.
The total to be refunded includes $36,000.000 highway bonds due in 1939.
There will not be sufficient revenue in the highway sinking fund to meet
these termendous maturities in that year, according to the State Comptroller.
In addition there are $13,850,000 of bridge bonds which the Board will
seek to refund. These bonds are also an obligation of the highway fund
from which approximately $4,000,000 a year is now set aside to amortize
these and other bonds. The bridge bonds will mature in the years 194243-44-45. Present interest rates on the highway and bridge bonds range
from 3j to 4(%. If these bonds can be refunded at an average interest
3080
Financial Chronicle
rate of 1% lower than existing rates it would mean a saving of $500.000
a year. The interest on Tennessee's total debt for the next bienium, under
existing financing, will be almost $10.000,000.
Of the $67,000.000 in bonds to be refunded, only $10,000,000 were issued
during the administration of Governor McAlister. This issue was authorized by the 1933 Legislature to pay a deficit in the general fund coming
over from the previous administration and is the only borrowing made
by McAlister.
The bonds to be refunded under the Act are itemized as follows:
$120,000 refund. 430,due July 1 1935, $1,150,000 General Fund 68, due May 1
18,000 Hospital 5(45, due July 1 1935
1940.
5,000 Capitol Improvement 5gs, 1,215,000 General Fund 13s, due May 1
due July 1 1935.
1941.
20,000 refund. 4348, due July 1 1935.
130,000 Refunding 45, du July 1 1935
10,000 Memorial 4348, due July 1 2,500,000 General Fund 6s, due June 1
1935.
1935.
20.000 University of Tennessee 4gs, 3,200,000 Temporary Loan, at one-half
due July I 1935.
of 1%, issued April 8 and
35,000 University of Tessessee 45,
due July 8.
due July 1 1935,
7,000,000 Highway 430, due Jan. 1
1939.
50,000 Western State Hospital 4148,
due October 1 1936.
12,500,000 Highway 4348, due Feb. 15
2,625,000 Bridge 4s, due May 1 1943.
1939.
375,000 Bridge 3348, due May 1 1943. 5.500,000 Highway 4348. due Jan. 1
1939.
7,500,000 Bridge 4gs, due July I 1944.
2.350,000 Bridge 4345, due Jan. 11945, 10,000,000 Highway 4'%s, due Dec. 1
10.000,000 Funding 6s, due July 1 1943.
1939.
1,000,000 Bridge 4g8, due July 1 1942.
OFFERINGS WANTXD
A rkansas-Iillnobs-MIssestrl--Oklahima
MUNICIPAL BONDS
FRANCIS, BRO. 8i CO.
ESTABLLSHED 1877
Investment SecurtHea
Fourth and Olive StrestA
ST.LOUIS
BOND PROPOSALS AND NEGOTIATIONS
ACADIA PARISH SCHOOL DISTRICT NO. 65 (P. 0. Crowley),
La.
-BONDS NOT SOLD-The $120.000 issue of school bonds offered
-was not sold, as no bids were received,
on April 26-V. 140, p. 2573
according to the Secretary of the Parish School Board.
AFFTON SCHOOL DISTRICT (P. 0. Affton), Mo.-BOND REGIS-Under a writ a mandamus issued by
TRATION ORDERED BY COURT
• the State Supreme Court, the registration of bonds voted by the District
for school building construction, by the State Auditor. Is required. It
had been held by the State Auditor that the unit was not properly formed
so as to comprise a "Town District."
-The $1,525,000 coupon or registered
ALBANY, N. Y.
-BOND SALE
-were awarded to a syndicate
bonds offered on April 30-V. 140, p. 2734
composed of Lehman Bros., New York; Manufacturers & Traders Trust
Co., Buffalo; R. W. Pressprich & Co.; F. S. Moseley & Co.: Foster & Co.:
Adams, McEntee & Co.; Flannahs, Bailin & Lee, and Battles & Co., of
Philadelphia, as 2s, at a price of 100.56, a basis of about 1.85%. The sale
included:
$640.000 refunding bonds. Due $64,000 on May 1 from 1936 to 1945 Ind.
450.000 emergency relief bonds. Due $45,000 on May 1 from 1936 to
1945 inclusive.
330,000 water refunding bonds. Due 533.000 on May 1 from 1936 to
1945 inclusive.
60.000 municipal equipment bonds. Due May 1 as follows: $8,000 from
1936 to 1939 inclusive and 57,000 from 1940 to 1943 inclusive.
45,000 local improvement bonds. Due May 1 as follows: $4,000 from
1936 to 1940 inclusive and $5,000 from 1941 to 1945 inclusive.
w Each issue is dated May 1 1935. The second highest bid received for
the bonds was an offer of$6,573 premium on 2% bonds,tendered by a group
composed of the Bancamerica-Blair Corp.; Kean. Taylor & Co.; Geo. B.
Gibbons & Co., Inc.; Darby & Co., and Spencer, Trask & Co., all of New
York.
The following is a complete list of the other bids submitted for the issue'
Int Rate
AmountBid
BidderBancamerica-Blair Corp.; Kean, Taylor & Co.;
Geo.B.Gibbons & Co..Inc.; Darby & Co.,and
2%
Spencer Trask dr Co
61,531,573.00
Lazard Freres & Co.,Inc.; B.J. Van Ingen & Co.,
1.531,542.25
Inc.; Francis I.du Pont & Co.,and Shields & Co.2%
Chase National Bank; First Boston Corp.; Harris
Trust & Savings Bank; Northern Trust Co.;
1.531,511.75
R.H.Mouton 8z Co.,and L.F. Rothschild & Co. 2%
Chemical Bank & Trust Co.; Hallgarten & Co.;
Ladenburg, Thalman & Co.; Hemphill Noyes &
Co.; Mercantile Commerce Bank & Trust (St.
2%
1,531,237.00
Louis), and Burr & Co
Kidder Peabody & Co.; Estabrook & Co.; Brown
1,530,067.00
Harriman & Co.,and First of Michigan Corp__ _ 2%
Blyth & Co., Inc.; Dick & Merle-Smith; Roose2%
1,529,878.94
velt & Weigold,Inc., and Eldredge & Co.,Inc
1.528,900.00
National Commerical Bank & Trust Co.of Albany 2%
1,528,812.50
2%
Halsey,Stuart & Co.,Inc
Bankers Trust Co.; National City Bank of New
York; Edward B. Smith & Co., and Goldman
2%
1,526,052.25
Sachs & Co
First National Bank of the City of New York;
Barr Bros. & Co., Inc.: R. L. Day & Co., and
2%
1,525.915.00
New York State National Bank, Albany
ALAMOSA COUNTY SCHOOL DISTRICT NO. 3 (P.O. Alamo's),
-It is reported that the
Colo.
-BONDS SOLD PRIOR TO ELECTION
$88,000 refunding bonds to be passed on at an election May 6-V. 140,
-were purchased by a syndicate composed of Gray B. Gray,
P. 2733
Inc.: the International Trust Co.. and Boettcher & Co., all of Denver,
subject to the outcome of the said election.
-BONDS NOT SOLD
"ALCONA COUNTY (P.O. Harrisville), Mich.
The 516.0005% refunding bonds offered on April 9-V.140, p. 2223-were
not sold. IDated Mar.1 1935 and due $4,000 on Jan. 1 from 1936 to11939,
inclusive
'VRALGOOD,ITenn.-BONDS AUTHORIZED-The Governor is said to
have signed a bill authorizing the issuance of $30,000 in town bonds.
'ATLEGHANY COUNTY AUTHORITY (P. 0. Pittsburgh), Pa.BONDS TO BE OFFERED-It is stated that a block of 51,000,000 4%
bonds will be advertised for sale in the near future. William McK. Reed
Is Secretary-Treasurer of the Board..
-BOND SALE.
-The $14,000 coupon city hall,library and
ALTON, la.
-were awarded
fire station bonds offered for sale on May 1-V. 140, p. 2902
the Carleton D. Beh Co. of Des Moines, as 38, paying a premium of
to
$145. equal to 101.03. a basis of about 2.76%. Due as follows: $500,
1936 to 1939, and $1,000. 1940 to 1951; optional after 5 years.
ANDERSON, Ind.
-BONDS SOLD-It Is reported that the city has
disposed of $65.000 waterworks improvement bonds at private sale.
-The Town Council will meet
ANITA, Iowa-BONDS CONSIDERED
on May 6 to institute proceedings for the issuance of 58.000 refunding
to retire a like amount of refunding bonds which mature
bonds to be used
June 1 next.
"ANNE ARUNDEL COUNTY(P.O. Annapolis), Md.-BOND SALE
The 545,000 5% Bay Ridge District bonds offered on April 30-V. 140.
-were awarded to Morris Mather & Co. of New York, at 101.299,
p. 2734
a basis of about 4.80%. Dated May 1 1935 and due 53.000 on May 1 from
1936 to 1950 incl. One other bid was submitted, an offer of 101 by Stein
Bros. & Boyce; Mercantile Trust Co., and John Nuveen & Co., jointly.
May 4 1935
ANSONIA, Conn.
-BONDS NOT TO BE ISSUED AS YET
-City
Treasurer Frederick M. Drew advises us that the $375,000 bonds which
the city was given authority to inane by the State Legislature will not be
Issued at present, and that approval by the electors will be required before
issuance can be made.
-V. 140, p. 2734.
ARDMORE, Okla.
-BONDS APPROVED-According to the Ardmore
"Ardmoreite" of April 21 the $34.000 4% sewerage bond issue which the
Attorney-General's office had refused to approve as to form has now
received the approval of that official. It was said:
"Formal approval of the 534.000 bond issue voted some months ago for
the financing of the construction of a modern sewage disposal plant in
southeast Ardmore has been made by the Attorney-General's office, it
was announced by C. F. Adams City Manager.
"The bond issue, sold to the First National Bank here, will now await 30
days before further action-a period when protons against it may be filed
by any taxpayer. If no protests are filed at the expiration of that period
the bond issue becomes valid and the money for the construction will be
available at once.
"The Federal Government stands ready to share the expense of the
project and every effort to hasten its starting date has been made by
those in charge.
"The new plant, described by engineers as one of the most modern
and complete in the Southwest, will solve a vexatious problem relative
to the city sewage which would eventually find its way into Lake Murray.
"The present plant, outmoded and outgrown, will be wrecked and the
new equipment installed on the old site."
ATHENS, Ga.-BOND SALE
-The $75,000 issue of 334% coupon or
registered semi-ann. water works system bonds offered for sale on May 1
-V. 140, p. 2573
-was purchased by Clement A. Evans & Co. of Atlanta,
paying a total price of $86,303.51, equal to 115.07, Dated July 1 1935.
Due on Jan. 1 1965.
ATLANTIC COUNTY (P. 0. May's Landingl, N. J.-1935 FINANCING PLAN EFFECTIVE
-The Protective Committee for holders of
county oonds has announced that the plan dated March 15 1935 for the
adjustment of the county's bonded deot during 19.15 has been declared
effective. Stacy B. Lloyd is Chairman of the Committee and Carl W.
Funk, 1429 Walnut St., Philadelphia, is Secretary.
ATTICA SCHOOL DISTRICT, Kan.
-BOND ELECTION PROPOSED
-Petitions are being circulated asking for the calling of a special election
to vote on a proposed 520.000 bond issue to raise funds to finance the construction of a gymnasium and auditorium, according to report.
ATWATER, Minn.
-BONDS VOTED
-At an election on April 23 the
voters approved the issuance of $15,000 in 4% school bonds by a count of
159 to 123. Due $1,500 from 1936 to 1945. It is said that sealed bids
will be received soon for the purchase of these bonds.
AUGUSTA, Ga.-BONDS PROPOSED
-It is stated that theThit7
Council is considering a petition requesting validation of a bond issue of
$145,000 for refunding purposes.
BARRE (P. 0. Websterville), Vt.-BOND SALE
-The 587.000 3g%
coupon refunding bonds offered on April 26-V. 140. p. 2735
-were awarded
to the Peoples' National Bank of Barre,at a price of 102.68 a basis of about
2.85%. Dated May 1 1935 and due Oct. 1 as follows: $6.000 from
to 1947 incl. and $5,000 from 1948 to 1950 incl. Other bidders were:1936
BidderRate Bid
First Boston Corp
101.23
National Life Insurance Co
100.22
E. II. Rollins & Sons
99 781
Vermont Securities, Inc
100.87
Financial Statement (Feb. 1 1935)
Grand list: Real estate
$38.241.87
Personal property
2.200.75
Polls
2,834.00
840.478.42
Receipts for year (including borrowed money)
Expenditures
Cash balance
Delinquent taxes (1920-1935)
Other assets
Total assets
Total debt
8140.990.28
138,951.13
52.039.15
*30.135.86
2.372.35
32.508.21
97.186.39
Net debt
$64,678.18
Tax rate
$2.95
Population, 4.259.
* As of April 15 1935 this amount has been reduced by $1.200.00.
This issue of bonds is to refund outstanding floating indebtedness lawfully
incurred. Legal opinion of Peter Giuliano, Esq., Montpelier, Vt., city
Attorney and Corporation Counsel and Lawrence 40. Jones, Esq., Rutland,
Vt., Attorney-General of the State of Vermont,
BAKER COUNTY SCHOOL DISTRICT NO.5 (P. 0. Baker) Ore.
BOND ELECTION
-It is reported that an election will be held on May 10
to vote on the Issuance ot $15,000 in school completion bonds.
BAYONNE, N. J.
-BONDS AUTHORIZED
-On April 16 ordinances
were passed by the Board of City Commissioners authorizing the city to
Issue bonds as follows:
$354.000 4% coupon Broadway paving bonds. Denom.51,000. Dated Jan.1
1935. Interst payable semi-annually Jan. 1 and July 1. Due
yearly on Jan. 1 as follows: $17,000 1938 to 1941, incl.. and
318,000, 1942 to 1955, incl.
104,000 water bonds to bear interest at 4%, 431%. 434%
Dated April 1 1935.
92,000 4% water bonds. Denom. $1,000. Dated Jan. 1 1935. Int.
payable semi-annually Jan. 1 and July 1. Due yearly on Jan. 1
as follows: $3,000 1936 to 1943,incl., and $4,000 1944 to 1960 incl.
-It is announced by G. H.Petkovsek,
BEAUMONT,Tex.
-BOND CALL
Director of Finance, that a total of 5503.000 5% jail, park, sewerage, dock
and wharf, street improvement and repair, sewer, wharf, and school house
building and repair bonds is being called for payment on
June 1, o which
date interest shall cease. Each issue matures 40 years from date and a
optional after 20 years. Payable at the City Treasurer's office, or in the
Central Hanover Bank & Trust Co. in New York, or the Chase National
Bank in New York.
BEAVER, Pa.
-BONDS OFFERED
-E. N. Tomlinson, Secretary of
Borough Council, will receive bids until May 7 for the purchase of 550,000
coupon bonds to bear interest at 234%. 2 g% or 3%, as named by the
successful bidder. Denom. $1,000. Interest payable semi-annually June 1
and Dec. 1. Due $5,000 yearly on June 1 from 1936 to 1945, Incl. Certified check for $250, required.
BERKELEY COUNTY SCHOOL DISTRICT (P. 0. Martinsburg),
W. Va.-BOND SALE
-We are informed that the Board of Education on
April 9 negotiated the sale of $75,000 33)refunding bonds to the Old
National Bank, of Martinsburg, at par. The bonds were issued to retire
a similar amount of bonds of 1919 designated as the Winchester Avenue
School issue.
"
-BIG LOST RIVER IRRIGATION DISTRICT (P. 0. Mackay), Pa.
BOND ELECTION PROPOSED-It is stated that the Directors of the district are hoping to be able to tall a special election for May 18 to submit
to the voters a proposed bond issue of $238,500.
-BOND OFFERING-It is stated by 0. W. Nickey,
BILLINGS, Mont.
City Clerk, that he will receive bids until 7:30 P. m. on May 22, for the
Pruchase of a $340,000 Issue of refunding bonds.
BLACKSTONE, Va.-BOND OFFERING-It is stated that sealed bids
will be received until 8 p. m.on May 14, by C. H. Hardy, Town Treasurer,
for the purchase of a $25,000 issue 0(4% coupon refunding bonds. Denom.
$500 or $1,000. Dated July 1 1935. Due $5,000 on July 1 in 1940, 1945,
1950. 1955 and 1960. Interest payable J. & J.
BLUE EARTH COUNTY (P. 0. Mankato), Minn.
-BOND SALE
POSTPONED-We are informed that the sale of the $54.800 ditch refunding bonds,scheduled for May 1-V. 140, p. 2903
-has been adjourned until
2 p. m.on May 8. Denorns. 8500,51.000 and one for $1,300. Dated May!
1935. Due from May 1 1938 to 1945, incl. Interest payable M.& N
Volume 140
Financial Chronicle
BLUFFS, 111.
-BONDS VOTED
-An issue of $10,000 water works bonds
was approved by the voters at an election held recently.
BOISE SCHOOL DISTRICT, Ida.
-The Parent
-BONDS PROPOSED
Teachers Association is reported to be agitating for construction of new
school buildings to relieve congestion, which would necessitate the issuance
of bonds in the approximate amount of $200.000.
BOONE INDEPENDENT SCHOOL DISTRICT, Iowa
-BONDS
PROPOSED-The Directors of the district have called a meeting for May 6
to institute proceedings for the issuance of $10,000 school refunding bonds.
R. T. Duckworth is Secretary.
BRADLEY BEACH, N. J.
-BONDS AUTHORIZED-The civic authorities have recently authorized the issuance of $40,000 4% 20-year
septic tank and sewage disposal plant bonds to the United States Government, according to report.
BONDS SOLD TO P WA-The borough has consummated the sale of the
above issue to the Public Works Administration at par. Bonds are dated
Jan. 1 1935. Denom. $1,000. Due $2,000 on Jan. 1 from 1936 to 1955
bid. Interest payable J. & J.
BRANDON, Miss.
-BOND SALE
-A $5,000 Issue of paving bonds is
reported to have been purchased recently by the Peoples Bank of Palahatchle.
BRIARCLIFF MANOR, N. Y.
-BOND SALE
-The $13,000 coupon or
registered fire truck purchase bonds offered on April 24, sale of which was
postponed, have been awarded to George B. Gibbons & Co.. nc., of New
York, as 4sis, at 100.08. a basis of about 4.24%. Dated day 1 1935 and
due May 1 as f alows: $1,000 from 1937 to 1940 incl. and $1,500 from 1941
to 1946 inclualve.
BRIARCLIFF, N. Y.
-NO AWARD MADE
-We are informed that
no award was made of the 513.000 fire truck purchase bonds offered for
sale on April 24, as reported in V. 140. p. 2736. The Ossining Bank for
Savings, of Ossining, and Geo. B. Gibbons & Co., of New York. submitted
bids which were referred to the corporation Counsel for recommendation.
BRIDGEPORT,Conn.
-BONDS RE
-OFFERED FOR INVESTMENT
The $1,000,000 refunding bonds, comprising $375.000 2;is, due from 1937
to 1939, incl., and $625,000 2s, due from 1940 to 1944, incl., awarded to
Brown Harriman & Co., Inc. of New York and associates, at 100.059, a
bash; of about 2.09%, as reported in V. 140,. 2903
-are being re-offered
by the bankers at prices to yield from 1.10% to 1.70% on the 2;is and
1.90% to 2.15% on the 2s. In the opinion o the bankers, the bonds meet
the requirements as legal investment for savings banks and trust funds in
New York, Massachusetts, Connecticut and certain other States. In the
opinion of counsel, the bonds, interest on which is exempt from all Federal
Income taxes, are direct and general obligations of the City of Bridgeport,
payable, principal and Interest, from taxes which may be levied against all
taxable property without limitation as to rate or amount. Assessed valuation, as officially reported, is $234,551,175 and total funded debt, $14,921,450. The bonds are tax free in Connecticut.
BRISTOL, Tenn.
-BOND REFUNDING AUTHORIZED
-The Governor is said to have signed a bill authorizing this city to refund its obligations.
BRISTOL, Tenn.
-BOND BILL SIGNED
-The Governor is reported
to have signed a bill on April 20 providing for the issuance of $500,000 in
electric utility bonds, after the bonds are approved at a referendum.
BRITTON INDEPENDENT SCHOOL DISTRICT (P. 0. Britton),
S. Dak.- WARRANTS CALLED
-It Is reported that George G. Baker,
District Treasurer, is calling for payment at his office outstanding school
warrants registered up to and including Register No. 565.
BROOKS COUNTY (P. 0. Falfurrias), Tex.
-BOND CALL
-The
Commissioners Court is reported to have called for payment recently the
following bonds: $40,000 court house and $15,000 road bonds. Dated In
1914.
BROOKSHIRE ROAD DISTRICT NO. (P.O. Hempstead), Tex-BONDS SOLD
-It is stated by the County Judge that a $10,000 issue
of road bonds approved by the voters on Nov.24 1934 has been purchased
by the Citizens State Bank of Hempstead, at a price of 101.50.
BRYAN COUNTY (P. 0. Durant), Okla.
-BONDS APPROVED
We are informed that the Attorney-General's office has recently given its
approval to a bond Issue of $68,116.85.
BUCYRUS, Ohio
-BOND OFFERING
-City Auditor Constance R.
Keller, is receiving bids until noon May 16,for the purchase of the following
6% bonds:
$35.000.00 intercepting sewer bonds. Denom.$1,000. Dated Jan. 1 1935.
Due 31,000 each six monthsfrom April 1 1936 to Oct. 11952, incl
2,000.00 South Sandusky Ave. city's portion repair bonds. Denom.
$500. Dated Oct. 1 1934. Due $500 yearly on April 1 from
1937 to 1940, inclusive.
5.893.10 South Sandusky Ave. property owners' portion repair bonds.
Denoms. 1 for $893.10 and 5 for $1,000. Dated Oct. 1 1934.
Due yearly on Oct. 1 as follows: $893.10 1936 and $1,000, 1937
to 1941, inclusive.
Interest payable semi-annually. Bids may be made for bonds bearing
less than the rate of interest given above, but must be expressed in multiples
o( 31%. A certified check for 1% of amount of bonds bid for, payable to
the City of Bucyrus, required.
BUFFALO INDEPENDENT SCHOOL DISTRICT NO. 1, Iowa
BOND CALL
-Christian Zogg, Secretary of the Board of Directors,
announces that $14,000 4 school building bonds, dated June 1 1928 and
scheduled to Inatureyearly on June 1, from 1938 to 1947, are being called
for retirement as of June 1 next.
BURKBURNETT, Tex.
-BOND ELECTION
-We are informed that
an election is scheduled for May 6 to vote on the issuance of $32,000 in
6% electric light and power refunding bonds. Due in from 1 to 8 years.
CALIFORNIA (State of)
-PROPOSED CONSTITUTIONAL AMENDMENTS PASSED BY ASSEMBLY
-The Sacramento "Bee" of April 17
carried the following regarding the passage by the Assembly of a proposed
amendment to the Constitution which would permit issuance of $10,000,000
bonds for operation of State fairs:
"The Assembly to-day passed two constitutional amendments which
would set up the necessary machinery for the financing of expositions in
San Francisco and Los Angeles in 1937.
"The State would issue $5.000,000 in bonds for each show, with Loa
Angeles County being given authority to issue $5,000,000 additional. The
celebrations will be stated In honor of the completion of the Boulder Dam
project and the San Francisco Bay Bridge."
CAMBRIDGE, III.
-P WA LOAN AND GRANT APPROVED-We
learn that the Public Works Administration has approved a loan and grant
of $22 000 for construction of a new community building. A bond Issue
of $16,000 will be made, with the balance to be covered by grant
CAMBRIDGE, Mass.
-BOND OFFERING-William J. Shea, City
Treasurer, will receive sealed bids until 11 a. m. (Daylight Saving Time)
on May 7 for the purchase of 5200.000 coupon street bonds. Dated
May 11935. Denom. 51,000. Due $40.000 on May 1 from 1936 to 1940
incl. Bidder to name one rate of Interest in a multiple of; of 1%. Prin.
1
.
and int. (M. & N.) payable at the First National Bank of Boston. The
bonds will be engraved under the supervision of and authenticated as to
genuineness by the First National Bank of Boston. Legal opinion of
Storey, Thorndike, Palmer & Dodge of Boston will be furnished the successful bidder.
Financial Statement April 15 1935
Assessed valuation 1934 (including motor vehicle excise)_4185,613,590.00
Total bonded debt, not including present issue
12,100,300.00
Water bonds, included in total debt
1.338,500.00
Sinking funds, other than water
2,651,746.55
Water sinking funds
489.998.70
Population, 1930 census, 113.643.
CANISTEO, N. Y.
-BOND SALE
-The $78.000 coupon or registered
water works bonds offered on April 29-V. 140. p. 2737-were awarded as
8.30s to the Manufacturers & Traders Trust Co. of Buffalo. at 100.189, a
basis of about 3.29%. Dated May 1 1936 and due $3.000 on May I from
1940 to 1965 incl.
CANTON, N. Y.
-BOND SALE
-The $40,000 sewer bonds offered on
April 30-V. 140, P. 2903
-were awarded to the A. Barton Hepburn
Hospital of Ogdensburg as 3e, for a premium of $11, equal to 100.02, a
basis of about 2.99%. Dated Oct. 1 1934 and due $2,000 on Oct. 1 from
3081
1935 to 1954 incl. Prin. and int. (A. & 0.) payable at the Village Treasurer's office. Direct obligations of the village, payable from unlimited
taxes. Legality approved by Clay, Dillon & Vandewater of New York.
Other bidders were:
Bidder' Int. Rate
Premium
J. & W. Seligman & Co
3.30%
528.00
Sherwood & Merrifield, Inc
3.50%
132.00
Canton Savings & Loan
3.50%
10.00
St. Lawrence County National Bank
3.20%
41.00
M.& T.Trust Co.,Buffalo,N.Y
3.20%
75.60
A. C. Allyn & Co
3.70%
57.60'
George B.Gibbons& Co
3.50%
152.00
CARBON COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Rawlins),
Wyo.-BOND CALL
-Bonds numbered from 1 to 25 of a 4I4% school
bond Issue of Jan. 1 1928 are being called for payment on May 15, on which
date interest shall cease, at the Stock Growers National Bank of Cheyenne.
Denom. $1,000. Due on Jan. 1 1953, optional on Jan. 1 1933.
CARBONDALE CITY POOR DISTRICT, Pa.
-PURPOSE OF ISSUE
-The Bureau of Municipal Affairs of the Pennsylvania Department of
Internal Affairs states the report issued under date of Jan. 12 1935 that an
issue of $50.000 operating expenses bonds of the district had been approved
was incorrect in that the loan was authorized to fund floating indebtedness.
The issue was offered for sale on Feb. 11, at which time no bids were
submitted.
CARLSBAD, N. Mex.-BOND CALL
-It is reported that the entire
Issue of 6% municipal building bonds, Issue of Nov. 1 1921. are being
called for payment as of May 5 at the Carlsbad National Bank. Due
in 1941, optional in 1931.
CARTER COUNTY (P. 0. Elizabethton), Tenn.
-BONDS AND
WARRANTS AUTHORIZED
-It is reported that the Governor has signed
the bills providing for the issuance of $300,000 in warrants and bonds
V. 140. p. 2575
-divided as fo1lows:ak$150,000 tax anticipation warrants
and $150,000 refunding bonds.
CASTLEWOOD SCHOOL DISTRICT (P. 0. Castlewood) Va.BONDS APPROVED-The Board of District Supervisors Is reported to have
voted to issue $20,000 in school bonds.
CENTRALIA SCHOOL DISTRICT (P. 0. Santa Ana), Calif:
BOND SALE
-The 525.000 issue of school bonds offered for sale on
April 30-V. 14%,p. 2707-was purchased by Redfield, Royce & Co. of
Los Angeles, as 4 s, paying a premium of $260, equal to 101.04, a basis
of about 4.40%. Dated June 1 1935. Due from 1940 to 1958. incl.
CERRO GORDO COUNTY (P. 0. Mason City) Iowa
-BOND
-The $42,000 issue of funding bonds offered for sale on April 29SALE
-was awarded to the First National Bank of Mason city.
V. 140. p. 2904
as 210, paying a premium of $126. equal to 100.30, according to the
County Treasurer.
Denom. 51.000. Dated April 1 1935. Interest payable semi-annually
May i and Nov. 1. Due serially on and after May 1 1938.
CHADRON, Neb.-REFUNDING BONDS AUTHORIZED-The City
Council on April 15 passed an ordinance authorizing the issue of 5170.000
4% coupon refunding bonds. Denom. $1.000. Dated May 1 1935.
Interest payable semi-annually
-May 1 and Nov. 1. Due yearly on May 1
as follows: $5.000, 1936 and 1937; 515.000, 1938 to 1947 incl., and $10,000,
1948. The bonds are to be issued to retire the following described bonds:
Refunding bonds Nos. 41, 42 and 44. dated Oct. 1 1925, due Oct. 1 1945'
optional any time after Oct. 1 1930, of the aggregate principal amount of
$3.000.
Refunding bonds Nos. 13 to 28 inclusive, dated April 1 1927, due April 1
1947; optional any time after April 1 1932, of the principal amount of
H
$16 osMal bonds Nos. 4. 6, 8, 10, 12, 14, 16, 18. 21, 23, 25. 27. 28. 29 to
35 inclusive, dated Oct. 1 1927, due Oct. 1 1947; optional any time after
Oct. 1 1932, of the aggregate principal amount of 520,000.
District paving bonds Nos. 16 to 27 inclusive of Districts No.. 8. 9.
and 10, dated Feb. 11930. due Feb. 1 1950; optional Feb. 1 1935. of the
aggregate principal amount of $12,000.
efunding bonds Nos. 1 to 26 incl., 31 to 40 incl., 46 to 104 incl , and
106 to 129 incl.. dated May 1 1930, due May 1 1950; optional May 11935.
.
of the aggregate principal amount of $119,000.
CHEYENNE SCHOOL DISTRICT, Okla.
-BONDS APPROTED-It is disclosed that the issuance of $13.870 bonds has received the approve
of the Attorney-General's office.
CHICAGO CONSOLIDATED PARK DISTRICT (P. 0. Chicago),
Ill.
-WARRANT OFFERING -Sealed bids will be received by J. Frank
Lyman. Secretary of Board of Commissioners, until 2 p.m. on May 7 for
the purchase of $1,000.000 corporate tax anticipation warrants, representing part of the 56 % of warrants to be issued against the 1935 levy for
Corporate purposes as authorized in an ordinance passed by the District
Commissioners on Jan. 15 1935 and a resolution approved Jan. 22 1935.
Upon issuance of the present offering the total outstanding corporate tax
anticipation warrants will not rept asent more than 31% of the tax levy.
Successful bidder will be determined by the lowest rate of interest named for
the obligations. Sale and delivery of the warrants will be consummated
on May 14 1935. Proposals must be accompanied by a certified check for
1%. payable to the order of the District Treasurer.
CHUTENANGO, N. Y.
-BOND SALE
-The $22,000 coupon or
registered highway bonds offered on April 30-V. 140, p. 290 --were
awarded to the National Bank of Minoa as 3s, at par plus a premium of
$22, equal to 100.10, a basis of about 2.98%. Dated Feb. 1 1935 and due
$2BidOo Feb. 1 from 1936 to 1946, incl. Other bidders were:
4O0 rn
BidderInt. Rate
Rate Bid
A. C. Allyn & Co
47
100.118
Marine Trust Co
3.70%
100.318
3.20%
100.50
SherwoodSATetrifield, Inc
3.75%
100.11
George Bonbright & Co
3.60.7
100.289
First National Bank of Minoa
3.00 7
9
100.10
State Bank of Chittenango
3.50 o
Par
CHULA VISTA, Calif.
-BONDS SOLD-It is stated by the City Clerk
that the $107,000 4% semi-annual paving bonds approved by the voters
at an election on Oct. 30 1934 have been purchased at par by the Public
Works Administration.
CLACKAMAS COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Estacada) Ore.
-BOND SALE NOT CONSUMMATED-It 11 stated by the
District Clerk in a letter dated April 22 that up to that time delivery had
not been made on the $70,000
% semi-arm. school bonds offered on
March 22, the bids for which were being held for consideration until March
29-V. 140, p. 2225
-due to the fact that the Federal Government has not
yet released its conditions for a grant under the relief bill. Ile states that
the bonds have been approved by the attorneys for the buyers, given as
Blyth & Co., and Bess. Tripp & Butchart, on their tender of 101.36.
CLAVERACK FIRE DISTRICT (P 0 Cl
k), N. Y.
-BOND
ELECTION
-An election is to be held on May 17, for the purpose of
asking the electors to approve a bond issue of $6.000 to be floated for
retirement of outstanding bonds.
CLARK COUNTY (P. 0. Jeffersonville), Ind.
-BOND OFFERING
Otis B. Fifer, County Auditor, will receive sealed bids until 4 P.
in.
May 10. for the purchase of $80.000 not to ecxeed 534% interest serieson
A
of 1935 "advancement fund" poor relief bonds. Dated May 11935. Denom.
$1.000. Due as follows: $3,000 June 1 and $4,000 Dec. 1 from 1936 to
1946, incl. and $3.000 June 1 1947. Bidder to name a single interest rate
on the issue, expressed Ins multiple of Si of 1%. Interest payable J. & D.
A certified chock for 3% of the bonds bid for, payable to the order of the
County Commissioners, must accompany each proposal. Legal opinion of
Matson. Ross, McCord & Clifford of Indianapolis will be furnished the
successful bidder. Bonds are issued under Chapter 117, Acts of 1935. and
are direct obligations of the county, payable from unlimited ad valorem
taxes on
13therein.
CLAY COUNTY (P. 0. Celina), Tenn.
-BOND BILL SIGNED
-A
bill authorizing this county to issue $25.000 in funding bonds is reported
to have been approved by the Governor.
CLAYTON, N. M.
-BOND OFFERING-J. H. Bender, City Manager,
advises us that bids for the purchase of $45,000 coupon refunding bonds,
to bear no more than 4% interest, will be received until 730 p. m. May 13.
Denom. 51.000. Dated March 1 1935. Principal and semi-annual
-March 1 and Sept. 1-payable at the office of the Treasurer of
interest
3082
Financial Chronicle
Clayton. Due yearly from 1936 to 1941 incl. Certified check for 5% of
amount of bid required. Legal opinion as to validity of the bonds has
been secured.
CLAYTON OUTFALL SEWER DISTRICT (P. 0. Clayton), Mo.BOND DETAILS
-The $225,000 (not $226,000) sewer construction bonds
that are to come up for a vote at an election on June 4, as previously reported-V. 140, p. 2904-will probably carry a 4% interest rate. They
will mature serially over a period of 20 years.
CLEAR LAKE, Iowa
-BONDS PROPOSED
-City Council will meet on
May 6, it is stated, to authorize issuance of $45,500 refunding bonds.
CLEVELAND, Miss.
-BOND OFFERING-It is reported that sealed
bids will be received until May 15, by the City Clerk, for the purchase of a
$30,000 issue of bridge construction bonds.
CLIFFSIDE PARK, N. J.
-BOND REFUNDING PLANNED
Borough Auditor Carl W. Wright is said to be promoting a plan for the
refunding of the outstanding bonded debt of the borough.
CLIFTON FORGE, Va.-BOND SALE
-The $95,000 issue of 4%
coupon semi-ann. refunding bonds offered for sale on May 1-V. 140, p.
2737
-was awarded to Mason-Hagan. Inc. of Richmond, paying a premium
of $1,548.50, equal to 101.63, a basis of about 3.84%. Dated Aug. 1 1935.
Due on Feb. 1 1948.
CLIFTON INDEPENDENT SCHOOL DISTRICT, Tex.
-BOND
ELECTION
-An election has been called for May 11 for the purpose of
voting on the question of issuing $7.500 5% gymnasium construction bonds.
COEUR d'ALENE, Ida.
-BONDS DEFEATED
-At the election held
on April 23-V. 140. p. 2395
-the voters rejected the proposal to issue
$20,000 in park bonds, according to the City Clerk.
COLORADO,(State of)
-BOND SALE
-The two issues of refunding
bonds aggregating $3,610,000,offered for sale on April 30-V.140, p.2904
were awarded jointly to the Chase National Bank of New York, the J. K.
Mullen Investment Co. of Denver, and the Harris Trust & Savings Bank
of Chicago, divided as follows:
32.956,000 Colorado highway refunding bonds as 2s, at a price of 101.117.
a basis of about 1.83%. Due from 1936 to 1947.
650.000 Colorado insurrection refunding bonds as Wis, at a price of
100.577, a basis of about 1.64%. Due from 1936 to 1944 incl.
it is stated that the above group offered a bonus of $1,000 for the award
of both issues.
COLORADO RIVER VALLEY AUTHORITY(P.O.Austin), Texas
FEDERAL LOAN AUTHORIZATION BILL SIGNED
-A United Press
dispatch from Austin on April 25 reported that Governor James V. Allred
on that day had signed and made effective at once an amendment to the
Colorado River Authority Act that permits borrowing $20,000,000 from
the Public Works Authority to build power and storage dams. It amends
a former Act for a $10,000,000 project.
COLUMBUS JUNCTION, Iowa-BONDS PROPOSED-The Town
Council is to meet on May 7 to start proceedings for the issuance of $6,000
refunding bonds, it is stated.
COLUMBUS, Neb.-BOND REFUNDING APPROVED-It is reported
that the City Council has voted to accept an offer received from WachobBender & Co., of Omaha, to refund $11,000 4%% sewer condemnation
bonds dated Jan. 1 1925 with a new issue of bonds to bear but 2%
Interest.
COLUMBUS, Ohio- BOND SALE
-The $1,106.000 coupon or registered bonds offered for sale on May 1-V. 140. p. 2904
-were awarded to
a group composed of Lehman Bros., Phelps. Fenn & Co. and Stone &
Webster and Blodget. Inc., all of New York, at par plus a premium of
$884.80 for 3s. equal to 100.08, a basis of about 2.99%. The bankers made
public re-offering of the bonds at prices to yield from 2.40% to 2.95%
for maturities ranging from 1943 to 1952, and at par and accrued interest
for maturities from 1953 to 1959, incl. A list of the other bids submitted
for the bonds follows:
McDonald-Coolldge & Co., The Northern Trust Co.,F.S. Moseley & Co.
and the Illinois Company
-3% on $600.000 sewage treatment works
Fund No. 1, and 3341°4 on all other issues, plus premium of $1987.50
on total.
Halsey Stuart and Co.. First Cleveland Corp., Fields. Richards and Shepard and Stifel, Nicolaus and Co.
-3% on $130,000 intercepting sewers
fund No. 1 and $204,000 relief sewers and 34% on east wing of City
Hall, sewage treatment works and relief sewers, plus a premium of
$1217 on total.
BancOhio Securities Co., Boatmen's National Bank, Stranahan, Harris
& Co., Mitchell, Herrick & Co., Van Lahn, Doll & Isphording, Otis &
Co., Breed & Harrison and Johnson. Kase & Co.
-3U% all issues, plus
premium of $1990.80 on total.
Lowry, Sweeney, Inc., Brown. Harriman & Co., Inc. Wells, Dickey &
Co. and Hayden, Miller & Co.
-3U% on all issues, plus premium of
'
28,865 on total.
Pace, Brookhouse & Lindenberg, Inc., Brunson Savings Bank & Trust
Co., Seasongood & Mayer, Fox. Einhorn & Co. Inc., Chas. A. Hinsch
& Co. Widman, Holzman & Katz, Well, Roth & Irving Co., Asset,
-3% for the
Goetz & Moerlein. Grau & Co. and John Nuveen & Co.
'
3100,000 sanitary sewers portion, and 3h% on the balance of $1.006.000
bonds, plus premium of $300 on total.
Cool, Stiver dr Co. Cleveland, 0.--3 % on the $72,000 east wing of City
Hall building fund No. 1, plus premium of $626. (No bid on other
items.)
CONCORD UNION FREE SCHOOL DISTRICT (P. 0. East Con.
cord), N.Y.
-PROPOSED BOND ISSUE
-An issue of $80,000 school building bonds was authorized at a meeting of the District Board on April 17.
-BOND SALE
-Award was
COOK COUNTY (P. 0. Chicago), Ill.
made on April 27 of 31,200.000 5% poor relief bonds to a syndicate headed
by Stffel, Nicolaus & Co.. Inc., of Chicago at par plus a premium of $1,800.
equal to 100.15, a basis of about 4.985 V. Dated Dec. 1 1932 and due
$744,000 in 1948 and $456,000 in 1949. Two bids were submitted for the
bonds, the other tender, an offer of 100.08, having been made by Hickey,
Doyle & Co. of Chicago and associates. The bonds sold are part of an
original authorization of $17.000,000, of which amount $12,500,000 have
been sold to the Federal Government, according to county officials.
-BONDS OFFERED FOR
COOK COUNTY (P. 0. Chicago), III.
INVESTMENT
-The $1,200,000 5% poor relief bonds, dated Dec. 1
1932 and due $744,000 in 1948 and $456,000 in 1949, awarded to Stifel,
Nicolaus & Co., Inc. of Chicago and associates at 100.15 and accrued
interest are being re-offered by the bankers for public investment at 105
flat. The offer is being made on a "flat" basis, it is said, due to the expectation that June 1 and Dec. 1 1935 interest coupons will not be paid
when due. They are payable from the 1934 tax levy and it is expected that
collections to pay them will not be received before Dec. 1935 or Jan. 1936,
according to report. In connection with the award, it is pointed out that
the item of accrued interest paid by the bankers amounted to more than
two points on the bonds.
-It is stated that the
COUNCIL BLUFFS, Iowa
-BONDS PROPOSED
City Council will conduct a hearing on May 6 to consider the issuance of
$975,000 storm sewer bonds.
-BOND SALE
-An
COWLEY COUNTY (P. 0. Winfield), Kan.
issue of $75,000 234% poor relief bonds was recently disposed of to the
Brown-Crummer Co. of Wichita at a price of 100.617. Bonds mature in
from one to ten years.
CROWLEY COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Ordway),
Colo.
-BOND ELECTION
-It is reported that an election will be held
on May 6 in order to vote on the issuance of $80,000 refunding bonds.
Dated June 11935.
CYPRESS SCHOOL DISTRICT, Calif.-BOND ELECTION
-We are in receipt of a report to the effect that consideration
PLANNED
is being given to a plan to submit a proposed 358,000 school bond issue to
the voters on May 24.
-An election is to be
DAYTON, Ky.-BOND ELECTION PLANNED
held in the near future to submit to the residents a proposal to issue 325.000
•
public improvement bonds.
DAYTON, Ohio
-NOTE SALE
-R,E. Hagerman, Director of Finance.
informs us that the Sinking Fund Trustees purchased the $50,000 short,
term revenue anticipation notes recently authorized by the City Commissioners, as stated in V. 140, p. 2905.
May 4 1935
DAYTON, Va.-BOND OFFERING-J. S. H. Good, Town Recorder
will receive proposals until 4 p. m. May 6 for the purchase of $21,500 4%
water, light and sewer bonds. Denom. $500. Dated June 1 1935. Principal and semi-annual interest
-June 1 and Dec. 1-payable at the First
National Bank of Harrisonburg. One portion of the bonds, amounting
to $11,500 will mature June 1 1955. the town having the privilege of calling
the bonds for retirement after 15 years from date of issue; the remaining
portion, amounting to $10,000 will mature $500 yearly on June 1 from
1936 to 1955, incl.
DEDHAM, Mass.
-NOTE SALE
-The $17,500 public works equipment
notes offered on April 29-V.140, p. 2905
-were awarded to Tyler, Buttrick
& Co. of Boston as 1348 at 100.03, a basis of about 1.24%. Dated May 1
1935 and due $3,500 on May 1 from 1936 to 1940,incl. Other bidders were:
BidderRate Bid
Int. Rate
Arthur Pexi7& Co
1
100.43
Merchants National Bank of Boston
100.03
Lyons & Co
100.03
'Whiting, Weeks & Knowles
Par
Newton, Abbe & Co
100.396
1
Estabrook & Co
100.10
DELAWARE,Ohio
-BOND OFFERING-Ralph A.Kelly,City Auditor,
will receive bids until 2 p.m. May 17 for the purchase of the$36,500 not to
exceed 6% coupon deficit funding bonds mentioned in V. 140, p. 2905.
Denom.5for $1,000 and 35 for
Dated Jan. 1 1935. Interest payable
semi-annually. Due each six $900'
months as follows: $1,900, Apr. 1 1939 to
Apr. 11941,incl., and $1,800 Oct. 1 1941 to Oct. 1 1948, incl. Bonds will
not be sold at less than par and accrued interest. Bids are to be made on
bonds bearing interest at a rate expressed in a multiple of 34 %. Certified
check for $365, payable to the City of Delaware, required.
DENVER (City and County), Colo.
-BOND SALE
-An issue of
$177,000 Cherry Creek flood control, general obligation bonds was offered
for sale on May 2 (not June 1)- V. 140, p. 2905
-and was awarded to
Halsey, Stuart & Co. of Chleago, as 23js, at a price of 100.08, a basis of
about 2.24%. Due $29.500 from 1949 to 1954, Incl. Dated Juno 1 1935.
DESCHUTES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Bend),
Ore.
-NOTE SALE
-A $35,900 issue of notes was offered for sale on May 1
and was awarded to the Lumbermens National Bank of Portland, at 334%,
according to the District Clerk. Denoms. $20,000 and $15,000. Dated
May 1 1935. Due on May 1 1936. Payable at the office of the County
Treasurer.
DES MOINES, Iowa-BOND OFFERING-We are in receipt of a
report that the City Council will sell $34,230.24 street improvement bonds
at 11 a. m. May 6. E. C. Powers is City Treasurer,
DETROIT, Mich.
-COUNCIL VOTES TAX BUDGET
-Overriding the
veto of Mayor Frank Couzens, Common Council on April 26 adopted a
tax budget of 354,840,633 for the fiscal year 1935-36, which begins July 1.
The Mayor objected to the schedule oecause of the inclusion of an item of
about $1,100,000 toi
for restoration of a 5°0 sala- y cut to municipal
7
employees. The bu et compares with that of $55,512,
mpares
fo the prent
present
fiscal year ending in une.
DODGE COUNTY (P. 0. Fremont), Neb.-BONDS AUTHORIZED
It is learned that an ordinance has been passed which provides for the
issuance of $90,000 bonds for the purpose of retiring outstanding refunding
bonds of the county.
DONLEY COUNTY (P. 0. Clarendon), Tex.
-PROPOSED BONDS
The County Commissioners have given notice that on May 13 they intend
to pass an ordinance authorizing the issuance of $39,921.87 not to exceed
5% 30-year funding bonds.
DONNA IRRIGATION DISTRICT (P. 0. Pharr), Tex.
-BONDS
RETIRED THROUGH RFC LOAN
-The following comment is taken from
the Pharr "News" of April 18:
"The Donna Irrigation District bonded indebtedness of $1,636,000 has
been retired by Reconstruction Finance Corporation money, and the first
$100,000 of Public Works Administration loan and grant money has been
placed in the district depository bank preparatory to starting the concreting
program, which calls for an expenditure of $492,000, according to announcement made by officials of the district.
Over 95% of the bonded indebtedness of the district has already been
paid off at the rate of 48.38 cents on the dollar, under the terms of the
RFC loan which was made the district. The bonds were collected by
a Texas firm and turned over to the RFC.
"The PWA loan Is for the amount of 3379,000 and a grant of $113,000
was given the district, which brings the total to $492,000 for new improvement, and the PWA requires that local labor be used so far as possible,
insuring a tremendous payroll for this community during the next year
and one-half. Officials of the district have been told that the work would
be let on bids, and on allotments of $100,000 at a time.
"The interest rate on the principal was cut from 5 and 6% to 4%,and the
refunding bonds will not start maturing for three years."
DORCHESTER INDEPENDENT SCHOOL DISTRICT NO. 33
-BOND SALE
-A $5,000 issue of 5% semi(P. 0. Dorchester), Tex.
ann. school bonds is reported to have been purchased by the State Board
of Education.
-BOND SALE
DORMONT,Pa.
-The $38,000 bonds offered on April 30
-were awarded as 234s to S. K. Cunningham & Co. of
-V. 140. p. 2738
Pittsburgh, at par plus a premium of $657.40, equal to 101.73, a basis of
about 2.20%. Dated May 1 1935 and due May 1 as follows: $12,000.
1937; $10,000. 1938; 38.000, 1939 and $4.000 in 1940 and 1941.
The following is a list of the other bids submitted for the issue:
BidderInt. Rate Premium
Halsey, Stuart & Co., Inc
$516.80
E. H. Rollins & Sons
254
443.08
Singer, Deane & Scribner, Inc
335.00
Peoples-Pittsburgh Trust Co
2
421.80
Glover & MacGregor, Inc
92.40
3
DOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND ELECTION
POSSIBLE
-An election to vote on a proposed issue of $265,000 refunding
bonds may be called, as the Attorney-General's office has advised the
County Board that the bonds can not be issued as part of an agreement
with the Federal Government without the consent of the voters of the
county.
DULUTH INDEPENDENT SCHOOL DISTRICT (P. 0. Duluth),
Minn.
-BOND SALE
-The $360.000 issue of funding bonds offered
for sale on April 29-V. 140, p. 2738-was awarded to a syndicate composed of the Harris Trust & Savings Bank of Chicago, the First & American
National Bank, the Northern National Bank, both of Duluth, and the
Northwestern National Bank & Trust Co. of Minneapolis, as 2.608, paying
a premium of $1,933, equal to 100.536, a basis of about 2.52%. Dated
May 1 1935. Due $30,000 from May 1 1937 to 1948 incl.
In connection with the above report we quote in part as follows from
a letter sent to us on the 30th by the Clerk of the Board of Education:
"The same firms placed a joint bid of 234% with a premium of $5,533.00.
but as both bids were made at a net yield of 2.55%, the lowest interest
rate was accepted.
"The next high bidder was Wells Dickey Co., Phelps, Fenn & Co., and
Kalman & Co.on their Joint bid of 2.7% interest with a premium of $756.00.
"One other bid was received, that being Brown Harriman Co. of Chicago,
and First National Bank & Trust Co. of Minneapolis, on their joint bid
of 234% with a premium of $1,212.00.
"The bonds sold are coupon bonds and the'
purchaser will pay par plus
'
accrued interest and the premium as named.
DURHAM. No..Caro.-BONDS NOT TO BE ISSUED AT PRESENT
-We are advised by C. B. Alston. City Treasurer, that the $75,000 street
and paving bonds recently authorized by the City Council, as reported in
V. 140, p. 2905, are not to be sold at this time
-MUNICIPAL AUTHORITY BILL SIGNED-The
DYER, Tenn.
Governor is reported to have approved a bill recently, authorizing this
town to issue bonds for the construction of a municipal light and power
plant.
EAST CARROLL TOWNSHIP, Cambria County, Pa.
-BONDS APPROVED
-An iSSIle of $3,000 refunding bonds was approved on April 22
by the Pennsylvania Department of Internal Affairs.
-BONDS CONSIDERED
EAST CHICAGO, Ind.
-We learn that consideration is being given to a proposal to issue $25,000 bonds for right-of-way
and preliminary work on the extension to the 141st Street viaduct at
Kennedy Ave.
Volume 140
Financial Chronicle
-PAYMENT OF TAXES WITH BONDS
EAST DETROIT, Mich.
URGED-Taxpayers are advised in a letter signed by Adolph H. Axons,
Assistant City Manager, of the savings which can be effcted through the
use of outstanding bonds in paying certain taxes. It is pointed out that
since July 1933, when the City Council authorized the acceptance of sewer
bonds in payment of sewer taxes, no less than $140,000 bonds have been
used for that purpose. As most of the bonds were purchased at about 20
cents on the dollar, the saving to taxpayers has been about $100.000.
In his letter Mr. Arena states that the taxpayer may buy the bonds from
the City Treasurer, a part of which may be used to pay taxes. "The
bonds are now worth between 24 and 32cents on the dollar. The bondholder
takes a loss of between $680 and $760 on each bond which he bought in
1928 for $1,000. The taxpayer gets the benefit," Mr. Arons explains.
Taxpayers are advised that they may pay taxes by bonds as follows:
"All sewer, pavement and sidewalk taxes, both past due and future
instalments.
As
' to District No. 2 taxes, those of 1930 and 1931 may be paid in full
by school bond. Also half of 1932 taxes by school bond, if the other half
is paid by cash. Also the debt portion (62.59%) of the 1933 school tax
may be paid by bond if the operating portion (37.41%) is paid in cash.
City taxes of 1927, 1928,1932 and 1933 may be paid half by water bonds
if the other half is paid in cash."
The city reports 1934 assessed valuation at $4,320,000, and total overlapping debt of $4,200,000. The annual budget is $64,000. Taxes for
1934 were 30;4% collected. The city's population is 6,000.
-BOND
'EAST PIKE RUN TOWNSHIP (P. 0. California), Pa.
OFFERING-Bids for the purchase of $31,000 funding bonds, to bear
interest at 3%, 3 M % or 4% as named by the successful bidder, will be
received until 2 p. m. May 18 by H. C. Cowen, Secretary of the Board of
Township Supervisors. Denom. $1,000. Dated June 1 1935. Interest
payable semi-annually June and Dec. Due yearly on June 1 as follows:
$2,000, 1937 to 1941, incl.; and $3,000, 1942 to 1948, incl. A certified
check for $1,000 required.
EL DORADO IRRIGATION DISTRICT( P.O. Placerville), Calif.
-the
BONDS VOTED
-At the election held on Npril 29-V. 140, p. 2576
4% refunding bonds by a
voters approved the issuance of the $360,500 in
count of 407 to 11. It is stated by the District Clerk that these bonds are
to be used for the redemption of $688,000 outstanding bonds, under the
terms of an Reconstruction Finance Corp. loan made to the District. Due
from 1938 to 1968.
ELIZABETH, N. J.
-BONDS PUBLICLY OFFERED-Halsey, Stuart &
4
Co.. Inc. of New York are offering for public investment $334.000 38
refunding bonds, due serially from 1936 to 1964 incl., at prices to yield
The bonds, in the opinion
from 1% to 3.70%, according to
of counsel, are general obligations of the city. payable from unlimited ad
maturity.
valorem taxation. City's assessed valuation for 1934 is officially reported
as $152,715,705 and net bonded debt, including current issue, as $12,219,395. The bankers purchased the issue last week at 101.08, a basis of
about 3.63%
.-V. 140, p. 2905.
EL PASO, Tex.
-It is reported by W. R. Collins, City
-BOND CALL
Clerk, that the following 5% bonds are being called for payment on June 1,
on which date interest shall cease, at the Chemical Bank Sz Trust Co. in
Now York City:
$50,000 street grading No. 2 bonds. Dated Dec. 1 1912. Due on Dec. 1
1952, optional Dec. 1 1932. Numbers 1 to 50.
150.000 sewer extension and improvement. No. 5 bonds. Dated Dec. 1
1912. Due on Dec. 1 1952, optional on Dec. 1 1932. Numbers
1 to 150.
200,000 water works construction No. 2 bonds. Dated Dec. 1 1912. Due
on Dec. 11952, optional on Dec. 1 1932. Numbers 1 to 200.
200,000 school, No. 9 bonds. Dated June 1 1914. Due on June 1 1954,
optional on June 1 1934. Numbers 1 to 200.
EMMITSBURG, Md.-BOND BILL SIGNED-Govdnor Nice has
signed as Chapter No. 77 the bill authorizing the municipality to issue
$10,000 bonds. The voters will consider the issue at the annual election
on May 6.
ENUMCLAW, Wash.
-BOND OFFERING-Sealed bids will be received
until 89. m.on May 7, by A. B. Englund, City Clerk, for the purchase of a
$40.000 issue of coupon or registered water system refunding bonds. Int.
rate is not to exceed 4%, payable J. & D. Denom. $500. Dated June 15
1935. Due $4,000 from June 15 1936 to 1945 incl. Prin. and int. payable
at the City Treasurer's office. A certified check for 5% must accompany
the bid.
-It is disclosed that
ERIE, Pa.
-REFUNDING PLAN ABANDONED
plans for the refunding of $425,000 Mill Creek mentioned in V. 140. la.
2738 have been abandoned as the result of discovery that the bonds do
not contain any provision permitting the city to call the bonds for
retirement,
-DEBT STATEMENT
ERIE COUNTY P. 0. Buffalo), N. Y.
The April 18 issue of"Just A Moment." published by the Buffalo Municipal
Research Bureau, Inc., in presenting a comparison of the bonded debt of
the county on Dec. 31 1925 and as of Dec. 31 1934, prefaces the data with
the following comments:
"A matching merely of the totals of this debt at the close of comparative
years is misleading, if used as grounds of criticism of Erie County's past
financial management. Allowance must be made for two conditions: Tax
delinquency la the towns and in the school districts, and bonds for welfare
relief.
"To illustrate: The entire amount of delinquent taxes, represented by
tax scrip in the hands of the county, at the close of the year 1926 was
$309,227.43, whereas at the close of theyear 1934, it had grown to $11.773,481.14, an increase of over $11,000,000 which the county had to finance.
Also, tho amount of expenditures for Charities and Soldier Relief in 1926
was $1.436,984.80, in comparison with $7,231,757.11 In 1934. Thus, a
total of over 183.1 million dollars had to be financed to take care of these
two extraordinary items. As will appear from the following table the
increase in debt for these two items over 1925 was less than $11,000,000."
General County Debt
Debt forDec. 31'25. Dec. 31 '34. Increase
Highways and bridges
$1,471,550 $13,390,083 $11,918,533
513,562
County penitentiary
3,030,000 3,543.562
1,489.872
County home and Infirmary
1.750,000 3.239,872
2,638,333
County hall and office building
507,150 3,145,483
dec100,000
Armory, 65th Regiment
100,000
470,000
670.000
County parks
200,000
Sub total
$7,058,700 $23,989,000 $16,930,300
7.469.000
7,469,000
Funding for tax delinquency
3,349,999
* Work and home relief
3,349,999
128,500
128.500
State Parkway, Grand Island
158.560
158,560
Highway trucks and county road fund
Total
$7,058,700 $35,095,059 $28,036,359
* Includes $969,000 Public Works Administration loan for highways and
bridges which probably would not have been made but for the need of work
relief.
ERIE SCHOOL DISTRICT, Pa.
-BOND REFUNDING POSSIBLE
-It is reported that the School Board is giving consideration to a proposal
that the district refund $214,000 bonds which come due this year.
-BONDS
ESCALON SANITARY DISTRICT P. 0. &melon), Calif.
VOTED-Residents of the district have, by a vote of 104 to 0. given their
approval to a proposed bond issue of $7,000 for completion of a sanitary
sewer, it is reported.
ETOWAH, Tenn.
-DEBT REFUNDING AUTHORIZED-The Governor is reported to have approved a bill authorizing this town to refund its
indebtedness.
EUGENE, Ore.
-BOND OFFERING-Sealed bids will be received
until 7:30 p. m. on May 13, by C. M. Bryan, City Recorder, for the purchase of two issues of refunding bonds aggregating $192.479.16, as follows:
$137.000 assessment C bonds. Duo on July 1 as follows: $15,000, 1937 to
1945, and $2.000 in 1946.
55,479.16 assessment D bonds. Due on July 1 as follows: $6,000, 1937
1945, and $1,479.16 in 1946.
Dated July 11935. Bonds may be sold with the option to call and redeem
unmatured bonds on and after five years from date, or may be sold without
privilege of calling before maturity. Bids are invited for either or both forms
of sale. Interest rate is not to exceed 4%, payable J. & J. Prin. and int.
3083
payable at the City Treasurer's office. Authority for issuance: Chap. 156.
Oregon Laws, 1933, as amended by Chap.208, Laws 1935. A certified check
for 2% of the par value of the bonds is required.
-We are
FAIRFIELD, Iowa-BOND ELECTION REQUESTED
informed that a group of citizens have requested that city authorities
question of whether or not the
submit to the electors for their judgment the
city should issue $17,000 lake bonds which the City Council had planned to
sell without a vote of the people.
FAIRMONT INDEPENDENT SCHOOL DISTRICT, W. Va.-PONDS
TO BE CALLED-The Marion County Board of Education is said to have
recently decided to call for retirement $63,000 5% bonds issued in 1912
and scheduled to mature in 1942 and $28,000 5% bonds scheduled to
mature in 1938. It is understood that new refunding bonds will be issued
to raise funds for paying off the called bonds.
-The $56,000 coupon or registered
-BOND SALE
FANWOOD, N. J.
sewer and sewer assessment bonds offered on April 30-V. 140. p. 2738
of Newark as 3;..4s, at par plus a premium
were awarded to Adams & Mueller
of $289, equal to 100.516. a basis of about 3.60%. Dated July 1 1933 and
due July 1 as follows: $10,000, 1936 and 1937;$8,000, 1938:$7,000. 1939 to
B er
1942iTc1. Other bidders were:
Premium
Int. Rate
Bidder$222.40
33%
VanDeventer, Spear & Co
87.65
4%
J. S. Rippel & Co
33.60
4%
Ira Haupt & Co
30020:0072
4
45,
Barr Bros. & Co
Rutter & Co
23100:425038
6279
4
Suplee, Yeaton & Co
434
H. L. Allen & Co
434 0
C. A. Preim & Co
-At the election held on April 23
FARMVILLE, Va.-BONDS VOTED
-the voters approved the issuance of the $35,000 in
-V. 140. p. 2738
by a very wide margin, according to the Town Clerk3 X% refunding bonds
Treasurer. Dated April 1 1935. Due on Oct. 1 1948, optional in 5 years.
It is said that these bonds are to be offered for sale about May 15.
-REMAINDER
FARMVILLE, Va.-PART OF BOND ISSUE SOLD
-The town will purchase $7.000 of the $35,000 334%
OFFERED MAY 14
bonds which were voted on April 23. Bids for the purcoupon refunding
chase of the remainingi$28,000 bonds will be received until 8 p. m. May 14
by E. Louis Dahl, Town Treasurer. Denom. $500. Dated April 1935.
-April 1 and Oct. 1-payable at
Principal and semi-annual interest
Richmond, Va. Due Oct. 1 1948; optional after five years. A certified
Legal opinion of Thomson, Wood & Hoffman.
check for $5000 required.
FAULKNER COUNTY (P. 0. Conway) Ark.-PWA BOND CONTRACT TENTATIVELY APPROVED-It is stated that the Public Works
Administration has approved as to form an issue of $100,000 in court house
construction bonds approved by the voters on Dec. 19 1933. It is said that
the County Judge will advertise the sale of the bonds but he has not as yet
been advised as to whether the work order will be issued before the bonds
are sold.
-BOND
FAYETTE COUNTY (P. 0. Washington, C. H.), Ohio 2577
-The $6,000 poor relief bonds offered on April 30-V. 140, p.
SALE
awarded to the Milledgeville Bank of Milledgeville as 2s. at a price
were
follows: $900 Sept. 1 1935: $1.000
of par. Dated June 1 1935 and due as
March 1 and Sept. 1 1936 and 1937 and $1,100 March 1 1938. Other
bidders were:
Premium
Int. Rate
Bidder
58.00
2;4%
Prudden & Co., Toledo
5.00
4%
First National Bank, Washington, C. H
3.55
4%
Cincinnati
Seasongood & Mayer,
-The $15,500 351%
SALE
FAYSTON (P. 0. Waitsfield), Vt.-BOND
2906
registered refunding bonds offered on May 1-V. 140, p.par. -were
Dated
awarded to the National Life Insurance Co. of Montpelier at from 1938
May 1 1935 and due Feb. 1 as follows: $500 in 1937 and $1,000
incl.
to 1952
FLATHEAD COUNTY SCHOOL DISTRICT NO.6 (P. 0. Columbia
-The 538,000 coupon or regis-BOND SALE DETAILS
Falls), Mont.
the State Land
tered high school building bonds that were purchased bybonds, maturing
-V. 140, p. 2906-are amortization
Board, as 4s at par
in 20 years. optional after 50 years. Interest payable J. & D.
-BOND OFFERING-Forrest W.
FLINT SCHOOL DISTRICT, Mich.
Boswell, Seczetary of the Board of Education, will receive bids until 4:30
Denom.
p. m. May 13 for the purchase of $170,000 4% refunding bonds.
Due
11,000. Dated Match 1 1935. Interest payable semi-annually.
for $5,00(, required.
$17.000 yearlyfrom 1936 to 1945 incl. Certified check
REFUNDING
-PLANS OFFERING OF $1,636,000
FLINT, Mich.
-The city plans to otter for sale about June 15 an issue of $1,636,000
BONDS
used to
not to exceed 4% refunding bonds, the proceeds of which will be
callable at
take up a similar amount of outstanding refundings which areDebt Comnotice. The State Public
the option of the city on 90 days'
original refunding
mission has been asked to approve the new issue. Theassessment maturibonds were issued against general obligation and special
1935. They are desigties during the period from June 1 1932 to June 30 1933-B special assessnated series 1933-A general obligation refunding and
those
ment refunding. The new refunding financing will RISCO apply to bonds
bonds which were not exchanged for the earlier refunding loans. The 5%•
refinancing proposal bear interest rates of 43.4, 4N and of
affected by the
Details of the plan are tieing arranged by Olney L. Craft, Director
Finance.
-We are
-BOND REFUNDING CONSIDERED
FLORAL PARK,N. Y.
giving some
In receipt of a report to the effect that the Village Board isiidebtedness
attention to a proposal that the Village refund its outstanding may be cut
of $504,000 in order that the debt service charges of the village
from 55,01,0 to $7,00 yearly.
-BONDS APPROVED-Pennsylvania Department of
FOLCROFT, Pa.
funding
Internal Affairs announced on April 22 approval of $16.000 sanitary
bonds and a $20,000 street, highway improvement and storm and
sewer issue.
-The $57,000 issue of refunding
-BOND SALE.
FOREST GROVE,Ore.
-were
bonds of 1935 bonds offered for sale on April 29-V. 140, p. 2906
M. Adams & Co. of Portland, as 43.4s, paying a premium
purchased ny E.
to optional date.
of $100.38, equal to 100.176, a basis of about 4.43%,
Dated May 5 1935. Due from May 5 1936 to 1955, callable on any interest
payment date after May 5 1938.
-We are in receipt
-BONDS AUTHORIZED
FORT COLLINS, Colo.
of a report stating that an ordinance has been passed which authorizes the
light and power plant revenue
issuance of $745,000 4 M% municipal electric
bonds. Denoms. $500 and $1,000. It is said that offering will be made in
the near future.
-The $8,000 fire
-BOND SALE DETAILS
FORT MADISON, Iowa
equipment bonds that were purchased by the Carleton D. Beh Co. of
2577-were sold at par and mature $500
-V. 140, D.
Des Moines as 231s
on May and Nov. 1 from 1936 to 1943 incl., according to the City Clerk.
-BONDS NOT TO BE
FRANKLIN COUNTY (P. 0. Ottawa), Kan.
-Don Harleson, County Clerk,informs us that the
ISSUED AT PRESENT
county will not issue any bonds or warrants at the present time under
authority of the recent act passed by the legislature which gives the county
permission to issue emergency relief bonds up to 25% of the tax levy.
V. 140, p.2906.
FRANKLIN TOWNSHIP, Vernon County, Wis.- BONDS VOTED
By a vote of 164 to 9 residents recently approved a bond issue of $30,000
for highway improvements, it is reported.
-An election is to be held on
FREDERICK, Md.-BOND ELECTION
May 6 at which the residents will be asked to approve a bond issue of
$10,000 for a sewage disposal plant.
-BOND ELECTION-It is said that an election
FREDERICK, Okla.
will be held on May 15 to vote on the issuance of $100,000 in not to exceed
semi-annual municipal electric power plant bonds. Due in 20 years.
6%
-V.140. P. 2577.)
(A tentative report on this election appeared recently
F REMONT, Neb.-BONDS A(TTIIORIZED-The City Council recently
approved an ordinance which authorizes issuance of $90,000 23(% and 3%
refunding bonds. Denom. $1,000. Dated May 1 1935. Interest payable
semi-ann. May 1 and Nov. 1. Duo $9,000 2M % bonds yearly on May 1
from 1936 to 1940. incl.. and 59,000 3% bonds yearly on May 1 from 1941
3084
Financial Chronicle
to 1945, incl. Bonds are to be issued to retire
funding bonds dated May 1 1930, payable May a like amount of 45i% re1 1950 aid callable May 1
1935.
FROID SCHOOL DISTRICT NO. 5 (P. 0. Froid), Mont.
-BONDS
NOT SOLD
-It is stated by Roy N. Nelson, District Clerk, that
$6,000 not to exceed 6% J. & J. school bonds offered on April 30-V. the
140.
p. 2577
-were not sold as all the bids received were rejected.
BONDS RE
-OFFERED--Sealed bids will be
June 1. by the above Clerk, for the purchase received until 10 a. m. on
of the said
May 1 1935. Amortization or serial bonds will be considered bonds. Dated
by the
with the former being the first choice. A certified check for $600.district,
payable
to the Clerk, must accompany the bid.
FRONT ROYAL, Va.-BOND SALE
-A $25,000 issue of refunding
bonds is reported to have been purchased recently by Scott. Horner
&
Mason, of Lynchburg, at a price of 102.75.
GENESEE COUNTY (P. 0. Flint), Mich.
-NOTICE TO BONDHOLDERS
-J. H. Galliver, County Auditor, states that all county road
and highway bonds which were due March 15 1935 are now payable at his
office at par plus interest. Accrued interest will cease on and after May
6 1935.
r GERALDINE, Mont.
-BOND OFFERING
-We
tional information bearing on the offering of $18,000are in receipt of addiwaterworks refunding
bonds mentioned in V. 140, p. 2739. H. G. Merkel, Town Clerk, informs
us that he will receive bids until 8 p. m. May 21, for the purchase of the
bonds, which will not be sold for less than par and interest and will bear
no more than 6% interest. Dated June 1 1935 Interest payable semiannually on June 1 and Dec. 1. A certified check for $500, payable to the
Town Clerk, required.
Amortization bonds will be the first choice and serial bonds will be the
second choice of the council.
If amortization bonds are sold and issued the entire issue may be put into
one (1) single bond or divided into several bonds, as the council may
determine upon at the time of sale, both principal and interest to be payable
in semi-annual installments during a period of 10 years from the date of
Issue.
If serial bonds are issued and sold they will be in the amount of Three
Hundred Dollars ($300), each: the sum of Eighteen Hundred Dollars
($1,800) of said serial bonds will become due and payable on the first day
of June 1936, and a like amount on the same day each year thereafter until
all such bon& are paid.
GLOUCESTER, Mass.
-OTHER BIDS
-The following is a list of
other bids entered for the $70,000 highway improvement bonds sold the
to
Tyler. Buttrick & Co. of Boston.as 134s,at 100.09, a basis of about 1.735%,
as reported in our issue of April 27:
BidderInt. Rate
Rate Bid
Graham, Parsons de Co
2%
100.375
Cape Ann National Bank
2
100.19
Whiting, Weeks & Knowles
2
100.16
Gloucester Safe Deposit & Trust Co
2
100.044
Newton, Abbe & Co
2
100.021
H.0. Wainwright & Co
2j
100.814
Estabrook & Co
100.79
R. L. Day & Co
2
101.06
Gloucester National Bank
2
100.435
E. H. Rollins & Sons
2
100.41
GOODING HIGHWAY DISTRICT (P. 0. Gooding), Ida.
-BOND
SALE
-The $90,000 coupon refunding bonds offered for sale on April 26V. 140, p. 2906
-were purchased by Ferris & Hardgrove, of Spokane. as
330, paying a premium of $26. equal to 100.028, a basis of about
Dated Jan. 1 1935. Due from Jan. 1 1937 to 1955. No other 3.745%•
bid was
received.
GOOSE CREEK,Tez.-PWA LOAN GRANTED
-We are in receipt ofa
report to the effect that the Federal authorities have approved application
for a loan for $28,000 to finance a water and sewer !rapt. program.
GRAND COUNTY (P. 0. Hot Sulphur Springs), Colo.
-WARRANTS CALLED
-The County Treasurer is reported to have called for
payment on April 25. on which date Interest ceased, various registered
warrants.
GRANT MAGISTERIAL DISTRICT (P. 0. New Cumberland),
W. Va.-BOND REFUNDING DETAILS
-It I. now reported that the
$54,500 5% bonds that are being refunded through Widmann, Holzman
& Katz, of Cincinnati, at 41i V. as reported recently in these columns
V. 140. p. 2906
-are to be divided as follows: $20,000 will be dated May 1
1935.and will mature on May 1 as follows: $2.000. 1938 to 1944 and $3,000
In 1945 and 1946. They will take up a like amount of road bonds, dated
May 1 1912, optional on 11 ay 1 1932. bonds numbered from
122.
There will be $34,500 bonds dated June 1 1935, and due on103 to 1 as
June
follows: $2.000, 1938 to 1944;$3,000, 1945 to 1948;$4,000, 1949 and $4,500
In 1950. These bonds are being issued to refund a like amount of road
bonds, dated June 1 1916, bonds numbered 27,28, 32 to 36, 41 to 64,66 to
68. 70, 71 and 73 to 76, which are now being called for payment.
GRAND MARAIS, Minn.
-BONDS VOTED
-It is stated by the
Village Clerk that at an election on April 15 the voters approved the issuance of $75,000 in 4% water works bonds. This corrects a previous report
which gave the amount voted as being $90,000-V. 140, p. 2906. (A
loan and grant of $88,000 has been approved by hte Public Works Administration.)
r HAGERMAN, N. M.
-BONDS SOLD TO GOVER2VMPVT--City Clerk
R. N. Conner advises us that the $35.040 4% waterworks
recently issued by the voters are being Issued to the U. S.coupon bonds
Government
Denom. $500. Dated Dec. 1 1934. Principal and semi-annual interest .
June and December-payable at the City Treasurer's office. Due
serially
for 20 years.
F HARMON COUNTY (P. 0. Hollis), Okla.
-BOND CALL
-Paul Bible.
Chairman of the Board of County Commissioners, announces on May 6 a
block of $45,000 road bonds aill be retired and canceled..
HASTINGS ON HUDSON, N. Y.
-BONDS SOLD TO GOVERNMENT
-We are In receipt of a report to the effect that the Town has dindbo
er an issuelof $300,000 4% bonds for road projects to the U. S.
Government.
HASTINGS SCHOOL DISTRICT (P. 0. Hastings), Neb.-PURCHASER-It is now reported that the $175.000 3% Alcott School
sold on April 15 at 101.314. a basis of about 2.88%-V. 140, p. bonds
2906
were purchased jointly by the United States National Bank,
patrick-Pettis-Loomis Co., both of Omaha, not by the bank and the 'Kirkalone, as previously stated.
HAYS COUNTY (P. 0. San Marcos), Tex.
-BONDS PROPOSED
Notice of intention to authorize the issuance of $25.000 5% funding
bonds on May 13 has been given by the County Commissioners Court.
HAZELTON, Pa.
-BOND SALE
-The $50,000
bonds offered on April 30 were awarded to Edward 334% coupon funding
Lowber Stokes
of Philadelphia, at par plus a premium of $1,169.50. equal to & Co.
102.33,
a basis of about 3.34% to final maturity. Dated May 1 1935. The
bonds
mature in 1955 and are callable by lot, at par and accrued int.. on any
int.
payment date after Nov. 1 1939. Other bids were:
BidderRate Bid
BidderRate Bid
E. H. Rollins & Sons
102.271 W. H. Newbold's Son & Co_ _100.36
Butcher & Sherrerd
101.41 Hazelton National Bank_ ___
Par
Van Aistyne, Noel & Co--- A00.529
r HELENA, Mont.
-BOND ISSUE PROPOSED-Mayor C. J. Bausch Is
reported to have recommended to the City Council passage of an ordinance
to authorize the borrowing of $200.000 to finance the construction
of a
filtration plant.
HIGHLAND PARK, N. J.
-OTHER B7DS--Borough Cler=f7rd
Flagg supplies us with the following list of other bidders for the
$100,000
coupon or registered fundings bonds awarded on April 25 to Suplee. Yeaton
& Co. and Boenning & Co. of Philadelphia on a bid of 100.934
for 434%
bonds as stated in V. 140. P. 2907.
For 331'% Bonds
First National Bank, Trenton, and J. S. Ripple &100. jointly
96.81
For 4% Bonds
H.B.Boland & Co
97.82
C. A. Preim & Co
97.31
May 4 1935
'For 43i% Bonds
Van Deventer. Spear & Co
98.48
B. J. Van Ingen & Co.. and 0.P. Dunning
98.08
H. L. Allen & Co.. and Minsch, Monell & & Co
Co.. jointly
95.81
Statement of Indebtedness Dec. 31 1934
Bonded debt:
General bonds-serial
$254,985.90
Assessment bonds-serial
246,500.00
Water bonds-serial
176,500.00
$677.985.90
Tempcirary capital debt:
Assessment notes
$26,300.00
Accounts payable
200.00
20,500.00
Current floating debt:
Tax title lien notes
$195,000.00
Tax revenue notes
85,000.00
Due school district
109,823.88
Due State and county
77.922.30
Appropriation reserves
9,470.33
Miscellaneous payables
1,194.25
Less current cash
$478,410.76
33,005.00
445,40576
Gross debt (borough)
Highland Park School District debt-serial bonds
Total debt (borough and school district)
193
Year1932
1933
1934
1935
•Estimated.
$1,149,891.66
524.500.00
$1,674,391.66
Assessed Valuations and Tax Rates
Real
Personal
Total
S9.198.172.00
$773,625.00
$9.971.797.00 Taz R41.
5
.24
9,231.333.00
686.275.00
9.917,608.00
5 05
9,244.368.00
685,450.00
9.929,818.00
5.04
9,213,068.00
677,180.00
9,890,248.00
5.00
9,175,718.00
659.635.00
9.835,353.00
*4.97
Current Tax Collections
Total Curs. Cash Collections Delinquent Close
Delinquent
Tax Levy
During Levy Year of Levy Year
Dec. :31 '34
$518,987.53
$288,475.11
$182, 76.11
81 0I0.25
496,956.16
273,735.60
165, 03.90
4,989.52
9
1193332
495,486.69
251,977.94
175,414.51
50,243.95
1934
490,047.74
284,244.42
125,911.98
125,911.98
1935
M88,312.50
a76.234.77
•Estimated. a Through March 31 1935.
Delinquent Tax & Tax Title Lien Collections
Tot. DeliaCash CollecTot. Tax1
. n Titte
fa
Cash Colleequent Taxes as lions During
Liens as of
lions During
Yearof Jan. 1
the Year
the Year
1931
8290.028M
$135,744.09
44
$128,0.17
$46,557.35
1h
1932
272,607.55
145,378.42
205,628.49
45.032.09
1933
236.298.14
106,965.36
270,345.01
40.105,16
1934
261,871.44
136,401.94
334,772.62
1935
183,430.34
x32,214.34
391.968.07
6 00
0
x92, 16:
14. 74 94
x Through March 31 1935.
Population, 1930 census, 8.961.
HILLSBORO, Ore.
-BONDS NOT TO BE REFUNDED AT PRESENT
-William C. Christensen, City Treasurer, advises us
that the city is not
yet ready to refund the $53,500 bond, mentioned in V. 140, p. 2740, as
details of the plan have not yet been completed.'
Year
1931
HOOD RIVER, Ore.
-CORRECTION
-In connection with the recent
report that this city was contemplAting the refunding
in
amount of $89,000, prior to Aug. 1-V. 140. p. 2740 of water bondsby the
-it is reported
the
City Recorder that the city is paying off these bonda, not refunding them.
.
."'HOPEWELTUWNSHIT-MMO
DISTRICT(P. 0. R. D. 7,
Washington), Pa.
-BOND OFFERING
-Robert Hamilton, District
Secretary. will receive bids until 8 p. m. May 15 for the purchase of $17.000
4% coupon bonds. Denom. $1,000. Dated April 15 1935. Interest
Payable semi-annually April 15 and Oct. 15. Due yearly on Oct. 15 as follows:
$1,000, 1936 to 1940. Incl.;and 32,000. 1941 to 1946, incl. Certified check
for $250 required.
HUNTER, JEWETT AND LEXINGTON CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Tannersville), N. Y.
-BONDS AUTHORIZED
Governor Lehman has approved as Chapter 571, Laws of
1935, the Haas
bill validating the acts and proceedings of Board of Education and other
municipal officials pertaining to authorization of an issue of $175,000
bonds and providing for the issuance and re-payment of same. Bonds 4%
are
dated Sept. 1 1934 and mature Sept. 1 as follows: *5,000, 1936
to
*6,000,1939 to 1960. Incl.. and S7.000 from 1961 to 1964. Incl. 1938.incl.;
ILION, N. Y.-BORROWING
-MITIfORIZED--At a recent meeting of
the Snaitary Sewer Commission, decision is said to have been made to
borrow $10.000 from the Ilion National Bank at 6% with maturity at
July 29 1935.
INTERNATIONAL FALLS, Minn.
-BOND
-We are
informed that the date of the election for voting onELECTION
a bond issue for construction of a city hall and recreation building has been set at May
14 the
amount of bonds to be decided upon being,4160,000. increased
from the
$140,000_mentioned -V. 140„p. 2741.1
:
.
IOWA CITY,lowa-BOND SALE--Geo.J. Dohrer
us that the city had made an award of the issue of coupon City CleTRIMInis
special
refunding bonds on which bids were recently received as stated assessment
in V. 140.
p. 2907, an aggregate of $60,800.97 bonds being sold to
Beh Co., of Des Moines,for a premium of $615, equal to the Carleton D.
101.013, for 3s. a
basis of about 2.95%. Denom. $1,000. Interest payable
May and November. Due $10.000 yearly on Nov.1 from semi-annually
1944 to 1948.
inclusive, and the balance on Nov. 1 1949.
, 44
. 120N100UNTY (P. 0. 1413- lig WiOND SALE
.
- r
-The $150.000
issue of highway improvement bon offered for sale on
April
p 2578
-was awarded to the Securities Co. of Milwaukee, as 27-V. 140,
premium of 51,690, equal to 101.12. a) ei of about 2.80%. 3s, paying a
Dated April 1
1935. Due from April 11940 to 1943.
IRONDALE, Ala.
-BOND ELECTION
-News reports state tliaVa
proposed bond issue of $185.000 to finance public
submitted to the voters for approval at an election works projects is to be
to be held on May 141
JACKSON COUNTY (I'. 0. Jackson), Ohio
-BOND SALE 7
1S
$7,200 coupon poor relief bonds offered on April 27-V.
140. p. 2741
were awarded to the Oak Hill Savings Bank of Oak
Hill
of par. A similar bid was submitted by Seasongood as is, at a price
cinnati. The bonda are dated April 1 1935 and mature & Mayer of CinSept. 1 1935 and March 1 1936; $1,200 Sept. 1 1936 as follows: $1,100
and March 1 1937:
$1,300 Sept. 1 1937 aid March 1 1938.
JACKSON COUNTY SCHOOL DISTRICT NO. 10 (P.
R. R. No. 4), Ore.
-BOND OFFERING-Sealed bids will be 0. Medford.
7.30 p. in. on May 13, by Mrs. °oldie Helvey, District teceived until
Clerk, for the
purchase of a 17.500 issue of school bonds. Bidders to
name the rate of
Interest. Denom. $750. Due $750 from 1936 0o 1945 incl.
These bonds
were approved by the voters at an election on April 6.
Section 35-2012.
1931 Oregon School Laws, prohibits the sale of school bonds
for leas than
par. A certified check for 5% of the par value of the issue,
is required.
JACKSON TOWNSHIP (P. 0. New Paris),
-BOND SALE
The $21,700 5% coupon refunding bond, offered Ind.
on
p. 2398
-were awarded to the New Paris State Bank April 27-V. 140,
plus a premium of $1,400, equal to 106.45. The sale of New Paris at par
consisted of
civil township bonds, due $1,500 July 15 1939 and 51,000 Jan. $15.000
15 and
July 15 from 1940 to 1946 incl.; and $6,700 school township
$1,500 July 15 1941, ELMO Jan. 15 and July 15 1942 and bonds, due
1943, $1,000
Jan. 15 and $1,200 July 15 1944. All dated May 15 1935. Other
bidders
were.
BidderPremium
Marcus Warrender
1%6023561..00
City Securities Corp
Salem Bank & Trust Co
1,357.00
Volume 140
Financial Chronicle
-An issue of $150,000
-BOND ELECTION
JACKSONVILLE, 111.
pumping station bonds will be submitted for consideration of the voters at
June 11.
an election scheduled for
-BOND OFFERJAMESTOWN CITY SCHOOL DISTRICT, N. Y.
ING-George S. Doolittle, City Treasurer, is receiving bids until 2 p. m.
% coupon or registered series H
May 15, for the purchase of $350,000 3J
school bonds. Denom. $1,000. Dated June 1 1934. Principal and semiannual interest (June 1 and Dec. 1) payable at the City Treasurer's office,
or at the Guaranty Trust Co. of New York. Due yearly on June 1 as
follows: $40,000, 1945: $65,000, 1946 and 1947; $68.000. 1948 and 1949:
and $44,000, 1950.
-BOND SALE
-The Town Clerk informs us that
JANESVILLE, la.
the $12,500 3;4% coupon waterworks refunding bonds have been disposed of at par. Denom. $500. Dated May 1 1935. Principal and
-payable at Janesville. Due serially
semi-annual interest
-May and Nov.
from 1936 to 1948, incl.
JASPER SCHOOL CITY, Ind.
-BOND SALE
-The $40,920 4% school
building construction bonds offered on May 1-V. 140, p. 2741-were
awarded to the Du Bois County State Bank of Jasper for a premium of
$3,505, equal to 10856. Dated May 11935. Due semi-annually beginning
July 1 1936.
JEFFERSON COUNTY (P. 0. Beaumont), Tex.
-BONDS PROPOSED
-We learn that the County Commissioners Court is giving its
attention to a proposal for the issuance of$140,000 navigation district bonds.
JEFFERSON COUNTY (P. 0. Dandridge),Tenn.
-BONDS AUTHORIEED-The two bills authorizing the county to issue $40,000 in bonds,
approved recently by the Legislature
-V. 140, p. 2907-are said to have
been signed by the Governor. The bonds are as follows: $10,000 jail construction, and $30,000 school construction bonds.
'
JOHNSBURG (P. 0. Johnsburr), N. Y.
-BOND BILL SIGNED
Governor Lehman has signed as Chapter 610, Laws of 1935, the Feinburg
bill empowering the town to issue $12,000 bonds for the purpose of funding
a like amount of certificates of indebtedness issued by the Water Commissioners of the North Creek Water District.
JOHNSON CITY, Tenn.
-BOND REFUNDING AUTHORIZED
The Governor is said to have signed a bill authorizing this city to refund
its bonded debt.
It is also reported that the Governor approved a bill authorizing an
election on June 25 to vote on the issuance of $250,000 in hospital construction bonds. (A preliminary report on these bonds was given recently
-V. 140. p. 2907.)
JOHNSON. Kan.
-BOND INJUNCTION SOUGHT
-It is reported
by the City Clerk that a restraining order is being asked for in court by
the local utility company against the issuance of $20,000 in light plant
bonds approved by the voters on March I4
-V. 140, p. 2227. The settlement of this action is indefinite.
JOHNSTON, R. 1.
-FUNDING BOND ISSUE APPROVED
-Governor
Green has signed a bill empowering the town to fund $350.000 of its floating
Indebtedness. Town and school bonds now outstanding total $439,000.
JOHNSTOWN. Pa.
-BONDS AUTHORIZED
-The City Council has
passed an ordinance which authorizes the issuance of $198,000 coupon
refunding bonds, to bear interest at rate named by the purchaser. Denom.
$1,000. Dated June 15 1935. Interest payable semi-annually June 15
and Dec. 15. Due yearly on June 15 as follows: $18,000, 1940; $7,000,
1941: $12,000, 1942; $18,090, 1943; $13,000, 1944; $20,000, 1945, and
$11000, 1946 to 1955 Inch The issue is to be made to refund the following described bonds:
Bonds No. 101 to 120, inclusive of both numbers, of the 331% river
impt. bonds of 1928, in the amount of $20,000, were due and payable
April 1 1935.
Bonds Nos. 298 to 324, inclusive of both numbers, of the 434% bridge
and highway impt. bonds of 1923, in the amount of $27,000, are due and
payable July 1 1935.
Bonds Noe. 141 to 154, inclusive of both numbers, of the 4 X% highway
impt. bonds of 1924, in the amount of $14,000, are due and payable July
I 1935.
Bonds Nos. 137 to 153, inclusive of both numbers, of the 434% impt.
bonds of 1926, in the amount of $17,000, are due and payable July 11935.
Bonds Nos 161 to 177, inclusive of both numbers, of the 434% sanitary
sewer bonds of 1924, in the amount of $17,000, are due and Payable Aug.
1 1935.
Bonds Nos. 141 to 160, inclusive of both numbers, of the 434% impt.
bonds of 1927. in the amount of $20,000. are due and payable Sept. 1 1935.
Bonds Nos. 121 to 133, inclusive of both numbers, of the 434% Public
Safety Building bonds of 1924, in the amount of $13,000, are due and
payable Oct. 1 1935.
Bonds Noe. 61 to 72, inclusive of both numbers, of the 434% boulevard
impt. bonds of 1929, in the amount of $12,000, are due and payable Oct.
1 1935.
Bonds Nos. 77 to 117, inclusive of both numbers, of the 434% funding
bonds of 1932, in the amount of $41,000, are due and payable Dec. 1 1935.
Bonds No,. 154 to 170, inclusive of both numbers, of the 4 ,1 % Point
;
.
impt. bonds of 1926, in the amount of $17,000. are due and payable Jan.
2 1938.
JONESBORO SPECIAL SCHOOL DISTRICT (P. 0. Jonesboro)
Ark.
-BOND REFUNDING CONTEMPLATED
-The refunding of
$4400.000 outstanding bonds will be undertaken by this district, which has
retained the services of the Arkansas Municipal Bond Bureau Inc., Little
Rock, as refunding agent, according to news reports. A reduction of the
interest rate from
% to 4% will be attempted, it is said. It is proposed
to Increase the rate for bond retirement from the present 6 mills to 7 mills
out of a total levy of 18 mills.
JONES COUNTY(P.O.Ana mosa) Iowa-BONDSALE-The 328.000
,
issue of funding bonds offered for sale on April 25-V. 140, p. 2579
-was
awarded to the Citizens Savings Bank of Anamosa,as 2s, paying a premium
of $76, equal to 100.288, a basis of about 1.92%. Dated. April 1 1935.
Due from 1937 to 1941.
KAMIAH HIGHWAY DISTRICT (P. 0. Kamiah) Ida.
-BOND
-The $30,000 coupon refunding bonds offered for sale on April 27SALE
V. 140, 13. 2579
-were awarded jointly to the First National Bank of
Cottonwood, and the American Bank & Trust Co. of Lewiston. as 45,
paying a premium of $10, equal to 100.03. a Oasis of about 3.97%,
optional date. Dated May 1 1935. Due from 1937 to 1943. optional into
1
year.
iKANDIYOHI COUNTY SCHOOL DISTRICT NO. 37 (P. 0.
Atwater), Minn.
-BONDS VOTED-TO BE SOLD LOCALLY
-The
$15,000 school building bond issue submitted to the voters on April 23V. 140, p. 2741-received the voters' approval. The bonds will be disposed
of locally as 45, the District Clerk informs us.
KANSAS CITY,Kan.
-BONDS AUTHORIZED
-We are informed that
an ordinance has been passed which authorizes the issuance of $220,000
general improvement bonds.
KANSAS, State of-POOR RELIEF BONDS AUl'HORIZED-The
following report is taken from the Topeka Capital" of April 18:
"
The State Tax Commission has approved application of Rush, Neosh- .
,
and Douglas counties for permission to issue poor relief bonds.
Rush County will issue $10.000; Neosho, $20,000. and Douglas, $50,000.
Jackson and Franklin counties also were granted Permission to issue emergency bonds to the extent of 25% of their levy.
KAUFMAN,Tex.
-BOND ELECTION
-We are informed that the City
Council has ordered that an election be held on May 21 for the purpose of
submitting to the voters a proposal that $30,000 bonds for erection of a
grammar school be issued.
new
KENOSHA, Wis.-BOND SALE DETAILS
-It is reported by the
Director of Finance that the $63,000 refunding bonds sold recently to the
Bancamerica-Blair Corp., as 334s, at a price of 101.28-V. 140, p. 2908
are dated May 1 1935, and mature on May 1 1948. giving a basis of about
3,13%. The bonds to be refunded by this issue are $30,000 434% high
school, First Series of 1925, due on April 1 1935, and $33.000
% high
school, series of 1926. due on May 11935.
KENTUCKY, State of
-BRIDGE PURCHASE UNDER CONSIDER-The State Highway Commission is said to be considering a
ATION
proposal to buy the Ohio River bridge at Paducah for $800,000 in bridge
revenue bonds, the upset price fixed by the Federal Court in reorganization
proceedings.
3085
-BRIDGE REVENUE BOND CASE APKENTUCKY, State of
PEALED-It is stated that the bridge revenue bond case, involving the
refunding and refinancing of the $7,948,000 bridge bonds awarded by the
.
State Highway Commission to a syndicate headed by C. W. McNear &
Co. of Chicago, held invalid by the Franklin Circuit Court on April 19V. 140. p. 2901-has been docketed by the Court of Appeals and advanced
for immediate consideration. It was held by Circuit Court Judge Jones
that the Highway Commission exceeded Its authority in pledging funds
other than toll bridge receipts in refinancing bond payments.
KICKAPOO TOWNSHIP, Vernon County, Wis.- BONDS VOTED
A proposed bond issue of $48,000 for highway improvements is reported
to have been approved by the electors recently by a vote of 107 to 3.
-It is reported that
-PROPOSED BOND SALE
KINGSTON, N. Y.
the city will offer for sale soon an issue of $150,000 relief bonds, due serially
in from 1 to 10 years. C. Ray Everett is City Treasurer.
-The $30,000 issue of water supply
KINNEY, Minn.
-BOND SALE
-was pursystem bonds offered for sale on April 30-V. 140, p. 2098
chasedby J. P. Arms & Co. of Minneapolis, as 5 ha. paying a premium of
$24, equal to 100.08, a basis of about 5.73%. Due $25,000 on July 25
1937 to 1939.
KLEMME, Iowa
-BOND OFFERING-It Is stated by A. J. KudeJ,_
Town Clerk, that he will receive bids until May 10 for the purchase of
the $10,500 issue of 334% semi-annual water works bonds that were
originally scheduled for sale on April 19-V. 140. p. 2579.
-BOND OFFERING-Sealed
KNOX COUNTY(P. 0.Knoxville) Tenn.
bids will be received until 10 a. in. on May 10, by S. 0. Houston, County
Judge, for the purchase of a $250.000 issue of county jail bonds. Denom.
$1,000. Dated May 1 1935. Due on May 1 1955. Bonds are to bear
the lowest interest rate for which a bid of not less than par and accrued
interest can be made. The purchaser shall furnish blank bonds at his
expense and also pay for the opinion of a reputable bond attorney. The
bonds are said to be payable from an unlimited special tax. A certified
check for $2,500 must accompany the bid.
-BOND SALE
-We are
KNOX COUNTY (P. 0. Knoxville), Tenn.
informed by W. H. Hall, County Court Clerk, that $500,000 refunding
bonds were purchased on April 29 by Gray, Shillinglaw & Co. of Nashville.
-V.140, D.2579.)
(These bonds were authorized recently by the Legislature
-BOND SALE DETAILS
LABETTE COUNTY (P.O. Oswego), Kan.
-The $14,000 coupon work relief bonds recently disposed of to the State
School Fund Commission as reported in V. 140, p. 2742. were sold at par,
bear 3% interest, and are further described as follows: Denoms. $1,000
and $400. Dated March 11 1935. Interest payable semi-annually Jan.
and July. Due Jan. 1 1945.
LAKE AND MOODY COUNTIES DRAINAGE DISTRICT (P. 0.
-It is reported that savings
Madison), So. Dak.-BONDS REFINANCED
of almost $45,000 in principal and accumulated interest were effected by
refinancing of bonds, officials of the two counties having completed negotiations for a $50.400 issue of 4% bonds to replace $84,000 in old 6% bonds.
An $813 payment was accepted on $12.000 in payment of accrued interest.
-BOND SALE
-The
LAKE COUNTY (P. 0. Crown Point), Ind.
$600.000 poor relief bonds offered on April 27-V. 140. p. 2742-wer.:
awarded to John Nuveen & Co. af Chicago, at a price of 100.13 for the firs'
half maturities as 274s and the second half as 3.10s. Issue is dated May
1935 and due $30,000 on June 1 and Dec. 1 from 1936 to 1945, incl. Other
bidder,were:
Premium
Int. Rate
$713.00
City Securities Co
%
3;4%
6,427.00
860.00
Indianapolis Bond & Share Corp
Brown Harriman & Co
334%
545.00
H. C. Speer & Sons Co
%
Par
A. P. Flynn
4h'%
LAMONI, Iowa
-BOND CALL-Martin A. Hynden, Town Clerk,
announces that $18.500 434% refunding bonds in the denomination of
$500 each, numbered from 14 to 50, dated Dec. 1 1928 are to be retired as
of June 1 next, when interest will cease.
LANE COUNTY (P. 0. Dighton), Kan.
-BOND ELECTION NOT
CONTEMPLATED-It is stated by the County Clerk that petitions calling
for an election to pass on the issuance of $33,000 in lake construction bonds
-V. 140, p. 1007'
-were withdrawn and no election is scheduled.
LANSING, Mich.
-BOND SALE
-The City Water and Electric Light
Commission has purchased an issue of $98.000 3% refunding welfare
bonds, due April 15 1942.
-It is
LA PORTE, Tex.
-CONFIRMATION OF BOND CONTRACT
stated by I. W. Rust, City Secretary, that the report we carried recently
regarding a contract entered into between the city and Herby, Lyon &
-V. 140, p.
King, of Houston, for the sale of $162.000 refunding bonds
2399-Is substantially correct, in that the city refunded $148,000 of 6%
bonds into bonds drawing 4%,5% and 6%,according to maturity, and also
refunded $13,887.91 of 6% refunding warrants at the same rates as the
above bonds.
-BONDS SOLD
LAVACA COUNTY (P. 0. Hallettsville), Tex.
On April 20 an issue of $10,000 road bonds was sold to Malian, Dittmar
& Co., of San Antonio. according to news reports.
-BONDS
LAWRENCE COUNTY (P. 0. Lawrencebure), Tenn.
SOLD-The $90,000 warrant funding bonds recently voted-V. 14v. P•
-are reported to have been sold to J. C. Little & Co. of Jackson
2579
on a bid of par, less $473 expenses, for 334s.
-BOND
LAWRENCEVILLE SCHOOL DISTRICT No. 14, Ill.
-Paine, Webber & Co.of Chicago have purchased $22,0004% junior
SALE
high school building bonds. Dated Aug. 15 1934. Denom.$1,000. Due
on Aug. 15 from 1935 to 1954, incl. Legality approved by Chapman &
Cutler of Chicago.
-BONDS OFFERED r"OR INVESTMENT
LEOMINSTER, Mass.
E. H. Rollins & Sons of Boston are offering for public investment $125,000
sewer and water filtration plant bonds at prices to yield from 0.90% to
2.45%, according to maturities, which are from 1937 to 1955 incl. Bonds
are dated April 1 1935.
-Tax rate for 1935
LEXINGTON, Mass.
-TAX RATE UNCHANGED
has been continued at the 1934 figure of $33 per $1,000 of assessed valuation. This latter item has been placed at $21,595,637 for the present year
an increase of $52,515 over last year's total.
LIMA, Ohio
-BOND OFFERING-Clyde Welty, City Auditor, will
receive bids until noon May 17 for the purchase at not less than par and
interest of $9,000 5% sewage disposal bonds. Denom $1,000. Dated
April 1 1935. Principal and semi-annual interest (April 1 and Oct. 1)
payable at the office of the Sinking Fund Trustees. Due $3,000 on Oct.1
in each of the years 1936. 1937 and 1938. Bids may be made for bonds
bearing less than 5%,expressed in multiples of 74%. Certified check for
$90, payable to the City Treasurer, required. Legal opinion of Peck,
Shaffer & Williams, of Cincinnati.
LINCOLN COUNTY (P. 0. Fayetteville), Tenn.
-BOND ISSUANCE
RESTRIC'ED-A bill is reported to have been signed by the Governor
uchori•in the issuance of bonds by this county only when approved by
tne rot-., at a referendem.
LINN COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Lebanon),
Ore.
-BOND SALE
-The $14,000 issue of 434% semi-ann. school bonds
offered for sale on April 29-V. 140, p. 2908
-was awarded to the First
National Bank of Lebanon, at a price of 107.30, a basis of about 3.65%•
Dated June 1 1935. Due from June 1 1950 to 1953.
LITTLETON, N. C.
-NOTE SALE DETAILS
-It is stated by the
Town Clerk that the $7,500 6% tax anticipation notes purchased at par
by the Bank of Halifax-V. 140. p. 2908
-are dated April 25 1935, and
mature on April 24 1936.
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
-BONDS
PROPOSED-The County Auditor recently informed the County Supervisors that a bond issue of $10,000,000 will be necessary to meet
the charities burden for 1935-1936 and requested that It be voted this
LOUDON, Tenn.
-BOND BILL SIGNED-The Governor is reported
suMMer
to have approved the bill passed by the Legislature recently, authorizing
the issuance of $15,000 in sewer bonds.
-V. 140. p. 2908. .....b..11111
3086
Financial Chronicle
LUMBERTON, N. C.
-BOND SALE-The $25,000 issue of coupon or
registered street improvement bonds offered for sale on April 30-V. 140,
p. 2908
-was awarded to R. S. Dickson & Co. of Charlotte, as 5s,paying
a premium of $77.50, equal to 100.31. a basis of about 5.45%. Dated
May 1 1935. Due from May 1 1937 to 1949.
LYNN, Mass.
-TEMPORARY LOAN
-The $300,000 revenue anticipation loan offered on May 1 was awarded to the Security Trust Co. of Lynn
at 0.41% discount. Due Nov. 8 1935. Other bidders were:
BidderDiscount
Merchants National Bank
0.437
Day Trust Co
0.44
First National Bank of Boston (plus $.3 premium)
0.40%
Faxon,(lade & Co
0.48%
W. O. Gay & Co
0.54%
Brown Harriman & Co. (plus $6 premium)
0.54%
-BOND ISSUANCE NOT CONTEMPLATED
LYONS, Kan.
-In connection with the 375.000 gas plant construction bonds authorized for issuance by the city early in February-V. 140. p. 1175
-it is stated by the
City Clerk that no definite action has been taken as yet.
McARTHUR,Ohio
-BONDS AUTHORIZED
-The Village Council re
cently passed two ordinances which authorize the village to issue bonds as
follows:
$39,700 special assessment sanitary sewer bonds. Denton. $1.000, $700
and $600. Dated March 15 1935. Interest payable semi-annually.
March 1 and Sept. 1. Due yearly on Sept. 1 as follows: $1,700.
1936 to 1948, incl.; and $1,600. 1949 to 1959, inclusive.
7,300 village's portion sewage treatment plant bonds.
McCULLOCH COUNTY (P. 0. Brady), Tex.
-BOND ELECTION
We are informed that a proposal to issue $25,000 5% bonds to finance
the purchase of a right-of-way on Highway 23 will be submitted to a vote
of the taxpayers on May 25. Bonds would mature yearly as follows:
9500, 193T to 1940, incl.; $1,000, 1941 and 1942; and 53,000. 1946 to
1950. incl.
McKENZIE COUNTY (P. 0. Schafer), No. Dak.-BOND REFUNDING PLANNED-The County Board is said to have begun action to
refinance its outstanding indebtedness through the issuance of $436,000
20
-year bonds, the proceeds from which would be used to retire $300,000
bonds, 551.000 certificates of indebtedness and about $75.000 warrants.
-BOND OFFERING
MADISON COUNTY (P. 0. Anderson), Ind.
Albert A. Hupp, County Auditor, will receive sealed bids until 10 a. m. on
May 15 for the purchase of $124,000 not to exceed 435% interest bonds.
Interest rate to be expressed by the bidder in a multiple of g of 1%. Denom.
31,000. Due $6.000 June land Dec. 1 from 1936 to 1944,incl., and $7,000
June 1 and Dec. 1 1945. Interest payable semi-annually. A certified
check for 3% of the bonds bid for, payable to the order of the Board of
County Commissioners, must accompany each proposal .
MADISON SCHOOL DISTRICT NO. 38 (P. 0. Phoenix), Ariz.
BOND SALE
-A $21,000 issue of 4% semi-annual school bonds that was
approved by the voters on Sept. 22 1934 is stated to have been purchased
at par by the Public Works Administration. Due $1,000 from 1935 to
1955 incl.
MADISON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Mansfield), Ohio
-BOND OFFERING-Russel V. Myer, Clerk of the Board of
Education, will receive bids until noon May 24 for the purchase at not less
than par and interest of $45,000 school building bonds, to bear interest at
rate named by the successful bidder,expressed in multiple of g %. Denom.
$500. Dated June 1 1935. Interest payable semi-annually. Due $1,500
each six months from April 1 1936 to Oct. 1 1950, incl. Certified check
for 5% of amount of bonds bid for, payable to the Board of EducaLion,
required.
MALLARD INDEPENDENT SCHOOL DISTRICT (P. 0. Mallard),
Ia.-BOND CALL
-Arthur Hahn, District Treasurer, is reported to be
calling for payment refunding bonds, numbered 1 to 14, of an issue dated
Dec. 1 1928.
MANDAN, No. Dak.-GOVERNMENT LOAN ARRANGED
-We are
in receipt of a report to the effect that the city has borrowed $34.000 from
the Federal Government, secured by bonds, for the purpose of financing a
waterworks Improvement project.
MARENGO, Ia.-CONTRACT FOR REFUNDING OPERATION
We are informed that the City Council has entered into a contract with the
Carleton D. Beh Co., of Des Moines, for the refunding of $63.500 bonds,
the new obligations to bear 334% interest as compared with 5% coupon on
the issue to be retired.
MARSHALL COUNTY (P. 0. Marysville), Kan.
-BOND SALE
The 330.000 coupon general improvement bonds recently authorized, as
-have been disposed of to the State School Fund
reported-V. 140. p. 2909
Commission at par as 23.1s. Denominations 20 for $500 and 20 for $1,000.
Dated April 1 1935. Interest payable semi-annually April 1 and Oct. 1.
Due $3,000 yearly until paid.
MARSHFIELD, Wis.-BOND SALE DETAILS
-The $8,000 fair
ground improvement bonds that were purchased by the Citizens National
Bank of Marshfield-V. 140. p. 2909-bear interest at 3% and were sold
at par, according to the City Clerk. Denom. $1,000. Dated April 1
1935,. Due 31,000 from 1937 to 1944 incl.
MATTOON, III.
-BOND ELECTION PETITIONED
-A petition has
been presented to the City Council asking for a special election in order
that the residents may have an opportunity to pass on a proposed bond
i88110 of $77,000 for financing the construction of a water treatment and
filtration plant.
MECHANICSVILLE, N. Y.
-BOND OFFERING
-We are in receipt
of a report to the effect that the City Council has ordered the sale of $40,000
bonds, bids to be received on May 14.
MEMPHIS, Tenn.
-BOND AUTHORIZATION BILL APPROVED
The Governor is said to have given his approval to a bill on April 20 which
authorizes this city to issue $9,000,000 in electric utility bonds, approved
by the voters at the general election in November 1934.
MIAMI, Fla.
-BONDS NOT SOLD-It is stated by A.E.Fuller, Director
of Finance, that the 345.0005% semi-annual city bonds offered on April 5V. 140. p. 2229
-have not been disposed of as yet. Dated Feb. 1 1929.
Due from Feb. 1 1948 to 1950.
MIAMI, Fla.
-CERTIFICATE VALIDATION SOUGHT
-The City
Attorney Is said to have filed a suit recently in the Circuit Court to validate
$236,000 in certificates of indebtedness to be turned over to the Public
Works Administration to secure 70% of a Federal fund allotment for
hospital building and improvement purposes.
MIDDLETOWN, N. Y.
-BOND OFFERING
-P. E. Benedict, City
Clerk and Treasurer, will receive sealed bids until 2 p. m. on May 20 for
the purchase of $75,000 bonds, Including $50.000 emergency relief, due
from 1936 to 1945, incl., and 525.000 public works, due serially from
1936 to 1944, incl. Each issue is dated Jrne 1 1935. It was previously
reported, in our issue of April 27, that these bonds would be sold on June 1.
MILLVILLE, N. J.
-TO BORROW FROM STATE
-We are informed by
city officials that the State of New Jersey will loan money to the city on
security of the $20,703.74 evidences of indebtedness recently authorized
by the City Commission as stated in V. 140. p. 2909.
MILWAUKEE, Wis.-BONDS APPROVED-The Finance Committee
of the Common Council is reported to have approved recently the issuance
of $1,000,000 in filtration plant bonds, to be sold as needed.
MINNEAPOLIS, Minn.
-BOND SALE NOT SCHEDULED-It is
stated by the Secretary of the Board of Estimate and Taxation that there
has been no date of sale set on the $300,000 Federal aid highway paving
bonds authorized recently by the Board.
-V. 140. p. 2743.
MINNESOTA (State of)
-DITCH BOND BILL ENACTED-The ditch
bond bill, which would give relief to Beltrami, Koochiching and Lake
Woods Counties through an appropriation of $2,500,000 for the purpose
of paying off the ditch bond indebtedness of the counties, has been approved
by the State Legislature, it is stated.
MINNESOTA (State of)
-CERTIFICATE OFFERING PLANNED
We are in receipt of a report to the effect that Theodore H. Arens. Conservator of Rural Credit, is preparing to offer for sale an issue of $60,000,000
3% Department of Rural Credit certificates of indebtedness.
May 4 1935
MINNESOTA, State of-SPECIAL LEGISLATIVE SESSION FORE-Failure of the Legislature to pass several enabling Acts which
SEEN
were before it for action, has threatened the loss to Minnesota of allotments estimated at from $90,000,000 to $100,000,000, and thereby made
necessary a special session, it was stated by Governor Floyd B. Olson.
Among the Acts which failed to pass were a housing corporation enabling
measure and one which would have appropriated $5,000,000 to enable the
State to carry out a proposed power plan.
MISSOULA COUNTY (P. 0. Missoula), Mont.
-REFUNDING
PLANS INCOMPLETE
-With reference to the plan to refund $528,278
county bonds mentioned recently
-V. 140, p. 2909-A. F. Therreault,
Deputy County Clerk and Recorder says:
"At the present time negotiations for the refunding of bonds of Missoula
County, Montana, are in but the formative period and we cannot give you
full particulars.
"The plans are to refund the bonds that are callable and redeemable at
the option of the County during the years 1935 and 1936, and as many
more as may be surrendered."
MONTAGUE COUNTY(P:0.Montague), Tex.
-BONDS PROPOSED.
-The Commissioners' Court announces that there will be a meeting on
May 31 to authorize the issuance of $17,175 funding bonds to bear no more
than 53i% interest, to be issued for the purpose of retiring a like amount
of scrip warrants.
MONTCLAIR, N. J.
-BONDS PROPOSED
-Two ordinances are pending in Board of Town Commissioners, which,iffinally passed would permit
the issuance of $8,500 bonds of which $6.500 would be used for the purchase
of a motor pick-up sweeper and $2,000 for dredging and improving Toney's
Brook.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio
-BOND SALE
The $220,000 coupon special assessment sewer bonds offered on April 30V. 140, p. 2743
-were awarded to a syndicate composed of Seasongood &
Mayer; Fox. Einhorn &
Inc.: Assel, Goetz & Moerlein, Inc., and Grau
& Co., all of Cincinnati, as 331s, at par plus a premium of $444.85, equal
Co..
to 100.202, a basis of about 3.725%. Dated May 1 1935 and due $11.000
May 1 and Nov. 1 from 1940 to 1949 incl. Second high bidders were Well,
Roth & Irving Co. of Cincinnati, which offerecta premium of $1.437 for 4s.
MOORE TOWNSHIP HIGH SCHOOL DISTRICT NO. 109 (P. 0.
Farmer City), III.
-ADDITIONAL INFORMATION
-The $33,000 4%
coupon (eligible to be registered) school building addition construction
bonds purchased by the Harris Trust & Savings Bank of Chicago at a price
of 105.397, as reported in our issue of April 27, are dated Aug. 15 1934 and
mature Aug. 15 as follows: S2.000 from 1935 to 1950 incl. and $1,000 in
1951. Denom. $1,000., Interest payable annually on Aug. 15.
'
MORGAN COUNTY (P. 0. Martinsville), Ind.
-BOND SALE
The $30,000 series A "advancement fund" poor relief bonds offered on
April 22-V. 140, p. 2580
-were awarded to the City Securities Corp. of
Indianapolis, at 100.55, a basis ofabout 3.39%. Dated May 1 1935 and due
$1,500 on June 1 and Dec. 1 from 1936 to 1945 incl.
MORRIS, Min.
-BOND ELECTION PETITIONED
-A petition is
being circulated which requests that the City Council submit to a vote of
the electors a bond issue of $147,000 for construction of a municipal electric
light and power plant, it is stated.
MOSS POINT, Miss.
-BOND ELECTION CONTEMPLATED-The
City Council is said to have recently ordered the attorneys for the city to
give notice of an election to be held for the purpose of voting a proposed
$40,000 bond issue for school purposes.
MOUNT CARMEL SCHOOL DISTRICT, Pa.
-PLANS REFUNDING
-A proposal to refund $105.000 of outstanding bonds over a period of 25
years is being considered by the Board of Directors.
MUSKEGON, Mich.
-BOND SALE
-Ida L. Christiansen, City Clerk,
states that the $176,000 refunding,_ bonds offered on April 30 were sold
in part as follows: $132,000 to McDonald, Moore & Hayes of Detroit on
their bid of 100.128 for $78.000, due 36.000 April 1 from 1937 to 1949 incl.,
as 4s and $54,000, due WOW April 1 1950 to 1958 incl.. as 43is.
MULTNOMAH COUNTY (P. 0. Portland), Ore.
-CANNOT REFUND OUTSTANDING BONDS
-We learn that District Attorney Bain
has advised the County Commissioners that the county cannot refund any
of its outstanding indebtedness at a lower rate of interest, as none of the
bonds carry a callable provision.
NEBRASKA CITY, Neb.-BOND SALE DETAILS
-In connection
with the sale of the $339,000 refunding bonds to Ware, Hall & Co. of
Omaha,as 331s, at a price of 101.47-V. 140. p. 2910
-we are now informed
that Burns, Potter & Co., and the Omaha National Co., all of Omaha,
were jointly associated in the purchase of these bonds. Due on June 1
as follows: $75,000 in 1945 and 1950, and $189,000 in 1955; all optional
after 5 years from date of issue.
The second highest bid is reported to have been an offer of $4,975 premium on 331s, tendered by the First Trust Co. of Lincoln.
NEOSHO COUNTY (P. 0. Erie), Kans.-BOND OFFERING-Bids
will be received until 10 a. m., April 29 by Roy Harding, County Clerk,
for the purchase of $20,000 2g% poor fund coupon bonds. Denom. $1,000.
Dated April 1 1935. interest payable semi-annually Feb. 1 and Aug. 1.
Principal and interest payable at the State Treasurer's office in Topeka.
Due yearly on Aug. 1 in 1936, 1937, 1938 and 1939. Certified check for
$500 required.
-BONDS AUTHORIZED-A bill has been signed
NEWBERN, Tenn.
by the Governor authorizing the issuance of $75,000 in bonds by this town.
NEW CASTLE SCHOOL DISTRICT, Pa.
-BOND OFFERING
H, M. Marquis, District Secretary, will receive bids until 7:30
May
21 for the purchase of $30,000 coupon refunding bonds, to bearp. m. at
interest
3% 3X
7o,3 f4% or 4%,88 named by the successful bidder. Denom.
$1;o00. Interest payable semi-annually. Due $5,000 yearly on July 1
from 1947 to 1952. incl. Certified check for $400 required.
NEW HAVEN, Ky.-DETAILS ON PWA ALLOTMENT
-It is stated
by the Town Clerk that the town 111 to issue $4,000 in bonds to secure the
loan portion of the $32,000 allotment by the Public Works Administration
for water works construction approved recently
-V. 140, p. 2899.
NEW ORLEANS, La.
-INJUNCTION ISSUED AGAINST PWA
ALLOTMENT
-It is reported that a preliminary injunction has been
secured by Governor Allen. restraining the Sewerage and Water Board
from expending any of a 91,800.000 Public Works Administration loan.
NEW PHILADELPHIA, Ohio
-BOND OFFERING-Rey L. Swinderman, City Auditor, advises us that the $10,500 5% coupon
recently authorized, will be offered for sale about May 10.refunding bonds
Denoms. 1 for
$500 and 10 for $1,000. Dated April 1 1935. Principal and semi-annual
interest-April and October-payable at the City Treasurer's office. Due
serially beginning in 1937. Legalopi nion by Squire, Sanders & Dempsey.
NEWPORT, Tenn.
-BONDS AUTHORIZED
-It is reported that
Governor McAlister signed a bill authorizing this city to issue $250,000
In electric utility bonds.
NEW ROCHELLE, N. Y.
-CERTIFICATE ISSUE SOLD-Bank of
Manhattan Co. of New York purchased on April 29 an issue of $50,000 the
tax
anticipation certificates of indebtedness at 0.75% interest at par. Dated
April 29 1935 and due in three months. Legality approved by Caldwell &
Raymond of New York.
NFWTON COUNTY(P.O. Kentland), Ind.
-WARRANT OFFERING
-The County Auditor is said to be receiving bids until 1:30 p.m. May 6
for the purchase of an issue of $25.000 tax anticipation warrants.
NEWTON, Mass.
-OTHER BIDS
-Other bids for the $50,000 registered
water bonds purchased by A. C. Allyn & Co. of Boston, as 2s, at
a basis of about 1.975%,as reported in our issue of April 27, were as100.278.
follows:
BidderInt. Rate
Rate Bid
Newton. Abbe & Co
100.271
Tyler, Buttrick & Co
101.09
Ifornblower & Weeks
100.017
R. L. Day & Co
c
,
101.01
NEWTON SCHOOL DISTRICT, la.
-WARRANT SALE
ports are to the effect that the directors have sold $10.000 3% -News rewarrants to
local banks to raise funds for the retirement of bonds coming due.
NEW ULM, Minn.
-BONDS CALLED
-City Council has Instructed
the City Clerk to call in $37,500 outstanding sewer bonds as of June 1 next,
Volume 140
Financial Chronicle
-The city accepted
-BONDS PARTIALLY SOLD
NEW YORK, N. Y.
bids for only $197,630 bonds of the total of $2,282,005 3s offered for
sale on May 1. Salomon Bros. & Hutzler of New York were awarded
$49,460, due Nov. 11941, at a price of 102 and $40,170, due Nov. 1 1940,
Nov. 1 1954.
at 102.625. Barr Bros. & Co., Inc., purchased $75,000, due offered repreat 100.02 and $33,000, due Nov. 1 1948, at par. The bonds
sented investments held by the several Retirement Systems, maturing at
various dates from 1940 to 1955 incl. Tenders rejected included an offer
of the Chase National Bank of New York to pay 100.03 for all or none of
the $1,012.000 bonds, due from 1940 to 1952 incl. R. W. Pressprich & Co.
for
bid 100.277 for $211,205 worth, due from 1940 to 1949 and 101.777
$89,630 due in 1940 and 1941. The offering comprised the following blocks
of bonds:
Amount
Date of MaturityAmount
Date of Maturity
$124,600
$40,170 Nov. 1 1951
Nov. 1 1940
12,000
Nov.1194149,460 Oct. 1 1952
590.120
7,575 Nov. 1 1952
Nov. 1 1942
433,710
Nov. 1 1953
33,000
Nov. 1 1948
748,800
1,000 May 1 1954
July 1 1949
76,000
80,000 Nov. 1 1954
Nov. 1 1949
10,570
75,000 Nov. 1 1955
Nov. 1 1950
-R. W.
INVESTMENT
NEW YORK, N. Y.
-BONDS OFFERED FOR
Pressprich & Co. of Boston are making public offering of 3500.000 4%
registered bonds, due Oct. I. 1940, priced to yield 2.80%-Comptroller Frank
375,000,000 BILLS CALLED FOR REDEMPTION
J. Taylor informed J. P. Morgan & Co., agents of the banking group that
-year agreement, that the city
Is financing the city's credit needs under a 4
will redeem $75,000,000 3% revenue bills on May 3 which were issued in
anticipation of collection of taxes for the first half of 1935. The amount
includes $35,000,000 which was borrowed on April 29 to meet May 1 payrolls and on which only four days interest is payable.
-State CompNEW YORK (State of)
-SELLS $440,000,000 NOTES
troller Morris S. Tremaine on April 30 allotted $40,000,000 of H % notes.
dated May 2 1935 and due Feb. 2 1936, to various banks and investment
banking houses throughout the *State. Subscriptions to the offering far
exceeded the amount of the issue and Mr. Tremaine was obliged to limit
Individual allotments to $1,500,000. The notes were issued for deficit
funding purposes. Some of the investment bankers re-offered their allotments to yield 0.25%. Although the State has sold previous issues of
notes at H% interest, the maturity on such loans has b.een considerably
shorter than that in the current instance. In connection with the sale it
was pointed out that an issue of $75,000,000 H% notes matures on May 15.
Allotments of the $40,000,000 just sold were made as follows:
Amount
BidderBidderAmount
Chase National Bank_ _ 31,500,000 George B. Gibbons & Co_ $500,000
'
500.000
Halsey. Stuart & Co
National City Bank
1,500,000
500.000
Bk.of the Manhattan Co_ 1,500,000 Phelps, Fenn & Co
500,000
Bankers Trust Co
1,500,000 J. & W.Seligman Co
500,000
Speyer & Co
Central Hanover Bank &
Trust Co
1,500,000 First Trust Co., Albany-- 300,000
300,000
Chemical Bk.& Tr. Co.,....1,500,000 Hannahs, Bailin & Lee___
300,000
-P. Murphy & Co__
Guaranty Trust Co
1,500,000 G. M.
Brooklyn Trust CO
Manufacturers & Traders200,000
200,000
Trust Co.. Buffalo
Federation Bk. & 'Tr. Co_
1,500,000
Barr Bros. & Co
1,500,000 Harris Tr.& Savings Bank 200.000
200,000
Brown Harriman & Co
1,500.000 Kings County Trust Co.._
Salomon Bros. & Hutzler.. 1,500,000 Lawyers County Trust Co. 200.000
E. B.Smith & Co
1,500,000 Trust Co.of North America 200,000
200,000
J. P. Morgan & Co
1,300,000 A. C. Allyn & Co
200,000
First National Bank
1,000,000 myth & Co
200.000
Marine Trust Co
1,000,000 C. F. Childs & Co
200,000
Bancamerica-Blair Corp__ 1,000,000 Emanuel & Co
200,000
Lehman Brothers
1.000,000 Ernst & Co
200.000
R. W. Pressprich & Co_-- 1,000,000 Estabrook & Co
200,000
Bank of N. Y. Trust Co__
700,000 First of Michigan Corp_.._
200.000
City Bank-Farmers Tr. Co 700,000 Goldman, Sachs & Co_
200,000
Comin'l Nat. Bk.& Tr. Co 700.000 Hallgarten & Co
Continental Bk.& Tr. Co_
700,000 Heidelbach. Ichelheimer &
200.000
Co
Ladenburg. Thalman & CO 700.000
200.000
Fifth Avenue Bk.of N.Y_ 500,000 Kidder, Peabody & Co__ _
200,000
Irving Trust Co
500,000 W.E. Lauer & Co
200,000
Liberty Bank of Buffalo__
500,000 Lazard, Freres & Co
200,000
Marine Midland Trust Co. 500,000 F. S. Moseley & Co
200,000
Public Nat. Bk.& 'Tr. Co_ 500,000 Roosevelt. Weigold & Co_
200,000
J. Henry Schroder Tr. Co.. 500,000 Rutter & Co
Stone, Webster & Blodgett 200,000
South Shore Trust Co.,
200.000
Rockville Centre
500,00n Van Alstyne, Noel & Co-_
First Boston Corp
500,000
-Comptroller
NEW YORK, N. Y.
-REDEEMS $10,000,000 NOTES
Prank J. Taylor paid off on April 30 a block of 310,000,000 3% revenue
bills Issued to local bankers in anticipation of tax collections for the first
half of 1935. The payment reduced the amount of such obligations outstanding at the close of April to 375,000,000, as against $100,000,000 at the
same time in 1934. In announcing the projected payment, the Comptroller
declared he had borrowed on April 26 an additional 335,000.000 on revenue
bills against the first half taxes. Borrowings against that portion of the
year's taxes have amounted to $115,000,000 as of April 30. as compared
with $140,000,000 obtained in similar manner to April 30 1934. Redemptions to April 30 were $40,000,000 in each year. Yesterday's payment of
310,000,000 was part of an issue of $25,000,000, dated Feb. 26 1935 and
due on or before june 29. It is also learned that Mayor LaGuardia is submitting to all New York City real estate organizations the recent proposal
of the Board of Taxes and Assessments for a three-year moratorium on tax
increases on improvements to buildings in the city. The Mayor is said to
favor the plan as a means of stimulating employment and at the 881310 time
raising the actual value of real estate.
-An issue of $52,000,000
$52,000,000 TRANSIT STOCK PAYMENT
3% rapid transit corporate stock issued in 1931 was redeemed by the city
in cash at maturity on May 1 1935. The obligations were sold at competitive sale to a syndicate headed by the former National City Co. of
New York.
-LOAN OFFERING-.
NORFOLK COUNTY (P. 0. Dedham), Mass.
Ralph D. Pettingell, County Treasurer, will receive sealed bids until
11 a.m. (Daylight Saving Time) on May 7 for the purchase at discount
of a $200.000 tax-anticipation loan. Dated May 7 1935. Denoms.
$25,000. $10,000 and 115.000. Payable Nov. 8 1935 at the First National
Bank of Boston. The notes will be authenticated as to genuineness and
validity by the aforementioned bank, under advice of Ropes, Gray, Boyden
& Perkins of Boston. They will be ready for delivery on or about May 8
at said bank.
NORFOLK, Neb.-BOND SALE
-The $15,000 park improvement
-were purchased by the
bonds offered for sale on May 1-V. 140, p. 2910
or Co. of Omaha, as 2s. at par, according to the City
Greenway-Rayn
Clerk.
-TEMPORARY LOAN-Albina L. Richards.
NORTHAMPTON, Mass.
City Treasurer, informs us that the 3150.000 revenue anticipation loan
offered on April 26 was awarded to the Merchants National Bank of Boston
and the New England Trust Co., Boston,jointly, at 0.47% interest. Dated
April 29 1935 and due Nov. 22 1935. Each institution Lid the same rate
for the loan and decided to split the award between them. Other bidders
were: Whiting, Weeks & Knowles, 0.50%; and Ballou, Adams & Whittemore,0.58%.
NORTH BEND,_Ore.-BOND OFFERING-Sealed bids will be received
until May 14. by Fred B. Hollister, City Recorder, for the purchase of a
$24.000 issue of 6% refunding bonds. Denom. $500. Dated May 1 1935.
Due $2,000 from May 1 1940 to 1951 incl. Prin. and int.(M.& N.) payable
in lawful money at the office of the City Treasurer.
NORTHFORK SCHOOL. DISTRICT, W. Va.-BONDS TO BE
REFUNDED-It is reported that the McDowell County Board of Education recently passed a resolution authorizing the refunding of $30.000 6%
school bonds issued July 1 1921 and due to mature $6,000 yearly for the
next five years. The old bonds will be called as of July 1 next, and new
bends to bear 5% interest will be floated.
OAKLAND, Neb.-BONDS AUTHORIZED-The City Council Is
reported to have passed an ordinance recently authorizing the issuance of
$114,000 in refunding bonds.
3087
1 1935 and
of 3235, equal to 100.58, a basis of about 3.15%. Dated April 1945, incl.
due $2,000 each six months on March 1 and Sept. 1 from 1936 toas 3Ms, at
originally sold on March 30 to two local banks
This issue was
was canceled
100.25, a basis of about 347%-V. 140. p. 2582. The saleThe issue was
owing to the fact that maturity of the issue was changed. to 1947, incl.
semi-annually from 1938
originally scheduled to mature
Other bids at the recent sale were as follows:
Premium
Int. Rate
Bidder13
2252...2
$5000
3h'
Overlin Savings Bank
o
Co., Elyria
Savings Deposit Bank & Trust
%
Lawrence Cook & Co., Cleveland
152.00
3 %
First Cleveland Corp
Utah-BOND
OGDEN CITY SCHOOL DISTRICT (P. 0. Ogden)sale on May 2
for
-A $580.000 issue of school bonds was offered
SALE
A.. of Ogden.
Utah,
and was awarded to the First Security Bank of 100.41.N. basis of about
a
as 23.is, paying a premium of $2,405, equal to
incl. Bonds
2.42. Dated June 1 1935. Due from June 1 1936 to 1945
are payable at New York City.
$1,003.09 premium on 2s.
The second highest bid was an offer of
Boston Corp., Bosworth,
tendered by a group composed of the FristGoodart & Co. of halt Lake
Chanute, Loughridge & Co. of Denver. Snow.
City. and J. A. Bogle & Co. of Salt Lake City.
-The $46,000 coupon or regis-BOND SALE
OGDENSBURG N. Y.
-were
2910
tered water refunding bonds offered on May 2-V. 140. p.
basis
awarded to Kean, Taylor & Co. of New York, as 2.40s. at 100.416, a 1946.
2.355%. Dated May 1 1935 and due $23,000 in 1945 and
of about
were second high bidders with an
Halsey. Stuart & Co., Inc. of New York
offer of 100.385 for 2.40s.
S
OKLAHOMA-FINANCIAL SURVEY ISSUED ON SUBDIVISION
in
-A comprehensive survey of all the political subdivisions
OF STATE
Survey of Wichita,
this State has been prepared by the Oklahoma Financial
statistics given
Kan., and is being distributed at $6.00 per copy. The sinking funds,
include banded debt, assessed valuation, judgment debt, in this book
and collections, and population. The information
tax levies
filed with the State
is stated to have been obtained from official reports June 30 1934.
Board of Equalization, and is given under the date of
-BONDS AUTHOROKMULGEE COUNTY (P. 0. Okmulgee) Okla.
authorized by the District
IZED-The county is reported to have been bonds. Denom. $1,000, one
Court recently to issue $279,641 in 5% funding
follows: $23,000, 1938 to
for $641. Dated April 5 1935. Due on April 1 as
1949, and $3,641 in 1950.
-LOCAL
Y.
OLEAN UNION FREE SCHOOL DISTRICT NO. 1, N. of prin. and
-Payment
PAYING AGENT ON BONE ISSUE CHANGEDint. bonds being offered
semi-ann. int. on the $619,000 not to exceed 4% 2910, will be made, at
for sale on May 10, as reported in V. 140, p. Olean or at the Marine
holder's option, either at the First National Bank of place of payment was
Midland Trust Co.. New York City. The local
originally stipulated as the Olean Trust Co.
Clerk that our
OMAHA, Neb.-CORRECTION-It is stated by the City
contemplating an
recent report to the effect that the City Council was 140, p. 2744
-was
-V.
flood control bonds
Issue of $84,000 Indian Creek
not correct.
OTISCO CENONONDAGA, MARCELLUS, LAFAYETTE AND
-BOND
N. Y.
TRAL SCHOOL DISTRICT NO. 1 (P. 0. Syracuse),
offered on May 2SALE
-The $30,000 coupon or registered school bonds Co. of New York.
-were awarded to J. & W. Seligman &
2910
V. 140, p.
Dated Nov. 1 1930
as 3s,at a price of 100.22, a basis of about 3.72%.
and $1,000 from
and due May 1 as follows: $2,000 from 1936 to 1948 incl.
1949 to 1952 incl.
-SPECIAL SESSION FOR STATE CAPITOL
OREGON, State of
announced
CONSTRUCTION-Governor Martin is reported as having of seeking
the purpose
a special session of the Legislature for reconstruct the State
that he will call
which to
Public Works Administration funds with
Capitol, destroyed recently by fire.
City), Kan.
OSAGE CITY SCHOOL DISTRICT (p. 0. Osage
Education that the
BONDSSOLD-It is stated by the Clerk of the Board ofissue of high school
School Fund Commissioners have purchased a $64,00021 1934.
construction bonds authorized by the voters on Dec.
-BOND SALE
OSAGE COUNTY (P. 0. Pawhuska), Okla.
1204.738.26 funding
ARRANGED-County officials inform us that thethe Attorney-General
and approved by
bond issue recently authorized
Edwards, Inc., of
as stated in V. 140, P. 2910 is to be handled by R. J.
Oklahoma City.
PITCHER
OTSELIC, LINCKLAEN, SMYRNA, PHARSALIA AND
N. Y.
CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. South Otselic),offered
-The 392,000 4% coupon or registered school bonds Inc..
BOND SALE
to Halsey, Stuart & Co.,
on April 29-V. 140, p. 291I-were awarded
Sept. 1 1934 and
of New York, at 100.79, a basis of about 3.92%. Dated $4,000 in 1963
and
e pt.S9.
due Se1e 4 1 as follows: $3,000 from 1935 to 1962 incl.
-A bill providing for the
-BONDS AUTHORIZED
OVERTON, Tex.
to have been passed
issuance of $438,000 in refunding bonds is reported
recently by the Legislature.
Wash.
PALISADES IRRIGATION DISTRICT (P. 0. Palisades)
-It is stated by the District Secretary that
RFC LOAN NOT COMPLETED
refunding of the
for the
the Reconstruction Finance Corporation loan approved at an election on
bonds of this district, secured by $28,500 bends
Sept. 28 1934, has not been completed.
-COUNCIL AUTHORIZES FIRST STEP IN
PAWTUCKET, R. I.
by the GenREFUNDING PROGRAM-Under the terms of an Act passed authorizing
eral Assembly, the City Council recently passed a resolution year. The
this
the refunding of $490,000 of the city's debt which matures debt annually
its
city has authority to refund approximately 1500.000 of
for five years.
-The bill authorizing
BILL
GOVERNOR SIGNS BOND REFUNDING
maturing in each
the city to refund about $500.000 of the bond principal
of the next five years has been signed by Governor Green.
-An
-BOND ELECTION
PERRY SCHOOL DISTRICT No. 54, Tex.
a proposed
election Is to be held on May 18 for the purpose of voting on it is stated.
of a gymnasium-auditorium,
$4,000 bond issue for construction
-BOND
PISCATAWAY TOWNSHIP (P. 0. Piscataway), N. J. sealed
will receive
OFFERING-Anton Bert Krug, Township Treasurer, for the purchase of
Saving Time) on May 10
bids until 8 p. m. (Daylight
refunding bends.
398,000 not to exceed 6% interest coupon or registered follows: $2.000.
Due May 1 as
Dated May 1 1935. Denom. $1,000
Bidder to name a single
1940 to 1949 incl., and $3,000, 1950 to 1957 incl.
of 31
interest rate for all of the bonds, expressed in a multiple of the of 1%•
United
Principal and interest (M. & N.) payable in lawful money check for
2%
States at the First National Bank of Dunellen. A certified
bid for, payable to the order of the Township Treasurer, must
of the bonds
New
accompany each proposal. Legal opinion of Caldwell & Raymond of
York will be furnished the successful bidder.
-BOND OFFERING
PITTSBURGH SCHOOL DISTRICT, Pa.
-Complete details are available regarding the $1,500,000 not to
DETAILS
offered for sale on May 21.
exceed 3% int. coupon school bonds being
Sealed bids will be received until noon (Eastern Standard Time) by H. W.
Cramblet, Secretary of Board of Public Education. Bonds will be dated
June 11935. Denom. $1,000. Due $50,000 on June 1 from 1936 to 1965
incl. Bidder to name a single int. rate on the issue, expressed in a multiple
of yi of 1%. Bonds are registerable as to principal only. Int. payable
J. & D., initial payment on Dec. 1 1935. Tenders must be unconditional
and for all of the bonds. A certified check for 2% of the issue, payable
to the order of the District Treasurer, must accompany each proposal.
Legal opinion of Burgwin, Scully & Burgwin of Pittsburgh will be furnished
the successful bidder. Bonds are exempt from Pennysivania State tax,
except succession and inheritance taxes. Purchaser to pay for bonds at the
School Treasurer's office at 3 p. m.(Eastern Standard Time) on or before
June 14. Settlement to include accr. int. from March 1 1935 to date of
payment.
-BOND OFFERING-Susan E. Arthur, City
PLATTSBURG, N. Y.
Chamberlain, will receive sealed bids until 2 p.m.(Eastern Standard Time)
on May 8 for the purchase of $85.000 not to exceed 5% interest coupon or
registered water bonds. Dated May 1 1935. Denom. $1,000. Due
-The 340,000 electric light, heat and
OBERLIN, Ohio
-BOND SALE
May 1 as follows: $5,000 in 1936 and 310.000 from 1937 to 1944. incl.
power system improvement bonds offered on May 1-V. 140. p. 2582
Bidder to name a single interest rate on the issue, expressed in a multiple
as 3!.4s, at a premium
were awarded to Johnson, Kase & Co. of Cleveland,
3088
Financial Chronicle
of g or 1-10th of 1%. Prin. and Int.(M.& N.) payable
in lawful money
of the United States at the City Chamberlain's office.
Bonds ate general
obligations of the city, payable from unlimited taxes.
A
$1.700, payable to the order of the city, must accompacertified check for
ny each proposal,
Legal opinion of Clay, Dillon & Vandewater
of New York will be furnished
the successful bidder.
POLK COUNTY (P. 0. Osceola) Neb.-BONDS
AUTHOR
-Tar=
The Board of County Commissioners , as
the issuance of $11,000 491 refunding Las passed a resolution authorizing
bonds
5% refunding bonds dated Jan. 1 1926 and to take up a like amount of
maturing Jan. 1 1936.
-FONTIACar=MFLNDTIVO PLAN COA/FrifErf-TheWng
- -fol
Pontiac dispatch relative to completion of thecity's
gram appeared in the Detroit "Free Press" of April bond refunding pro23:
"A 30
-year bond refunding plan that
million dollars will be completed this is aimed to save Pontiac taxpayers a
will leave for New York Tuesday touek in New York. Five city officials
sign the bonds and complete details
of the plan.
"The refunding plan which was approved
1934, was drafted by City Attorney Williamby the Commission July 6
A. Ewart.
he principal
feature is a five-year moratorium on principal payments
on the $7,336,050
bonds outstanding. Interest payments range from
3% to 43.t % with the
final instalment falling due in 1963.
Wile it. al
"Officials who will complete the transaction include •
Mayor Frank B.
Rut City Clerk 11. A. Maurer; E.
Oscar Eckman, Auditor, and Ewart." H. Tinsman, Director of Finance;
PORT ISABEL INDEPENDENT SCHOOL DISTRI
CT (P. 0.
Brownsville), Tex.
-BONDS PROPOSED-Vie
Board of Trustees are considering the issuance are inforn.ed that the
of $40,000 in bonds as
security for a Public Works Administration
loan for construction of a
new school building.
PORTLAND, Ore.
-BOND SALE
-The
02
annual street lighting system bonds offered $24,748.on issue of 6% semifor sale
p. 2911-was awarded to Camp & Co. of Portland at April 24-V. 140.
a price of 107.91.
a basis of about 3.21%. Dated Feb.
on and after three years from date. 1 1935. Due in five years, optional
PORT OF NEW YORK AUTHORITY, N. Y.
-ANNOUNCES CALL
FOR REDEMPTION OF$12,200,000BONLS-Announce
rnent was made on
April 29 of the call for redemption at 105, plus accrued interest,
on March 1
1936, of the outstanding $12,200.000 45i series A New
%
Interstate Bridge bonds due from 1937 to 1946 incl. York-New Jersey
The bonds were
Issued in connection with construction of the Arthur
further announced that prior to redemption, the Port Rill bridges. It is
Authority will purchase bonds of the above issue at prices to yield 0.50%
to the
date. For example, the following prices plus accrued interest redemption
will be paid
on the following dates: May 2 1935. $1,082.37; May
May 13 1935,$1.081.00; May 20 1935. $1,080.12 May 6 1935, $1,081.87;
;
27 1935.$1,079.25;
June 3 1935. $1,078.50.
The foregoing offer is subject to revocatio without notice.
Interested
bondholders should communicate with the n
Port Authority, Ill Eighth
Ave., New York City.
In connection with the notice of call, Frank C. Ferguson,
the Port Authority, states that those bonds of series A held Chairman of
by New York
State or by the Authority will be exchange
refunding bonds sold recently at public sale d for the new 4% general and
to
City and associates. The same opportunity Speyer & Co. of New York
is afforded other holders,
according to the official bond call notice, which says:
Holders of series A
bonds may take advantage of an opportunity offered by
vestment bankers which recently purchased $34,300,000 the group of inPort Authority
general and refunding bonds, first series, 4%. due
1975,
series A bonds on the foregoing basis for general and to exchange their
refunding bonds at
105 plus accrued interest
-a cash payment to be made for excess premium
and interest. The bankers (the Pion Authority
right to revoke this exchange offer without notice. is advised) reserve the
Those
exchanges may communicate with the bankers through wishing to make
Speyer & Co.,
24-26 Pine St., N. Y. City.
May 4 1935
% bonds are to be issued in exchange for 5%
and 6% bonds now
outstanding.
RENTON, Wash.
-BOND SALE
-The $85,000 coupon refunding water
revenue bonds offered on April 23-V. 140,
-were awarded to
Richards & Blum, Inc., and Harold H. Huston p. 2746
& Co.
100.515 for 3319( bonds. Denom. $1,000. Dated of Seattle on a bid of
June 1 1935. Prin.
and semi-ann. int.-June 1 and Dec. 1-payabl
e at the City Treasurer's
office. Due yearly on June 1 as follows:
$4,000, 1936 and 1937; $5,000.
1938 to 1940, incl.; $6,000. 1941 to 1948, incl.,
and $7,000 1949 and 1950.
City reserves the right to redeem all or
est date on and after five years afterany part of the bonds on any interdate. Legal opinion of Preston.
Thorgrimson & Turner of Seattle. Other bidders
were:
Seattle Trust Co., Seattle-Bid 100.17 for $18,000
at 3%.$29.000 at 331%
and $38,000 at 4%.
National Bank of commerce, Seattle. and Ferris
& Hardgrove-Bid 100.31
for $23,000 at 4% and $62,000 at
First National Bank. Seattle, and Wm.4355.
P. Harper & Son & Co.
-Bid 100.13
for $18,000 at 3% and $67.000 at 4%.
Peoples Bank & Trust Co. and Bramhall &
Stein-$23,000 at 4% and
$62,000 at 431%.
RICHLAND COUNTY SCHOOL DISTRICT NO.
1(P.O.Columbia),
So. Caro.
-BOND PROPOSAL
-It is stated that
would give this district authority to issue $150,000 an enabling bill which
bonds to improve school
buildings has been introduced in the State Senate.
RICHLAND COUNTY (p. 0. Richland Center)
Wis.-BOND OF
FERING-T. M. Pease, County Clerk, is receiving
May 15 for the purchase of $84,000 5% highway bids until 130 P. m.
improvement bonds.
Issued for a term offrom three to five years.
RIDGEFIELD, Wash.
-BOND OFFERING-Sealed bids will be received until 8 p. m. on May 17, by J. W. Blackbur
n,
purchase of a $16,000 issue of town bonds. Interest Town Clerk, for the
rate
65. payable semi-annually. A certified check for 5% of is not to exceed
the amount bid
is required.
•
RITTMAN, Ohio
-BONDS AUTHORIZED
-We learn that the Village
Council has recently approved an ordinance
authorizing the issuance
of $12,000 bonds for a water softener.
ROARING SPRINGS INDEPENDENT SCHOOL
DISTRICT,
Tex.
-BONDS TO BE ISSUED
-The School Board
on the issuance of $36.000 bonds to the Public is said to be planning
Works Administration,
having requested the Attorney-General for approval
of the issue.
ROCKDALE, Tex.
-BONDS OFFERED
-Three
issues of bonds aggregating $40,000 are beingFOR INVESTMENT
offered by R. A. Underwood
& Co. of Fort Worth. The bonds are divided as
follows:
$10,000 4% school house bonds. Due $2,000 from
1936 to 1940, incl.
10,000 4 Ji% school house bonds. Due $2,000 from
20,000 4 X% school house bonds. Due $2,000 from 1941 to 1945, incl.
1946
Denom. $1,000. Dated June 15 1935. Prin. and int. to 1955, incl.
at the Guaranty Trust Co. in New York City. Legality (J. & D.) payable
to be approved by
the Attorney General and Clay, Dillon & Vandewat
er of New York.
ROCK HILL SCHOOL DISTRICT NO. 12 (P. 0.
Rock MI
C.
-BONDS OFFERED F INVESTMENT
OR
00
bonds is being offered to the public by R.-A 352,0 issue of 4% school
S. Dickson
Denom. $1,000. Dated Jan. 11935. Due on Jan. & Co. of Charlotte.
1 as follows: $8,000.
1948 and 1949, and $9,000 in 1950 to 1953. Prin.
at the Peoples National Bank In Rock Hill, or atand int.(J.& J.) payable
the
Treasurer. Legal approval by Reed, Hoyt & Washburoffice of the County
n of New York City.
ROCK HILL, S. C.
-BONDS OFFERED FOR INVEST
MENT
McAlister. Smith & Pate of Greenville, S. C., are
scription the $3335,000 4, 431 and 431% electric offering for public sublight, water and sewer
refunding bonds recently taken by them in accordan
ce with the refinancing
plan worked out with the City Council
-V. 140. D. 2583. The bonds are
described as follows:
$200.000
% water bonds. Due from Jan. 1 1944 to 1965,
incl.
100,000 4Y % sewer bonds. Due from Jan. 1 1951 to
35,000 4% electric light bonds. Due $5,000 from 1965 incl.
Jan. '
1 1959 to 1965.
incl.
Denom. $1,000. Dated July 1 1935. Prin. and int. (J.
the Chemical Bank & Trust Co. in New York City. & J.) payable at
Legal opinion by
Reed, Hoyt & Washburn of New York City,
PORTSMOUTH, R. I.
-LOAN OFFERING-Town Treasurer will
receive sealed bids until May 13 for the
revenue note loan, due Nov. 10 1935. purchase at discount of a $25,000
POUGHKEEPSIE N. Y.
-ADDIT
We learn that bids will be received untilIONAL ISSUE FOR SALE
11 a. m.
chase of $100.000 relief bonds, in addition to the on May 17 for the pur$100,000 refunding loan
reported in our issue of April 26. LeGrande Crippen
is City Treasurer.
ROCKWOOD, Tenn.
-BONDS AUTHORIZED
PROVIDENCE, R. I.
-A bill is reported to
-BONDS AUTHORIZED
have been signed by Governor McAlister authorizing
signed a bill authorizing the city to issue $800.000 -Governor Green has
the issuance of
funding bonds.
$54,000 in refunding bonds.
ph PUEBLO,Colo.
-BONDSALE
-It is
ROSEBURG, Ore.
-P WA CONTRACT AUTHORIZED
South Side Park bonds has been disposed reported that an issue of$131,000
-The City
of to Gray B. Gray of Denver..1
Council is said to have approved an ordinance recently,
authorizing the
Mayor and the City Recorder to enter into a contract
PUTNAM VALLEY, PHILLIPSTOWN AND FISHKI
Adminbitration for a loan and grant of $72,000, for with Public Works
SCHOOL DISTRICT NO. 1 (P. 0. Cold Spring), LL CENTRAL
the construction of
-BOND
sewage disposal facilities. It is proposed to offer
OFFERING-Joseph F. Jones, District Clerk, will receive N. Y.
self-liquidating bonds.
sealed bids until
which are to be offered for sale as security on the loan
1 p. m. (Eastern Standard Time) on May 11
portion of the allotment.
not to exceed 47 interest coupon or registerefor the purchase of $190,000
d school
Dated March 1 1934. Denom. $1,000. Due March 1 construction bonds.
ROUND HILL, Va.-BOND ELECTION
as follows: $9,000,
-It is reported that an elec1944: $15.000, 1945: $16,000. 1946; $17,000, 1947 and 1948;
tion will be held on June 10 to vote on the issuance of
$18,000, 1949
$24,000 in refunding
and 1950; $19.000, 1951; $20.000. 1952 and 1953 and
bonds.
$21,000 in 1954.
Bidder to name a single interest rate on the issue, expressed
in a multiple of
RUPERT, Ida.
-BONDS CALLED-It is stated by
k or 1-10th of 1%. Principal and interest (M. & S.)
City Treasurer, that the following bonds were called for Clara B. Colwell,
money of the United States at the National Bank of Cold payable in lawful
payment on May 1.
with all int. accrued to that date:
Cold Spring, or at the Chase National Bank, New York. Spring on Hudson,
$15,000 street impt. bonds. Nos. 27 to 41 of a July
from unlimited ad valorem taxes on all taxable property Bonds are payable
1 1919 issue.
in the district. A
certified check for $3,800, payable to the order of the Board
30,000 electric light and power plant bonds. Nos.
of
31 to 60 of an Issue
must accompany each proposal. Legal opinion of Hawkins, Education,
dated Dec. 1 1919.
Delafield &
Longfellow of New York will be furnished the successful
15.000 warrant funding bonds. Nos. 11 to 25 of an issue
bidder.
dated March 1
1922.
QUINCY, Mass.
-BOND ISSUES PROPOSED-It
Finance Committee of the City Council proposes to askis learned that
RUSSELLVILLE, Ky.-BOND SALE
the Council to
AUTHORIZED
-BONDS
authorize two bond issues, one of $300.000 for the erection
CALLED-The City Council on April 23 passed an
ordinance authorizing
the North Quincy High School and the other of $100,000 of a wing on
the sale to J. J. B. Hilliard & Son at par of $55,000
for street concoupon 4 ji% water
struction work.
works refunding bonds for the purpose of retiring a
waterworks bonds dated, June 1 1924 and scheduled to like amount of 5'70
1 QUINCY TOWNSHIP (P. 0. Waynesboro R.
but subject to call at the city's option, being called mature June 1 1944
D. No.
BOND SALE
-The $32,0004% coupon bonds offered on April 1), Pa.
June 11935. Denom. $1,000. Dated June 11935. for retirement as of
30-V.140,
p. 2745
Principal and semi-were awarded to the Chambersburg Trust Co.
annual interest
-June 1 and Dec. 1 payable at the
at a price of 104.611, a basis of about 3.67% to final of Chambersburg
Co., New York. Due on June 1 as follows: $5,000Chemical Bank & Trust
maturity. Dated
in 1940;$10,000 In 1945
March 1 1935. Due March 11955; optional March 1 1940.
and 1950; and $30,000. 1955.
Other bidders
were:
SAN DIEGO, Calif.
-BONDS DEFEATED-Wo learn
Bidderthat the proproposed $500.000 city-county civic center bond
Rate Bid
First National Bank & Trust Co. of Waynesboro
voters at the election on April 23-V. 140, P. 2232 IMMO submitted to the
101.25
Citizens National Bank & Trust Co. of Waynesboro
-was defeated.
101.58
E. H. Rollins & 230013. Philadelphia
SAN DIEGO COUNTY (P. 0. San Diego), Calif.
101.05
-BONDS VOTED
-The $500,000 bond issue proposed for tho financing of
RANGER, Tex.
the
-REFUNDING BOND TENDERS INVITED
of the cost of construction of the $1,000,000 city-county county's half
-It is
stated by R. A. Jameson, City Secretary, that the city will
reported to have been approved by the voters at the election civic center is
receive sealed
offerings at 2 p. m. on May 21 of city
held on April 23
-V. 140. p. 2232.
dated Jan. 1 1933. All offers should be refunding bonds, series of 1933
firm for 10 days and addressed
to the City Secretary.
SAN FRANCISCO (City and County), Calif.
-BOND SALE
-The
$3,325.000 issue of 4% coupon semi-ann. Retch Hetchy
RECONSTRUCTION FINANCE CORPORATION-LOANS
dam bonds, 1933.
offered for sale on April 29-V. 140, p. 2912
MADE
-were
TO DRAINAGE DISTRICTS
-The following statement was made public
composed of Halsey. Stuart & Co., Lehman Bros.,awarded to a syndicate
by the above Corporation on May 2:
the Bancamerica-Blair
Corp.. Stone & Webster and Blodget, Inc.. Phelps. Fenn
Loans for refinancing one drainage district in Tennesse
Gibbons & Co., all of New York, and Hellman-Wade & & Co., George B.
districts in Mississippi, and two drainage districts in e, three drainage
Texas, aggregating
cisco. paying a premium of $197.338.75, equal to 105.96 Co., of San Fran$460,500, have been authorized by the -Reconstruction Finance
a basis of about
3.23%. Dated Dec. 11933. Due $175,000 from Dec
Corporation. This makes a total to date of $83,675.8
1 1935 to 1953 incl.
53.03 authorize
BONDS OFFERED FOR INVESTMENT
provisions of Section 36 of the Emergency Farm Mortgage d under the
-The above bonds were reAct of 1933.
offered by the successful bidders for public subscript
as amended.
from 0.50%, to 3.45%, according to maturity. T: ion at prices to yield
The districts are:
bonds, in the opinion
of the bankers, are legal investment for savings banks in
Lower Cypress Creek Drainage District No. 12, McNairy
New York MassaCounty.
chusetts and Connecticut.
Tennessee
$16.000
(The official advertisement of this offering appears on D. sit or
Clear Creek Drainage District, Bolivar County, Mississippi
tin:Issue.
152,000
Patterson Bayou Drainage District, Tallahatchie County.
SANTA FE IRRIGATION DISTRICT (P. 0. Enclni aCali
Miss_ _
85,500
Lead Bayou Drainage District, Bolivar and Sunflower
I,
BONDS VOTED
-At an election held recently the voters are 1...91 to f.Counties,
Mississippi
have
approved the issuance of $394,000 refunding bonds. whit::
120.000
.0 to r tire the
Drainage District No. 5, Jackson County, TOX118
present outstanding bonded debt, reported at $748.000.
27,000
Drainage District No. 1. Jackson County, Texas
60,000
SATICOY SCHOOL DISTRICT, Calif.
The above refunding loans are based upon deposit
-BOND ELECTION- ae
standing indebtedness. If less than 100% is deposited of 100% of the outare informed that a proposed bond issue of $14,000 for reconditioning
the amounts author.choot
,
buildings is to be placed before the voters for approval at an
ized are automatically decreased.
election to
be held on May 7.
REINBECK, la.
-BOND REFUNDING ARRANGED
-We learn that
SAVOY, Tex.
-BONDS TO BE SOLD
-We are in receipt of
the Town Council has entered into an agreement with the Carleton
to the effect that the City Council is advertising for sale an issue ofa repo-t
D.
Beth Co., of Des Moines. for the refunding of the $28,000 bonds
..16.000
waterworks system bonds, the offering being made merely
,neationed
in our issue of April 20.
as a
form
Under the terms of the agree tient new
as the Public Works Administration as already agreed to purchaselegalissue
the
Volume 140
Financial Chronicle
SCHENECTADY, N. Y.
-MOVES AGAINST TAX DELINQUENTS
Former Corporation Counsel Carleton H. Lewis has been appointed a
member of the staff of the Counsel's office to foreclose on Properties on
which the city holds tax and assessment liens, according to report. Proceedings will be started immediately against those delinquents whose taxes
have been in default for a number of years. Later, notice of impending
proceedings will be sent to taxpayers in default on 1934 levies, it is said.
This is the first time that the city has moved to take title to properties on
which tax or assessment liens are held.
,I
SCHUYLKILL COUNTY (P. 0. Pottsville), Pa.
-BOND SALE
The $1,123,000 coupon refunding bonds offered on April 29-V. 140. P•
-were awarded to a group composed of Brown Harriman & Co.,
2584
Kidder, Peabody & Co. and Yarnall & Co. of Philadelphia, as 24B, at
100.564, a basis of about 2.44%. Dated June 1 1935 and due serially on
June 1 from 1937 to 1955, incl. Public re-offering is being made by the
bankers at prices to yield from 1.25% to 2.43%, according to maturity.
Other bidders were:
BidderInt. Rate
Rate Bid
Dougherty, Corkran & Co
2.V%
101.097
First Boston Corp
Vti%
100.82
Halsey, Stuart & Co., Inc
3%
101.56
E. It, Rollins & Sons
101.275
39
R. W. Pressprich & Co
3%
101.367
SEAL BEACH, Calif.
-BONDS AUTHORIZED
-At a meeting of the
City Council on April 18 resolutions were adopted which authorize the
issuance of $40,000 bonds for a sewage treatment plant, $62.000 bonds for
a jetty at the entrance to Anaheim Bay and $30,000 for a municipal water
system, according to report.
SEATTLE, Wash.
-BOND CALL
-H. L. Collier, City Treasurer, is
reported to have called for payment at his office from April 18 to May 1,
various local improvement district bonds.
SEATTLE, Wash.
-BONDS TO PE OFFERED
-We are in receipt of a
report that City Comptroller Harry W. Carroll will offer for sale on either
May 17 or 24 an issue of $670,000 water refunding bonds to run for five
years.
SEGUIN, Tex.
-BOND CALL
-The City Council is said to have called
for redemption on May 15, a total of $19,500 in electric light and water
works bonds, dated Nov. 1 1914.
SELINSGROVE SCHOOL DISTRICT, Pa.
-BONDS VOTED-At an
election held on April 23 the residents by a vote of 679 to 140 gave their
approval to a proposed bond inane of $50.000. for a new school building:
SELBYVILLE, Del.
-BOND BILL SIGNED-Governor Buck recently
signed a bill authorizing the town to issue $56.000 refunding bonds.
SEQUOIA UNION HIGH SCHOOL DISTRICT (P. 0. Redwocid
City) Calif.-BONI) OFFERING-Sealed bids will be received until 10
a. m. on May 20, by E. B. Hinman, County Clerk, for the purchase of a
$75,000 issue of school bonds. Interest rate is not to exceed 6%, payable
J. & D. Denom. 81.000. Dated June 1 1935. Due as follows: 83.000 from
1936 to 1945: $4,000, 1946 to 1950, and $5,000, 1951 to 1955, all incl.
Bidders may make one or more alternative bids or offers for said bonds at
different interest rates. Split rate interest bids will be received and it shall
not be necessary that all bonds offered for sale bear the same rate of interest.
but such interest shall be in multiples of X of 1%. Prin. and int. payable
at the County Treasurer's office. A certified check for $1,000, payable to
the Chairman of the Board of Supervisors, must accompany the bid. These
bonds were approved at an election on March 29.
SHAWNEE, Okla.
-BONDS NOT TO BE ISSUED AT PRESENT=
J. C. Coleman, City Clerk, advises us that the $200,000 muncipal lake
bonds mentioned in V. 140. p. 2912. are not to be issued in the immediate
future.
SHOSHONE COUNTY (P. 0. Wallace), Ida.
-BOND SALE
-An
issue of $140,000 refunding bonds was offered for sale on April 30 and
was awarded to Ferris & Hardgrove of Spokane as 2 A % bonds, paying a
premium of $503. equal to 100.359. a basis of about 2.18%. Denom.
$1,000. Dated May 1 1935. Due as follows: 818.000. 1937; 819.000.
1938 and 1939; 820,000, 1940; 821,000, .941 and 1942 and 822.000 in 1943.
Prin. and int.(M.& N.) payable at the office of the County Treasurer.
SILVER CREEK SCHOOL DISTRICT NO. 6. Neb.-OFFERING
DATE NOT SET
-P. V. Hobert, District Secretary, informs us that no
definite date has an yet been determined upon for offering of the $12.000
school building addition bonds recently voted by the people as stated in
V. 140, p. 2912.
SIOUX CITY, Iowa-BONDS PROPOSED
-We are informed that a
hearing is to be held May 10 to institute proceedings for the issuance of
$13.500 bonds for the Kelly Park flood control project.
SMYRNA, Del.
-BOND BILL SIGNED-A bill authorizing the town
to Issue $147 000 refunding bonds was signed recently by Governor Buck.
SOUTH BEND, Ind.
-BOND BIDS UNOPENED-Fred-Woodward,
City Comptroller, states that the bids submitted for the 350.000 4% rightof-way bonds offered on April 26-V. 140. p. 2581-are being held unopened awaiting Court action. Bonds are dated May 1 1935 and mature in
10 years.
SOUTH CAROLINA, State or
-BOND SALE
-The 11.200,000 issue
of coupon or registered refunding bonds offered for sale on April 30V. 140 p. 2746
-was awarded to Gertier & Co. of New York, as 31(5.
at a price of 101.136, a basis of about 3.12%. Dated June 1 1935. Due
on June I as follows: 1700.000. 1940* $200,000, 1941 to 1945: 3225.000.
1946 to 1950. and 1275,000, 1951 to 1955. all incl. The right is reserved
to the State to call for payment any of the bonds of this 91Stle outstanding
after June 1 1950.
A syndicate headed by the Chemical Bank & Trust Co. of New York
bid for 3Sis, plus a premium of $1,158: Halsey. Stuart & Co. and associates offered a premium of $23,310 on 3Si% bonds, while a group headed
by Lehman Bros. made a premium tender of $26,418 on 3SO.
BONDS OFFERED TO PUBLIC-The successful bidder re-offered the
above bonds for general investment at prices to yield from 2.50% to 3.15%,
according to maturity. These bonds are said to be direct and general
obligations of the State, payable from unlimited ad valorem taxes. They
are exempt from all Federal income taxes.
SOUTH DAKOTA, State of-BOND OFFERING-Sealed bids will be
received by F. C. Siewert, State Treasurer and Member of the Rural
Credit Board, until 2 p. m. on May 15, for the purchase of a $3,000,000
issue of coupon Rural Credit. Series A of 1935 bonds. Interest rate is not
0,
to exceed 4 A 7 payable M. & N. Rate of interest to be expressed In
multiples of 1-10th or (. of 1%. Denom. $1.000. Dated May 1 1935.
Due on May 1 as follows: $200,000 in .1943; $300.000. 1044: $400,000.
1945 and 1046;*800.000, 1949, and 1900.000 in 1950. The right is reserved
to reject any and all bids and-or to postpone sale from time to time as may
be deemed expedient. Unless all bids are rejected said bonds shall be
awarded to the bidder or bidders complying with the terms of sale and
offering to purchase said bonds at the highest price, not less than par and
accrued interest, offered for the lowest coupon interest rate bid upon. The
approving opinion of Chapman & Cutler of Chicago. will he furnished by
the Board.
SOUTH HEIGHTS, Pa.
-BONDS APPROVED-An issue of $8,600
funding bonds was approved on April 22 by the Pennsylvania Department
of Internal Affairs.
SPENCER,S. Dak.-BOND SALE-The $21.000 issue of4% semi-ann.
water, general obligation bonds offered for sale on April 29-V. 140, p.
2747-was purchased at par by the Public Works Administration. ,.-Due
from Sept. 15 1935 to 1953, inclusive.
SPINDALE, N. C.-BONI) SALE
-We are in receipt of a report to
toe effect that an Issue of $5,000 bonds has been taken by the Public Works
Administration.
SPOKANE, Wash.
-BOND OFFERING-Sealed bids will be received
until 10 a.m. on May 9 by It. D. Marling, Secretary to the Sinking Fund
Commissioners for the purchase of a $500.000 issue of water revenue of
1935 bonds. Denom $I 000. Dated May 1 1935. Due on May I as
wows $41 000, Me:543 000. 1937; 845.000. 1938,847.000, 1939;$49.000,
.
1910; $51.000 1941; 553.000 1912; 855,000, 1943; 857.000, 1944, and
$59,000 in 19-15. Bidders are requested to name the price and rate of
-torcst at w ..ich they will purchase the whole of said bonds or any of said
.
0.- • .
the rate, however, in whatever form the same may be
offered, not to xce-el a cost to the city of more than 5%. Accrued int.
r
3089
on bonds purchased must be paid by the purchaser to the date of delivery
of the bonds. These bonds are to be paid out of the special water revenue
fund created by Ordinance No. C5380, and shall constitute a first lien upon
the water revenues of the city after the cost of operation and maintenance.
subject only to certain outstanding water revenue bonds chargeable to the
water revenues, as sped!
led in the ordinance, which outstanding bonds are
to be retired at the close of the year 1941 and total $305,000. The city will
furnish printed bonds and the approving opinior of Burcham & Blair of
Spokane. A certified check for 5% of the par value of the bonds bid for.
payable to the city, is required.
SINKING FUND WARRANT SALE
-It is stated by H. D. Deariing,
City Auditor, that the Sinking Fund Commission has sold to the City
Treasurer for the account of the city, at par, the following $75,000 of warrants:
855.000 5% Indian Canyon golf construction warrants. Dated May 1
1934. Due from 1936 to 1949, incl. Int. payable M. & N.
20,000 5% Indian Canyon golf construction warrants. Dated March 1
1935. Due from 1950 to 1953, incl. Int. payable M. & S.
BONDS CALLED-The City Treasurer is said to have called for payment
at his office on May 1. paving, grading, sewer and lighting bonds of various
local improvement districts.
SPOKANE VALLEY IRRIGATION DISTRICT, Wash.
-BOND
REFINANCING AUTHORIZED
-It is reported that refinancing of
$508.500 bonds of this district was assured recently in a communication
from the Reconstruction Finance Corp.,to Paul Kruesel, County Treasurer,
the RFC having authorized Federal Reserve Bank to buy the bonds at
59.36 cents on dollar and having made appropriation of *308.945.70 for
this purpose. Anticipating this refinancing the district this year has
reduced water charges from $12 to $10 an acre.
SPRINGFIELD, Mass.
-BONDS PROPOSED-City Treasurer G. W.
Rice under date of May 1 advises us that he expects a bond order to be
passed by the city authorities within a week which would authorize the
issuance of $500,000 10
-year serial bonds, dated June 1 1935 providing
permission is received from the Finance Board at Boston.
STAMFORD. Conn.
-OTHER BIDS
-The $100,000 public impt. bonds
awarded to R. L. Day & Co. of Boston as 234s, at 100.03. a basis of about
2.49%. as reported in our issue of April 27, were also bid for as follows:
BidderInt. Rate
Rate Bid
Putnam & Co. and Estabrook & Co., jointly
100.61
23(%
Roy T. H.Barnes & Co.and Minsch. Monell & Co.,
jointly
3%
101.06
STANHOPE, Iowa-BOND ELECTION PETITIONED-According
to report, a petition has been presented to the Town Council requesting
that a special election be called to give the residents an opportunity to
approve a bond issue of *15.000 for the construction of an electric distribution plant.
STEAMBOAT ROCK CONSOLIDATED SCHOOL DISTRICT,
Iowa-BONDS PROPOSED-Directors of the district are planning to
authorize the Issuance of 837.000 refunding bonds, It is stated.
STEELE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 63
(P. 0. Blooming Prairie), Minn.
-BOND SALE
-The $45,000 refunding
bonds offered for sale on April 18-V. 140, p. 2584-were awarded to
Bigelow, Webb & Co., Minneapolis; Harold E.'Wood & Co., St. Paul: and
Thrall. West & Co.. of Minneapolis, each taking one-thlrd of the issue,
for a premium of $450, equal to 101, as 31(s. a basis of about 3.6%. Dated
May 1 1935. Due yearly on May 1 as follows: 82.000, 1938 and 1939:
83.0010, 1940, 1941 and.1942,and $4,000, 1943 to 1950. incl.
-BOND SALE
-The $16.500 coupon or registered
SUFFERN, N. Y.
fire house and equipment bonds offered on April 30 were awarded as 3s,
at a price of par, to the Suffern National Bank. Dated May 1 1935 and
due May 1 as follows: $1.000 from 1936 to 1951 incl. and $500 in 1952.
Other bidders were:
BidderRate Bid
Int. Rots
First National Bank, Spring Valley
3.25%
100.00
P. B. Hours Co., New York City
100.11
3.60%
National Rank of Haverstraw, N. Y
100.00
A. C. Allyn & Co., New York City
100.188
3.605"
Geo. B. Gibbons & Co., New York City
100.23
3.705
3.7519
Adams McEntre &
New York City
100.17
J. & W. Seligman & Co.. New York City
Co.,
100.01
3.405
Sherwood & Merrifield, New York City
100.11
3.50%
Suffern National Bank, Suffern, N. Y
100.00
35"
Lafayette Trust Co., Suffern. N. Y
4
100.00
SUMMIT, N. J.
-BONDS CONSIDERED-The City Council has
passed on first and second readings an ordinance which would permit
the issuance of 815.500 bonds for purchase of fire equipment.
-BOND CALL
-It is stated that the city has called
C.
for redemption on July 1 all of its outstanding 5% Main Street improvement bonds, dated July 1 1911. at their principal amount. Bonds so
called should be presented for payment to the Chase National Bank In
New York City.)
SUNSET BEACH SANITARY DISTRICT (P. 0. Sunset Beach),
-The $45,000 issue of not to exceed 6%
Calif.
-BONDS NOT SOLD
-was
semi-ann. sewer system bonds offered on April 30-V. 140. p. 2913
not sold as no bids were received.
-OFFERED
-It is stated by F. H. Nell, District Secretary,
BONDS RE
that he will sell the above bonds privately on May 6.
TACOMA METROPOLITAN PARK DISTRICT, Wash.
-BONDS
CONSIDERED-It I. disclosed that the Park Commission is giving consideration to a proposed bond Issue of $34.000.
A
-BOND ELECTAYLOR SCHOOL DISTRICT (P. 0. Taylor) Tex.
TION-It Is stated that an election will be held soon to vote on the issuance
of bonds for the construction of a high school gymnasium. (A loan and
grant of $33.600 has been approved by the Public Works Administration
V. 140. p. 2899.)1 IS
•
-BOND RE
-OFFERWEA
-NECK TOWNSHIP (P. 0. Teaneck), N. J.
ING CONSIDERED-Manager Paul & Volcker is reported to be giving
consideration to the re-offering of the $480.000 not to exceed 4A % coupon
or registered general funding bonds, sale of which was postponed from April
2-V. 140, p. 2404. Dated Aug. 11934. Due serially from 1938 to 1955.
Incl
JI
TEXAS COUNTY SCHOOL DISTRICT NO. 60 (P. 0. Goodwell).
Okla.
-BONDS VOTED
-At a recent election the voters are said to have
approved the issuance of $14,000 in high school building bonds by a wide
margin.
THORNTON CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (P. 0. Thornton), Iowa-BONDS VOTED-It is stated by the
District Secretary that at an election held on April 26 the voters approved
the issuance of $15.039 in school building bonds. The bonds may be
offered for sale sloe, according to report. .4(This notice corrects the report
given in V. 140. p. 2913.) 1
THURSTON COUNTY (P. 0. Olympia), Wash.
-ISSUANCE OF
RELIEF BONDS VALIDATED-It is reported that the State Supreme
Court upheld recently the right of the county to proceed with the issuance
of the $50,000 in not to exceed 6% relief bonds
-V. 140, p. 2747.
2sTTVERTO4R:I.-60VERNOR SIGNS BOND ISSUE BILL-The bill
passed at the recent session of the Fh ate Legislature authorizing the town
to issue 140.000 serial school bonds has been siened by Governor Green.
TOCCOA, Ga.-BOND OFFERING-The $39,000 41(% coupon
waterworks and filtration plant bonds voted recently, as reported in
V. 140. p. 2717, are to be offered for sale on July 2, E. R. Bridges. City
Manager, informs us. Denom. $1,000. Dated July 1 1935. Interest
payable semi-annually Jan. 1 and July 1. Prin, and int. will be payable
in New York.
TOLEDO SCH7551:15nTRICT, Ohio-BONDS NOT TO BE ADVERTISED-SALE TO STATE PROBABLE
-The issue of 892.000 funding
bonds which the Board of Education has under consideration, as stated in
V. 140, 13. 2913, is not to be advertised publicly, M. P. Foster, Clerk of the
Board, advisee us, as it is expected that when the bonds are finally issued
they will be sold to one of the State departmee.-.
•TONAWANDA (P. 0. Kenmore), N. Y.
-DEBT STATEMENT
In a Instal:newt Issued recently. Roy R. Brockett. Town Supervisor. reported that the municipality had ,altotal bonded debt em Jan. 2 1935 lot
3090
Financial Chronicle
$6,549,900, of which general bonds amounted to $2.960,000; sewers,
$2,181.500; paving districts. $506,100 and water district obligations
totaling $902.300. Assessed valuation Is placed at $76,855.133, including
real property at $74,796,009 and franchises at $2,059,124. Tax rate per
$1.000, $11.874. Population, 1930, 25,006. Interest on town bonds is
Payable at the First National Bank, Kenmore: State Bank of Kenmore:
Chase National Bank; Guaranty Trust Co., New York, and the Manufacturers & Traders Trust Co.. Buffalo.
TRANSYLVANIA COUNTY (P. 0. B
d), N. C.
-OFFER OF
PAYMENT ON DEFAULTED INTEREST
-We are advised by Oscar
Burnett & Co. of Greenboro, N. C.. that the officials of the above county
have offered to settle for 60% of the face amount the interest due April 1
1932, on their outstanding bonds...-.
TRYON, N. C.
-BOND SALE
-An issue of $39,000 554% semi-annual
refunding bonds is reported to have been sold recently by the Local Government Commission to Dargen, Brannon & Co. of Spartanburg.
TUSCOLA COUNTY (P.O. Caro), Mich.
-DEFAULTED BONDS TO
BE PAID-The county is reported to be paying principal and interest on
$50,000 Sebewaing River district drain bonds which were defaulted in
April 1934.
UNION CITY, N. J.
-BONDS OFFERED FOR INVESTMENT
-B. J.
Van Ingen & Co., Inc. of New York are offering for public investment
$942,000 4 % ponds at a price of par and interest. They are legal investment, according to the bankers, for savings banks and mutt funds in New
Jersey and New York. The city is operating under Chapter 60, Pamphlet
Laws of 1934 of New Jersey. Bonds mature March 1 as follows: $125,000,
1946; $205,000, 1947; $220,000, 1948; $220,000, 1949; $38,000, 1952;
$75,000, 1953; $15,000. 1954; and $40,000, 1955.
UNION COUNTY (P. 0. Marysville), Ohio
-BOND SALE
-The
$6,400 coupon poor relief bonds offered on April 29-V. 140, p. 2585
were awarded to G. Parr Ayres & Co. of Columbus, as 21 s, at par plus
M
a premium of $7, equal to 100.109, a basis of about 2.70%. Dated Feb.
1 1935 and due as follows: $900, March 1 and $850. Sept. 1 1935: 3900,
March 1 and Sept. 1 1936: $950, March 1 and Sept. 1 1937, and $950.
March 1 1938. Other bidders were:
BidderPremium
Int. Rate
First National Bank of Delaware
$5.25
3%
Milford Center Bank
Par
3
Seaaongood & Mayer, Cincinnati
3.50
49
VALLEY STREAM, N. Y.
-ADDITIONAL INFORMATION
-In
connection with the report in our Issue of May 2 regarding the $85,000 tax
revenue bonds to be sold on May 14, we learn that sealed bids will be
received until 4 p. m. (Eastern Standard Time) by Anthony Becher,
Village Treasurer. The offering will include E60,000 series A bonds, due
$15,000 on June 1 from 1936 to 1939 incl. and $25,000 series B, due June 1
as follows: $7,000 in 1936 and $6,000 from 1937 to 1939, incl. Proceeds
of the sale will be used to retire the temporary tax notes outstanding agairula
unpaid village taxes.
VERNON CONSOLIDATED SCHOOL DISTRICT (P. 0. Hum.
boldt), Iowa
-BOND ELECTION
-News reports are to the effect that
at an election to be held on May 29 the voters will be requested to approve a
Proposed bond issue of $10,000 to finance the erection of a gymnasiumauditorium.
VERONA, N. J.
-PROPOSED BOND ISSUE
-An ordinance providing
for an issue of $191,000 sewage disposal plant bonds passed first reading
on April 18.
VIRGINIA, State of
-CERTIFICATE OFFERING-It is reported
by A. B. Gathright, State Treasurer, that bids will be received until July 1
for the purchase of an issue of $1,000,000 highway certificates of indebtedness. The certificates, the proceeds of which will be used to retire a like
amount of certificates due on July 1, will mature July 1 1945.
WALLKILL VALLEY DRAINAGE DISTRICT (P. 0. Goshen),
N. Y.
-FORMATION OF DISTRICT ORDERED-The State Water
Power and Control Commission has ordered the formation of this district
and has given authority for the issuance of bonds in such amount as may be
needed for financing flood prevention and drainage projects within the
district.
WALL SCHOOL DISTRICT, Pa.
-BOND SALE
-The 9115,000 coupon
school bonds offered on April 9-V. 140, p. 2233
-were awarded to the
Public School Employees' Retirement Board as 4,54s, at a price of par.
Dated April 1 1935 and due April 1 as follows: $1,000, 1937 to 1942 incl.;
52,000. 1943 and 1944 and $5,000 in 1945.
WALTHAM, Mass.
-BONDS CONSIDERED-It is reported that
the City Council has passed on second reading two resolutions calling for
the issuance of $300,000 bonds. of which $150,000 will be borrowed from
the State on tax titles and $150,000 will be issued under the provisions
of a recently enacted law which permits municipalities to borrow outside
the debt limit for military, welfare benefits and Emergency Relief Administration work.
WASHINGTON COUNTY (P. 0. Jonesboro), Tenn.
-BONDS
APPROVED
-The Governor is reported to have approved a bill recently,
authorizing this county to issue $75,000 in court house bonds.
WASHINGTON INDEPENDENT SCHOOL DISTRICT, Iowa
BONDS PROPOSED-The Directors are reported to have decided to build
a school house addition to cost about $85,000. to be financed through a
Public Works Administration grant of $25,000 or $30,000. and a bond issue
for the balance.
WASHINGTON SCHOOL TOWNSHIP (P. 0. Salem), Ind.
BOND OFFERING-Carson E. Allen, School Trustee, will receive bids
until 1:30 p. m. May 18 for the purchase of $18,600 454% Judgment funding
bonds. Denom. $930. Dated May 1 1935. Interest payable semiannually on Jan. 1 and July 1. Due $930 each six months from July 1
1936 to Jan. 1 1946 incl. Bonds will not be sold for less than par and
accrued interest. The sale was originally scheduled for May 19-V. 140.
p. 2914.
WASHINGTON, State of
-BOND CALL
-It is announced by A. 0.
Martin, Secretary of the State Capitol Committee, that $4,000,000 State
Capitol Building bonds of 1925, are being called for payment on Nov. 1,
on which date interest shall cease, and they will be redeemed on presentation to the office of the State Treasurer.
WEBSTER COUNTY, Vernon County, Wis.-BONDS VOTED
We learn .,het an issue of 535.000 highway improvement bonds recently
received the sanction of the voters by a ballot of 200 to 14.
WENDELL INDEPENDENT SCHOOL DISTRICT, Ida.
-BOND
REFINANCING-It is reported that the bonded indebtedness of the
district is being revamped by retirement of $9,0006% bonds and the refunding of $43,000 5% bonds into new 4% bonds. The $9,000 block being
retired are the last of an issue made in 1921 and will be called for payment
June 1.
WEST ORANGE, N. J.
-BONDS OFFERED FOR INVESTMENT
The Chase National Bank of New York is offering for public investment
$300,000 3(% general refunding bonds, dated April 1 1935, at prices to
yield as follows: 530.000. due 1940 and 1941, 3.25%: 570.000, 1942-1944,
3.30%; $40,000, 1945-1946, 3.359': 540,000, 1947-1948. 3.40%; $40,000,
1949-1950, 3.50%: $80,000 of 1951-1954, 3.60%. Legality approved by
Hawkins. Delafield & Longfellow of New York. The town is at present
operating under the provisions of Chapter o() of the New Jersey Pemphlet
Laws of 1934 kthe so-called "Cash-basis" Act).
WEST POINT HIGHWAY DISTRICT(P.O. Wendell), Ida.
-BOND
OFFERING
-Sealed bids will be received until 2 p. m. May 11 by W. S.
Burdick. Secretary, for the purchase of $21,000 coupon general obligation
bonds, to bear no more than 4% interest. Denom. $1,000. Dated May 1
1935. Certified check for 5% required.
WEST SLOPE WATER DISTRICT (P. 0. Hillsboro), Ore.
-BOND
SALE
-The $14,500 issue of water bonds offered for sale on April 18-V.
-was purchased by the Baker, Fordyce, Harpham Co. of
140. p. 2748
Portland, as 5s, at a price of 100.05, a basis of about 4.99%. Dated
Jan. 1 1935. Due from Jan. 1 1939 to 1955.
WESTFIELD, Mass.
-BOND SALE
-The $10,000 3% coupon water
main bonds offered on May 3 were awarded to Faxon, Gade & Co. of Boston
at 102.435. a basis of about 2.52%. Dated March 1 1935 and due $1,000
on March 1 from 1936 to 1945 incl. Other bidders were:
May 4 1935
BidderRate Bid
Tyler, Buttrick & Co
102.133
Bancamerica-Blair Corp
101.60
Financial Statement Matt 1 1935
Assessed valuation for year 1934
519,769,364
Total bonded debt (not including this issue)
996,800
Water bonds (included in total debt)
421,000
Sinking funds
None
Population, 19.775.
WEST VIRGINIA, State of
-BOND CALL
-It is announced by
Governor H. G. Rump, that pursuant to the provisions of Section 3.
Chapter 10, Acts of the Legislature, 1919, the State will exercise its option
and redeem at par on July 1, with accrued interest, all outstanding 20
year bonds, bearing 33i% interest, issued as of Jan. 1 1919, commonly
called "Virginia Debt Bonds.' Payable at the State Treasurer's office, or
at the Chase National Bank in New York City.
WETZEL COUNTY (P. 0. New Martinsville), W. Va.-BOND
ISSUANCE CONTEMPLATED
-The county is said to be planning to
issue E35,000 in hospital bonds to cover a Public Works Administration
loan for a 550.000 Project.
WHEELING, W. Va.-NEW CHARTER ADOPTED BY VOTERS
The voters of Wheeling on April 19 gave their approval to a new charter
for the city, according to a Wheeling dispatch dated April 18 to the Cincinnati "Enquirer" of April 19, which said in part:
"The voters of the city of Wheeling at a special election to-day gave their
endorsement to the 'Cincinnati Plan' charter, by a vote of 8,789 to 7,339.
"Approximately 38,000 voters were registered and of that number 40%
went to the polls.
"As the result et ratification of the charter, a primary election scheduled •
for May 9 will be eliminated automatically.
"The high spots of the 'Cincinnati Plan' as it affects Wheeling are:
Councilmen nominated by petition instead of by primary election; Councilmen elected at large by proportional representation on non-partisan basis;
Council is reduced from 12to 9 members;City Manager selected by Council;
City Manager, as chief executive and administration officer, appoints all
department heads except City Clerk and Auditor; all employees placed
under civil service and merit systems; terms of office four years.
"The backers to-night stated that through proportional representation
a more select and representative Council is assured; that through election
at large 'log-rolling' and other evils of ward divisions are eliminated and
that city employees cannot take part or contribute to future political
campaigns."
WILLIAMSBURG COUNTY HIGH SCHOOL DISTRICT CONSOLIDATED NO. 2 (P. 0. Trio), S. C.
-BONDS OFFERED FOR IN
VESTMENT
-J. H. Hilsman & Co., Inc., of Atlanta, is offering for public
subscription a $24,000 issue of 55i% school bonds. Denom. $1,000.
Dated March 1 1935. Due $1,000 from March 1 1937 to 1960 incl. Prin.
and int.(M. & S.) payable at the Central Hanover Bank & Trust Co. in
New York City. Legal approval by Nathans & Milkier of Charleston, S. C.
WILLIAMSPORT, Pa.
-BOND OFFERING-Byron C. Houck, City
Clerk, will receive sealed bids until 10 a. m. on May 22 for the purchase
of $175,000 2.234. 214, 3.3, 314% coupon or registered operating
or
expenses bonds. Dated June 1 1935. Denom. $1,000. Due June 1 as
follows: $35,000. 1936: 530,000, 1937; $25,000, 1938: $15,000, 1939:
1110,000. 1940, and $12,000 from 1941 to 1945 incl. Bonds due on or after
June 1 1941 are redeemable on any interest paying date on and after June 1
1940. Bidder to name a single interest rate on the loan. A certified check
for 2%, payable to the order of the City Treasurer, must accompany each
proposal. Approving opinion of Townsend, Elliott & Munson of Philadelphia.
WOODBURY, Vt.-BOND OFFERING-Mary L. Benjamin, Town
Treasurer, will receive sealed bids until 2 p. m. on May 6 for the
of 530 0003;i% registered refunding bonds. Dated May 11935. purchase
Denom.
$1,000 and 3500. Due $1.500 on Oct. 1 from 1935 to 1954 Incl.
and semi-annual interest payable at the Town Treasurer's office. Principal
Further
information, the official offering notice state), may be obtained from
,
Peter Giuliani. counsel, 52 State St., Montpelier.
WORTHAM,Tex.
-BOND TENDERSINVITED
-It is stated by W.L.
Garrett, City Secretary, that he will on May 15 at 2 p. m., open and
consider sealed tenders of city refunding bonds, series of 1933, dated Jan. 1
1933. Offers should be firm for 10 days.
CANADA, Its Provinces and Municipalities.
ALEXIS DE LA GRANDE BAIE, Que.-PAYMENT OF BOND
INTEREST ORDERED-The Quebec Municipal Commission has authorized the village and the municipal corporation to pay their interest coupons
which matured June 11933.
CHICOUTIMI SCHOOL COMMISSION, Que.-PAYMENT
BOND INTEREST ORDERED-The Commission has been authorized OF
by
the Quebec Municipal Commission to deposit in a special account of the
Banque Canadienne Nationale at Chicoutimi the money necessary to meet
school interest coupons due May 1 1935.
MONTREAL SCHOOL COMMISSION, Que.-3500,000 LOAN
APPROVED-The Commission has been authorized to borrow $500,000
to provide funds for capital expenditures.
NEW BRUNSWICK (Province of)
-BOND OFFERING-Antolne
Leger, Provincial Secretary-Treasurer, will receive sealed bids until J.
2
p. m. on May 7 for the purchase of 32.100.000 non-callable
331% coupon
(rwisterable as to principal) bonds, dated May 15 1935 and due May 15
1945. Principal and interest (M. & N. 15) payable in lawful money
Canada at the office of Mr. Leger, Fredericton, N. B., or at the Bank of
Montreal in Halifax. Charlottetown, St. John, Montreal,Toronto, Winni of
or Vancouver, Canada. Denom. $1,000. A certified check for $10,
must accompany each offer. The bonds are authozized by Acts of the
Provincial Legislature and consist of $1.800,000 for permanent highways
and $300,000 for permanent bridges.
Previous notice of this offering appeared in our issue of May 1.
OTTAWA, Ont.-BOND SALE
-The 51.008.225 334% bonds offered
on May 2 were awarded to a group or Canadian investment bankers composed of A. E. Ames & Co.: Royal Securities Corp.; Harrison & Co. and
McTaggart, Hannaford, Birks & Gordon at a price of 101.794, a beide of
about 3.22%. The sale comprised the following issues:
5550.000 trunk sewer construction bonds. Due serially in 15 years.
150,000 street repaving bonds. Due serially in 10 years.
60,000 local impt., asphalt pavement bonds. Due serially in 15
45.000 street cleaning equipment bonds. Due serially In 5 years. years.
45.000 fire apparatus and equipt. purchase bonds. Due serially in
40,000 water mains and services bonds. Duo serially in IO years.10 yrs.
30,000 water mains and services bonds. Due serially in 20 years.
27,000 local impt., street widening bonds. Due serially in 20 years.
15,000 discount on debentures issue. Due serially in 10 years.
11,725 local impt.,sidewalk and curbing bonds. Due serially in 10 years.
10,500 suburban road bonds. Due serially in 10 years.
10,000 Collegiate Institution, alterations to Technical School bonds.
Due serially in 10 years.
10,000 sewer basis construction and reconstruction bonds. Due serially
in 20 years.
4,000 local improvement sewer bonds. Due serially In 20 years.
All of the bonds are dated July 1 1934. Denoms. $1.000, $500 and odd
amounts. Total amount of bond principal due each yeai on July 1 is as
follows: $56.558.76 in 1935, $59,753.31 in 1936. $61,954.69 in 1937, $63.163.09 in 1938. $65,378.82 in 1939, $5h,602.07 in 1940, $60,b33.15 in
1941.
S62,072.31 in 1942, 564,319.83 in 1943, $67,076.02 in 1944, $35,431.35 in
1945, $36,656.45 in 1946,$37.889.42 in 1947. $39.130.56 in 1948, $41,380.13
in 1949, 537.428.93 in 1950. 538.513.94 in 1951, 539,601.93 in 1952.
$40,693 in 1953 and $41.787.24 in 1954. Bonds and semi-annual interest
(J. & J.) payable in lawful currency of the Dominion of Canada at the
Bank of Nova Scotia In Ottawa, Toronto and Montreal.
-ISSUANCE OF BABY BONDS AUTHORVANCOUVER, B. C.
IZED-It is reported that the City Council at a recent meeting gave the
Civic Budget Committee authority to proceed immediately with arrangements for issuing baby bonds in the sum of $1,500,000 to raise funds for the
construction of a city hall and to carry out a program of public works as
a relief measure.
@FedFRASER